Dutch Bros Inc. Earnings Per Share Disclosure
| Year Ended December 31, | ||||||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
| Numerator: | ||||||||||||||||||||
| Net income | $ | 117,275 | $ | 66,450 | $ | 9,952 | ||||||||||||||
Less: Net income attributable to non-controlling interests | 37,433 | 31,192 | 8,234 | |||||||||||||||||
Net income attributable to Dutch Bros Inc. | $ | 79,842 | $ | 35,258 | $ | 1,718 | ||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||
| (in thousands, except per share amounts) | 2025 | 2024 | 2023 | |||||||||||||||||
Basic net income per share attributable to common stockholders | ||||||||||||||||||||
| Numerator: | ||||||||||||||||||||
Net income attributable to Dutch Bros Inc. | $ | 79,842 | $ | 35,258 | $ | 1,718 | ||||||||||||||
| Denominator: | ||||||||||||||||||||
Weighted-average number of shares of Class A and Class D common stock outstanding - basic ¹ | 125,329 | 103,504 | 62,074 | |||||||||||||||||
Basic net income per share attributable to common stockholders ¹ | $ | 0.64 | $ | 0.34 | $ | 0.03 | ||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||
| (in thousands, except per share amounts) | 2025 | 2024 | 2023 | |||||||||||||||||
Diluted net income per share attributable to common stockholders | ||||||||||||||||||||
| Numerator: | ||||||||||||||||||||
Undistributed net income for basic computation | $ | 79,842 | $ | 35,258 | $ | 1,718 | ||||||||||||||
Increase in net income attributable to common stockholders upon conversion of potentially dilutive instruments | 92 | 110 | — | |||||||||||||||||
Allocation of undistributed net income | $ | 79,934 | $ | 35,368 | $ | 1,718 | ||||||||||||||
| Denominator: | ||||||||||||||||||||
| Number of shares used in basic computation | 125,329 | 103,504 | 62,074 | |||||||||||||||||
| Add: weighted-average effect of dilutive securities | ||||||||||||||||||||
RSAs | — | 12 | — | |||||||||||||||||
RSUs | 435 | 613 | — | |||||||||||||||||
Weighted-average number of shares of Class A and Class D common stock outstanding used to calculate diluted net income per share ¹ | 125,764 | 104,129 | 62,074 | |||||||||||||||||
Diluted net income per share attributable to common stockholders ¹ | $ | 0.64 | $ | 0.34 | $ | 0.03 | ||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||
(in thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
RSAs | — | — | 1,283 | |||||||||||||||||
RSUs | 218 | 90 | 648 | |||||||||||||||||
| PSUs | 51 | — | — | |||||||||||||||||
| Total anti-dilutive securities | 269 | 90 | 1,931 | |||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.