Dutch Bros Inc. Leases Disclosure
| (in thousands) | Balance Sheet Classification | December 31, 2025 | December 31, 2024 | |||||||||||||||||
| Right-of-use assets | ||||||||||||||||||||
| $ | 406,381 | $ | 374,623 | |||||||||||||||||
| 448,958 | 315,256 | |||||||||||||||||||
| Lease right-of-use assets, net | $ | 855,339 | $ | 689,879 | ||||||||||||||||
| Lease liabilities | ||||||||||||||||||||
Current lease liabilities | ||||||||||||||||||||
| $ | 17,298 | $ | 13,256 | |||||||||||||||||
| 19,168 | 13,979 | |||||||||||||||||||
| Current portion of lease liabilities | 36,466 | 27,235 | ||||||||||||||||||
Non-current lease liabilities | ||||||||||||||||||||
| 402,697 | 369,297 | |||||||||||||||||||
| 449,683 | 309,311 | |||||||||||||||||||
| Lease liabilities, net of current portion | 852,380 | 678,608 | ||||||||||||||||||
| Total lease liabilities | $ | 888,846 | $ | 705,843 | ||||||||||||||||
Statements of Operations Classification | Year Ended December 31, | |||||||||||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | |||||||||||||||||||||||
Finance lease costs | ||||||||||||||||||||||||||
| Amortization of right-of-use assets | Cost of sales | $ | 27,467 | $ | 25,551 | $ | 21,290 | |||||||||||||||||||
| Amortization of right-of-use assets | Selling, general, and administrative | 40 | 50 | 15 | ||||||||||||||||||||||
| Interest on lease liabilities | Interest expense | 23,289 | 22,053 | 17,516 | ||||||||||||||||||||||
Total finance lease costs | 50,796 | 47,654 | 38,821 | |||||||||||||||||||||||
Operating lease costs | ||||||||||||||||||||||||||
Lease expenses | Cost of sales | 40,829 | 28,703 | 19,385 | ||||||||||||||||||||||
Lease expenses | Selling, general, and administrative | 2,835 | 1,646 | 55 | ||||||||||||||||||||||
Total operating lease costs | 43,664 | 30,349 | 19,440 | |||||||||||||||||||||||
Variable lease costs | Cost of sales | 9,652 | 6,874 | 5,216 | ||||||||||||||||||||||
| Total lease costs | $ | 104,112 | $ | 84,877 | $ | 63,477 | ||||||||||||||||||||
| (in thousands) | Finance | Operating | ||||||||||||
| 2026 | $ | 41,575 | $ | 35,367 | ||||||||||
| 2027 | 40,644 | 46,409 | ||||||||||||
| 2028 | 41,786 | 45,965 | ||||||||||||
| 2029 | 42,715 | 46,706 | ||||||||||||
| 2030 | 43,118 | 47,384 | ||||||||||||
| Thereafter | 431,664 | 544,593 | ||||||||||||
| Total | $ | 641,502 | $ | 766,424 | ||||||||||
| Less: imputed interest | (221,507) | (297,573) | ||||||||||||
| Present value of minimum lease payments | 419,995 | 468,851 | ||||||||||||
| Less: current portion | (17,298) | (19,168) | ||||||||||||
| Lease liabilities, net of current portion | $ | 402,697 | $ | 449,683 | ||||||||||
| December 31, 2025 | December 31, 2024 | |||||||||||||
| Weighted-average remaining lease term (years) | ||||||||||||||
| Finance leases | 14.5 | 15.3 | ||||||||||||
| Operating leases | 15.5 | 15.5 | ||||||||||||
| Weighted-average discount rate (percentages) | ||||||||||||||
| Finance leases | 6.0% | 6.0% | ||||||||||||
| Operating leases | 6.3% | 5.9% | ||||||||||||
| Year Ended December 31, | ||||||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||||||||||||||
| Operating cash flows from finance leases | $ | 23,289 | $ | 22,053 | $ | 17,516 | ||||||||||||||
Operating cash flows from operating leases1 | 25,316 | 22,127 | 17,167 | |||||||||||||||||
| Financing cash flows from finance leases | 16,105 | 10,541 | 12,432 | |||||||||||||||||
Right-of-use assets obtained in exchange for lease obligations | ||||||||||||||||||||
| Finance leases | 53,547 | 15,838 | 144,588 | |||||||||||||||||
| Operating leases | 148,332 | 130,059 | 40,253 | |||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Mar 11, 2022 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.