Dutch Bros vs Wendy's
Wendy's reported revenue of $2.2 billion in fiscal 2025, 1.3 times Dutch Bros' $1.6 billion in fiscal 2025. Dutch Bros' revenue grew 27.9% in its latest year, and Wendy's fell 3.1%. Dutch Bros had an operating margin of 9.8%, against 15.8% at Wendy's. Free cash flow was $54 million at Dutch Bros and $243 million at Wendy's. Their fiscal years end in different months (December 31 and December 28), so the periods don't line up exactly.
Side by side
| Dutch Bros | Wendy's | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 28, 2025 |
| Revenue | $1.6B | $2.2B |
| Revenue growth | 27.9% | −3.1% |
| Revenue growth a year, last 5 years | 38.0% | 4.7% |
| Gross margin | 25.9% | 63.6% |
| Operating margin | 9.8% | 15.8% |
| Net margin | 4.9% | 7.6% |
| Free cash flow | $54M | $243M |
| Free cash flow margin | 3.3% | 11.2% |
| Return on capital | 11.9% | 7.8% |
| Net debt to EBITDA | 1.3x | 6.3x |
| Dividends and buybacks | $0M | $330M |
| Change in diluted share count | 20.8% | −5.6% |
| Last close | $42.02 | $6.19 |
| P/E at the last close | 58.4× | 9.4× |
| Insider trades, last 12 months | bought $205,480, sold $646.0 million | bought $17,846, sold $0 |
| Piotroski F-score | 5 of 9 | 4 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Dutch BrosWendy's
Operating margin
Percent of revenue
Dutch BrosWendy's
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Dutch BrosWendy's
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Dutch Bros and Wendy's pages.