Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Activity of Company's Restricted Stock Units

RSU activity was as follows:


(in thousands, except per share amounts)	Restricted Stock Units	Weighted-average grant date fair value per share





Balance, December 31, 2025	842	$	46.55

New grants	567	53.61
Vested	(356)	40.38
Forfeitures	(38)	53.59
Balance, March 31, 2026	1,015	$	52.40

Total release date fair value of vested equity awards for three months ended March 31, 2026 and 2025 are presented below:


	Three Months Ended March 31,
(in thousands, except per share amounts)	2026			2025
	Awards/units	W/A vest date fair value		Awards/units	W/A vest date fair value

RSUs	18,741	$	52.69	34,297	$	79.01

Schedule of Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award

The estimated grant date fair value of PSUs issued during the three months ended March 31, 2026 and 2025 of $78.80 and $132.96, respectively, were derived from inputs and assumptions utilized in the valuation model as follows:


	Three Months Ended March 31,
	2026			2025

Grant date stock price	$	53.61		$	82.03
Beginning average price1	$	55.69		$	67.71
Risk-free interest rate	3.3		%	4.2		%

Volatility	53.8		%	63.1		%

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1 Beginning average price is calculated as the volume-weighted average daily closing stock price over the 30 trading days preceding the start of the PSU performance period.

Schedule of PSU Activity

PSU activity was as follows:


(in thousands, except per share amounts)	Performance - Based Stock Units	Weighted-average grant date fair value per share





Balance, December 31, 2025	55	$	132.96

New grants	134	78.80

Forfeitures	(2)	132.96
Balance, March 31, 2026	187	$	94.10

Schedule of Equity-Based Compensation

Equity-based compensation expense is recognized on a straight-line basis and is included in our condensed consolidated statements of operations as follows:


	Three Months Ended March 31,
(in thousands)		2026		2025
Cost of sales		$	659	$	400
Selling, general, and administrative expenses		4,619		3,794
Total stock-based compensation expense		$	5,278	$	4,194

Schedule of Total Unrecognized Stock Based Compensation Related to Unvested Stock Awards

As of March 31, 2026, total unrecognized stock-based compensation related to unvested RSUs and PSUs was $63.9 million, which will be recognized as follows:


(in thousands)

Remainder of 2026	$	21,418
2027	23,736
2028	16,118
2029	2,676


Total unrecognized stock-based compensation	$	63,948

Dutch Bros Inc. 10-Q