Best DAC for around $2,500 or less

Chord Electronics Qutest.

I would like to suggest the Matrix X-Sabre Pro, that is under 2000$. High quality each part of it. It sounds better than Chord Qutest and TT, a bit worst (at drum reproduction, drums not as dry as it could be) than the Dave. No headphone amp, but there is volume control. I don't find better DAC for its price.

An another more cheaper, measured well solution could be, the already mentioned Topping D90.

If you prefer Chord Qutest, suggestion of lot of members, let me to advice to replace the power supply, for example to Allo Shanti, it added some improvement in signal to noise to me. What I found as main weakness, Qutest does not shine in quality of high tones.

This post is purely for future readers. Although not the best DAC for under $2500 the Wadi di322 ,if you can find one, can be a good deal. The group that controls the brand , as well as Mcintosh, has shelved the brand for now and maybe forever. Hence these DACs can be found for relatively cheap.

You can still get service on the units from an outfit in CA. If you call the number on the Wadia support site you get those guys. I have the older 321 which only does PCM. I like the sound and the unit is built like a tank. Only negative so far is the large footprint.

http://www.wadia.com/en-us/products/di322

I am sure you could find a used Bryston BDA 3 at your upper limit and the performance and versatility that this dac provides is very hard to beat in that price range. I bought one last summer and have really enjoyed it in the 12 months that I have had it. Yes I wished that I had waited and bought the Bryston 3.14 with the streamer attached, but it wasn't available back then.

+1 georgehifi
& kennyc

The Denafrips Terminator is a well performing DAC, if one can be obtained within your budget, it's not likely to disappoint.

Every decent piece of audio equipment that you listen to that impresses you, has been painstakingly designed by electronic engineers/audiophiles that use EE laws, measurements, specs and use test bench gear to design those pieces.

I've read so many members stating that measurements don't matter, I can't account for your experiences where something measures really bad and sounds exceptional to you...

My experience is that equipment that can read measurement extremely well (the microphone), aught to confirm that which your ears are telling you are highly resolving.
Measurement will back you up, if it's a device that performs with excellence. And if you think it sounds excellent and measures poorly, it just may mean you're accustomed to a certain "flavor", it may not accurately portray the recorded material.

I have worked at a serious boutique loudspeaker manufacturer's factory, and measurement and listening is used throughout the process. Research and painstaking matching of specifications and research into technology that performs aught to be habit, excellence isn't accidental, certainly if it's repeatable. Just as georgehifi states.