Dutch Bros (BROS)
Hand-crafted customizable beverages sold through a mixed drive-thru shop system.
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Hand-crafted, customizable hot and cold beverages are sold through U.S. drive-thru shops, with espresso at the core. The company directly operates shops and franchises others, pairing its Oregon pushcart roots with a service and community culture it describes as people-first.
Operating and franchising drive-thru shops, the business centers on hand-crafted, customizable hot and cold beverages, with espresso at the core. It began in 1992 in Grants Pass, Oregon, with a double-head espresso machine and a pushcart.
Revenue comes from a mixed system of company-operated and franchised shops. The model pairs direct shop operations with franchising, and the business is concentrated in the United States.
Speed of service and a community-oriented, people-first culture form the company’s stated operating identity. Its business structure combines company-operated shops with franchise partners in the United States.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 18, 2026 | Melius Research | Reiterate | Rating: —Target: — | Target: $70 |
| Sep 18, 2026 | Raymond James | Target | Target: — | Target: $59 |
| Sep 15, 2026 | Seaport Global | Initiate | Rating: —Target: — | Target: $50 |
| Aug 6, 2026 | DA Davidson | Reiterate | Rating: —Target: $90 | Target: $85 |
| Jul 31, 2026 | Telsey Advisory | Reiterate | Rating: —Target: — | Target: $74 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $268.6M · Total debt $1.21B · Total assets $3.38B · Shareholders' equity $797.7M
- Revenue
- $550.9M
- Operating income
- $70.4M
- Net income
- $37.4M
No dividends on record.
| Institutions | 75.65% | 132.16M shares | |
|---|---|---|---|
| 587 holders · as of Jun 30, 2026 | |||
| Insiders | 27.50% | 48.04M shares | |
| 17 holders · as of Aug 21, 2026 | |||
| Strategic holders | 23.84% | 41.65M shares | |
| 2 holders · as of Jun 12, 2026 | |||
| Adds to | 126.99% | ||
174.68M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (174.68M in the company's Sep 22, 2026 report, 126.91M elsewhere); stakes use the report.
These groups come from separate filings that can overlap, so they add to 126.99%; nothing is left for Other.
This company has 3 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Travis Boersma1Insiderdirector, 10 percent owner, officer: Executive Chairman of Board | 25.85% | 48.23M COMPANY | filed Jun 12, 2026 |
DM Trust Aggregator, LLCStrategic10 percent owner | 14.37% | 4.51M A · 20.58M B | filed Jun 12, 2026 |
FMR LLCInstitution | 9.57% | 16.72M A | as of Jun 30, 2026 |
DM Individual Aggregator, LLCStrategic10 percent owner | 9.48% | 2.41M A · 14.14M B | filed Jun 12, 2026 |
BlackRock, Inc.Institution | 8.39% | 14.66M A | as of Jun 30, 2026 |
- Travis Boersma's transaction reports restate only vehicles that traded; the 2026 ownership statement (48.23M) less the 3.08M net shares sold since is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 13, 2026 | Todd Allan Penegor | director | +2,000 | $51.56 |
| Jun 11, 2026 | DM Trust Aggregator, LLC | 10 percent owner | −488,945 | $63.02 |
| Jun 10, 2026 | DM Trust Aggregator, LLC | 10 percent owner | −488,945 | $60.39 |
| Jun 11, 2026 | DM Individual Aggregator, LLC | 10 percent owner | −261,055 | $63.02 |
| Jun 10, 2026 | DM Individual Aggregator, LLC | 10 percent owner | −261,054 | $60.37 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Dutch Bros | $38.80 | −0.89% | $6.76B | 54.4 | 35.3 | 3.6 | +32.5% |
| Starbucks | $95.32 | +0.44% | $108.19B | 54.5 | 31.9 | 2.8 | −1.4% |
| Restaurant Brands International | $72.76 | +0.28% | $25.17B | 21.4 | 17.1 | 2.6 | +4.6% |
| McDonald's | $250.77 | +1.17% | $176.12B | 20.1 | 18.9 | 6.4 | +3.7% |
| Monster Beverage | $44.78 | +1.76% | $86.06B | 40.6 | 36.6 | 9.3 | +20.2% |
| Median | 31.0 | 25.4 | 4.6 | +4.2% |