DUTCH BROS INC BROS
CL A · Common Stock · CUSIP 26701L100 · ISIN US26701L1008
American drive-through coffee chain
- SectorConsumer discretionary
- IndustryRetail-Eating & Drinking Places
- HeadquartersTempe, AZ
- Founded1992
- Websitedutchbros.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($10.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $50.66. Options: 22 managers hold calls ($192.8m notional), 19 hold puts ($151.8m).
Trends to Q1 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 191 |
| Q4 2022 | 192 |
| Q1 2023 | 187 |
| Q2 2023 | 188 |
| Q3 2023 | 191 |
| Q4 2023 | 232 |
| Q1 2024 | 269 |
| Q2 2024 | 337 |
| Q3 2024 | 347 |
| Q4 2024 | 400 |
| Q1 2025 | 467 |
| Q2 2025 | 493 |
| Q3 2025 | 451 |
| Q4 2025 | 513 |
| Q1 2026 | 510 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2024 | 224 | 98 |
| Q3 2024 | 208 | 149 |
| Q4 2024 | 192 | 175 |
| Q1 2025 | 272 | 168 |
| Q2 2025 | 273 | 209 |
| Q3 2025 | 250 | 227 |
| Q4 2025 | 272 | 201 |
| Q1 2026 | 292 | 210 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2025 | $190.6m | $210.1m | 1.10 |
| Q3 2025 | $166.4m | $146.4m | 0.88 |
| Q4 2025 | $252.7m | $132.7m | 0.53 |
| Q1 2026 | $192.8m | $151.8m | 0.79 |
Biggest buyers
| BlackRock, Inc. | Added | +6.6m |
| PRICE T ROWE ASSOCIATES INC /MD/ | Added | +4.8m |
| FMR LLC | Added | +2.4m |
| T. Rowe Price Investment Management, Inc. | Added | +2.3m |
| STATE STREET CORP | Added | +1.8m |
| Point72 Asset Management, L.P. | Added | +1.6m |
| CITADEL ADVISORS LLC | Added | +1.4m |
| UBS Group AG | Added | +1.0m |
| WELLINGTON MANAGEMENT GROUP LLP | Added | +915.7k |
| Freestone Grove Partners LP | Added | +822.6k |
Biggest sellers
| Ninety One UK Ltd | Sold out | -2.6m |
| Squarepoint Ops LLC | Reduced | -1.9m |
| Alyeska Investment Group, L.P. | Sold out | -1.9m |
| D. E. Shaw & Co., Inc. | Reduced | -1.4m |
| ALLIANCEBERNSTEIN L.P. | Reduced | -1.3m |
| FULLER & THALER ASSET MANAGEMENT, INC. | Reduced | -1.1m |
| Balyasny Asset Management L.P. | Reduced | -1.0m |
| BNP PARIBAS FINANCIAL MARKETS | Reduced | -835.5k |
| Qube Research & Technologies Ltd | Sold out | -829.4k |
| Driehaus Capital Management LLC | Sold out | -790.5k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $49.5m976.7k shares |
| CITADEL ADVISORS LLC | Added | $35.2m693.9k shares |
| JANE STREET GROUP, LLC | Added | $26.4m520.7k shares |
| Interval Partners, LP | New | $20.7m407.7k shares |
| IMC-Chicago, LLC | Added | $16.0m316.1k shares |
| NOMURA HOLDINGS INC | New | $6.9m135.9k shares |
| Hudson Bay Capital Management LP | New | $6.5m127.9k shares |
| WELLS FARGO & COMPANY/MN | Reduced | $6.1m120.0k shares |
| SIMPLEX TRADING, LLC | Added | $6.0m119.4k shares |
| Caption Management, LLC | Unchanged | $5.1m100.0k shares |
Biggest puts
| JANE STREET GROUP, LLC | Added | $35.4m699.7k shares |
| CITADEL ADVISORS LLC | Added | $35.1m692.7k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $24.1m475.8k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $15.5m306.1k shares |
| NATIXIS | New | $10.8m213.5k shares |
| IMC-Chicago, LLC | Added | $8.1m160.8k shares |
| Twin Tree Management, LP | Reduced | $3.5m70.0k shares |
| Balyasny Asset Management L.P. | Reduced | $3.3m65.0k shares |
| D. E. Shaw & Co., Inc. | Reduced | $2.8m54.6k shares |
| SIMPLEX TRADING, LLC | Reduced | $2.4m47.6k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| Boersma Travis 13G · exempt (held before listing) -1.9 pts · filed 2026-08-12 | 25.6% |
| FMR LLC 13G · institution +1.5 pts · filed 2026-08-06 | 12.2% |
| BlackRock, Inc. 13G · institution new · filed 2026-04-27 | 9.3% |
| PRICE T ROWE ASSOCIATES INC /MD/ 13G · institution new · filed 2026-05-15 | 6.0% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 5.2% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q1 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q2 2024 | 0 | — | 1 | $70.1m | $70.1m |
| Q3 2024 | 0 | — | 1 | $39.6m | $39.6m |
| Q4 2024 | 0 | — | 1 | $13.7m | $13.7m |
| Q1 2025 | 0 | — | 1 | $189.6m | $189.6m |
| Q2 2025 | 0 | — | 1 | $170.3m | $170.3m |
| Q3 2025 | 0 | — | 1 | $164.9m | $164.9m |
| Q4 2025 | 0 | — | 1 | $136.9m | $136.9m |
| Q1 2026 | 0 | — | 0 | — | — |
None reported in Q1 2026.
Holders, Q1 2026
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.01% of their portfolio | 13.9m $703.1m | Added +6.6m |
| FMR LLC 0.03% of their portfolio | 9.6m $484.6m | Added +2.4m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.04% of their portfolio | 7.6m $386.7m | Added +4.8m |
| VANGUARD CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 5.7m $288.3m | First filing |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.01% of their portfolio | 5.5m $277.2m | First filing |
| T. Rowe Price Investment Management, Inc. 0.16% of their portfolio | 4.6m $234.6m | Added +2.3m |
| UBS Group AG 0.04% of their portfolio | 4.0m $203.9m | Added +1.0m |
| STATE STREET CORP 0.01% of their portfolio | 3.8m $191.5m | Added +1.8m |
| MILLENNIUM MANAGEMENT LLC 0.12% of their portfolio | 3.2m $163.8m | Added +410.4k |
| BAILLIE GIFFORD & CO 0.15% of their portfolio | 3.0m $151.7m | Reduced -236.5k |
| Point72 Asset Management, L.P. 0.24% of their portfolio | 2.8m $140.7m | Added +1.6m |
| MARSHALL WACE, LLP 0.14% of their portfolio | 2.6m $131.4m | Reduced -504.4k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 2.5m $128.2m | Added +265.0k |
| MORGAN STANLEY 0.01% of their portfolio | 2.5m $124.8m | Added +754.3k |
| WESTFIELD CAPITAL MANAGEMENT CO LP 0.49% of their portfolio | 2.3m $117.2m | Added +533.7k |
| TSG Consumer Partners LP 100.00% of their portfolio | 2.3m $115.5m | Unchanged |
| WELLINGTON MANAGEMENT GROUP LLP 0.02% of their portfolio | 2.2m $113.5m | Added +915.7k |
| CITADEL ADVISORS LLC 0.07% of their portfolio | 2.0m $101.7m | Added +1.4m |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 1.8m $91.9m | Added +454.0k |
| Invesco Ltd. 0.01% of their portfolio | 1.7m $86.5m | Added +361.3k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 1.7m $85.7m | Added +397.1k |
| Freestone Grove Partners LP 0.55% of their portfolio | 1.5m $76.2m | Added +822.6k |
| Balyasny Asset Management L.P. 0.14% of their portfolio | 1.5m $73.6m | Reduced -1.0m |
| JOHO CAPITAL LLC 19.26% of their portfolio | 1.4m $71.9m | Unchanged |
| AMERIPRISE FINANCIAL INC 0.02% of their portfolio | 1.4m $68.9m | Added +161.1k |
| AMERICAN CENTURY COMPANIES INC 0.03% of their portfolio | 1.3m $67.2m | Added +381.4k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 1.2m $61.4m | Added +39.8k |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 1.2m $61.0m | Added +37.7k |
| FULLER & THALER ASSET MANAGEMENT, INC. 0.20% of their portfolio | 1.2m $60.0m | Reduced -1.1m |
| Woodline Partners LP 0.21% of their portfolio | 1.1m $56.0m | Added +613.2k |
| VOYA INVESTMENT MANAGEMENT LLC 0.06% of their portfolio | 1.1m $55.4m | Added +342.2k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 1.0m $52.9m | Added +384.0k |
| 1832 Asset Management L.P. 0.07% of their portfolio | 1.0m $52.2m | Reduced -706.6k |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.09% of their portfolio | 1.0m $51.7m | Added +38.9k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 981.3k $47.5m | Reduced -406.0k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 972.5k $49.3m | Added +370.4k |
| Squarepoint Ops LLC 0.10% of their portfolio | 935.7k $47.4m | Reduced -1.9m |
| WASATCH ADVISORS LP 0.30% of their portfolio | 881.8k $44.7m | Added +56.9k |
| Clearbridge Investments, LLC 0.04% of their portfolio | 859.4k $43.5m | Added +6.4k |
| CITIGROUP INC 0.03% of their portfolio | 814.7k $41.3m | Added +787.1k |
| VANGUARD FIDUCIARY TRUST CO 0.01% of their portfolio | 806.3k $40.8m | First filing |
| Allspring Global Investments Holdings, LLC 0.07% of their portfolio | 771.7k $39.0m | Reduced -60.7k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.02% of their portfolio | 752.0k $38.1m | Added +455.7k |
| MANE GLOBAL CAPITAL MANAGEMENT LP 3.92% of their portfolio | 750.9k $38.0m | Reduced -220.5k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio | 727.3k $36.8m | New |
| Danica Pension, Livsforsikringsaktieselskab 0.63% of their portfolio | 662.6k $33.6m | New |
| FEDERATED HERMES, INC. 0.05% of their portfolio | 610.1k $30.9m | Added +88.9k |
| OBERWEIS ASSET MANAGEMENT INC/ 0.90% of their portfolio | 598.5k $30.3m | Added +194.0k |
| Holocene Advisors, LP 0.07% of their portfolio | 583.2k $29.5m | Reduced -21.9k |
| LPL Financial LLC 0.01% of their portfolio | 575.4k $29.2m | Added +12.2k |
| RIVERBRIDGE PARTNERS LLC 0.63% of their portfolio | 511.4k $25.9m | Added +206.3k |
| Baird Financial Group, Inc. 0.04% of their portfolio | 488.6k $24.8m | Reduced -46.8k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.03% of their portfolio | 463.2k $23.5m | Added +139.8k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 442.6k $22.4m | Added +91.0k |
| JENNISON ASSOCIATES LLC 0.01% of their portfolio | 373.2k $18.9m | Reduced -8.9k |
| Shellback Capital, LP 2.50% of their portfolio | 347.0k $17.6m | Reduced -12.0k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 345.4k $17.5m | Added +220.7k |
| Engineers Gate Manager LP 0.21% of their portfolio | 335.7k $17.0m | Reduced -177.8k |
| Stephens Investment Management Group LLC 0.23% of their portfolio | 333.1k $16.9m | Added +28.8k |
| NEXT CENTURY GROWTH INVESTORS LLC 1.22% of their portfolio | 332.8k $16.9m | Added +23.9k |
| Interval Partners, LP 0.57% of their portfolio | 326.2k $16.5m | Reduced -609.4k |
| Crestwood Capital Management, L.P. 10.98% of their portfolio | 315.4k $16.0m | Added +30.0k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 310.5k $14.9m | Reduced -237.5k |
| SEI INVESTMENTS CO 0.01% of their portfolio | 305.4k $15.5m | Reduced -63.7k |
| Nuveen, LLC 0.00% of their portfolio | 303.9k $15.4m | Reduced -163.9k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 285.4k $14.5m | New |
| Delta Global Management LP 1.10% of their portfolio | 265.8k $13.5m | New |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 260.6k $13.2m | Added +9.3k |
| Swiss National Bank 0.01% of their portfolio | 251.4k $12.7m | Added +1.0k |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 241.6k $12.2m | Added +230.2k |
| WHITTIER TRUST CO 0.13% of their portfolio | 224.2k $11.9m | Added +21.8k |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. 0.72% of their portfolio | 222.9k $11.3m | Added +80.2k |
| CONGRESS ASSET MANAGEMENT CO 0.08% of their portfolio | 217.1k $11.0m | Added +10.9k |
| BLAIR WILLIAM & CO/IL 0.03% of their portfolio | 212.3k $10.8m | Added +42.5k |
| TD Asset Management Inc 0.01% of their portfolio | 198.8k $10.1m | Added +164.2k |
| Concurrent Investment Advisors, LLC 0.11% of their portfolio | 194.7k $9.9m | Added +21.2k |
| OSSIAM 0.17% of their portfolio | 193.4k $9.8m | Unchanged |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 183.1k $9.3m | Reduced -78.3k |
| BARCLAYS PLC 0.00% of their portfolio | 182.0k $9.2m | Added +140.4k |
| Mitsubishi UFJ Trust & Banking Corp 0.02% of their portfolio | 178.6k $9.0m | Reduced -46.6k |
| SILVERCREST ASSET MANAGEMENT GROUP LLC 0.06% of their portfolio | 169.6k $8.6m | Added +48.3k |
| Legal & General Group Plc 0.00% of their portfolio | 168.5k $8.5m | Added +41.7k |
| BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio | 166.3k $8.4m | Reduced -835.5k |
| BROWN BROTHERS HARRIMAN & CO 0.04% of their portfolio | 165.3k $8.4m | Unchanged |
| STIFEL FINANCIAL CORP 0.01% of their portfolio | 159.9k $8.1m | Reduced -11.8k |
| ASHFORD CAPITAL MANAGEMENT INC 1.00% of their portfolio | 159.2k $8.1m | Added +3.0k |
| California Public Employees Retirement System 0.00% of their portfolio | 158.3k $8.0m | Added +1.8k |
| Retirement Systems of Alabama 0.03% of their portfolio | 155.7k $7.9m | New |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 150.9k $9.2m | Reduced -1.3m |
| ALGERT GLOBAL LLC 0.11% of their portfolio | 150.1k $7.6m | Reduced -4.1k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 147.0k $7.4m | Added +23.7k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.02% of their portfolio | 146.0k $7.4m | Reduced -18.9k |
| Cullen/Frost Bankers, Inc. 0.08% of their portfolio | 145.6k $7.4m | Added +10.5k |
| NEUBERGER BERMAN GROUP LLC 0.01% of their portfolio | 143.1k $7.2m | Added +7.2k |
| Cetera Investment Advisers 0.01% of their portfolio | 137.2k $6.9m | Reduced -11.3k |
| Impax Asset Management Group plc 0.05% of their portfolio | 135.0k $6.8m | New |
| Walleye Capital LLC 0.04% of their portfolio | 126.0k $6.4m | Added +107.5k |
| Granite Investment Partners, LLC 0.39% of their portfolio | 124.9k $6.3m | Added +1.5k |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 123.7k $6.3m | Reduced -13.5k |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 122.8k $6.2m | Reduced -28.5k |