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 ($10.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $71.72. Options: 20 managers hold calls ($225.5m notional), 17 hold puts ($122.7m).
Trends to Q2 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 |
| Q2 2026 | 556 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q2 2026 | 280 | 228 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $166.4m | $146.4m | 0.88 |
| Q4 2025 | $252.7m | $132.7m | 0.53 |
| Q1 2026 | $192.8m | $151.8m | 0.79 |
| Q2 2026 | $225.5m | $122.7m | 0.54 |
Biggest buyers
| FMR LLC | Added | +7.2m |
| PRICE T ROWE ASSOCIATES INC /MD/ | Added | +2.0m |
| Driehaus Capital Management LLC | New | +1.1m |
| 1832 Asset Management L.P. | Added | +981.5k |
| JANE STREET GROUP, LLC | Added | +944.9k |
| WELLINGTON MANAGEMENT GROUP LLP | Added | +851.1k |
| BlackRock, Inc. | Added | +784.9k |
| Stephens Investment Management Group LLC | Added | +601.4k |
| Hyperion Asset Management Ltd | New | +598.0k |
| VANGUARD PORTFOLIO MANAGEMENT LLC | Added | +466.1k |
Biggest sellers
| MILLENNIUM MANAGEMENT LLC | Reduced | -3.2m |
| UBS Group AG | Reduced | -2.9m |
| Point72 Asset Management, L.P. | Reduced | -2.4m |
| Balyasny Asset Management L.P. | Reduced | -1.3m |
| FULLER & THALER ASSET MANAGEMENT, INC. | Reduced | -1.2m |
| Invesco Ltd. | Reduced | -1.2m |
| MARSHALL WACE, LLP | Reduced | -1.1m |
| Woodline Partners LP | Reduced | -1.1m |
| Freestone Grove Partners LP | Reduced | -925.0k |
| MANE GLOBAL CAPITAL MANAGEMENT LP | Sold out | -750.9k |
Biggest calls
| JANE STREET GROUP, LLC | Added | $63.4m883.4k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $60.6m843.2k shares |
| CITADEL ADVISORS LLC | Reduced | $36.5m507.6k shares |
| IMC-Chicago, LLC | Reduced | $19.5m271.9k shares |
| GROUP ONE TRADING LLC | Added | $8.0m111.2k shares |
| Walleye Trading LLC | Added | $7.6m105.2k shares |
| Squarepoint Ops LLC | Added | $5.9m81.7k shares |
| Interval Partners, LP | Reduced | $4.7m65.8k shares |
| Caption Management, LLC | Reduced | $3.9m54.0k shares |
| Twin Tree Management, LP | New | $3.1m43.5k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $33.6m468.1k shares |
| JANE STREET GROUP, LLC | Reduced | $22.6m315.3k shares |
| CITADEL ADVISORS LLC | Reduced | $19.9m277.2k shares |
| Walleye Trading LLC | Added | $14.3m199.2k shares |
| IMC-Chicago, LLC | Added | $11.7m163.0k shares |
| Twin Tree Management, LP | Reduced | $4.4m60.9k shares |
| D. E. Shaw & Co., Inc. | Reduced | $2.9m41.0k shares |
| SIMPLEX TRADING, LLC | Reduced | $2.2m31.2k shares |
| HRT FINANCIAL LP | New | $2.2m30.1k shares |
| Squarepoint Ops LLC | Reduced | $2.1m29.7k 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 since 1 Apr 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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q2 2026 | 1 | $102.4k | 2 | $180.9m | $180.9m |
| Q3 2026 | 1 | $103.1k | 0 | — | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-08-13 | Penegor Todd Allan Director | Bought | $103.1k2.0k shares |
| 2026-06-11 | DM Trust Aggregator, LLC 10% owner | Sold plan | $30.8m488.9k shares |
| 2026-06-11 | Boersma Travis Executive Chairman of Board, director · By DM Trust Aggregator, LLC | Sold plan | $30.8m488.9k shares |
| 2026-06-11 | DM Individual Aggregator, LLC 10% owner | Sold plan | $16.5m261.1k shares |
| 2026-06-11 | Boersma Travis Executive Chairman of Board, director · By DM Individual Aggregator, LLC | Sold plan | $16.5m261.1k shares |
| 2026-06-10 | Boersma Travis Executive Chairman of Board, director · By DM Trust Aggregator, LLC | Sold plan | $29.5m488.9k shares |
| 2026-06-10 | DM Trust Aggregator, LLC 10% owner | Sold plan | $29.5m488.9k shares |
| 2026-06-10 | DM Individual Aggregator, LLC 10% owner | Sold plan | $15.8m261.1k shares |
| 2026-06-10 | Boersma Travis Executive Chairman of Board, director · By DM Individual Aggregator, LLC | Sold plan | $15.8m261.1k shares |
| 2026-06-10 | Barone Christine CEO and President, director | Sold plan | $2.5m42.0k shares |
| 2026-06-01 | Boersma Travis Executive Chairman of Board, director · By DM Trust Aggregator, LLC | Sold plan | $17.0m291.6k shares |
| 2026-06-01 | DM Trust Aggregator, LLC 10% owner | Sold plan | $17.0m291.6k shares |
| 2026-06-01 | DM Individual Aggregator, LLC 10% owner | Sold plan | $9.1m155.7k shares |
| 2026-06-01 | Boersma Travis Executive Chairman of Board, director · By DM Individual Aggregator, LLC | Sold plan | $9.1m155.7k shares |
| 2026-05-29 | DM Trust Aggregator, LLC 10% owner | Sold plan | $11.5m197.3k shares |
| 2026-05-29 | Boersma Travis Executive Chairman of Board, director · By DM Trust Aggregator, LLC | Sold plan | $11.5m197.3k shares |
| 2026-05-29 | DM Individual Aggregator, LLC 10% owner | Sold plan | $6.1m105.4k shares |
| 2026-05-29 | Boersma Travis Executive Chairman of Board, director · By DM Individual Aggregator, LLC | Sold plan | $6.1m105.4k shares |
| 2026-05-28 | DM Trust Aggregator, LLC 10% owner | Sold plan | $7.5m133.7k shares |
| 2026-05-28 | Boersma Travis Executive Chairman of Board, director · By DM Trust Aggregator, LLC | Sold plan | $7.5m133.7k shares |
| 2026-05-28 | DM Individual Aggregator, LLC 10% owner | Sold plan | $4.0m71.4k shares |
| 2026-05-28 | Boersma Travis Executive Chairman of Board, director · By DM Individual Aggregator, LLC | Sold plan | $4.0m71.4k shares |
| 2026-05-27 | DM Trust Aggregator, LLC 10% owner | Sold plan | $20.0m355.2k shares |
| 2026-05-27 | Boersma Travis Executive Chairman of Board, director · By DM Trust Aggregator, LLC | Sold plan | $20.0m355.2k shares |
| 2026-05-27 | DM Individual Aggregator, LLC 10% owner | Sold plan | $10.7m189.7k shares |
| 2026-05-27 | Boersma Travis Executive Chairman of Board, director · By DM Individual Aggregator, LLC | Sold plan | $10.7m189.7k shares |
| 2026-05-15 | Penegor Todd Allan Director | Bought | $102.4k2.0k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| FMR LLC 0.05% of their portfolio | 16.7m $1.2bn | Added +7.2m |
| BlackRock, Inc. 0.02% of their portfolio | 14.7m $1.1bn | Added +784.9k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.07% of their portfolio | 9.6m $688.9m | Added +2.0m |
| VANGUARD CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 6.1m $435.6m | Added +376.5k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.02% of their portfolio | 5.9m $426.4m | Added +466.1k |
| T. Rowe Price Investment Management, Inc. 0.20% of their portfolio | 4.3m $306.3m | Reduced -364.5k |
| STATE STREET CORP 0.01% of their portfolio | 3.9m $276.6m | Added +71.8k |
| WELLINGTON MANAGEMENT GROUP LLP 0.04% of their portfolio | 3.1m $222.0m | Added +851.1k |
| BAILLIE GIFFORD & CO 0.18% of their portfolio | 2.7m $196.7m | Reduced -255.3k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 2.5m $178.4m | Reduced -46.6k |
| CITADEL ADVISORS LLC 0.09% of their portfolio | 2.2m $158.8m | Added +204.0k |
| WESTFIELD CAPITAL MANAGEMENT CO LP 0.51% of their portfolio | 2.2m $156.8m | Reduced -129.4k |
| 1832 Asset Management L.P. 0.18% of their portfolio | 2.0m $144.5m | Added +981.5k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 2.0m $142.9m | Added +299.0k |
| MORGAN STANLEY 0.01% of their portfolio | 1.9m $135.5m | Reduced -576.6k |
| AMERICAN CENTURY COMPANIES INC 0.05% of their portfolio | 1.7m $123.2m | Added +388.7k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 1.6m $115.1m | Reduced -211.8k |
| TSG Consumer Partners LP 100.00% of their portfolio | 1.6m $114.0m | Reduced -692.6k |
| MARSHALL WACE, LLP 0.09% of their portfolio | 1.5m $104.8m | Reduced -1.1m |
| JOHO CAPITAL LLC 22.12% of their portfolio | 1.4m $101.9m | Unchanged |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 1.3m $90.5m | Added +55.5k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 1.2m $86.6m | Reduced -5.5k |
| JANE STREET GROUP, LLC 0.05% of their portfolio | 1.2m $85.2m | Added +944.9k |
| UBS Group AG 0.01% of their portfolio | 1.1m $81.5m | Reduced -2.9m |
| Driehaus Capital Management LLC 0.46% of their portfolio | 1.1m $79.7m | New |
| AMERIPRISE FINANCIAL INC 0.02% of their portfolio | 1.1m $78.4m | Reduced -268.6k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 1.1m $77.8m | Added +39.0k |
| VOYA INVESTMENT MANAGEMENT LLC 0.07% of their portfolio | 1.1m $77.0m | Reduced -21.0k |
| WASATCH ADVISORS LP 0.49% of their portfolio | 1.0m $74.6m | Added +157.1k |
| NORGES BANK 0.01% of their portfolio | 1.0m $73.8m | Not comparable |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.11% of their portfolio | 999.9k $71.8m | Reduced -21.2k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 963.0k $69.2m | Reduced -9.4k |
| Stephens Investment Management Group LLC 0.72% of their portfolio | 934.5k $67.1m | Added +601.4k |
| Squarepoint Ops LLC 0.12% of their portfolio | 881.3k $63.3m | Reduced -54.5k |
| RAYMOND JAMES FINANCIAL INC 0.02% of their portfolio | 874.1k $62.8m | Reduced -107.2k |
| Clearbridge Investments, LLC 0.05% of their portfolio | 871.6k $62.6m | Added +12.2k |
| VANGUARD FIDUCIARY TRUST CO 0.01% of their portfolio | 829.2k $59.5m | Added +22.9k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.03% of their portfolio | 664.0k $47.7m | Reduced -88.0k |
| OBERWEIS ASSET MANAGEMENT INC/ 0.97% of their portfolio | 656.1k $47.1m | Added +57.6k |
| CONGRESS ASSET MANAGEMENT CO 0.29% of their portfolio | 648.5k $46.6m | Added +431.3k |
| Danica Pension, Livsforsikringsaktieselskab 0.71% of their portfolio | 618.5k $44.4m | Reduced -44.1k |
| Hyperion Asset Management Ltd 1.14% of their portfolio | 598.0k $42.9m | New |
| LPL Financial LLC 0.01% of their portfolio | 596.4k $42.8m | Added +21.0k |
| Freestone Grove Partners LP 0.27% of their portfolio | 579.4k $41.6m | Reduced -925.0k |
| Invesco Ltd. 0.00% of their portfolio | 528.4k $37.9m | Reduced -1.2m |
| Baird Financial Group, Inc. 0.05% of their portfolio | 524.6k $37.7m | Added +35.9k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 503.3k $36.1m | Added +60.8k |
| FEDERATED HERMES, INC. 0.05% of their portfolio | 492.8k $35.4m | Reduced -117.3k |
| Allspring Global Investments Holdings, LLC 0.05% of their portfolio | 481.2k $35.3m | Reduced -290.4k |
| HRT FINANCIAL LP 0.07% of their portfolio | 419.0k $30.1m | New |
| BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio | 379.7k $27.3m | Added +213.4k |
| JENNISON ASSOCIATES LLC 0.02% of their portfolio | 360.2k $25.9m | Reduced -13.0k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 341.2k $24.5m | Added +158.0k |
| RHUMBLINE ADVISERS 0.02% of their portfolio | 336.4k $24.2m | Reduced -9.0k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 332.9k $23.9m | Added +47.5k |
| Point72 Asset Management, L.P. 0.04% of their portfolio | 328.5k $23.6m | Reduced -2.4m |
| RIVERBRIDGE PARTNERS LLC 0.64% of their portfolio | 317.6k $22.8m | Reduced -193.8k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio | 314.5k $22.6m | Reduced -148.7k |
| Nuveen, LLC 0.01% of their portfolio | 307.2k $22.1m | Added +3.3k |
| WHITTIER TRUST CO 0.19% of their portfolio | 285.7k $19.5m | Added +61.5k |
| Trexquant Investment LP 0.12% of their portfolio | 280.4k $20.1m | Added +270.2k |
| CIBC Bancorp USA Inc. 0.02% of their portfolio | 272.1k $12.4m | New |
| SEI INVESTMENTS CO 0.02% of their portfolio | 260.5k $18.7m | Reduced -44.9k |
| Swiss National Bank 0.01% of their portfolio | 255.4k $18.3m | Added +4.0k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 253.0k $18.6m | Reduced -57.5k |
| Shellback Capital, LP 1.55% of their portfolio | 247.0k $17.7m | Reduced -100.0k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 246.6k $17.7m | Reduced -14.1k |
| Crestwood Capital Management, L.P. 11.03% of their portfolio | 234.6k $16.8m | Reduced -80.8k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio | 233.2k $16.7m | Reduced -494.1k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 231.4k $16.6m | Added +220.3k |
| Pembroke Management, LTD 1.17% of their portfolio | 229.5k $16.5m | Added +175.5k |
| SILVERCREST ASSET MANAGEMENT GROUP LLC 0.10% of their portfolio | 213.0k $15.3m | Added +43.5k |
| NEXT CENTURY GROWTH INVESTORS LLC 0.78% of their portfolio | 203.5k $14.6m | Reduced -129.3k |
| OSTERWEIS CAPITAL MANAGEMENT INC 0.68% of their portfolio | 201.6k $14.5m | New |
| KEYSTONE INVESTORS PTE LTD 0.76% of their portfolio | 197.8k $14.2m | First filing |
| TD Asset Management Inc 0.01% of their portfolio | 197.2k $14.2m | Reduced -1.6k |
| OSAIC HOLDINGS, INC. 0.02% of their portfolio | 195.1k $14.0m | Added +82.2k |
| Impax Asset Management Group plc 0.09% of their portfolio | 195.0k $14.0m | Added +60.0k |
| Concurrent Investment Advisors, LLC 0.11% of their portfolio | 183.3k $13.2m | Reduced -11.3k |
| Jump Financial, LLC 0.11% of their portfolio | 177.0k $12.7m | New |
| Granite Investment Partners, LLC 0.63% of their portfolio | 172.3k $12.4m | Added +47.4k |
| Legal & General Group Plc 0.00% of their portfolio | 166.3k $11.9m | Reduced -2.2k |
| Interval Partners, LP 0.38% of their portfolio | 164.7k $11.8m | Reduced -161.4k |
| Mitsubishi UFJ Trust & Banking Corp 0.03% of their portfolio | 164.4k $11.8m | Reduced -14.2k |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 156.7k $11.3m | Added +33.9k |
| BROWN BROTHERS HARRIMAN & CO 0.05% of their portfolio | 155.4k $11.2m | Reduced -9.9k |
| Cullen/Frost Bankers, Inc. 0.11% of their portfolio | 154.0k $11.1m | Added +8.3k |
| NEUBERGER BERMAN GROUP LLC 0.01% of their portfolio | 152.8k $11.0m | Added +9.7k |
| STIFEL FINANCIAL CORP 0.01% of their portfolio | 151.1k $10.9m | Reduced -8.8k |
| ASHFORD CAPITAL MANAGEMENT INC 1.16% of their portfolio | 150.7k $10.8m | Reduced -8.5k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 149.2k $7.6m | Reduced -1.7k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 147.1k $10.6m | Added +49 |
| Cetera Investment Advisers 0.01% of their portfolio | 146.0k $10.5m | Added +8.8k |
| WHITTIER TRUST CO OF NEVADA INC 0.18% of their portfolio | 143.0k $9.5m | Added +30.9k |
| Aquatic Capital Management LLC 0.35% of their portfolio | 140.8k $10.1m | New |
| California Public Employees Retirement System 0.01% of their portfolio | 139.2k $10.0m | Reduced -19.1k |
| Mediolanum International Funds Ltd 0.08% of their portfolio | 138.1k $9.9m | New |
| VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio | 136.9k $9.8m | Added +13.1k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 135.4k $9.7m | Added +22.4k |
| Retirement Systems of Alabama 0.03% of their portfolio | 132.0k $9.5m | Reduced -23.8k |