Dutch Bros Inc.

Dutch Bros Inc. (NYSE: BROS) operates as a high-growth franchisor and operator of drive-thru beverage shops across the United States. Founded in 1992 by brothers Dane and Travis Boersma, the company has evolved from a single pushcart with a double-head espresso machine in Grants Pass, Oregon into one of the fastest-growing brands in the quick-service beverage industry. As of December 31, 2025, Dutch Bros operates 1,136 shops comprising 811 company-operated locations and 325 franchise locations across 25 states, with approximately 32,000 employees system-wide, including roughly 23,000 in company-operated shops and headquarters.

The company's core business centers on hand-crafted, customizable beverages delivered through a drive-thru-centric model that emphasizes speed, quality, and service. The menu comprises approximately 50 percent coffee-based beverages made with proprietary espresso blends, 25 percent Dutch Bros Rebel energy drinks, and 25 percent refreshments including teas, lemonades, smoothies, and sodas, along with select food offerings. Dutch Bros sources, roasts, and distributes its own coffee through facilities in Grants Pass, Oregon and Melissa, Texas, maintaining control over quality and supply chain resilience.

The company operates primarily through company-operated shops, with approximately 85 percent of business conducted via drive-thru windows and 15 percent through walk-up windows. Dutch Bros maintains a mixed development model, encouraging franchise partners to infill existing markets while pursuing company-operated expansion into new regions. The business model targets company-operated contribution margins of approximately 30 percent, supporting rapid capital payback and funding for future growth.

Dutch Rewards, the company's app-based loyalty program, accounted for approximately 72 percent of transactions in 2025, incorporating spend-based rewards, Dutch Pass prepaid functionality, and order-ahead capabilities launched in 2024. The company's growth strategy focuses on scaling its people and culture, executing whitespace expansion with mid-teens annual new shop growth, developing sales layers through innovation and enhanced marketing, and delivering long-term margin expansion. Dutch Bros maintains significant geographic concentration in the Western United States, with operations spanning Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Utah, and Washington, while expanding eastward. The company's website is dutchbros.com.