Dutch Bros Inc.

Overview

Dutch Bros Inc. is a U.S. quick-service beverage company that operates and franchises drive-thru shops. Its menu centers on handcrafted coffee and espresso drinks, alongside blended beverages, cold brew, and its proprietary Rebel energy drinks. The company was founded in 1992 in Grants Pass, Oregon, and states its mission as “To make a massive difference, one cup at a time.” [1]+3

Dutch Bros reported 1,225 locations as of June 30, 2026. For the year ended December 31, 2025, it reported revenue of $1.638 billion, primarily from company-operated shops, with additional revenue from franchising and other sources.[5][6] [1]+7

Products & services

Dutch Bros sells customizable hot and cold drinks, including espresso-based coffee, nitrogen-infused cold brew, tea, lemonade, soda, and its Dutch Bros Rebel® energy drinks. Named coffee favorites include Golden Eagle®, Annihilator® and Kicker®. The menu lists iced lattes in 16-, 24- and 32-ounce sizes and hot lattes in 12-, 16- and 20-ounce sizes.[7]+6

The company’s Myst Energy Refresher line includes Passion Water, Cherry Lime, Firestorm and Tropical flavors. Dutch Bros describes Myst as containing plant-powered caffeine, electrolytes and antioxidants, and says a medium has fewer than 100 calories. Rebel drinks are available iced or blended; for example, an iced Electric Berry Rebel is listed at approximately 75, 115 or 150 mg of caffeine in 16-, 24- or 32-ounce sizes, respectively. Bakery items include Chocolate Chip Muffin Top and Blueberry Muffin.[14]+4

Service options include drive-thru ordering and, where available, app-based Order Ahead: customers can customize drinks, pay, select a pickup time and collect orders at a drive-thru or pickup window. Product-level revenue percentages were not identified in the latest reviewed filing; it reports company-operated shop sales and a separate “Franchising and other” segment, rather than sales shares by beverage or food category.[7]+3 [7]+13

Geographic presence

As of the October 2, 2026 snapshot, Dutch Bros’ U.S. store locator showed locations in 27 states. Its largest state footprints were California (255), Texas (232), Oregon (157), Arizona (104), and Washington (74); the remaining states listed were Alabama, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Nevada, New Mexico, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Utah, and Wyoming. These are locator counts, rather than a filing’s year-end state-by-state schedule.[21] The Q2 2026 filing reported 1,225 shops overall as of June 30, 2026, while the FY2025 year-end figure was 1,136.[22][23]

The company identifies Tempe, Arizona, as its headquarters location. Its coffee roasting and packing operations include facilities in Grants Pass, Oregon, and Melissa, Texas; the company says coffee is sourced from Central and South America, roasted at those facilities, and distributed to shops across the country.[24][25] The reviewed filings do not provide revenue by state, region, or country, nor a geographic breakdown of employees.[22][23] [22]+4

Business segments

Dutch Bros reports two operating and reportable segments: **Company-operated shops**, which sell beverages and other products directly to customers, and **Franchising and other**, which includes sales of beans and other products to franchise partners, franchise fees, royalties, marketing fees, and website product sales. The company does not report these as geographic segments; its chief operating decision maker evaluates them using segment contribution, defined as gross profit before depreciation and amortization.[26][27]

For fiscal 2025, Company-operated shops generated approximately **92.1% of revenue** ($1,509.3 million), while Franchising and other generated approximately **7.9%** ($128.8 million). Their respective shares of segment contribution were approximately **81.5%** ($436.6 million) and **18.5%** ($99.1 million).[28] In the six months ended June 30, 2026, the revenue mix was approximately **92.5%** Company-operated shops ($939.1 million) and **7.5%** Franchising and other ($76.2 million); segment contribution was approximately **84.2%** ($277.3 million) and **15.8%** ($51.9 million), respectively.[29] [26]+9

Company history

Dutch Bros was founded in Grants Pass, Oregon, in 1992 by brothers Dane and Travis Boersma, who began selling espresso from a pushcart. The founders acquired their first drive-thru in 1994, and the company began franchising in 2000. After Dane Boersma died in 2009, Travis continued to lead the business; in 2008, the company had shifted away from awarding franchises to outside operators and toward developing leaders from within.[30]+3

Dutch Bros introduced its Blue Rebel energy drink line in 2012. In 2018, TSG Consumer Partners took a minority stake to support the company’s expansion into new markets.[34][35]

In 2021, Dutch Bros reorganized as a public holding company and listed on the New York Stock Exchange under the ticker BROS; Travis Boersma became executive chairman and Joth Ricci became CEO. Christine Barone succeeded Ricci as CEO and president in January 2024. In February 2025, Dutch Bros opened its 1,000th shop in Orlando.[36]+2 [30]+7

Sources

• Dutch Bros Inc. — Full financial report (2025 Y)
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• Dutch Bros Inc. — Press release (2025 Y)[8]
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• Dutch Bros Inc. — Ipo (2021 O)
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