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Dutch Bros (BROS): which funds own it

Consumer Discretionary →Data as of Jun 30, 2026 (Q2 2026) · updated on Nov 5, 2026

A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.

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4 concentrated managers hold it (+3 vs last quarter) with a median weight of 0.9%. 1 officer or director bought in 6 months.

Who owns Dutch Bros?

Holders that filed a Schedule 13D or 13G with the SEC for owning more than 5% of the Class A shares: Travis Boersma (13G/A filed Aug 12, 2026), FMR (13G/A filed Aug 6, 2026), BlackRock (13G filed Apr 27, 2026), Price T Rowe Associates (13G filed May 15, 2026) and Vanguard Capital Management (13G filed Apr 29, 2026). DM Individual Aggregator, LLC and DM Trust Aggregator, LLC are listed on their Form 4 filings as owners of more than 10%. As of Jun 30, 2026, the largest holders of Class A reported on Form 13F were FMR (12.2% of Class A), BlackRock (10.7%) and Price T Rowe Associates (7.0%).

Which institutions hold the most Dutch Bros shares?

Per Form 13F filings as of Jun 30, 2026, as a share of Class A:

  1. 1. FMR: 12.2%
  2. 2. BlackRock: 10.7%
  3. 3. Price T Rowe Associates: 7.0%
  4. 4. Vanguard Capital Management: 4.4%
  5. 5. Vanguard Portfolio Management: 4.3%
  6. 6. T. Rowe Price Investment Management: 3.1%
  7. 7. State Street: 2.8%
  8. 8. Wellington Management Group LLP: 2.3%
  9. 9. Baillie Gifford: 2.0%
  10. 10. Geode Capital Management: 1.8%

How much of Dutch Bros do institutions own?

The 562 institutions that file 13F reported 94.9% of the Class A shares as of Jun 30, 2026.

Sources:13G/A by Travis Boersma (Aug 12, 2026) ↗13G/A by FMR (Aug 6, 2026) ↗13G by BlackRock (Apr 27, 2026) ↗13G by Price T Rowe Associates (May 15, 2026) ↗13G by Vanguard Capital Management (Apr 29, 2026) ↗All of the company's proxy statements on EDGAR ↗

13F percentages divide the shares each institution reports by the Class A shares outstanding on the cover of the company's latest report before the quarter end (Apr 30, 2026). Entities of the same group file separately and are not added up. With more than one share class, a 13D or 13G counts shares convertible from another class as owned, so we do not show its percentage. We hold 13D and 13G filings made since Dec 23, 2024: a holder above 5% that has not filed since then does not appear here.

Dutch Bros revenue

Dutch Bros reported annual revenue of $1.64 billion for fiscal year 2025 (year ended December 31, 2025), according to its Form 10-K filed with the SEC (XBRL data).

Concentrated managers
4
All 13F: 563
Consensus
—
No score: it needs 5 or more concentrated managers
Price at Jun 30, 2026 (per 13F)
$71.81
+41.7% in the quarter · reported value ÷ shares, not the quote · See current quote ↗

Quarter flow (concentrated managers)

Change in managers (1 → 4): 2 opened · 0 exited · 1 more with no comparable data = +3

“No comparable data”: managers whose previous-quarter portfolio we cannot compare (first 13F, or they did not file that quarter), plus spin-offs and corporate exits (mergers, delistings). They change the count without being a clean buy or sale. It is a net figure: “more” when more of them enter the count than leave it, “fewer” when it is the other way round. Here: 1 entered with no comparable quarter.

Net flow in the quarter: +$47.4M (+660 K shares) · bought $47.4M and sold $0Shares concentrated managers added minus those they cut, valued at the 13F quarter-end implied price, not each trade's price. It is a different measure from the change in managers: the two can have opposite signs.

The set of concentrated managers changed between quarters: with the set as it was then, 2 held it last quarter (the chart point); with today's set, 1 (the base for the change).

Concentrated managers holding it

Up to 15, sorted by position value. The percentage is the weight in each manager's portfolio.

Other relevant holders

Filers with $100M or more in the stock that do not count as concentrated managers because of their type: they are left out of the counts, the consensus and the accumulation.

  • TSG Consumer PartnersSingle-position portfolio$114M100.0%

Largest holders of BROS (all 13F filers)

The 10 13F filers with the most shares as of Jun 30, 2026, whatever their type (index firms usually come first). “Change”: shares added or cut versus the previous quarter, split-adjusted; “no data” = there is no comparable portfolio for the previous quarter (no filing, or a filing with its holdings under confidential treatment). “% of the company” only where shares outstanding are up to date. Entities of the same group file separately and some 13F filings include other managers: there may be double counting. With a free account: the top 25, the largest buyers and the largest sellers.

Fundamentals

12-month figures to Jun 30, 2026 · balance sheet as of Jun 30, 2026.

Profitability
Operating margin
9.6%
Net margin
4.9%
ROE
11.6%
Growth
Revenue (TTM)
$1.9 bn
Revenue growth
29.6%
Net income (TTM)
$92.4M
Balance sheet
Net debt / EBITDA
−0.2x
Free cash flow (TTM)
$95.0M
Quality vs sector
64/100

Figures from the statements the company filed with the SEC (10-K, 10-Q). Free cash flow = operating cash flow − capital expenditures; empty if the company does not report capex. “Quality vs sector”: 0 to 100, the average of its percentiles in ROE, operating margin, free-cash-flow margin, revenue and earnings growth and net debt / EBITDA (at least 3 needed) against companies in its sector above $300M. How each figure is calculated

Shares outstanding: buybacks and dilution

Diluted shares by fiscal year (split-adjusted)

2025: 125.8 M

125.8 M0
20212025
1 year
+20.8%
3 years
+142.5%
5 years
no data
Buybacks (FY 2025)
no data
Share issuance
no data
Stock-based compensation
$18.0M1.1% of revenue
Dividends paid
no data

From the statements the company filed with the SEC (10-K). The change compares average diluted shares of each fiscal year, on today's basis: negative = it bought back more than it issued; positive = dilution. “No data” = the company does not report that item under a tag we can read; it does not mean zero.

Earnings quality and debt

Operating cash flow ÷ net income (12 months)
3.96
Interest coverage (operating income ÷ interest)
no data
Debt due within 12 months
$20.3M0.08 times cash and investments
Debt maturities by year (note as of Jun 30, 2026)
  • Year 1$5.7M
  • Year 2$7.5M
  • Year 3$11.3M
  • Year 4$170M
  • Year 5—
  • Later—

From the figures the company filed with the SEC. Cash flow over net income near or above 1 means earnings are collected in cash; far below, that part is accounting. Coverage says how many times operating income pays the latest fiscal year's interest. Maturities come from the debt note of the latest annual report, counted from its closing date. “No data” never means zero.

Insiders (Form 4)

Officers and directors who bought (6 m)
1
Amount (6 m)
$205K
CEO/CFO bought (12 m)
No

10% owners who bought (6 m): 0

Open-market purchases, excluding 10b5-1 plans. Officers and directors only; joint filers of the same purchase count as one. 10% owners with no role are shown separately. 0 = nobody bought; “no data” = we do not have its Form 4 filings.

Each of the company's Form 4 filings, on EDGAR ↗Latest trades, with date and filing →

Above 5% (13D/13G)

Disclosed stakes, with their amendments. A filing is not always a purchase: there are also reductions and changes of filing entity.

This list may be incomplete: we hold 13D and 13G filings made since Dec 23, 2024. A holder above 5% that has not filed anything since then is not shown here.

Above 5% over time (13D/13G)

Each holder with its filings in order. History since December 2024.

All material events (8-K)

Earnings, agreements, financing, management changes and announcements from the last year, with a filter by type and a link to each filing.

Other Consumer Discretionary stocks in managers' portfolios

Same sector and a similar number of concentrated managers holding them. It is a list to keep exploring, not a recommendation.

All of Consumer Discretionary →

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