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Dutch Bros Inc. is a high-growth operator and franchisor of drive-thru coffee shops across the United States. The company specializes in serving high-quality, hand-crafted beverages, including espresso-based drinks, cold brews, teas, smoothies, and energy drinks. Dutch Bros is dedicated to providing an exceptional customer experience through its customizable beverage offerings and community-driven culture.
- Company-operated shops - Operates drive-thru coffee shops that serve a variety of hand-crafted beverages, focusing on speed and superior service.
- Franchising and other - Provides franchising opportunities and other related services, contributing to the expansion of the brand across multiple states.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Christine Barone [Feb 13 ExecutiveBoard | Chief Executive Officer and President | Member of Yelp Inc. Board of Directors | Christine Barone has been the CEO of Dutch Bros Inc. since January 2024 and President since February 2023. She also serves on the Board of Directors at Yelp Inc. since March 2020. | View Report → |
Travis Boersma [Mar 31 ExecutiveBoard | Executive Chairman of the Board | Travis Boersma is the Co-Founder of Dutch Bros since 1992 and has been serving as the Executive Chairman of the Board since August 2021. He previously held the role of CEO of Dutch Bros OpCo from February 2019 to February 2021. | ||
Joshua Guenser [Feb 13 Executive | Chief Financial Officer | Joshua Guenser is the Chief Financial Officer at Dutch Bros Inc. since May 9, 2024. He transitioned from an Incoming Chief Financial Officer role that began on February 19, 2024, demonstrating his extensive experience in financial leadership. | ||
Sumi Ghosh [Feb 13 Executive | President of Operations | Sumi Ghosh is the President of Operations at Dutch Bros Inc since April 2024. Previously, he held key roles at Nike, Inc. and Starbucks Corporation. | ||
Tana Davila [Feb 13 Executive | Chief Marketing Officer | Tana Davila is the Chief Marketing Officer at BROS since June 2023 and brings extensive experience in marketing within the restaurant industry, contributing to innovative product launches. | ||
Victoria Tullett [Feb 13 Executive | Chief Legal Officer | Board of Directors for the Vancouver Symphony Orchestra | Victoria Tullett has served as Chief Legal Officer at Dutch Bros Inc. since September 2022. Previously, she held executive roles at Papa Murphy’s International as Senior Vice President, General Counsel, and Head of New Store Development from May 2019 to August 2022 and as Chief Legal Officer from May 2014 to May 2019. | |
Ann Miller [Mar 31 Board | Director on the Board of Dutch Bros Inc. | Executive Vice President, Global Sports Marketing at NIKE, Inc. (October 2024) ; Executive Vice President and Chief Legal Officer at NIKE, Inc. (February 2022 to October 2024) ; Vice President, Corporate Secretary and Chief Ethics & Compliance Officer at NIKE, Inc. (November 2016 to February 2022) | Ann Miller serves as a Director on the Board of Dutch Bros Inc. since August 2022 and holds key committee roles as Chair of the Nominating and Governance Committee and member of the Audit and Risk Committee. | |
C. David Cone [Mar 31 Board | Director | Board Member at The Challenger Group, Inc. | C. David Cone is a Director and Chair of the Audit and Risk Committee at Dutch Bros Inc., having joined the Board on November 3, 2023 and becoming Committee Chair on March 5, 2024. He has extensive financial experience, previously serving as CFO and Executive Vice President at Taylor Morrison Home Corporation from October 2012 to December 2021 and in senior finance roles at PetSmart, Inc.. | |
G.J. Hart [Mar 31 Board | Director and Chair of the Compensation Committee | President and Chief Executive Officer at Red Robin Gourmet Burgers, Inc. (since September 2022) ; Director at Portillo's Inc. (since 2016) | G.J. Hart has extensive leadership experience in the foodservice industry, having served as CEO at Texas Roadhouse (2000-2011), California Pizza Kitchen (2011-2018) and Torchy's Tacos (2018-2021). He is currently President and CEO of Red Robin Gourmet Burgers, Inc. (since September 2022) and a board member at Portillo's Inc. (since 2016). | |
Kathryn George [Mar 31 Board | Board Member of Dutch Bros Inc. | Partner at BBH (since January 1, 2008) ; Chair of the Private Banking Investment Oversight Committee at BBH ; Co-Chair of the Global Inclusion Council at BBH ; Member of the Private Banking Oversight Committee at BBH ; Member of the Capital Partners Investment and Valuation Committee at BBH ; Member of the Governance Risk and Compliance Committee at BBH ; Board Member at Haven Behavioral Healthcare, Inc. (since September 2016) ; Trustee and Governance Committee member at Trinity College (since 2014) ; Chairman of the Board of Trustees at Gillen Brewer School (since 2012) | Kathryn George has served as a board member of Dutch Bros Inc. since August 2021 and as a member of the board of managers for Dutch Bros OpCo since October 2018. | |
Kory Marchisotto [Mar 31 Board | Independent Director, Board of Directors | Senior Vice President and Chief Marketing Officer at e.l.f. Beauty | Kory Marchisotto has served as an independent director on Dutch Bros' Board since February 2025. She is also a member of the Nominating and Governance Committee as of March 31, 2025, and brings extensive marketing leadership experience from her role as Senior Vice President and Chief Marketing Officer at e.l.f. Beauty. | |
Stephen Gillett [Mar 31 Board | Board Member | CEO of Verily Life Sciences LLC; Advisor at X Development, LLC; Advisor at GV; Board Member at Discord Inc. | Stephen Gillett has served as a Board Member at Dutch Bros Inc. since December 2021 and is an active member of the Compensation Committee (since June 12, 2024 ) and the Nominating and Governance Committee. He leverages his extensive expertise in technology, retail, and strategic leadership to drive governance at the company. | |
Thomas Davis [Mar 31 Board | Director | Partner at Brown Brothers Harriman & Co. (BBH) | Thomas Davis has served on the Board of Directors of Dutch Bros Inc. since August 2021. He brings extensive financial services experience from his roles at Brown Brothers Harriman & Co. and The Goldman Sachs Group, Inc.. | |
Todd Penegor [Mar 31 Board | Director | President and Chief Executive Officer of Papa John's International, Inc. | Todd Penegor has been serving as a Director on Dutch Bros Inc. since June 24, 2024 and as a member of the Audit and Risk Committee since August 27, 2024. He brings extensive leadership experience from roles including President and Chief Executive Officer at Papa John's International, Inc.. |
- Given the higher rent impact from build-to-suit leases, how do you plan to mitigate the negative effect on shop-level margins, and what specific actions will you take if the lease-related costs continue to pressure EBITDA?
- With new shop openings shifting toward the back half of next year and Q1 historically being the strongest for company-owned openings, how do you reconcile this timing with your growth projections and manage any potential shortfall in incremental revenue?
- As coffee costs are expected to impose a 110 basis point headwind, what measures are being considered to offset this margin pressure, and is there potential for incremental pricing without compromising your customer value proposition?
- Your guidance indicates a 2% to 4% system same-store sales growth despite challenging comps from Q1; can you provide more detail on the specific strategies, including marketing and mobile order enhancements, that will drive this incremental growth?
- Considering your ongoing efforts in digital and targeted advertising, what is your strategy to optimize paid media spend in both mature and new markets, and how will you quantify its long-term impact on customer engagement and transaction growth?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Dunkin' | The company competes with national, regional, and local coffee chains, QSRs, and convenience shops for customers, shop locations, and qualified management and other staff. Some competitors have been in business longer, have greater brand recognition, or are better established in the markets where the company's shops are located or are planned to be located. Some competitors have substantially greater financial and other resources to devote to innovation in products, technology, and market and consumer data analytics, including integration, use, or offering of new technologies, including artificial intelligence (AI). |
CosMc's | The company competes with national, regional, and local coffee chains, QSRs, and convenience shops for customers, shop locations, and qualified management and other staff. Some competitors have been in business longer, have greater brand recognition, or are better established in the markets where the company's shops are located or are planned to be located. Some competitors have substantially greater financial and other resources to devote to innovation in products, technology, and market and consumer data analytics, including integration, use, or offering of new technologies, including artificial intelligence (AI). |
The company competes with national, regional, and local coffee chains, QSRs, and convenience shops for customers, shop locations, and qualified management and other staff. Some competitors have been in business longer, have greater brand recognition, or are better established in the markets where the company's shops are located or are planned to be located. Some competitors have substantially greater financial and other resources to devote to innovation in products, technology, and market and consumer data analytics, including integration, use, or offering of new technologies, including artificial intelligence (AI). |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Five Shops from a Franchisee in California | 2022 | Acquisition valued at $6,051,000 with net assets of $3,137,000 and goodwill of $2,914,000; the deal involved allocations to tangible assets (e.g., equipment and building improvements) and intangible assets (notably reacquired franchise rights with a 4.2-year life), with fair values determined using a Level 3 income and cost approach. |
Recent press releases and 8-K filings for BROS.
- Strategic growth focus: The company emphasized shifting to company-operated shop development, having more than doubled its unit count from 441 to 982 shops between 2020 and 2024, with revenue growing from less than $350 million to over $1.25 billion and adjusted EBITDA increasing from $70 million to $230 million.
- Customer loyalty and digital initiatives: The introduction and subsequent update of the Dutch Rewards program have driven customer engagement—with rewards capturing about 71% of transactions by Q4 2024—and the launch of mobile order in August 2024 targets convenience and increased frequency.
- Cost efficiency through lease optimization: The company is transitioning from predominantly ground leases to a more capital-efficient build-to-suit model, aiming to reduce average CapEx per shop from approximately $1.7 million in 2024 to about $1.5 million in 2025, with a long-term target of $1.25 million per shop.
- Solid cash flow performance: With 2024 operating cash flow at $246 million against $222 million in PP&E purchases, the company generated positive free cash flow, positioning it well to self-finance future growth initiatives.
- Q4 2024 Performance: Dutch Bros delivered strong results with total revenue of $343M, including company-operated revenue of $314.2M, and adjusted EBITDA of $230M (18.0% margin, 41% YoY growth)
- Robust YoY Growth: Reported 35% revenue growth with system same shop sales up 6.9% and company-operated same shop sales growing 9.5%, turning a previous net loss into a $6.4M net income
- FY2025 Guidance & Expansion: Forecasts call for revenue between $1.555B and $1.575B and same shop sales growth of 2% to 4% , with adjusted EBITDA expected between $265M–$275M and plans to open at least 160 new shops (including 32 new openings in Q4 and 151 for the year)
- Operational & Digital Initiatives: Investments in mobile order technology and targeted paid advertising are boosting customer engagement while setting the stage for reduced CapEx per store in 2025