FMR LLC files Schedule 13G/A on Dutch Bros (NYSE: BROS) showing 7.5% stake

Rhea-AI Filing Summary

FMR LLC amended its Schedule 13G to report beneficial ownership of 9,545,796.39 shares of Dutch Bros Inc Class A common stock, representing 7.5% of the class. The filing names Abigail P. Johnson as having dispositive power and references a Power of Attorney effective April 13, 2026.

Insights

Institutional Ownership Analyst

FMR LLC reports a 7.5% position in Dutch Bros' Class A shares.

FMR LLC discloses beneficial ownership of 9,545,796.39 shares, with sole dispositive power reported. The amendment format (Schedule 13G/A) indicates passive or qualifying institutional ownership rather than an activist Schedule 13D filing.

Ownership is noted alongside a Power of Attorney effective April 13, 2026 and signatures dated 05/05/2026. Subsequent filings or exhibits (Exhibit 99) may clarify any subsidiary or intermediary arrangements.

Key Figures

Shares beneficially owned: 9,545,796.39 shares Percent of class: 7.5% Power of Attorney effective: April 13, 2026

3 metrics

Shares beneficially owned 9,545,796.39 shares Amount reported in Item 4 of Schedule 13G/A

Percent of class 7.5% Percent of Class A common stock reported in Item 4

Power of Attorney effective April 13, 2026 POA effective date referenced in signature block

Key Terms

Schedule 13G/A, beneficial ownership, power of attorney

3 terms

Schedule 13G/A regulatory

"Amendment No. 1 ) DUTCH BROS INC CLASS A COMMON STOCK"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

beneficial ownership financial

"Item 4. | Ownership (a) | Amount beneficially owned: 9545796.39"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

power of attorney legal

"Duly authorized under Power of Attorney effective as of April 13, 2026"

A power of attorney is a legal document that allows one person to make decisions and act on behalf of another person, often in financial or legal matters. It’s like giving someone a trusted helper or agent the authority to handle important tasks if you are unable to do so yourself. This matters to investors because it can impact how their assets are managed or transferred if they become unable to oversee their affairs.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

DUTCH BROS INC

(Name of Issuer)

CLASS A COMMON STOCK

(Title of Class of Securities)

26701L100

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 26701L100

1

Names of Reporting Persons

FMR LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 9,441,167.69
6	Shared Voting Power 0.00
7	Sole Dispositive Power 9,545,796.39
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,545,796.39

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.5 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP Number(s): 26701L100

1

Names of Reporting Persons

Abigail P. Johnson

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 9,545,796.39
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,545,796.39

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.5 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: DUTCH BROS INC
(b)	Address of issuer's principal executive offices: 1930 W RIO SALADO PKWY,TEMPE,AZ,USA,85281
Item 2.
(a)	Name of person filing: FMR LLC
(b)	Address or principal business office or, if none, residence: 245 Summer Street, Boston, Massachusetts 02210
(c)	Citizenship: Not applicable
(d)	Title of class of securities: CLASS A COMMON STOCK
(e)	CUSIP No.: 26701L100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 9545796.39
(b)	Percent of class: 7.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Please see the responses to Items 5 and 6 on the cover page.
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 9545796.39
	(iv) Shared power to dispose or to direct the disposition of: 0.00
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. One or more other persons are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the CLASS A COMMON STOCK of DUTCH BROS INC. No one other person's interest in the CLASS A COMMON STOCK of DUTCH BROS INC is more than five percent of the total outstanding CLASS A COMMON STOCK.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See attached Exhibit 99.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

FMR LLC

Signature:	Richard Bourgelas
Name/Title:	Duly authorized under Power of Attorney effective as of April 13, 2026, by and on behalf of FMR LLC and its direct and indirect subsidiaries*
Date:	05/05/2026

Abigail P. Johnson

Signature:	Richard Bourgelas
Name/Title:	Duly authorized under Power of Attorney effective as of April 13, 2026, by and on behalf of Abigail P. Johnson*
Date:	05/05/2026

Comments accompanying signature: *This power of attorney is incorporated herein by reference to Exhibit 24 to the Schedule 13G filed by FMR LLC on April 29,2026, accession number: 0000315066-26-000738.

Exhibit Information

Please see Exhibit 99 for 13d-1(k) (1) agreement.

FAQ

What stake does FMR LLC hold in Dutch Bros (BROS)?

FMR LLC reports beneficial ownership of 9,545,796.39 shares, equal to 7.5% of Dutch Bros Class A common stock. This figure is disclosed in the Schedule 13G/A amendment and appears on the cover responses to Items 4 and 5.

Who is listed as having dispositive power over the shares?

The filing lists Abigail P. Johnson with sole dispositive power for 9,545,796.39 shares. The amendment shows dispositive authority in Items 5–8 and signatures executed under a power of attorney dated April 13, 2026.

Is this a passive Schedule 13G or an active 13D filing?

This document is a Schedule 13G/A amendment, which typically indicates qualifying institutional or passive ownership rather than an activist Schedule 13D. The filing form type is explicitly shown as Schedule 13G/A on the cover.

Does the filing identify other persons with rights to dividends or proceeds?

Item 6 states one or more other persons are known to have rights to receive dividends or proceeds, but no single other person holds more than 5% of the class. A full list of specific smaller holders is not provided in the excerpt.

Are there exhibits or attachments noted in the amendment?

Yes. The amendment references Exhibit 99 for a 13d-1(k)(1) agreement and incorporates a Power of Attorney by reference to an exhibit filed on April 29, 2026. These exhibits may provide additional ownership detail.