Dutch Bros Inc. — BlackRock reports a 9.3% stake. BlackRock, Inc. states it beneficially owned 11,818,137 shares of Dutch Bros Class A common stock as of 03/31/2026, with sole voting power over 11,446,263 shares and sole dispositive power over 11,818,137 shares. The filing is submitted on behalf of aggregated reporting business units of BlackRock and is signed by a Managing Director.
Positive
None.
Negative
None.
Insights
BlackRock holds a significant passive position in Dutch Bros (9.3%).
BlackRock's Schedule 13G discloses beneficial ownership of 11,818,137 shares as of 03/31/2026. The filing reflects aggregated positions across Reporting Business Units, consistent with passive/investment-manager holdings reported under Schedule 13G rules.
Implications depend on BlackRock's voting direction and trading decisions by its business units; subsequent filings or Form 13D would indicate activist intent.
Key Figures
Beneficially owned:11,818,137 sharesPercent of class:9.3%Sole voting power:11,446,263 shares+3 more
6 metrics
Beneficially owned11,818,137 sharesas of 03/31/2026
Percent of class9.3%Class A Stock as of 03/31/2026
Sole voting power11,446,263 sharesreported in Item 4(a)(i)
Sole dispositive power11,818,137 sharesreported in Item 4(a)(iii)
Reporting date03/31/2026ownership as of date
CUSIP26701L100Dutch Bros Class A Stock CUSIP
Key Terms
Schedule 13G, Beneficially owned, Dispositive power, Reporting Business Units
4 terms
Schedule 13Gregulatory
"This schedule reports securities beneficially owned by certain business units"
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
Beneficially ownedfinancial
"Amount beneficially owned: 11818137"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Dispositive powerfinancial
"Sole power to dispose or to direct the disposition of: 11818137"
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
Reporting Business Unitsregulatory
"aggregated positions by the Reporting Business Units of BlackRock"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Dutch Bros Inc.
(Name of Issuer)
Class A 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
BlackRock, Inc.
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
11,446,263.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
11,818,137.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,818,137.00
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)
9.3 %
12
Type of Reporting Person (See Instructions)
HC
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 85281
Item 2.
(a)
Name of person filing:
BlackRock, Inc.
In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by certain business units (collectively, the "Reporting Business Units") of BlackRock, Inc. and its subsidiaries and affiliates. It does not include securities, if any, beneficially owned by other business units whose beneficial ownership of securities are disaggregated from that of the Reporting Business Units in accordance with such release.
(b)
Address or principal business office or, if none, residence:
BlackRock, Inc., 50 Hudson Yards New York, NY 10001
(c)
Citizenship:
See Item 4 of Cover Page
(d)
Title of class of securities:
Class A Stock
(e)
CUSIP Number(s):
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:
11818137
(b)
Percent of class:
9.3 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
11446263
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
11818137
(iv) Shared power to dispose or to direct the disposition of:
0
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.
Various persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of the common stock of Dutch Bros Inc.. No one person's interest in the common stock of Dutch Bros Inc. is more than five percent of the total outstanding common shares.
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 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.
What stake does BlackRock hold in Dutch Bros (BROS)?
BlackRock beneficially owned 11,818,137 shares, representing 9.3% of Dutch Bros Class A as of 03/31/2026. This figure is aggregated across Reporting Business Units of BlackRock, Inc.
Does BlackRock control Dutch Bros voting rights?
The filing shows BlackRock has sole voting power for 11,446,263 shares as of 03/31/2026. It reports voting authority but does not describe any change in corporate control.
Was BlackRock acting as an activist investor in this filing?
No activist status is stated; the filing is a Schedule 13G, which typically reports passive or investment-manager holdings rather than activist positions. No Form 13D or similar activism disclosure appears in the excerpt.
When was this Schedule 13G signed and filed?
The signature block shows the filing was signed by Spencer Fleming, Managing Director, on 04/27/202603/31/2026.
