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Compiled from SEC Form N-PX filings and DUTCH BROS INC.’s Form 8-K, filed May 16, 2025 (Item 5.07 on EDGAR). Page generated October 18, 2026.
Meeting of May 13, 2025: 12 items on DUTCH BROS INC.’s Form 8-K, filed May 16, 2025: 10 elected · 2 approved.
None.
Material dissent: a director nominee under 80% of the votes cast, say-on-pay under 70%, any other item the board put forward under 80%, or a shareholder proposal with more than 50%, on the company’s own Form 8-K tally. How this is decided
Explore DUTCH BROS INC. in the interactive database Compare manager voting policies
These tallies are DUTCH BROS INC.’s own, as disclosed to the U.S. Securities and Exchange Commission on Form 8-K, filed May 16, 2025 (Item 5.07, “Submission of Matters to a Vote of Security Holders”). They cover every share voted at the meeting, not just the funds that file Form N-PX.
| Ballot item | For | Against | Abstain | Withheld | Broker non-votes | Support (of votes cast) | Reported outcome | Voting standard |
|---|---|---|---|---|---|---|---|---|
| Elect Director: Travis Boersma | 404,897,463 | 19,343,967 | 81,754 | -- | 20,633,507 | 95% | Elected | — |
| Elect Director: Christine Barone | 422,968,261 | 1,274,286 | 80,637 | -- | 20,633,507 | 99.6% | Elected | — |
| Elect Director: C. David Cone | 423,451,805 | 777,886 | 93,493 | -- | 20,633,507 | 99.8% | Elected | — |
| Elect Director: Thomas Davis | 421,943,366 | 2,283,015 | 96,803 | -- | 20,633,507 | 99.4% | Elected | — |
| Elect Director: Kathryn George | 421,931,210 | 2,300,041 | 91,933 | -- | 20,633,507 | 99.4% | Elected | — |
| Elect Director: Stephen Gillett | 399,998,267 | 24,229,523 | 95,394 | -- | 20,633,507 | 94% | Elected | — |
| Elect Director: G.J. Hart | 419,893,835 | 4,333,572 | 95,777 | -- | 20,633,507 | 99% | Elected | — |
| Elect Director: Kory Marchisotto | 421,642,742 | 2,585,470 | 94,972 | -- | 20,633,507 | 99.3% | Elected | — |
| Elect Director: Ann Miller | 394,531,341 | 29,698,038 | 93,805 | -- | 20,633,507 | 93% | Elected | — |
| Elect Director: Todd Penegor | 413,572,817 | 10,655,319 | 95,048 | -- | 20,633,507 | 97% | Elected | — |
| 2. Ratification of the Appointment of Independent Registered Public Accounting Firm | 443,279,090 | 1,556,709 | 120,892 | -- | -- | 99.6% | Approved | — |
| 3. Approval, on a Non-binding, Advisory Basis, of the Compensation of our Named Executive Officers | 422,363,059 | 1,820,479 | 139,646 | -- | 20,633,507 | 99.5% | Approved | — |
Source: DUTCH BROS INC., Form 8-K, filed with the SEC on May 16, 2025 — read the filing on EDGAR.
Each item below shows how the 433 asset managers that disclosed a DUTCH BROS INC. vote in their SEC Form N-PX filings actually voted. Share totals are the shares those managers' funds voted, summed across every fund they report.
Combines 5 wordings of this item as funds reported it.
95% Majority: yes · of votes cast
Description as filed by funds: Election of Directors: Travis Boersma
DUTCH BROS INC.’s own tally for this item (“Elect Director: Travis Boersma”): 404,897,463 for, 19,343,967 against, per its Form 8-K filed May 16, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.
Reported outcome: Elected, in the filing’s own words: “The following ten nominees were elected as directors by the holders of the Company's Class A common stock, Class B common stock, Class C common stock, and Class D common stock, voting together as a single class, each to serve until the 2026 annual meeting of stockholders and until his or her succes…”
Support: 95% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.
The 94 asset managers below reported 25,701,562 for, 7,677,926 against, 9,964 abstained, 267 not voted.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 10,622,041 | 9,501 | 0 | 0 | For |
| Fidelity | 7,012,327 | 8,100 | 0 | 0 | For |
| T. Rowe Price | 76,796 | 1,371,767 | 0 | 0 | Mixed |
| Invesco | 1,178,613 | 0 | 0 | 0 | For |
| Lord Abbett | 921,899 | 0 | 0 | 0 | For |
| CARILLON SERIES TRUST | 0 | 877,487 | 0 | 0 | Against |
| Dimensional | 0 | 726,180 | 0 | 0 | Against |
| BlackRock | 722,253 | 0 | 0 | 0 | For |
| Legg Mason | 713,430 | 0 | 0 | 0 | For |
| Capitol Series Trust | 0 | 695,945 | 0 | 0 | Against |
| Charles Schwab | 674,233 | 0 | 0 | 0 | For |
| Columbia Threadneedle | 0 | 617,910 | 0 | 0 | Against |
| First Trust | 0 | 595,341 | 0 | 0 | Against |
| Federated Hermes | 550,500 | 0 | 0 | 0 | For |
| AllianceBernstein | 536,396 | 0 | 0 | 0 | For |
| American Century | 491,911 | 10,745 | 0 | 0 | For |
| Baird | 0 | 454,844 | 0 | 0 | Against |
| Allspring | 0 | 428,194 | 0 | 0 | Against |
| Bridge Builder Trust | 17,011 | 382,649 | 0 | 0 | Against |
| FENIMORE ASSET MANAGEMENT TRUST | 332,317 | 0 | 0 | 0 | For |
| TIAA | 0 | 287,698 | 0 | 0 | Against |
| WASATCH FUNDS TRUST | 264,757 | 0 | 0 | 0 | For |
| Equitable | 260,708 | 0 | 0 | 0 | For |
| OBERWEIS FUNDS | 0 | 219,000 | 0 | 0 | Against |
| DRIEHAUS MUTUAL FUNDS | 0 | 201,317 | 0 | 0 | Against |
Showing the 25 largest of 94 asset managers. See all 94 in the interactive database.
Combines 5 wordings of this item as funds reported it.
99.6% Majority: yes · of votes cast
Description as filed by funds: Election of Directors: Christine Barone
DUTCH BROS INC.’s own tally for this item (“Elect Director: Christine Barone”): 422,968,261 for, 1,274,286 against, per its Form 8-K filed May 16, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.
Reported outcome: Elected, in the filing’s own words: “The following ten nominees were elected as directors by the holders of the Company's Class A common stock, Class B common stock, Class C common stock, and Class D common stock, voting together as a single class, each to serve until the 2026 annual meeting of stockholders and until his or her succes…”
Support: 99.6% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.
The 94 asset managers below reported 33,330,239 for, 49,249 against, 9,964 abstained, 267 not voted.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 10,631,542 | 0 | 0 | 0 | For |
| Fidelity | 7,020,427 | 0 | 0 | 0 | For |
| T. Rowe Price | 1,448,563 | 0 | 0 | 0 | For |
| Invesco | 1,178,613 | 0 | 0 | 0 | For |
| Lord Abbett | 921,899 | 0 | 0 | 0 | For |
| CARILLON SERIES TRUST | 877,487 | 0 | 0 | 0 | For |
| Dimensional | 726,180 | 0 | 0 | 0 | For |
| BlackRock | 722,253 | 0 | 0 | 0 | For |
| Legg Mason | 713,430 | 0 | 0 | 0 | For |
| Capitol Series Trust | 695,945 | 0 | 0 | 0 | For |
| Charles Schwab | 674,233 | 0 | 0 | 0 | For |
| Columbia Threadneedle | 617,910 | 0 | 0 | 0 | For |
| First Trust | 595,341 | 0 | 0 | 0 | For |
| Federated Hermes | 550,500 | 0 | 0 | 0 | For |
| AllianceBernstein | 536,396 | 0 | 0 | 0 | For |
| American Century | 502,656 | 0 | 0 | 0 | For |
| Baird | 454,844 | 0 | 0 | 0 | For |
| Allspring | 428,194 | 0 | 0 | 0 | For |
| Bridge Builder Trust | 399,660 | 0 | 0 | 0 | For |
| FENIMORE ASSET MANAGEMENT TRUST | 332,317 | 0 | 0 | 0 | For |
| TIAA | 287,698 | 0 | 0 | 0 | For |
| WASATCH FUNDS TRUST | 264,757 | 0 | 0 | 0 | For |
| Equitable | 260,708 | 0 | 0 | 0 | For |
| OBERWEIS FUNDS | 219,000 | 0 | 0 | 0 | For |
| DRIEHAUS MUTUAL FUNDS | 201,317 | 0 | 0 | 0 | For |
Showing the 25 largest of 94 asset managers. See all 94 in the interactive database.
Combines 5 wordings of this item as funds reported it.
99.8% Majority: yes · of votes cast
Description as filed by funds: Election of Directors: C. David Cone
DUTCH BROS INC.’s own tally for this item (“Elect Director: C. David Cone”): 423,451,805 for, 777,886 against, per its Form 8-K filed May 16, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.
Reported outcome: Elected, in the filing’s own words: “The following ten nominees were elected as directors by the holders of the Company's Class A common stock, Class B common stock, Class C common stock, and Class D common stock, voting together as a single class, each to serve until the 2026 annual meeting of stockholders and until his or her succes…”
Support: 99.8% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.
The 94 asset managers below reported 33,330,241 for, 49,248 against, 9,964 abstained, 267 not voted.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 10,631,542 | 0 | 0 | 0 | For |
| Fidelity | 7,020,427 | 0 | 0 | 0 | For |
| T. Rowe Price | 1,448,563 | 0 | 0 | 0 | For |
| Invesco | 1,178,613 | 0 | 0 | 0 | For |
| Lord Abbett | 921,899 | 0 | 0 | 0 | For |
| CARILLON SERIES TRUST | 877,487 | 0 | 0 | 0 | For |
| Dimensional | 726,180 | 0 | 0 | 0 | For |
| BlackRock | 722,253 | 0 | 0 | 0 | For |
| Legg Mason | 713,430 | 0 | 0 | 0 | For |
| Capitol Series Trust | 695,945 | 0 | 0 | 0 | For |
| Charles Schwab | 674,233 | 0 | 0 | 0 | For |
| Columbia Threadneedle | 617,910 | 0 | 0 | 0 | For |
| First Trust | 595,341 | 0 | 0 | 0 | For |
| Federated Hermes | 550,500 | 0 | 0 | 0 | For |
| AllianceBernstein | 536,396 | 0 | 0 | 0 | For |
| American Century | 502,656 | 0 | 0 | 0 | For |
| Baird | 454,844 | 0 | 0 | 0 | For |
| Allspring | 428,194 | 0 | 0 | 0 | For |
| Bridge Builder Trust | 399,660 | 0 | 0 | 0 | For |
| FENIMORE ASSET MANAGEMENT TRUST | 332,317 | 0 | 0 | 0 | For |
| TIAA | 287,698 | 0 | 0 | 0 | For |
| WASATCH FUNDS TRUST | 264,757 | 0 | 0 | 0 | For |
| Equitable | 260,708 | 0 | 0 | 0 | For |
| OBERWEIS FUNDS | 219,000 | 0 | 0 | 0 | For |
| DRIEHAUS MUTUAL FUNDS | 201,317 | 0 | 0 | 0 | For |
Showing the 25 largest of 94 asset managers. See all 94 in the interactive database.
Combines 5 wordings of this item as funds reported it.
99.4% Majority: yes · of votes cast
Description as filed by funds: Election of Directors: Thomas Davis
DUTCH BROS INC.’s own tally for this item (“Elect Director: Thomas Davis”): 421,943,366 for, 2,283,015 against, per its Form 8-K filed May 16, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.
Reported outcome: Elected, in the filing’s own words: “The following ten nominees were elected as directors by the holders of the Company's Class A common stock, Class B common stock, Class C common stock, and Class D common stock, voting together as a single class, each to serve until the 2026 annual meeting of stockholders and until his or her succes…”
Support: 99.4% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.
The 94 asset managers below reported 32,779,735 for, 599,753 against, 9,964 abstained, 267 not voted.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 10,631,542 | 0 | 0 | 0 | For |
| Fidelity | 7,020,427 | 0 | 0 | 0 | For |
| T. Rowe Price | 1,448,563 | 0 | 0 | 0 | For |
| Invesco | 1,178,613 | 0 | 0 | 0 | For |
| Lord Abbett | 921,899 | 0 | 0 | 0 | For |
| CARILLON SERIES TRUST | 877,487 | 0 | 0 | 0 | For |
| Dimensional | 726,180 | 0 | 0 | 0 | For |
| BlackRock | 722,253 | 0 | 0 | 0 | For |
| Legg Mason | 713,430 | 0 | 0 | 0 | For |
| Capitol Series Trust | 695,945 | 0 | 0 | 0 | For |
| Charles Schwab | 674,233 | 0 | 0 | 0 | For |
| Columbia Threadneedle | 617,910 | 0 | 0 | 0 | For |
| First Trust | 595,341 | 0 | 0 | 0 | For |
| Federated Hermes | 0 | 550,500 | 0 | 0 | Against |
| AllianceBernstein | 536,396 | 0 | 0 | 0 | For |
| American Century | 502,656 | 0 | 0 | 0 | For |
| Baird | 454,844 | 0 | 0 | 0 | For |
| Allspring | 428,194 | 0 | 0 | 0 | For |
| Bridge Builder Trust | 399,660 | 0 | 0 | 0 | For |
| FENIMORE ASSET MANAGEMENT TRUST | 332,317 | 0 | 0 | 0 | For |
| TIAA | 287,698 | 0 | 0 | 0 | For |
| WASATCH FUNDS TRUST | 264,757 | 0 | 0 | 0 | For |
| Equitable | 260,708 | 0 | 0 | 0 | For |
| OBERWEIS FUNDS | 219,000 | 0 | 0 | 0 | For |
| DRIEHAUS MUTUAL FUNDS | 201,317 | 0 | 0 | 0 | For |
Showing the 25 largest of 94 asset managers. See all 94 in the interactive database.
Combines 5 wordings of this item as funds reported it.
99.4% Majority: yes · of votes cast
Description as filed by funds: Election of Directors: Kathryn George
DUTCH BROS INC.’s own tally for this item (“Elect Director: Kathryn George”): 421,931,210 for, 2,300,041 against, per its Form 8-K filed May 16, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.
Reported outcome: Elected, in the filing’s own words: “The following ten nominees were elected as directors by the holders of the Company's Class A common stock, Class B common stock, Class C common stock, and Class D common stock, voting together as a single class, each to serve until the 2026 annual meeting of stockholders and until his or her succes…”
Support: 99.4% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.
The 94 asset managers below reported 32,778,843 for, 600,645 against, 9,964 abstained, 267 not voted.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 10,631,542 | 0 | 0 | 0 | For |
| Fidelity | 7,020,427 | 0 | 0 | 0 | For |
| T. Rowe Price | 1,448,563 | 0 | 0 | 0 | For |
| Invesco | 1,178,613 | 0 | 0 | 0 | For |
| Lord Abbett | 921,899 | 0 | 0 | 0 | For |
| CARILLON SERIES TRUST | 877,487 | 0 | 0 | 0 | For |
| Dimensional | 726,180 | 0 | 0 | 0 | For |
| BlackRock | 722,253 | 0 | 0 | 0 | For |
| Legg Mason | 713,430 | 0 | 0 | 0 | For |
| Capitol Series Trust | 695,945 | 0 | 0 | 0 | For |
| Charles Schwab | 674,233 | 0 | 0 | 0 | For |
| Columbia Threadneedle | 617,910 | 0 | 0 | 0 | For |
| First Trust | 595,341 | 0 | 0 | 0 | For |
| Federated Hermes | 0 | 550,500 | 0 | 0 | Against |
| AllianceBernstein | 536,396 | 0 | 0 | 0 | For |
| American Century | 502,656 | 0 | 0 | 0 | For |
| Baird | 454,844 | 0 | 0 | 0 | For |
| Allspring | 428,194 | 0 | 0 | 0 | For |
| Bridge Builder Trust | 399,660 | 0 | 0 | 0 | For |
| FENIMORE ASSET MANAGEMENT TRUST | 332,317 | 0 | 0 | 0 | For |
| TIAA | 287,698 | 0 | 0 | 0 | For |
| WASATCH FUNDS TRUST | 264,757 | 0 | 0 | 0 | For |
| Equitable | 260,708 | 0 | 0 | 0 | For |
| OBERWEIS FUNDS | 219,000 | 0 | 0 | 0 | For |
| DRIEHAUS MUTUAL FUNDS | 201,317 | 0 | 0 | 0 | For |
Showing the 25 largest of 94 asset managers. See all 94 in the interactive database.
Combines 5 wordings of this item as funds reported it.
94% Majority: yes · of votes cast
Description as filed by funds: Election of Directors: Stephen Gillett
DUTCH BROS INC.’s own tally for this item (“Elect Director: Stephen Gillett”): 399,998,267 for, 24,229,523 against, per its Form 8-K filed May 16, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.
Reported outcome: Elected, in the filing’s own words: “The following ten nominees were elected as directors by the holders of the Company's Class A common stock, Class B common stock, Class C common stock, and Class D common stock, voting together as a single class, each to serve until the 2026 annual meeting of stockholders and until his or her succes…”
Support: 94% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.
The 94 asset managers below reported 24,381,436 for, 8,998,052 against, 9,964 abstained, 267 not voted.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 10,622,041 | 9,501 | 0 | 0 | For |
| Fidelity | 6,940,136 | 80,291 | 0 | 0 | For |
| T. Rowe Price | 0 | 1,448,563 | 0 | 0 | Against |
| Invesco | 1,178,613 | 0 | 0 | 0 | For |
| Lord Abbett | 921,899 | 0 | 0 | 0 | For |
| CARILLON SERIES TRUST | 0 | 877,487 | 0 | 0 | Against |
| Dimensional | 0 | 726,180 | 0 | 0 | Against |
| BlackRock | 0 | 722,253 | 0 | 0 | Against |
| Legg Mason | 0 | 713,430 | 0 | 0 | Against |
| Capitol Series Trust | 0 | 695,945 | 0 | 0 | Against |
| Charles Schwab | 674,233 | 0 | 0 | 0 | For |
| Columbia Threadneedle | 617,910 | 0 | 0 | 0 | For |
| First Trust | 0 | 595,341 | 0 | 0 | Against |
| Federated Hermes | 550,500 | 0 | 0 | 0 | For |
| AllianceBernstein | 536,396 | 0 | 0 | 0 | For |
| American Century | 491,911 | 10,745 | 0 | 0 | For |
| Baird | 0 | 454,844 | 0 | 0 | Against |
| Allspring | 0 | 428,194 | 0 | 0 | Against |
| Bridge Builder Trust | 0 | 399,660 | 0 | 0 | Against |
| FENIMORE ASSET MANAGEMENT TRUST | 332,317 | 0 | 0 | 0 | For |
| TIAA | 0 | 287,698 | 0 | 0 | Against |
| WASATCH FUNDS TRUST | 264,757 | 0 | 0 | 0 | For |
| Equitable | 252,525 | 8,183 | 0 | 0 | For |
| OBERWEIS FUNDS | 0 | 219,000 | 0 | 0 | Against |
| DRIEHAUS MUTUAL FUNDS | 0 | 201,317 | 0 | 0 | Against |
Showing the 25 largest of 94 asset managers. See all 94 in the interactive database.
Combines 5 wordings of this item as funds reported it.
99% Majority: yes · of votes cast
Description as filed by funds: Election of Directors: G.J. Hart
DUTCH BROS INC.’s own tally for this item (“Elect Director: G.J. Hart”): 419,893,835 for, 4,333,572 against, per its Form 8-K filed May 16, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.
Reported outcome: Elected, in the filing’s own words: “The following ten nominees were elected as directors by the holders of the Company's Class A common stock, Class B common stock, Class C common stock, and Class D common stock, voting together as a single class, each to serve until the 2026 annual meeting of stockholders and until his or her succes…”
Support: 99% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.
The 94 asset managers below reported 32,508,062 for, 871,427 against, 9,964 abstained, 267 not voted.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 10,630,760 | 782 | 0 | 0 | For |
| Fidelity | 7,020,427 | 0 | 0 | 0 | For |
| T. Rowe Price | 1,392,163 | 56,400 | 0 | 0 | For |
| Invesco | 1,178,613 | 0 | 0 | 0 | For |
| Lord Abbett | 921,899 | 0 | 0 | 0 | For |
| CARILLON SERIES TRUST | 877,487 | 0 | 0 | 0 | For |
| Dimensional | 726,180 | 0 | 0 | 0 | For |
| BlackRock | 722,253 | 0 | 0 | 0 | For |
| Legg Mason | 713,430 | 0 | 0 | 0 | For |
| Capitol Series Trust | 695,945 | 0 | 0 | 0 | For |
| Charles Schwab | 0 | 674,233 | 0 | 0 | Against |
| Columbia Threadneedle | 617,910 | 0 | 0 | 0 | For |
| First Trust | 595,341 | 0 | 0 | 0 | For |
| Federated Hermes | 550,500 | 0 | 0 | 0 | For |
| AllianceBernstein | 536,396 | 0 | 0 | 0 | For |
| American Century | 502,656 | 0 | 0 | 0 | For |
| Baird | 454,844 | 0 | 0 | 0 | For |
| Allspring | 428,194 | 0 | 0 | 0 | For |
| Bridge Builder Trust | 399,660 | 0 | 0 | 0 | For |
| FENIMORE ASSET MANAGEMENT TRUST | 332,317 | 0 | 0 | 0 | For |
| TIAA | 287,698 | 0 | 0 | 0 | For |
| WASATCH FUNDS TRUST | 264,757 | 0 | 0 | 0 | For |
| Equitable | 260,708 | 0 | 0 | 0 | For |
| OBERWEIS FUNDS | 219,000 | 0 | 0 | 0 | For |
| DRIEHAUS MUTUAL FUNDS | 201,317 | 0 | 0 | 0 | For |
Showing the 25 largest of 94 asset managers. See all 94 in the interactive database.
Combines 5 wordings of this item as funds reported it.
99.3% Majority: yes · of votes cast
Description as filed by funds: Election of Directors: Kory Marchisotto
DUTCH BROS INC.’s own tally for this item (“Elect Director: Kory Marchisotto”): 421,642,742 for, 2,585,470 against, per its Form 8-K filed May 16, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.
Reported outcome: Elected, in the filing’s own words: “The following ten nominees were elected as directors by the holders of the Company's Class A common stock, Class B common stock, Class C common stock, and Class D common stock, voting together as a single class, each to serve until the 2026 annual meeting of stockholders and until his or her succes…”
Support: 99.3% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.
The 94 asset managers below reported 31,848,745 for, 1,530,743 against, 9,964 abstained, 267 not voted.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 10,631,542 | 0 | 0 | 0 | For |
| Fidelity | 7,020,427 | 0 | 0 | 0 | For |
| T. Rowe Price | 0 | 1,448,563 | 0 | 0 | Against |
| Invesco | 1,178,613 | 0 | 0 | 0 | For |
| Lord Abbett | 921,899 | 0 | 0 | 0 | For |
| CARILLON SERIES TRUST | 877,487 | 0 | 0 | 0 | For |
| Dimensional | 726,180 | 0 | 0 | 0 | For |
| BlackRock | 722,253 | 0 | 0 | 0 | For |
| Legg Mason | 713,430 | 0 | 0 | 0 | For |
| Capitol Series Trust | 695,945 | 0 | 0 | 0 | For |
| Charles Schwab | 674,233 | 0 | 0 | 0 | For |
| Columbia Threadneedle | 617,910 | 0 | 0 | 0 | For |
| First Trust | 595,341 | 0 | 0 | 0 | For |
| Federated Hermes | 550,500 | 0 | 0 | 0 | For |
| AllianceBernstein | 536,396 | 0 | 0 | 0 | For |
| American Century | 502,656 | 0 | 0 | 0 | For |
| Baird | 454,844 | 0 | 0 | 0 | For |
| Allspring | 428,194 | 0 | 0 | 0 | For |
| Bridge Builder Trust | 399,660 | 0 | 0 | 0 | For |
| FENIMORE ASSET MANAGEMENT TRUST | 332,317 | 0 | 0 | 0 | For |
| TIAA | 287,698 | 0 | 0 | 0 | For |
| WASATCH FUNDS TRUST | 264,757 | 0 | 0 | 0 | For |
| Equitable | 260,708 | 0 | 0 | 0 | For |
| OBERWEIS FUNDS | 219,000 | 0 | 0 | 0 | For |
| DRIEHAUS MUTUAL FUNDS | 201,317 | 0 | 0 | 0 | For |
Showing the 25 largest of 94 asset managers. See all 94 in the interactive database.
Combines 5 wordings of this item as funds reported it.
93% Majority: yes · of votes cast
Description as filed by funds: Election of Directors: Ann Miller
DUTCH BROS INC.’s own tally for this item (“Elect Director: Ann Miller”): 394,531,341 for, 29,698,038 against, per its Form 8-K filed May 16, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.
Reported outcome: Elected, in the filing’s own words: “The following ten nominees were elected as directors by the holders of the Company's Class A common stock, Class B common stock, Class C common stock, and Class D common stock, voting together as a single class, each to serve until the 2026 annual meeting of stockholders and until his or her succes…”
Support: 93% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.
The 94 asset managers below reported 21,650,987 for, 11,728,502 against, 9,964 abstained, 267 not voted.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 10,621,259 | 10,283 | 0 | 0 | For |
| Fidelity | 5,402,740 | 1,617,687 | 0 | 0 | Mixed |
| T. Rowe Price | 0 | 1,448,563 | 0 | 0 | Against |
| Invesco | 0 | 1,178,613 | 0 | 0 | Against |
| Lord Abbett | 921,899 | 0 | 0 | 0 | For |
| CARILLON SERIES TRUST | 849,430 | 28,057 | 0 | 0 | For |
| Dimensional | 0 | 726,180 | 0 | 0 | Against |
| BlackRock | 722,253 | 0 | 0 | 0 | For |
| Legg Mason | 0 | 713,430 | 0 | 0 | Against |
| Capitol Series Trust | 0 | 695,945 | 0 | 0 | Against |
| Charles Schwab | 0 | 674,233 | 0 | 0 | Against |
| Columbia Threadneedle | 617,910 | 0 | 0 | 0 | For |
| First Trust | 0 | 595,341 | 0 | 0 | Against |
| Federated Hermes | 550,500 | 0 | 0 | 0 | For |
| AllianceBernstein | 0 | 536,396 | 0 | 0 | Against |
| American Century | 491,911 | 10,745 | 0 | 0 | For |
| Baird | 0 | 454,844 | 0 | 0 | Against |
| Allspring | 0 | 428,194 | 0 | 0 | Against |
| Bridge Builder Trust | 17,011 | 382,649 | 0 | 0 | Against |
| FENIMORE ASSET MANAGEMENT TRUST | 332,317 | 0 | 0 | 0 | For |
| TIAA | 0 | 287,698 | 0 | 0 | Against |
| WASATCH FUNDS TRUST | 264,757 | 0 | 0 | 0 | For |
| Equitable | 234,383 | 26,325 | 0 | 0 | Mixed |
| OBERWEIS FUNDS | 0 | 219,000 | 0 | 0 | Against |
| DRIEHAUS MUTUAL FUNDS | 0 | 201,317 | 0 | 0 | Against |
Showing the 25 largest of 94 asset managers. See all 94 in the interactive database.
Combines 5 wordings of this item as funds reported it.
97% Majority: yes · of votes cast
Description as filed by funds: Election of Directors: Todd Penegor
DUTCH BROS INC.’s own tally for this item (“Elect Director: Todd Penegor”): 413,572,817 for, 10,655,319 against, per its Form 8-K filed May 16, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.
Reported outcome: Elected, in the filing’s own words: “The following ten nominees were elected as directors by the holders of the Company's Class A common stock, Class B common stock, Class C common stock, and Class D common stock, voting together as a single class, each to serve until the 2026 annual meeting of stockholders and until his or her succes…”
Support: 97% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.
The 94 asset managers below reported 28,934,195 for, 4,445,293 against, 9,964 abstained, 267 not voted.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 10,630,760 | 782 | 0 | 0 | For |
| Fidelity | 7,020,427 | 0 | 0 | 0 | For |
| T. Rowe Price | 0 | 1,448,563 | 0 | 0 | Against |
| Invesco | 1,178,613 | 0 | 0 | 0 | For |
| Lord Abbett | 921,899 | 0 | 0 | 0 | For |
| CARILLON SERIES TRUST | 28,057 | 849,430 | 0 | 0 | Against |
| Dimensional | 726,180 | 0 | 0 | 0 | For |
| BlackRock | 722,253 | 0 | 0 | 0 | For |
| Legg Mason | 713,430 | 0 | 0 | 0 | For |
| Capitol Series Trust | 695,945 | 0 | 0 | 0 | For |
| Charles Schwab | 0 | 674,233 | 0 | 0 | Against |
| Columbia Threadneedle | 617,910 | 0 | 0 | 0 | For |
| First Trust | 595,341 | 0 | 0 | 0 | For |
| Federated Hermes | 550,500 | 0 | 0 | 0 | For |
| AllianceBernstein | 0 | 536,396 | 0 | 0 | Against |
| American Century | 502,656 | 0 | 0 | 0 | For |
| Baird | 454,844 | 0 | 0 | 0 | For |
| Allspring | 0 | 428,194 | 0 | 0 | Against |
| Bridge Builder Trust | 342,008 | 57,652 | 0 | 0 | Mixed |
| FENIMORE ASSET MANAGEMENT TRUST | 332,317 | 0 | 0 | 0 | For |
| TIAA | 287,698 | 0 | 0 | 0 | For |
| WASATCH FUNDS TRUST | 264,757 | 0 | 0 | 0 | For |
| Equitable | 234,383 | 26,325 | 0 | 0 | Mixed |
| OBERWEIS FUNDS | 219,000 | 0 | 0 | 0 | For |
| DRIEHAUS MUTUAL FUNDS | 201,317 | 0 | 0 | 0 | For |
Showing the 25 largest of 94 asset managers. See all 94 in the interactive database.
Combines 15 wordings of this item as funds reported it.
99.5% Approved · of votes cast
Description as filed by funds: Approval, on a Non-Binding, Advisory Basis, of the Compensation of our Named Executive Officers.
DUTCH BROS INC.’s own tally for this item (“3. Approval, on a Non-binding, Advisory Basis, of the Compensation of our Named Executive Officers”): 422,363,059 for, 1,820,479 against — passed, per its Form 8-K filed May 16, 2025 (Item 5.07).
Reported outcome: Approved, in the filing’s own words: “The compensation of the Company's named executive officers was approved, on a non-binding, advisory basis.”
Support: 99.5% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.
Also reported under other wordings, matched to the same row of DUTCH BROS INC.’s official tally and shown with their own fund figures; their managers are not in the figures or the table on this card: “Say on Pay” (2 managers, 1,060 for).
Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice).
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 10,631,542 | 0 | 0 | 0 | For |
| Fidelity | 7,020,427 | 0 | 0 | 0 | For |
| T. Rowe Price | 1,448,563 | 0 | 0 | 0 | For |
| Invesco | 1,178,613 | 0 | 0 | 0 | For |
| Lord Abbett | 921,899 | 0 | 0 | 0 | For |
| CARILLON SERIES TRUST | 877,487 | 0 | 0 | 0 | For |
| Dimensional | 726,180 | 0 | 0 | 0 | For |
| BlackRock | 722,253 | 0 | 0 | 0 | For |
| Legg Mason | 713,430 | 0 | 0 | 0 | For |
| Capitol Series Trust | 695,945 | 0 | 0 | 0 | For |
| Charles Schwab | 674,233 | 0 | 0 | 0 | For |
| Columbia Threadneedle | 617,910 | 0 | 0 | 0 | For |
| First Trust | 595,341 | 0 | 0 | 0 | For |
| Federated Hermes | 550,500 | 0 | 0 | 0 | For |
| AllianceBernstein | 536,396 | 0 | 0 | 0 | For |
| American Century | 502,656 | 0 | 0 | 0 | For |
| Baird | 454,844 | 0 | 0 | 0 | For |
| Allspring | 428,194 | 0 | 0 | 0 | For |
| Bridge Builder Trust | 399,660 | 0 | 0 | 0 | For |
| FENIMORE ASSET MANAGEMENT TRUST | 332,317 | 0 | 0 | 0 | For |
| TIAA | 0 | 287,698 | 0 | 0 | Against |
| WASATCH FUNDS TRUST | 264,757 | 0 | 0 | 0 | For |
| Equitable | 260,708 | 0 | 0 | 0 | For |
| OBERWEIS FUNDS | 219,000 | 0 | 0 | 0 | For |
| DRIEHAUS MUTUAL FUNDS | 201,317 | 0 | 0 | 0 | For |
Fund voting reports, all 93 managers: 32,818,898 for, 557,091 against, 9,964 abstained, 267 not voted. Showing the 25 largest; see all in the interactive database.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Fidelity | 8,609,330 | 0 | 0 | 0 | For |
| 1832 Asset Management L.P. | 3,420,200 | 0 | 0 | 0 | For |
| T. Rowe Price | 2,378,396 | 0 | 0 | 0 | For |
| DE Shaw | 2,308,371 | 0 | 0 | 0 | For |
| BlackRock | 2,149,228 | 329 | 0 | 0 | For |
| GEODE CAPITAL MANAGEMENT, LLC | 1,850,769 | 0 | 0 | 0 | For |
| State Street | 1,567,573 | 0 | 0 | 0 | For |
| BAILLIE GIFFORD & CO LTD | 1,475,594 | 0 | 0 | 0 | For |
| Invesco | 1,386,079 | 0 | 0 | 0 | For |
| BAILLIE GIFFORD OVERSEAS LTD | 1,331,259 | 0 | 0 | 0 | For |
| BAILLIE GIFFORD & CO | 1,306,083 | 0 | 0 | 0 | For |
| EAGLE ASSET MANAGEMENT INC | 1,116,886 | 0 | 0 | 0 | For |
| FULLER & THALER ASSET MANAGEMENT, INC. | 1,097,866 | 0 | 0 | 0 | For |
| AllianceBernstein | 991,176 | 0 | 0 | 0 | For |
| LORD, ABBETT & CO. LLC | 983,503 | 0 | 0 | 0 | For |
| DRIEHAUS CAPITAL MANAGEMENT LLC | 914,916 | 0 | 0 | 0 | For |
| Clearbridge Investments, LLC | 887,869 | 0 | 0 | 0 | For |
| London LGPS CIV Ltd | 840,488 | 0 | 0 | 0 | For |
| Two Sigma | 739,164 | 0 | 0 | 0 | For |
| Charles Schwab | 684,425 | 0 | 0 | 0 | For |
| Allspring | 674,241 | 0 | 0 | 0 | For |
| Wellington | 637,414 | 0 | 0 | 0 | For |
| Northern Trust | 583,069 | 0 | 0 | 0 | For |
| Man Group plc | 566,012 | 0 | 0 | 0 | For |
| Federated Hermes | 555,032 | 117 | 0 | 0 | For |
Institutional-manager reports, all 358 managers: 49,219,420 for, 1,526,213 against, 32,903 abstained, 424 not voted, 162 unknown. Showing the 25 largest; see all in the interactive database.
Combines 5 wordings of this item as funds reported it.
99.6% Approved · of votes cast
Description as filed by funds: Ratification of the Appointment of KPMG LLP as our Independent Registered Public Accounting Firm for the Year Ending December 31, 2025.
DUTCH BROS INC.’s own tally for this item (“2. Ratification of the Appointment of Independent Registered Public Accounting Firm”): 443,279,090 for, 1,556,709 against — passed, per its Form 8-K filed May 16, 2025 (Item 5.07).
Reported outcome: Approved, in the filing’s own words: “The appointment of KPMG LLP as the Company's independent registered public accounting firm for the Company's fiscal year ending December 31, 2025 was ratified.”
Support: 99.6% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.
The 94 asset managers below reported 33,308,072 for, 80,635 against, 9,964 abstained, 267 not voted.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 10,631,542 | 0 | 0 | 0 | For |
| Fidelity | 7,020,427 | 0 | 0 | 0 | For |
| T. Rowe Price | 1,448,563 | 0 | 0 | 0 | For |
| Invesco | 1,178,613 | 0 | 0 | 0 | For |
| Lord Abbett | 921,899 | 0 | 0 | 0 | For |
| CARILLON SERIES TRUST | 877,487 | 0 | 0 | 0 | For |
| Dimensional | 726,180 | 0 | 0 | 0 | For |
| BlackRock | 722,253 | 0 | 0 | 0 | For |
| Legg Mason | 713,430 | 0 | 0 | 0 | For |
| Capitol Series Trust | 695,945 | 0 | 0 | 0 | For |
| Charles Schwab | 674,233 | 0 | 0 | 0 | For |
| Columbia Threadneedle | 617,910 | 0 | 0 | 0 | For |
| First Trust | 595,341 | 0 | 0 | 0 | For |
| Federated Hermes | 550,500 | 0 | 0 | 0 | For |
| AllianceBernstein | 536,396 | 0 | 0 | 0 | For |
| American Century | 502,656 | 0 | 0 | 0 | For |
| Baird | 454,844 | 0 | 0 | 0 | For |
| Allspring | 428,194 | 0 | 0 | 0 | For |
| Bridge Builder Trust | 342,008 | 57,652 | 0 | 0 | Mixed |
| FENIMORE ASSET MANAGEMENT TRUST | 332,317 | 0 | 0 | 0 | For |
| TIAA | 287,698 | 0 | 0 | 0 | For |
| WASATCH FUNDS TRUST | 264,757 | 0 | 0 | 0 | For |
| Equitable | 260,708 | 0 | 0 | 0 | For |
| OBERWEIS FUNDS | 219,000 | 0 | 0 | 0 | For |
| DRIEHAUS MUTUAL FUNDS | 201,317 | 0 | 0 | 0 | For |
Showing the 25 largest of 94 asset managers. See all 94 in the interactive database.
Ranked separately for each type of Form N-PX report. An institutional manager can report shares that a fund it advises also reports, so the two tables can list the same shares and are never added together. Each is ranked by the shares voted on the item that the most managers of that type reported, shown as a share of the 154,204,000 shares outstanding at the time of that meeting.
| # | Asset manager | % of shares outstanding |
|---|---|---|
| 1 | Vanguard | 6.89% |
| 2 | Fidelity | 4.55% |
| 3 | T. Rowe Price | 0.94% |
| 4 | Invesco | 0.76% |
| 5 | Lord Abbett | 0.60% |
| 6 | CARILLON SERIES TRUST | 0.57% |
| 7 | Dimensional | 0.47% |
| 8 | BlackRock | 0.47% |
| 9 | Legg Mason | 0.46% |
| 10 | Capitol Series Trust | 0.45% |
| # | Asset manager | % of shares outstanding |
|---|---|---|
| 1 | Fidelity | 5.58% |
| 2 | 1832 Asset Management L.P. | 2.22% |
| 3 | T. Rowe Price | 1.54% |
| 4 | DE Shaw | 1.50% |
| 5 | BlackRock | 1.39% |
| 6 | GEODE CAPITAL MANAGEMENT, LLC | 1.20% |
| 7 | State Street | 1.02% |
| 8 | BAILLIE GIFFORD & CO LTD | 0.96% |
| 9 | Invesco | 0.90% |
| 10 | BAILLIE GIFFORD OVERSEAS LTD | 0.86% |
As disclosed to the SEC in Form 13F (quarter-end holdings of 30 large managers), Schedules 13D and 13G (beneficial ownership above 5%) and the company’s own proxy statement (DEF 14A). Each row names its form.
| Holder | % outstanding | Disclosure |
|---|---|---|
| Travis Boersma | 31.27% | 13G |
| Vanguard Group | 6.43% | 13F |
| T. Rowe Price Associates, Inc. | 4.95% | 13G |
| FMR LLC | 4.21% | DEF14A |
| FMR (Fidelity) | 4.02% | 13F |
| D.E. Shaw | 3.44% | 13F |
| BlackRock | 3.30% | 13F |
| Citadel Advisors | 2.54% | 13F |
| BAILLIE GIFFORD & CO | 2.46% | 13G |
| TSG7 A Dutch Bros. Holdings, L.P. 1 | 1.52% | DEF14A |
Percentages above are of 154,204,000 shares outstanding, as reported by DUTCH BROS INC. on its Form 10-K dated December 31, 2024 (see the filing on EDGAR). This is the count contemporaneous with the 2024-2025 meeting, not today’s. Each holding is as of its own filing, which may be dated before or after the meeting.
Every figure above is derived from filings made with the US Securities and Exchange Commission: Form N-PX, in which registered funds disclose how they voted every proxy and institutional managers disclose their votes on executive pay (say-on-pay, say-on-frequency and golden parachutes), and Form 8-K Item 5.07, in which the company reports its own meeting results. Shares outstanding are taken from DUTCH BROS INC.’s 10-K dated December 31, 2024. This page is a static snapshot rebuilt weekly on October 18, 2026; a live search always shows the current data.
At DUTCH BROS INC.'s shareholder meeting held May 13, 2025, in the 2024-2025 proxy season, 433 asset managers reported how they voted on 12 ballot items in their SEC Form N-PX filings, covering 4,481 separate fund positions. On the most widely held item on that ballot — Approval, on a Non-Binding, Advisory Basis, of the Compensation of our Named Executive Officers. — DUTCH BROS INC.'s filing reports the proposal as approved, with 99.5% support of the votes cast (FOR divided by FOR plus AGAINST, the conventional basis for proxy support; abstentions, broker non-votes and unvoted shares are excluded because none of them took a side). Source: DUTCH BROS INC.'s Form 8-K, Item 5.07, filed with the U.S. Securities and Exchange Commission on May 16, 2025.
DUTCH BROS INC. proxy season coverage: 2023-2024 · 2024-2025 (this page) · 2025-2026.
Download data (CSV): ballot items · votes by manager · column guide.