Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-15

Dutch Bros (BROS)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$6,668,231
Christine Barone total, FY2025
58th
CEO pay percentile vs peers
333:1
CEO-to-median pay ratio
99.71%
Say-on-pay support, latest vote
Companies that benchmark against BROS
10 companies name BROS as a compensation peer

Each company listed discloses BROS in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named BROS in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Christine Barone$850,000$0$3,931,225$0$1,870,000$0$17,006$6,668,231
Chief Executive Officer and President
Joshua Guenser550,00001,638,0090825,000017,7023,030,711
Chief Financial Officer
Tana Davila525,0000982,7190630,000017,4922,155,212
Chief Marketing Officer
Sumi Ghosh220,938250,000982,719000449,5801,903,236
Former President of Operations
Travis Boersma1,500,000300,0003851,800,385
Co-Founder and Executive Chairman
Co-Founder Co-Founder1,500,000000300,00003851,800,385
and Executive Chairman
Victoria Tullett450,0000753,4580450,000016,7851,670,243
Chief Legal Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Christine Barone$6,668,231$4,968,400$4,213,701+1,699,831
Joshua Guenser3,030,7113,536,325−505,614
Tana Davila2,155,2121,514,5061,241,274+640,706
Sumi Ghosh1,903,2362,652,900−749,664
Travis Boersma1,800,3851,500,0001,500,059+300,385
Co-Founder Co-Founder1,800,3851,500,0001,500,059+300,385
Victoria Tullett1,670,2431,887,4531,111,070−217,210

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Christine BaroneRSU2025-02-2018,286$2,431,307
Christine BaroneRSU2025-02-2018,2851,499,919
Tana DavilaRSU2025-02-204,571607,760
Tana DavilaRSU2025-02-204,571374,959
Joshua GuenserRSU2025-02-207,619624,987
Joshua GuenserRSU2025-02-207,6191,013,022
Victoria TullettRSU2025-02-203,504287,433
Victoria TullettRSU2025-02-203,505466,025
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Christine Barone$3,931,226$0$00.0%
Tana Davila982,719000.0%
Joshua Guenser1,638,009000.0%
Victoria Tullett753,458000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Christine BaroneRSU19,537$1,196,055
Joshua GuenserRSU7,619466,435
Joshua GuenserRSU22,8061,396,183
Christine BaroneRSU18,2861,685,603
Tana DavilaRSU11,235687,807
Christine BaroneRSU29,3061,794,113
Victoria TullettRSU3,504214,515
Christine BaroneRSU40,4452,476,043
Christine BaroneRSU18,2851,119,408
Victoria TullettRSU17,9761,100,491
Tana DavilaRSU5,655346,199
Tana DavilaRSU8,787537,940
Victoria TullettRSU7,033430,560
Victoria TullettRSU3,505323,091
Tana DavilaRSU4,571279,837
05

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation program aims to attract, incentivize, retain, and reward top quality executive management through competitive packages comprised of annual base salary, performance-based annual cash bonus incentives, and long-term equity incentives that vest over multi-year periods.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantSemler Brossy
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-13437,453,3201,088,485163,35199.71%Passed
20252025-05-13422,363,0591,820,479139,64699.54%Passed
20242024-05-14757,540,859450,901234,02199.91%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1399.71%a
20252025-05-1399.54%b
20242024-05-1499.91%c

a. Approved under the standard stated in the filing — “Abstentions will have the same effect as "Against" votes.”.

b. Approved under the standard stated in the filing — “Abstentions will have the same effect as "Against" votes.”.

c. Approved under the standard stated in the filing — “Abstentions will have the same effect as "Against" votes.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)333 : 1
CEO total compensation
Median employee compensation$20,025
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
G.J. HartIndependent · Compensation (Chair) · Audit and Risk$100,500$243,066$343,566
Todd PenegorIndependent · Audit and Risk85,000235,832320,832
C. David ConeIndependent · Audit and Risk (Chair)105,000124,939229,939
Ann MillerIndependent · Lead Independent Director · Nominating and Governance (Chair) · Audit and Risk102,500124,939227,439
Kory MarchisottoIndependent · Nominating and Governance · Compensation69,153154,014223,167
Stephen GillettIndependent · Compensation · Nominating and Governance88,000124,939212,939
Thomas DavisIndependent · Audit and Risk · Not standing for re-election75,000124,939199,939
Kathryn GeorgeIndependent · Audit and Risk · Not standing for re-election75,000124,939199,939
Scott MawIndependent · Audit and Risk · Newly elected
09

Board fee structure and ownership guideline

Annual cash retainer$75,000
Annual equity retainer$125,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 17,500 / 12,500
Stock ownership guideline$375,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$700,153
Equity awards (grant-date value)$1,257,607
All other compensation$0
Total cost of the board$1,957,760

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Dutch Bros names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Dutch Bros.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Wingstop Inc.2025Michael Skipworth$959,231$32,590,697$0$1,708,800$35,288,595
2First Watch Restaurant Group, Inc.2025Chris Tomasso932,7939,576,3650963,61011,523,150
3Celsius Holdings, Inc.2025John Fieldly1,016,5006,648,39601,899,2409,607,616
4Papa John's International Inc.2025Todd Penegor1,000,0005,300,02601,585,5008,442,953
5Shake Shack Inc.2025Robert Lynch1,000,0005,000,16101,011,7507,210,818
6Dutch Bros2025Christine Barone850,0003,931,22501,870,0006,668,231
7Jack in the Box Inc.2025Lance Tucker624,0383,636,0950310,5215,271,591
8Wendy's Co.2025Kirk Tanner559,7264,019,990004,590,665
9CAVA Group, Inc.2025Brett Schulman861,538999,9061,000,040982,1063,859,478
10Krispy Kreme, Inc.2025Joshua Charlesworth1,000,0002,124,677553,00003,693,795
11El Pollo Loco Holdings, Inc.2025Elizabeth Williams750,9501,434,000717,000581,1623,539,320
12Sweetgreen, Inc.2025Jonathan Neman550,00002,675,93703,226,081
13Portillo's Inc.2025Michael Miles Jr.16,3191,320,000001,467,689
Potbelly Corporationnot in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Dutch Brosnot disclosedRSU 50 · PSU 50not disclosedSemler Brossy
CAVA Group, Inc.not disclosedRSU 50 · PSU 50not disclosedPearl Meyer & Partners, LLC
Celsius Holdings, Inc.not disclosedPSU 50 · RSU 50not disclosedFarient Advisors
El Pollo Loco Holdings, Inc.77.5%PSU 33 · RSU 33 · Options 33NoSemler Brossy
First Watch Restaurant Group, Inc.not disclosedRSU 100not disclosedAon Consulting Inc.
Jack in the Box Inc.47.6%PSU 50 · RSU 50NoMeridian Compensation Partners
Krispy Kreme, Inc.not disclosedPRSU 50 · RSU 50not disclosedFW Cook
Papa John's International Inc.105.7%RSU 50 · PSU 50NoMeridian Compensation Partners
Portillo's Inc.not disclosedPSU 50 · RSU 50 · Option 50not disclosedMeridian Compensation Partners, LLC
Potbelly Corporationnot disclosednot disclosednot disclosednot disclosed
Shake Shack Inc.67.5%PSU 60 · RSU 40NoPearl Meyer & Partners
Sweetgreen, Inc.not disclosedOptions 100not disclosedSemler Brossy Consulting Group LLC
Wendy's Co.39.6%PSU 60 · Options 25 · RSU 15NoFW Cook
Wingstop Inc.142%PSU 60 · RSU 40NoFW Cook

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Christine BaroneDEF 14A2026-03-310001866581-26-000055Section “Summary Compensation Table” · page 48. As printed: 6,668,231. Filing ↗machine: r7 · c42 · span 634877–634886
2Section 01, Joshua GuenserDEF 14A2026-03-310001866581-26-000055Section “Summary Compensation Table” · page 48. As printed: 3,030,711. Filing ↗machine: r11 · c42 · span 644610–644619
3Section 01, Tana DavilaDEF 14A2026-03-310001866581-26-000055Section “Summary Compensation Table” · page 48. As printed: 2,155,212. Filing ↗machine: r19 · c42 · span 664023–664032
4Section 01, Sumi GhoshDEF 14A2026-03-310001866581-26-000055Section “Summary Compensation Table” · page 48. As printed: 1,903,236. Filing ↗machine: r23 · c42 · span 673915–673924
5Section 01, Travis BoersmaDEF 14A2026-03-310001866581-26-000055Section “Summary Compensation Table” · page 48. As printed: 1,800,385. Filing ↗
6Section 01, Co-Founder Co-FounderDEF 14A2026-03-310001866581-26-000055Section “Summary Compensation Table” · page 48. As printed: 1,800,385. Filing ↗machine: r3 · c42 · span 624832–624841
7Section 01, Victoria TullettDEF 14A2026-03-310001866581-26-000055Section “Summary Compensation Table” · page 48. As printed: 1,670,243. Filing ↗machine: r15 · c42 · span 654318–654327
8Section 03, Christine Barone RSUDEF 14A2026-03-310001866581-26-000055Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 587156–587165
9Section 03, Christine Barone RSUDEF 14A2026-03-310001866581-26-000055Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 586749–586758
10Section 03, Tana Davila RSUDEF 14A2026-03-310001866581-26-000055Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 590438–590445
11Section 03, Tana Davila RSUDEF 14A2026-03-310001866581-26-000055Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 590033–590040
12Section 03, Joshua Guenser RSUDEF 14A2026-03-310001866581-26-000055Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 587846–587853
13Section 03, Joshua Guenser RSUDEF 14A2026-03-310001866581-26-000055Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 588251–588260
14Section 03, Victoria Tullett RSUDEF 14A2026-03-310001866581-26-000055Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 588943–588950
15Section 03, Victoria Tullett RSUDEF 14A2026-03-310001866581-26-000055Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 589348–589355
16Section 07, pay ratioDEF 14A2026-03-310001866581-26-000055Section “CEO Pay Ratio”. As printed: 333 : 1. Filing ↗
17Section 08, G.J. HartDEF 14A2026-03-310001866581-26-000055Section “Director Compensation”. As printed: 343,566. Filing ↗machine: span 349335–349636
18Section 08, Todd PenegorDEF 14A2026-03-310001866581-26-000055Section “Director Compensation”. As printed: 320,832. Filing ↗machine: span 353709–354010
19Section 08, C. David ConeDEF 14A2026-03-310001866581-26-000055Section “Director Compensation”. As printed: 229,939. Filing ↗machine: span 343090–343417
20Section 08, Ann MillerDEF 14A2026-03-310001866581-26-000055Section “Director Compensation”. As printed: 227,439. Filing ↗machine: span 352252–352553
21Section 08, Kory MarchisottoDEF 14A2026-03-310001866581-26-000055Section “Director Compensation”. As printed: 223,167. Filing ↗machine: span 350796–351097
22Section 08, Stephen GillettDEF 14A2026-03-310001866581-26-000055Section “Director Compensation”. As printed: 212,939. Filing ↗machine: span 347880–348181
23Section 08, Thomas DavisDEF 14A2026-03-310001866581-26-000055Section “Director Compensation”. As printed: 199,939. Filing ↗machine: span 344780–345081
24Section 08, Kathryn GeorgeDEF 14A2026-03-310001866581-26-000055Section “Director Compensation”. As printed: 199,939. Filing ↗machine: span 346420–346721
25Section 08, Scott MawDEF 14A2026-03-310001866581-26-000055Section “Director Compensation”. As printed: —. Filing ↗
26Section 06, 2026 voteForm 8-K2026-05-150001866581-26-000085Item 5.07 · say-on-pay result. As reported: 99.71% (votes for as printed: 437,453,320). Filing ↗
27Section 06, 2025 voteForm 8-K2025-05-160001866581-25-000154Item 5.07 · say-on-pay result. As reported: 99.54% (votes for as printed: 422,363,059). Filing ↗
28Section 06, 2024 voteForm 8-K2024-05-200001866581-24-000175Item 5.07 · say-on-pay result. As reported: 99.91% (votes for as printed: 757,540,859). Filing ↗
29Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
30Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
31Section 09b board cost (computed)ComputedcomputedCash 700,153 + equity 1,257,607 + all other 0 = 1,957,760, summed across the director compensation table rows.machine: formula: Σ = 1,957,760
32Wingstop Inc., Section 10b CEO totalDEF 14A2026-04-020001193125-26-140360CEO total compensation as printed in Wingstop Inc.'s own proxy. As printed: 35,288,595. Filing ↗machine: t256 · r4 · c39 · span 885907–885917
33First Watch Restaurant Group, Inc., Section 10b CEO totalDEF 14A2026-04-080001789940-26-000048CEO total compensation as printed in First Watch Restaurant Group, Inc.'s own proxy. As printed: 11,523,150. Filing ↗machine: r2 · c48 · span 437281–437291
34Celsius Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-140001193125-26-154918CEO total compensation as printed in Celsius Holdings, Inc.'s own proxy. As printed: 9,607,616. Filing ↗machine: r4 · c39 · span 882165–882175
35Papa John's International Inc., Section 10b CEO totalDEF 14A2026-03-260001628280-26-021204CEO total compensation as printed in Papa John's International Inc.'s own proxy. As printed: 8,442,953. Filing ↗machine: r4 · c27 · span 841964–841973
36Shake Shack Inc., Section 10b CEO totalDEF 14A2026-04-290001104659-26-051572CEO total compensation as printed in Shake Shack Inc.'s own proxy. As printed: 7,210,818. Filing ↗machine: r1 · c54 · span 604209–604218
37Dutch Bros (subject), Section 10b CEO totalDEF 14A2026-03-310001866581-26-000055CEO total compensation as printed in Dutch Bros's own proxy. As printed: 6,668,231. Filing ↗machine: r7 · c42 · span 634877–634886
38Jack in the Box Inc., Section 10b CEO totalDEF 14A2026-01-210000807882-26-000009CEO total compensation as printed in Jack in the Box Inc.'s own proxy. As printed: 5,271,591. Filing ↗machine: span 1019487–1019496
39Wendy's Co., Section 10b CEO totalDEF 14A2026-04-020001193125-26-140220CEO total compensation as printed in Wendy's Co.'s own proxy. As printed: 4,590,665. Filing ↗machine: t191 · r15 · c39 · span 1049351–1049360
40CAVA Group, Inc., Section 10b CEO totalDEF 14A2026-04-240001628280-26-027224CEO total compensation as printed in CAVA Group, Inc.'s own proxy. As printed: 3,859,478. Filing ↗machine: r4 · c24 · span 549451–549460
41Krispy Kreme, Inc., Section 10b CEO totalDEF 14A2026-04-270001193125-26-182138CEO total compensation as printed in Krispy Kreme, Inc.'s own proxy. As printed: 3,693,795. Filing ↗machine: r3 · c39 · span 743100–743109
42El Pollo Loco Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-300001606366-26-000021CEO total compensation as printed in El Pollo Loco Holdings, Inc.'s own proxy. As printed: 3,539,320. Filing ↗machine: t144 · r5 · c23 · span 798734–798743
43Sweetgreen, Inc., Section 10b CEO totalDEF 14A2026-04-230001140361-26-016260CEO total compensation as printed in Sweetgreen, Inc.'s own proxy. As printed: 3,226,081. Filing ↗machine: r2 · c25 · span 758912–758922
44Portillo's Inc., Section 10b CEO totalDEF 14A2026-04-170001871509-26-000024CEO total compensation as printed in Portillo's Inc.'s own proxy. As printed: 1,467,689. Filing ↗machine: r5 · c45 · span 1091132–1091141
45Section 10a, Krispy Kreme, Inc. reciprocityDEF 14A0001193125-26-182138Krispy Kreme, Inc. names Dutch Bros in its own disclosed peer group (read from its most recent proxy). Filing ↗
46Section 10a, Wingstop Inc. reciprocityDEF 14A0001193125-26-140360Wingstop Inc. names Dutch Bros in its own disclosed peer group (read from its most recent proxy). Filing ↗
47Section 10a, Shake Shack Inc. reciprocityDEF 14A0001104659-26-051572Shake Shack Inc. names Dutch Bros in its own disclosed peer group (read from its most recent proxy). Filing ↗
48Section 10a, First Watch Restaurant Group, Inc. reciprocityDEF 14A0001789940-26-000048First Watch Restaurant Group, Inc. names Dutch Bros in its own disclosed peer group (read from its most recent proxy). Filing ↗
49Section 10a, CAVA Group, Inc. reciprocityDEF 14A0001628280-26-027224CAVA Group, Inc. names Dutch Bros in its own disclosed peer group (read from its most recent proxy). Filing ↗
50Section 10a, Papa John's International Inc. reciprocityDEF 14A0001628280-26-021204Papa John's International Inc.'s most recent proxy was read; its disclosed peer group does not include Dutch Bros. Filing ↗
51Section 10a, Portillo's Inc. reciprocityDEF 14A0001871509-26-000024Portillo's Inc. names Dutch Bros in its own disclosed peer group (read from its most recent proxy). Filing ↗
52Section 10a, Celsius Holdings, Inc. reciprocityDEF 14A0001193125-26-154918Celsius Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Dutch Bros. Filing ↗
53Section 10a, Wendy's Co. reciprocityDEF 14A0001193125-26-140220Wendy's Co.'s most recent proxy was read; its disclosed peer group does not include Dutch Bros. Filing ↗
54Section 10a, Sweetgreen, Inc. reciprocityDEF 14A0001140361-26-016260Sweetgreen, Inc. names Dutch Bros in its own disclosed peer group (read from its most recent proxy). Filing ↗