Key Stats
More than 7,700 franchised Dairy Queen locations operate in over 20 countries worldwide.
Global sales reached $6.4 billion in 2024, with a target of $10 billion by 2030.
Berkshire Hathaway acquired Dairy Queen in 1998 for approximately $585 million.
International Dairy Queen reported $248 million in revenue and $93 million in profit in 2024.
Berkshire Hathaway Inc. owns Dairy Queen through its wholly-owned subsidiary International Dairy Queen Inc. Warren Buffett’s conglomerate acquired the ice cream and fast food chain in 1998.
The company continues expanding aggressively in international markets. China remains the fastest-growing region, with 300 new locations opening there in 2024 alone. Dairy Queen signed deals in late 2025 to enter Hong Kong, Macau, and Taiwan for the first time, committing to 187 new restaurants across these markets.
Troy Bader serves as President and CEO of International Dairy Queen Inc. The company employs approximately 550 corporate staff supporting over 3,700 franchise owners globally. Recent expansion focuses on Southeast Asia, where Dairy Queen already operates about 500 locations in Thailand.
Who Owns Dairy Queen?
Berkshire Hathaway Inc. maintains complete ownership of Dairy Queen through International Dairy Queen Inc., headquartered in Bloomington, Minnesota. The acquisition closed in early 1998 after being announced in October 1997.
Acquisition Details
The purchase price totaled approximately $585 million. Shareholders received either $27 per share in cash or $26 in Berkshire stock. John W. Mooty, then Dairy Queen’s Chairman controlling 35 percent of voting shares, chose Berkshire stock for his entire stake.
Ownership Structure
Dairy Queen operates as a privately-held subsidiary. No public shareholders exist. The structure allows management to focus on long-term value creation without quarterly earnings pressure.
Warren Buffett personally owns approximately 15.1 percent of Berkshire Hathaway’s economic interest. This represents 38.4 percent of Class A voting shares¹.
Who is on the Board of Directors for Dairy Queen?
International Dairy Queen operates without a traditional public company board. Corporate oversight falls under Berkshire Hathaway’s governance structure. This arrangement reflects the parent company’s decentralized management philosophy.
Executive Leadership
Troy Bader leads International Dairy Queen as President and CEO. He assumed this role on January 1, 2018, succeeding John Gainor. Bader joined the company in 2001 and previously served as Chief Operating Officer.
Art D’Elia became Chief Operating Officer for the United States and Canada in March 2025. He oversees nearly 5,000 restaurants across North America. D’Elia previously spent seven years at Domino’s Pizza, including time as Chief Marketing Officer.
Marketing and Operations
Maria Hokanson serves as Executive Vice President of U.S. Marketing. Nicolas Boudet holds the position of COO International. The leadership team includes specialists in franchise development, product innovation, and supply chain management.
Berkshire Hathaway Board Oversight
Warren Buffett serves as Chairman of Berkshire Hathaway. Greg Abel holds the position of Vice Chairman for non-insurance operations. In May 2025, Berkshire’s board voted unanimously to appoint Abel as President and CEO effective January 1, 2026².
Additional board members include Ajit Jain (Vice Chairman of insurance operations), Susan Alice Buffett, Howard Graham Buffett, and independent directors Kenneth Chenault and Meryl Witmer. This group provides strategic oversight for all Berkshire subsidiaries, including Dairy Queen.
Franchise Advisory Structure
The Dairy Queen Operators Association and Cooperative represents franchise owners’ interests. This organization facilitates communication between franchisees and corporate leadership regarding operational policies and brand initiatives.
Largest Shareholders of Dairy Queen
Berkshire Hathaway holds 100 percent ownership of Dairy Queen. No other shareholders exist because the company operates as a privately-held subsidiary. This structure differs from publicly traded restaurant chains like McDonald’s or Starbucks.
Berkshire Hathaway Ownership Breakdown
Understanding who owns Dairy Queen requires examining Berkshire Hathaway’s shareholder structure. The chart below displays major institutional holders of Berkshire Hathaway stock.
Institutional Investors
Vanguard Group holds the largest publicly traded stake in Berkshire Hathaway at approximately 11 percent. BlackRock Inc. maintains roughly 9 percent ownership. State Street Corporation holds around 5 percent.
These institutional investors exercise indirect influence over Dairy Queen operations through their Berkshire Hathaway holdings. They vote on major corporate decisions and board appointments that affect all subsidiaries.
Financial Performance
International Dairy Queen generates revenue primarily through franchisee royalties. The company reported $248 million in revenue during 2024 with a $93 million profit. Dairy Queen maintains approximately 50 percent operating margins.
Global system sales reached $6.4 billion in 2024. Sales increased 36 percent since 2019 according to company statements. International expansion drives much of this growth, with more than a third of all locations now operating outside the United States and Canada.
History of Dairy Queen Co-founders
John Fremont McCullough and his son Alex McCullough founded Dairy Queen in 1940. The father-son team pioneered soft-serve ice cream in the United States.
The Soft-Serve Innovation
The McCulloughs developed their soft-serve formula after experimenting with ice cream served at warmer temperatures. They partnered with ice cream store owner Sherb Noble to test the product. The first public sale occurred in Joliet, Illinois, in August 1938.
Customers purchased more than 1,600 servings within two hours during that initial test. This response confirmed the commercial viability of soft-serve ice cream. Similar success stories shaped other fast food franchises like McDonald’s.
First Store and Expansion
The first official Dairy Queen store opened in Joliet on June 22, 1940. Sherb Noble operated this location. The McCulloughs focused on franchising the concept rather than running individual stores.
Rapid expansion followed throughout the 1940s and 1950s. The franchise model proved successful across small towns and suburbs. By the 1960s, the company merged with International Dairy Queen Inc., transitioning toward broader corporate ownership. This evolution mirrors patterns seen at other major food retailers like Whole Foods Market.
FAQs
Who is the current owner of Dairy Queen?
Berkshire Hathaway Inc. owns Dairy Queen through its subsidiary International Dairy Queen Inc. Warren Buffett’s conglomerate acquired the company in 1998 for $585 million.
When did Berkshire Hathaway acquire Dairy Queen?
Berkshire Hathaway announced the acquisition in October 1997 and completed the transaction in early 1998. The deal took the company private.
How many Dairy Queen locations exist worldwide?
More than 7,700 franchised Dairy Queen locations operate globally across over 20 countries. International franchises number approximately 2,853 outside the U.S. and Canada.
Who serves as CEO of Dairy Queen?
Troy Bader serves as President and CEO of International Dairy Queen Inc. He assumed leadership in January 2018 after previously serving as Chief Operating Officer.
Is Dairy Queen publicly traded?
No. Dairy Queen operates as a privately-held Berkshire Hathaway subsidiary. Investors cannot purchase Dairy Queen stock directly but can buy Berkshire Hathaway shares.
