Who Owns Dairy Queen?
Berkshire Hathaway, the company built by Warren Buffett, which bought Dairy Queen’s parent company for about 585 million dollars in 1998. The restaurants themselves are almost all run by local franchise owners.
So the brand belongs to Berkshire, but the DQ you visit most likely belongs to a local business owner who pays to use the name and recipes.
The 1998 Berkshire deal
| Detail | Figure |
|---|---|
| Announced | 21 October 1997 |
| Completed | 1998 |
| Total value | About 585 million dollars |
| Price per share | 27 dollars in cash, or 26 dollars in Berkshire stock |
| Dairy Queen stores at the time | More than 5,790 |
| Also included | About 410 Orange Julius stores and 45 Karmelkorn shops |
Buffett said at the time that Dairy Queen was a business he liked, run by an outstanding management team. Shareholders could choose cash or Berkshire shares, with cash capped at 55 percent of the total.
What Berkshire owns
Berkshire owns International Dairy Queen, the company that owns the DQ brand and sells franchises. International Dairy Queen also owns Orange Julius, the mall drink chain, which came with the 1998 deal.
| Level | Who |
|---|---|
| Parent company | Berkshire Hathaway |
| Owner of the brand | International Dairy Queen, Bloomington, Minnesota |
| Chief executive of DQ | Troy Bader |
| Individual restaurants | Almost all owned by franchisees |
Berkshire also owns See’s Candies, GEICO, BNSF Railway and Duracell, among many others, so Dairy Queen is one small part of a very large company.
The franchise side
Dairy Queen has more than 7,000 restaurants worldwide, and the company says they operate in more than 20 countries. Almost all of them are run by franchisees, and many are single stores owned by local families rather than big franchise groups.
Texas is a special case. It has more Dairy Queens than any other state, and its operators work together through the Texas Dairy Queen Operators’ Council, which runs its own marketing and some menu items you will not find elsewhere. That is why prices and menus can differ so much from one DQ to the next, as explained on the Dairy Queen menu.
Before Berkshire
Dairy Queen began in 1938 when J.F. McCullough and his son Alex created their soft serve formula, and the first store opened in Joliet, Illinois, in 1940. The chain grew through franchising and became International Dairy Queen, Inc. in 1962, trading as a public company until Berkshire bought it. Where the name came from is covered in why is it called Dairy Queen.
Related Questions
Who owns Dairy Queen?
Berkshire Hathaway. It owns International Dairy Queen, the company behind the DQ brand, which it bought in 1998 for about 585 million dollars. Most individual restaurants are owned by franchisees.
Does Warren Buffett own Dairy Queen?
Through Berkshire Hathaway, the company he built and still chairs. Berkshire bought Dairy Queen in 1998. Greg Abel became Berkshire’s chief executive at the start of 2026.
How much did Berkshire Hathaway pay for Dairy Queen?
About 585 million dollars. Shareholders were offered 27 dollars a share in cash or 26 dollars in Berkshire stock, and the deal also brought in Orange Julius and Karmelkorn.
Is Dairy Queen a franchise?
Yes. Almost every Dairy Queen is owned by a franchisee, many of them single stores run by local families. International Dairy Queen owns the brand and sells the franchises.
Who is the CEO of Dairy Queen?
Troy Bader is president and chief executive of International Dairy Queen, the Berkshire Hathaway company that owns the brand.
Does Dairy Queen own Orange Julius?
Yes. International Dairy Queen owns Orange Julius, and many DQ stores sell Orange Julius drinks. It came with the Berkshire deal, as did the Karmelkorn popcorn shops.
More on Dairy Queen
About this guide. USA Food Menu is an independent reference site and is not affiliated with Dairy Queen, International Dairy Queen or Berkshire Hathaway. Deal terms come from Berkshire Hathaway’s announcement, and restaurant counts come from company figures and change over time. Current prices are on the Dairy Queen menu.
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