Is Dairy Queen a subsidiary of Berkshire Hathaway?

Yes. Dairy Queen is a wholly-owned subsidiary of Berkshire Hathaway Inc. (NYSE: BRK.A, BRK.B). Berkshire acquired the brand in 1998 for approximately $585 million. Dairy Queen operates under the corporate name International Dairy Queen Inc., headquartered in Minneapolis, Minnesota. All financial results are consolidated into Berkshire Hathaway's annual reports within the service and retailing segment. The brand does not have its own stock listing or separate public reporting.

Is Dairy Queen publicly traded?

Dairy Queen itself is not publicly traded. The brand has no independent stock listing. Its parent company, Berkshire Hathaway, trades on the New York Stock Exchange under ticker symbols BRK.A and BRK.B. Investors seeking exposure to Dairy Queen's performance can purchase Berkshire Hathaway shares, which include the entire portfolio of over 100 subsidiaries. Berkshire Hathaway has a market capitalization exceeding $700 billion as of 2026.

When was Dairy Queen founded and acquired?

Dairy Queen was founded in 1940, with the first location opening in Joliet, Illinois, on June 22, 1940. John Fremont McCullough and his son Alex developed the soft-serve formula in 1938 and partnered with restaurant owner Sherb Noble to launch the concept. Berkshire Hathaway acquired Dairy Queen in 1998 for approximately $585 million through a cash tender offer. At the time of acquisition, the system had approximately 5,792 locations across 23 countries.

Who founded Dairy Queen?

John Fremont McCullough and his son Alex McCullough developed the soft-serve ice cream formula in Green River, Illinois, in 1938. They were dairy suppliers who experimented with a lower-butterfat frozen dessert that could be dispensed from a machine. Sherb Noble, a restaurant owner in Kankakee, Illinois, was the first operator to sell the product and opened the first official Dairy Queen store in Joliet, Illinois, in 1940. The McCulloughs established the franchise model, signing agreements with additional operators in Illinois and Iowa within the first year.

What is Dairy Queen's market position?

Dairy Queen is a mass-market quick-service restaurant brand with $6.4 billion in system-wide sales in 2024 across over 7,700 locations in 20 countries. The brand holds a mid-tier position in the QSR industry by revenue per location, with average unit volumes of approximately $1.43 million at Grill and Chill locations. Dairy Queen competes in both the frozen dessert segment (against Baskin-Robbins, Cold Stone Creamery, Culver's) and the broader fast food segment (against McDonald's, Wendy's, Sonic). Its U.S. footprint is concentrated in rural and suburban markets, with particular strength in Texas and the Midwest.

Has Dairy Queen had any recalls or controversies?

In May 2026, a Dairy Queen chocolate soft-serve mix supplied by Galliker Dairy was recalled by the FDA after metal shavings were found in the product. The recall affected 74 cases distributed to five northeastern states and was classified as completed with no reported consumer injuries. In February 2024, a Kentucky Dairy Queen franchise location was investigated after a manager allegedly forced employees to consume cleaning solution-contaminated ice cream. No system-wide food safety recalls have been issued for Dairy Queen products.

Where is Dairy Queen manufactured?

Dairy Queen does not operate its own food manufacturing facilities. All products are prepared on-site at franchised restaurant locations using proprietary soft-serve mixes supplied by regional dairy producers under contract with International Dairy Queen. Galliker Dairy Co. in Pennsylvania is one such supplier for the northeastern United States. The corporate headquarters in Minneapolis, Minnesota, oversees franchise operations, marketing, and product development.

Food Service & Restaurants

Who Owns Dairy Queen?

Dairy Queen is wholly owned by Berkshire Hathaway (NYSE: BRK.A, BRK.B), which acquired the brand in 1998 for approximately $585 million. Operating as International Dairy Queen Inc., the brand runs over 7,700 franchised locations across 20 countries and reported $6.4 billion in system-wide sales in 2024. Headquarters are in Minneapolis, Minnesota, USA.

Parent Company

Berkshire Hathaway

Acquired

1998

Status

Publicly Traded

Headquarters

Minneapolis, Minnesota, USA

Dairy Queen Timeline

1839

Berkshire Hathaway

Parent company established in Omaha, Nebraska, USA

Company Founded

1940

Dairy Queen

Founded by John Fremont McCullough, Alex McCullough, Sherb Noble

Founded

1998

Acquired by Berkshire Hathaway

Berkshire Hathaway acquired Dairy Queen

Acquired

budgetmass marketUnited Statesall-agesOfficial Website

Who Owns Dairy Queen?

Parent Company: Berkshire Hathaway
Ownership Type: Wholly owned
Acquisition Year: 1998
Company Type: Publicly Traded
Stock Ticker: NYSE: BRK.A

Brand	Parent Company	Ownership Type
Dairy Queen	Berkshire Hathaway	Wholly owned

History of Dairy Queen

Founded: 1940
Founders: John Fremont McCullough, Alex McCullough, Sherb Noble
Acquired by Berkshire Hathaway: 1998

The origins of Dairy Queen date to 1938, when John Fremont McCullough and his son Alex developed a new soft-serve ice cream formula in Green River, Illinois. The McCulloughs were dairy suppliers who had been experimenting with a softer, creamier frozen dessert that could be dispensed directly from a machine. Their formula required a lower butterfat content than traditional ice cream and used a specific overrun percentage that produced a distinctive texture.

To test the product with consumers, the McCulloughs partnered with Sherb Noble, a restaurant owner in Kankakee, Illinois. On August 4, 1938, Noble offered the soft serve at his store, selling 1,600 servings in two hours at ten cents each. The response confirmed commercial demand for the product. The McCulloughs spent the next two years refining the formula and developing dispensing equipment.

The first official Dairy Queen location opened on June 22, 1940, in Joliet, Illinois, operated by Sherb Noble. The store had no seating and sold only soft-serve cones and sundaes. Within the first year, the McCulloughs had signed franchise agreements with additional operators in Illinois and Iowa. The franchise model was simple: franchisees paid a fee and purchased the McCulloughs' proprietary soft-serve mix and equipment.

Expansion was rapid. By 1947, Dairy Queen had 100 locations. By 1950, the count exceeded 1,400. The postwar American economic boom, the rise of automobile culture, and the relative simplicity of the soft-serve operation all contributed to growth. Franchisees needed minimal equipment and staff, and the product had high margins. The Dilly Bar, a round ice cream bar dipped in chocolate coating, was introduced in the 1950s and became a permanent menu item.

The Blizzard, introduced in 1985, was the most significant product launch in Dairy Queen's history. The Blizzard blended soft serve with mix-in ingredients like candy pieces, cookies, and fruit, served upside down to demonstrate its thickness. The Blizzard generated $100 million in sales in its first year and remains Dairy Queen's signature product. The brand sold 175 million Blizzards globally in 2024.

Dairy Queen's menu evolved beyond frozen treats over several decades. The DQ Grill and Chill format, introduced in the 1990s, added burgers, chicken strips, fries, and other hot food items to the traditional ice cream menu. By 2024, 1,971 of Dairy Queen's U.S. locations operated under the Grill and Chill or Brazier food-plus-treat concept, while approximately 727 locations operated as treat-only stores. The Texas Country Foods format, exclusive to Texas, operated 568 locations.

International expansion began in 1971, with the first overseas location opening in Canada. China became Dairy Queen's largest international market, with approximately 1,600 locations by 2024. Nearly two-thirds of the 419 new restaurants opened globally in 2024 were in China. The brand also operates more than 300 locations in Mexico and has a presence in Thailand, the Middle East, and several African nations.

Berkshire Hathaway acquired Dairy Queen in 1998 for approximately $585 million. At the time, the system had approximately 5,792 locations across 23 countries. Under Berkshire ownership, the store count grew to over 7,700 by 2024, with system-wide sales rising from approximately $3.8 billion to $6.4 billion. International Dairy Queen Inc., the corporate entity, reported $257 million in revenue and $97.8 million in profit in 2024, derived entirely from franchise royalties and fees rather than company-operated restaurant sales.

In May 2025, CEO Troy Bader announced a target of $10 billion in system-wide sales by 2030, a goal he disclosed publicly for the first time at the Berkshire Hathaway annual meeting in Omaha. Reaching that target requires approximately 56% growth over six years from a 2024 base of $6.4 billion.

About Berkshire Hathaway

What does Berkshire Hathaway own?
Berkshire Hathaway owns a diverse portfolio of over 100 wholly-owned subsidiaries and significant equity investments. Key holdings include GEICO (auto insurance), BNSF Railway (freight transportation), Berkshire Hathaway Energy (utilities), Precision Castparts (aerospace components), Duracell (batteries), See's Candies (confectionery), Dairy Queen (fast food), and NetJets (private aviation). The company also holds substantial investments in publicly traded companies including Apple, Bank of America, and American Express.

Is Berkshire Hathaway publicly traded?
Yes. Berkshire Hathaway is publicly traded on the New York Stock Exchange under two ticker symbols: BRK.A (Class A shares) and BRK.B (Class B shares). Class A shares have significantly higher voting rights and are priced much higher than Class B shares. Class B shares were created in 1996 to make Berkshire stock more accessible to retail investors. The company has been publicly traded since 1988 and has never paid a dividend.

Who founded Berkshire Hathaway?
The original Berkshire Hathaway textile company was founded in 1839 by Oliver Chace in Valley Falls, Rhode Island. The modern Berkshire Hathaway was shaped by Warren Buffett, who began acquiring shares in 1962 and gained control in 1965, transforming the struggling textile manufacturer into a diversified holding company. The original textile operations were closed in 1985.

Where is Berkshire Hathaway headquartered?
Berkshire Hathaway is headquartered in Omaha, Nebraska, USA. The company has maintained its headquarters in Omaha since Warren Buffett took control, reflecting its commitment to a conservative, Midwestern approach to business despite its global scale. The corporate headquarters employs only approximately 25 people, reflecting the extreme decentralization of the organization.

How many companies does Berkshire Hathaway own?
Berkshire Hathaway owns over 100 wholly-owned subsidiaries across insurance, railroads, utilities, manufacturing, consumer products, and services. The exact number fluctuates as Berkshire makes new acquisitions and occasionally sells businesses. The company also holds significant minority stakes in publicly traded companies.

Who owns Berkshire Hathaway?
Berkshire Hathaway is owned by its shareholders, with no single controlling shareholder. Major institutional investors including Vanguard Group, BlackRock, and State Street hold significant stakes. Warren Buffett remains the largest individual shareholder and serves as Executive Chairman, while Greg Abel serves as CEO. The company has a widely dispersed shareholder base typical of large public corporations.

What is Berkshire Hathaway's revenue?
For full-year 2025, Berkshire Hathaway reported operating earnings of $44.49 billion, down from $47.44 billion in 2024. The decline was primarily driven by weaker insurance underwriting results. The company maintains one of the strongest balance sheets in corporate America with cash and equivalents exceeding $150 billion and insurance float exceeding $170 billion.

Who is the CEO of Berkshire Hathaway?
Greg Abel serves as CEO of Berkshire Hathaway, having succeeded Warren Buffett on January 1, 2026. Abel had long been considered Buffett's successor and previously led Berkshire's non-insurance operations. Warren Buffett remains Executive Chairman and continues to be involved in major capital allocation decisions.

Founded: 1839
Headquarters: Omaha, Nebraska, USA
Company Type: Publicly Traded
Stock: NYSE: BRK.A
Revenue: $44.49 billion operating earnings (FY2025)
Employees: Approximately 380,000

Visit Berkshire Hathaway website

View full company profile for Berkshire Hathaway

Where Is Dairy Queen Made / Based?

Headquarters: Minneapolis, Minnesota, USA
Manufacturing / Operations: United States, China, Global franchise operations

Dairy Queen Categories & Tags

Fast Food Ice Cream Soft Serve Franchise Berkshire Hathaway American Brand

Dairy Queen Sustainability & Ethics

Dairy Queen does not publish an independent sustainability report. The brand operates under Berkshire Hathaway's corporate governance framework, which does not mandate brand-level ESG reporting for its subsidiaries. Dairy Queen is not B Corp certified and does not carry organic, fair trade, or cruelty-free certifications, which are not standard categories for a quick-service restaurant franchise.

The brand has made specific operational commitments. Dairy Queen has stated a goal of transitioning to cage-free eggs across its U.S. system, though it has not published a verified completion date for this commitment. The company has also tested alternative packaging materials, including compostable cups and containers, at select locations but has not announced a system-wide packaging conversion timeline.

Dairy Queen's franchise model means that environmental impact varies significantly by location, as individual franchisees control waste management, energy usage, and sourcing decisions within corporate guidelines. The company does not report carbon emissions, water usage, or waste metrics at the brand level.

In 2024, Dairy Queen's parent company Berkshire Hathaway reported on climate-related risks in its annual letter to shareholders but did not provide brand-specific environmental data for Dairy Queen. The brand has not faced documented greenwashing complaints from regulatory bodies.

Awards & Recognition

Dairy Queen was ranked number 11 in the 2025 USA TODAY 10Best Readers' Choice Awards for Best Fast Food Restaurant. The brand received runner-up recognition in the Best Dessert or Treat Chain category. The USA TODAY 10Best awards are determined by reader votes from a panel of nominees selected by USA TODAY editors.

The Blizzard has been recognized by food industry publications as one of the most successful product launches in QSR history. First introduced in 1985, the Blizzard generated $100 million in sales in its first year and has been cited in case studies by Nation's Restaurant News and QSR Magazine as a benchmark for limited-service restaurant product innovation.

Dairy Queen's franchise system has been recognized by Entrepreneur magazine's Franchise 500 rankings, consistently placing in the top 100 food service franchises. The brand ranked 18th in the Franchise Times Top 400 in 2024, measured by system-wide sales.

The Children's Miracle Network Hospitals partnership, which Dairy Queen has supported since 1984, has raised over $250 million cumulatively through point-of-sale donations and annual Miracle Treat Day events. This is one of the longest-running corporate charity partnerships in the QSR industry.

Dairy Queen Recalls & Controversies

In May 2026, Galliker Dairy Co., a Pennsylvania-based supplier, recalled 74 cases of DQ Chocolate Reduced Fat Ice Cream Mix after metal shavings were found in the product. The recall was classified as Class II by the FDA, indicating potential for temporary or medically reversible health consequences. The affected mix was distributed to Dairy Queen locations in Delaware, Maryland, New Jersey, New York, and Pennsylvania. The FDA listed the recall as completed, meaning affected inventory was removed from restaurants. No consumer injuries were reported.

In February 2024, a Dairy Queen location in Campton, Kentucky, was the subject of a local police investigation after a manager allegedly forced approximately eight employees, including minors, to consume ice cream contaminated with cleaning solution during a mandatory staff meeting. Several employees sought emergency medical treatment. The Wolfe County Sheriff's Office investigated the incident. No charges had been publicly filed as of the date of reporting. The franchise location's status following the incident was not publicly disclosed.

Dairy Queen has not been the subject of system-wide food safety recalls by the FDA or USDA. Individual franchise locations have faced routine health department citations for food handling violations, which is standard for large franchise systems operating thousands of locations. The brand has not faced class-action litigation related to food safety or ingredient labeling as of June 2026.

Dairy Queen Ownership: Pros & Cons

Advantages

+Berkshire Hathaway's investment-grade balance sheet provides financial stability without quarterly earnings pressure
+The franchise-only model means Berkshire bears no restaurant construction or direct operating costs
+Long-term ownership under Buffett and Abel allows multi-year growth strategies, including the $10 billion by 2030 target
+Access to Berkshire's corporate infrastructure for shared services, insurance, and capital allocation
+The brand's 85-year history and consumer recognition provide durable franchise value

Considerations

-Dairy Queen's franchise model limits direct control over operational quality and food safety at individual locations
-The brand's rural and suburban U.S. concentration creates limited upside in major urban markets
-Seasonal demand patterns affect revenue stability, particularly for treat-only locations
-International growth depends heavily on China, creating geographic concentration risk
-Berkshire's decentralized structure means Dairy Queen must self-fund growth from franchise royalties rather than receiving large capital allocations

Frequently Asked Questions About Dairy Queen

Sources & Further Reading

Competitors to Dairy Queen

These competing brands operate in the same categories and provide similar products or services. Compare key attributes to understand market positioning and competitive landscape.

Brand	Parent Company	Country	Founded	Market Position	Primary Market	Gender Target
Pizza Hut	Yum Brands	USA	1958	Mass market	Global	All Genders
Subway	Roark Capital	USA	1965	Mass market	Global	All Genders
Ben & Jerry's	The Magnum Ice Cream Company	USA	1978	Premium	Global	All-ages
Burger King	Restaurant Brands International	USA	1953	Mass market	Global	All-ages
Domino's Pizza	Domino S Pizza Inc	USA	1960	Mass market	Global	All Genders
Dreyer's	Nestle	United Kingdom (Froneri)	1928	Mass market	United states	All Genders