Dairy Queen
Dairy Queen is owned by Berkshire Hathaway, but Berkshire doesn't guarantee leases; almost every store is franchisee-run and signed. The US system is slowly shrinking with many older, small-town stores, so focus on the operator and the site.
- US units
- 4,115
- FY2025
- 3Y net growth
- −4.5%
- vs. FY2022
- Credit rating
- NR
- Sub-investment grade
- Typical term
- 15–20 yr
- Franchisee-signed NNN (absolute NNN common)
- Model
- Franchised
- Subsidiary of Berkshire Hathaway
Unit count
Dairy Queen in the news
All news →- franchisetimes.com
- The Business Journals
Dairy Queen net lease FAQ
What is Dairy Queen's credit rating?
Dairy Queen is rated NR (parent Berkshire Hathaway AA; no guarantee), which is below investment grade. Check the lease to confirm whether the rated entity is the actual guarantor.
How many Dairy Queen locations are there in the US?
Dairy Queen reported about 4,115 US locations as of FY2025. That is −4.5% versus 4,307 in FY2022.
What does a typical Dairy Queen net lease look like?
Lease type: Franchisee-signed NNN (absolute NNN common). Initial term: 15–20 yr. Rent increases: 10% every 5 yrs. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Dairy Queen corporate or franchised?
Operating model: Franchised (~99%+ franchised). Dairy Queen is part of Berkshire Hathaway. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.