Whataburger is one of the most iconic fast-food chains in the southern United States. Known for its distinctive orange-and-white-striped roofs and made-to-order burgers, many fans wonder who owns Whataburger today.
Here’s a detailed look at the ownership, leadership, revenue, and related companies of this Texas-born brand.
Whataburger Company Profile
Whataburger is a regional fast-food restaurant chain based in the United States, best known for its made-to-order hamburgers served 24/7 in many locations. The brand is especially popular in Texas, where it has achieved a near cult-like following. Whataburger is recognized for its signature orange-and-white color scheme, large square burgers, and a strong commitment to customer service.
The company was founded in 1950 by Harmon Dobson and Paul Burton in Corpus Christi, Texas. The original goal was to create a burger so large that it made customers exclaim, “What a burger!”—thus the name. The first stand sold burgers for 25 cents, and it quickly gained popularity for its quality and size.
Shortly after opening the first location, a disagreement between the two founders led Dobson to buy out Burton’s share. From then on, Dobson steered Whataburger on a path of consistent growth. By the end of the 1950s, there were multiple locations across Texas and Florida.
Some major milestones in Whataburger’s history include:
- 1961: The first drive-thru location opened, adapting to changing customer preferences.
- 1967: Harmon Dobson died in a plane crash. His widow, Grace Dobson, took over and continued to grow the company while preserving its family values.
- 1972: Whataburger launched its 100th restaurant, marking a major growth benchmark.
- 1980s: The brand expanded further throughout the Southern U.S., adding breakfast items and specialty burgers.
- 2001: The Texas Legislature officially declared Whataburger a Texas Treasure, recognizing its cultural impact.
- 2009: The company relocated its headquarters from Corpus Christi to San Antonio, Texas, to support expansion and operations.
- 2019: Whataburger transitioned from family ownership to BDT Capital Partners, a Chicago-based investment firm.
Today, Whataburger operates over 1,000 locations across 14 states, with plans for national expansion. The chain offers a diverse menu that includes burgers, chicken sandwiches, taquitos, biscuits, shakes, and salads—all made to order. The company also sells retail products like sauces and seasonings in major grocery stores.
Who Owns Whataburger: List of Shareholders
BDT & MSD Partners holds the controlling interest in Whataburger, while the Dobson family maintains a meaningful minority stake and board presence. Fresh capital added in 2025 from Camino, Mubadala, Anderson, and CFT supports the brand’s trajectory. Together, these diverse stakeholders balance financial muscle, legacy oversight, and operational alignment for Whataburger’s next phase.
In 2019, Whataburger shifted from family ownership to a more corporate structure. The Dobson family sold a majority stake in the company to BDT Capital Partners, a Chicago-based investment firm. Although this move raised concerns among fans, the company assured customers that its headquarters would remain in Texas, and the brand identity would be preserved.
The new ownership brought fresh energy and plans for national growth. BDT Capital Partners has experience investing in family- and founder-led businesses, which made them an appealing buyer for the Dobson family. Despite the sale, the Dobsons retained a minority stake and continue to have influence in the company.
Here’s a list of the major shareholders of Whataburger:
| Shareholder | Estimated Stake (%) | Role | Level of Control |
|---|---|---|---|
| BDT & MSD Partners | 60–70% | Majority investor since 2019; provides strategic growth capital | High (Majority control, board leadership) |
| Dobson Family | 10–15% | Founding family; legacy stakeholders; board presence | Moderate (Legacy influence, advisory role) |
| Camino Partners | 5–10% | Texas-based private equity firm; expansion-focused | Low (Passive investor) |
| Mubadala Capital | 5–10% | Abu Dhabi sovereign wealth arm; provides global investment capital | Low (Strategic financial support) |
| Anderson Media | <5% | Minor private investor; likely part of expansion/LBO funding | Very Low (Minimal influence) |
| CFT Capital Partners | <5% | Niche investment firm; part of secondary investment group | Very Low (Minimal influence) |
| Executives & Employees | <5% | Equity grants and incentives to align leadership with shareholder goals | Very Low (Performance-based, non-voting) |
BDT & MSD Partners (Majority Owner)
The majority stake in Whataburger is held by BDT & MSD Partners, a Chicago-based merchant banking firm known for investing in family-run businesses. BDT acquired control in 2019, gaining strategic leadership and supporting Whataburger’s drive for national expansion. Their model focuses on long-term partnerships—BDT offers capital, board guidance, and growth planning, while allowing the brand’s leadership autonomy in day-to-day operations.
Beyond Whataburger, BDT’s portfolio includes names like Weber and Four Seasons Resort Hualalai, signaling deep pockets and operational expertise.
Dobson Family (Founding Minority Stakeholders)
The Dobson family, founders of Whataburger, retain a minority ownership stake following the 2019 sale. Their current stake is estimated at roughly 10–15%, though exact numbers remain undisclosed. Family members, including Tom Dobson and Preston Atkinson, remain on the board, helping protect the company’s values and Texan heritage.
They also stepped away from daily operations to focus on other ventures like philanthropy, but remain involved in corporate oversight.
Camino Partners and Mubadala Capital (2025 Listed Investors)
According to updated PitchBook data, Whataburger attracted additional private investors in 2025, including Camino Partners (based in Texas) and Mubadala Capital (the investment arm of Abu Dhabi).
Their contributions, likely through secondary fundraising or partial stakes, support infrastructure, real estate, and expansion efforts. While they do not control operations, their holdings reflect a broad interest in the brand’s continued growth.
Anderson Media and CFT Capital Partners
Also identified by PitchBook are Anderson Media and CFT Capital Partners as minor shareholders in the 2025 funding mix. While less is known about them publicly, their investment suggests participation in the LBO (leveraged buyout) restructuring and early expansion phases.
Executive and Employee Equity
Whataburger’s executive team, including CEO Debbie Stroud, CFO Janelle Sykes, and other senior leaders, holds small equity grants tied to performance and tenure. These incentives align management’s interests with company growth and shareholder value. The total stake falls in the single digits and serves primarily as motivation, rather than control.
Who is the CEO of Whataburger?
Debbie Stroud, a seasoned executive from Starbucks and McDonald’s, officially took the role of President and CEO on January 1, 2025. Before this promotion, she served as Executive Vice President and Chief Operating Officer, joining Whataburger in early 2023.
In her new position, Stroud will guide Whataburger into its next growth phase, including continued geographic expansion and operational modernization.
Here’s a quick summary of the Whataburger CEO and control mechanism:
| Role | Name | Tenure | Key Focus |
|---|---|---|---|
| CEO (2025– ) | Debbie Stroud | Since Jan 1, 2025 | Expansion strategy, operational efficiency, 75th-anniversary initiatives |
| CEO (2020–2024) | Ed Nelson | 2020–2024 | Guided private-equity transition, led nationwide growth, record sales |
| Board Influence | BDT & MSD Partners | Majority owner | Strategic oversight, financial backing, board representation |
| Legacy Oversight | Dobson Family | Minority owner | Preserves cultural identity, board presence |
Ed Nelson: CEO (2020–2024)
Ed Nelson assumed the CEO position in 2020, following promotion from President (2019) and CFO (2008). He started with Whataburger in 2004 as Controller.
Nelson led the company through its transition to private equity ownership under BDT & MSD and delivered strong growth—system sales rose 47% to $3.8 billion, and the chain reached over 1,000 units in 16 states. He retired at the end of 2024.
Who Controls Whataburger?
A board comprised of representatives from both majority owner BDT & MSD Partners and minority stakeholders (including the Dobson family) oversees the overall strategy. BDT & MSD hold seats on the board, ensuring alignment with growth initiatives.
Executive Team & Operational Leadership
Stroud’s executive team includes senior leaders like the CFO, CMO, COO, and Chief Development and Legal officers. This team collaborates consistently, meeting regularly to monitor performance, approve new restaurant openings, and review digital and menu initiatives .
Influence of Majority Owner
BDT & MSD Partners, led by Byron Trott, provides long-term strategic support. They fund new store builds, technology upgrades, and infrastructure, while allowing the CEO and team to handle day-to-day operations.
Legacy Influence from the Dobson Family
While no longer in day-to-day roles, the Dobson family retains board positions and minority shares. Their involvement ensures the chain preserves its Texan roots and original brand identity.
Succession History
- Pre-2020: Leadership through the Dobson family (Tom Dobson, Preston Atkinson).
- 2020–2024: Ed Nelson as CEO—first non-family leader steering the company’s expansion following BDT ownership.
- 2025 onward: Debbie Stroud takes the helm, emphasizing brand legacy, expansion, and technology.
Whataburger Annual Revenue and Net Worth
In 2025, Whataburger’s system-wide revenue stands at approximately $3.1 billion. This includes both company-owned outlets and franchised locations. The brand now boasts over 1,000 restaurants across 14–15 states, serving Southern and expanding Eastern markets. Growth has been supported by digital innovation—online ordering, delivery partnerships, and curbside pickup—easing expansion into new regions .
Here’s a summary of financial metrics as of June 2025:
| Metric | 2025 Estimate |
|---|---|
| Annual Systemwide Revenue | $3.1 billion |
| Number of Locations | ~1,000 |
| Revenue Per Franchised Store | $3.5 million (average) |
| Employees | 20,000–43,000 |
| Enterprise Value | $4–5 billion (estimated) |
Revenue Per Location & Employee
With 20,000–43,000 employees (estimates vary), average revenue per employee falls between $72,000 and $155,000 . Franchised locations individually average around $3.5 million in annual sales , reflecting strong local performance and brand consistency.
Net Worth & Valuation
As a privately held company, Whataburger doesn’t release its official market value. However, analysts estimate its total enterprise value to be in the range of $ billion. This valuation is based on multiples typical in the QSR (quick-service restaurant) space and Whataburger’s robust growth trajectory.
Asset Insights & Financial Leverage
Whataburger owns significant real estate tied to its restaurants. The company also sells branded retail items—sauces, pancake mix, merchandise—through grocery stores. Its capital structure combines equity from majority holder BDT & MSD Partners, minority investors, and internally generated earnings. This balance supports continued growth without sacrificing financial stability.
Here’s an overview of the historical revenue and net worth of Whataburger:
| Year | Revenue | Net Worth |
| 2015 | $2 | $2.50 |
| 2016 | $2.0 | $3 |
| 2017 | $3.50 | $3.50 |
| 2018 | $2.42 | $3.80 |
| 2019 | $2.556 | $4 |
| 2020 | $2.70 | $4.50 |
| 2021 | $2.968 | $4.20 |
| 2022 | $3.34 | $4.50 |
| 2023 | $3.10 | $4.70 |
| 2024 | $3.1 | $4.80 |
| 2025 | $3.10 | $5 |
Brands Owned by Whataburger
Here’s an overview of the companies, brands, acquisitions, and entities owned and operated by Whataburger itself, as of 2025:
| Entity/Brand Name | Type | Function / Description |
|---|---|---|
| Whatastore | Merchandise Platform | Sells branded apparel, sauces, drinkware, and novelty items to consumers online. |
| Whataburger Franchising | Franchise Management | Oversees franchise operations, training, design, royalties, and operational support. |
| Whataburger Foods LLC | Consumer Packaged Goods | Produces sauces, mixes, and retail food products for sale in grocery stores. |
| Whataburger Real Estate Holdings | Real Estate Management | Acquires and manages owned and leased properties for Whataburger restaurant locations. |
| Whataburger Ventures | Technology & Innovation | Develops digital ordering, delivery systems, loyalty programs, and operational tech. |
| Whataburger In-House Marketing Division | Marketing & Branding | Manages campaigns, promotions, social media, and regional branding strategies. |
| Whataburger Community Foundation | Non-Profit / CSR | Provides scholarships, disaster aid, and local community outreach and charitable giving. |
Whatastore (Official Merchandise Store)
Whatastore is Whataburger’s official merchandise platform. It offers a variety of branded items, including apparel like t-shirts and hats, drinkware, home goods, and novelty items. The online store also sells specialty sauces, spices, pancake mix, and collectibles. It reinforces brand loyalty and allows customers nationwide to engage with Whataburger beyond the restaurant experience.
Whataburger Franchising
Whataburger Franchising manages the company’s relationships with its franchisees. This entity oversees the selection, training, and support of operators. It provides guidance on restaurant design, menu rollout, marketing campaigns, and operational standards. Franchisees pay initial fees and royalties in exchange for a proven business model and ongoing corporate backing. This structure supports controlled expansion while maintaining brand consistency.
Whataburger Foods LLC
This division handles the creation, production, and distribution of proprietary food products under Whataburger’s name. Examples include the chain’s exclusive sauce line, seasonings, pancake and biscuit mixes, and patty blends. Whataburger Foods negotiates placement deals with retail grocery chains—such as regional supermarkets—so customers can enjoy signature flavors at home.
Whataburger Real Estate Holdings
Whataburger Real Estate Holdings is responsible for sourcing, acquiring, and managing the properties that host Whataburger restaurants. This includes both owned and leased sites. It identifies locations with strong demographic potential and handles lease negotiation, site development, and long-term property strategy. Owning key real estate allows Whataburger to retain more control over rent, design, and expansion timing.
Whataburger Ventures (Digital & Tech Innovation)
Whataburger Ventures brings together digital, tech, and innovation initiatives under one roof. It oversees projects like mobile ordering, in-app loyalty programs, delivery integrations, curbside pickup systems, and kitchen automation trials. This group collaborates with third-party delivery services and fintech partners to enhance customer experience and streamline operations.
Whataburger In-House Marketing Division
This internal team develops brand campaigns, regional promotions, and limited-time offerings tailored to local markets. It creates advertising content, social media strategy, and in-restaurant promotions. The team ensures consistency in messaging and visual identity across restaurants, digital media, and external partnerships, reinforcing Whataburger’s strong cultural connection.
Whataburger Community Foundation
Externally branded but operated internally, this charitable arm supports local communities through scholarship programs, food donations, disaster relief efforts, and youth-oriented initiatives. While technically a separate entity, it’s controlled by Whataburger and reflects the company’s commitment to community outreach.
Final Thoughts
Whataburger has come a long way from its humble beginnings in Corpus Christi. While the company is no longer family-owned, it continues to honor the vision of its founders. The shift to BDT Capital Partners allowed Whataburger to expand into new markets and modernize its business while retaining its signature Texas charm.
Understanding who owns Whataburger today reveals how legacy brands can evolve while maintaining their cultural identity. With Ed Nelson at the helm and support from its new majority owner, Whataburger appears poised for continued growth and national reach.
FAQs
Who is the founder of Whataburger?
Whataburger was founded by Harmon Dobson and Paul Burton in 1950 in Corpus Christi, Texas. Dobson later became the sole owner and led the company until his death in 1967.
Who is the largest franchisee of Whataburger?
As of 2025, BurgerWorks Texas LLC is the largest known franchisee, operating dozens of locations across several states. Franchisees like BurgerWorks play a key role in Whataburger’s expansion into regions beyond Texas.
What is Whataburger famous for?
Whataburger is known for its large, made-to-order burgers, especially the original five-inch Whataburger sandwich. It’s also famous for its signature orange-and-white A-frame buildings, 24-hour service, honey butter chicken biscuits, and spicy ketchup.
Who bought out Whataburger?
In 2019, a majority stake in Whataburger was acquired by BDT Capital Partners, now operating under BDT & MSD Partners. The founding Dobson family retained a minority stake and remains involved in the company.
How much is the Whataburger family worth?
The Dobson family’s net worth is not publicly disclosed, but their wealth stems largely from the success and growth of Whataburger. After selling the majority stake, the family’s holdings are now likely valued in the hundreds of millions of dollars based on the company’s estimated worth.
Is Whataburger Texas-owned?
Whataburger is no longer majority-owned by Texans. It is now owned by BDT & MSD Partners, a Chicago-based firm. However, it still maintains its headquarters in San Antonio, Texas, and continues to emphasize its Texan roots.
Is the first Whataburger still open?
No, the original Whataburger location in Corpus Christi is no longer operational. However, a replica of the first store was built and serves as a historical tribute near the original site.
How many Whataburger locations are there?
As of 2025, Whataburger operates over 1,000 locations across 14 to 15 states, with continued expansion into the Southeastern and Midwestern U.S.
What company owns Whataburger?
Whataburger is majority-owned by BDT & MSD Partners, a private equity and merchant banking firm. The Dobson family and select Whataburger executives hold minority stakes.
Who owns Whataburger restaurants?
Most Whataburger restaurants are owned by a mix of corporate and franchise operators. Corporate stores are managed by the company itself, while approved franchisees own and operate others under strict brand standards.
Is Whataburger family-owned?
Not anymore. Whataburger was a family-owned business for decades, but became majority PE-owned in 2019. The Dobson family retains a minority ownership stake and continues to be involved in certain strategic decisions.
Where is Whataburger headquartered?
Whataburger is headquartered in San Antonio, Texas. The company moved its headquarters from Corpus Christi in 2009.
Is Whataburger publicly traded?
No, Whataburger is a privately held company and is not traded on any stock exchange.