Debris flows are particle–fluid mixtures that pose a significant hazard to many communities throughout the world. Bouldery debris flows are often characterised by a deep dry granular flow front, which is followed by a progressively thinner and increasingly watery tail. The formation of highly destructive bouldery wave fronts is usually attributedto particle-size segregation. However, the moving-bed flume experiments of Davies (N. Z. J. Hydrol., vol. 29, 1990, pp. 18–46) show that discrete surges with dry fronts and watery tails also form in monodisperse particle–fluid mixtures. These observations motivate the development of a new depth-averaged mixture theory for debris flows, which explicitly takes account of the differing granular and phreatic surfaces, velocity shear, and relative motion between grains and fluid to explain these phenomena. The theory consists of four coupled conservation laws that describe the spatial and temporal evolution of the grain and water thicknesses and depth-averaged velocities. This system enables travelling wave solutions to be constructed that consist of (i) a large amplitude dry flow front that smoothly transitions to (ii) an undersaturated body, (iii) an oversaturated region and then (iv) a pure water tail. It is shown that these solutions are in good quantitative agreement with Davies’ experiments at high bed speeds and slope inclinations. At lower bed speeds and inclinations, the theory produces travelling wave solutions that connect to a steady-uniform upstream flow, and may or may not have a bulbous flow front, consistent with Davies’ observations.