Jonathan Maze
@jonathandmaze.bsky.social
Editor-in-Chief of Restaurant Business. I have a blog and a podcast and everything.
The 10 largest U.S. burger chains and 2024 system sales, per Technomic.
1. McDonald's: $53.4B
2. Wendy's: $12.6B
3. Burger King: $11B
4. Sonic: $5.4B
5. Jack in the Box: $4.4B
6. Whataburger: $4.1B
7. Culver's: $3.8B
8. In-N-Out: $2.4B
9. Five Guys: $2.3B
10. Hardee's: $1.8B
1. McDonald's: $53.4B
2. Wendy's: $12.6B
3. Burger King: $11B
4. Sonic: $5.4B
5. Jack in the Box: $4.4B
6. Whataburger: $4.1B
7. Culver's: $3.8B
8. In-N-Out: $2.4B
9. Five Guys: $2.3B
10. Hardee's: $1.8B
May 14, 2025 at 12:39 PM
The 10 largest U.S. burger chains and 2024 system sales, per Technomic.
1. McDonald's: $53.4B
2. Wendy's: $12.6B
3. Burger King: $11B
4. Sonic: $5.4B
5. Jack in the Box: $4.4B
6. Whataburger: $4.1B
7. Culver's: $3.8B
8. In-N-Out: $2.4B
9. Five Guys: $2.3B
10. Hardee's: $1.8B
1. McDonald's: $53.4B
2. Wendy's: $12.6B
3. Burger King: $11B
4. Sonic: $5.4B
5. Jack in the Box: $4.4B
6. Whataburger: $4.1B
7. Culver's: $3.8B
8. In-N-Out: $2.4B
9. Five Guys: $2.3B
10. Hardee's: $1.8B
Restaurant Brands International feeling the effects of 1Q.
Burger King US same-store sales: -1.1%.
Tim Hortons global: 0.1%.
Popeyes US: -4%
Firehouse global: 0.6%.
Burger King outperforms McDonald’s and Wendy’s but that ain’t saying much.
Burger King US same-store sales: -1.1%.
Tim Hortons global: 0.1%.
Popeyes US: -4%
Firehouse global: 0.6%.
Burger King outperforms McDonald’s and Wendy’s but that ain’t saying much.
May 8, 2025 at 11:01 AM
Restaurant Brands International feeling the effects of 1Q.
Burger King US same-store sales: -1.1%.
Tim Hortons global: 0.1%.
Popeyes US: -4%
Firehouse global: 0.6%.
Burger King outperforms McDonald’s and Wendy’s but that ain’t saying much.
Burger King US same-store sales: -1.1%.
Tim Hortons global: 0.1%.
Popeyes US: -4%
Firehouse global: 0.6%.
Burger King outperforms McDonald’s and Wendy’s but that ain’t saying much.
Meanwhile, DoorDash keeps making deals. The third-party delivery aggregator is buying not one but two companies today: Deliveroo and the reservations platform SevenRooms. www.restaurantbusinessonline.com/technology/d...
DoorDash to acquire Deliveroo and reservations firm SevenRooms
The two deals will expand the delivery company’s footprint around the world and into restaurants’ on-premise business.
www.restaurantbusinessonline.com
May 6, 2025 at 12:27 PM
Meanwhile, DoorDash keeps making deals. The third-party delivery aggregator is buying not one but two companies today: Deliveroo and the reservations platform SevenRooms. www.restaurantbusinessonline.com/technology/d...
Wendy's updated its outlook, saying it now expects global systemwide sales to be down 2% to flat. Company basing that change on pullback in consumer demand. "Our updated outlook assumes the current consumer environment persists."
May 2, 2025 at 12:56 PM
Wendy's updated its outlook, saying it now expects global systemwide sales to be down 2% to flat. Company basing that change on pullback in consumer demand. "Our updated outlook assumes the current consumer environment persists."
Wendy's talks about a "weaker than expected consumer environment" in March, which is pretty much the same thing just about every industry chief executive has said this earnings season.
May 2, 2025 at 12:34 PM
Wendy's talks about a "weaker than expected consumer environment" in March, which is pretty much the same thing just about every industry chief executive has said this earnings season.
Restaurants added 16,600 jobs in April. Still employ 12.3 million. Economy added 177k jobs, unemployment at 4.2%.
May 2, 2025 at 12:32 PM
Restaurants added 16,600 jobs in April. Still employ 12.3 million. Economy added 177k jobs, unemployment at 4.2%.
McDonald's earnings call summary:
Consumer sentiment is bad;
Low-income consumers fleeing restaurants;
So are middle-income consumers;
People cutting out breakfast;
But Minecraft!
And chicken, then Snack Wraps;
Beverages will be big;
US should rethink some value offers;
$MCD
Consumer sentiment is bad;
Low-income consumers fleeing restaurants;
So are middle-income consumers;
People cutting out breakfast;
But Minecraft!
And chicken, then Snack Wraps;
Beverages will be big;
US should rethink some value offers;
$MCD
May 1, 2025 at 1:34 PM
McDonald's earnings call summary:
Consumer sentiment is bad;
Low-income consumers fleeing restaurants;
So are middle-income consumers;
People cutting out breakfast;
But Minecraft!
And chicken, then Snack Wraps;
Beverages will be big;
US should rethink some value offers;
$MCD
Consumer sentiment is bad;
Low-income consumers fleeing restaurants;
So are middle-income consumers;
People cutting out breakfast;
But Minecraft!
And chicken, then Snack Wraps;
Beverages will be big;
US should rethink some value offers;
$MCD
McDonald’s same-store sales fell 3.6% in the U.S. amid continued economic uncertainty.
May 1, 2025 at 12:15 PM
McDonald’s same-store sales fell 3.6% in the U.S. amid continued economic uncertainty.
Restaurant chains that have reported negative same-store sales this earnings season:
Starbucks
Chipotle(!)
KFC
Pizza Hut
Habit
Domino's
Chains with positive comps:
Chili's
Taco Bell
Chili's and Taco Bell are doing REALLY well. So you're either down or killing it.
Starbucks
Chipotle(!)
KFC
Pizza Hut
Habit
Domino's
Chains with positive comps:
Chili's
Taco Bell
Chili's and Taco Bell are doing REALLY well. So you're either down or killing it.
April 30, 2025 at 12:53 PM
Restaurant chains that have reported negative same-store sales this earnings season:
Starbucks
Chipotle(!)
KFC
Pizza Hut
Habit
Domino's
Chains with positive comps:
Chili's
Taco Bell
Chili's and Taco Bell are doing REALLY well. So you're either down or killing it.
Starbucks
Chipotle(!)
KFC
Pizza Hut
Habit
Domino's
Chains with positive comps:
Chili's
Taco Bell
Chili's and Taco Bell are doing REALLY well. So you're either down or killing it.
Starbucks earnings call summary:
Traffic stabilizing from non-loyal customers;
Labor improvements work;
New equipment not a panacea;
Company redesigning prototype to lower costs;
Fewer discount transactions good;
Working on tariffs;
China improving;
EPS not a great indicator of comeback results.
Traffic stabilizing from non-loyal customers;
Labor improvements work;
New equipment not a panacea;
Company redesigning prototype to lower costs;
Fewer discount transactions good;
Working on tariffs;
China improving;
EPS not a great indicator of comeback results.
April 29, 2025 at 10:06 PM
Starbucks earnings call summary:
Traffic stabilizing from non-loyal customers;
Labor improvements work;
New equipment not a panacea;
Company redesigning prototype to lower costs;
Fewer discount transactions good;
Working on tariffs;
China improving;
EPS not a great indicator of comeback results.
Traffic stabilizing from non-loyal customers;
Labor improvements work;
New equipment not a panacea;
Company redesigning prototype to lower costs;
Fewer discount transactions good;
Working on tariffs;
China improving;
EPS not a great indicator of comeback results.
Here is your Starbucks earnings call BINGO card for those of you partaking in this event.
April 29, 2025 at 9:08 PM
Here is your Starbucks earnings call BINGO card for those of you partaking in this event.
Let's talk Subway ..
Subway closed another 600+ locations last year. It now operates 19,500 restaurants in the U.S.
It has closed 7,600 restaurants since 2015, which is the same number that Taco Bell operates in the U.S.
restaurantbusinessonline.com/financing/su...
Subway closed another 600+ locations last year. It now operates 19,500 restaurants in the U.S.
It has closed 7,600 restaurants since 2015, which is the same number that Taco Bell operates in the U.S.
restaurantbusinessonline.com/financing/su...
Subway closed more restaurants last year
The sandwich giant closed more than 600 U.S. locations in 2024, according to the company’s franchise disclosure documents. It has fewer
restaurantbusinessonline.com
April 29, 2025 at 8:58 PM
Let's talk Subway ..
Subway closed another 600+ locations last year. It now operates 19,500 restaurants in the U.S.
It has closed 7,600 restaurants since 2015, which is the same number that Taco Bell operates in the U.S.
restaurantbusinessonline.com/financing/su...
Subway closed another 600+ locations last year. It now operates 19,500 restaurants in the U.S.
It has closed 7,600 restaurants since 2015, which is the same number that Taco Bell operates in the U.S.
restaurantbusinessonline.com/financing/su...
Only restaurant chain in America that appears to be doing well right now is Chili's.
April 29, 2025 at 8:11 PM
Only restaurant chain in America that appears to be doing well right now is Chili's.
Starbucks is still losing customers more than one year after its problems began. U.S. same-store sales down 2% with a 4% decline in transactions.
April 29, 2025 at 8:10 PM
Starbucks is still losing customers more than one year after its problems began. U.S. same-store sales down 2% with a 4% decline in transactions.
Domino's saying that its Parmesan Stuffed Crust pizza was "arguably" the best new product introduction in its history, but it was introduced too late in the quarter to have a "meaningful" impact on Q1 sales.
April 28, 2025 at 12:35 PM
Domino's saying that its Parmesan Stuffed Crust pizza was "arguably" the best new product introduction in its history, but it was introduced too late in the quarter to have a "meaningful" impact on Q1 sales.
If you ever think your job is useless, remember there is a person who asks analysts to keep to just one question only during earnings calls.
April 28, 2025 at 12:33 PM
If you ever think your job is useless, remember there is a person who asks analysts to keep to just one question only during earnings calls.
So I wrote about the fast-food Mexican sector in light of the potential sale of Del Taco.
Basically, people go to Taco Bell when they want cheap Mexican food, and nowhere else. It's 16x as big as the nearest competitor.
www.restaurantbusinessonline.com/financing/fa...
Basically, people go to Taco Bell when they want cheap Mexican food, and nowhere else. It's 16x as big as the nearest competitor.
www.restaurantbusinessonline.com/financing/fa...
April 25, 2025 at 8:09 PM
So I wrote about the fast-food Mexican sector in light of the potential sale of Del Taco.
Basically, people go to Taco Bell when they want cheap Mexican food, and nowhere else. It's 16x as big as the nearest competitor.
www.restaurantbusinessonline.com/financing/fa...
Basically, people go to Taco Bell when they want cheap Mexican food, and nowhere else. It's 16x as big as the nearest competitor.
www.restaurantbusinessonline.com/financing/fa...
We have a Chapter 33 ...
Bertucci's, which filed for bankruptcy in 2018 and again in 2022, has declared Chapter 11 a third time in 2025.
www.restaurantbusinessonline.com/financing/be...
Bertucci's, which filed for bankruptcy in 2018 and again in 2022, has declared Chapter 11 a third time in 2025.
www.restaurantbusinessonline.com/financing/be...
Bertucci's files for bankruptcy for the third time
The Italian casual-dining chain has been shrinking for years. It previously restructured in 2018 and 2022.
www.restaurantbusinessonline.com
April 24, 2025 at 8:35 PM
We have a Chapter 33 ...
Bertucci's, which filed for bankruptcy in 2018 and again in 2022, has declared Chapter 11 a third time in 2025.
www.restaurantbusinessonline.com/financing/be...
Bertucci's, which filed for bankruptcy in 2018 and again in 2022, has declared Chapter 11 a third time in 2025.
www.restaurantbusinessonline.com/financing/be...
Jack in the Box wants to sell Del Taco just three years after buying the chain. The company wants to focus on its core brand again.
April 23, 2025 at 10:00 PM
Jack in the Box wants to sell Del Taco just three years after buying the chain. The company wants to focus on its core brand again.
This week's podcast features Sbarro CEO David Karam, talking about how the chain has adapted to life outside of the mall. Fascinating stuff providing all kinds of lessons for operators.
podcasts.apple.com/us/podcast/h...
podcasts.apple.com/us/podcast/h...
April 23, 2025 at 7:51 PM
This week's podcast features Sbarro CEO David Karam, talking about how the chain has adapted to life outside of the mall. Fascinating stuff providing all kinds of lessons for operators.
podcasts.apple.com/us/podcast/h...
podcasts.apple.com/us/podcast/h...
The 10 largest U.S. pizza chains by system sales, per @technomic.
Domino's: $9.5B
Pizza Hut: $5.6B
Little Caesars: $4.4B
Papa Johns: $3.7B
Marco's Pizza: $1.1B
Papa Murphy's: $728M
MOD Pizza: $583M
Jet's Pizza: $550M
Hungry Howie's: $436M
Round Table Pizza: $416M
Domino's: $9.5B
Pizza Hut: $5.6B
Little Caesars: $4.4B
Papa Johns: $3.7B
Marco's Pizza: $1.1B
Papa Murphy's: $728M
MOD Pizza: $583M
Jet's Pizza: $550M
Hungry Howie's: $436M
Round Table Pizza: $416M
April 22, 2025 at 1:31 PM
The 10 largest U.S. pizza chains by system sales, per @technomic.
Domino's: $9.5B
Pizza Hut: $5.6B
Little Caesars: $4.4B
Papa Johns: $3.7B
Marco's Pizza: $1.1B
Papa Murphy's: $728M
MOD Pizza: $583M
Jet's Pizza: $550M
Hungry Howie's: $436M
Round Table Pizza: $416M
Domino's: $9.5B
Pizza Hut: $5.6B
Little Caesars: $4.4B
Papa Johns: $3.7B
Marco's Pizza: $1.1B
Papa Murphy's: $728M
MOD Pizza: $583M
Jet's Pizza: $550M
Hungry Howie's: $436M
Round Table Pizza: $416M
Apparently, the Minecraft Movie isn't just getting people into theaters. It's getting customers into McDonald's.
The Minecraft Movie promotion has apparently been good for McDonald's
Traffic at the fast-food chain has taken off since the company introduced a Minecraft Movie Happy Meal and one for adults, according to the
restaurantbusinessonline.com
April 22, 2025 at 12:50 PM
Apparently, the Minecraft Movie isn't just getting people into theaters. It's getting customers into McDonald's.
McDonald's highest-volume restaurant generates more revenue than Chick-fil-A's highest-volume restaurant ($19.7m v. $19.3m).
But McDonald's lowest-volume restaurant generates a lot less revenue than Chick-fil-A's.
Total AUVs:
McDonald's: $4m
Chick-fil-A: $7.5m
But McDonald's lowest-volume restaurant generates a lot less revenue than Chick-fil-A's.
Total AUVs:
McDonald's: $4m
Chick-fil-A: $7.5m
April 16, 2025 at 8:24 PM
McDonald's highest-volume restaurant generates more revenue than Chick-fil-A's highest-volume restaurant ($19.7m v. $19.3m).
But McDonald's lowest-volume restaurant generates a lot less revenue than Chick-fil-A's.
Total AUVs:
McDonald's: $4m
Chick-fil-A: $7.5m
But McDonald's lowest-volume restaurant generates a lot less revenue than Chick-fil-A's.
Total AUVs:
McDonald's: $4m
Chick-fil-A: $7.5m
The 10 largest restaurant chains in the U.S., per Technomic:
McDonald's: $54.5B sales 2024
Starbucks: $31.5B
Chick-fil-A: $22.7B
Taco Bell: $16.2B
Wendy's: $12.6B
Dunkin': $12.5B
Chipotle: $11.3B
Burger King: $11B
Subway: $9.5B
Domino's: $9.5B
McDonald's: $54.5B sales 2024
Starbucks: $31.5B
Chick-fil-A: $22.7B
Taco Bell: $16.2B
Wendy's: $12.6B
Dunkin': $12.5B
Chipotle: $11.3B
Burger King: $11B
Subway: $9.5B
Domino's: $9.5B
April 15, 2025 at 1:12 PM
The 10 largest restaurant chains in the U.S., per Technomic:
McDonald's: $54.5B sales 2024
Starbucks: $31.5B
Chick-fil-A: $22.7B
Taco Bell: $16.2B
Wendy's: $12.6B
Dunkin': $12.5B
Chipotle: $11.3B
Burger King: $11B
Subway: $9.5B
Domino's: $9.5B
McDonald's: $54.5B sales 2024
Starbucks: $31.5B
Chick-fil-A: $22.7B
Taco Bell: $16.2B
Wendy's: $12.6B
Dunkin': $12.5B
Chipotle: $11.3B
Burger King: $11B
Subway: $9.5B
Domino's: $9.5B
Chipotle Mexican Grill is now the 7th largest restaurant chain in the U.S. and is bigger than both Burger King and Subway.
April 14, 2025 at 10:39 PM
Chipotle Mexican Grill is now the 7th largest restaurant chain in the U.S. and is bigger than both Burger King and Subway.