# Restaurants — company-by-company sector analysis

> Restaurants: Starbucks Corporation owns the largest revenue base; Dutch Bros Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Restaurants has underperformed S&P 500 by 16.9% over 52 weeks and 7% over 13 weeks. 12 of 29 covered companies beat the S&P 500 on Mansfield relative strength, while 12 of 29 beat the sector itself. Starbucks Corporation leads with revenue of $38,472 million, based on 25 of 29 comparable companies through Mar 2026.

### Is the Restaurants sector outperforming S&P 500?

Restaurants has underperformed S&P 500 by 16.9% over 52 weeks and 7% over 13 weeks. 12 of 29 covered companies beat the S&P 500 on Mansfield relative strength, while 12 of 29 beat the sector itself.

### Which Restaurants company is largest by revenue?

Starbucks Corporation leads with revenue of $38,472 million, based on 25 of 29 comparable companies through Mar 2026.

### Which Restaurants company is growing fastest?

Dutch Bros Inc. has the fastest current revenue growth at 28.4%, across 25 of 29 comparable companies.

### Which Restaurants company has the strongest 4-Factor Sector Score?

Brinker International, Inc. ranks first at 67.2/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Restaurants company reports the most CAPEX?

McDonald's Corporation reports the largest latest CAPEX at $682 million, with 29 of 29 companies comparable.

### Which Restaurants company has the least gross debt?

Cannae Holdings, Inc. has the lowest comparable gross debt at $204 million. McDonald's Corporation has the highest at $54,881 million.

### Which Restaurants company has the lowest comparable PEG?

Arcos Dorados Holdings Inc. has the lowest comparable Guarded PEG at 0.18, among 16 of 29 companies that pass the metric’s comparability rules.

### How much history does this Restaurants comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Restaurants has underperformed S&P 500 by 16.9% over the last 52 weeks. Over 13 weeks the gap is a lead of 7%. 12 of 29 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. BJ's Restaurants, Inc. is the strongest against the sector itself at +57%.

13-week sector return versus NIFTY 500: 7.0%
52-week sector return versus NIFTY 500: -17%
Stocks leading NIFTY: 12/29
Stocks leading sector: 12/29

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 29
Combined market value: ₹5.5 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Brinker International, Inc. (EAT): 67/100 — Favorable setup; evidence 82%
   - Growth & earnings 22.3/35 | Capital efficiency 11.2/25 | Valuation 15.5/20 | Relative strength 18.2/20
   - Exact sum: 22.3 + 11.2 + 15.5 + 18.2 = 67.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Texas Roadhouse, Inc. (TXRH): 60/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 14.8/35 | Capital efficiency 15.0/25 | Valuation 13.6/20 | Relative strength 17.0/20
   - Exact sum: 14.8 + 15 + 13.6 + 17 = 60.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3. Arcos Dorados Holdings Inc. (ARCO): 59/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 23.0/35 | Capital efficiency 8.8/25 | Valuation 16.5/20 | Relative strength 11.0/20
   - Exact sum: 23 + 8.8 + 16.5 + 11 = 59.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Domino's Pizza, Inc. (DPZ): 59/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 23.3/35 | Capital efficiency 18.9/25 | Valuation 10.8/20 | Relative strength 5.9/20
   - Exact sum: 23.3 + 18.9 + 10.8 + 5.9 = 58.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. Yum! Brands, Inc. (YUM): 59/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 24.5/35 | Capital efficiency 16.6/25 | Valuation 12.4/20 | Relative strength 5.1/20
   - Exact sum: 24.5 + 16.6 + 12.4 + 5.1 = 58.6
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -8.5% and the one-year return is 3.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
6. Restaurant Brands International Inc. (QSR): 58/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 23.2/35 | Capital efficiency 13.9/25 | Valuation 13.6/20 | Relative strength 7.3/20
   - Exact sum: 23.2 + 13.9 + 13.6 + 7.3 = 58
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. The Cheesecake Factory Incorporated (CAKE): 58/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 15.6/35 | Capital efficiency 7.1/25 | Valuation 15.7/20 | Relative strength 19.4/20
   - Exact sum: 15.6 + 7.1 + 15.7 + 19.4 = 57.8
   - Decision use: Price leads the evidence: RS versus the benchmark is 36.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
8. Darden Restaurants, Inc. (DRI): 57/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 25.2/35 | Capital efficiency 11.7/25 | Valuation 12.3/20 | Relative strength 8.2/20
   - Exact sum: 25.2 + 11.7 + 12.3 + 8.2 = 57.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. El Pollo Loco Holdings, Inc. (LOCO): 57/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 18.2/35 | Capital efficiency 11.9/25 | Valuation 11.2/20 | Relative strength 16.0/20
   - Exact sum: 18.2 + 11.9 + 11.2 + 16 = 57.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. BJ's Restaurants, Inc. (BJRI): 57/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 20.6/35 | Capital efficiency 8.2/25 | Valuation 10.9/20 | Relative strength 17.0/20
   - Exact sum: 20.6 + 8.2 + 10.9 + 17 = 56.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Dutch Bros Inc. (BROS): 53/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 20.5/35 | Capital efficiency 8.4/25 | Valuation 8.9/20 | Relative strength 14.8/20
   - Exact sum: 20.5 + 8.4 + 8.9 + 14.8 = 52.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Dine Brands Global, Inc. (DIN): 52/100 — Mixed-positive evidence; evidence 60%
   - Growth & earnings 10.2/35 | Capital efficiency 16.3/25 | Valuation 10.4/20 | Relative strength 15.1/20
   - Exact sum: 10.2 + 16.3 + 10.4 + 15.1 = 52
   - Decision use: Price leads the evidence: RS versus the benchmark is 12.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
13. Super Hi International Holding Ltd. (HDL): 52/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 19.8/35 | Capital efficiency 11.5/25 | Valuation 14.4/20 | Relative strength 6.0/20
   - Exact sum: 19.8 + 11.5 + 14.4 + 6 = 51.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Biglari Holdings Inc. (BH): 50/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 20.4/35 | Capital efficiency 7.4/25 | Valuation 8.7/20 | Relative strength 13.1/20
   - Exact sum: 20.4 + 7.4 + 8.7 + 13.1 = 49.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15. Yum China Holdings, Inc. (YUMC): 48/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 17.9/35 | Capital efficiency 16.1/25 | Valuation 9.3/20 | Relative strength 4.8/20
   - Exact sum: 17.9 + 16.1 + 9.3 + 4.8 = 48.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Wingstop Inc. (WING): 47/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 20.2/35 | Capital efficiency 15.4/25 | Valuation 9.3/20 | Relative strength 1.8/20
   - Exact sum: 20.2 + 15.4 + 9.3 + 1.8 = 46.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. Bloomin' Brands, Inc. (BLMN): 47/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 10.7/35 | Capital efficiency 7.2/25 | Valuation 10.3/20 | Relative strength 18.4/20
   - Exact sum: 10.7 + 7.2 + 10.3 + 18.4 = 46.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 13.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
18. Starbucks Corporation (SBUX): 46/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 18.5/35 | Capital efficiency 12.4/25 | Valuation 4.3/20 | Relative strength 10.8/20
   - Exact sum: 18.5 + 12.4 + 4.3 + 10.8 = 46
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. McDonald's Corporation (MCD): 43/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 18.9/35 | Capital efficiency 14.8/25 | Valuation 5.5/20 | Relative strength 3.7/20
   - Exact sum: 18.9 + 14.8 + 5.5 + 3.7 = 42.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20. CAVA Group, Inc. (CAVA): 41/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 18.7/35 | Capital efficiency 10.5/25 | Valuation 8.6/20 | Relative strength 2.8/20
   - Exact sum: 18.7 + 10.5 + 8.6 + 2.8 = 40.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
21. Cannae Holdings, Inc. (CNNE): 39/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 9.4/35 | Capital efficiency 8.3/25 | Valuation 11.4/20 | Relative strength 9.6/20
   - Exact sum: 9.4 + 8.3 + 11.4 + 9.6 = 38.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
22. Cracker Barrel Old Country Store, Inc. (CBRL): 38/100 — Mixed-negative evidence; evidence 80%
   - Growth & earnings 7.5/35 | Capital efficiency 6.9/25 | Valuation 7.6/20 | Relative strength 16.4/20
   - Exact sum: 7.5 + 6.9 + 7.6 + 16.4 = 38.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 32.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
23. The Wendy's Company (WEN): 38/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 10.7/35 | Capital efficiency 9.8/25 | Valuation 11.2/20 | Relative strength 6.4/20
   - Exact sum: 10.7 + 9.8 + 11.2 + 6.4 = 38.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24. First Watch Restaurant Group, Inc. (FWRG): 36/100 — Mixed-negative evidence; evidence 69%
   - Growth & earnings 18.7/35 | Capital efficiency 7.1/25 | Valuation 5.3/20 | Relative strength 4.7/20
   - Exact sum: 18.7 + 7.1 + 5.3 + 4.7 = 35.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
25. Kura Sushi USA, Inc. (KRUS): 36/100 — Mixed-negative evidence; evidence 68%
   - Growth & earnings 18.0/35 | Capital efficiency 7.1/25 | Valuation 8.5/20 | Relative strength 2.0/20
   - Exact sum: 18 + 7.1 + 8.5 + 2 = 35.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
26. Chipotle Mexican Grill, Inc. (CMG): 34/100 — Adverse evidence; evidence 82%
   - Growth & earnings 10.5/35 | Capital efficiency 11.8/25 | Valuation 4.6/20 | Relative strength 6.7/20
   - Exact sum: 10.5 + 11.8 + 4.6 + 6.7 = 33.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
27. Papa John's International, Inc. (PZZA): 32/100 — Adverse evidence; evidence 70%
   - Growth & earnings 9.9/35 | Capital efficiency 11.5/25 | Valuation 6.5/20 | Relative strength 4.0/20
   - Exact sum: 9.9 + 11.5 + 6.5 + 4 = 31.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
28. Sweetgreen, Inc. (SG): 29/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 8.8/35 | Capital efficiency 6.5/25 | Valuation 9.1/20 | Relative strength 4.4/20
   - Exact sum: 8.8 + 6.5 + 9.1 + 4.4 = 28.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
29. Shake Shack Inc. (SHAK): 26/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 10.6/35 | Capital efficiency 5.6/25 | Valuation 8.8/20 | Relative strength 0.6/20
   - Exact sum: 10.6 + 5.6 + 8.8 + 0.6 = 25.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Starbucks Corporation is the scale leader at $38,472 million, 40.2% ahead of McDonald's Corporation. Dutch Bros Inc.'s growth is 28.4% from a $1,748 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Starbucks Corporation is the scale benchmark; Dutch Bros Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Starbucks Corporation's growth falls below Dutch Bros Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Starbucks Corporation · $38,472 million | 40.2% versus #2 · McDonald's Corporation | 7/8 recent comparable periods | 25/29 companies · 536 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Starbucks Corporation (SBUX): ₹38.5K Cr
2. McDonald's Corporation (MCD): ₹27.4K Cr
3. Darden Restaurants, Inc. (DRI): ₹13.2K Cr
4. Chipotle Mexican Grill, Inc. (CMG): ₹12.1K Cr
5. Yum China Holdings, Inc. (YUMC): ₹12.1K Cr

### Revenue growth — fastest growers
1. Dutch Bros Inc. (BROS): 28%
2. First Watch Restaurant Group, Inc. (FWRG): 20%
3. Kura Sushi USA, Inc. (KRUS): 18%
4. Texas Roadhouse, Inc. (TXRH): 13%
5. Brinker International, Inc. (EAT): 12%

### 20-quarter Revenue history
- MCD: Sep 2021 ₹6.2K Cr | Dec 2021 ₹6.0K Cr | Mar 2022 ₹5.7K Cr | Jun 2022 ₹5.7K Cr | Sep 2022 ₹5.9K Cr | Dec 2022 ₹5.9K Cr | Mar 2023 ₹5.9K Cr | Jun 2023 ₹6.5K Cr | Sep 2023 ₹6.7K Cr | Dec 2023 ₹6.4K Cr | Mar 2024 ₹6.2K Cr | Jun 2024 ₹6.5K Cr | Sep 2024 ₹6.9K Cr | Dec 2024 ₹6.4K Cr | Mar 2025 ₹6.0K Cr | Jun 2025 ₹6.8K Cr | Sep 2025 ₹7.1K Cr | Dec 2025 ₹7.0K Cr | Mar 2026 ₹6.5K Cr | Jun 2026 —
- SBUX: Sep 2021 — | Dec 2021 ₹8.1K Cr | Mar 2022 ₹8.1K Cr | Jun 2022 ₹7.6K Cr | Sep 2022 ₹8.2K Cr | Dec 2022 ₹8.4K Cr | Mar 2023 ₹8.7K Cr | Jun 2023 ₹8.7K Cr | Sep 2023 ₹9.2K Cr | Dec 2023 ₹9.4K Cr | Mar 2024 ₹8.6K Cr | Jun 2024 ₹9.1K Cr | Sep 2024 ₹9.1K Cr | Dec 2024 ₹9.4K Cr | Mar 2025 ₹8.8K Cr | Jun 2025 ₹9.5K Cr | Sep 2025 ₹9.6K Cr | Dec 2025 ₹9.9K Cr | Mar 2026 ₹9.5K Cr | Jun 2026 —
- CMG: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 —
- YUM: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- QSR: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- DRI: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 ₹3.7K Cr
- YUMC: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 —
- TXRH: Sep 2021 ₹869 Cr | Dec 2021 ₹896 Cr | Mar 2022 ₹987 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹993 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 — | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- BROS: Sep 2021 ₹130 Cr | Dec 2021 ₹140 Cr | Mar 2022 ₹152 Cr | Jun 2022 ₹186 Cr | Sep 2022 ₹199 Cr | Dec 2022 ₹202 Cr | Mar 2023 ₹197 Cr | Jun 2023 ₹250 Cr | Sep 2023 ₹265 Cr | Dec 2023 ₹254 Cr | Mar 2024 ₹275 Cr | Jun 2024 ₹325 Cr | Sep 2024 ₹338 Cr | Dec 2024 ₹343 Cr | Mar 2025 ₹355 Cr | Jun 2025 ₹416 Cr | Sep 2025 ₹424 Cr | Dec 2025 ₹444 Cr | Mar 2026 ₹464 Cr | Jun 2026 —
- DPZ: Sep 2021 ₹998 Cr | Dec 2021 — | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 — | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- EAT: Sep 2021 ₹876 Cr | Dec 2021 ₹926 Cr | Mar 2022 ₹980 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹956 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- CAVA: Sep 2021 — | Dec 2021 ₹124 Cr | Mar 2022 — | Jun 2022 ₹159 Cr | Sep 2022 ₹136 Cr | Dec 2022 ₹139 Cr | Mar 2023 — | Jun 2023 ₹203 Cr | Sep 2023 ₹173 Cr | Dec 2023 ₹176 Cr | Mar 2024 — | Jun 2024 ₹259 Cr | Sep 2024 ₹233 Cr | Dec 2024 ₹244 Cr | Mar 2025 — | Jun 2025 ₹332 Cr | Sep 2025 ₹281 Cr | Dec 2025 ₹292 Cr | Mar 2026 — | Jun 2026 ₹438 Cr
- CAKE: Sep 2021 ₹754 Cr | Dec 2021 ₹777 Cr | Mar 2022 ₹794 Cr | Jun 2022 ₹833 Cr | Sep 2022 ₹784 Cr | Dec 2022 — | Mar 2023 ₹893 Cr | Jun 2023 ₹866 Cr | Sep 2023 ₹866 Cr | Dec 2023 ₹830 Cr | Mar 2024 ₹877 Cr | Jun 2024 ₹891 Cr | Sep 2024 ₹904 Cr | Dec 2024 ₹865 Cr | Mar 2025 — | Jun 2025 ₹927 Cr | Sep 2025 ₹956 Cr | Dec 2025 ₹962 Cr | Mar 2026 ₹979 Cr | Jun 2026 —
- WING: Sep 2021 ₹66 Cr | Dec 2021 ₹72 Cr | Mar 2022 ₹76 Cr | Jun 2022 ₹84 Cr | Sep 2022 ₹93 Cr | Dec 2022 ₹105 Cr | Mar 2023 — | Jun 2023 ₹109 Cr | Sep 2023 ₹107 Cr | Dec 2023 ₹127 Cr | Mar 2024 ₹146 Cr | Jun 2024 ₹156 Cr | Sep 2024 ₹162 Cr | Dec 2024 ₹162 Cr | Mar 2025 ₹171 Cr | Jun 2025 ₹174 Cr | Sep 2025 ₹176 Cr | Dec 2025 ₹176 Cr | Mar 2026 ₹184 Cr | Jun 2026 —
- SHAK: Sep 2021 ₹194 Cr | Dec 2021 ₹203 Cr | Mar 2022 ₹203 Cr | Jun 2022 ₹231 Cr | Sep 2022 ₹228 Cr | Dec 2022 ₹239 Cr | Mar 2023 ₹253 Cr | Jun 2023 ₹272 Cr | Sep 2023 ₹276 Cr | Dec 2023 ₹286 Cr | Mar 2024 ₹291 Cr | Jun 2024 ₹316 Cr | Sep 2024 ₹317 Cr | Dec 2024 ₹329 Cr | Mar 2025 ₹321 Cr | Jun 2025 ₹356 Cr | Sep 2025 ₹367 Cr | Dec 2025 ₹401 Cr | Mar 2026 — | Jun 2026 ₹367 Cr
- ARCO: Sep 2021 ₹726 Cr | Dec 2021 ₹780 Cr | Mar 2022 ₹791 Cr | Jun 2022 ₹888 Cr | Sep 2022 ₹922 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹991 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- WEN: Sep 2021 ₹493 Cr | Dec 2021 ₹470 Cr | Mar 2022 ₹473 Cr | Jun 2022 ₹489 Cr | Sep 2022 ₹538 Cr | Dec 2022 ₹533 Cr | Mar 2023 ₹537 Cr | Jun 2023 ₹529 Cr | Sep 2023 ₹562 Cr | Dec 2023 ₹551 Cr | Mar 2024 ₹535 Cr | Jun 2024 ₹571 Cr | Sep 2024 ₹567 Cr | Dec 2024 ₹574 Cr | Mar 2025 ₹523 Cr | Jun 2025 ₹561 Cr | Sep 2025 ₹550 Cr | Dec 2025 ₹543 Cr | Mar 2026 ₹541 Cr | Jun 2026 —
- BJRI: Sep 2021 ₹282 Cr | Dec 2021 ₹291 Cr | Mar 2022 ₹299 Cr | Jun 2022 ₹330 Cr | Sep 2022 ₹311 Cr | Dec 2022 — | Mar 2023 ₹344 Cr | Jun 2023 ₹341 Cr | Sep 2023 ₹350 Cr | Dec 2023 ₹319 Cr | Mar 2024 ₹324 Cr | Jun 2024 ₹337 Cr | Sep 2024 ₹350 Cr | Dec 2024 ₹326 Cr | Mar 2025 — | Jun 2025 ₹348 Cr | Sep 2025 ₹366 Cr | Dec 2025 ₹355 Cr | Mar 2026 ₹358 Cr | Jun 2026 —
- CBRL: Sep 2021 ₹784 Cr | Dec 2021 ₹785 Cr | Mar 2022 ₹862 Cr | Jun 2022 ₹790 Cr | Sep 2022 ₹830 Cr | Dec 2022 ₹840 Cr | Mar 2023 ₹934 Cr | Jun 2023 ₹833 Cr | Sep 2023 ₹837 Cr | Dec 2023 ₹824 Cr | Mar 2024 ₹935 Cr | Jun 2024 ₹817 Cr | Sep 2024 ₹894 Cr | Dec 2024 ₹845 Cr | Mar 2025 ₹949 Cr | Jun 2025 ₹821 Cr | Sep 2025 ₹868 Cr | Dec 2025 ₹797 Cr | Mar 2026 ₹875 Cr | Jun 2026 ₹797 Cr
- BH: Sep 2021 ₹82 Cr | Dec 2021 ₹99 Cr | Mar 2022 ₹85 Cr | Jun 2022 ₹92 Cr | Sep 2022 ₹92 Cr | Dec 2022 — | Mar 2023 ₹90 Cr | Jun 2023 ₹94 Cr | Sep 2023 ₹91 Cr | Dec 2023 ₹91 Cr | Mar 2024 ₹89 Cr | Jun 2024 ₹91 Cr | Sep 2024 ₹90 Cr | Dec 2024 ₹91 Cr | Mar 2025 ₹95 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹100 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹97 Cr | Jun 2026 —
- PZZA: Sep 2021 ₹513 Cr | Dec 2021 ₹529 Cr | Mar 2022 ₹543 Cr | Jun 2022 ₹523 Cr | Sep 2022 ₹511 Cr | Dec 2022 ₹526 Cr | Mar 2023 ₹527 Cr | Jun 2023 ₹515 Cr | Sep 2023 ₹523 Cr | Dec 2023 ₹571 Cr | Mar 2024 ₹514 Cr | Jun 2024 ₹508 Cr | Sep 2024 ₹507 Cr | Dec 2024 ₹531 Cr | Mar 2025 ₹518 Cr | Jun 2025 ₹529 Cr | Sep 2025 ₹508 Cr | Dec 2025 ₹498 Cr | Mar 2026 ₹479 Cr | Jun 2026 —
- HDL: Sep 2021 ₹89 Cr | Dec 2021 ₹89 Cr | Mar 2022 ₹109 Cr | Jun 2022 ₹137 Cr | Sep 2022 ₹147 Cr | Dec 2022 ₹165 Cr | Mar 2023 ₹161 Cr | Jun 2023 ₹163 Cr | Sep 2023 ₹173 Cr | Dec 2023 ₹189 Cr | Mar 2024 ₹188 Cr | Jun 2024 ₹183 Cr | Sep 2024 ₹199 Cr | Dec 2024 ₹209 Cr | Mar 2025 ₹198 Cr | Jun 2025 ₹199 Cr | Sep 2025 ₹214 Cr | Dec 2025 ₹230 Cr | Mar 2026 ₹226 Cr | Jun 2026 —
- FWRG: Sep 2021 ₹157 Cr | Dec 2021 ₹163 Cr | Mar 2022 ₹173 Cr | Jun 2022 ₹184 Cr | Sep 2022 ₹187 Cr | Dec 2022 ₹186 Cr | Mar 2023 ₹211 Cr | Jun 2023 ₹216 Cr | Sep 2023 ₹219 Cr | Dec 2023 ₹245 Cr | Mar 2024 ₹242 Cr | Jun 2024 ₹259 Cr | Sep 2024 ₹252 Cr | Dec 2024 ₹263 Cr | Mar 2025 ₹282 Cr | Jun 2025 ₹308 Cr | Sep 2025 ₹316 Cr | Dec 2025 ₹316 Cr | Mar 2026 ₹331 Cr | Jun 2026 —
- SG: Sep 2021 ₹96 Cr | Dec 2021 ₹96 Cr | Mar 2022 ₹103 Cr | Jun 2022 ₹125 Cr | Sep 2022 ₹124 Cr | Dec 2022 ₹119 Cr | Mar 2023 ₹125 Cr | Jun 2023 ₹153 Cr | Sep 2023 ₹153 Cr | Dec 2023 ₹153 Cr | Mar 2024 ₹158 Cr | Jun 2024 ₹185 Cr | Sep 2024 ₹173 Cr | Dec 2024 ₹161 Cr | Mar 2025 ₹166 Cr | Jun 2025 ₹186 Cr | Sep 2025 ₹172 Cr | Dec 2025 ₹155 Cr | Mar 2026 ₹162 Cr | Jun 2026 —
- BLMN: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹999 Cr | Sep 2024 ₹910 Cr | Dec 2024 ₹972 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹929 Cr | Dec 2025 ₹975 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- CNNE: Sep 2021 ₹186 Cr | Dec 2021 — | Mar 2022 ₹167 Cr | Jun 2022 ₹175 Cr | Sep 2022 ₹165 Cr | Dec 2022 ₹156 Cr | Mar 2023 ₹154 Cr | Jun 2023 ₹153 Cr | Sep 2023 ₹144 Cr | Dec 2023 ₹119 Cr | Mar 2024 ₹111 Cr | Jun 2024 ₹118 Cr | Sep 2024 ₹114 Cr | Dec 2024 ₹110 Cr | Mar 2025 ₹103 Cr | Jun 2025 ₹110 Cr | Sep 2025 ₹107 Cr | Dec 2025 ₹103 Cr | Mar 2026 ₹96 Cr | Jun 2026 —
- KRUS: Sep 2021 ₹28 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹38 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹51 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹63 Cr | Sep 2024 ₹66 Cr | Dec 2024 ₹64 Cr | Mar 2025 ₹65 Cr | Jun 2025 ₹74 Cr | Sep 2025 ₹79 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹80 Cr | Jun 2026 ₹86 Cr
- LOCO: Sep 2021 ₹116 Cr | Dec 2021 ₹109 Cr | Mar 2022 ₹110 Cr | Jun 2022 ₹124 Cr | Sep 2022 ₹120 Cr | Dec 2022 ₹116 Cr | Mar 2023 ₹115 Cr | Jun 2023 ₹121 Cr | Sep 2023 ₹120 Cr | Dec 2023 ₹112 Cr | Mar 2024 ₹116 Cr | Jun 2024 ₹122 Cr | Sep 2024 ₹120 Cr | Dec 2024 ₹114 Cr | Mar 2025 ₹119 Cr | Jun 2025 ₹126 Cr | Sep 2025 ₹122 Cr | Dec 2025 ₹124 Cr | Mar 2026 — | Jun 2026 ₹126 Cr
- DIN: Sep 2021 ₹229 Cr | Dec 2021 — | Mar 2022 ₹230 Cr | Jun 2022 ₹238 Cr | Sep 2022 ₹233 Cr | Dec 2022 — | Mar 2023 ₹208 Cr | Jun 2023 ₹208 Cr | Sep 2023 ₹203 Cr | Dec 2023 ₹206 Cr | Mar 2024 ₹206 Cr | Jun 2024 ₹206 Cr | Sep 2024 ₹195 Cr | Dec 2024 ₹205 Cr | Mar 2025 ₹215 Cr | Jun 2025 ₹231 Cr | Sep 2025 ₹216 Cr | Dec 2025 ₹218 Cr | Mar 2026 ₹225 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- MCD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.9% | Sep 2022 -5.3% | Dec 2022 -1.4% | Mar 2023 4.1% | Jun 2023 14% | Sep 2023 14% | Dec 2023 8.1% | Mar 2024 4.6% | Jun 2024 -0.1% | Sep 2024 2.7% | Dec 2024 -0.3% | Mar 2025 -3.5% | Jun 2025 5.4% | Sep 2025 3.0% | Dec 2025 9.7% | Mar 2026 9.4% | Jun 2026 —
- SBUX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.9% | Sep 2022 — | Dec 2022 3.3% | Mar 2023 8.3% | Jun 2023 14% | Sep 2023 12% | Dec 2023 11% | Mar 2024 -1.7% | Jun 2024 4.5% | Sep 2024 -1.0% | Dec 2024 0.3% | Mar 2025 2.3% | Jun 2025 3.8% | Sep 2025 5.4% | Dec 2025 5.5% | Mar 2026 8.8% | Jun 2026 —
- CMG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 14% | Dec 2022 11% | Mar 2023 17% | Jun 2023 14% | Sep 2023 11% | Dec 2023 15% | Mar 2024 14% | Jun 2024 18% | Sep 2024 13% | Dec 2024 13% | Mar 2025 6.4% | Jun 2025 3.0% | Sep 2025 7.5% | Dec 2025 4.9% | Mar 2026 7.4% | Jun 2026 —
- YUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.1% | Sep 2022 2.1% | Dec 2022 6.8% | Mar 2023 6.3% | Jun 2023 3.1% | Sep 2023 4.2% | Dec 2023 0.8% | Mar 2024 -2.9% | Jun 2024 4.5% | Sep 2024 6.9% | Dec 2024 16% | Mar 2025 12% | Jun 2025 9.6% | Sep 2025 8.4% | Dec 2025 6.5% | Mar 2026 15% | Jun 2026 —
- QSR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 15% | Dec 2022 9.3% | Mar 2023 9.6% | Jun 2023 8.3% | Sep 2023 6.4% | Dec 2023 7.8% | Mar 2024 9.4% | Jun 2024 17% | Sep 2024 25% | Dec 2024 26% | Mar 2025 21% | Jun 2025 16% | Sep 2025 6.9% | Dec 2025 7.4% | Mar 2026 7.4% | Jun 2026 —
- DRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 6.1% | Dec 2022 9.5% | Mar 2023 14% | Jun 2023 6.4% | Sep 2023 12% | Dec 2023 9.7% | Mar 2024 6.8% | Jun 2024 6.8% | Sep 2024 1.0% | Dec 2024 6.0% | Mar 2025 6.2% | Jun 2025 11% | Sep 2025 10% | Dec 2025 7.3% | Mar 2026 5.9% | Jun 2026 14%
- YUMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -13% | Sep 2022 5.1% | Dec 2022 -8.9% | Mar 2023 9.3% | Jun 2023 25% | Sep 2023 8.5% | Dec 2023 19% | Mar 2024 1.4% | Jun 2024 0.9% | Sep 2024 5.4% | Dec 2024 4.1% | Mar 2025 0.8% | Jun 2025 4.0% | Sep 2025 4.4% | Dec 2025 8.8% | Mar 2026 9.7% | Jun 2026 —
- TXRH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 14% | Dec 2022 13% | Mar 2023 19% | Jun 2023 14% | Sep 2023 13% | Dec 2023 15% | Mar 2024 13% | Jun 2024 15% | Sep 2024 13% | Dec 2024 24% | Mar 2025 — | Jun 2025 8.0% | Sep 2025 19% | Dec 2025 3.1% | Mar 2026 — | Jun 2026 —
- BROS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 44% | Sep 2022 53% | Dec 2022 44% | Mar 2023 30% | Jun 2023 34% | Sep 2023 33% | Dec 2023 26% | Mar 2024 40% | Jun 2024 30% | Sep 2024 28% | Dec 2024 35% | Mar 2025 29% | Jun 2025 28% | Sep 2025 25% | Dec 2025 29% | Mar 2026 31% | Jun 2026 —
- DPZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.2% | Sep 2022 7.1% | Dec 2022 — | Mar 2023 3.7% | Jun 2023 -3.8% | Sep 2023 -3.9% | Dec 2023 — | Mar 2024 -22% | Jun 2024 7.1% | Sep 2024 5.2% | Dec 2024 2.9% | Mar 2025 2.5% | Jun 2025 4.3% | Sep 2025 6.2% | Dec 2025 6.4% | Mar 2026 3.5% | Jun 2026 —
- EAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.3% | Sep 2022 9.1% | Dec 2022 10% | Mar 2023 11% | Jun 2023 5.3% | Sep 2023 6.0% | Dec 2023 5.4% | Mar 2024 3.4% | Jun 2024 12% | Sep 2024 12% | Dec 2024 26% | Mar 2025 27% | Jun 2025 21% | Sep 2025 18% | Dec 2025 6.9% | Mar 2026 3.2% | Jun 2026 —
- CAVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 12% | Mar 2023 — | Jun 2023 28% | Sep 2023 27% | Dec 2023 27% | Mar 2024 — | Jun 2024 28% | Sep 2024 35% | Dec 2024 39% | Mar 2025 — | Jun 2025 28% | Sep 2025 21% | Dec 2025 20% | Mar 2026 — | Jun 2026 32%
- CAKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.3% | Sep 2022 4.0% | Dec 2022 — | Mar 2023 12% | Jun 2023 4.0% | Sep 2023 10% | Dec 2023 — | Mar 2024 -1.8% | Jun 2024 2.9% | Sep 2024 4.4% | Dec 2024 4.2% | Mar 2025 — | Jun 2025 4.0% | Sep 2025 5.8% | Dec 2025 11% | Mar 2026 — | Jun 2026 —
- WING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 41% | Dec 2022 46% | Mar 2023 — | Jun 2023 30% | Sep 2023 15% | Dec 2023 21% | Mar 2024 — | Jun 2024 43% | Sep 2024 51% | Dec 2024 28% | Mar 2025 17% | Jun 2025 12% | Sep 2025 8.6% | Dec 2025 8.6% | Mar 2026 7.6% | Jun 2026 —
- SHAK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 24% | Sep 2022 18% | Dec 2022 18% | Mar 2023 25% | Jun 2023 18% | Sep 2023 21% | Dec 2023 20% | Mar 2024 15% | Jun 2024 16% | Sep 2024 15% | Dec 2024 15% | Mar 2025 10% | Jun 2025 13% | Sep 2025 16% | Dec 2025 22% | Mar 2026 — | Jun 2026 3.1%
- ARCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50% | Sep 2022 27% | Dec 2022 31% | Mar 2023 25% | Jun 2023 17% | Sep 2023 22% | Dec 2023 15% | Mar 2024 9.1% | Jun 2024 6.7% | Sep 2024 0.8% | Dec 2024 -2.6% | Mar 2025 -0.4% | Jun 2025 2.8% | Sep 2025 5.2% | Dec 2025 11% | Mar 2026 13% | Jun 2026 —
- WEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 9.1% | Dec 2022 13% | Mar 2023 14% | Jun 2023 8.2% | Sep 2023 4.5% | Dec 2023 3.4% | Mar 2024 -0.4% | Jun 2024 7.9% | Sep 2024 0.9% | Dec 2024 4.2% | Mar 2025 -2.2% | Jun 2025 -1.8% | Sep 2025 -3.0% | Dec 2025 -5.4% | Mar 2026 3.4% | Jun 2026 —
- BJRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 10% | Dec 2022 — | Mar 2023 15% | Jun 2023 3.3% | Sep 2023 13% | Dec 2023 — | Mar 2024 -5.8% | Jun 2024 -1.2% | Sep 2024 0.0% | Dec 2024 2.2% | Mar 2025 — | Jun 2025 3.3% | Sep 2025 4.6% | Dec 2025 8.9% | Mar 2026 — | Jun 2026 —
- CBRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 5.9% | Dec 2022 7.0% | Mar 2023 8.4% | Jun 2023 5.4% | Sep 2023 0.8% | Dec 2023 -1.9% | Mar 2024 0.1% | Jun 2024 -1.9% | Sep 2024 6.8% | Dec 2024 2.6% | Mar 2025 1.5% | Jun 2025 0.5% | Sep 2025 -2.9% | Dec 2025 -5.7% | Mar 2026 -7.8% | Jun 2026 -2.9%
- BH: Sep 2021 — | Dec 2021 — | Mar 2022 -9.6% | Jun 2022 1.1% | Sep 2022 12% | Dec 2022 — | Mar 2023 5.9% | Jun 2023 2.2% | Sep 2023 -1.1% | Dec 2023 — | Mar 2024 -1.1% | Jun 2024 -3.2% | Sep 2024 -1.1% | Dec 2024 0.0% | Mar 2025 6.7% | Jun 2025 11% | Sep 2025 11% | Dec 2025 9.9% | Mar 2026 2.1% | Jun 2026 —
- PZZA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.6% | Sep 2022 -0.4% | Dec 2022 -0.6% | Mar 2023 -3.0% | Jun 2023 -1.5% | Sep 2023 2.4% | Dec 2023 8.6% | Mar 2024 -2.5% | Jun 2024 -1.4% | Sep 2024 -3.1% | Dec 2024 -7.0% | Mar 2025 0.8% | Jun 2025 4.1% | Sep 2025 0.2% | Dec 2025 -6.2% | Mar 2026 -7.5% | Jun 2026 —
- HDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 104% | Sep 2022 65% | Dec 2022 85% | Mar 2023 48% | Jun 2023 19% | Sep 2023 18% | Dec 2023 15% | Mar 2024 17% | Jun 2024 12% | Sep 2024 15% | Dec 2024 11% | Mar 2025 5.3% | Jun 2025 8.7% | Sep 2025 7.5% | Dec 2025 10% | Mar 2026 14% | Jun 2026 —
- FWRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 19% | Dec 2022 14% | Mar 2023 22% | Jun 2023 17% | Sep 2023 17% | Dec 2023 32% | Mar 2024 15% | Jun 2024 20% | Sep 2024 15% | Dec 2024 7.4% | Mar 2025 17% | Jun 2025 19% | Sep 2025 25% | Dec 2025 20% | Mar 2026 17% | Jun 2026 —
- SG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 29% | Dec 2022 24% | Mar 2023 21% | Jun 2023 22% | Sep 2023 23% | Dec 2023 29% | Mar 2024 26% | Jun 2024 21% | Sep 2024 13% | Dec 2024 5.2% | Mar 2025 5.1% | Jun 2025 0.5% | Sep 2025 -0.6% | Dec 2025 -3.7% | Mar 2026 -2.4% | Jun 2026 —
- BLMN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.5% | Sep 2022 4.6% | Dec 2022 4.6% | Mar 2023 9.1% | Jun 2023 2.5% | Sep 2023 2.3% | Dec 2023 9.0% | Mar 2024 -14% | Jun 2024 -13% | Sep 2024 -16% | Dec 2024 -19% | Mar 2025 -1.8% | Jun 2025 0.3% | Sep 2025 2.1% | Dec 2025 0.3% | Mar 2026 1.0% | Jun 2026 —
- CNNE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -13% | Sep 2022 -11% | Dec 2022 — | Mar 2023 -7.8% | Jun 2023 -13% | Sep 2023 -13% | Dec 2023 -24% | Mar 2024 -28% | Jun 2024 -23% | Sep 2024 -21% | Dec 2024 -7.6% | Mar 2025 -7.2% | Jun 2025 -6.8% | Sep 2025 -6.1% | Dec 2025 -6.4% | Mar 2026 -6.8% | Jun 2026 —
- KRUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 50% | Dec 2022 30% | Mar 2023 42% | Jun 2023 29% | Sep 2023 31% | Dec 2023 31% | Mar 2024 30% | Jun 2024 29% | Sep 2024 20% | Dec 2024 25% | Mar 2025 14% | Jun 2025 17% | Sep 2025 20% | Dec 2025 14% | Mar 2026 23% | Jun 2026 16%
- LOCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.6% | Sep 2022 3.5% | Dec 2022 6.4% | Mar 2023 4.6% | Jun 2023 -2.4% | Sep 2023 0.0% | Dec 2023 -3.5% | Mar 2024 0.9% | Jun 2024 0.8% | Sep 2024 0.0% | Dec 2024 1.8% | Mar 2025 2.6% | Jun 2025 3.3% | Sep 2025 1.7% | Dec 2025 8.8% | Mar 2026 — | Jun 2026 0.0%
- DIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.7% | Sep 2022 1.8% | Dec 2022 — | Mar 2023 -9.6% | Jun 2023 -13% | Sep 2023 -13% | Dec 2023 — | Mar 2024 -1.0% | Jun 2024 -1.0% | Sep 2024 -3.9% | Dec 2024 -0.5% | Mar 2025 4.4% | Jun 2025 12% | Sep 2025 11% | Dec 2025 6.3% | Mar 2026 4.7% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Dine Brands Global, Inc. leads opm at 74.1%; Restaurant Brands International Inc. leads margin change at +6.2 percentage points.

Investor read: Dine Brands Global, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Dine Brands Global, Inc. · 74.1% | 63.6% versus #2 · McDonald's Corporation | 3/8 recent comparable periods | 29/29 companies · 536 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Dine Brands Global, Inc. (DIN): 74%
2. McDonald's Corporation (MCD): 45%
3. Yum! Brands, Inc. (YUM): 31%
4. Wingstop Inc. (WING): 27%
5. Restaurant Brands International Inc. (QSR): 27%

### Margin change — fastest expanders
1. Restaurant Brands International Inc. (QSR): +6.2 pp
2. Wingstop Inc. (WING): +5.0 pp
3. Biglari Holdings Inc. (BH): +4.9 pp
4. BJ's Restaurants, Inc. (BJRI): +3.9 pp
5. Super Hi International Holding Ltd. (HDL): +2.9 pp

### 20-quarter OPM history
- MCD: Sep 2021 48% | Dec 2021 40% | Mar 2022 41% | Jun 2022 30% | Sep 2022 47% | Dec 2022 44% | Mar 2023 43% | Jun 2023 48% | Sep 2023 48% | Dec 2023 44% | Mar 2024 44% | Jun 2024 45% | Sep 2024 46% | Dec 2024 45% | Mar 2025 45% | Jun 2025 47% | Sep 2025 47% | Dec 2025 45% | Mar 2026 45% | Jun 2026 —
- SBUX: Sep 2021 — | Dec 2021 18% | Mar 2022 15% | Jun 2022 12% | Sep 2022 16% | Dec 2022 14% | Mar 2023 14% | Jun 2023 15% | Sep 2023 17% | Dec 2023 18% | Mar 2024 13% | Jun 2024 17% | Sep 2024 14% | Dec 2024 12% | Mar 2025 6.9% | Jun 2025 9.9% | Sep 2025 2.9% | Dec 2025 9.0% | Mar 2026 8.7% | Jun 2026 —
- CMG: Sep 2021 12% | Dec 2021 8.1% | Mar 2022 9.4% | Jun 2022 15% | Sep 2022 15% | Dec 2022 14% | Mar 2023 16% | Jun 2023 17% | Sep 2023 16% | Dec 2023 14% | Mar 2024 16% | Jun 2024 20% | Sep 2024 17% | Dec 2024 15% | Mar 2025 17% | Jun 2025 18% | Sep 2025 16% | Dec 2025 14% | Mar 2026 13% | Jun 2026 —
- YUM: Sep 2021 33% | Dec 2021 27% | Mar 2022 33% | Jun 2022 34% | Sep 2022 33% | Dec 2022 29% | Mar 2023 32% | Jun 2023 34% | Sep 2023 36% | Dec 2023 30% | Mar 2024 33% | Jun 2024 34% | Sep 2024 34% | Dec 2024 28% | Mar 2025 31% | Jun 2025 32% | Sep 2025 34% | Dec 2025 29% | Mar 2026 31% | Jun 2026 —
- QSR: Sep 2021 36% | Dec 2021 27% | Mar 2022 31% | Jun 2022 33% | Sep 2022 33% | Dec 2022 21% | Mar 2023 28% | Jun 2023 31% | Sep 2023 32% | Dec 2023 26% | Mar 2024 31% | Jun 2024 32% | Sep 2024 25% | Dec 2024 28% | Mar 2025 21% | Jun 2025 20% | Sep 2025 27% | Dec 2025 25% | Mar 2026 27% | Jun 2026 —
- DRI: Sep 2021 12% | Dec 2021 11% | Mar 2022 12% | Jun 2022 13% | Sep 2022 10% | Dec 2022 9.4% | Mar 2023 13% | Jun 2023 14% | Sep 2023 9.3% | Dec 2023 10% | Mar 2024 13% | Jun 2024 13% | Sep 2024 9.8% | Dec 2024 10% | Mar 2025 13% | Jun 2025 12% | Sep 2025 11% | Dec 2025 10% | Mar 2026 12% | Jun 2026 14%
- YUMC: Sep 2021 7.0% | Dec 2021 28% | Mar 2022 7.2% | Jun 2022 3.8% | Sep 2022 12% | Dec 2022 2.0% | Mar 2023 14% | Jun 2023 9.7% | Sep 2023 11% | Dec 2023 4.4% | Mar 2024 13% | Jun 2024 9.9% | Sep 2024 12% | Dec 2024 5.8% | Mar 2025 13% | Jun 2025 11% | Sep 2025 13% | Dec 2025 6.6% | Mar 2026 14% | Jun 2026 —
- TXRH: Sep 2021 7.1% | Dec 2021 7.2% | Mar 2022 9.1% | Jun 2022 8.4% | Sep 2022 7.6% | Dec 2022 6.8% | Mar 2023 8.6% | Jun 2023 8.1% | Sep 2023 6.6% | Dec 2023 7.2% | Mar 2024 10% | Jun 2024 11% | Sep 2024 8.0% | Dec 2024 9.6% | Mar 2025 — | Jun 2025 9.3% | Sep 2025 9.7% | Dec 2025 6.5% | Mar 2026 9.0% | Jun 2026 —
- BROS: Sep 2021 -88% | Dec 2021 -5.1% | Mar 2022 -9.3% | Jun 2022 1.4% | Sep 2022 2.6% | Dec 2022 1.9% | Mar 2023 -0.1% | Jun 2023 7.8% | Sep 2023 9.3% | Dec 2023 0.9% | Mar 2024 9.3% | Jun 2024 9.9% | Sep 2024 9.6% | Dec 2024 4.6% | Mar 2025 8.7% | Jun 2025 13% | Sep 2025 9.8% | Dec 2025 7.7% | Mar 2026 7.4% | Jun 2026 —
- DPZ: Sep 2021 18% | Dec 2021 — | Mar 2022 17% | Jun 2022 17% | Sep 2022 17% | Dec 2022 — | Mar 2023 18% | Jun 2023 19% | Sep 2023 18% | Dec 2023 18% | Mar 2024 19% | Jun 2024 18% | Sep 2024 18% | Dec 2024 19% | Mar 2025 19% | Jun 2025 20% | Sep 2025 20% | Dec 2025 19% | Mar 2026 20% | Jun 2026 —
- EAT: Sep 2021 2.9% | Dec 2021 4.3% | Mar 2022 5.0% | Jun 2022 4.4% | Sep 2022 -2.1% | Dec 2022 4.0% | Mar 2023 5.9% | Jun 2023 5.5% | Sep 2023 2.4% | Dec 2023 5.8% | Mar 2024 6.2% | Jun 2024 6.1% | Sep 2024 5.0% | Dec 2024 12% | Mar 2025 11% | Jun 2025 9.8% | Sep 2025 8.7% | Dec 2025 12% | Mar 2026 11% | Jun 2026 —
- CAVA: Sep 2021 — | Dec 2021 89% | Mar 2022 — | Jun 2022 -13% | Sep 2022 -6.1% | Dec 2022 -8.8% | Mar 2023 — | Jun 2023 -1.1% | Sep 2023 3.3% | Dec 2023 1.6% | Mar 2024 — | Jun 2024 3.6% | Sep 2024 6.9% | Dec 2024 5.6% | Mar 2025 — | Jun 2025 4.7% | Sep 2025 7.0% | Dec 2025 5.9% | Mar 2026 — | Jun 2026 5.8%
- CAKE: Sep 2021 4.2% | Dec 2021 0.1% | Mar 2022 3.6% | Jun 2022 3.4% | Sep 2022 -0.3% | Dec 2022 — | Mar 2023 -1.7% | Jun 2023 3.9% | Sep 2023 5.5% | Dec 2023 2.3% | Mar 2024 0.9% | Jun 2024 4.4% | Sep 2024 6.5% | Dec 2024 3.9% | Mar 2025 — | Jun 2025 5.6% | Sep 2025 6.8% | Dec 2025 3.5% | Mar 2026 5.6% | Jun 2026 —
- WING: Sep 2021 32% | Dec 2021 20% | Mar 2022 22% | Jun 2022 27% | Sep 2022 26% | Dec 2022 28% | Mar 2023 — | Jun 2023 24% | Sep 2023 25% | Dec 2023 24% | Mar 2024 29% | Jun 2024 27% | Sep 2024 25% | Dec 2024 26% | Mar 2025 22% | Jun 2025 26% | Sep 2025 28% | Dec 2025 27% | Mar 2026 27% | Jun 2026 —
- SHAK: Sep 2021 -1.4% | Dec 2021 -3.2% | Mar 2022 -7.3% | Jun 2022 -0.4% | Sep 2022 -2.1% | Dec 2022 -2.6% | Mar 2023 -1.3% | Jun 2023 1.7% | Sep 2023 2.0% | Dec 2023 -0.5% | Mar 2024 0.0% | Jun 2024 3.4% | Sep 2024 -5.7% | Dec 2024 3.1% | Mar 2025 0.9% | Jun 2025 6.3% | Sep 2025 5.0% | Dec 2025 4.7% | Mar 2026 — | Jun 2026 -0.7%
- ARCO: Sep 2021 7.0% | Dec 2021 10% | Mar 2022 6.1% | Jun 2022 6.8% | Sep 2022 8.0% | Dec 2022 8.0% | Mar 2023 6.7% | Jun 2023 7.2% | Sep 2023 8.1% | Dec 2023 7.0% | Mar 2024 6.2% | Jun 2024 6.7% | Sep 2024 7.0% | Dec 2024 9.0% | Mar 2025 4.2% | Jun 2025 5.5% | Sep 2025 12% | Dec 2025 8.7% | Mar 2026 5.2% | Jun 2026 —
- WEN: Sep 2021 20% | Dec 2021 25% | Mar 2022 24% | Jun 2022 21% | Sep 2022 24% | Dec 2022 22% | Mar 2023 22% | Jun 2023 23% | Sep 2023 26% | Dec 2023 26% | Mar 2024 23% | Jun 2024 25% | Sep 2024 23% | Dec 2024 26% | Mar 2025 23% | Jun 2025 26% | Sep 2025 23% | Dec 2025 21% | Mar 2026 19% | Jun 2026 —
- BJRI: Sep 2021 -2.5% | Dec 2021 -2.7% | Mar 2022 -2.6% | Jun 2022 1.0% | Sep 2022 -1.7% | Dec 2022 — | Mar 2023 0.3% | Jun 2023 0.8% | Sep 2023 2.9% | Dec 2023 -0.7% | Mar 2024 1.0% | Jun 2024 2.4% | Sep 2024 3.8% | Dec 2024 -0.8% | Mar 2025 — | Jun 2025 4.3% | Sep 2025 5.8% | Dec 2025 3.1% | Mar 2026 3.0% | Jun 2026 —
- CBRL: Sep 2021 8.0% | Dec 2021 5.5% | Mar 2022 5.4% | Jun 2022 3.9% | Sep 2022 4.0% | Dec 2022 2.8% | Mar 2023 4.2% | Jun 2023 2.0% | Sep 2023 4.9% | Dec 2023 1.4% | Mar 2024 3.3% | Jun 2024 -2.4% | Sep 2024 2.5% | Dec 2024 0.8% | Mar 2025 3.1% | Jun 2025 1.8% | Sep 2025 0.5% | Dec 2025 -4.1% | Mar 2026 0.1% | Jun 2026 0.8%
- BH: Sep 2021 0.9% | Dec 2021 7.0% | Mar 2022 7.0% | Jun 2022 13% | Sep 2022 14% | Dec 2022 — | Mar 2023 10% | Jun 2023 11% | Sep 2023 -7.5% | Dec 2023 4.2% | Mar 2024 5.3% | Jun 2024 -14% | Sep 2024 3.5% | Dec 2024 4.3% | Mar 2025 -9.1% | Jun 2025 2.1% | Sep 2025 6.7% | Dec 2025 -5.1% | Mar 2026 -4.2% | Jun 2026 —
- PZZA: Sep 2021 7.5% | Dec 2021 7.2% | Mar 2022 2.7% | Jun 2022 7.4% | Sep 2022 3.8% | Dec 2022 6.9% | Mar 2023 7.2% | Jun 2023 6.8% | Sep 2023 6.1% | Dec 2023 7.5% | Mar 2024 6.6% | Jun 2024 5.6% | Sep 2024 13% | Dec 2024 5.6% | Mar 2025 4.6% | Jun 2025 4.6% | Sep 2025 3.2% | Dec 2025 4.9% | Mar 2026 4.3% | Jun 2026 —
- HDL: Sep 2021 -23% | Dec 2021 -23% | Mar 2022 -9.3% | Jun 2022 4.3% | Sep 2022 1.6% | Dec 2022 2.3% | Mar 2023 4.0% | Jun 2023 5.0% | Sep 2023 4.8% | Dec 2023 4.8% | Mar 2024 6.4% | Jun 2024 4.1% | Sep 2024 7.8% | Dec 2024 8.3% | Mar 2025 3.6% | Jun 2025 2.4% | Sep 2025 6.0% | Dec 2025 7.3% | Mar 2026 6.5% | Jun 2026 —
- FWRG: Sep 2021 4.5% | Dec 2021 -0.7% | Mar 2022 4.5% | Jun 2022 2.7% | Sep 2022 1.4% | Dec 2022 0.8% | Mar 2023 7.3% | Jun 2023 5.2% | Sep 2023 3.5% | Dec 2023 2.8% | Mar 2024 5.1% | Jun 2024 6.4% | Sep 2024 2.5% | Dec 2024 1.5% | Mar 2025 0.4% | Jun 2025 2.4% | Sep 2025 3.2% | Dec 2025 2.9% | Mar 2026 0.3% | Jun 2026 —
- SG: Sep 2021 -34% | Dec 2021 -50% | Mar 2022 -49% | Jun 2022 -34% | Sep 2022 -43% | Dec 2022 -40% | Mar 2023 -28% | Jun 2023 -21% | Sep 2023 -17% | Dec 2023 -19% | Mar 2024 -17% | Jun 2024 -8.8% | Sep 2024 -12% | Dec 2024 -20% | Mar 2025 -17% | Jun 2025 -14% | Sep 2025 -21% | Dec 2025 -31% | Mar 2026 -21% | Jun 2026 —
- BLMN: Sep 2021 1.5% | Dec 2021 7.5% | Mar 2022 9.4% | Jun 2022 7.8% | Sep 2022 4.9% | Dec 2022 5.5% | Mar 2023 9.7% | Jun 2023 7.8% | Sep 2023 5.4% | Dec 2023 4.8% | Mar 2024 6.6% | Jun 2024 4.4% | Sep 2024 0.9% | Dec 2024 1.7% | Mar 2025 5.5% | Jun 2025 3.0% | Sep 2025 -3.9% | Dec 2025 -1.4% | Mar 2026 5.6% | Jun 2026 —
- CNNE: Sep 2021 -13% | Dec 2021 — | Mar 2022 -45% | Jun 2022 -16% | Sep 2022 -13% | Dec 2022 -13% | Mar 2023 -15% | Jun 2023 -13% | Sep 2023 -36% | Dec 2023 -21% | Mar 2024 -37% | Jun 2024 -20% | Sep 2024 -16% | Dec 2024 -20% | Mar 2025 -21% | Jun 2025 -55% | Sep 2025 -12% | Dec 2025 -23% | Mar 2026 -23% | Jun 2026 —
- KRUS: Sep 2021 -2.7% | Dec 2021 -4.2% | Mar 2022 -6.0% | Jun 2022 1.2% | Sep 2022 4.6% | Dec 2022 -5.5% | Mar 2023 -2.4% | Jun 2023 2.7% | Sep 2023 4.1% | Dec 2023 -5.5% | Mar 2024 -2.9% | Jun 2024 -1.9% | Sep 2024 -8.8% | Dec 2024 -2.3% | Mar 2025 -7.1% | Jun 2025 -0.2% | Sep 2025 1.8% | Dec 2025 -5.0% | Mar 2026 -2.8% | Jun 2026 0.0%
- LOCO: Sep 2021 12% | Dec 2021 28% | Mar 2022 3.0% | Jun 2022 8.5% | Sep 2022 5.7% | Dec 2022 7.5% | Mar 2023 6.0% | Jun 2023 9.0% | Sep 2023 3.2% | Dec 2023 29% | Mar 2024 8.3% | Jun 2024 10% | Sep 2024 8.4% | Dec 2024 30% | Mar 2025 7.5% | Jun 2025 9.0% | Sep 2025 9.4% | Dec 2025 32% | Mar 2026 — | Jun 2026 9.7%
- DIN: Sep 2021 14% | Dec 2021 — | Mar 2022 13% | Jun 2022 14% | Sep 2022 12% | Dec 2022 — | Mar 2023 8.9% | Jun 2023 14% | Sep 2023 12% | Dec 2023 13% | Mar 2024 12% | Jun 2024 15% | Sep 2024 14% | Dec 2024 2.4% | Mar 2025 78% | Jun 2025 8.6% | Sep 2025 4.6% | Dec 2025 -7.8% | Mar 2026 74% | Jun 2026 —

### 20-quarter Margin change history
- MCD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −15.8 pp | Sep 2022 −1.1 pp | Dec 2022 +3.7 pp | Mar 2023 +2.1 pp | Jun 2023 +17.9 pp | Sep 2023 +0.8 pp | Dec 2023 +0.1 pp | Mar 2024 +1.5 pp | Jun 2024 −2.8 pp | Sep 2024 −1.5 pp | Dec 2024 +1.2 pp | Mar 2025 +0.1 pp | Jun 2025 +2.2 pp | Sep 2025 +1.0 pp | Dec 2025 +0.1 pp | Mar 2026 +0.8 pp | Jun 2026 —
- SBUX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −7.5 pp | Sep 2022 — | Dec 2022 −4.0 pp | Mar 2023 −0.2 pp | Jun 2023 +2.8 pp | Sep 2023 +1.4 pp | Dec 2023 +4.0 pp | Mar 2024 −1.6 pp | Jun 2024 +1.5 pp | Sep 2024 −2.9 pp | Dec 2024 −6.3 pp | Mar 2025 −5.9 pp | Jun 2025 −6.8 pp | Sep 2025 −11.5 pp | Dec 2025 −2.9 pp | Mar 2026 +1.8 pp | Jun 2026 —
- CMG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.3 pp | Sep 2022 +2.8 pp | Dec 2022 +5.5 pp | Mar 2023 +6.1 pp | Jun 2023 +1.9 pp | Sep 2023 +0.9 pp | Dec 2023 +0.8 pp | Mar 2024 +0.8 pp | Jun 2024 +2.5 pp | Sep 2024 +0.9 pp | Dec 2024 +0.2 pp | Mar 2025 +0.4 pp | Jun 2025 −1.5 pp | Sep 2025 −1.0 pp | Dec 2025 −0.5 pp | Mar 2026 −3.8 pp | Jun 2026 —
- YUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.5 pp | Sep 2022 +0.5 pp | Dec 2022 +2.0 pp | Mar 2023 −1.1 pp | Jun 2023 +0.1 pp | Sep 2023 +2.6 pp | Dec 2023 +1.3 pp | Mar 2024 +0.7 pp | Jun 2024 +0.4 pp | Sep 2024 −2.0 pp | Dec 2024 −2.1 pp | Mar 2025 −1.8 pp | Jun 2025 −2.2 pp | Sep 2025 −0.2 pp | Dec 2025 +1.5 pp | Mar 2026 +0.6 pp | Jun 2026 —
- QSR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.9 pp | Sep 2022 −3.2 pp | Dec 2022 −6.4 pp | Mar 2023 −2.9 pp | Jun 2023 −1.8 pp | Sep 2023 −0.8 pp | Dec 2023 +5.2 pp | Mar 2024 +3.2 pp | Jun 2024 +0.7 pp | Sep 2024 −6.5 pp | Dec 2024 +2.0 pp | Mar 2025 −10.7 pp | Jun 2025 −11.9 pp | Sep 2025 +1.9 pp | Dec 2025 −2.5 pp | Mar 2026 +6.2 pp | Jun 2026 —
- DRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.2 pp | Dec 2022 −1.3 pp | Mar 2023 +0.3 pp | Jun 2023 +0.5 pp | Sep 2023 −0.7 pp | Dec 2023 +0.8 pp | Mar 2024 +0.4 pp | Jun 2024 −0.1 pp | Sep 2024 +0.5 pp | Dec 2024 −0.1 pp | Mar 2025 +0.2 pp | Jun 2025 −1.7 pp | Sep 2025 +1.3 pp | Dec 2025 +0.2 pp | Mar 2026 −1.1 pp | Jun 2026 +2.2 pp
- YUMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.7 pp | Sep 2022 +4.8 pp | Dec 2022 −25.6 pp | Mar 2023 +7.1 pp | Jun 2023 +5.9 pp | Sep 2023 −0.7 pp | Dec 2023 +2.4 pp | Mar 2024 −1.7 pp | Jun 2024 +0.2 pp | Sep 2024 +1.0 pp | Dec 2024 +1.4 pp | Mar 2025 +0.8 pp | Jun 2025 +1.0 pp | Sep 2025 +0.4 pp | Dec 2025 +0.8 pp | Mar 2026 +0.3 pp | Jun 2026 —
- TXRH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.6 pp | Sep 2022 +0.5 pp | Dec 2022 −0.4 pp | Mar 2023 −0.5 pp | Jun 2023 −0.3 pp | Sep 2023 −1.0 pp | Dec 2023 +0.4 pp | Mar 2024 +1.5 pp | Jun 2024 +2.5 pp | Sep 2024 +1.4 pp | Dec 2024 +2.4 pp | Mar 2025 — | Jun 2025 −1.3 pp | Sep 2025 +1.7 pp | Dec 2025 −3.1 pp | Mar 2026 — | Jun 2026 —
- BROS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −9.6 pp | Sep 2022 +90.9 pp | Dec 2022 +7.0 pp | Mar 2023 +9.2 pp | Jun 2023 +6.4 pp | Sep 2023 +6.7 pp | Dec 2023 −1.0 pp | Mar 2024 +9.4 pp | Jun 2024 +2.1 pp | Sep 2024 +0.3 pp | Dec 2024 +3.7 pp | Mar 2025 −0.6 pp | Jun 2025 +3.2 pp | Sep 2025 +0.2 pp | Dec 2025 +3.1 pp | Mar 2026 −1.3 pp | Jun 2026 —
- DPZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.8 pp | Sep 2022 −1.6 pp | Dec 2022 — | Mar 2023 +1.3 pp | Jun 2023 +2.4 pp | Sep 2023 +1.9 pp | Dec 2023 — | Mar 2024 +1.5 pp | Jun 2024 −1.2 pp | Sep 2024 0.0 pp | Dec 2024 +0.7 pp | Mar 2025 −0.5 pp | Jun 2025 +1.8 pp | Sep 2025 +1.1 pp | Dec 2025 +0.3 pp | Mar 2026 +1.1 pp | Jun 2026 —
- EAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.6 pp | Sep 2022 −5.0 pp | Dec 2022 −0.3 pp | Mar 2023 +0.9 pp | Jun 2023 +1.1 pp | Sep 2023 +4.5 pp | Dec 2023 +1.8 pp | Mar 2024 +0.3 pp | Jun 2024 +0.6 pp | Sep 2024 +2.6 pp | Dec 2024 +5.7 pp | Mar 2025 +4.8 pp | Jun 2025 +3.7 pp | Sep 2025 +3.7 pp | Dec 2025 +0.1 pp | Mar 2026 +0.3 pp | Jun 2026 —
- CAVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −97.6 pp | Mar 2023 — | Jun 2023 +11.4 pp | Sep 2023 +9.4 pp | Dec 2023 +10.4 pp | Mar 2024 — | Jun 2024 +4.7 pp | Sep 2024 +3.6 pp | Dec 2024 +4.0 pp | Mar 2025 — | Jun 2025 +1.1 pp | Sep 2025 +0.1 pp | Dec 2025 +0.3 pp | Mar 2026 — | Jun 2026 +1.1 pp
- CAKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.9 pp | Sep 2022 −4.5 pp | Dec 2022 — | Mar 2023 −5.3 pp | Jun 2023 +0.5 pp | Sep 2023 +5.8 pp | Dec 2023 — | Mar 2024 +2.6 pp | Jun 2024 +0.5 pp | Sep 2024 +1.0 pp | Dec 2024 +1.6 pp | Mar 2025 — | Jun 2025 +1.2 pp | Sep 2025 +0.3 pp | Dec 2025 −0.4 pp | Mar 2026 — | Jun 2026 —
- WING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.2 pp | Sep 2022 −5.7 pp | Dec 2022 +7.8 pp | Mar 2023 — | Jun 2023 −3.1 pp | Sep 2023 −1.3 pp | Dec 2023 −4.0 pp | Mar 2024 — | Jun 2024 +2.9 pp | Sep 2024 −0.2 pp | Dec 2024 +2.4 pp | Mar 2025 −6.9 pp | Jun 2025 −0.6 pp | Sep 2025 +3.4 pp | Dec 2025 +0.8 pp | Mar 2026 +5.0 pp | Jun 2026 —
- SHAK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.2 pp | Sep 2022 −0.7 pp | Dec 2022 +0.6 pp | Mar 2023 +6.0 pp | Jun 2023 +2.1 pp | Sep 2023 +4.1 pp | Dec 2023 +2.1 pp | Mar 2024 +1.3 pp | Jun 2024 +1.7 pp | Sep 2024 −7.7 pp | Dec 2024 +3.6 pp | Mar 2025 +0.9 pp | Jun 2025 +2.9 pp | Sep 2025 +10.7 pp | Dec 2025 +1.6 pp | Mar 2026 — | Jun 2026 −7.0 pp
- ARCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.8 pp | Sep 2022 +1.0 pp | Dec 2022 −2.0 pp | Mar 2023 +0.6 pp | Jun 2023 +0.4 pp | Sep 2023 +0.1 pp | Dec 2023 −1.0 pp | Mar 2024 −0.5 pp | Jun 2024 −0.5 pp | Sep 2024 −1.1 pp | Dec 2024 +2.0 pp | Mar 2025 −2.0 pp | Jun 2025 −1.2 pp | Sep 2025 +5.3 pp | Dec 2025 −0.3 pp | Mar 2026 +1.0 pp | Jun 2026 —
- WEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.3 pp | Dec 2022 −2.6 pp | Mar 2023 −2.7 pp | Jun 2023 +2.4 pp | Sep 2023 +2.8 pp | Dec 2023 +3.7 pp | Mar 2024 +1.2 pp | Jun 2024 +1.2 pp | Sep 2024 −3.0 pp | Dec 2024 −0.3 pp | Mar 2025 −0.3 pp | Jun 2025 +1.7 pp | Sep 2025 −0.3 pp | Dec 2025 −4.8 pp | Mar 2026 −3.3 pp | Jun 2026 —
- BJRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.3 pp | Sep 2022 +0.8 pp | Dec 2022 — | Mar 2023 +2.9 pp | Jun 2023 −0.2 pp | Sep 2023 +4.6 pp | Dec 2023 — | Mar 2024 +0.7 pp | Jun 2024 +1.6 pp | Sep 2024 +0.9 pp | Dec 2024 −0.1 pp | Mar 2025 — | Jun 2025 +1.9 pp | Sep 2025 +2.0 pp | Dec 2025 +3.9 pp | Mar 2026 — | Jun 2026 —
- CBRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.0 pp | Dec 2022 −2.7 pp | Mar 2023 −1.2 pp | Jun 2023 −1.9 pp | Sep 2023 +0.9 pp | Dec 2023 −1.4 pp | Mar 2024 −0.9 pp | Jun 2024 −4.4 pp | Sep 2024 −2.4 pp | Dec 2024 −0.6 pp | Mar 2025 −0.2 pp | Jun 2025 +4.2 pp | Sep 2025 −2.0 pp | Dec 2025 −4.9 pp | Mar 2026 −3.0 pp | Jun 2026 −1.0 pp
- BH: Sep 2021 — | Dec 2021 — | Mar 2022 −2.4 pp | Jun 2022 +4.0 pp | Sep 2022 +13.0 pp | Dec 2022 — | Mar 2023 +3.0 pp | Jun 2023 −2.6 pp | Sep 2023 −21.4 pp | Dec 2023 — | Mar 2024 −4.7 pp | Jun 2024 −24.6 pp | Sep 2024 +11.0 pp | Dec 2024 +0.1 pp | Mar 2025 −14.4 pp | Jun 2025 +16.0 pp | Sep 2025 +3.2 pp | Dec 2025 −9.4 pp | Mar 2026 +4.9 pp | Jun 2026 —
- PZZA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.3 pp | Sep 2022 −3.7 pp | Dec 2022 −0.3 pp | Mar 2023 +4.5 pp | Jun 2023 −0.6 pp | Sep 2023 +2.3 pp | Dec 2023 +0.6 pp | Mar 2024 −0.6 pp | Jun 2024 −1.2 pp | Sep 2024 +6.8 pp | Dec 2024 −1.9 pp | Mar 2025 −2.0 pp | Jun 2025 −1.0 pp | Sep 2025 −9.7 pp | Dec 2025 −0.7 pp | Mar 2026 −0.3 pp | Jun 2026 —
- HDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +35.5 pp | Sep 2022 +24.8 pp | Dec 2022 +25.5 pp | Mar 2023 +13.3 pp | Jun 2023 +0.7 pp | Sep 2023 +3.2 pp | Dec 2023 +2.5 pp | Mar 2024 +2.4 pp | Jun 2024 −0.9 pp | Sep 2024 +3.0 pp | Dec 2024 +3.5 pp | Mar 2025 −2.8 pp | Jun 2025 −1.7 pp | Sep 2025 −1.8 pp | Dec 2025 −1.0 pp | Mar 2026 +2.9 pp | Jun 2026 —
- FWRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.3 pp | Sep 2022 −3.1 pp | Dec 2022 +1.5 pp | Mar 2023 +2.8 pp | Jun 2023 +2.5 pp | Sep 2023 +2.1 pp | Dec 2023 +2.0 pp | Mar 2024 −2.2 pp | Jun 2024 +1.2 pp | Sep 2024 −1.0 pp | Dec 2024 −1.3 pp | Mar 2025 −4.7 pp | Jun 2025 −4.0 pp | Sep 2025 +0.7 pp | Dec 2025 +1.4 pp | Mar 2026 −0.1 pp | Jun 2026 —
- SG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.2 pp | Sep 2022 −9.0 pp | Dec 2022 +9.3 pp | Mar 2023 +20.6 pp | Jun 2023 +13.7 pp | Sep 2023 +25.4 pp | Dec 2023 +21.1 pp | Mar 2024 +11.1 pp | Jun 2024 +11.7 pp | Sep 2024 +5.1 pp | Dec 2024 −0.4 pp | Mar 2025 −0.1 pp | Jun 2025 −5.4 pp | Sep 2025 −8.8 pp | Dec 2025 −11.5 pp | Mar 2026 −4.1 pp | Jun 2026 —
- BLMN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.8 pp | Sep 2022 +3.4 pp | Dec 2022 −2.0 pp | Mar 2023 +0.3 pp | Jun 2023 0.0 pp | Sep 2023 +0.5 pp | Dec 2023 −0.7 pp | Mar 2024 −3.1 pp | Jun 2024 −3.4 pp | Sep 2024 −4.5 pp | Dec 2024 −3.1 pp | Mar 2025 −1.1 pp | Jun 2025 −1.4 pp | Sep 2025 −4.8 pp | Dec 2025 −3.1 pp | Mar 2026 +0.1 pp | Jun 2026 —
- CNNE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.4 pp | Sep 2022 +0.4 pp | Dec 2022 — | Mar 2023 +30.5 pp | Jun 2023 +2.7 pp | Sep 2023 −23.2 pp | Dec 2023 −7.4 pp | Mar 2024 −22.0 pp | Jun 2024 −6.7 pp | Sep 2024 +20.2 pp | Dec 2024 +0.7 pp | Mar 2025 +16.0 pp | Jun 2025 −35.8 pp | Sep 2025 +3.6 pp | Dec 2025 −3.3 pp | Mar 2026 −2.3 pp | Jun 2026 —
- KRUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.3 pp | Dec 2022 −1.3 pp | Mar 2023 +3.6 pp | Jun 2023 +1.5 pp | Sep 2023 −0.5 pp | Dec 2023 0.0 pp | Mar 2024 −0.5 pp | Jun 2024 −4.6 pp | Sep 2024 −12.9 pp | Dec 2024 +3.2 pp | Mar 2025 −4.2 pp | Jun 2025 +1.7 pp | Sep 2025 +10.6 pp | Dec 2025 −2.7 pp | Mar 2026 +4.3 pp | Jun 2026 +0.2 pp
- LOCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.9 pp | Sep 2022 −6.6 pp | Dec 2022 −20.1 pp | Mar 2023 +3.0 pp | Jun 2023 +0.5 pp | Sep 2023 −2.5 pp | Dec 2023 +21.3 pp | Mar 2024 +2.3 pp | Jun 2024 +1.1 pp | Sep 2024 +5.2 pp | Dec 2024 +1.4 pp | Mar 2025 −0.8 pp | Jun 2025 −1.1 pp | Sep 2025 +1.0 pp | Dec 2025 +1.4 pp | Mar 2026 — | Jun 2026 +0.7 pp
- DIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.9 pp | Sep 2022 −1.8 pp | Dec 2022 — | Mar 2023 −3.8 pp | Jun 2023 −0.1 pp | Sep 2023 +0.2 pp | Dec 2023 — | Mar 2024 +2.6 pp | Jun 2024 +1.7 pp | Sep 2024 +1.2 pp | Dec 2024 −10.3 pp | Mar 2025 +66.6 pp | Jun 2025 −6.6 pp | Sep 2025 −9.0 pp | Dec 2025 −10.2 pp | Mar 2026 −4.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: McDonald's Corporation leads with $8,677 million of TTM profit, 399.3% above Yum! Brands, Inc.. Arcos Dorados Holdings Inc. shows 74.1% growth from a $235 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: McDonald's Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: McDonald's Corporation · $8,677 million | 399.3% versus #2 · Yum! Brands, Inc. | 4/8 recent comparable periods | 25/29 companies · 537 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. McDonald's Corporation (MCD): ₹8.7K Cr
2. Yum! Brands, Inc. (YUM): ₹1.7K Cr
3. Starbucks Corporation (SBUX): ₹1.5K Cr
4. Chipotle Mexican Grill, Inc. (CMG): ₹1.5K Cr
5. Restaurant Brands International Inc. (QSR): ₹1.4K Cr

### Profit growth — fastest growers
1. Arcos Dorados Holdings Inc. (ARCO): 74%
2. Dutch Bros Inc. (BROS): 64%
3. Brinker International, Inc. (EAT): 39%
4. Yum! Brands, Inc. (YUM): 22%
5. Darden Restaurants, Inc. (DRI): 15%

### 20-quarter Net profit history
- MCD: Sep 2021 ₹2.2K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- SBUX: Sep 2021 — | Dec 2021 ₹1.8K Cr | Mar 2022 ₹816 Cr | Jun 2022 ₹675 Cr | Sep 2022 ₹914 Cr | Dec 2022 ₹879 Cr | Mar 2023 ₹855 Cr | Jun 2023 ₹908 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹773 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹910 Cr | Dec 2024 ₹781 Cr | Mar 2025 ₹384 Cr | Jun 2025 ₹559 Cr | Sep 2025 ₹133 Cr | Dec 2025 ₹293 Cr | Mar 2026 ₹511 Cr | Jun 2026 —
- CMG: Sep 2021 ₹204 Cr | Dec 2021 ₹133 Cr | Mar 2022 ₹158 Cr | Jun 2022 ₹260 Cr | Sep 2022 ₹257 Cr | Dec 2022 ₹224 Cr | Mar 2023 ₹292 Cr | Jun 2023 ₹342 Cr | Sep 2023 ₹313 Cr | Dec 2023 ₹282 Cr | Mar 2024 ₹359 Cr | Jun 2024 ₹456 Cr | Sep 2024 ₹387 Cr | Dec 2024 ₹332 Cr | Mar 2025 ₹387 Cr | Jun 2025 ₹436 Cr | Sep 2025 ₹382 Cr | Dec 2025 ₹331 Cr | Mar 2026 ₹303 Cr | Jun 2026 —
- YUM: Sep 2021 ₹528 Cr | Dec 2021 ₹330 Cr | Mar 2022 ₹399 Cr | Jun 2022 ₹224 Cr | Sep 2022 ₹331 Cr | Dec 2022 ₹371 Cr | Mar 2023 ₹300 Cr | Jun 2023 ₹418 Cr | Sep 2023 ₹416 Cr | Dec 2023 ₹463 Cr | Mar 2024 ₹314 Cr | Jun 2024 ₹367 Cr | Sep 2024 ₹382 Cr | Dec 2024 ₹423 Cr | Mar 2025 ₹253 Cr | Jun 2025 ₹374 Cr | Sep 2025 ₹397 Cr | Dec 2025 ₹535 Cr | Mar 2026 ₹432 Cr | Jun 2026 —
- QSR: Sep 2021 ₹329 Cr | Dec 2021 ₹262 Cr | Mar 2022 ₹270 Cr | Jun 2022 ₹346 Cr | Sep 2022 ₹530 Cr | Dec 2022 ₹336 Cr | Mar 2023 ₹277 Cr | Jun 2023 ₹351 Cr | Sep 2023 ₹364 Cr | Dec 2023 ₹726 Cr | Mar 2024 ₹328 Cr | Jun 2024 ₹399 Cr | Sep 2024 ₹357 Cr | Dec 2024 ₹361 Cr | Mar 2025 ₹223 Cr | Jun 2025 ₹264 Cr | Sep 2025 ₹440 Cr | Dec 2025 ₹274 Cr | Mar 2026 ₹445 Cr | Jun 2026 —
- DRI: Sep 2021 ₹232 Cr | Dec 2021 ₹193 Cr | Mar 2022 ₹248 Cr | Jun 2022 ₹282 Cr | Sep 2022 ₹194 Cr | Dec 2022 ₹188 Cr | Mar 2023 ₹287 Cr | Jun 2023 ₹316 Cr | Sep 2023 ₹195 Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹313 Cr | Jun 2024 ₹310 Cr | Sep 2024 ₹208 Cr | Dec 2024 ₹216 Cr | Mar 2025 ₹324 Cr | Jun 2025 ₹304 Cr | Sep 2025 ₹258 Cr | Dec 2025 ₹237 Cr | Mar 2026 ₹311 Cr | Jun 2026 ₹408 Cr
- YUMC: Sep 2021 ₹111 Cr | Dec 2021 ₹476 Cr | Mar 2022 ₹110 Cr | Jun 2022 ₹83 Cr | Sep 2022 ₹227 Cr | Dec 2022 ₹58 Cr | Mar 2023 ₹313 Cr | Jun 2023 ₹214 Cr | Sep 2023 ₹267 Cr | Dec 2023 ₹107 Cr | Mar 2024 ₹307 Cr | Jun 2024 ₹228 Cr | Sep 2024 ₹319 Cr | Dec 2024 ₹126 Cr | Mar 2025 ₹313 Cr | Jun 2025 ₹233 Cr | Sep 2025 ₹305 Cr | Dec 2025 ₹153 Cr | Mar 2026 ₹331 Cr | Jun 2026 —
- TXRH: Sep 2021 ₹54 Cr | Dec 2021 ₹55 Cr | Mar 2022 ₹77 Cr | Jun 2022 ₹75 Cr | Sep 2022 ₹64 Cr | Dec 2022 ₹62 Cr | Mar 2023 ₹89 Cr | Jun 2023 ₹84 Cr | Sep 2023 ₹66 Cr | Dec 2023 ₹75 Cr | Mar 2024 ₹116 Cr | Jun 2024 ₹123 Cr | Sep 2024 ₹87 Cr | Dec 2024 ₹119 Cr | Mar 2025 — | Jun 2025 ₹116 Cr | Sep 2025 ₹127 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹126 Cr | Jun 2026 —
- BROS: Sep 2021 ₹-117 Cr | Dec 2021 ₹-8 Cr | Mar 2022 ₹-16 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹-9 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹-4 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- DPZ: Sep 2021 ₹120 Cr | Dec 2021 — | Mar 2022 ₹156 Cr | Jun 2022 ₹102 Cr | Sep 2022 ₹101 Cr | Dec 2022 — | Mar 2023 ₹158 Cr | Jun 2023 ₹109 Cr | Sep 2023 ₹148 Cr | Dec 2023 ₹157 Cr | Mar 2024 ₹126 Cr | Jun 2024 ₹142 Cr | Sep 2024 ₹147 Cr | Dec 2024 ₹169 Cr | Mar 2025 ₹150 Cr | Jun 2025 ₹131 Cr | Sep 2025 ₹139 Cr | Dec 2025 ₹182 Cr | Mar 2026 ₹140 Cr | Jun 2026 —
- EAT: Sep 2021 ₹13 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹-30 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹54 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹57 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹119 Cr | Mar 2025 ₹119 Cr | Jun 2025 ₹107 Cr | Sep 2025 ₹100 Cr | Dec 2025 ₹129 Cr | Mar 2026 ₹128 Cr | Jun 2026 —
- CAVA: Sep 2021 — | Dec 2021 ₹-3 Cr | Mar 2022 — | Jun 2022 ₹-20 Cr | Sep 2022 ₹-8 Cr | Dec 2022 ₹-12 Cr | Mar 2023 — | Jun 2023 ₹-2 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹7 Cr | Mar 2024 — | Jun 2024 ₹14 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹18 Cr | Mar 2025 — | Jun 2025 ₹26 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹15 Cr | Mar 2026 — | Jun 2026 ₹24 Cr
- CAKE: Sep 2021 ₹33 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹-2 Cr | Dec 2022 — | Mar 2023 ₹-3 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹30 Cr | Mar 2025 — | Jun 2025 ₹33 Cr | Sep 2025 ₹55 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹50 Cr | Jun 2026 —
- WING: Sep 2021 ₹11 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹18 Cr | Mar 2023 — | Jun 2023 ₹16 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹92 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹30 Cr | Jun 2026 —
- SHAK: Sep 2021 ₹-2 Cr | Dec 2021 ₹-10 Cr | Mar 2022 ₹-11 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹-2 Cr | Dec 2022 ₹-11 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹-11 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹13 Cr | Mar 2026 — | Jun 2026 ₹0 Cr
- ARCO: Sep 2021 ₹25 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹47 Cr | Dec 2022 ₹55 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹60 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹59 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹151 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹36 Cr | Jun 2026 —
- WEN: Sep 2021 ₹39 Cr | Dec 2021 ₹77 Cr | Mar 2022 ₹90 Cr | Jun 2022 ₹65 Cr | Sep 2022 ₹78 Cr | Dec 2022 ₹70 Cr | Mar 2023 ₹73 Cr | Jun 2023 ₹79 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹98 Cr | Mar 2024 ₹83 Cr | Jun 2024 ₹96 Cr | Sep 2024 ₹88 Cr | Dec 2024 ₹98 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹98 Cr | Sep 2025 ₹79 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹61 Cr | Jun 2026 —
- BJRI: Sep 2021 ₹-2 Cr | Dec 2021 ₹-5 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹-2 Cr | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹-4 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹-3 Cr | Mar 2025 — | Jun 2025 ₹13 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- CBRL: Sep 2021 ₹36 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹38 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹-9 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹-25 Cr | Mar 2026 ₹1 Cr | Jun 2026 ₹43 Cr
- BH: Sep 2021 ₹-11 Cr | Dec 2021 ₹-5 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹-74 Cr | Sep 2022 ₹32 Cr | Dec 2022 — | Mar 2023 ₹66 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹-57 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹-48 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹-10 Cr | Mar 2025 ₹-33 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹-5 Cr | Dec 2025 ₹-50 Cr | Mar 2026 ₹-15 Cr | Jun 2026 —
- PZZA: Sep 2021 ₹31 Cr | Dec 2021 ₹26 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- HDL: Sep 2021 ₹-50 Cr | Dec 2021 ₹-50 Cr | Mar 2022 ₹-28 Cr | Jun 2022 ₹-27 Cr | Sep 2022 ₹-14 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹-12 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- FWRG: Sep 2021 ₹1 Cr | Dec 2021 ₹-5 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹-3 Cr | Jun 2026 —
- SG: Sep 2021 ₹-30 Cr | Dec 2021 ₹-66 Cr | Mar 2022 ₹-50 Cr | Jun 2022 ₹-41 Cr | Sep 2022 ₹-51 Cr | Dec 2022 ₹-49 Cr | Mar 2023 ₹-34 Cr | Jun 2023 ₹-27 Cr | Sep 2023 ₹-25 Cr | Dec 2023 ₹-27 Cr | Mar 2024 ₹-26 Cr | Jun 2024 ₹-14 Cr | Sep 2024 ₹-21 Cr | Dec 2024 ₹-29 Cr | Mar 2025 ₹-25 Cr | Jun 2025 ₹-23 Cr | Sep 2025 ₹-36 Cr | Dec 2025 ₹-50 Cr | Mar 2026 ₹126 Cr | Jun 2026 —
- BLMN: Sep 2021 ₹5 Cr | Dec 2021 ₹65 Cr | Mar 2022 ₹110 Cr | Jun 2022 ₹-39 Cr | Sep 2022 ₹44 Cr | Dec 2022 ₹47 Cr | Mar 2023 ₹123 Cr | Jun 2023 ₹83 Cr | Sep 2023 ₹45 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹-72 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹-16 Cr | Dec 2024 ₹-14 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹-50 Cr | Dec 2025 ₹-42 Cr | Mar 2026 ₹36 Cr | Jun 2026 —
- CNNE: Sep 2021 ₹-119 Cr | Dec 2021 ₹-9 Cr | Mar 2022 ₹-249 Cr | Jun 2022 ₹-265 Cr | Sep 2022 ₹55 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹-90 Cr | Sep 2023 ₹-171 Cr | Dec 2023 ₹-86 Cr | Mar 2024 ₹-92 Cr | Jun 2024 ₹-155 Cr | Sep 2024 ₹-18 Cr | Dec 2024 ₹-26 Cr | Mar 2025 ₹-39 Cr | Jun 2025 ₹-241 Cr | Sep 2025 ₹-71 Cr | Dec 2025 ₹-92 Cr | Mar 2026 ₹-36 Cr | Jun 2026 —
- KRUS: Sep 2021 ₹-1 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹-2 Cr | Jun 2026 ₹0 Cr
- LOCO: Sep 2021 ₹10 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹35 Cr | Mar 2026 — | Jun 2026 ₹8 Cr
- DIN: Sep 2021 ₹23 Cr | Dec 2021 — | Mar 2022 ₹20 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹21 Cr | Dec 2022 — | Mar 2023 ₹11 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹-12 Cr | Mar 2026 ₹7 Cr | Jun 2026 —

### 20-quarter Profit growth history
- MCD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -46% | Sep 2022 -7.8% | Dec 2022 16% | Mar 2023 63% | Jun 2023 95% | Sep 2023 17% | Dec 2023 7.2% | Mar 2024 7.1% | Jun 2024 -13% | Sep 2024 -2.7% | Dec 2024 -1.1% | Mar 2025 -3.2% | Jun 2025 11% | Sep 2025 1.0% | Dec 2025 7.2% | Mar 2026 6.1% | Jun 2026 —
- SBUX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -42% | Sep 2022 — | Dec 2022 -50% | Mar 2023 4.8% | Jun 2023 35% | Sep 2023 25% | Dec 2023 39% | Mar 2024 -9.6% | Jun 2024 16% | Sep 2024 -20% | Dec 2024 -36% | Mar 2025 -50% | Jun 2025 -47% | Sep 2025 -85% | Dec 2025 -62% | Mar 2026 33% | Jun 2026 —
- CMG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 38% | Sep 2022 26% | Dec 2022 68% | Mar 2023 85% | Jun 2023 32% | Sep 2023 22% | Dec 2023 26% | Mar 2024 23% | Jun 2024 33% | Sep 2024 24% | Dec 2024 18% | Mar 2025 7.8% | Jun 2025 -4.4% | Sep 2025 -1.3% | Dec 2025 -0.3% | Mar 2026 -22% | Jun 2026 —
- YUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -43% | Sep 2022 -37% | Dec 2022 12% | Mar 2023 -25% | Jun 2023 87% | Sep 2023 26% | Dec 2023 25% | Mar 2024 4.7% | Jun 2024 -12% | Sep 2024 -8.2% | Dec 2024 -8.6% | Mar 2025 -19% | Jun 2025 1.9% | Sep 2025 3.9% | Dec 2025 26% | Mar 2026 71% | Jun 2026 —
- QSR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -12% | Sep 2022 61% | Dec 2022 28% | Mar 2023 2.6% | Jun 2023 1.5% | Sep 2023 -31% | Dec 2023 116% | Mar 2024 18% | Jun 2024 14% | Sep 2024 -1.9% | Dec 2024 -50% | Mar 2025 -32% | Jun 2025 -34% | Sep 2025 23% | Dec 2025 -24% | Mar 2026 100% | Jun 2026 —
- DRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -16% | Dec 2022 -2.6% | Mar 2023 16% | Jun 2023 12% | Sep 2023 0.5% | Dec 2023 1,028% | Mar 2024 9.1% | Jun 2024 -1.9% | Sep 2024 6.7% | Dec 2024 -90% | Mar 2025 3.5% | Jun 2025 -1.9% | Sep 2025 24% | Dec 2025 9.7% | Mar 2026 -4.0% | Jun 2026 34%
- YUMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -57% | Sep 2022 105% | Dec 2022 -88% | Mar 2023 185% | Jun 2023 158% | Sep 2023 18% | Dec 2023 84% | Mar 2024 -1.9% | Jun 2024 6.5% | Sep 2024 19% | Dec 2024 18% | Mar 2025 2.0% | Jun 2025 2.2% | Sep 2025 -4.4% | Dec 2025 21% | Mar 2026 5.8% | Jun 2026 —
- TXRH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.9% | Sep 2022 19% | Dec 2022 13% | Mar 2023 16% | Jun 2023 12% | Sep 2023 3.1% | Dec 2023 21% | Mar 2024 30% | Jun 2024 46% | Sep 2024 32% | Dec 2024 59% | Mar 2025 — | Jun 2025 -5.7% | Sep 2025 46% | Dec 2025 -27% | Mar 2026 — | Jun 2026 —
- BROS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -117% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 550% | Dec 2023 — | Mar 2024 — | Jun 2024 120% | Sep 2024 69% | Dec 2024 — | Mar 2025 38% | Jun 2025 73% | Sep 2025 23% | Dec 2025 383% | Mar 2026 9.1% | Jun 2026 —
- DPZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -13% | Sep 2022 -16% | Dec 2022 — | Mar 2023 1.3% | Jun 2023 6.9% | Sep 2023 47% | Dec 2023 — | Mar 2024 -20% | Jun 2024 30% | Sep 2024 -0.7% | Dec 2024 7.6% | Mar 2025 19% | Jun 2025 -7.8% | Sep 2025 -5.4% | Dec 2025 7.7% | Mar 2026 -6.7% | Jun 2026 —
- EAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -47% | Sep 2022 -331% | Dec 2022 0.0% | Mar 2023 38% | Jun 2023 35% | Sep 2023 — | Dec 2023 50% | Mar 2024 -3.9% | Jun 2024 5.6% | Sep 2024 457% | Dec 2024 183% | Mar 2025 143% | Jun 2025 88% | Sep 2025 156% | Dec 2025 8.4% | Mar 2026 7.6% | Jun 2026 —
- CAVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 186% | Dec 2024 157% | Mar 2025 — | Jun 2025 86% | Sep 2025 -10% | Dec 2025 -17% | Mar 2026 — | Jun 2026 -7.7%
- CAKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -24% | Sep 2022 -106% | Dec 2022 — | Mar 2023 -113% | Jun 2023 7.7% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 18% | Sep 2024 21% | Dec 2024 67% | Mar 2025 — | Jun 2025 0.0% | Sep 2025 5.8% | Dec 2025 -3.3% | Mar 2026 — | Jun 2026 —
- WING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 18% | Dec 2022 157% | Mar 2023 — | Jun 2023 23% | Sep 2023 23% | Dec 2023 5.6% | Mar 2024 — | Jun 2024 69% | Sep 2024 63% | Dec 2024 42% | Mar 2025 217% | Jun 2025 0.0% | Sep 2025 7.7% | Dec 2025 0.0% | Mar 2026 -67% | Jun 2026 —
- SHAK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -150% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 43% | Sep 2024 -238% | Dec 2024 29% | Mar 2025 150% | Jun 2025 80% | Sep 2025 — | Dec 2025 44% | Mar 2026 — | Jun 2026 -100%
- ARCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 200% | Sep 2022 88% | Dec 2022 20% | Mar 2023 52% | Jun 2023 93% | Sep 2023 28% | Dec 2023 1.8% | Mar 2024 -24% | Jun 2024 -6.9% | Sep 2024 -42% | Dec 2024 5.4% | Mar 2025 -52% | Jun 2025 -15% | Sep 2025 331% | Dec 2025 -58% | Mar 2026 157% | Jun 2026 —
- WEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 100% | Dec 2022 -9.1% | Mar 2023 -19% | Jun 2023 22% | Sep 2023 26% | Dec 2023 40% | Mar 2024 14% | Jun 2024 22% | Sep 2024 -10% | Dec 2024 0.0% | Mar 2025 -11% | Jun 2025 2.1% | Sep 2025 -10% | Dec 2025 -22% | Mar 2026 -18% | Jun 2026 —
- BJRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -100% | Sep 2022 — | Dec 2022 — | Mar 2023 0.0% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 700% | Jun 2024 167% | Sep 2024 42% | Dec 2024 — | Mar 2025 — | Jun 2025 63% | Sep 2025 29% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CBRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -8.3% | Dec 2022 -48% | Mar 2023 -21% | Jun 2023 -50% | Sep 2023 12% | Dec 2023 -71% | Mar 2024 -10% | Jun 2024 -164% | Sep 2024 -51% | Dec 2024 0.0% | Mar 2025 -19% | Jun 2025 — | Sep 2025 -61% | Dec 2025 -600% | Mar 2026 -95% | Jun 2026 231%
- BH: Sep 2021 — | Dec 2021 — | Mar 2022 -100% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -278% | Dec 2023 — | Mar 2024 -65% | Jun 2024 -2,500% | Sep 2024 — | Dec 2024 -122% | Mar 2025 -243% | Jun 2025 — | Sep 2025 -116% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PZZA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -24% | Sep 2022 -74% | Dec 2022 -7.7% | Mar 2023 109% | Jun 2023 -31% | Sep 2023 100% | Dec 2023 8.3% | Mar 2024 -35% | Jun 2024 -28% | Sep 2024 163% | Dec 2024 -42% | Mar 2025 -40% | Jun 2025 -23% | Sep 2025 -90% | Dec 2025 -40% | Mar 2026 -22% | Jun 2026 —
- HDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -18% | Mar 2024 -183% | Jun 2024 — | Sep 2024 — | Dec 2024 -152% | Mar 2025 — | Jun 2025 — | Sep 2025 -89% | Dec 2025 — | Mar 2026 -67% | Jun 2026 —
- FWRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -25% | Sep 2022 -100% | Dec 2022 — | Mar 2023 80% | Jun 2023 167% | Sep 2023 — | Dec 2023 — | Mar 2024 -22% | Jun 2024 13% | Sep 2024 -60% | Dec 2024 -67% | Mar 2025 -114% | Jun 2025 -78% | Sep 2025 50% | Dec 2025 1,400% | Mar 2026 — | Jun 2026 —
- BLMN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -130% | Sep 2022 780% | Dec 2022 -28% | Mar 2023 12% | Jun 2023 — | Sep 2023 2.3% | Dec 2023 -13% | Mar 2024 -159% | Jun 2024 -61% | Sep 2024 -136% | Dec 2024 -134% | Mar 2025 — | Jun 2025 -69% | Sep 2025 — | Dec 2025 — | Mar 2026 -23% | Jun 2026 —
- CNNE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -249% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -411% | Dec 2023 -397% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KRUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 50% | Dec 2023 — | Mar 2024 — | Jun 2024 -150% | Sep 2024 -267% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 -100%
- LOCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -22% | Sep 2022 -50% | Dec 2022 -79% | Mar 2023 100% | Jun 2023 0.0% | Sep 2023 -120% | Dec 2023 383% | Mar 2024 50% | Jun 2024 14% | Sep 2024 — | Dec 2024 6.9% | Mar 2025 -17% | Jun 2025 -13% | Sep 2025 17% | Dec 2025 13% | Mar 2026 — | Jun 2026 14%
- DIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -17% | Sep 2022 -8.7% | Dec 2022 — | Mar 2023 -45% | Jun 2023 -25% | Sep 2023 -14% | Dec 2023 — | Mar 2024 55% | Jun 2024 28% | Sep 2024 5.6% | Dec 2024 -85% | Mar 2025 -53% | Jun 2025 -39% | Sep 2025 -63% | Dec 2025 -340% | Mar 2026 -13% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: McDonald's Corporation reports $682 million of CAPEX; Kura Sushi USA, Inc. has the highest covered intensity at 16.3%. Coverage is only 29 of 29 companies and 532 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: McDonald's Corporation · $682 million | 149.8% versus #2 · Starbucks Corporation | 8/8 recent comparable periods | 29/29 companies · 532 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. McDonald's Corporation (MCD): ₹682 Cr
2. Starbucks Corporation (SBUX): ₹273 Cr
3. Darden Restaurants, Inc. (DRI): ₹193 Cr
4. Chipotle Mexican Grill, Inc. (CMG): ₹180 Cr
5. Yum China Holdings, Inc. (YUMC): ₹144 Cr

### CAPEX intensity — highest reinvestment intensity
1. Kura Sushi USA, Inc. (KRUS): 16%
2. Shake Shack Inc. (SHAK): 13%
3. Dutch Bros Inc. (BROS): 12%
4. CAVA Group, Inc. (CAVA): 11%
5. McDonald's Corporation (MCD): 11%

### 20-quarter CAPEX history
- MCD: Sep 2021 ₹502 Cr | Dec 2021 ₹687 Cr | Mar 2022 ₹401 Cr | Jun 2022 ₹438 Cr | Sep 2022 ₹531 Cr | Dec 2022 ₹529 Cr | Mar 2023 ₹503 Cr | Jun 2023 ₹526 Cr | Sep 2023 ₹570 Cr | Dec 2023 ₹757 Cr | Mar 2024 ₹547 Cr | Jun 2024 ₹628 Cr | Sep 2024 ₹794 Cr | Dec 2024 ₹807 Cr | Mar 2025 ₹551 Cr | Jun 2025 ₹744 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹682 Cr | Jun 2026 —
- SBUX: Sep 2021 — | Dec 2021 ₹484 Cr | Mar 2022 ₹417 Cr | Jun 2022 ₹455 Cr | Sep 2022 ₹424 Cr | Dec 2022 ₹546 Cr | Mar 2023 ₹517 Cr | Jun 2023 ₹485 Cr | Sep 2023 ₹632 Cr | Dec 2023 ₹700 Cr | Mar 2024 ₹659 Cr | Jun 2024 ₹724 Cr | Sep 2024 ₹798 Cr | Dec 2024 ₹693 Cr | Mar 2025 ₹589 Cr | Jun 2025 ₹567 Cr | Sep 2025 ₹456 Cr | Dec 2025 ₹324 Cr | Mar 2026 ₹273 Cr | Jun 2026 —
- CMG: Sep 2021 ₹108 Cr | Dec 2021 ₹122 Cr | Mar 2022 ₹96 Cr | Jun 2022 ₹100 Cr | Sep 2022 ₹139 Cr | Dec 2022 ₹144 Cr | Mar 2023 ₹120 Cr | Jun 2023 ₹137 Cr | Sep 2023 ₹131 Cr | Dec 2023 ₹172 Cr | Mar 2024 ₹133 Cr | Jun 2024 ₹140 Cr | Sep 2024 ₹148 Cr | Dec 2024 ₹173 Cr | Mar 2025 ₹145 Cr | Jun 2025 ₹161 Cr | Sep 2025 ₹163 Cr | Dec 2025 ₹197 Cr | Mar 2026 ₹180 Cr | Jun 2026 —
- YUM: Sep 2021 ₹54 Cr | Dec 2021 ₹92 Cr | Mar 2022 ₹42 Cr | Jun 2022 ₹55 Cr | Sep 2022 ₹61 Cr | Dec 2022 ₹121 Cr | Mar 2023 ₹62 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹57 Cr | Dec 2023 ₹106 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹106 Cr | Mar 2025 ₹71 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹94 Cr | Dec 2025 ₹135 Cr | Mar 2026 ₹75 Cr | Jun 2026 —
- QSR: Sep 2021 ₹24 Cr | Dec 2021 ₹36 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹55 Cr | Dec 2024 ₹77 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹102 Cr | Mar 2026 ₹58 Cr | Jun 2026 —
- DRI: Sep 2021 ₹83 Cr | Dec 2021 ₹86 Cr | Mar 2022 ₹102 Cr | Jun 2022 ₹101 Cr | Sep 2022 ₹123 Cr | Dec 2022 ₹158 Cr | Mar 2023 ₹130 Cr | Jun 2023 ₹154 Cr | Sep 2023 ₹151 Cr | Dec 2023 ₹162 Cr | Mar 2024 ₹148 Cr | Jun 2024 ₹140 Cr | Sep 2024 ₹145 Cr | Dec 2024 ₹169 Cr | Mar 2025 ₹158 Cr | Jun 2025 ₹172 Cr | Sep 2025 ₹174 Cr | Dec 2025 ₹201 Cr | Mar 2026 ₹166 Cr | Jun 2026 ₹193 Cr
- YUMC: Sep 2021 ₹179 Cr | Dec 2021 ₹207 Cr | Mar 2022 ₹205 Cr | Jun 2022 ₹142 Cr | Sep 2022 ₹162 Cr | Dec 2022 ₹170 Cr | Mar 2023 ₹179 Cr | Jun 2023 ₹153 Cr | Sep 2023 ₹167 Cr | Dec 2023 ₹211 Cr | Mar 2024 ₹189 Cr | Jun 2024 ₹169 Cr | Sep 2024 ₹165 Cr | Dec 2024 ₹182 Cr | Mar 2025 ₹137 Cr | Jun 2025 ₹122 Cr | Sep 2025 ₹126 Cr | Dec 2025 ₹241 Cr | Mar 2026 ₹144 Cr | Jun 2026 —
- TXRH: Sep 2021 ₹54 Cr | Dec 2021 ₹62 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹60 Cr | Sep 2022 ₹66 Cr | Dec 2022 ₹72 Cr | Mar 2023 ₹67 Cr | Jun 2023 ₹88 Cr | Sep 2023 ₹89 Cr | Dec 2023 ₹103 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹78 Cr | Sep 2024 ₹91 Cr | Dec 2024 ₹108 Cr | Mar 2025 — | Jun 2025 ₹77 Cr | Sep 2025 ₹93 Cr | Dec 2025 ₹89 Cr | Mar 2026 ₹80 Cr | Jun 2026 —
- BROS: Sep 2021 ₹39 Cr | Dec 2021 ₹44 Cr | Mar 2022 ₹40 Cr | Jun 2022 ₹44 Cr | Sep 2022 ₹51 Cr | Dec 2022 ₹53 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹65 Cr | Dec 2023 ₹61 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹64 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹70 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹57 Cr | Jun 2026 —
- DPZ: Sep 2021 ₹17 Cr | Dec 2021 — | Mar 2022 ₹44 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹18 Cr | Dec 2022 — | Mar 2023 ₹37 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹15 Cr | Jun 2026 ₹24 Cr
- EAT: Sep 2021 ₹37 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹35 Cr | Jun 2022 ₹41 Cr | Sep 2022 ₹47 Cr | Dec 2022 ₹49 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹58 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹80 Cr | Jun 2025 ₹80 Cr | Sep 2025 ₹59 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹51 Cr | Jun 2026 —
- CAVA: Sep 2021 — | Dec 2021 ₹17 Cr | Mar 2022 — | Jun 2022 ₹22 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹26 Cr | Mar 2023 — | Jun 2023 ₹39 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹35 Cr | Mar 2024 — | Jun 2024 ₹34 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹21 Cr | Mar 2025 — | Jun 2025 ₹36 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹44 Cr | Mar 2026 — | Jun 2026 ₹49 Cr
- CAKE: Sep 2021 ₹18 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹32 Cr | Dec 2022 — | Mar 2023 ₹34 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹54 Cr | Mar 2025 — | Jun 2025 ₹43 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹43 Cr | Jun 2026 —
- WING: Sep 2021 ₹8 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹5 Cr | Mar 2023 — | Jun 2023 ₹4 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- SHAK: Sep 2021 ₹24 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹59 Cr | Mar 2026 — | Jun 2026 ₹47 Cr
- ARCO: Sep 2021 ₹26 Cr | Dec 2021 ₹42 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹44 Cr | Sep 2022 ₹55 Cr | Dec 2022 ₹93 Cr | Mar 2023 ₹47 Cr | Jun 2023 ₹76 Cr | Sep 2023 ₹105 Cr | Dec 2023 ₹132 Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹88 Cr | Sep 2024 ₹90 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹76 Cr | Dec 2025 ₹101 Cr | Mar 2026 ₹37 Cr | Jun 2026 —
- WEN: Sep 2021 ₹14 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹35 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- BJRI: Sep 2021 ₹11 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹20 Cr | Dec 2022 — | Mar 2023 ₹28 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹20 Cr | Mar 2025 — | Jun 2025 ₹17 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹16 Cr | Jun 2026 —
- CBRL: Sep 2021 ₹26 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹27 Cr | Jun 2026 ₹28 Cr
- BH: Sep 2021 ₹19 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹7 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- PZZA: Sep 2021 ₹20 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- HDL: Sep 2021 ₹11 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹9 Cr | Dec 2024 — | Mar 2025 ₹11 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹16 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FWRG: Sep 2021 ₹8 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹29 Cr | Jun 2026 —
- SG: Sep 2021 ₹22 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- BLMN: Sep 2021 ₹34 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹40 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹60 Cr | Dec 2022 ₹82 Cr | Mar 2023 ₹64 Cr | Jun 2023 ₹78 Cr | Sep 2023 ₹85 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹54 Cr | Jun 2024 ₹54 Cr | Sep 2024 ₹59 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹55 Cr | Mar 2026 ₹25 Cr | Jun 2026 —
- CNNE: Sep 2021 ₹3 Cr | Dec 2021 — | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹3 Cr | Dec 2022 — | Mar 2023 ₹3 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- KRUS: Sep 2021 ₹3 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹15 Cr | Jun 2026 ₹14 Cr
- LOCO: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹9 Cr | Mar 2026 — | Jun 2026 ₹10 Cr
- DIN: Sep 2021 ₹4 Cr | Dec 2021 — | Mar 2022 ₹9 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹7 Cr | Dec 2022 — | Mar 2023 ₹16 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹12 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- MCD: Sep 2021 8.1% | Dec 2021 11% | Mar 2022 7.1% | Jun 2022 7.7% | Sep 2022 9.0% | Dec 2022 8.9% | Mar 2023 8.5% | Jun 2023 8.1% | Sep 2023 8.5% | Dec 2023 12% | Mar 2024 8.9% | Jun 2024 9.7% | Sep 2024 12% | Dec 2024 13% | Mar 2025 9.3% | Jun 2025 11% | Sep 2025 14% | Dec 2025 15% | Mar 2026 11% | Jun 2026 —
- SBUX: Sep 2021 — | Dec 2021 5.9% | Mar 2022 5.2% | Jun 2022 6.0% | Sep 2022 5.2% | Dec 2022 6.5% | Mar 2023 5.9% | Jun 2023 5.6% | Sep 2023 6.9% | Dec 2023 7.5% | Mar 2024 7.7% | Jun 2024 7.9% | Sep 2024 8.8% | Dec 2024 7.4% | Mar 2025 6.7% | Jun 2025 6.0% | Sep 2025 4.8% | Dec 2025 3.3% | Mar 2026 2.9% | Jun 2026 —
- CMG: Sep 2021 5.5% | Dec 2021 6.2% | Mar 2022 4.8% | Jun 2022 4.5% | Sep 2022 6.3% | Dec 2022 6.6% | Mar 2023 5.1% | Jun 2023 5.4% | Sep 2023 5.3% | Dec 2023 6.8% | Mar 2024 4.9% | Jun 2024 4.7% | Sep 2024 5.3% | Dec 2024 6.1% | Mar 2025 5.0% | Jun 2025 5.3% | Sep 2025 5.4% | Dec 2025 6.6% | Mar 2026 5.8% | Jun 2026 —
- YUM: Sep 2021 3.4% | Dec 2021 4.9% | Mar 2022 2.7% | Jun 2022 3.4% | Sep 2022 3.7% | Dec 2022 6.0% | Mar 2023 3.8% | Jun 2023 3.6% | Sep 2023 3.3% | Dec 2023 5.2% | Mar 2024 3.1% | Jun 2024 2.8% | Sep 2024 2.8% | Dec 2024 4.5% | Mar 2025 4.0% | Jun 2025 3.7% | Sep 2025 4.7% | Dec 2025 5.4% | Mar 2026 3.6% | Jun 2026 —
- QSR: Sep 2021 1.6% | Dec 2021 2.3% | Mar 2022 0.7% | Jun 2022 1.1% | Sep 2022 1.4% | Dec 2022 2.8% | Mar 2023 1.1% | Jun 2023 1.7% | Sep 2023 1.4% | Dec 2023 2.6% | Mar 2024 1.5% | Jun 2024 2.1% | Sep 2024 2.4% | Dec 2024 3.4% | Mar 2025 3.0% | Jun 2025 1.6% | Sep 2025 2.5% | Dec 2025 4.1% | Mar 2026 2.6% | Jun 2026 —
- DRI: Sep 2021 3.6% | Dec 2021 3.8% | Mar 2022 4.2% | Jun 2022 3.9% | Sep 2022 5.0% | Dec 2022 6.4% | Mar 2023 4.7% | Jun 2023 5.6% | Sep 2023 5.5% | Dec 2023 5.9% | Mar 2024 5.0% | Jun 2024 4.7% | Sep 2024 5.3% | Dec 2024 5.8% | Mar 2025 5.0% | Jun 2025 5.3% | Sep 2025 5.7% | Dec 2025 6.5% | Mar 2026 5.0% | Jun 2026 5.2%
- YUMC: Sep 2021 7.0% | Dec 2021 9.0% | Mar 2022 7.7% | Jun 2022 6.7% | Sep 2022 6.0% | Dec 2022 8.1% | Mar 2023 6.1% | Jun 2023 5.8% | Sep 2023 5.7% | Dec 2023 8.5% | Mar 2024 6.4% | Jun 2024 6.3% | Sep 2024 5.4% | Dec 2024 7.0% | Mar 2025 4.6% | Jun 2025 4.4% | Sep 2025 3.9% | Dec 2025 8.5% | Mar 2026 4.4% | Jun 2026 —
- TXRH: Sep 2021 6.2% | Dec 2021 6.9% | Mar 2022 5.0% | Jun 2022 5.9% | Sep 2022 6.6% | Dec 2022 7.1% | Mar 2023 5.7% | Jun 2023 7.5% | Sep 2023 7.9% | Dec 2023 8.8% | Mar 2024 5.9% | Jun 2024 5.8% | Sep 2024 7.1% | Dec 2024 7.5% | Mar 2025 — | Jun 2025 5.3% | Sep 2025 6.2% | Dec 2025 6.0% | Mar 2026 4.9% | Jun 2026 —
- BROS: Sep 2021 30% | Dec 2021 31% | Mar 2022 26% | Jun 2022 24% | Sep 2022 26% | Dec 2022 26% | Mar 2023 22% | Jun 2023 24% | Sep 2023 25% | Dec 2023 24% | Mar 2024 21% | Jun 2024 20% | Sep 2024 17% | Dec 2024 13% | Mar 2025 13% | Jun 2025 13% | Sep 2025 17% | Dec 2025 16% | Mar 2026 12% | Jun 2026 —
- DPZ: Sep 2021 1.7% | Dec 2021 — | Mar 2022 3.3% | Jun 2022 1.9% | Sep 2022 1.7% | Dec 2022 — | Mar 2023 2.7% | Jun 2023 1.9% | Sep 2023 2.0% | Dec 2023 3.3% | Mar 2024 1.8% | Jun 2024 2.2% | Sep 2024 2.5% | Dec 2024 2.9% | Mar 2025 1.3% | Jun 2025 1.7% | Sep 2025 1.8% | Dec 2025 4.2% | Mar 2026 1.3% | Jun 2026 —
- EAT: Sep 2021 4.2% | Dec 2021 4.0% | Mar 2022 3.6% | Jun 2022 4.0% | Sep 2022 4.9% | Dec 2022 4.8% | Mar 2023 3.8% | Jun 2023 4.5% | Sep 2023 4.6% | Dec 2023 4.0% | Mar 2024 4.6% | Jun 2024 4.8% | Sep 2024 5.0% | Dec 2024 3.6% | Mar 2025 5.6% | Jun 2025 5.5% | Sep 2025 4.4% | Dec 2025 4.4% | Mar 2026 3.5% | Jun 2026 —
- CAVA: Sep 2021 — | Dec 2021 14% | Mar 2022 — | Jun 2022 14% | Sep 2022 17% | Dec 2022 19% | Mar 2023 — | Jun 2023 19% | Sep 2023 19% | Dec 2023 20% | Mar 2024 — | Jun 2024 13% | Sep 2024 11% | Dec 2024 8.6% | Mar 2025 — | Jun 2025 11% | Sep 2025 15% | Dec 2025 15% | Mar 2026 — | Jun 2026 11%
- CAKE: Sep 2021 2.4% | Dec 2021 2.3% | Mar 2022 3.7% | Jun 2022 2.0% | Sep 2022 4.1% | Dec 2022 — | Mar 2023 3.8% | Jun 2023 4.4% | Sep 2023 2.9% | Dec 2023 4.5% | Mar 2024 5.9% | Jun 2024 4.2% | Sep 2024 3.2% | Dec 2024 6.2% | Mar 2025 — | Jun 2025 4.6% | Sep 2025 4.4% | Dec 2025 2.6% | Mar 2026 4.4% | Jun 2026 —
- WING: Sep 2021 12% | Dec 2021 15% | Mar 2022 7.9% | Jun 2022 7.1% | Sep 2022 6.5% | Dec 2022 4.8% | Mar 2023 — | Jun 2023 3.7% | Sep 2023 12% | Dec 2023 10% | Mar 2024 7.5% | Jun 2024 6.4% | Sep 2024 8.6% | Dec 2024 9.9% | Mar 2025 4.7% | Jun 2025 8.0% | Sep 2025 1.1% | Dec 2025 13% | Mar 2026 9.8% | Jun 2026 —
- SHAK: Sep 2021 12% | Dec 2021 16% | Mar 2022 14% | Jun 2022 12% | Sep 2022 18% | Dec 2022 20% | Mar 2023 13% | Jun 2023 15% | Sep 2023 14% | Dec 2023 12% | Mar 2024 11% | Jun 2024 10% | Sep 2024 11% | Dec 2024 11% | Mar 2025 9.0% | Jun 2025 11% | Sep 2025 11% | Dec 2025 15% | Mar 2026 — | Jun 2026 13%
- ARCO: Sep 2021 3.6% | Dec 2021 5.4% | Mar 2022 3.2% | Jun 2022 5.0% | Sep 2022 6.0% | Dec 2022 9.1% | Mar 2023 4.7% | Jun 2023 7.3% | Sep 2023 9.3% | Dec 2023 11% | Mar 2024 5.6% | Jun 2024 7.9% | Sep 2024 7.9% | Dec 2024 7.7% | Mar 2025 4.5% | Jun 2025 4.8% | Sep 2025 6.4% | Dec 2025 8.0% | Mar 2026 3.0% | Jun 2026 —
- WEN: Sep 2021 2.8% | Dec 2021 4.0% | Mar 2022 7.4% | Jun 2022 2.5% | Sep 2022 3.3% | Dec 2022 3.6% | Mar 2023 6.7% | Jun 2023 2.3% | Sep 2023 3.2% | Dec 2023 4.7% | Mar 2024 3.2% | Jun 2024 3.0% | Sep 2024 3.2% | Dec 2024 7.3% | Mar 2025 3.4% | Jun 2025 3.7% | Sep 2025 4.5% | Dec 2025 7.0% | Mar 2026 2.2% | Jun 2026 —
- BJRI: Sep 2021 3.9% | Dec 2021 5.8% | Mar 2022 4.0% | Jun 2022 5.8% | Sep 2022 6.4% | Dec 2022 — | Mar 2023 8.1% | Jun 2023 7.9% | Sep 2023 7.4% | Dec 2023 9.1% | Mar 2024 5.2% | Jun 2024 6.5% | Sep 2024 5.4% | Dec 2024 6.1% | Mar 2025 — | Jun 2025 4.9% | Sep 2025 5.5% | Dec 2025 3.1% | Mar 2026 4.5% | Jun 2026 —
- CBRL: Sep 2021 3.3% | Dec 2021 1.8% | Mar 2022 1.9% | Jun 2022 3.8% | Sep 2022 4.6% | Dec 2022 2.6% | Mar 2023 2.9% | Jun 2023 4.7% | Sep 2023 4.7% | Dec 2023 3.0% | Mar 2024 2.9% | Jun 2024 3.5% | Sep 2024 5.3% | Dec 2024 4.6% | Mar 2025 4.0% | Jun 2025 4.5% | Sep 2025 5.2% | Dec 2025 4.4% | Mar 2026 3.1% | Jun 2026 3.5%
- BH: Sep 2021 23% | Dec 2021 19% | Mar 2022 11% | Jun 2022 7.6% | Sep 2022 — | Dec 2022 — | Mar 2023 6.7% | Jun 2023 5.3% | Sep 2023 6.6% | Dec 2023 6.6% | Mar 2024 5.6% | Jun 2024 13% | Sep 2024 7.8% | Dec 2024 7.7% | Mar 2025 7.4% | Jun 2025 3.0% | Sep 2025 9.0% | Dec 2025 11% | Mar 2026 7.2% | Jun 2026 —
- PZZA: Sep 2021 3.9% | Dec 2021 5.1% | Mar 2022 1.8% | Jun 2022 4.0% | Sep 2022 3.5% | Dec 2022 5.7% | Mar 2023 3.4% | Jun 2023 3.1% | Sep 2023 3.1% | Dec 2023 4.6% | Mar 2024 2.5% | Jun 2024 3.1% | Sep 2024 3.6% | Dec 2024 4.9% | Mar 2025 2.3% | Jun 2025 3.6% | Sep 2025 3.9% | Dec 2025 4.4% | Mar 2026 2.9% | Jun 2026 —
- HDL: Sep 2021 12% | Dec 2021 12% | Mar 2022 14% | Jun 2022 11% | Sep 2022 11% | Dec 2022 9.7% | Mar 2023 5.6% | Jun 2023 5.5% | Sep 2023 4.6% | Dec 2023 4.2% | Mar 2024 4.3% | Jun 2024 4.4% | Sep 2024 4.5% | Dec 2024 — | Mar 2025 5.6% | Jun 2025 5.5% | Sep 2025 7.5% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FWRG: Sep 2021 5.1% | Dec 2021 4.9% | Mar 2022 6.4% | Jun 2022 8.2% | Sep 2022 9.6% | Dec 2022 9.1% | Mar 2023 7.1% | Jun 2023 6.9% | Sep 2023 11% | Dec 2023 13% | Mar 2024 12% | Jun 2024 12% | Sep 2024 12% | Dec 2024 16% | Mar 2025 13% | Jun 2025 13% | Sep 2025 13% | Dec 2025 12% | Mar 2026 8.8% | Jun 2026 —
- SG: Sep 2021 23% | Dec 2021 25% | Mar 2022 18% | Jun 2022 23% | Sep 2022 15% | Dec 2022 26% | Mar 2023 25% | Jun 2023 16% | Sep 2023 12% | Dec 2023 9.8% | Mar 2024 8.2% | Jun 2024 10% | Sep 2024 15% | Dec 2024 17% | Mar 2025 10% | Jun 2025 13% | Sep 2025 21% | Dec 2025 19% | Mar 2026 7.4% | Jun 2026 —
- BLMN: Sep 2021 3.4% | Dec 2021 3.5% | Mar 2022 3.5% | Jun 2022 3.3% | Sep 2022 5.7% | Dec 2022 7.5% | Mar 2023 5.1% | Jun 2023 6.8% | Sep 2023 7.9% | Dec 2023 8.1% | Mar 2024 5.1% | Jun 2024 5.4% | Sep 2024 6.5% | Dec 2024 5.5% | Mar 2025 4.4% | Jun 2025 3.9% | Sep 2025 4.3% | Dec 2025 5.6% | Mar 2026 2.4% | Jun 2026 —
- CNNE: Sep 2021 1.6% | Dec 2021 — | Mar 2022 2.4% | Jun 2022 2.3% | Sep 2022 1.8% | Dec 2022 — | Mar 2023 1.9% | Jun 2023 1.3% | Sep 2023 1.4% | Dec 2023 2.5% | Mar 2024 0.9% | Jun 2024 1.7% | Sep 2024 1.8% | Dec 2024 1.8% | Mar 2025 1.9% | Jun 2025 1.8% | Sep 2025 2.8% | Dec 2025 3.9% | Mar 2026 2.1% | Jun 2026 —
- KRUS: Sep 2021 11% | Dec 2021 20% | Mar 2022 19% | Jun 2022 18% | Sep 2022 17% | Dec 2022 21% | Mar 2023 14% | Jun 2023 27% | Sep 2023 22% | Dec 2023 18% | Mar 2024 23% | Jun 2024 18% | Sep 2024 15% | Dec 2024 19% | Mar 2025 19% | Jun 2025 19% | Sep 2025 11% | Dec 2025 19% | Mar 2026 19% | Jun 2026 16%
- LOCO: Sep 2021 3.4% | Dec 2021 3.7% | Mar 2022 3.6% | Jun 2022 4.0% | Sep 2022 3.3% | Dec 2022 6.0% | Mar 2023 5.2% | Jun 2023 2.5% | Sep 2023 5.0% | Dec 2023 5.4% | Mar 2024 3.4% | Jun 2024 5.7% | Sep 2024 3.3% | Dec 2024 4.4% | Mar 2025 2.5% | Jun 2025 4.0% | Sep 2025 4.1% | Dec 2025 7.3% | Mar 2026 — | Jun 2026 7.9%
- DIN: Sep 2021 1.7% | Dec 2021 — | Mar 2022 3.9% | Jun 2022 2.9% | Sep 2022 3.0% | Dec 2022 — | Mar 2023 7.7% | Jun 2023 3.4% | Sep 2023 4.4% | Dec 2023 2.4% | Mar 2024 1.5% | Jun 2024 1.5% | Sep 2024 2.1% | Dec 2024 2.0% | Mar 2025 1.4% | Jun 2025 2.6% | Sep 2025 5.6% | Dec 2025 6.4% | Mar 2026 5.3% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Super Hi International Holding Ltd. has the clearest covered balance-sheet capacity with $45 million net cash and gross debt of $227 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Cannae Holdings, Inc. · $204 million | 1.9% versus #2 · Kura Sushi USA, Inc. | 1/8 recent comparable periods | 29/29 companies · 537 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Cannae Holdings, Inc. (CNNE): ₹204 Cr
2. Kura Sushi USA, Inc. (KRUS): ₹208 Cr
3. Super Hi International Holding Ltd. (HDL): ₹227 Cr
4. El Pollo Loco Holdings, Inc. (LOCO): ₹233 Cr
5. Sweetgreen, Inc. (SG): ₹356 Cr

### Net debt — lowest net debt
1. Super Hi International Holding Ltd. (HDL): ₹-45 Cr
2. Biglari Holdings Inc. (BH): ₹44 Cr
3. Cannae Holdings, Inc. (CNNE): ₹68 Cr
4. CAVA Group, Inc. (CAVA): ₹95 Cr
5. Kura Sushi USA, Inc. (KRUS): ₹164 Cr

### 20-quarter Gross debt history
- MCD: Sep 2021 ₹48.8K Cr | Dec 2021 ₹49.3K Cr | Mar 2022 ₹47.6K Cr | Jun 2022 ₹47.6K Cr | Sep 2022 ₹47.3K Cr | Dec 2022 ₹48.7K Cr | Mar 2023 ₹49.9K Cr | Jun 2023 ₹48.5K Cr | Sep 2023 ₹49.8K Cr | Dec 2023 ₹53.1K Cr | Mar 2024 ₹50.9K Cr | Jun 2024 ₹52.0K Cr | Sep 2024 ₹53.4K Cr | Dec 2024 ₹51.9K Cr | Mar 2025 ₹52.8K Cr | Jun 2025 ₹55.9K Cr | Sep 2025 ₹55.8K Cr | Dec 2025 ₹54.8K Cr | Mar 2026 ₹54.9K Cr | Jun 2026 —
- SBUX: Sep 2021 — | Dec 2021 ₹23.6K Cr | Mar 2022 ₹23.7K Cr | Jun 2022 ₹24.9K Cr | Sep 2022 ₹23.9K Cr | Dec 2022 ₹23.8K Cr | Mar 2023 ₹23.8K Cr | Jun 2023 ₹24.5K Cr | Sep 2023 ₹24.4K Cr | Dec 2023 ₹24.6K Cr | Mar 2024 ₹25.2K Cr | Jun 2024 ₹25.3K Cr | Sep 2024 ₹25.8K Cr | Dec 2024 ₹25.9K Cr | Mar 2025 ₹26.0K Cr | Jun 2025 ₹27.9K Cr | Sep 2025 ₹26.6K Cr | Dec 2025 ₹25.5K Cr | Mar 2026 ₹24.4K Cr | Jun 2026 —
- CMG: Sep 2021 ₹3.5K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹3.6K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹3.7K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹4.0K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹4.5K Cr | Dec 2024 ₹4.5K Cr | Mar 2025 ₹4.6K Cr | Jun 2025 ₹4.8K Cr | Sep 2025 ₹5.0K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 —
- YUM: Sep 2021 ₹11.3K Cr | Dec 2021 ₹11.2K Cr | Mar 2022 ₹11.4K Cr | Jun 2022 ₹11.6K Cr | Sep 2022 ₹11.6K Cr | Dec 2022 ₹11.9K Cr | Mar 2023 ₹11.7K Cr | Jun 2023 ₹11.6K Cr | Sep 2023 ₹11.5K Cr | Dec 2023 ₹11.2K Cr | Mar 2024 ₹11.2K Cr | Jun 2024 ₹11.2K Cr | Sep 2024 ₹11.2K Cr | Dec 2024 ₹11.3K Cr | Mar 2025 ₹11.4K Cr | Jun 2025 ₹11.4K Cr | Sep 2025 ₹11.6K Cr | Dec 2025 ₹11.9K Cr | Mar 2026 ₹12.0K Cr | Jun 2026 —
- QSR: Sep 2021 ₹14.3K Cr | Dec 2021 ₹14.8K Cr | Mar 2022 ₹14.6K Cr | Jun 2022 ₹14.5K Cr | Sep 2022 ₹14.4K Cr | Dec 2022 ₹14.4K Cr | Mar 2023 ₹14.4K Cr | Jun 2023 ₹14.4K Cr | Sep 2023 ₹14.4K Cr | Dec 2023 ₹14.5K Cr | Mar 2024 ₹14.5K Cr | Jun 2024 ₹16.0K Cr | Sep 2024 ₹16.0K Cr | Dec 2024 ₹15.9K Cr | Mar 2025 ₹15.9K Cr | Jun 2025 ₹16.0K Cr | Sep 2025 ₹15.8K Cr | Dec 2025 ₹15.7K Cr | Mar 2026 ₹15.7K Cr | Jun 2026 —
- DRI: Sep 2021 ₹4.9K Cr | Dec 2021 ₹4.8K Cr | Mar 2022 ₹4.7K Cr | Jun 2022 ₹4.7K Cr | Sep 2022 ₹4.6K Cr | Dec 2022 ₹4.7K Cr | Mar 2023 ₹4.6K Cr | Jun 2023 ₹4.6K Cr | Sep 2023 ₹5.5K Cr | Dec 2023 ₹5.5K Cr | Mar 2024 ₹5.3K Cr | Jun 2024 ₹5.2K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 ₹6.3K Cr | Mar 2025 ₹6.1K Cr | Jun 2025 ₹5.9K Cr | Sep 2025 ₹6.2K Cr | Dec 2025 ₹6.4K Cr | Mar 2026 ₹6.2K Cr | Jun 2026 ₹6.1K Cr
- YUMC: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- TXRH: Sep 2021 ₹815 Cr | Dec 2021 ₹745 Cr | Mar 2022 ₹773 Cr | Jun 2022 ₹757 Cr | Sep 2022 ₹773 Cr | Dec 2022 ₹753 Cr | Mar 2023 ₹718 Cr | Jun 2023 ₹740 Cr | Sep 2023 ₹757 Cr | Dec 2023 ₹771 Cr | Mar 2024 ₹794 Cr | Jun 2024 ₹808 Cr | Sep 2024 ₹831 Cr | Dec 2024 ₹854 Cr | Mar 2025 — | Jun 2025 ₹908 Cr | Sep 2025 ₹923 Cr | Dec 2025 ₹974 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- BROS: Sep 2021 ₹112 Cr | Dec 2021 ₹151 Cr | Mar 2022 ₹429 Cr | Jun 2022 ₹480 Cr | Sep 2022 ₹568 Cr | Dec 2022 ₹625 Cr | Mar 2023 ₹709 Cr | Jun 2023 ₹783 Cr | Sep 2023 ₹646 Cr | Dec 2023 ₹677 Cr | Mar 2024 ₹861 Cr | Jun 2024 ₹911 Cr | Sep 2024 ₹929 Cr | Dec 2024 ₹943 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹981 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- DPZ: Sep 2021 ₹5.3K Cr | Dec 2021 — | Mar 2022 ₹5.3K Cr | Jun 2022 ₹5.3K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 — | Mar 2023 ₹5.3K Cr | Jun 2023 ₹5.2K Cr | Sep 2023 ₹5.2K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹5.2K Cr | Jun 2024 ₹5.2K Cr | Sep 2024 ₹5.2K Cr | Dec 2024 ₹5.2K Cr | Mar 2025 ₹5.2K Cr | Jun 2025 ₹5.2K Cr | Sep 2025 ₹5.1K Cr | Dec 2025 ₹5.0K Cr | Mar 2026 ₹5.1K Cr | Jun 2026 ₹5.1K Cr
- EAT: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- CAVA: Sep 2021 — | Dec 2021 ₹0 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹318 Cr | Mar 2023 — | Jun 2023 ₹319 Cr | Sep 2023 ₹334 Cr | Dec 2023 ₹342 Cr | Mar 2024 — | Jun 2024 ₹351 Cr | Sep 2024 ₹359 Cr | Dec 2024 ₹370 Cr | Mar 2025 — | Jun 2025 ₹434 Cr | Sep 2025 ₹434 Cr | Dec 2025 ₹443 Cr | Mar 2026 — | Jun 2026 ₹498 Cr
- CAKE: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 — | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 — | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- WING: Sep 2021 ₹469 Cr | Dec 2021 ₹469 Cr | Mar 2022 ₹716 Cr | Jun 2022 ₹716 Cr | Sep 2022 ₹715 Cr | Dec 2022 ₹714 Cr | Mar 2023 — | Jun 2023 ₹713 Cr | Sep 2023 ₹711 Cr | Dec 2023 ₹733 Cr | Mar 2024 ₹713 Cr | Jun 2024 ₹771 Cr | Sep 2024 ₹778 Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- SHAK: Sep 2021 ₹661 Cr | Dec 2021 ₹679 Cr | Mar 2022 ₹680 Cr | Jun 2022 ₹701 Cr | Sep 2022 ₹714 Cr | Dec 2022 ₹714 Cr | Mar 2023 ₹731 Cr | Jun 2023 ₹740 Cr | Sep 2023 ₹756 Cr | Dec 2023 ₹759 Cr | Mar 2024 ₹773 Cr | Jun 2024 ₹787 Cr | Sep 2024 ₹801 Cr | Dec 2024 ₹797 Cr | Mar 2025 ₹819 Cr | Jun 2025 ₹832 Cr | Sep 2025 ₹848 Cr | Dec 2025 ₹886 Cr | Mar 2026 — | Jun 2026 ₹922 Cr
- ARCO: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- WEN: Sep 2021 ₹3.8K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 ₹3.9K Cr | Jun 2022 ₹4.3K Cr | Sep 2022 ₹4.3K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹4.3K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹4.2K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹4.1K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹4.1K Cr | Jun 2026 —
- BJRI: Sep 2021 ₹555 Cr | Dec 2021 ₹525 Cr | Mar 2022 ₹521 Cr | Jun 2022 ₹526 Cr | Sep 2022 ₹523 Cr | Dec 2022 — | Mar 2023 ₹533 Cr | Jun 2023 ₹525 Cr | Sep 2023 ₹513 Cr | Dec 2023 ₹514 Cr | Mar 2024 ₹520 Cr | Jun 2024 ₹502 Cr | Sep 2024 ₹505 Cr | Dec 2024 ₹501 Cr | Mar 2025 — | Jun 2025 ₹507 Cr | Sep 2025 ₹478 Cr | Dec 2025 ₹491 Cr | Mar 2026 ₹463 Cr | Jun 2026 —
- CBRL: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.1K Cr
- BH: Sep 2021 ₹125 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹118 Cr | Jun 2022 ₹116 Cr | Sep 2022 ₹143 Cr | Dec 2022 ₹119 Cr | Mar 2023 ₹113 Cr | Jun 2023 ₹109 Cr | Sep 2023 ₹123 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹106 Cr | Jun 2024 ₹107 Cr | Sep 2024 ₹115 Cr | Dec 2024 ₹150 Cr | Mar 2025 ₹153 Cr | Jun 2025 ₹125 Cr | Sep 2025 ₹347 Cr | Dec 2025 ₹359 Cr | Mar 2026 ₹358 Cr | Jun 2026 —
- PZZA: Sep 2021 ₹617 Cr | Dec 2021 ₹686 Cr | Mar 2022 ₹735 Cr | Jun 2022 ₹742 Cr | Sep 2022 ₹751 Cr | Dec 2022 ₹807 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹999 Cr | Dec 2023 ₹966 Cr | Mar 2024 ₹964 Cr | Jun 2024 ₹961 Cr | Sep 2024 ₹960 Cr | Dec 2024 ₹971 Cr | Mar 2025 ₹984 Cr | Jun 2025 ₹967 Cr | Sep 2025 ₹950 Cr | Dec 2025 ₹936 Cr | Mar 2026 ₹953 Cr | Jun 2026 —
- HDL: Sep 2021 ₹247 Cr | Dec 2021 ₹247 Cr | Mar 2022 ₹218 Cr | Jun 2022 ₹213 Cr | Sep 2022 ₹242 Cr | Dec 2022 ₹242 Cr | Mar 2023 ₹222 Cr | Jun 2023 ₹222 Cr | Sep 2023 ₹203 Cr | Dec 2023 ₹203 Cr | Mar 2024 ₹196 Cr | Jun 2024 ₹193 Cr | Sep 2024 ₹197 Cr | Dec 2024 ₹213 Cr | Mar 2025 ₹209 Cr | Jun 2025 ₹215 Cr | Sep 2025 ₹221 Cr | Dec 2025 ₹229 Cr | Mar 2026 ₹227 Cr | Jun 2026 —
- FWRG: Sep 2021 ₹653 Cr | Dec 2021 ₹474 Cr | Mar 2022 ₹480 Cr | Jun 2022 ₹493 Cr | Sep 2022 ₹501 Cr | Dec 2022 ₹507 Cr | Mar 2023 ₹511 Cr | Jun 2023 ₹527 Cr | Sep 2023 ₹561 Cr | Dec 2023 ₹607 Cr | Mar 2024 ₹611 Cr | Jun 2024 ₹749 Cr | Sep 2024 ₹779 Cr | Dec 2024 ₹810 Cr | Mar 2025 ₹837 Cr | Jun 2025 ₹959 Cr | Sep 2025 ₹982 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- SG: Sep 2021 ₹44 Cr | Dec 2021 ₹43 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹57 Cr | Dec 2022 ₹301 Cr | Mar 2023 ₹303 Cr | Jun 2023 ₹303 Cr | Sep 2023 ₹303 Cr | Dec 2023 ₹303 Cr | Mar 2024 ₹304 Cr | Jun 2024 ₹311 Cr | Sep 2024 ₹314 Cr | Dec 2024 ₹331 Cr | Mar 2025 ₹329 Cr | Jun 2025 ₹339 Cr | Sep 2025 ₹356 Cr | Dec 2025 ₹354 Cr | Mar 2026 ₹356 Cr | Jun 2026 —
- BLMN: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- CNNE: Sep 2021 ₹421 Cr | Dec 2021 ₹206 Cr | Mar 2022 ₹200 Cr | Jun 2022 ₹287 Cr | Sep 2022 ₹284 Cr | Dec 2022 ₹271 Cr | Mar 2023 ₹272 Cr | Jun 2023 ₹270 Cr | Sep 2023 ₹263 Cr | Dec 2023 ₹261 Cr | Mar 2024 ₹233 Cr | Jun 2024 ₹229 Cr | Sep 2024 ₹330 Cr | Dec 2024 ₹330 Cr | Mar 2025 ₹319 Cr | Jun 2025 ₹313 Cr | Sep 2025 ₹210 Cr | Dec 2025 ₹209 Cr | Mar 2026 ₹204 Cr | Jun 2026 —
- KRUS: Sep 2021 ₹73 Cr | Dec 2021 ₹73 Cr | Mar 2022 ₹82 Cr | Jun 2022 ₹88 Cr | Sep 2022 ₹91 Cr | Dec 2022 ₹96 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹109 Cr | Sep 2023 ₹119 Cr | Dec 2023 ₹124 Cr | Mar 2024 ₹129 Cr | Jun 2024 ₹136 Cr | Sep 2024 ₹141 Cr | Dec 2024 ₹153 Cr | Mar 2025 ₹161 Cr | Jun 2025 ₹166 Cr | Sep 2025 ₹170 Cr | Dec 2025 ₹187 Cr | Mar 2026 ₹203 Cr | Jun 2026 ₹208 Cr
- LOCO: Sep 2021 ₹234 Cr | Dec 2021 ₹233 Cr | Mar 2022 ₹231 Cr | Jun 2022 ₹232 Cr | Sep 2022 ₹209 Cr | Dec 2022 ₹253 Cr | Mar 2023 ₹250 Cr | Jun 2023 ₹251 Cr | Sep 2023 ₹268 Cr | Dec 2023 ₹273 Cr | Mar 2024 ₹271 Cr | Jun 2024 ₹275 Cr | Sep 2024 ₹264 Cr | Dec 2024 ₹263 Cr | Mar 2025 ₹262 Cr | Jun 2025 ₹258 Cr | Sep 2025 ₹252 Cr | Dec 2025 ₹241 Cr | Mar 2026 — | Jun 2026 ₹233 Cr
- DIN: Sep 2021 ₹1.7K Cr | Dec 2021 — | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 — | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —

### 20-quarter Net debt history
- MCD: Sep 2021 ₹44.5K Cr | Dec 2021 ₹44.6K Cr | Mar 2022 ₹45.2K Cr | Jun 2022 ₹45.7K Cr | Sep 2022 ₹44.5K Cr | Dec 2022 ₹46.1K Cr | Mar 2023 ₹46.2K Cr | Jun 2023 ₹46.8K Cr | Sep 2023 ₹46.3K Cr | Dec 2023 ₹48.5K Cr | Mar 2024 ₹50.0K Cr | Jun 2024 ₹51.2K Cr | Sep 2024 ₹52.2K Cr | Dec 2024 ₹50.9K Cr | Mar 2025 ₹51.5K Cr | Jun 2025 ₹54.0K Cr | Sep 2025 ₹53.4K Cr | Dec 2025 ₹54.0K Cr | Mar 2026 ₹53.7K Cr | Jun 2026 —
- SBUX: Sep 2021 — | Dec 2021 ₹17.0K Cr | Mar 2022 ₹19.7K Cr | Jun 2022 ₹20.9K Cr | Sep 2022 ₹20.6K Cr | Dec 2022 ₹20.6K Cr | Mar 2023 ₹20.5K Cr | Jun 2023 ₹21.1K Cr | Sep 2023 ₹20.8K Cr | Dec 2023 ₹20.6K Cr | Mar 2024 ₹22.1K Cr | Jun 2024 ₹21.9K Cr | Sep 2024 ₹22.3K Cr | Dec 2024 ₹21.9K Cr | Mar 2025 ₹23.0K Cr | Jun 2025 ₹23.4K Cr | Sep 2025 ₹23.1K Cr | Dec 2025 ₹21.9K Cr | Mar 2026 ₹22.7K Cr | Jun 2026 —
- CMG: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹4.0K Cr | Mar 2026 ₹4.4K Cr | Jun 2026 —
- YUM: Sep 2021 ₹10.3K Cr | Dec 2021 ₹10.8K Cr | Mar 2022 ₹11.0K Cr | Jun 2022 ₹11.2K Cr | Sep 2022 ₹11.2K Cr | Dec 2022 ₹11.5K Cr | Mar 2023 ₹11.4K Cr | Jun 2023 ₹11.1K Cr | Sep 2023 ₹10.9K Cr | Dec 2023 ₹10.7K Cr | Mar 2024 ₹10.5K Cr | Jun 2024 ₹10.8K Cr | Sep 2024 ₹10.7K Cr | Dec 2024 ₹10.7K Cr | Mar 2025 ₹10.8K Cr | Jun 2025 ₹10.7K Cr | Sep 2025 ₹10.5K Cr | Dec 2025 ₹11.2K Cr | Mar 2026 ₹11.3K Cr | Jun 2026 —
- QSR: Sep 2021 ₹12.5K Cr | Dec 2021 ₹13.7K Cr | Mar 2022 ₹13.7K Cr | Jun 2022 ₹13.7K Cr | Sep 2022 ₹13.5K Cr | Dec 2022 ₹13.3K Cr | Mar 2023 ₹13.4K Cr | Jun 2023 ₹13.2K Cr | Sep 2023 ₹13.1K Cr | Dec 2023 ₹13.3K Cr | Mar 2024 ₹13.4K Cr | Jun 2024 ₹15.0K Cr | Sep 2024 ₹14.8K Cr | Dec 2024 ₹14.6K Cr | Mar 2025 ₹15.0K Cr | Jun 2025 ₹14.9K Cr | Sep 2025 ₹14.6K Cr | Dec 2025 ₹14.5K Cr | Mar 2026 ₹14.7K Cr | Jun 2026 —
- DRI: Sep 2021 ₹4.0K Cr | Dec 2021 ₹4.1K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹4.2K Cr | Sep 2022 ₹4.3K Cr | Dec 2022 ₹4.4K Cr | Mar 2023 ₹4.3K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹5.3K Cr | Dec 2023 ₹5.3K Cr | Mar 2024 ₹5.1K Cr | Jun 2024 ₹5.0K Cr | Sep 2024 ₹5.1K Cr | Dec 2024 ₹6.1K Cr | Mar 2025 ₹5.9K Cr | Jun 2025 ₹5.7K Cr | Sep 2025 ₹5.9K Cr | Dec 2025 ₹6.2K Cr | Mar 2026 ₹5.9K Cr | Jun 2026 ₹5.8K Cr
- YUMC: Sep 2021 ₹-2.3K Cr | Dec 2021 ₹-1.7K Cr | Mar 2022 ₹-1.4K Cr | Jun 2022 ₹-1.6K Cr | Sep 2022 ₹-2.1K Cr | Dec 2022 ₹-1.2K Cr | Mar 2023 ₹-1.1K Cr | Jun 2023 ₹-1.1K Cr | Sep 2023 ₹-1.1K Cr | Dec 2023 ₹-489 Cr | Mar 2024 ₹-339 Cr | Jun 2024 ₹-188 Cr | Sep 2024 ₹-285 Cr | Dec 2024 ₹148 Cr | Mar 2025 ₹-40 Cr | Jun 2025 ₹-347 Cr | Sep 2025 ₹-302 Cr | Dec 2025 ₹520 Cr | Mar 2026 ₹443 Cr | Jun 2026 —
- TXRH: Sep 2021 ₹378 Cr | Dec 2021 ₹409 Cr | Mar 2022 ₹447 Cr | Jun 2022 ₹577 Cr | Sep 2022 ₹588 Cr | Dec 2022 ₹579 Cr | Mar 2023 ₹562 Cr | Jun 2023 ₹633 Cr | Sep 2023 ₹688 Cr | Dec 2023 ₹667 Cr | Mar 2024 ₹581 Cr | Jun 2024 ₹611 Cr | Sep 2024 ₹642 Cr | Dec 2024 ₹609 Cr | Mar 2025 — | Jun 2025 ₹687 Cr | Sep 2025 ₹746 Cr | Dec 2025 ₹839 Cr | Mar 2026 ₹839 Cr | Jun 2026 —
- BROS: Sep 2021 ₹86 Cr | Dec 2021 ₹132 Cr | Mar 2022 ₹402 Cr | Jun 2022 ₹459 Cr | Sep 2022 ₹533 Cr | Dec 2022 ₹605 Cr | Mar 2023 ₹695 Cr | Jun 2023 ₹759 Cr | Sep 2023 ₹496 Cr | Dec 2023 ₹543 Cr | Mar 2024 ₹598 Cr | Jun 2024 ₹650 Cr | Sep 2024 ₹648 Cr | Dec 2024 ₹650 Cr | Mar 2025 ₹688 Cr | Jun 2025 ₹727 Cr | Sep 2025 ₹753 Cr | Dec 2025 ₹820 Cr | Mar 2026 ₹896 Cr | Jun 2026 —
- DPZ: Sep 2021 ₹4.8K Cr | Dec 2021 — | Mar 2022 ₹5.0K Cr | Jun 2022 ₹5.0K Cr | Sep 2022 ₹5.1K Cr | Dec 2022 — | Mar 2023 ₹5.0K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹4.9K Cr | Mar 2024 ₹4.8K Cr | Jun 2024 ₹4.7K Cr | Sep 2024 ₹4.8K Cr | Dec 2024 ₹4.8K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹4.7K Cr | Sep 2025 ₹4.7K Cr | Dec 2025 ₹4.7K Cr | Mar 2026 ₹4.7K Cr | Jun 2026 ₹4.8K Cr
- EAT: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- CAVA: Sep 2021 — | Dec 2021 ₹-140 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹246 Cr | Mar 2023 — | Jun 2023 ₹296 Cr | Sep 2023 ₹-19 Cr | Dec 2023 ₹2 Cr | Mar 2024 — | Jun 2024 ₹22 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹3 Cr | Mar 2025 — | Jun 2025 ₹48 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹55 Cr | Mar 2026 — | Jun 2026 ₹95 Cr
- CAKE: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 — | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 — | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- WING: Sep 2021 ₹419 Cr | Dec 2021 ₹420 Cr | Mar 2022 ₹429 Cr | Jun 2022 ₹550 Cr | Sep 2022 ₹541 Cr | Dec 2022 ₹530 Cr | Mar 2023 — | Jun 2023 ₹517 Cr | Sep 2023 ₹522 Cr | Dec 2023 ₹643 Cr | Mar 2024 ₹605 Cr | Jun 2024 ₹674 Cr | Sep 2024 ₹694 Cr | Dec 2024 ₹949 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- SHAK: Sep 2021 ₹259 Cr | Dec 2021 ₹297 Cr | Mar 2022 ₹321 Cr | Jun 2022 ₹343 Cr | Sep 2022 ₹377 Cr | Dec 2022 ₹403 Cr | Mar 2023 ₹438 Cr | Jun 2023 ₹445 Cr | Sep 2023 ₹471 Cr | Dec 2023 ₹466 Cr | Mar 2024 ₹488 Cr | Jun 2024 ₹483 Cr | Sep 2024 ₹490 Cr | Dec 2024 ₹476 Cr | Mar 2025 ₹506 Cr | Jun 2025 ₹495 Cr | Sep 2025 ₹490 Cr | Dec 2025 ₹526 Cr | Mar 2026 — | Jun 2026 —
- ARCO: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- WEN: Sep 2021 ₹3.3K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.6K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.5K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- BJRI: Sep 2021 ₹495 Cr | Dec 2021 ₹486 Cr | Mar 2022 ₹494 Cr | Jun 2022 ₹488 Cr | Sep 2022 ₹504 Cr | Dec 2022 — | Mar 2023 ₹508 Cr | Jun 2023 ₹496 Cr | Sep 2023 ₹507 Cr | Dec 2023 ₹502 Cr | Mar 2024 ₹491 Cr | Jun 2024 ₹483 Cr | Sep 2024 ₹489 Cr | Dec 2024 ₹483 Cr | Mar 2025 — | Jun 2025 ₹488 Cr | Sep 2025 ₹452 Cr | Dec 2025 ₹467 Cr | Mar 2026 ₹440 Cr | Jun 2026 —
- CBRL: Sep 2021 ₹981 Cr | Dec 2021 ₹995 Cr | Mar 2022 ₹986 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.1K Cr
- BH: Sep 2021 ₹-2 Cr | Dec 2021 ₹-30 Cr | Mar 2022 ₹-15 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹-10 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹-26 Cr | Jun 2024 ₹-14 Cr | Sep 2024 ₹-18 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹-12 Cr | Sep 2025 ₹-22 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹44 Cr | Jun 2026 —
- PZZA: Sep 2021 ₹511 Cr | Dec 2021 ₹615 Cr | Mar 2022 ₹654 Cr | Jun 2022 ₹690 Cr | Sep 2022 ₹714 Cr | Dec 2022 ₹760 Cr | Mar 2023 ₹970 Cr | Jun 2023 ₹961 Cr | Sep 2023 ₹962 Cr | Dec 2023 ₹925 Cr | Mar 2024 ₹936 Cr | Jun 2024 ₹937 Cr | Sep 2024 ₹942 Cr | Dec 2024 ₹933 Cr | Mar 2025 ₹940 Cr | Jun 2025 ₹934 Cr | Sep 2025 ₹911 Cr | Dec 2025 ₹899 Cr | Mar 2026 ₹914 Cr | Jun 2026 —
- HDL: Sep 2021 ₹121 Cr | Dec 2021 ₹121 Cr | Mar 2022 ₹111 Cr | Jun 2022 ₹90 Cr | Sep 2022 ₹148 Cr | Dec 2022 ₹148 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹103 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹50 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹-25 Cr | Sep 2024 ₹-47 Cr | Dec 2024 ₹-42 Cr | Mar 2025 ₹-44 Cr | Jun 2025 ₹-43 Cr | Sep 2025 ₹-46 Cr | Dec 2025 ₹-43 Cr | Mar 2026 ₹-45 Cr | Jun 2026 —
- FWRG: Sep 2021 ₹601 Cr | Dec 2021 ₹422 Cr | Mar 2022 ₹433 Cr | Jun 2022 ₹439 Cr | Sep 2022 ₹452 Cr | Dec 2022 ₹457 Cr | Mar 2023 ₹457 Cr | Jun 2023 ₹460 Cr | Sep 2023 ₹521 Cr | Dec 2023 ₹557 Cr | Mar 2024 ₹568 Cr | Jun 2024 ₹704 Cr | Sep 2024 ₹728 Cr | Dec 2024 ₹777 Cr | Mar 2025 ₹818 Cr | Jun 2025 ₹940 Cr | Sep 2025 ₹961 Cr | Dec 2025 ₹988 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- SG: Sep 2021 ₹-93 Cr | Dec 2021 ₹-429 Cr | Mar 2022 ₹-390 Cr | Jun 2022 ₹-354 Cr | Sep 2022 ₹-324 Cr | Dec 2022 ₹-31 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹66 Cr | Sep 2024 ₹79 Cr | Dec 2024 ₹116 Cr | Mar 2025 ₹145 Cr | Jun 2025 ₹171 Cr | Sep 2025 ₹226 Cr | Dec 2025 ₹265 Cr | Mar 2026 ₹199 Cr | Jun 2026 —
- BLMN: Sep 2021 ₹2.0K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- CNNE: Sep 2021 ₹95 Cr | Dec 2021 ₹120 Cr | Mar 2022 ₹149 Cr | Jun 2022 ₹186 Cr | Sep 2022 ₹-87 Cr | Dec 2022 ₹-12 Cr | Mar 2023 ₹-18 Cr | Jun 2023 ₹104 Cr | Sep 2023 ₹186 Cr | Dec 2023 ₹139 Cr | Mar 2024 ₹-51 Cr | Jun 2024 ₹174 Cr | Sep 2024 ₹160 Cr | Dec 2024 ₹192 Cr | Mar 2025 ₹173 Cr | Jun 2025 ₹246 Cr | Sep 2025 ₹-24 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹68 Cr | Jun 2026 —
- KRUS: Sep 2021 ₹33 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹55 Cr | Dec 2022 ₹69 Cr | Mar 2023 ₹81 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹53 Cr | Mar 2024 ₹66 Cr | Jun 2024 ₹75 Cr | Sep 2024 ₹90 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹76 Cr | Jun 2025 ₹105 Cr | Sep 2025 ₹108 Cr | Dec 2025 ₹136 Cr | Mar 2026 ₹155 Cr | Jun 2026 ₹164 Cr
- LOCO: Sep 2021 ₹209 Cr | Dec 2021 ₹203 Cr | Mar 2022 ₹206 Cr | Jun 2022 ₹198 Cr | Sep 2022 ₹190 Cr | Dec 2022 ₹233 Cr | Mar 2023 ₹245 Cr | Jun 2023 ₹241 Cr | Sep 2023 ₹254 Cr | Dec 2023 ₹266 Cr | Mar 2024 ₹262 Cr | Jun 2024 ₹265 Cr | Sep 2024 ₹256 Cr | Dec 2024 ₹261 Cr | Mar 2025 ₹258 Cr | Jun 2025 ₹249 Cr | Sep 2025 ₹241 Cr | Dec 2025 ₹235 Cr | Mar 2026 — | Jun 2026 ₹229 Cr
- DIN: Sep 2021 ₹1.4K Cr | Dec 2021 — | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 — | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Domino's Pizza, Inc. leads ROCE at 35.8%, 23.5 percentage points above Dine Brands Global, Inc.. Domino's Pizza, Inc. has the strongest latest improvement at +5.2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Domino's Pizza, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Domino's Pizza, Inc. · 35.8% | 191.1% versus #2 · Dine Brands Global, Inc. | 7/8 recent comparable periods | 29/29 companies · 533 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Domino's Pizza, Inc. (DPZ): 36%
2. Dine Brands Global, Inc. (DIN): 12%
3. Yum! Brands, Inc. (YUM): 12%
4. Restaurant Brands International Inc. (QSR): 11%
5. Wingstop Inc. (WING): 8.7%

### ROCE change — fastest improvers
1. Domino's Pizza, Inc. (DPZ): +5.2 pp
2. Yum! Brands, Inc. (YUM): +1.7 pp
3. BJ's Restaurants, Inc. (BJRI): +1.6 pp
4. Starbucks Corporation (SBUX): +1.3 pp
5. Darden Restaurants, Inc. (DRI): +1.2 pp

### 20-quarter ROCE history
- MCD: Sep 2021 6.5% | Dec 2021 5.0% | Mar 2022 5.0% | Jun 2022 3.7% | Sep 2022 6.0% | Dec 2022 5.4% | Mar 2023 5.4% | Jun 2023 6.7% | Sep 2023 6.9% | Dec 2023 5.8% | Mar 2024 5.7% | Jun 2024 6.0% | Sep 2024 6.5% | Dec 2024 5.7% | Mar 2025 5.2% | Jun 2025 6.1% | Sep 2025 6.4% | Dec 2025 5.9% | Mar 2026 5.5% | Jun 2026 —
- SBUX: Sep 2021 — | Dec 2021 6.5% | Mar 2022 5.6% | Jun 2022 4.5% | Sep 2022 6.3% | Dec 2022 5.7% | Mar 2023 6.4% | Jun 2023 6.7% | Sep 2023 8.1% | Dec 2023 8.8% | Mar 2024 5.3% | Jun 2024 7.2% | Sep 2024 6.2% | Dec 2024 5.3% | Mar 2025 2.8% | Jun 2025 4.2% | Sep 2025 1.3% | Dec 2025 4.2% | Mar 2026 4.1% | Jun 2026 —
- CMG: Sep 2021 4.5% | Dec 2021 2.9% | Mar 2022 3.5% | Jun 2022 6.0% | Sep 2022 5.7% | Dec 2022 5.0% | Mar 2023 6.2% | Jun 2023 7.0% | Sep 2023 6.2% | Dec 2023 5.6% | Mar 2024 6.5% | Jun 2024 8.1% | Sep 2024 6.4% | Dec 2024 5.5% | Mar 2025 6.2% | Jun 2025 7.0% | Sep 2025 5.9% | Dec 2025 5.3% | Mar 2026 5.1% | Jun 2026 —
- YUM: Sep 2021 11% | Dec 2021 12% | Mar 2022 12% | Jun 2022 13% | Sep 2022 11% | Dec 2022 13% | Mar 2023 12% | Jun 2023 13% | Sep 2023 14% | Dec 2023 13% | Mar 2024 11% | Jun 2024 13% | Sep 2024 13% | Dec 2024 13% | Mar 2025 11% | Jun 2025 13% | Sep 2025 12% | Dec 2025 12% | Mar 2026 12% | Jun 2026 —
- QSR: Sep 2021 8.8% | Dec 2021 9.0% | Mar 2022 9.2% | Jun 2022 9.5% | Sep 2022 9.8% | Dec 2022 9.8% | Mar 2023 10% | Jun 2023 9.9% | Sep 2023 10% | Dec 2023 10% | Mar 2024 10% | Jun 2024 10% | Sep 2024 9.9% | Dec 2024 10% | Mar 2025 10% | Jun 2025 10% | Sep 2025 11% | Dec 2025 11% | Mar 2026 11% | Jun 2026 —
- DRI: Sep 2021 — | Dec 2021 2.9% | Mar 2022 3.6% | Jun 2022 4.0% | Sep 2022 2.9% | Dec 2022 2.8% | Mar 2023 4.2% | Jun 2023 4.5% | Sep 2023 2.9% | Dec 2023 3.3% | Mar 2024 4.5% | Jun 2024 4.5% | Sep 2024 3.0% | Dec 2024 3.1% | Mar 2025 4.3% | Jun 2025 3.9% | Sep 2025 3.5% | Dec 2025 3.1% | Mar 2026 4.0% | Jun 2026 5.1%
- YUMC: Sep 2021 2.0% | Dec 2021 6.4% | Mar 2022 2.0% | Jun 2022 0.8% | Sep 2022 3.3% | Dec 2022 0.4% | Mar 2023 4.1% | Jun 2023 2.6% | Sep 2023 3.4% | Dec 2023 1.1% | Mar 2024 4.0% | Jun 2024 2.9% | Sep 2024 3.9% | Dec 2024 1.6% | Mar 2025 4.5% | Jun 2025 3.4% | Sep 2025 4.5% | Dec 2025 2.2% | Mar 2026 5.2% | Jun 2026 —
- TXRH: Sep 2021 3.3% | Dec 2021 3.5% | Mar 2022 4.8% | Jun 2022 4.6% | Sep 2022 3.9% | Dec 2022 3.6% | Mar 2023 5.3% | Jun 2023 5.1% | Sep 2023 3.9% | Dec 2023 4.3% | Mar 2024 6.6% | Jun 2024 6.9% | Sep 2024 4.8% | Dec 2024 6.3% | Mar 2025 — | Jun 2025 5.9% | Sep 2025 6.1% | Dec 2025 3.9% | Mar 2026 5.6% | Jun 2026 —
- BROS: Sep 2021 -38% | Dec 2021 -2.3% | Mar 2022 -2.9% | Jun 2022 0.5% | Sep 2022 0.8% | Dec 2022 0.5% | Mar 2023 0.0% | Jun 2023 2.1% | Sep 2023 2.0% | Dec 2023 0.2% | Mar 2024 1.7% | Jun 2024 2.0% | Sep 2024 1.7% | Dec 2024 0.8% | Mar 2025 1.4% | Jun 2025 2.3% | Sep 2025 1.7% | Dec 2025 1.3% | Mar 2026 1.3% | Jun 2026 —
- DPZ: Sep 2021 16% | Dec 2021 — | Mar 2022 21% | Jun 2022 16% | Sep 2022 16% | Dec 2022 — | Mar 2023 23% | Jun 2023 18% | Sep 2023 18% | Dec 2023 24% | Mar 2024 18% | Jun 2024 16% | Sep 2024 17% | Dec 2024 44% | Mar 2025 30% | Jun 2025 31% | Sep 2025 19% | Dec 2025 46% | Mar 2026 32% | Jun 2026 36%
- EAT: Sep 2021 1.4% | Dec 2021 2.1% | Mar 2022 2.7% | Jun 2022 2.5% | Sep 2022 -1.1% | Dec 2022 2.1% | Mar 2023 3.4% | Jun 2023 3.1% | Sep 2023 1.3% | Dec 2023 3.2% | Mar 2024 3.7% | Jun 2024 3.7% | Sep 2024 2.9% | Dec 2024 8.1% | Mar 2025 8.2% | Jun 2025 7.2% | Sep 2025 5.8% | Dec 2025 8.4% | Mar 2026 8.3% | Jun 2026 —
- CAVA: Sep 2021 — | Dec 2021 36% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -3.0% | Mar 2023 — | Jun 2023 -0.9% | Sep 2023 1.3% | Dec 2023 0.4% | Mar 2024 — | Jun 2024 1.1% | Sep 2024 1.8% | Dec 2024 1.5% | Mar 2025 — | Jun 2025 1.5% | Sep 2025 1.9% | Dec 2025 1.6% | Mar 2026 — | Jun 2026 2.1%
- CAKE: Sep 2021 1.4% | Dec 2021 0.0% | Mar 2022 1.3% | Jun 2022 1.3% | Sep 2022 -0.1% | Dec 2022 — | Mar 2023 -0.7% | Jun 2023 1.6% | Sep 2023 2.2% | Dec 2023 0.9% | Mar 2024 0.4% | Jun 2024 1.8% | Sep 2024 2.7% | Dec 2024 1.5% | Mar 2025 — | Jun 2025 2.3% | Sep 2025 2.8% | Dec 2025 1.4% | Mar 2026 2.2% | Jun 2026 —
- WING: Sep 2021 12% | Dec 2021 7.7% | Mar 2022 6.6% | Jun 2022 8.5% | Sep 2022 8.7% | Dec 2022 10% | Mar 2023 — | Jun 2023 7.3% | Sep 2023 7.2% | Dec 2023 8.9% | Mar 2024 12% | Jun 2024 11% | Sep 2024 12% | Dec 2024 8.9% | Mar 2025 8.1% | Jun 2025 9.0% | Sep 2025 9.7% | Dec 2025 7.6% | Mar 2026 8.7% | Jun 2026 —
- SHAK: Sep 2021 -0.2% | Dec 2021 -0.5% | Mar 2022 -1.1% | Jun 2022 -0.1% | Sep 2022 -0.4% | Dec 2022 -0.5% | Mar 2023 -0.2% | Jun 2023 0.3% | Sep 2023 0.4% | Dec 2023 -0.1% | Mar 2024 0.0% | Jun 2024 0.7% | Sep 2024 -1.2% | Dec 2024 0.7% | Mar 2025 0.2% | Jun 2025 1.5% | Sep 2025 1.2% | Dec 2025 1.2% | Mar 2026 — | Jun 2026 -0.2%
- ARCO: Sep 2021 3.0% | Dec 2021 4.4% | Mar 2022 2.7% | Jun 2022 3.4% | Sep 2022 4.2% | Dec 2022 4.5% | Mar 2023 3.5% | Jun 2023 3.9% | Sep 2023 4.8% | Dec 2023 4.0% | Mar 2024 3.3% | Jun 2024 3.6% | Sep 2024 3.8% | Dec 2024 4.8% | Mar 2025 2.0% | Jun 2025 2.7% | Sep 2025 5.9% | Dec 2025 4.2% | Mar 2026 2.3% | Jun 2026 —
- WEN: Sep 2021 — | Dec 2021 2.5% | Mar 2022 2.5% | Jun 2022 2.1% | Sep 2022 2.6% | Dec 2022 2.4% | Mar 2023 2.4% | Jun 2023 2.4% | Sep 2023 2.9% | Dec 2023 2.8% | Mar 2024 2.5% | Jun 2024 2.9% | Sep 2024 2.8% | Dec 2024 3.1% | Mar 2025 2.5% | Jun 2025 3.2% | Sep 2025 2.8% | Dec 2025 2.4% | Mar 2026 2.3% | Jun 2026 —
- BJRI: Sep 2021 -0.8% | Dec 2021 -0.9% | Mar 2022 -0.9% | Jun 2022 0.4% | Sep 2022 -0.6% | Dec 2022 — | Mar 2023 0.1% | Jun 2023 0.3% | Sep 2023 1.2% | Dec 2023 -0.3% | Mar 2024 0.4% | Jun 2024 1.0% | Sep 2024 1.5% | Dec 2024 -0.3% | Mar 2025 — | Jun 2025 1.7% | Sep 2025 2.5% | Dec 2025 1.3% | Mar 2026 1.3% | Jun 2026 —
- CBRL: Sep 2021 — | Dec 2021 2.0% | Mar 2022 2.2% | Jun 2022 1.5% | Sep 2022 1.8% | Dec 2022 1.3% | Mar 2023 2.2% | Jun 2023 0.9% | Sep 2023 2.3% | Dec 2023 0.6% | Mar 2024 1.8% | Jun 2024 -1.1% | Sep 2024 1.3% | Dec 2024 0.4% | Mar 2025 1.7% | Jun 2025 0.9% | Sep 2025 0.2% | Dec 2025 -2.0% | Mar 2026 0.0% | Jun 2026 0.4%
- BH: Sep 2021 0.1% | Dec 2021 1.2% | Mar 2022 0.8% | Jun 2022 1.7% | Sep 2022 1.7% | Dec 2022 0.0% | Mar 2023 1.2% | Jun 2023 1.4% | Sep 2023 -1.0% | Dec 2023 0.9% | Mar 2024 0.6% | Jun 2024 -1.7% | Sep 2024 0.4% | Dec 2024 0.9% | Mar 2025 -1.2% | Jun 2025 0.3% | Sep 2025 0.8% | Dec 2025 -0.6% | Mar 2026 -0.5% | Jun 2026 —
- PZZA: Sep 2021 6.8% | Dec 2021 6.5% | Mar 2022 2.3% | Jun 2022 6.9% | Sep 2022 3.4% | Dec 2022 6.1% | Mar 2023 6.3% | Jun 2023 6.0% | Sep 2023 5.6% | Dec 2023 7.3% | Mar 2024 5.8% | Jun 2024 5.0% | Sep 2024 11% | Dec 2024 5.0% | Mar 2025 4.1% | Jun 2025 4.2% | Sep 2025 2.8% | Dec 2025 4.2% | Mar 2026 3.6% | Jun 2026 —
- HDL: Sep 2021 -23% | Dec 2021 -23% | Mar 2022 56% | Jun 2022 2.8% | Sep 2022 0.9% | Dec 2022 1.6% | Mar 2023 2.7% | Jun 2023 1.8% | Sep 2023 1.8% | Dec 2023 2.0% | Mar 2024 2.5% | Jun 2024 1.5% | Sep 2024 3.1% | Dec 2024 3.5% | Mar 2025 1.4% | Jun 2025 0.9% | Sep 2025 2.3% | Dec 2025 2.9% | Mar 2026 2.5% | Jun 2026 —
- FWRG: Sep 2021 0.8% | Dec 2021 -0.1% | Mar 2022 0.8% | Jun 2022 0.5% | Sep 2022 0.3% | Dec 2022 0.2% | Mar 2023 1.5% | Jun 2023 1.1% | Sep 2023 0.7% | Dec 2023 0.6% | Mar 2024 1.1% | Jun 2024 1.4% | Sep 2024 0.5% | Dec 2024 0.3% | Mar 2025 0.1% | Jun 2025 0.5% | Sep 2025 0.7% | Dec 2025 0.6% | Mar 2026 0.1% | Jun 2026 —
- SG: Sep 2021 -11% | Dec 2021 -10% | Mar 2022 -10% | Jun 2022 -8.7% | Sep 2022 -11% | Dec 2022 -6.2% | Mar 2023 -4.7% | Jun 2023 -4.2% | Sep 2023 -3.6% | Dec 2023 -3.7% | Mar 2024 -3.4% | Jun 2024 -2.1% | Sep 2024 -2.7% | Dec 2024 -4.2% | Mar 2025 -3.8% | Jun 2025 -3.5% | Sep 2025 -4.9% | Dec 2025 -6.8% | Mar 2026 -4.5% | Jun 2026 —
- BLMN: Sep 2021 0.6% | Dec 2021 3.3% | Mar 2022 4.6% | Jun 2022 3.8% | Sep 2022 2.2% | Dec 2022 2.6% | Mar 2023 5.3% | Jun 2023 3.8% | Sep 2023 2.5% | Dec 2023 2.4% | Mar 2024 2.9% | Jun 2024 1.8% | Sep 2024 0.3% | Dec 2024 0.7% | Mar 2025 2.3% | Jun 2025 1.2% | Sep 2025 -1.4% | Dec 2025 -0.6% | Mar 2026 2.4% | Jun 2026 —
- CNNE: Sep 2021 -0.6% | Dec 2021 -0.1% | Mar 2022 -2.1% | Jun 2022 -0.8% | Sep 2022 -0.6% | Dec 2022 -0.6% | Mar 2023 -0.7% | Jun 2023 -0.7% | Sep 2023 -1.8% | Dec 2023 -0.9% | Mar 2024 -1.5% | Jun 2024 -0.9% | Sep 2024 -0.7% | Dec 2024 -0.9% | Mar 2025 -1.0% | Jun 2025 -3.3% | Sep 2025 -0.7% | Dec 2025 -1.5% | Mar 2026 -1.5% | Jun 2026 —
- KRUS: Sep 2021 — | Dec 2021 -1.0% | Mar 2022 -1.4% | Jun 2022 0.3% | Sep 2022 1.1% | Dec 2022 -1.3% | Mar 2023 -0.6% | Jun 2023 0.6% | Sep 2023 1.0% | Dec 2023 -1.2% | Mar 2024 -0.7% | Jun 2024 -0.4% | Sep 2024 -2.0% | Dec 2024 -0.5% | Mar 2025 -1.4% | Jun 2025 0.0% | Sep 2025 0.4% | Dec 2025 -1.0% | Mar 2026 -0.6% | Jun 2026 0.0%
- LOCO: Sep 2021 2.6% | Dec 2021 5.6% | Mar 2022 0.6% | Jun 2022 2.0% | Sep 2022 1.3% | Dec 2022 1.6% | Mar 2023 1.3% | Jun 2023 2.0% | Sep 2023 0.7% | Dec 2023 6.2% | Mar 2024 1.8% | Jun 2024 2.4% | Sep 2024 2.0% | Dec 2024 6.7% | Mar 2025 1.7% | Jun 2025 2.2% | Sep 2025 2.2% | Dec 2025 7.5% | Mar 2026 — | Jun 2026 2.3%
- DIN: Sep 2021 1.9% | Dec 2021 — | Mar 2022 1.8% | Jun 2022 2.1% | Sep 2022 1.9% | Dec 2022 — | Mar 2023 1.2% | Jun 2023 2.0% | Sep 2023 1.8% | Dec 2023 1.9% | Mar 2024 1.8% | Jun 2024 2.4% | Sep 2024 2.0% | Dec 2024 0.4% | Mar 2025 13% | Jun 2025 1.5% | Sep 2025 0.7% | Dec 2025 -1.2% | Mar 2026 12% | Jun 2026 —

### 20-quarter ROCE change history
- MCD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 +0.4 pp | Mar 2023 +0.4 pp | Jun 2023 +3.0 pp | Sep 2023 +0.9 pp | Dec 2023 +0.4 pp | Mar 2024 +0.3 pp | Jun 2024 −0.7 pp | Sep 2024 −0.4 pp | Dec 2024 −0.1 pp | Mar 2025 −0.5 pp | Jun 2025 +0.1 pp | Sep 2025 −0.1 pp | Dec 2025 +0.2 pp | Mar 2026 +0.3 pp | Jun 2026 —
- SBUX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.8 pp | Mar 2023 +0.8 pp | Jun 2023 +2.2 pp | Sep 2023 +1.8 pp | Dec 2023 +3.1 pp | Mar 2024 −1.1 pp | Jun 2024 +0.5 pp | Sep 2024 −1.9 pp | Dec 2024 −3.5 pp | Mar 2025 −2.5 pp | Jun 2025 −3.0 pp | Sep 2025 −4.9 pp | Dec 2025 −1.1 pp | Mar 2026 +1.3 pp | Jun 2026 —
- CMG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 +2.1 pp | Mar 2023 +2.7 pp | Jun 2023 +1.0 pp | Sep 2023 +0.5 pp | Dec 2023 +0.6 pp | Mar 2024 +0.3 pp | Jun 2024 +1.1 pp | Sep 2024 +0.2 pp | Dec 2024 −0.1 pp | Mar 2025 −0.3 pp | Jun 2025 −1.1 pp | Sep 2025 −0.5 pp | Dec 2025 −0.2 pp | Mar 2026 −1.1 pp | Jun 2026 —
- YUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +1.7 pp | Mar 2023 +0.1 pp | Jun 2023 +0.1 pp | Sep 2023 +2.1 pp | Dec 2023 +0.1 pp | Mar 2024 −0.7 pp | Jun 2024 −0.2 pp | Sep 2024 −0.9 pp | Dec 2024 −0.7 pp | Mar 2025 −0.8 pp | Jun 2025 −0.1 pp | Sep 2025 −0.7 pp | Dec 2025 −0.4 pp | Mar 2026 +1.7 pp | Jun 2026 —
- QSR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 +0.8 pp | Mar 2023 +0.8 pp | Jun 2023 +0.4 pp | Sep 2023 +0.4 pp | Dec 2023 +0.3 pp | Mar 2024 +0.3 pp | Jun 2024 +0.1 pp | Sep 2024 −0.3 pp | Dec 2024 +0.3 pp | Mar 2025 +0.1 pp | Jun 2025 +0.2 pp | Sep 2025 +0.6 pp | Dec 2025 +0.6 pp | Mar 2026 +0.9 pp | Jun 2026 —
- DRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.1 pp | Mar 2023 +0.6 pp | Jun 2023 +0.5 pp | Sep 2023 0.0 pp | Dec 2023 +0.5 pp | Mar 2024 +0.3 pp | Jun 2024 0.0 pp | Sep 2024 +0.1 pp | Dec 2024 −0.2 pp | Mar 2025 −0.2 pp | Jun 2025 −0.6 pp | Sep 2025 +0.5 pp | Dec 2025 0.0 pp | Mar 2026 −0.3 pp | Jun 2026 +1.2 pp
- YUMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 −6.0 pp | Mar 2023 +2.1 pp | Jun 2023 +1.8 pp | Sep 2023 +0.1 pp | Dec 2023 +0.7 pp | Mar 2024 −0.1 pp | Jun 2024 +0.3 pp | Sep 2024 +0.5 pp | Dec 2024 +0.5 pp | Mar 2025 +0.5 pp | Jun 2025 +0.5 pp | Sep 2025 +0.6 pp | Dec 2025 +0.6 pp | Mar 2026 +0.7 pp | Jun 2026 —
- TXRH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 +0.1 pp | Mar 2023 +0.5 pp | Jun 2023 +0.5 pp | Sep 2023 0.0 pp | Dec 2023 +0.7 pp | Mar 2024 +1.3 pp | Jun 2024 +1.8 pp | Sep 2024 +0.9 pp | Dec 2024 +2.0 pp | Mar 2025 — | Jun 2025 −1.0 pp | Sep 2025 +1.3 pp | Dec 2025 −2.4 pp | Mar 2026 — | Jun 2026 —
- BROS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +38.9 pp | Dec 2022 +2.8 pp | Mar 2023 +2.9 pp | Jun 2023 +1.6 pp | Sep 2023 +1.2 pp | Dec 2023 −0.3 pp | Mar 2024 +1.7 pp | Jun 2024 −0.1 pp | Sep 2024 −0.3 pp | Dec 2024 +0.6 pp | Mar 2025 −0.3 pp | Jun 2025 +0.3 pp | Sep 2025 0.0 pp | Dec 2025 +0.5 pp | Mar 2026 −0.1 pp | Jun 2026 —
- DPZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 — | Mar 2023 +2.7 pp | Jun 2023 +2.5 pp | Sep 2023 +2.0 pp | Dec 2023 — | Mar 2024 −5.1 pp | Jun 2024 −1.8 pp | Sep 2024 −0.7 pp | Dec 2024 +20.2 pp | Mar 2025 +11.6 pp | Jun 2025 +14.2 pp | Sep 2025 +1.6 pp | Dec 2025 +1.8 pp | Mar 2026 +2.4 pp | Jun 2026 +5.2 pp
- EAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.5 pp | Dec 2022 0.0 pp | Mar 2023 +0.7 pp | Jun 2023 +0.6 pp | Sep 2023 +2.4 pp | Dec 2023 +1.1 pp | Mar 2024 +0.3 pp | Jun 2024 +0.6 pp | Sep 2024 +1.6 pp | Dec 2024 +4.9 pp | Mar 2025 +4.5 pp | Jun 2025 +3.5 pp | Sep 2025 +2.9 pp | Dec 2025 +0.3 pp | Mar 2026 +0.1 pp | Jun 2026 —
- CAVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −38.5 pp | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +3.4 pp | Mar 2024 — | Jun 2024 +2.0 pp | Sep 2024 +0.5 pp | Dec 2024 +1.1 pp | Mar 2025 — | Jun 2025 +0.4 pp | Sep 2025 +0.1 pp | Dec 2025 +0.1 pp | Mar 2026 — | Jun 2026 +0.6 pp
- CAKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.5 pp | Dec 2022 — | Mar 2023 −2.0 pp | Jun 2023 +0.3 pp | Sep 2023 +2.3 pp | Dec 2023 — | Mar 2024 +1.1 pp | Jun 2024 +0.2 pp | Sep 2024 +0.5 pp | Dec 2024 +0.6 pp | Mar 2025 — | Jun 2025 +0.5 pp | Sep 2025 +0.1 pp | Dec 2025 −0.1 pp | Mar 2026 — | Jun 2026 —
- WING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.8 pp | Dec 2022 +2.4 pp | Mar 2023 — | Jun 2023 −1.2 pp | Sep 2023 −1.5 pp | Dec 2023 −1.2 pp | Mar 2024 — | Jun 2024 +3.6 pp | Sep 2024 +5.0 pp | Dec 2024 0.0 pp | Mar 2025 −4.0 pp | Jun 2025 −1.9 pp | Sep 2025 −2.5 pp | Dec 2025 −1.3 pp | Mar 2026 +0.6 pp | Jun 2026 —
- SHAK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 0.0 pp | Mar 2023 +0.9 pp | Jun 2023 +0.4 pp | Sep 2023 +0.8 pp | Dec 2023 +0.4 pp | Mar 2024 +0.2 pp | Jun 2024 +0.4 pp | Sep 2024 −1.6 pp | Dec 2024 +0.8 pp | Mar 2025 +0.2 pp | Jun 2025 +0.8 pp | Sep 2025 +2.4 pp | Dec 2025 +0.5 pp | Mar 2026 — | Jun 2026 −1.7 pp
- ARCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 +0.1 pp | Mar 2023 +0.8 pp | Jun 2023 +0.5 pp | Sep 2023 +0.6 pp | Dec 2023 −0.5 pp | Mar 2024 −0.2 pp | Jun 2024 −0.3 pp | Sep 2024 −1.0 pp | Dec 2024 +0.8 pp | Mar 2025 −1.3 pp | Jun 2025 −0.9 pp | Sep 2025 +2.1 pp | Dec 2025 −0.6 pp | Mar 2026 +0.3 pp | Jun 2026 —
- WEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.1 pp | Mar 2023 −0.1 pp | Jun 2023 +0.3 pp | Sep 2023 +0.3 pp | Dec 2023 +0.4 pp | Mar 2024 +0.1 pp | Jun 2024 +0.5 pp | Sep 2024 −0.1 pp | Dec 2024 +0.3 pp | Mar 2025 0.0 pp | Jun 2025 +0.3 pp | Sep 2025 0.0 pp | Dec 2025 −0.7 pp | Mar 2026 −0.2 pp | Jun 2026 —
- BJRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 — | Mar 2023 +1.0 pp | Jun 2023 −0.1 pp | Sep 2023 +1.8 pp | Dec 2023 — | Mar 2024 +0.3 pp | Jun 2024 +0.7 pp | Sep 2024 +0.3 pp | Dec 2024 0.0 pp | Mar 2025 — | Jun 2025 +0.7 pp | Sep 2025 +1.0 pp | Dec 2025 +1.6 pp | Mar 2026 — | Jun 2026 —
- CBRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.7 pp | Mar 2023 0.0 pp | Jun 2023 −0.6 pp | Sep 2023 +0.5 pp | Dec 2023 −0.7 pp | Mar 2024 −0.4 pp | Jun 2024 −2.0 pp | Sep 2024 −1.0 pp | Dec 2024 −0.2 pp | Mar 2025 −0.1 pp | Jun 2025 +2.0 pp | Sep 2025 −1.1 pp | Dec 2025 −2.4 pp | Mar 2026 −1.7 pp | Jun 2026 −0.5 pp
- BH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.6 pp | Dec 2022 −1.2 pp | Mar 2023 +0.4 pp | Jun 2023 −0.3 pp | Sep 2023 −2.7 pp | Dec 2023 +0.9 pp | Mar 2024 −0.6 pp | Jun 2024 −3.1 pp | Sep 2024 +1.4 pp | Dec 2024 0.0 pp | Mar 2025 −1.8 pp | Jun 2025 +2.0 pp | Sep 2025 +0.4 pp | Dec 2025 −1.5 pp | Mar 2026 +0.7 pp | Jun 2026 —
- PZZA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.4 pp | Dec 2022 −0.4 pp | Mar 2023 +4.0 pp | Jun 2023 −0.9 pp | Sep 2023 +2.2 pp | Dec 2023 +1.2 pp | Mar 2024 −0.5 pp | Jun 2024 −1.0 pp | Sep 2024 +5.6 pp | Dec 2024 −2.3 pp | Mar 2025 −1.7 pp | Jun 2025 −0.8 pp | Sep 2025 −8.4 pp | Dec 2025 −0.8 pp | Mar 2026 −0.5 pp | Jun 2026 —
- HDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +23.8 pp | Dec 2022 +24.5 pp | Mar 2023 −52.8 pp | Jun 2023 −1.0 pp | Sep 2023 +0.9 pp | Dec 2023 +0.4 pp | Mar 2024 −0.2 pp | Jun 2024 −0.3 pp | Sep 2024 +1.3 pp | Dec 2024 +1.5 pp | Mar 2025 −1.1 pp | Jun 2025 −0.6 pp | Sep 2025 −0.8 pp | Dec 2025 −0.6 pp | Mar 2026 +1.1 pp | Jun 2026 —
- FWRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 +0.3 pp | Mar 2023 +0.7 pp | Jun 2023 +0.6 pp | Sep 2023 +0.4 pp | Dec 2023 +0.4 pp | Mar 2024 −0.4 pp | Jun 2024 +0.3 pp | Sep 2024 −0.2 pp | Dec 2024 −0.3 pp | Mar 2025 −1.0 pp | Jun 2025 −0.9 pp | Sep 2025 +0.2 pp | Dec 2025 +0.3 pp | Mar 2026 0.0 pp | Jun 2026 —
- SG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 +3.9 pp | Mar 2023 +5.4 pp | Jun 2023 +4.5 pp | Sep 2023 +6.9 pp | Dec 2023 +2.5 pp | Mar 2024 +1.3 pp | Jun 2024 +2.1 pp | Sep 2024 +0.9 pp | Dec 2024 −0.5 pp | Mar 2025 −0.4 pp | Jun 2025 −1.4 pp | Sep 2025 −2.2 pp | Dec 2025 −2.6 pp | Mar 2026 −0.7 pp | Jun 2026 —
- BLMN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.6 pp | Dec 2022 −0.7 pp | Mar 2023 +0.7 pp | Jun 2023 0.0 pp | Sep 2023 +0.3 pp | Dec 2023 −0.2 pp | Mar 2024 −2.4 pp | Jun 2024 −2.0 pp | Sep 2024 −2.2 pp | Dec 2024 −1.7 pp | Mar 2025 −0.6 pp | Jun 2025 −0.6 pp | Sep 2025 −1.7 pp | Dec 2025 −1.3 pp | Mar 2026 +0.1 pp | Jun 2026 —
- CNNE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −0.5 pp | Mar 2023 +1.4 pp | Jun 2023 +0.1 pp | Sep 2023 −1.2 pp | Dec 2023 −0.3 pp | Mar 2024 −0.8 pp | Jun 2024 −0.2 pp | Sep 2024 +1.1 pp | Dec 2024 0.0 pp | Mar 2025 +0.5 pp | Jun 2025 −2.4 pp | Sep 2025 0.0 pp | Dec 2025 −0.6 pp | Mar 2026 −0.5 pp | Jun 2026 —
- KRUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.3 pp | Mar 2023 +0.8 pp | Jun 2023 +0.3 pp | Sep 2023 −0.1 pp | Dec 2023 +0.1 pp | Mar 2024 −0.1 pp | Jun 2024 −1.0 pp | Sep 2024 −3.0 pp | Dec 2024 +0.7 pp | Mar 2025 −0.7 pp | Jun 2025 +0.4 pp | Sep 2025 +2.4 pp | Dec 2025 −0.5 pp | Mar 2026 +0.8 pp | Jun 2026 0.0 pp
- LOCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 −4.0 pp | Mar 2023 +0.7 pp | Jun 2023 0.0 pp | Sep 2023 −0.6 pp | Dec 2023 +4.6 pp | Mar 2024 +0.5 pp | Jun 2024 +0.4 pp | Sep 2024 +1.3 pp | Dec 2024 +0.5 pp | Mar 2025 −0.1 pp | Jun 2025 −0.2 pp | Sep 2025 +0.2 pp | Dec 2025 +0.8 pp | Mar 2026 — | Jun 2026 +0.1 pp
- DIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 — | Mar 2023 −0.6 pp | Jun 2023 −0.1 pp | Sep 2023 −0.1 pp | Dec 2023 — | Mar 2024 +0.6 pp | Jun 2024 +0.4 pp | Sep 2024 +0.2 pp | Dec 2024 −1.5 pp | Mar 2025 +10.9 pp | Jun 2025 −0.9 pp | Sep 2025 −1.3 pp | Dec 2025 −1.6 pp | Mar 2026 −0.4 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Arcos Dorados Holdings Inc. has the lowest comparable Guarded PEG at 0.18×, 40% below The Cheesecake Factory Incorporated. Only 16 of 29 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Arcos Dorados Holdings Inc. · 0.18× | 40% versus #2 · The Cheesecake Factory Incorporated | 0/8 recent comparable periods | 16/29 companies · 94 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Arcos Dorados Holdings Inc. (ARCO): 0.2
2. The Cheesecake Factory Incorporated (CAKE): 0.3
3. Brinker International, Inc. (EAT): 0.4
4. Super Hi International Holding Ltd. (HDL): 0.4
5. Restaurant Brands International Inc. (QSR): 0.5

### P/E — lowest P/E
1. Arcos Dorados Holdings Inc. (ARCO): 7.4
2. Cannae Holdings, Inc. (CNNE): 8.1
3. The Wendy's Company (WEN): 8.7
4. El Pollo Loco Holdings, Inc. (LOCO): 14.2
5. Brinker International, Inc. (EAT): 14.4

### 20-quarter Guarded PEG history
- MCD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.8 | Sep 2023 0.5 | Dec 2023 0.7 | Mar 2024 0.9 | Jun 2024 4.3 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 3.6 | Jun 2026 —
- SBUX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.0 | Mar 2024 1.1 | Jun 2024 1.2 | Sep 2024 5.1 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CMG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.9 | Jun 2023 1.0 | Sep 2023 0.9 | Dec 2023 1.3 | Mar 2024 2.3 | Jun 2024 2.2 | Sep 2024 2.1 | Dec 2024 2.2 | Mar 2025 2.2 | Jun 2025 5.1 | Sep 2025 6.2 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- YUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.2 | Dec 2023 1.0 | Mar 2024 0.8 | Jun 2024 2.3 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 4.3 | Mar 2026 1.1 | Jun 2026 —
- QSR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.0 | Jun 2023 0.9 | Sep 2023 — | Dec 2023 1.3 | Mar 2024 1.1 | Jun 2024 0.8 | Sep 2024 0.5 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2.5 | Sep 2023 1.7 | Dec 2023 1.3 | Mar 2024 1.8 | Jun 2024 2.7 | Sep 2024 2.2 | Dec 2024 3.5 | Mar 2025 — | Jun 2025 — | Sep 2025 2.9 | Dec 2025 2.0 | Mar 2026 3.5 | Jun 2026 1.2
- YUMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.6 | Jun 2024 0.9 | Sep 2024 0.9 | Dec 2024 1.1 | Mar 2025 1.1 | Jun 2025 1.1 | Sep 2025 2.7 | Dec 2025 2.5 | Mar 2026 2.0 | Jun 2026 —
- TXRH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.9 | Jun 2023 1.4 | Sep 2023 1.7 | Dec 2023 1.9 | Mar 2024 1.7 | Jun 2024 1.1 | Sep 2024 0.9 | Dec 2024 0.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DPZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.9 | Jun 2025 4.5 | Sep 2025 5.3 | Dec 2025 4.6 | Mar 2026 — | Jun 2026 —
- EAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.4 | Sep 2024 0.6 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.4 | Jun 2026 —
- CAKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.3 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ARCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 0.3 | Sep 2023 0.3 | Dec 2023 0.6 | Mar 2024 1.3 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.2 | Mar 2026 — | Jun 2026 —
- WEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.2 | Dec 2023 2.7 | Mar 2024 1.2 | Jun 2024 0.8 | Sep 2024 1.7 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CBRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.3 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PZZA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.3 | Dec 2023 1.0 | Mar 2024 — | Jun 2024 — | Sep 2024 0.8 | Dec 2024 — | Mar 2025 — | Jun 2025 2.5 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.4 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FWRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.4 | Jun 2024 3.1 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LOCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.4 | Mar 2024 0.5 | Jun 2024 0.4 | Sep 2024 — | Dec 2024 1.0 | Mar 2025 — | Jun 2025 — | Sep 2025 1.0 | Dec 2025 2.0 | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- MCD: Sep 2021 24.9 | Dec 2021 26.7 | Mar 2022 26.1 | Jun 2022 30.4 | Sep 2022 29.1 | Dec 2022 31.6 | Mar 2023 30.0 | Jun 2023 27.5 | Sep 2023 23.2 | Dec 2023 25.7 | Mar 2024 23.9 | Jun 2024 22.3 | Sep 2024 26.7 | Dec 2024 25.5 | Mar 2025 27.6 | Jun 2025 25.0 | Sep 2025 25.9 | Dec 2025 25.6 | Mar 2026 25.6 | Jun 2026 —
- SBUX: Sep 2021 — | Dec 2021 31.9 | Mar 2022 31.5 | Jun 2022 24.5 | Sep 2022 22.3 | Dec 2022 29.8 | Mar 2023 34.6 | Jun 2023 33.8 | Sep 2023 30.2 | Dec 2023 25.5 | Mar 2024 25.2 | Jun 2024 21.8 | Sep 2024 29.4 | Dec 2024 29.8 | Mar 2025 35.5 | Jun 2025 39.8 | Sep 2025 52.4 | Dec 2025 70.8 | Mar 2026 66.1 | Jun 2026 —
- CMG: Sep 2021 72.9 | Dec 2021 76.4 | Mar 2022 65.8 | Jun 2022 49.0 | Sep 2022 52.3 | Dec 2022 43.4 | Mar 2023 46.2 | Jun 2023 53.2 | Sep 2023 43.1 | Dec 2023 51.4 | Mar 2024 61.9 | Jun 2024 61.4 | Sep 2024 53.9 | Dec 2024 54.3 | Mar 2025 44.4 | Jun 2025 50.1 | Sep 2025 34.7 | Dec 2025 32.5 | Mar 2026 29.4 | Jun 2026 —
- YUM: Sep 2021 23.6 | Dec 2021 26.7 | Mar 2022 21.5 | Jun 2022 22.8 | Sep 2022 24.3 | Dec 2022 28.0 | Mar 2023 31.1 | Jun 2023 28.1 | Sep 2023 23.8 | Dec 2023 23.4 | Mar 2024 24.6 | Jun 2024 24.3 | Sep 2024 26.1 | Dec 2024 25.7 | Mar 2025 31.4 | Jun 2025 29.2 | Sep 2025 29.6 | Dec 2025 27.3 | Mar 2026 25.1 | Jun 2026 —
- QSR: Sep 2021 26.0 | Dec 2021 22.8 | Mar 2022 21.5 | Jun 2022 18.9 | Sep 2022 17.0 | Dec 2022 19.6 | Mar 2023 20.5 | Jun 2023 23.7 | Sep 2023 23.4 | Dec 2023 20.5 | Mar 2024 20.2 | Jun 2024 17.5 | Sep 2024 18.4 | Dec 2024 20.7 | Mar 2025 22.8 | Jun 2025 25.3 | Sep 2025 22.8 | Dec 2025 28.8 | Mar 2026 26.8 | Jun 2026 —
- DRI: Sep 2021 — | Dec 2021 20.1 | Mar 2022 18.3 | Jun 2022 17.1 | Sep 2022 17.3 | Dec 2022 20.5 | Mar 2023 18.9 | Jun 2023 20.2 | Sep 2023 19.4 | Dec 2023 18.9 | Mar 2024 19.9 | Jun 2024 17.3 | Sep 2024 17.8 | Dec 2024 19.2 | Mar 2025 21.6 | Jun 2025 23.0 | Sep 2025 22.4 | Dec 2025 18.3 | Mar 2026 23.0 | Jun 2026 19.6
- YUMC: Sep 2021 37.7 | Dec 2021 21.9 | Mar 2022 20.9 | Jun 2022 27.4 | Sep 2022 23.4 | Dec 2022 52.6 | Mar 2023 42.3 | Jun 2023 31.9 | Sep 2023 30.0 | Dec 2023 21.5 | Mar 2024 20.0 | Jun 2024 14.9 | Sep 2024 19.9 | Dec 2024 20.7 | Mar 2025 21.8 | Jun 2025 18.5 | Sep 2025 17.8 | Dec 2025 19.0 | Mar 2026 18.7 | Jun 2026 —
- TXRH: Sep 2021 30.9 | Dec 2021 25.6 | Mar 2022 23.2 | Jun 2022 20.5 | Sep 2022 22.4 | Dec 2022 23.7 | Mar 2023 25.5 | Jun 2023 25.3 | Sep 2023 21.8 | Dec 2023 27.1 | Mar 2024 30.8 | Jun 2024 31.2 | Sep 2024 30.2 | Dec 2024 27.9 | Mar 2025 — | Jun 2025 26.1 | Sep 2025 28.9 | Dec 2025 27.4 | Mar 2026 26.4 | Jun 2026 —
- BROS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 581.3 | Dec 2023 1,055.7 | Mar 2024 183.3 | Jun 2024 165.6 | Sep 2024 110.5 | Dec 2024 154.1 | Mar 2025 158.3 | Jun 2025 145.5 | Sep 2025 104.7 | Dec 2025 95.7 | Mar 2026 79.2 | Jun 2026 —
- DPZ: Sep 2021 38.9 | Dec 2021 — | Mar 2022 41.7 | Jun 2022 29.6 | Sep 2022 29.7 | Dec 2022 — | Mar 2023 27.7 | Jun 2023 25.1 | Sep 2023 26.5 | Dec 2023 28.1 | Mar 2024 29.9 | Jun 2024 32.1 | Sep 2024 25.1 | Dec 2024 25.7 | Mar 2025 26.5 | Jun 2025 26.3 | Sep 2025 27.1 | Dec 2025 24.2 | Mar 2026 21.5 | Jun 2026 18.4
- EAT: Sep 2021 17.9 | Dec 2021 11.6 | Mar 2022 11.4 | Jun 2022 8.7 | Sep 2022 16.4 | Dec 2022 19.6 | Mar 2023 18.4 | Jun 2023 15.9 | Sep 2023 9.5 | Dec 2023 13.1 | Mar 2024 14.6 | Jun 2024 21.4 | Sep 2024 18.6 | Dec 2024 23.8 | Mar 2025 21.3 | Jun 2025 21.2 | Sep 2025 14.2 | Dec 2025 15.3 | Mar 2026 14.4 | Jun 2026 —
- CAVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 204.7 | Mar 2024 — | Jun 2024 145.5 | Sep 2024 227.7 | Dec 2024 275.2 | Mar 2025 — | Jun 2025 71.7 | Sep 2025 77.4 | Dec 2025 54.8 | Mar 2026 — | Jun 2026 182.3
- CAKE: Sep 2021 374.3 | Dec 2021 39.3 | Mar 2022 26.7 | Jun 2022 17.2 | Sep 2022 31.0 | Dec 2022 — | Mar 2023 37.2 | Jun 2023 36.7 | Sep 2023 27.0 | Dec 2023 16.5 | Mar 2024 16.6 | Jun 2024 16.9 | Sep 2024 15.8 | Dec 2024 15.6 | Mar 2025 — | Jun 2025 15.9 | Sep 2025 19.6 | Dec 2025 16.3 | Mar 2026 16.0 | Jun 2026 —
- WING: Sep 2021 185.2 | Dec 2021 121.8 | Mar 2022 85.0 | Jun 2022 62.4 | Sep 2022 88.8 | Dec 2022 77.8 | Mar 2023 — | Jun 2023 91.8 | Sep 2023 95.3 | Dec 2023 109.2 | Mar 2024 130.4 | Jun 2024 132.1 | Sep 2024 120.0 | Dec 2024 77.1 | Mar 2025 37.5 | Jun 2025 57.9 | Sep 2025 40.3 | Dec 2025 41.3 | Mar 2026 38.4 | Jun 2026 —
- SHAK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 518.5 | Dec 2023 158.2 | Mar 2024 183.0 | Jun 2024 139.4 | Sep 2024 556.6 | Dec 2024 550.1 | Mar 2025 333.3 | Jun 2025 291.1 | Sep 2025 93.4 | Dec 2025 74.5 | Mar 2026 — | Jun 2026 93.5
- ARCO: Sep 2021 51.2 | Dec 2021 26.5 | Mar 2022 16.9 | Jun 2022 12.7 | Sep 2022 11.6 | Dec 2022 12.5 | Mar 2023 10.6 | Jun 2023 13.0 | Sep 2023 11.1 | Dec 2023 14.8 | Mar 2024 13.7 | Jun 2024 11.1 | Sep 2024 12.5 | Dec 2024 10.3 | Mar 2025 12.4 | Jun 2025 12.5 | Sep 2025 5.8 | Dec 2025 7.3 | Mar 2026 7.4 | Jun 2026 —
- WEN: Sep 2021 — | Dec 2021 27.2 | Mar 2022 26.8 | Jun 2022 24.7 | Sep 2022 23.9 | Dec 2022 21.5 | Mar 2023 27.6 | Jun 2023 25.9 | Sep 2023 24.2 | Dec 2023 21.7 | Mar 2024 19.0 | Jun 2024 17.3 | Sep 2024 18.7 | Dec 2024 17.4 | Mar 2025 15.6 | Jun 2025 12.0 | Sep 2025 9.8 | Dec 2025 9.8 | Mar 2026 8.7 | Jun 2026 —
- BJRI: Sep 2021 — | Dec 2021 — | Mar 2022 938.3 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 157.9 | Jun 2023 110.2 | Sep 2023 43.2 | Dec 2023 34.0 | Mar 2024 43.0 | Jun 2024 35.4 | Sep 2024 30.3 | Dec 2024 26.4 | Mar 2025 — | Jun 2025 38.0 | Sep 2025 38.5 | Dec 2025 18.2 | Mar 2026 17.7 | Jun 2026 —
- CBRL: Sep 2021 — | Dec 2021 27.0 | Mar 2022 19.6 | Jun 2022 19.4 | Sep 2022 16.8 | Dec 2022 22.8 | Mar 2023 22.9 | Jun 2023 25.0 | Sep 2023 21.1 | Dec 2023 16.4 | Mar 2024 20.4 | Jun 2024 21.9 | Sep 2024 23.0 | Dec 2024 26.0 | Mar 2025 40.4 | Jun 2025 16.6 | Sep 2025 28.7 | Dec 2025 44.9 | Mar 2026 — | Jun 2026 26.8
- BH: Sep 2021 3.6 | Dec 2021 6.2 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 6.9 | Jun 2023 2.6 | Sep 2023 12.6 | Dec 2023 4.2 | Mar 2024 21.7 | Jun 2024 — | Sep 2024 4.7 | Dec 2024 — | Mar 2025 — | Jun 2025 9.6 | Sep 2025 138.1 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PZZA: Sep 2021 — | Dec 2021 1,105.0 | Mar 2022 — | Jun 2022 34.1 | Sep 2022 39.8 | Dec 2022 44.4 | Mar 2023 34.0 | Jun 2023 34.1 | Sep 2023 30.8 | Dec 2023 30.7 | Mar 2024 29.6 | Jun 2024 22.6 | Sep 2024 18.5 | Dec 2024 15.6 | Mar 2025 17.0 | Jun 2025 21.5 | Sep 2025 42.0 | Dec 2025 43.7 | Mar 2026 38.3 | Jun 2026 —
- HDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 60.0 | Sep 2024 19.3 | Dec 2024 71.9 | Mar 2025 38.6 | Jun 2025 21.7 | Sep 2025 47.0 | Dec 2025 26.8 | Mar 2026 24.3 | Jun 2026 —
- FWRG: Sep 2021 — | Dec 2021 — | Mar 2022 162.4 | Jun 2022 246.4 | Sep 2022 313.1 | Dec 2022 121.6 | Mar 2023 78.3 | Jun 2023 56.7 | Sep 2023 48.1 | Dec 2023 49.0 | Mar 2024 64.8 | Jun 2024 45.0 | Sep 2024 47.7 | Dec 2024 62.3 | Mar 2025 99.2 | Jun 2025 268.5 | Sep 2025 200.0 | Dec 2025 51.3 | Mar 2026 36.8 | Jun 2026 —
- SG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 39.2 | Jun 2026 —
- BLMN: Sep 2021 21.0 | Dec 2021 10.5 | Mar 2022 9.9 | Jun 2022 28.7 | Sep 2022 19.6 | Dec 2022 24.1 | Mar 2023 21.5 | Jun 2023 10.0 | Sep 2023 9.0 | Dec 2023 11.0 | Mar 2024 44.8 | Jun 2024 87.4 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 67.9 | Mar 2026 21.9 | Jun 2026 —
- CNNE: Sep 2021 8.1 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KRUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2,037.3 | Sep 2023 624.1 | Dec 2023 480.6 | Mar 2024 678.8 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LOCO: Sep 2021 22.0 | Dec 2021 17.5 | Mar 2022 15.3 | Jun 2022 13.8 | Sep 2022 16.1 | Dec 2022 17.5 | Mar 2023 14.9 | Jun 2023 14.1 | Sep 2023 11.3 | Dec 2023 12.2 | Mar 2024 11.6 | Jun 2024 13.0 | Sep 2024 17.2 | Dec 2024 13.7 | Mar 2025 12.4 | Jun 2025 12.9 | Sep 2025 11.4 | Dec 2025 11.6 | Mar 2026 — | Jun 2026 14.2
- DIN: Sep 2021 18.7 | Dec 2021 — | Mar 2022 13.6 | Jun 2022 11.5 | Sep 2022 11.4 | Dec 2022 — | Mar 2023 12.8 | Jun 2023 11.9 | Sep 2023 10.4 | Dec 2023 8.0 | Mar 2024 8.3 | Jun 2024 6.1 | Sep 2024 5.2 | Dec 2024 7.1 | Mar 2025 6.5 | Jun 2025 8.1 | Sep 2025 11.0 | Dec 2025 30.2 | Mar 2026 21.3 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Cannae Holdings, Inc. leads both ev/ebitda at 3.15× and p/bv at 0.54×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Cannae Holdings, Inc. · 3.15× | 42.6% versus #2 · El Pollo Loco Holdings, Inc. | 0/8 recent comparable periods | 28/29 companies · 481 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Cannae Holdings, Inc. (CNNE): 3.2
2. El Pollo Loco Holdings, Inc. (LOCO): 5.5
3. Arcos Dorados Holdings Inc. (ARCO): 6.2
4. The Wendy's Company (WEN): 7.7
5. Dine Brands Global, Inc. (DIN): 8.2

### P/BV — lowest P/BV
1. Cannae Holdings, Inc. (CNNE): 0.5
2. First Watch Restaurant Group, Inc. (FWRG): 1.0
3. Bloomin' Brands, Inc. (BLMN): 1.1
4. Sweetgreen, Inc. (SG): 1.1
5. El Pollo Loco Holdings, Inc. (LOCO): 1.4

### 20-quarter EV/EBITDA history
- MCD: Sep 2021 18.8 | Dec 2021 20.0 | Mar 2022 18.6 | Jun 2022 20.1 | Sep 2022 19.3 | Dec 2022 21.2 | Mar 2023 21.8 | Jun 2023 20.5 | Sep 2023 17.8 | Dec 2023 19.3 | Mar 2024 18.3 | Jun 2024 17.1 | Sep 2024 19.8 | Dec 2024 18.7 | Mar 2025 20.0 | Jun 2025 18.6 | Sep 2025 18.9 | Dec 2025 18.6 | Mar 2026 18.4 | Jun 2026 —
- SBUX: Sep 2021 — | Dec 2021 23.5 | Mar 2022 23.2 | Jun 2022 19.0 | Sep 2022 17.3 | Dec 2022 19.1 | Mar 2023 21.8 | Jun 2023 21.8 | Sep 2023 20.0 | Dec 2023 17.1 | Mar 2024 17.0 | Jun 2024 14.9 | Sep 2024 19.0 | Dec 2024 19.0 | Mar 2025 21.1 | Jun 2025 22.0 | Sep 2025 25.6 | Dec 2025 26.5 | Mar 2026 26.1 | Jun 2026 —
- CMG: Sep 2021 53.0 | Dec 2021 48.6 | Mar 2022 42.8 | Jun 2022 32.8 | Sep 2022 34.3 | Dec 2022 28.4 | Mar 2023 30.6 | Jun 2023 35.5 | Sep 2023 29.4 | Dec 2023 34.9 | Mar 2024 42.2 | Jun 2024 41.9 | Sep 2024 37.1 | Dec 2024 37.8 | Mar 2025 31.0 | Jun 2025 34.7 | Sep 2025 24.3 | Dec 2025 22.8 | Mar 2026 20.7 | Jun 2026 —
- YUM: Sep 2021 20.3 | Dec 2021 22.1 | Mar 2022 19.8 | Jun 2022 19.4 | Sep 2022 18.3 | Dec 2022 20.4 | Mar 2023 20.7 | Jun 2023 21.1 | Sep 2023 19.0 | Dec 2023 19.2 | Mar 2024 20.0 | Jun 2024 19.1 | Sep 2024 19.8 | Dec 2024 18.7 | Mar 2025 20.8 | Jun 2025 19.7 | Sep 2025 19.6 | Dec 2025 19.1 | Mar 2026 18.8 | Jun 2026 —
- QSR: Sep 2021 16.3 | Dec 2021 15.6 | Mar 2022 15.4 | Jun 2022 14.0 | Sep 2022 14.3 | Dec 2022 15.8 | Mar 2023 16.0 | Jun 2023 17.2 | Sep 2023 15.6 | Dec 2023 16.9 | Mar 2024 16.9 | Jun 2024 15.4 | Sep 2024 16.1 | Dec 2024 14.6 | Mar 2025 14.6 | Jun 2025 14.5 | Sep 2025 14.0 | Dec 2025 13.9 | Mar 2026 14.5 | Jun 2026 —
- DRI: Sep 2021 — | Dec 2021 16.4 | Mar 2022 14.8 | Jun 2022 13.0 | Sep 2022 13.0 | Dec 2022 15.1 | Mar 2023 14.1 | Jun 2023 14.9 | Sep 2023 14.9 | Dec 2023 14.3 | Mar 2024 14.6 | Jun 2024 12.7 | Sep 2024 12.9 | Dec 2024 14.1 | Mar 2025 15.1 | Jun 2025 15.8 | Sep 2025 15.4 | Dec 2025 13.3 | Mar 2026 15.6 | Jun 2026 13.6
- YUMC: Sep 2021 15.7 | Dec 2021 10.8 | Mar 2022 9.5 | Jun 2022 11.7 | Sep 2022 10.1 | Dec 2022 18.2 | Mar 2023 18.6 | Jun 2023 15.0 | Sep 2023 15.0 | Dec 2023 11.2 | Mar 2024 10.5 | Jun 2024 8.1 | Sep 2024 11.1 | Dec 2024 11.6 | Mar 2025 12.2 | Jun 2025 10.0 | Sep 2025 9.4 | Dec 2025 10.4 | Mar 2026 10.2 | Jun 2026 —
- TXRH: Sep 2021 18.3 | Dec 2021 15.7 | Mar 2022 14.4 | Jun 2022 12.9 | Sep 2022 14.1 | Dec 2022 15.1 | Mar 2023 16.3 | Jun 2023 16.5 | Sep 2023 14.4 | Dec 2023 17.6 | Mar 2024 19.8 | Jun 2024 20.2 | Sep 2024 19.6 | Dec 2024 18.2 | Mar 2025 — | Jun 2025 16.9 | Sep 2025 18.7 | Dec 2025 17.5 | Mar 2026 16.7 | Jun 2026 —
- BROS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 96.2 | Dec 2022 56.1 | Mar 2023 43.0 | Jun 2023 30.1 | Sep 2023 22.6 | Dec 2023 29.5 | Mar 2024 26.8 | Jun 2024 33.6 | Sep 2024 25.2 | Dec 2024 34.8 | Mar 2025 41.1 | Jun 2025 40.4 | Sep 2025 30.2 | Dec 2025 31.9 | Mar 2026 26.0 | Jun 2026 —
- DPZ: Sep 2021 26.9 | Dec 2021 — | Mar 2022 29.7 | Jun 2022 22.7 | Sep 2022 22.0 | Dec 2022 — | Mar 2023 20.4 | Jun 2023 18.9 | Sep 2023 20.7 | Dec 2023 21.3 | Mar 2024 22.2 | Jun 2024 24.5 | Sep 2024 20.0 | Dec 2024 20.2 | Mar 2025 21.2 | Jun 2025 20.2 | Sep 2025 20.0 | Dec 2025 18.2 | Mar 2026 16.2 | Jun 2026 14.5
- EAT: Sep 2021 12.6 | Dec 2021 10.4 | Mar 2022 10.3 | Jun 2022 9.9 | Sep 2022 12.2 | Dec 2022 13.0 | Mar 2023 12.5 | Jun 2023 12.0 | Sep 2023 9.6 | Dec 2023 10.7 | Mar 2024 10.9 | Jun 2024 13.0 | Sep 2024 12.3 | Dec 2024 14.7 | Mar 2025 13.4 | Jun 2025 13.3 | Sep 2025 10.0 | Dec 2025 10.3 | Mar 2026 9.8 | Jun 2026 —
- CAVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 271.5 | Dec 2023 105.4 | Mar 2024 — | Jun 2024 100.1 | Sep 2024 118.3 | Dec 2024 152.2 | Mar 2025 — | Jun 2025 88.1 | Sep 2025 89.1 | Dec 2025 58.6 | Mar 2026 — | Jun 2026 77.7
- CAKE: Sep 2021 32.1 | Dec 2021 21.5 | Mar 2022 19.6 | Jun 2022 17.3 | Sep 2022 22.2 | Dec 2022 — | Mar 2023 25.8 | Jun 2023 25.2 | Sep 2023 22.5 | Dec 2023 18.1 | Mar 2024 17.6 | Jun 2024 17.6 | Sep 2024 17.0 | Dec 2024 16.4 | Mar 2025 — | Jun 2025 14.9 | Sep 2025 17.0 | Dec 2025 14.8 | Mar 2026 15.4 | Jun 2026 —
- WING: Sep 2021 75.5 | Dec 2021 68.3 | Mar 2022 46.6 | Jun 2022 36.6 | Sep 2022 49.0 | Dec 2022 45.2 | Mar 2023 — | Jun 2023 53.4 | Sep 2023 55.6 | Dec 2023 64.9 | Mar 2024 79.3 | Jun 2024 81.6 | Sep 2024 74.4 | Dec 2024 49.3 | Mar 2025 39.6 | Jun 2025 57.0 | Sep 2025 39.8 | Dec 2025 39.8 | Mar 2026 24.6 | Jun 2026 —
- SHAK: Sep 2021 92.6 | Dec 2021 69.1 | Mar 2022 70.3 | Jun 2022 46.2 | Sep 2022 53.1 | Dec 2022 44.3 | Mar 2023 40.5 | Jun 2023 47.6 | Sep 2023 31.0 | Dec 2023 35.3 | Mar 2024 43.7 | Jun 2024 35.2 | Sep 2024 50.1 | Dec 2024 53.8 | Mar 2025 38.4 | Jun 2025 47.5 | Sep 2025 26.8 | Dec 2025 22.3 | Mar 2026 — | Jun 2026 27.6
- ARCO: Sep 2021 11.8 | Dec 2021 9.5 | Mar 2022 9.6 | Jun 2022 7.5 | Sep 2022 7.3 | Dec 2022 7.9 | Mar 2023 7.3 | Jun 2023 8.4 | Sep 2023 7.5 | Dec 2023 8.9 | Mar 2024 8.2 | Jun 2024 7.1 | Sep 2024 7.1 | Dec 2024 6.2 | Mar 2025 7.1 | Jun 2025 7.3 | Sep 2025 5.9 | Dec 2025 6.0 | Mar 2026 6.2 | Jun 2026 —
- WEN: Sep 2021 — | Dec 2021 14.3 | Mar 2022 15.3 | Jun 2022 14.7 | Sep 2022 13.1 | Dec 2022 12.7 | Mar 2023 14.0 | Jun 2023 13.2 | Sep 2023 12.6 | Dec 2023 11.6 | Mar 2024 10.9 | Jun 2024 10.4 | Sep 2024 10.7 | Dec 2024 10.0 | Mar 2025 9.5 | Jun 2025 8.6 | Sep 2025 8.0 | Dec 2025 8.1 | Mar 2026 7.7 | Jun 2026 —
- BJRI: Sep 2021 35.4 | Dec 2021 23.4 | Mar 2022 20.4 | Jun 2022 19.8 | Sep 2022 19.9 | Dec 2022 — | Mar 2023 17.5 | Jun 2023 16.4 | Sep 2023 16.1 | Dec 2023 12.5 | Mar 2024 15.4 | Jun 2024 14.5 | Sep 2024 14.3 | Dec 2024 13.1 | Mar 2025 — | Jun 2025 13.7 | Sep 2025 14.3 | Dec 2025 10.5 | Mar 2026 9.5 | Jun 2026 —
- CBRL: Sep 2021 — | Dec 2021 14.1 | Mar 2022 11.4 | Jun 2022 12.0 | Sep 2022 12.1 | Dec 2022 14.7 | Mar 2023 14.5 | Jun 2023 15.1 | Sep 2023 13.4 | Dec 2023 11.2 | Mar 2024 12.6 | Jun 2024 13.0 | Sep 2024 12.4 | Dec 2024 13.2 | Mar 2025 15.2 | Jun 2025 10.1 | Sep 2025 12.8 | Dec 2025 12.6 | Mar 2026 14.5 | Jun 2026 15.0
- BH: Sep 2021 24.1 | Dec 2021 7.7 | Mar 2022 8.3 | Jun 2022 6.5 | Sep 2022 10.5 | Dec 2022 14.4 | Mar 2023 15.2 | Jun 2023 18.2 | Sep 2023 42.8 | Dec 2023 8.9 | Mar 2024 11.3 | Jun 2024 20.3 | Sep 2024 13.0 | Dec 2024 20.7 | Mar 2025 26.1 | Jun 2025 20.0 | Sep 2025 21.2 | Dec 2025 30.7 | Mar 2026 27.9 | Jun 2026 —
- PZZA: Sep 2021 26.3 | Dec 2021 24.8 | Mar 2022 23.2 | Jun 2022 20.5 | Sep 2022 20.9 | Dec 2022 22.9 | Mar 2023 18.5 | Jun 2023 17.6 | Sep 2023 16.4 | Dec 2023 16.2 | Mar 2024 14.9 | Jun 2024 12.1 | Sep 2024 11.2 | Dec 2024 9.9 | Mar 2025 10.4 | Jun 2025 11.9 | Sep 2025 14.3 | Dec 2025 12.1 | Mar 2026 11.1 | Jun 2026 —
- HDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 10.2 | Sep 2024 8.9 | Dec 2024 13.7 | Mar 2025 29.7 | Jun 2025 27.4 | Sep 2025 28.0 | Dec 2025 8.1 | Mar 2026 18.5 | Jun 2026 —
- FWRG: Sep 2021 — | Dec 2021 25.8 | Mar 2022 19.9 | Jun 2022 24.9 | Sep 2022 27.2 | Dec 2022 25.4 | Mar 2023 22.9 | Jun 2023 21.2 | Sep 2023 21.6 | Dec 2023 21.4 | Mar 2024 24.9 | Jun 2024 19.0 | Sep 2024 17.5 | Dec 2024 19.8 | Mar 2025 20.6 | Jun 2025 22.8 | Sep 2025 21.0 | Dec 2025 19.1 | Mar 2026 15.3 | Jun 2026 —
- BLMN: Sep 2021 10.9 | Dec 2021 8.0 | Mar 2022 7.5 | Jun 2022 7.7 | Sep 2022 7.2 | Dec 2022 6.7 | Mar 2023 8.9 | Jun 2023 9.3 | Sep 2023 8.9 | Dec 2023 7.4 | Mar 2024 12.5 | Jun 2024 13.8 | Sep 2024 20.8 | Dec 2024 10.3 | Mar 2025 9.1 | Jun 2025 9.8 | Sep 2025 11.2 | Dec 2025 11.8 | Mar 2026 10.8 | Jun 2026 —
- CNNE: Sep 2021 29.4 | Dec 2021 4.2 | Mar 2022 23.0 | Jun 2022 21.8 | Sep 2022 21.4 | Dec 2022 3.5 | Mar 2023 3.1 | Jun 2023 3.2 | Sep 2023 3.2 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KRUS: Sep 2021 — | Dec 2021 — | Mar 2022 279.5 | Jun 2022 227.1 | Sep 2022 161.9 | Dec 2022 163.0 | Mar 2023 122.2 | Jun 2023 131.0 | Sep 2023 124.3 | Dec 2023 89.1 | Mar 2024 130.1 | Jun 2024 161.9 | Sep 2024 2,953.7 | Dec 2024 593.6 | Mar 2025 — | Jun 2025 695.4 | Sep 2025 122.2 | Dec 2025 91.6 | Mar 2026 89.9 | Jun 2026 69.7
- LOCO: Sep 2021 12.9 | Dec 2021 — | Mar 2022 4.4 | Jun 2022 4.0 | Sep 2022 4.0 | Dec 2022 13.5 | Mar 2023 12.5 | Jun 2023 1.9 | Sep 2023 15.8 | Dec 2023 — | Mar 2024 1.5 | Jun 2024 6.0 | Sep 2024 6.2 | Dec 2024 146.4 | Mar 2025 5.3 | Jun 2025 5.3 | Sep 2025 5.0 | Dec 2025 6,525.4 | Mar 2026 — | Jun 2026 5.5
- DIN: Sep 2021 21.0 | Dec 2021 — | Mar 2022 16.6 | Jun 2022 15.2 | Sep 2022 15.1 | Dec 2022 — | Mar 2023 16.5 | Jun 2023 16.5 | Sep 2023 15.9 | Dec 2023 14.7 | Mar 2024 15.3 | Jun 2024 13.8 | Sep 2024 12.9 | Dec 2024 14.9 | Mar 2025 6.6 | Jun 2025 6.9 | Sep 2025 7.4 | Dec 2025 27.7 | Mar 2026 8.2 | Jun 2026 —

### 20-quarter P/BV history
- MCD: Sep 2021 -31.8 | Dec 2021 -43.4 | Mar 2022 -30.5 | Jun 2022 -28.5 | Sep 2022 -25.7 | Dec 2022 -32.1 | Mar 2023 -35.3 | Jun 2023 -43.5 | Sep 2023 -39.4 | Dec 2023 -45.5 | Mar 2024 -42.0 | Jun 2024 -37.9 | Sep 2024 -42.2 | Dec 2024 -54.6 | Mar 2025 -64.7 | Jun 2025 -75.5 | Sep 2025 -100.1 | Dec 2025 -121.3 | Mar 2026 -171.7 | Jun 2026 —
- SBUX: Sep 2021 — | Dec 2021 -25.0 | Mar 2022 -15.9 | Jun 2022 -12.0 | Sep 2022 -10.5 | Dec 2022 -11.1 | Mar 2023 -13.1 | Jun 2023 -14.0 | Sep 2023 -13.6 | Dec 2023 -13.0 | Mar 2024 -12.3 | Jun 2024 -11.1 | Sep 2024 -14.8 | Dec 2024 -14.0 | Mar 2025 -14.6 | Jun 2025 -13.6 | Sep 2025 -12.0 | Dec 2025 -11.6 | Mar 2026 -11.7 | Jun 2026 —
- CMG: Sep 2021 22.1 | Dec 2021 21.4 | Mar 2022 20.8 | Jun 2022 16.9 | Sep 2022 17.9 | Dec 2022 16.2 | Mar 2023 19.0 | Jun 2023 21.3 | Sep 2023 17.5 | Dec 2023 20.5 | Mar 2024 23.8 | Jun 2024 23.2 | Sep 2024 21.7 | Dec 2024 22.4 | Mar 2025 19.4 | Jun 2025 21.4 | Sep 2025 16.1 | Dec 2025 17.1 | Mar 2026 17.3 | Jun 2026 —
- YUM: Sep 2021 -4.6 | Dec 2021 -4.8 | Mar 2022 -4.0 | Jun 2022 -3.8 | Sep 2022 -3.5 | Dec 2022 -4.1 | Mar 2023 -4.2 | Jun 2023 -4.6 | Sep 2023 -4.3 | Dec 2023 -4.7 | Mar 2024 -5.0 | Jun 2024 -4.9 | Sep 2024 -5.1 | Dec 2024 -4.9 | Mar 2025 -5.6 | Jun 2025 -5.4 | Sep 2025 -5.6 | Dec 2025 -5.7 | Mar 2026 -5.9 | Jun 2026 —
- QSR: Sep 2021 4.7 | Dec 2021 5.0 | Mar 2022 4.6 | Jun 2022 4.0 | Sep 2022 4.0 | Dec 2022 4.6 | Mar 2023 4.8 | Jun 2023 5.2 | Sep 2023 4.6 | Dec 2023 5.2 | Mar 2024 5.2 | Jun 2024 4.5 | Sep 2024 4.6 | Dec 2024 4.4 | Mar 2025 4.5 | Jun 2025 4.3 | Sep 2025 4.1 | Dec 2025 4.3 | Mar 2026 4.8 | Jun 2026 —
- DRI: Sep 2021 — | Dec 2021 7.1 | Mar 2022 8.0 | Jun 2022 7.1 | Sep 2022 7.4 | Dec 2022 9.0 | Mar 2023 8.6 | Jun 2023 8.9 | Sep 2023 8.8 | Dec 2023 9.1 | Mar 2024 9.3 | Jun 2024 7.8 | Sep 2024 8.5 | Dec 2024 9.5 | Mar 2025 10.2 | Jun 2025 10.4 | Sep 2025 10.9 | Dec 2025 9.8 | Mar 2026 12.0 | Jun 2026 10.6
- YUMC: Sep 2021 3.7 | Dec 2021 3.0 | Mar 2022 2.6 | Jun 2022 3.1 | Sep 2022 3.1 | Dec 2022 3.5 | Mar 2023 4.0 | Jun 2023 3.6 | Sep 2023 3.5 | Dec 2023 2.7 | Mar 2024 2.7 | Jun 2024 2.1 | Sep 2024 2.9 | Dec 2024 3.2 | Mar 2025 3.4 | Jun 2025 2.9 | Sep 2025 2.7 | Dec 2025 3.1 | Mar 2026 3.2 | Jun 2026 —
- TXRH: Sep 2021 6.1 | Dec 2021 5.9 | Mar 2022 5.7 | Jun 2022 5.3 | Sep 2022 5.9 | Dec 2022 6.2 | Mar 2023 6.7 | Jun 2023 6.8 | Sep 2023 5.7 | Dec 2023 7.2 | Mar 2024 8.4 | Jun 2024 9.1 | Sep 2024 9.0 | Dec 2024 8.8 | Mar 2025 — | Jun 2025 8.1 | Sep 2025 8.7 | Dec 2025 7.6 | Mar 2026 7.2 | Jun 2026 —
- BROS: Sep 2021 22.8 | Dec 2021 26.9 | Mar 2022 28.1 | Jun 2022 15.6 | Sep 2022 14.4 | Dec 2022 12.7 | Mar 2023 14.3 | Jun 2023 12.2 | Sep 2023 5.0 | Dec 2023 7.0 | Mar 2024 7.4 | Jun 2024 9.3 | Sep 2024 7.0 | Dec 2024 11.3 | Mar 2025 12.9 | Jun 2025 13.6 | Sep 2025 10.1 | Dec 2025 11.4 | Mar 2026 9.3 | Jun 2026 —
- DPZ: Sep 2021 -4.5 | Dec 2021 — | Mar 2022 -4.8 | Jun 2022 -3.3 | Sep 2022 -3.0 | Dec 2022 — | Mar 2023 -2.9 | Jun 2023 -2.8 | Sep 2023 -3.3 | Dec 2023 -3.5 | Mar 2024 -4.0 | Jun 2024 -4.7 | Sep 2024 -3.6 | Dec 2024 -3.7 | Mar 2025 -4.0 | Jun 2025 -3.9 | Sep 2025 -4.0 | Dec 2025 -3.7 | Mar 2026 -3.2 | Jun 2026 -2.7
- EAT: Sep 2021 -7.1 | Dec 2021 -5.0 | Mar 2022 -5.3 | Jun 2022 -3.7 | Sep 2022 -4.0 | Dec 2022 -5.3 | Mar 2023 -7.5 | Jun 2023 -11.2 | Sep 2023 -8.3 | Dec 2023 -18.0 | Mar 2024 -46.7 | Jun 2024 83.2 | Sep 2024 265.9 | Dec 2024 46.3 | Mar 2025 26.4 | Jun 2025 21.2 | Sep 2025 17.7 | Dec 2025 17.3 | Mar 2026 15.5 | Jun 2026 —
- CAVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 8.1 | Dec 2023 6.2 | Mar 2024 — | Jun 2024 11.7 | Sep 2024 16.2 | Dec 2024 23.5 | Mar 2025 — | Jun 2025 13.3 | Sep 2025 14.2 | Dec 2025 9.6 | Mar 2026 — | Jun 2026 13.6
- CAKE: Sep 2021 7.9 | Dec 2021 6.3 | Mar 2022 5.9 | Jun 2022 4.1 | Sep 2022 4.7 | Dec 2022 — | Mar 2023 5.7 | Jun 2023 5.9 | Sep 2023 5.6 | Dec 2023 4.5 | Mar 2024 5.5 | Jun 2024 5.7 | Sep 2024 5.2 | Dec 2024 5.3 | Mar 2025 — | Jun 2025 7.1 | Sep 2025 7.9 | Dec 2025 5.7 | Mar 2026 5.9 | Jun 2026 —
- WING: Sep 2021 -17.2 | Dec 2021 -16.7 | Mar 2022 -7.7 | Jun 2022 -6.0 | Sep 2022 -9.2 | Dec 2022 -10.5 | Mar 2023 — | Jun 2023 -14.5 | Sep 2023 -16.4 | Dec 2023 -16.5 | Mar 2024 -24.8 | Jun 2024 -28.3 | Sep 2024 -26.9 | Dec 2024 -12.1 | Mar 2025 -8.7 | Jun 2025 -14.2 | Sep 2025 -9.8 | Dec 2025 -9.6 | Mar 2026 -5.3 | Jun 2026 —
- SHAK: Sep 2021 7.5 | Dec 2021 6.7 | Mar 2022 6.6 | Jun 2022 3.9 | Sep 2022 4.7 | Dec 2022 4.1 | Mar 2023 5.4 | Jun 2023 7.5 | Sep 2023 5.4 | Dec 2023 6.8 | Mar 2024 9.3 | Jun 2024 7.7 | Sep 2024 9.3 | Dec 2024 11.3 | Mar 2025 7.9 | Jun 2025 10.9 | Sep 2025 7.5 | Dec 2025 6.2 | Mar 2026 — | Jun 2026 7.0
- ARCO: Sep 2021 5.8 | Dec 2021 5.6 | Mar 2022 7.2 | Jun 2022 6.6 | Sep 2022 6.4 | Dec 2022 5.4 | Mar 2023 4.6 | Jun 2023 5.4 | Sep 2023 4.5 | Dec 2023 5.2 | Mar 2024 4.8 | Jun 2024 4.0 | Sep 2024 3.6 | Dec 2024 3.0 | Mar 2025 3.3 | Jun 2025 2.9 | Sep 2025 1.9 | Dec 2025 2.0 | Mar 2026 2.2 | Jun 2026 —
- WEN: Sep 2021 — | Dec 2021 9.1 | Mar 2022 11.8 | Jun 2022 10.3 | Sep 2022 9.7 | Dec 2022 9.1 | Mar 2023 10.4 | Jun 2023 11.0 | Sep 2023 11.7 | Dec 2023 12.4 | Mar 2024 13.2 | Jun 2024 12.7 | Sep 2024 13.9 | Dec 2024 13.0 | Mar 2025 22.0 | Jun 2025 19.6 | Sep 2025 16.1 | Dec 2025 13.5 | Mar 2026 11.2 | Jun 2026 —
- BJRI: Sep 2021 3.1 | Dec 2021 2.5 | Mar 2022 2.0 | Jun 2022 1.6 | Sep 2022 1.6 | Dec 2022 — | Mar 2023 1.8 | Jun 2023 1.9 | Sep 2023 2.1 | Dec 2023 1.5 | Mar 2024 2.2 | Jun 2024 2.2 | Sep 2024 2.2 | Dec 2024 2.0 | Mar 2025 — | Jun 2025 2.2 | Sep 2025 2.6 | Dec 2025 2.3 | Mar 2026 2.0 | Jun 2026 —
- CBRL: Sep 2021 — | Dec 2021 5.0 | Mar 2022 4.5 | Jun 2022 4.5 | Sep 2022 4.1 | Dec 2022 5.2 | Mar 2023 5.0 | Jun 2023 5.0 | Sep 2023 4.3 | Dec 2023 3.1 | Mar 2024 3.7 | Jun 2024 3.1 | Sep 2024 2.1 | Dec 2024 2.4 | Mar 2025 3.1 | Jun 2025 2.0 | Sep 2025 2.9 | Dec 2025 1.8 | Mar 2026 1.6 | Jun 2026 1.5
- BH: Sep 2021 0.9 | Dec 2021 — | Mar 2022 0.8 | Jun 2022 0.7 | Sep 2022 0.7 | Dec 2022 0.8 | Mar 2023 0.8 | Jun 2023 1.0 | Sep 2023 0.9 | Dec 2023 — | Mar 2024 1.0 | Jun 2024 1.0 | Sep 2024 0.9 | Dec 2024 1.4 | Mar 2025 1.3 | Jun 2025 1.5 | Sep 2025 1.7 | Dec 2025 2.1 | Mar 2026 2.1 | Jun 2026 —
- PZZA: Sep 2021 -30.8 | Dec 2021 -25.3 | Mar 2022 -16.0 | Jun 2022 -11.8 | Sep 2022 -9.6 | Dec 2022 -10.2 | Mar 2023 -5.0 | Jun 2023 -4.8 | Sep 2023 -4.9 | Dec 2023 -5.4 | Mar 2024 -4.7 | Jun 2024 -3.3 | Sep 2024 -4.0 | Dec 2024 -3.0 | Mar 2025 -3.0 | Jun 2025 -3.7 | Sep 2025 -3.5 | Dec 2025 -2.9 | Mar 2026 -2.3 | Jun 2026 —
- HDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 3.5 | Sep 2024 3.1 | Dec 2024 5.2 | Mar 2025 4.1 | Jun 2025 3.4 | Sep 2025 3.2 | Dec 2025 2.7 | Mar 2026 2.4 | Jun 2026 —
- FWRG: Sep 2021 — | Dec 2021 2.0 | Mar 2022 1.5 | Jun 2022 1.7 | Sep 2022 1.7 | Dec 2022 1.6 | Mar 2023 1.7 | Jun 2023 1.8 | Sep 2023 1.9 | Dec 2023 2.1 | Mar 2024 2.6 | Jun 2024 1.8 | Sep 2024 1.6 | Dec 2024 1.9 | Mar 2025 1.7 | Jun 2025 1.6 | Sep 2025 1.6 | Dec 2025 1.6 | Mar 2026 1.0 | Jun 2026 —
- SG: Sep 2021 — | Dec 2021 5.3 | Mar 2022 5.7 | Jun 2022 2.4 | Sep 2022 3.2 | Dec 2022 1.8 | Mar 2023 1.4 | Jun 2023 2.4 | Sep 2023 2.6 | Dec 2023 2.6 | Mar 2024 6.1 | Jun 2024 7.3 | Sep 2024 9.0 | Dec 2024 8.4 | Mar 2025 6.9 | Jun 2025 3.8 | Sep 2025 2.5 | Dec 2025 2.3 | Mar 2026 1.1 | Jun 2026 —
- BLMN: Sep 2021 14.6 | Dec 2021 8.6 | Mar 2022 6.3 | Jun 2022 6.2 | Sep 2022 6.8 | Dec 2022 6.8 | Mar 2023 6.8 | Jun 2023 6.1 | Sep 2023 5.4 | Dec 2023 6.0 | Mar 2024 8.3 | Jun 2024 5.8 | Sep 2024 5.9 | Dec 2024 7.7 | Mar 2025 1.7 | Jun 2025 1.9 | Sep 2025 1.8 | Dec 2025 1.7 | Mar 2026 1.1 | Jun 2026 —
- CNNE: Sep 2021 0.8 | Dec 2021 0.9 | Mar 2022 0.7 | Jun 2022 0.6 | Sep 2022 0.6 | Dec 2022 0.6 | Mar 2023 0.6 | Jun 2023 0.6 | Sep 2023 0.6 | Dec 2023 0.6 | Mar 2024 0.7 | Jun 2024 0.6 | Sep 2024 0.6 | Dec 2024 0.7 | Mar 2025 0.7 | Jun 2025 0.9 | Sep 2025 0.8 | Dec 2025 0.7 | Mar 2026 0.5 | Jun 2026 —
- KRUS: Sep 2021 — | Dec 2021 6.9 | Mar 2022 5.8 | Jun 2022 4.1 | Sep 2022 7.8 | Dec 2022 7.0 | Mar 2023 6.7 | Jun 2023 5.7 | Sep 2023 5.9 | Dec 2023 4.3 | Mar 2024 6.5 | Jun 2024 6.8 | Sep 2024 4.6 | Dec 2024 5.7 | Mar 2025 3.3 | Jun 2025 3.5 | Sep 2025 4.5 | Dec 2025 2.6 | Mar 2026 3.7 | Jun 2026 3.0
- LOCO: Sep 2021 2.1 | Dec 2021 1.7 | Mar 2022 1.3 | Jun 2022 1.1 | Sep 2022 1.0 | Dec 2022 1.3 | Mar 2023 1.3 | Jun 2023 1.2 | Sep 2023 1.1 | Dec 2023 1.1 | Mar 2024 1.1 | Jun 2024 1.4 | Sep 2024 1.6 | Dec 2024 1.4 | Mar 2025 1.2 | Jun 2025 1.2 | Sep 2025 1.1 | Dec 2025 1.1 | Mar 2026 — | Jun 2026 1.4
- DIN: Sep 2021 -5.5 | Dec 2021 — | Mar 2022 -5.4 | Jun 2022 -3.3 | Sep 2022 -3.3 | Dec 2022 — | Mar 2023 -3.4 | Jun 2023 -3.2 | Sep 2023 -2.8 | Dec 2023 -3.0 | Mar 2024 -2.9 | Jun 2024 -2.4 | Sep 2024 -2.2 | Dec 2024 -2.1 | Mar 2025 -1.7 | Jun 2025 -1.8 | Sep 2025 -1.5 | Dec 2025 -1.6 | Mar 2026 -1.1 | Jun 2026 —

## Market action

BJ's Restaurants, Inc. has the strongest one-year price move in Restaurants at +101.8%. It also leads on Mansfield relative strength against the S&P 500 at +57.3%. 12 of 29 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. BJ's Restaurants, Inc. (BJRI): 102%
2. Dine Brands Global, Inc. (DIN): 66%
3. El Pollo Loco Holdings, Inc. (LOCO): 56%
4. The Cheesecake Factory Incorporated (CAKE): 43%
5. Arcos Dorados Holdings Inc. (ARCO): 29%

### Strongest relative strength versus NIFTY 500
1. BJ's Restaurants, Inc. (BJRI): 57%
2. The Cheesecake Factory Incorporated (CAKE): 37%
3. Cracker Barrel Old Country Store, Inc. (CBRL): 33%
4. El Pollo Loco Holdings, Inc. (LOCO): 25%
5. Brinker International, Inc. (EAT): 24%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- McDonald's Corporation (MCD) — market value ₹1.9 L Cr; latest fundamentals Mar 2026
- Starbucks Corporation (SBUX) — market value ₹1.2 L Cr; latest fundamentals Mar 2026
- Chipotle Mexican Grill, Inc. (CMG) — market value ₹43.0K Cr; latest fundamentals Mar 2026
- Yum! Brands, Inc. (YUM) — market value ₹41.4K Cr; latest fundamentals Mar 2026
- Restaurant Brands International Inc. (QSR) — market value ₹34.2K Cr; latest fundamentals Mar 2026
- Darden Restaurants, Inc. (DRI) — market value ₹23.6K Cr; latest fundamentals Jun 2026
- Yum China Holdings, Inc. (YUMC) — market value ₹15.7K Cr; latest fundamentals Mar 2026
- Texas Roadhouse, Inc. (TXRH) — market value ₹13.5K Cr; latest fundamentals Mar 2026
- Dutch Bros Inc. (BROS) — market value ₹12.1K Cr; latest fundamentals Mar 2026
- Domino's Pizza, Inc. (DPZ) — market value ₹11.6K Cr; latest fundamentals Jun 2026
- Brinker International, Inc. (EAT) — market value ₹8.5K Cr; latest fundamentals Mar 2026
- CAVA Group, Inc. (CAVA) — market value ₹7.6K Cr; latest fundamentals Jun 2026
- The Cheesecake Factory Incorporated (CAKE) — market value ₹4.4K Cr; latest fundamentals Mar 2026
- Wingstop Inc. (WING) — market value ₹3.7K Cr; latest fundamentals Mar 2026
- Shake Shack Inc. (SHAK) — market value ₹2.7K Cr; latest fundamentals Jun 2026
- Arcos Dorados Holdings Inc. (ARCO) — market value ₹1.8K Cr; latest fundamentals Mar 2026
- The Wendy's Company (WEN) — market value ₹1.5K Cr; latest fundamentals Mar 2026
- BJ's Restaurants, Inc. (BJRI) — market value ₹1.4K Cr; latest fundamentals Mar 2026
- Cracker Barrel Old Country Store, Inc. (CBRL) — market value ₹1.2K Cr; latest fundamentals Jun 2026
- Biglari Holdings Inc. (BH) — market value ₹1.2K Cr; latest fundamentals Mar 2026
- Papa John's International, Inc. (PZZA) — market value ₹1.0K Cr; latest fundamentals Mar 2026
- Super Hi International Holding Ltd. (HDL) — market value ₹895 Cr; latest fundamentals Mar 2026
- First Watch Restaurant Group, Inc. (FWRG) — market value ₹801 Cr; latest fundamentals Mar 2026
- Sweetgreen, Inc. (SG) — market value ₹756 Cr; latest fundamentals Mar 2026
- Bloomin' Brands, Inc. (BLMN) — market value ₹736 Cr; latest fundamentals Mar 2026
- Cannae Holdings, Inc. (CNNE) — market value ₹665 Cr; latest fundamentals Mar 2026
- Kura Sushi USA, Inc. (KRUS) — market value ₹583 Cr; latest fundamentals Jun 2026
- El Pollo Loco Holdings, Inc. (LOCO) — market value ₹497 Cr; latest fundamentals Jun 2026
- Dine Brands Global, Inc. (DIN) — market value ₹458 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Restaurants company is the biggest?

Starbucks Corporation is the largest, with trailing-twelve-month revenue of $38,472 million, ahead of McDonald's Corporation at $27,447 million. That covers 25 of 29 companies with comparable reporting through Mar 2026.

### Which Restaurants company is growing fastest?

Dutch Bros Inc. has the fastest revenue growth at 28.4% year on year, across 25 of 29 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Restaurants company has the best profit margins?

Dine Brands Global, Inc. has the highest operating margin at 74.1%, from 29 of 29 comparable companies. Restaurant Brands International Inc. shows the biggest recent improvement, at +6.2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Restaurants company makes the most profit?

McDonald's Corporation earns the most, at $8,677 million of trailing-twelve-month net profit, from 25 of 29 comparable companies. Arcos Dorados Holdings Inc. has the fastest profit growth at 74.1%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Restaurants company earns the highest return on capital?

Domino's Pizza, Inc. leads on return on capital employed at 35.8%, across 29 of 29 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Restaurants stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Arcos Dorados Holdings Inc. screens cheapest at 0.18×. Only 16 of 29 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Restaurants company has the strongest balance sheet?

Cannae Holdings, Inc. carries the lowest comparable gross debt at $204 million, from 29 of 29 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Restaurants company is investing most in new capacity?

McDonald's Corporation reports the largest capital spending at $682 million, across 29 of 29 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Restaurants sector beating the market?

Restaurants has underperformed S&P 500 by 16.9% over the last 52 weeks and 7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 12 of 29 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Restaurants stock has the strongest price momentum?

BJ's Restaurants, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Restaurants company scores highest for research priority?

Brinker International, Inc. scores 67.2 out of 100 with 82% evidence confidence, from 22.3 points on growth and earnings, 11.2 on capital efficiency, 15.5 on valuation and 18.2 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Restaurants companies does this comparison cover, and over what period?

It compares 29 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Restaurants sector?

The 29 Restaurants companies on this page carry $546,936 million of combined market value. McDonald's Corporation is the largest at $193,982 million, about 35% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Restaurants sector's P/E ratio?

The median price-to-earnings ratio across the 29 Restaurants companies on this page is 25.6×, measured on the 29 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Restaurants sector performing?

12 of the 29 covered Restaurants companies are beating S&P 500 on Mansfield relative strength. The sector itself is 16.9% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Restaurants stocks are listed in the US?

This comparison covers 29 listed Restaurants companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/restaurants