Tuesday December 2, 2025, 07:00:00
By Mark Kalinowski
McDonald’s, Wendy’s, and Burger King (owned by Restaurant Brands International [QSR; Not Rated]) each recently reported their Q3 2025 U.S. same-store sales. In this report, we discuss how these same-store sales results — and potential results for full-year 2025 — relate to these three concepts’ average unit volumes (AUVs). We further discuss what this means for the companies, and their stocks.
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Tuesday November 25, 2025, 12:22:57
By Mark Kalinowski
Data out today from the U.S. Census shows that restaurants’ market share (with grocery stores/supermarkets making up the other component) was 56.6% in September 2025. This is sequentially up by +10 basis points from August 2025’s 56.5% market share. The 56.6% figure also sets a new all-time monthly record. So, even though same-store sales for most large restaurant concepts during Q3 2025 — and Q4 2025 so far — appear lackluster, this dynamic does not appear to be due to consumers meaningfully shifting their food spend to grocery stores and supermarkets.
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Thursday November 20, 2025, 07:00:00
By Mark Kalinowski
On its 11/5/25 conference call, McDonald’s mentioned that beverages are “a global category of more than $100 billion that’s growing much faster than the broader IEO [informal eating out] industry. In the U.S., we launched a beverage test in more than 500 restaurants across Colorado and Wisconsin at the beginning of September. The product mix includes cold coffees, fruity refreshers, crafted sodas and energy-based drinks. Initial results are exceeding expectations, with strong satisfaction scores across the board. And the new beverage offerings are driving incremental occasions across different dayparts as well as higher average check. We’re excited to see progress continue with the test as we deepen our understanding, drive innovation and evaluate how these offerings could enhance our long-term beverage strategy in the U.S. and abroad.” (bold ours)
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