Coverage

We reviewed the recently-published Franchise Disclosure Documents (FDDs) for McDonald’s, Wendy’s, and Burger King — the largest, 2nd-largest, and 3rd-largest quick-service burger concepts in the U.S. Among our observations:

Data out today from the U.S. Census shows that restaurants’ market share (with grocery stores/supermarkets making up the other component) was 55.7% in March 2024. This 55.7% figure is only -20 basis points below the all-time monthly record. It’s also up by +130 basis points on a year-over-year basis.

The latest Consumer Price Index (CPI) data shows that prices for food-at-home (grocery stores and supermarkets) rose by +1.2% in March — sequentially up by +20 basis points from February’s +1.0%. This marks the first sequential rise in grocery pricing since August 2022.