Goldman Sachs analyst Christine Cho: “Same-store sales growth is limited by macroeconomic pressure and price competition, so the increase in the number of stores will play a more prominent role in driving overall restaurant revenue growth in 2026 and beyond. We continue to prefer businesses that are highly dependent on the franchise model, with lighter assets, and brands with strong single-store economic benefits and short payback periods.”

Goldman Sachs analyst Christine Cho: “Same-store sales growth is limited by macroeconomic pressure and price competition, so the increase in the number of stores will play a more prominent role in driving overall restaurant revenue growth in 2026 and beyond. We continue to prefer businesses that are highly dependent on the franchise model, with lighter assets, and brands with strong single-store economic benefits and short payback periods.”