Restaurant Research

RR’s 1H26 Restaurant & Fitness Lending Update analyzes how the lending environment has changed since January 2026 with respect to: (1) projected FY26 loan originations; (2) underwriting standards; (3) current lending rates; and (4) borrower financial condition. The report also includes an update to 1H26 franchisee EBITDA valuation multiples and cap rates.

Buffalo Wild Wings remains an iconic sports bar, but the market has changed since 1982. With more fans watching at home and competitors offering near fast-food prices, BWW has broadened its menu and shifted toward a more traditional casual dining model. However, we believe BWW could do more to appeal to sports fans by improving its in-restaurant experience.

Papa Johns is executing well, but comp sales and transactions remain under pressure, reflecting a tough consumer environment and its limited scale as the smallest national pizza chain. Management’s growth plan—including renewed local marketing, non-pizza offerings, more product launches, and closing 300 underperforming stores—should strengthen the system.

RR’s Industry Data Report on Unit Economics provides: (1) FYE 2025 unit-level AUV along with COGs, labor, royalty, advertising, other operating and EBITDAR margin estimates for 50 chains; (2) a 5-year history of unit economic performance; (3) an analysis of food and labor cost drivers; (4) leverage ratio ranges from RR’s annual lender survey; (5) franchisee G&A & rent data; and (6) an overview of minimum wage trends.

While Domino’s believes that its scale provides it with the ability to better withstand a pizza price war, there is no doubt that the chain’s sales and stock price would do well with a consumer rebound that we all have been anxiously waiting for.

Restaurant Research’s Marketing Spend Report provides a 5-year history (2021- 2025) for 55 $1B+ chains including: (1) total net marketing spend by chain; (2) changes to marketing budget allocations; (3) digital media stats; (4) social media stats; and (5) creative agencies by chain.

2025 has challenged Wingstop’s record-breaking 2023–2024 momentum, with declining comps and stock performance reflecting pressure on lower-income consumers. Although Wingstop remains the same strong chain—and may be stronger thanks to Smart Kitchens, menu improvements, and digital progress—it needs an economic rebound to prove our thesis.

Wendy’s is the fourth-largest player in the $1B+ QSR sandwich segment, but its QSR+ burger positioning has struggled with an increasingly bifurcated consumer economy, reflected in a 5.6% decline in systemwide comparable sales in 2025. In response, management is implementing its “Project Fresh” turnaround plan, built around four pillars: brand revitalization, system optimization, operational excellence, and capital allocation.