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Segment Information (Tables)
12 Months Ended
Dec. 28, 2025
Segment Reporting [Abstract]  
Financial Information by Operating Segment

The tables below summarize the financial information, including revenues, significant segment expenses, Segment Income and capital expenditures, concerning the Company’s reportable segments for fiscal years 2025, 2024 and 2023. Intersegment revenues are comprised of sales of food, and to a lesser extent, other products, from the supply chain segment to the Company-owned stores in the U.S. stores segment. Intersegment sales prices are market based.

 

 

 

Fiscal year ended December 28, 2025

 

 

 

U.S.
Stores

 

 

Supply
Chain

 

 

International
Franchise

 

 

Total

 

U.S. Company-owned stores

 

$

375,153

 

 

$

 

 

$

 

 

$

375,153

 

U.S. franchise royalties and fees

 

 

677,114

 

 

 

 

 

 

 

 

 

677,114

 

Supply chain

 

 

 

 

 

3,106,047

 

 

 

 

 

 

3,106,047

 

Supply chain - intersegment revenues

 

 

 

 

 

(116,518

)

 

 

 

 

 

(116,518

)

International franchise royalties and fees

 

 

 

 

 

 

 

 

338,704

 

 

 

338,704

 

U.S. franchise advertising

 

 

559,494

 

 

 

 

 

 

 

 

 

559,494

 

Segment revenues

 

$

1,611,761

 

 

$

2,989,529

 

 

$

338,704

 

 

$

4,939,994

 

Cost of sales - food

 

 

112,116

 

 

 

2,118,166

 

 

 

 

 

 

2,230,282

 

Cost of sales - labor

 

 

117,357

 

 

 

267,017

 

 

 

 

 

 

384,374

 

Cost of sales - other (1)

 

 

80,849

 

 

 

219,143

 

 

 

 

 

 

299,992

 

U.S. franchise advertising

 

 

559,494

 

 

 

 

 

 

 

 

 

559,494

 

General and administrative (2)

 

 

166,596

 

 

 

65,133

 

 

 

50,159

 

 

 

281,888

 

Segment Income

 

$

575,349

 

 

$

320,070

 

 

$

288,545

 

 

$

1,183,964

 

Segment capital expenditures (3)

 

$

9,928

 

 

$

57,432

 

 

$

144

 

 

$

67,504

 

 

 

 

Fiscal year ended December 29, 2024

 

 

 

U.S.
Stores

 

 

Supply
Chain

 

 

International
Franchise

 

 

Total

 

U.S. Company-owned stores

 

$

393,898

 

 

$

 

 

$

 

 

$

393,898

 

U.S. franchise royalties and fees

 

 

638,193

 

 

 

 

 

 

 

 

 

638,193

 

Supply chain

 

 

 

 

 

2,966,953

 

 

 

 

 

 

2,966,953

 

Supply chain - intersegment revenues

 

 

 

 

 

(121,172

)

 

 

 

 

 

(121,172

)

International franchise royalties and fees

 

 

 

 

 

 

 

 

318,691

 

 

 

318,691

 

U.S. franchise advertising

 

 

509,853

 

 

 

 

 

 

 

 

 

509,853

 

Segment revenues

 

$

1,541,944

 

 

$

2,845,781

 

 

$

318,691

 

 

$

4,706,416

 

Cost of sales - food

 

 

114,220

 

 

 

2,027,816

 

 

 

 

 

 

2,142,036

 

Cost of sales - labor

 

 

123,251

 

 

 

262,312

 

 

 

 

 

 

385,563

 

Cost of sales - other (1)

 

 

78,197

 

 

 

202,694

 

 

 

 

 

 

280,891

 

U.S. franchise advertising

 

 

509,853

 

 

 

 

 

 

 

 

 

509,853

 

General and administrative (2)

 

 

151,030

 

 

 

72,348

 

 

 

58,029

 

 

 

281,407

 

Segment Income

 

$

565,393

 

 

$

280,611

 

 

$

260,662

 

 

$

1,106,666

 

Segment capital expenditures (3)

 

$

10,959

 

 

$

44,653

 

 

$

33

 

 

$

55,645

 

 

 

 

Fiscal year ended December 31, 2023

 

 

 

U.S.
Stores

 

 

Supply
Chain

 

 

International
Franchise

 

 

Total

 

U.S. Company-owned stores

 

$

376,180

 

 

$

 

 

$

 

 

$

376,180

 

U.S. franchise royalties and fees

 

 

604,897

 

 

 

 

 

 

 

 

 

604,897

 

Supply chain

 

 

 

 

 

2,829,224

 

 

 

 

 

 

2,829,224

 

Supply chain - intersegment revenues

 

 

 

 

 

(114,215

)

 

 

 

 

 

(114,215

)

International franchise royalties and fees

 

 

 

 

 

 

 

 

310,077

 

 

 

310,077

 

U.S. franchise advertising

 

 

473,195

 

 

 

 

 

 

 

 

 

473,195

 

Segment revenues

 

$

1,454,272

 

 

$

2,715,009

 

 

$

310,077

 

 

$

4,479,358

 

Cost of sales - food

 

 

109,554

 

 

 

1,964,500

 

 

 

 

 

 

2,074,054

 

Cost of sales - labor

 

 

118,798

 

 

 

247,048

 

 

 

 

 

 

365,846

 

Cost of sales - other (1)

 

 

75,457

 

 

 

192,794

 

 

 

 

 

 

268,251

 

U.S. franchise advertising

 

 

473,195

 

 

 

 

 

 

 

 

 

473,195

 

General and administrative (2)

 

 

156,291

 

 

 

65,237

 

 

 

50,469

 

 

 

271,997

 

Segment Income

 

$

520,977

 

 

$

245,430

 

 

$

259,608

 

 

$

1,026,015

 

Segment capital expenditures (3)

 

$

11,942

 

 

$

34,044

 

 

$

93

 

 

$

46,079

 

 

(1)
Cost of sales - other, includes delivery, occupancy costs (including rent, telephone and utilities), insurance expense and other. Depreciation and amortization is not included in the measurement of Segment Income.
(2)
General and administrative expense consists primarily of labor cost (including variable performance-based compensation expense), computer expenses, professional fees, travel and entertainment, rent, insurance expense and other. Depreciation and amortization, non-cash equity-based compensation expense and gains and losses from the sale of assets are not included in the measurement of Segment Income.
(3)
The Company also had $52.4 million, $53.7 million and $59.2 million of other capital expenditures not attributable to the reportable segments primarily representing capitalized software and other corporate capital expenditures in 2025, 2024 and 2023, respectively.
Reconciliation of Total Segment Income to Consolidated Income Before Provision for Income Taxes

The following table reconciles total Segment Income to income before provision for income taxes:

 

 

 

2025

 

 

2024

 

 

2023

 

Total Segment Income

 

$

1,183,964

 

 

$

1,106,666

 

 

$

1,026,015

 

General and administrative - other (1)

 

 

(98,696

)

 

 

(94,995

)

 

 

(86,894

)

Depreciation and amortization

 

 

(88,827

)

 

 

(87,732

)

 

 

(80,640

)

Non-cash equity-based compensation expense

 

 

(44,640

)

 

 

(43,255

)

 

 

(37,514

)

Loss on sale/disposal of assets

 

 

(1,855

)

 

 

(1,527

)

 

 

(1,299

)

Refranchising gain (loss)

 

 

4,028

 

 

 

(158

)

 

 

(149

)

Income from operations

 

 

953,974

 

 

 

878,999

 

 

 

819,519

 

Other (expense) income

 

 

(2,544

)

 

 

22,064

 

 

 

17,713

 

Interest income

 

 

14,880

 

 

 

17,022

 

 

 

11,683

 

Interest expense

 

 

(195,972

)

 

 

(195,870

)

 

 

(196,475

)

Income before provision for income taxes

 

$

770,338

 

 

$

722,215

 

 

$

652,440

 

 

(1)
Represents corporate administrative costs that have not been allocated to a reportable segment including labor, computer expenses, professional fees, travel and entertainment, rent, insurance and other corporate administrative costs.