Reportable Segments

3 Months Ended

Mar. 29, 2026

Segment Reporting [Abstract]

Reportable Segments

Reportable Segments

Information on segments and a reconciliation of segment operating profit to income before income taxes is as follows:

	Three Months Ended March 29, 2026
	Franchise		Company-Owned Restaurants		Rental		Total
	(In millions)
Revenues	$	164.9	$	33.5	$	26.8	$	225.2
Less: Advertising revenue	71.0		—		—		71.0
Revenues excluding advertising revenue	93.9		33.5		26.8		154.1
Less:
Interest expense from finance leases	—		—		0.6		0.6
Depreciation and amortization	0.2		1.5		2.2		3.9
Other segment items(a)	11.2		33.4		17.7		62.3
Segment profit (loss)	82.6		(1.5)		6.2		87.3
Stock based compensation (direct)	1.1		—		—		1.1
Gain on disposition of assets	(2.2)		—		—		(2.2)
Other G&A expenses (direct and allocated)	31.0		3.3		—		34.4
Segment operating profit (loss)	$	52.6	$	(4.8)	$	6.2	$	54.0
Reconciliation of segment operating profit
Segment operating profit							$	54.0
Depreciation and amortization (unallocated)							4.4
Stock based compensation (unallocated)							2.9
Other G&A expenses (unallocated)							10.2
Interest expense, net							21.8
Closure and impairment charges							0.8
Amortization of intangible assets							3.7
Income before income taxes							$	10.1

	Three Months Ended March 30, 2025
	Franchise		Company-Owned Restaurants		Rental		Total
	(In millions)
Revenues	$	166.2	$	21.6	$	27.0	$	214.8
Less: Advertising revenue	70.5		—		—		70.5
Revenues excluding advertising revenue	95.7		21.6		27.0		144.3
Less:
Interest expense from finance leases	—		—		0.7		0.7
Depreciation and amortization	0.1		0.6		2.4		3.1
Other segment items(a)	10.6		21.4		18.2		50.2
Segment profit	85.0		(0.4)		5.7		90.3
Stock based compensation (direct)	1.0		—		—		1.0
Loss on disposition of assets	(0.1)		—		—		(0.1)
Other G&A expenses (direct and allocated)	31.2		1.4		—		32.6
Segment operating profit	$	52.9	$	(1.8)	$	5.7	$	56.8
Reconciliation of segment operating profit
Segment operating profit							$	56.8
Depreciation and amortization (unallocated)							4.5
Stock based compensation (unallocated)							2.3
Other G&A expenses (unallocated)							10.9
Interest expense, net							17.7
Closure and impairment charges							5.8
Amortization of intangible assets							2.7
Income before income taxes							$	12.8

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(a) Segment items include:

Franchise: Costs of proprietary products, bad debt expense, pre-opening training expenses and other franchise-related costs.

Company-owned restaurants: Operating expenses at company-owned restaurants include food, beverage, labor, benefits, utilities, rent and other operating costs.

Rental: Costs of operating leases, such as rent expense, and interest expense of finance leases on franchisee-operated restaurants.

We do not present a measure of assets for our reportable segments as this information is not used by the chief operating decision maker to allocate resources or assess performance.