Top 500 2025

Financing

In the 10 largest restaurant chains, signs of the industry’s evolution

The Bottom Line: Only 14 chains have been on the list of the 10 largest concepts over the past two decades. But that doesn’t mean that it hasn’t changed with consumer demand.

Financing

Bankruptcies wiped out a lot of full-service restaurant locations last year

Nearly 350 full-service chain restaurants closed amid bankruptcy in 2024, mostly at TGI Fridays and Red Lobster. It ended a three-year streak of unit growth for FSR chains.

In an overall down year for full-service unit growth, these five brands bucked the trend. And the leader might surprise you.

The Bottom Line: The highest-growth quick-service chains cannot be found in traditional sectors but among coffee, beverage and dessert brands. What does this say about the restaurant industry?

The Bottom Line: Sales at fast-casual burger chains were weak in 2024, particularly when compared with fast-casual chicken or Mexican brands. Have consumers moved on?

Din Tai Fung’s per-restaurant average of $27.4 million is nearly two times higher than the next closest brand, an astounding feat for a casual-dining chain.

Sales in the segment far exceeded industry trends, boosted by growth brands like Chipotle, Wingstop, Raising Cane's and Jersey Mike's Subs. But some brands were left behind.

Some struggling and bankrupt brands, like Au Bon Pain, Macaroni Grill and Fuddruckers are among the most notable concepts that fell off the ranking of the largest restaurant chains in the U.S.

The year produced two big winners in Texas Roadhouse and Chili’s, and a lot of soul-searching for pretty much everyone else.

The 52-unit sports bar chain is applying the Roadhouse playbook to burgers and pizza. It has ambitions to become a major player in casual dining.

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