Revenue for 2025 grew 5.4% year-over-year to $11.9 billion, driven by new restaurant openings despite a 1.7% decline in comparable sales.
Adjusted diluted EPS increased 4.5% to $1.17, with net income at $1.54 billion for 2025.
Opened a record 345 new restaurants globally, surpassing 4,000 total locations, and launched the "Recipe for Growth" strategy.
Strategic focus included operational excellence, menu innovation, technology deployment, and international expansion.
Leadership transitions and internal promotions were highlighted, with ongoing searches for key executive roles.
Q4 revenue rose 4.9% to $3.0 billion, with comparable sales down 2.5% and digital sales accounting for over 36% of revenue.
Restaurant-level operating margin was 25.4% for 2025 and 23.4% for Q4, with a $27 million gift card breakage benefit in Q4.
Adjusted diluted EPS for Q4 was $0.25, flat year-over-year.
Opened 132 new restaurants in Q4, including 97 company-owned and 7 partner-operated.
Ended the year with $1.3 billion in cash and no debt; repurchased $2.4 billion in stock.
2026 comparable restaurant sales expected to be about flat, with comps anticipated to improve as the year progresses.
Plans to open 350 to 370 new restaurants in 2026, including 10 to 15 international partner-operated locations.
Pricing expected to contribute 1%-2% for the year, while inflation is projected at 3%-4%, creating margin pressure.
Marketing spend to remain elevated, supporting limited-time offers and new product launches.
Long-term targets include over 7,000 North American restaurants and $4 million AUVs with margins approaching 30%.
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