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Segment Information (Tables)

8 Months Ended

Sep. 07, 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 the third quarter and three fiscal quarters ended September 7, 2025 and September 8, 2024. 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.

The Company adopted Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) in the fourth quarter of 2024. The Company has included the relevant interim disclosures retrospectively for all periods presented in the condensed consolidated financial statements.

		Fiscal Quarter Ended September 7, 2025
		U.S. Stores				Supply Chain				International Franchise				Total
U.S. Company-owned stores		$	82,749			$	—			$	—			$	82,749
U.S. franchise royalties and fees			157,155				—				—				157,155
Supply chain			—				722,597				—				722,597
Supply chain - intersegment revenues			—				(25,638	)			—				(25,638	)
International franchise royalties and fees			—				—				78,549				78,549
U.S. franchise advertising			131,642				—				—				131,642
Segment revenues		$	371,546			$	696,959			$	78,549			$	1,147,054
Cost of sales - food			24,613				495,249				—				519,862
Cost of sales - labor			25,541				61,887				—				87,428
Cost of sales - other (1)			16,583				51,269				—				67,852
U.S. franchise advertising			131,642				—				—				131,642
General and administrative (2)			36,858				18,389				11,252				66,499
Segment Income		$	136,309			$	70,165			$	67,297			$	273,771
Segment capital expenditures (3)		$	2,629			$	8,248			$	139			$	11,016

		Three Fiscal Quarters Ended September 7, 2025
		U.S. Stores				Supply Chain				International Franchise				Total
U.S. Company-owned stores		$	266,803			$	—			$	—			$	266,803
U.S. franchise royalties and fees			464,416				—				—				464,416
Supply chain			—				2,135,164				—				2,135,164
Supply chain - intersegment revenues			—				(81,219	)			—				(81,219	)
International franchise royalties and fees			—				—				231,272				231,272
U.S. franchise advertising			387,818				—				—				387,818
Segment revenues		$	1,119,037			$	2,053,945			$	231,272			$	3,404,254
Cost of sales - food			79,103				1,454,349				—				1,533,452
Cost of sales - labor			82,353				183,793				—				266,146
Cost of sales - other (1)			54,821				149,829				—				204,650
U.S. franchise advertising			387,818				—				—				387,818
General and administrative (2)			112,830				48,781				34,632				196,243
Segment Income		$	402,112			$	217,193			$	196,640			$	815,945
Segment capital expenditures (3)		$	5,588			$	22,834			$	139			$	28,561

		Fiscal Quarter Ended September 8, 2024
		U.S. Stores				Supply Chain				International Franchise				Total
U.S. Company-owned stores		$	89,173			$	—			$	—			$	89,173
U.S. franchise royalties and fees			144,074				—				—				144,074
Supply chain			—				679,664				—				679,664
Supply chain - intersegment revenues			—				(28,350	)			—				(28,350	)
International franchise royalties and fees			—				—				74,633				74,633
U.S. franchise advertising			120,925				—				—				120,925
Segment revenues		$	354,172			$	651,314			$	74,633			$	1,080,119
Cost of sales - food			25,905				465,301				—				491,206
Cost of sales - labor			27,761				60,124				—				87,885
Cost of sales - other (1)			17,801				47,870				—				65,671
U.S. franchise advertising			120,925				—				—				120,925
General and administrative (2)			33,203				16,846				12,266				62,315
Segment Income		$	128,577			$	61,173			$	62,367			$	252,117
Segment capital expenditures (3)		$	4,256			$	8,116			$	—			$	12,372

		Three Fiscal Quarters Ended September 8, 2024
		U.S. Stores				Supply Chain				International Franchise				Total
U.S. Company-owned stores		$	274,086			$	—			$	—			$	274,086
U.S. franchise royalties and fees			442,168				—				—				442,168
Supply chain			—				2,053,055				—				2,053,055
Supply chain - intersegment revenues			—				(83,283	)			—				(83,283	)
International franchise royalties and fees			—				—				220,295				220,295
U.S. franchise advertising			356,181				—				—				356,181
Segment revenues		$	1,072,435			$	1,969,772			$	220,295			$	3,262,502
Cost of sales - food			78,868				1,403,699				—				1,482,567
Cost of sales - labor			85,912				184,042				—				269,954
Cost of sales - other (1)			53,395				139,832				—				193,227
U.S. franchise advertising			356,181				—				—				356,181
General and administrative (2)			103,912				51,463				39,499				194,874
Segment Income		$	394,167			$	190,736			$	180,796			$	765,699
Segment capital expenditures (3)		$	9,068			$	20,533			$	33			$	29,634

(1) Cost of sales - other, includes delivery, occupancy costs (including rent, telephone and utilities) and insurance expense. 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 and other. Depreciation and amortization, non-cash equity-based compensation expense, gains and losses from the sale/disposal of assets and refranchising gains and losses are not included in the measurement of Segment Income.

(3) The Company also had $11.0 million and $11.5 million of other capital expenditures not attributable to the reportable segments primarily representing capitalized software in the third quarters of 2025 and 2024, respectively. The Company had $29.8 million and $40.1 million of other capital expenditures not attributable to the reportable segments primarily representing capitalized software in the three fiscal quarters of 2025 and 2024, 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:

		Fiscal Quarter Ended								Three Fiscal Quarters Ended
		September 7, 2025				September 8, 2024				September 7, 2025				September 8, 2024
Total Segment Income		$	273,771			$	252,117			$	815,945			$	765,699
General and administrative - other (1)			(19,771	)			(22,839	)			(68,009	)			(67,178	)
Depreciation and amortization			(20,415	)			(20,756	)			(61,128	)			(60,974	)
Non-cash equity-based compensation expense			(10,325	)			(9,517	)			(31,681	)			(31,541	)
Loss on sale/disposal of assets			(92	)			(174	)			(703	)			(501	)
Refranchising gain (loss)			—				—				3,883				(158	)
Income from operations			223,168				198,831				658,307				605,347
Other (expense) income			(3,017	)			26,172				5,036				18,871
Interest income			4,060				4,339				11,834				12,297
Interest expense			(45,012	)			(44,726	)			(135,245	)			(135,293	)
Income before provision for income taxes		$	179,199			$	184,616			$	539,932			$	501,222

(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.

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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