{"id":17136,"date":"2025-12-23T07:18:47","date_gmt":"2025-12-23T07:18:47","guid":{"rendered":"https:\/\/www.paperchase.ac\/?p=17136"},"modified":"2026-02-27T09:33:43","modified_gmt":"2026-02-27T09:33:43","slug":"the-perfect-plate-2025-q3-and-october-update","status":"publish","type":"post","link":"https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-2025-q3-and-october-update\/","title":{"rendered":"The Perfect Plate \u2013 2025 Q3 and October Update"},"content":{"rendered":"\n\n\t<section class=\"section casestudy__fm-section\" id=\"section_1159125949\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t<img decoding=\"async\" width=\"2346\" height=\"1146\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2026\/02\/Image-1.jpg\" class=\"bg attachment-original size-original\" alt=\"Image 1\" \/>\t\t\t\t\t\t<div class=\"section-bg-overlay absolute fill\"><\/div>\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<div class=\"row align-center\"  id=\"row-204149443\">\n\n\n\t<div id=\"col-1426694154\" class=\"col medium-10 small-12 large-10\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-478339097\" class=\"text casestudy__heading\">\n\t\t\n\n<h1><span class=\"ez-toc-section\" id=\"The_Perfect_Plate_%E2%80%93_2025_Q3_and_October_Update\"><\/span>The Perfect Plate \u2013 2025 Q3 and October Update<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\t\t\n<style>\n#text-478339097 {\n  text-align: center;\n  color: rgb(255, 255, 255);\n}\n#text-478339097 > * {\n  color: rgb(255, 255, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-410827557\" class=\"text\">\n\t\t\n\n<p>Q3 2025 demonstrates that restaurants which combine clear value with tech-driven engagement continue to outperform.<\/p>\n\n\t\t\n<style>\n#text-410827557 {\n  text-align: center;\n  color: rgb(255, 255, 255);\n}\n#text-410827557 > * {\n  color: rgb(255, 255, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_1159125949 {\n  padding-top: 30px;\n  padding-bottom: 30px;\n  min-height: 450px;\n}\n#section_1159125949 .section-bg-overlay {\n  background-color: rgba(57, 0, 119, 0.5);\n}\n#section_1159125949 .section-bg img {\n  object-position: 45% 100%;\n}\n@media (min-width:550px) {\n  #section_1159125949 {\n    min-height: 600px;\n  }\n}\n<\/style>\n\t<\/section>\n\t\n\n\t<section class=\"section newsletter-post-single-page\" id=\"section_1851098507\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-721106910\">\n\n\n\t<div id=\"col-103473767\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"gap-2026458063\" class=\"gap-element clearfix hide-for-small\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-2026458063 {\n  padding-top: 70px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2020624245\" class=\"text hidden\">\n\t\t\n\n<h1><span class=\"ez-toc-section\" id=\"The_Perfect_Plate_%E2%80%93_2025_Q3_and_October_Update-2\"><\/span>The Perfect Plate \u2013 2025 Q3 and October Update<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\t\t\n<style>\n#text-2020624245 {\n  text-align: left;\n  color: rgb(0, 0, 0);\n}\n#text-2020624245 > * {\n  color: rgb(0, 0, 0);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-3881565019\" class=\"text subtitle-newsletter hidden\">\n\t\t\n\n<p>Every month, we\u2019ll provide updates on the latest trends in the restaurant industry. We\u2019ll include financial insights, charts, and public market comps.<\/p>\n\t\t\n<style>\n#text-3881565019 {\n  text-align: left;\n  color: rgb(0, 0, 0);\n}\n#text-3881565019 > * {\n  color: rgb(0, 0, 0);\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-equal align-center\"  id=\"row-418610562\">\n\n\n\t<div id=\"col-213506520\" class=\"col medium-8 small-12 large-3\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-1783509050\" class=\"text author-box-newsletter\">\n\t\t\n\n<p><img decoding=\"async\" class=\"newsletter-author-img\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/DIMITRE-KROUCHEV_-Head-Shot.png\" alt=\"Paperchase\"><\/p>\n<p class=\"newsletter-author\">By <a href=\"https:\/\/www.paperchase.ac\/dimitre-krouchev\/\">Dimitre Krouchev<\/a><\/p>\n\t\t\n<style>\n#text-1783509050 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\t<div id=\"col-480742218\" class=\"col medium-8 small-12 large-3\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<div class=\"social-icons share-icons share-row relative full-width text-right icon-style-outline\" style=\"font-size:80%\"><a href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-2025-q3-and-october-update\/\" data-label=\"Facebook\" onclick=\"window.open(this.href,this.title,'width=500,height=500,top=300px,left=300px'); return false;\" target=\"_blank\" class=\"icon button circle is-outline tooltip facebook\" title=\"Share on Facebook\" aria-label=\"Share on Facebook\" rel=\"noopener nofollow\"><i class=\"icon-facebook\" aria-hidden=\"true\"><\/i><\/a><a href=\"https:\/\/x.com\/share?url=https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-2025-q3-and-october-update\/\" onclick=\"window.open(this.href,this.title,'width=500,height=500,top=300px,left=300px'); return false;\" target=\"_blank\" class=\"icon button circle is-outline tooltip x\" title=\"Share on X\" aria-label=\"Share on X\" rel=\"noopener nofollow\"><i class=\"icon-x\" aria-hidden=\"true\"><\/i><\/a><a href=\"mailto:?subject=The%20Perfect%20Plate%20%E2%80%93%202025%20Q3%20and%20October%20Update&body=Check%20this%20out%3A%20https%3A%2F%2Fwww.paperchase.ac%2Fnewsletter%2Fthe-perfect-plate-2025-q3-and-october-update%2F\" class=\"icon button circle is-outline tooltip email\" title=\"Email to a Friend\" aria-label=\"Email to a Friend\" rel=\"nofollow\"><i class=\"icon-envelop\" aria-hidden=\"true\"><\/i><\/a><a href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-2025-q3-and-october-update\/&title=The%20Perfect%20Plate%20%E2%80%93%202025%20Q3%20and%20October%20Update\" onclick=\"window.open(this.href,this.title,'width=500,height=500,top=300px,left=300px'); return false;\" target=\"_blank\" class=\"icon button circle is-outline tooltip linkedin\" title=\"Share on LinkedIn\" aria-label=\"Share on LinkedIn\" rel=\"noopener nofollow\"><i class=\"icon-linkedin\" aria-hidden=\"true\"><\/i><\/a><\/div>\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\t<div id=\"gap-1629917151\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1629917151 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse\"  id=\"row-645906023\">\n\n\n\t<div id=\"col-1576407070\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<div class=\"text-center\"><div class=\"is-divider divider clearfix\" style=\"margin-top:0px;margin-bottom:0px;max-width:1000px;height:1px;background-color:rgb(57, 0, 119);\"><\/div><\/div>\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\t<div id=\"gap-1866672743\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1866672743 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-13824635\">\n\n\n\n<\/div>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_1851098507 {\n  padding-top: 0px;\n  padding-bottom: 0px;\n}\n<\/style>\n\t<\/section>\n\t\n\n\t<section class=\"section newsletter-post-single-page\" id=\"section_1225522898\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-1792588636\">\n\n\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-1369530072\">\n\n\n\t<div id=\"col-1453316601\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-2815753523\" class=\"text has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Key_Takeaway_Value_Refined_Tech_Amplified\"><\/span><span class=\"color_black\">Key Takeaway<\/span> | Value Refined, Tech Amplified<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-2815753523 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-2815753523 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-200925240\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-200925240 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-389130531\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<p><b>Overview:<\/b><\/p>\n<p>Q3 2025 demonstrates that restaurants which <strong>combine clear value with tech-driven engagement<\/strong> continue to outperform. While consumer caution persists due to inflation and interest rates, brands leveraging <strong>digital ordering, loyalty programs, and operational efficiency<\/strong> sustained traffic and revenue growth.<\/p>\n<p>This quarter, <strong>Restaurant Brands International (RBI)\u2014<\/strong>owner of Burger King, Tim Hortons, and Popeyes\u2014is a prime example of this trend. By investing in digital ordering, loyalty programs, and delivery partnerships, RBI achieved a 4.0% same-store sales increase, outperforming many competitors in both casual and quick-service segments. This underscores how tech-enabled solutions can amplify operational efficiency and customer value.<\/p>\n\t\t\n<style>\n#text-389130531 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-498078587\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-498078587 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-694986961\">\n\n\n\t<div id=\"col-2069490463\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-340977434\" class=\"text has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"2025_Q3_Earnings_Report_Summary\"><\/span>2025 Q3 Earnings Report Summary<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-340977434 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-340977434 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-335198975\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-335198975 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3822464256\" class=\"text newsletter-txt-li cus-spacing-ul  has_table\">\n\t\t\n\n\n<div class=\"wpdt-c row wpDataTableContainerSimpleTable wpDataTables wpDataTablesWrapper\n wdtscroll\"\n    >\n        <table id=\"wpdtSimpleTable-5\"\n           style=\"border-collapse:collapse;\n                   border-spacing:0px;\"\n           class=\"wpdtSimpleTable wpDataTable\"\n           data-column=\"3\"\n           data-rows=\"14\"\n           data-wpID=\"5\"\n           data-responsive=\"0\"\n           data-has-header=\"0\">\n\n                    <tbody>        <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-bold wpdt-align-left\"\n                                            data-cell-id=\"A1\"\n                    data-col-index=\"0\"\n                    data-row-index=\"0\"\n                    style=\" width:172px;                    padding:10px;\n                    \"\n                    >\n                                        Company                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-bold wpdt-align-left\"\n                                            data-cell-id=\"B1\"\n                    data-col-index=\"1\"\n                    data-row-index=\"0\"\n                    style=\" width:172px;                    padding:10px;\n                    \"\n                    >\n                                        Same Store Sales                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-bold wpdt-align-center\"\n                                            data-cell-id=\"C1\"\n                    data-col-index=\"2\"\n                    data-row-index=\"0\"\n                    style=\" width:172px;                    padding:10px;\n                    \"\n                    >\n                                        Executive Focus                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"A2\"\n                    data-col-index=\"0\"\n                    data-row-index=\"1\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Texas Roadhouse                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B2\"\n                    data-col-index=\"1\"\n                    data-row-index=\"1\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        6.1%                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C2\"\n                    data-col-index=\"2\"\n                    data-row-index=\"1\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Pricing power, sustained demand                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"A3\"\n                    data-col-index=\"0\"\n                    data-row-index=\"2\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Shake Shack                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B3\"\n                    data-col-index=\"1\"\n                    data-row-index=\"2\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        4.9%                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C3\"\n                    data-col-index=\"2\"\n                    data-row-index=\"2\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        New formats, margin headwinds                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-align-left wpdt-bold\"\n                                            data-cell-id=\"A4\"\n                    data-col-index=\"0\"\n                    data-row-index=\"3\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        RBI (Burger King, Tim Hortons, Popeyes)                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left wpdt-bold\"\n                                            data-cell-id=\"B4\"\n                    data-col-index=\"1\"\n                    data-row-index=\"3\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        4.0%                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left wpdt-bold\"\n                                            data-cell-id=\"C4\"\n                    data-col-index=\"2\"\n                    data-row-index=\"3\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Digital ordering, value platform, operational efficiency                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"A5\"\n                    data-col-index=\"0\"\n                    data-row-index=\"4\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Applebee's                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B5\"\n                    data-col-index=\"1\"\n                    data-row-index=\"4\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        3.1%                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C5\"\n                    data-col-index=\"2\"\n                    data-row-index=\"4\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Value meals, promotions                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"A6\"\n                    data-col-index=\"0\"\n                    data-row-index=\"5\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Potbelly                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B6\"\n                    data-col-index=\"1\"\n                    data-row-index=\"5\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        3.3%                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C6\"\n                    data-col-index=\"2\"\n                    data-row-index=\"5\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        App engagement, store expansion                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"A7\"\n                    data-col-index=\"0\"\n                    data-row-index=\"6\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Wingstop                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B7\"\n                    data-col-index=\"1\"\n                    data-row-index=\"6\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        3.0%                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C7\"\n                    data-col-index=\"2\"\n                    data-row-index=\"6\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Digital sales growth, online ordering, delivery partnerships                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"A8\"\n                    data-col-index=\"0\"\n                    data-row-index=\"7\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Yum Brands                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B8\"\n                    data-col-index=\"1\"\n                    data-row-index=\"7\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        3.0%                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C8\"\n                    data-col-index=\"2\"\n                    data-row-index=\"7\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Tech-enabled operations, delivery growth                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"A9\"\n                    data-col-index=\"0\"\n                    data-row-index=\"8\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        CAVA                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B9\"\n                    data-col-index=\"1\"\n                    data-row-index=\"8\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        1.9%                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C9\"\n                    data-col-index=\"2\"\n                    data-row-index=\"8\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Menu innovation, traffic growth                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"A10\"\n                    data-col-index=\"0\"\n                    data-row-index=\"9\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Bloomin\u2019 Brands                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B10\"\n                    data-col-index=\"1\"\n                    data-row-index=\"9\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        1.2%                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C10\"\n                    data-col-index=\"2\"\n                    data-row-index=\"9\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Operational improvements, menu tweaks                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"A11\"\n                    data-col-index=\"0\"\n                    data-row-index=\"10\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Darden                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B11\"\n                    data-col-index=\"1\"\n                    data-row-index=\"10\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        0.7%                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C11\"\n                    data-col-index=\"2\"\n                    data-row-index=\"10\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Menu innovation, brand consistency                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"A12\"\n                    data-col-index=\"0\"\n                    data-row-index=\"11\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        KFC (U.S.)                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B12\"\n                    data-col-index=\"1\"\n                    data-row-index=\"11\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        (2.0%)                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C12\"\n                    data-col-index=\"2\"\n                    data-row-index=\"11\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Competitive pressure, weak promotions                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"A13\"\n                    data-col-index=\"0\"\n                    data-row-index=\"12\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        The One Group                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B13\"\n                    data-col-index=\"1\"\n                    data-row-index=\"12\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        (5.9%)                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C13\"\n                    data-col-index=\"2\"\n                    data-row-index=\"12\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Mix shift, corporate sales strength                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"A14\"\n                    data-col-index=\"0\"\n                    data-row-index=\"13\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Sweetgreen                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B14\"\n                    data-col-index=\"1\"\n                    data-row-index=\"13\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        (9.5%)                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C14\"\n                    data-col-index=\"2\"\n                    data-row-index=\"13\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Operational reset, traffic recovery                    <\/td>\n                                        <\/tr>\n                    <\/table>\n<\/div><style id='wpdt-custom-style-5'>\n<\/style>\n\n\t\t\n<style>\n#text-3822464256 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-326532721\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-326532721 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-956764569\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<p>We found these articles very insightful, and they mirror what we saw across our client portfolio. The <a href=\"https:\/\/www.businessinsider.com\/fast-food-chains-investing-heavily-in-ordering-kiosks-2024-3?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener\">Business\u202fInsider<\/a> piece shows that fast\u2011food brands are investing heavily in digital kiosks, loyalty programs and self\u2011service platforms, which correlates with higher average checks and improved traffic.<\/p>\n<p>The <a href=\"https:\/\/www.restaurantdive.com\/news\/72-percent-restaurant-operators-struggling-to-meet-digital-ordering-demands\/646203\/\" target=\"_blank\" rel=\"noopener\">Restaurant\u202fDive article<\/a> complements this, highlighting that 72% of operators say meeting digital ordering demands is now a key challenge\u2014and those that succeed are gaining a competitive edge. In Q3\u202f2025, chains such as Restaurant Brands International (Burger\u202fKing, Tim Hortons, Popeyes) leveraged these initiatives to deliver +4.0% same\u2011store sales, outperforming many competitors in both the casual\u2011 and quick\u2011service segments.<\/p>\n\t\t\n<style>\n#text-956764569 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-1256222608\">\n\n\n\t<div id=\"col-927139146\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"gap-1535315952\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1535315952 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2477361752\" class=\"text cus-spacing-h2 has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"H1_Q3_2025_Winners_Value_Tech_Operators\"><\/span>H1 &#038; Q3 2025 Winners: Value + Tech Operators<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-2477361752 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-2477361752 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1128200678\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1128200678 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-484250800\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<ul>\n<li><strong>RBI (Burger King, Tim Hortons, Popeyes)<\/strong> achieved a 4.0% SSS increase thanks to digital ordering, app engagement, and loyalty programs.<\/li>\n<li><strong>Chili\u2019s<\/strong> (+5.4%) continues to benefit from value-driven promotions and traffic optimization.<\/li>\n<li><strong>Potbelly<\/strong> (+3.3%) leverages app engagement and store expansion.<\/li>\n<li><strong>Wingstop<\/strong> (+3.0%) demonstrates the impact of digital ordering and delivery partnerships. <\/li>\n<\/ul>\n\t\t\n<style>\n#text-484250800 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-443772254\">\n\n\n\t<div id=\"col-1911719677\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-3746606337\" class=\"text has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"H1_Q3_2025_Losers_Value_Perception_Operational_Challenges\"><\/span>H1 &#038; Q3 2025 Losers: Value Perception &#038; Operational Challenges <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-3746606337 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-3746606337 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1054893874\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1054893874 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-973006199\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<ul>\n<li><strong>Sweetgreen<\/strong> (-5.8%) saw traffic declines as customers questioned price vs. value; operational resets are underway.<\/li>\n<li><strong>The ONE Group<\/strong> (STK) (-5.9%) experienced a mix shift and weaker corporate sales.<\/li>\n<li><strong>Starbucks U.S.<\/strong> (-2.0%) faced slower recovery post-rewards relaunch.<\/li>\n<\/ul>\n\t\t\n<style>\n#text-973006199 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-501497742\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-501497742 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1390088521\" class=\"text has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Trailing_5-Quarter_SSS_Performance_by_Category_Segment\"><\/span>Trailing 5-Quarter SSS % Performance by Category Segment<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-1390088521 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-1390088521 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-516478114\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-516478114 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2283141432\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<p><strong>2025<\/strong> has seen <strong>stronger sales performance for Full Service and Fine Dining concepts<\/strong> compared to QSR and Fast Casual.<\/p>\n<p><strong>Consumers<\/strong> have shown some <strong>spending fatigue<\/strong> for the <strong>\u2018bowl concepts\u2019 and<\/strong> have generally opted to allocate <strong>more spend to the restaurant experience<\/strong> which is only at a slightly higher price point.<\/p>\n\t\t\n<style>\n#text-2283141432 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-539762784\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-539762784 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_2095446664\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2068\" height=\"636\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Trailing-5-Quarter-SSS-Performance-by-Category-Segment-2025-Q3-and-October.jpg\" class=\"attachment-original size-original\" alt=\"Trailing 5 Quarter SSS % Performance by Category Segment 2025 Q3 and October\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Trailing-5-Quarter-SSS-Performance-by-Category-Segment-2025-Q3-and-October.jpg 2068w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Trailing-5-Quarter-SSS-Performance-by-Category-Segment-2025-Q3-and-October-300x92.jpg 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Trailing-5-Quarter-SSS-Performance-by-Category-Segment-2025-Q3-and-October-1024x315.jpg 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Trailing-5-Quarter-SSS-Performance-by-Category-Segment-2025-Q3-and-October-768x236.jpg 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Trailing-5-Quarter-SSS-Performance-by-Category-Segment-2025-Q3-and-October-1536x472.jpg 1536w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Trailing-5-Quarter-SSS-Performance-by-Category-Segment-2025-Q3-and-October-2048x630.jpg 2048w\" sizes=\"(max-width: 2068px) 100vw, 2068px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_2095446664 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_551817467\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"1983\" height=\"588\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/2-Trailing-5-Quarter-SSS-Performance-by-Category-Segment-2025-Q3-and-October.jpg\" class=\"attachment-original size-original\" alt=\"2 Trailing 5 Quarter SSS % Performance by Category Segment 2025 Q3 and October\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/2-Trailing-5-Quarter-SSS-Performance-by-Category-Segment-2025-Q3-and-October.jpg 1983w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/2-Trailing-5-Quarter-SSS-Performance-by-Category-Segment-2025-Q3-and-October-300x89.jpg 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/2-Trailing-5-Quarter-SSS-Performance-by-Category-Segment-2025-Q3-and-October-1024x304.jpg 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/2-Trailing-5-Quarter-SSS-Performance-by-Category-Segment-2025-Q3-and-October-768x228.jpg 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/2-Trailing-5-Quarter-SSS-Performance-by-Category-Segment-2025-Q3-and-October-1536x455.jpg 1536w\" sizes=\"(max-width: 1983px) 100vw, 1983px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_551817467 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1817021508\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"1074\" height=\"622\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Quarter-SSS-Performance-by-Category.png\" class=\"attachment-original size-original\" alt=\"Quarter SSS % Performance by Category\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Quarter-SSS-Performance-by-Category.png 1074w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Quarter-SSS-Performance-by-Category-300x174.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Quarter-SSS-Performance-by-Category-1024x593.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Quarter-SSS-Performance-by-Category-768x445.png 768w\" sizes=\"(max-width: 1074px) 100vw, 1074px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1817021508 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-529211167\">\n\n\n\t<div id=\"col-1795567277\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-1171612495\" class=\"text has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Public_Market_Top_10_for_the_Week\"><\/span>Public Market Top 10 for the Week<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-1171612495 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-1171612495 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-197531245\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-197531245 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1428482506\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<p>\u200b\u200bDenny&#8217;s\u200b leads the top 10 for the week ending \u200bFriday, 7 November 2025\u200b.<\/p>\n\t\t\n<style>\n#text-1428482506 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1802494572\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2112\" height=\"808\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-1.png\" class=\"attachment-original size-original\" alt=\"The Perfect Plate \u2013 2025 Q3 and October Update\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-1.png 2112w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-1-300x115.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-1-1024x392.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-1-768x294.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-1-1536x588.png 1536w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-1-2048x784.png 2048w\" sizes=\"(max-width: 2112px) 100vw, 2112px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1802494572 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-4245706572\" class=\"text has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Public_Market_Summary_for_YTD_Returns\"><\/span>Public Market Summary for YTD Returns<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-4245706572 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-4245706572 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-458045457\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-458045457 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_199198982\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2078\" height=\"1236\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-2.png\" class=\"attachment-original size-original\" alt=\"Picture 2\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-2.png 2078w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-2-300x178.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-2-1024x609.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-2-768x457.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-2-1536x914.png 1536w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-2-2048x1218.png 2048w\" sizes=\"(max-width: 2078px) 100vw, 2078px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_199198982 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-993377882\">\n\n\n\t<div id=\"col-2034278770\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-3679889886\" class=\"text has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Our_Top_Article_Choices\"><\/span>Our Top Article Choices<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-3679889886 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-3679889886 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1424997320\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1424997320 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1532311094\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<ul>\n<li>NRA: Economic Indicators &#8211; Same-store sales and customer traffic &#8211; <a href=\"https:\/\/restaurant.org\/research-and-media\/research\/restaurant-economic-insights\/economic-indicators\/same-store-sales-and-customer-traffic\/\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>8 restaurant trends to watch in 2025 &#8211;\u00a0<a href=\"https:\/\/www.restaurantdive.com\/news\/8-restaurant-industry-trends-to-watch-in-2025\/736408\/\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Chipotle\u2019s Comparable Sales Dropped Year Over Year\u2026 &#8211; <a href=\"https:\/\/www.barrons.com\/articles\/chipotle-stock-price-earnings-news-3ee84fd2?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Toast Data: Reservation trends shift to slower days and early dinners &#8211;\u00a0<a href=\"https:\/\/pos.toasttab.com\/news\/2024-reservation-trends\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>WSJ \u2013 Are value meals worth it for restaurants? &#8211; <a href=\"https:\/\/www.wsj.com\/business\/hospitality\/fast-food-discounts-value-meals-customers-59cf6198?mod=hospitality_more_article_pos9\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<\/ul>\n\t\t\n<style>\n#text-1532311094 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-1980577749\">\n\n\n\t<div id=\"col-687574902\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-3346576969\" class=\"text has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Deal_Making_Transaction_Activity\"><\/span>Deal Making: Transaction Activity<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-3346576969 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-3346576969 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1224526068\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1224526068 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1765636974\" class=\"text has_dark-blue\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"M_A_in_2024_Q4_%E2%80%93_2025_Q3\"><\/span>M&#038;A in 2024 Q4 \u2013 2025 Q3<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-1765636974 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-213645204\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-213645204 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-746606267\" class=\"text newsletter-txt-li cus-spacing-ul inner_lists\">\n\t\t\n\n<ul>\n<li>DoorDash Expands with Deliveroo and SevenRooms Acquisitions &#8211; <a href=\"https:\/\/www.restaurantdive.com\/topic\/ma\/?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener\">Link<\/a>\n<ul>\n<li>Deliveroo &#8211; Deal Value: $3.9 billion\n<ul>\n<li>Details: DoorDash announced its acquisition of U.K.-based food delivery service Deliveroo, enhancing its international presence.<\/li>\n<\/ul>\n<\/li>\n<li>SevenRooms &#8211; Deal Value: $1.2 billion<\/li>\n<\/ul>\n<\/li>\n<li>Wonder to acquire Grubhub for $650m &#8211; <a href=\"https:\/\/www.restaurantdive.com\/news\/wonder-buys-grubhub-650m\/732763\/\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>TGI Fridays Sells Corporate-Owned Locations Amid Bankruptcy &#8211; <a href=\"https:\/\/www.reuters.com\/legal\/litigation\/tgi-fridays-gets-bankruptcy-court-approval-sell-9-locations-2025-01-02\/?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener\">Link<\/a>\n<ul>\n<li>TGI Fridays received court approval to sell nine of its 39 corporate-owned locations to Mexico-based MERA for $34.5 million, as part of its bankruptcy proceedings.<\/li>\n<\/ul>\n<\/li>\n<li>Jersey Mike\u2019s has agreed to sell a majority stake to Blackstone &#8211; <a href=\"https:\/\/www.restaurantdive.com\/news\/jersey-mikes-sells-majority-ownership-stake-blackstone\/733301\/\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Bojangles Explores Potential $1.5B Sale &#8211; <a href=\"https:\/\/www.wsj.com\/business\/deals\/bojangles-is-exploring-a-sale-while-the-fried-chicken-market-is-hot-5cc6fb9e\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Pappas Restaurants Acquires On The Border Out of Bankruptcy- <a href=\"https:\/\/www.restaurantdive.com\/news\/pappas-restaurants-buys-on-the-border-mexican-grill-cantina-out-bankruptcy\/747469\/\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Dine Brands Global Acquires 59 Applebee\u2019s and 10 IHOP Locations- <a href=\"https:\/\/investors.dinebrands.com\/news-releases\/news-release-details\/dine-brands-global-inc-reports-second-quarter-2025-results?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Apollo Global Management and Irth Capital have proposed to take Papa John&#8217;s private in a deal valued at approximately $2 billion &#8211; <a href=\"https:\/\/www.reuters.com\/business\/finance\/apollo-irth-capital-made-an-offer-buy-papa-johns-sources-say-2025-06-11\/\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>&amp;pizza acquires Tijuana Flats &#8211; <a href=\"https:\/\/www.restaurantdive.com\/news\/nside-andpizza-strategy-acquiring-tijuana-flats\/804888\/\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Del Taco sold by Jack in the Box to Yadav Enterprises for ~$115\u202fM &#8211; <a href=\"https:\/\/www.restaurantdive.com\/news\/jack-in-the-box-sells-del-taco-115-million-yadav\/802951\/\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Pizza Hut under review for potential sale by Yum! Brand &#8211; <a href=\"https:\/\/www.restaurantdive.com\/news\/yum-brands-starts-sales-review-pizza-hut\/804607\/\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Sweetgreen sells Spyce to Wonder for $186M &#8211; <a href=\"https:\/\/www.restaurantdive.com\/news\/sweetgreen-sells-spyce-to-wonder-186-million\/804959\/\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<\/ul>\n\t\t\n<style>\n#text-746606267 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-216276442\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-216276442 {\n  padding-top: 20px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3271836999\" class=\"text img-source-txt text-left\">\n\t\t\n\n<p><em>Source: <strong><a href=\"https:\/\/www.restaurantdive.com\/topic\/ma\/\" target=\"_blank\" rel=\"noopener\">Restaurant Mergers &amp; Acquisitions | Restaurant Dive<\/a><\/strong><\/em><\/p>\n\t\t\n<style>\n#text-3271836999 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-1102321633\">\n\n\n\t<div id=\"col-447819590\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-2313346251\" class=\"text has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Market_Update_Public_Comps\"><\/span>Market Update: Public Comps<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-2313346251 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-2313346251 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-311330445\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-311330445 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3114809403\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<p>Week Ending | \u200b07\/11\/2025\u200b<\/p>\n\t\t\n<style>\n#text-3114809403 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-2014162781\">\n\n\n\t<div id=\"col-1561351313\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"gap-44099046\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-44099046 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3485509074\" class=\"text has_dark-blue\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Top_10_Monthly_Price_Movements\"><\/span>Top 10 Monthly Price Movements<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-3485509074 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-210294220\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-210294220 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-4136133930\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<p>The last 30-day performance had an average of \u200b4.1%\u200b for the Top 10.<\/p>\n\t\t\n<style>\n#text-4136133930 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_346790342\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2074\" height=\"768\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-3.png\" class=\"attachment-original size-original\" alt=\"Picture 3\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-3.png 2074w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-3-300x111.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-3-1024x379.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-3-768x284.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-3-1536x569.png 1536w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-3-2048x758.png 2048w\" sizes=\"(max-width: 2074px) 100vw, 2074px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_346790342 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3556806786\" class=\"text has_dark-blue\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Top_10_Enterprise_Value_EV_NTM_Revenue_Multiples\"><\/span>Top 10 Enterprise Value [EV] \/ NTM Revenue Multiples<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-3556806786 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1905267322\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1905267322 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-627800939\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<p>The top 10 is made up of mostly Franchisor entities, which have higher multiples than company owned concepts. Consensus revenue growth forecasts estimate ~12.5% growth into 2025. The growth guidance is attributable to store growth and price increases.<\/p>\n\t\t\n<style>\n#text-627800939 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-2085725643\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-2085725643 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1804648073\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2060\" height=\"774\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-4-1.png\" class=\"attachment-original size-original\" alt=\"The Perfect Plate \u2013 2025 Q3 and October Update\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-4-1.png 2060w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-4-1-300x113.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-4-1-1024x385.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-4-1-768x289.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-4-1-1536x577.png 1536w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-4-1-2048x769.png 2048w\" sizes=\"(max-width: 2060px) 100vw, 2060px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1804648073 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2559986247\" class=\"text cus-spacing-h2 has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Public_Comps_%E2%80%93_Trends\"><\/span>Public Comps &#8211; Trends<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-2559986247 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-2559986247 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1220526366\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1220526366 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3527847808\" class=\"text has_dark-blue\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Trend_%E2%80%93_Enterprise_Value_EV_LTM_Revenue_Multiples\"><\/span>Trend &#8211; Enterprise Value [EV] \/ LTM <u>Revenue<\/u> Multiples <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-3527847808 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-2048505885\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-2048505885 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1407863662\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2066\" height=\"778\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-5.png\" class=\"attachment-original size-original\" alt=\"The Perfect Plate \u2013 2025 Q3 and October Update\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-5.png 2066w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-5-300x113.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-5-1024x386.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-5-768x289.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-5-1536x578.png 1536w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-5-2048x771.png 2048w\" sizes=\"(max-width: 2066px) 100vw, 2066px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1407863662 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-1055999830\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1055999830 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-98347450\" class=\"text has_dark-blue\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Trend_%E2%80%93_Enterprise_Value_EV_LTM_EBITDA_Multiples\"><\/span>Trend &#8211; Enterprise Value [EV] \/ LTM <u>EBITDA<\/u> Multiples <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-98347450 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-104810472\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-104810472 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_582186034\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2008\" height=\"774\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-6.png\" class=\"attachment-original size-original\" alt=\"The Perfect Plate \u2013 2025 Q3 and October Update\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-6.png 2008w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-6-300x116.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-6-1024x395.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-6-768x296.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-6-1536x592.png 1536w\" sizes=\"(max-width: 2008px) 100vw, 2008px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_582186034 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-1314988877\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1314988877 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3830890838\" class=\"text has_dark-blue\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Revenue_Multiple_Trends\"><\/span>Revenue Multiple Trends<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-3830890838 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-754956365\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-754956365 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-203844875\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<p>Restaurant businesses are generally valued on multiples of their revenue or EBITDA, depending on their capital structure, growth potential, and franchise model. For example, a McDonald&#8217;s franchise has a higher revenue multiple than a company-owned restaurant chain like Shake Shack.<br \/>\nHere are some of the factors that affect restaurant valuation multiples:<\/p>\n<ul>\n<li><b>Capital structure:<\/b> Businesses with less debt and more equity tend to have higher valuation multiples.\n    <\/li>\n<li><b>Growth potential:<\/b> Businesses with high growth potential tend to have higher valuation multiples.<\/li>\n<li><b>Franchise model:<\/b> Franchise businesses tend to have higher valuation multiples than company-owned businesses.<\/li>\n<\/ul>\n\t\t\n<style>\n#text-203844875 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1207818284\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1207818284 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1244367995\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2198\" height=\"1432\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-7.png\" class=\"attachment-original size-original\" alt=\"Picture 7\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-7.png 2198w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-7-300x195.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-7-1024x667.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-7-768x500.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-7-1536x1001.png 1536w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-7-2048x1334.png 2048w\" sizes=\"(max-width: 2198px) 100vw, 2198px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1244367995 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-1234184542\">\n\n\n\t<div id=\"col-334142389\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"gap-1361035506\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1361035506 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1641147974\" class=\"text has_dark-blue\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"EBITDA_Multiple_Trends\"><\/span>EBITDA Multiple Trends<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-1641147974 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-516400391\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-516400391 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1886548944\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2222\" height=\"1338\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-8.png\" class=\"attachment-original size-original\" alt=\"Picture 8\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-8.png 2222w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-8-300x181.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-8-1024x617.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-8-768x462.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-8-1536x925.png 1536w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/12\/Picture-8-2048x1233.png 2048w\" sizes=\"(max-width: 2222px) 100vw, 2222px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1886548944 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-672538522\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-672538522 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-692667908\" class=\"text has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Sources\"><\/span>Sources<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-692667908 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-692667908 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1646433407\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1646433407 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-214689955\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>TIKR<br \/>\nBloomberg<br \/>\nCompany 10-Q and 10-K Filings<br \/>\nRestaurant Business<\/p>\n\t\t\n<style>\n#text-214689955 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-243633166\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-243633166 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1587548470\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>Bureau of Labor Statistics (BLS) [bls.gov]U.S. Bureau of Economic Analysis (BEA) [bea.gov]U.S. Department of Agriculture (USDA) Economic Research Service [ers.usda.gov]Federal Reserve Economic Data (FRED) [fred.stlouisfed.org]National Restaurant Association [restaurant.org]International Monetary Fund (IMF) [imf.org]\n\t\t\n<style>\n#text-1587548470 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-41285339\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-41285339 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-1651633478\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1651633478 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-1902543271\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1902543271 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-1963068709\">\n\n\n\t<div id=\"col-885368371\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-4028595493\" class=\"text has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Disclaimer\"><\/span>Disclaimer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-4028595493 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-4028595493 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-777660606\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-777660606 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3363181042\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>The information provided is believed to be from reliable sources, but no liability is accepted for any inaccuracies.\u202f This is for information purposes and should not be construed as an investment recommendation.\u202f Past performance is no guarantee of future performance.<\/p>\n\t\t\n<style>\n#text-3363181042 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-46734701\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-46734701 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1578888892\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>This post and the information presented are intended for informational purposes only.\u202fThe views expressed herein are the author\u2019s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, timeliness, or completeness of this information. The author and all employers and their affiliated people assume no liability for this information and no obligation to update the information or analysis contained herein in the future.<\/p>\n\t\t\n<style>\n#text-1578888892 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n<div class=\"social-icons share-icons share-row relative share__icon-newsletter icon-style-outline\" ><a href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-2025-q3-and-october-update\/\" data-label=\"Facebook\" onclick=\"window.open(this.href,this.title,&#039;width=500,height=500,top=300px,left=300px&#039;); return false;\" target=\"_blank\" class=\"icon button circle is-outline facebook\" title=\"Share on Facebook\" aria-label=\"Share on Facebook\" rel=\"noopener nofollow\"><i class=\"icon-facebook\" aria-hidden=\"true\"><\/i><\/a><a href=\"https:\/\/x.com\/share?url=https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-2025-q3-and-october-update\/\" onclick=\"window.open(this.href,this.title,&#039;width=500,height=500,top=300px,left=300px&#039;); return false;\" target=\"_blank\" class=\"icon button circle is-outline x\" title=\"Share on X\" aria-label=\"Share on X\" rel=\"noopener nofollow\"><i class=\"icon-x\" aria-hidden=\"true\"><\/i><\/a><a href=\"mailto:?subject=The%20Perfect%20Plate%20%E2%80%93%202025%20Q3%20and%20October%20Update&body=Check%20this%20out%3A%20https%3A%2F%2Fwww.paperchase.ac%2Fnewsletter%2Fthe-perfect-plate-2025-q3-and-october-update%2F\" class=\"icon button circle is-outline email\" title=\"Email to a Friend\" aria-label=\"Email to a Friend\" rel=\"nofollow\"><i class=\"icon-envelop\" aria-hidden=\"true\"><\/i><\/a><a href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&amp;url=https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-2025-q3-and-october-update\/&amp;title=The%20Perfect%20Plate%20%E2%80%93%202025%20Q3%20and%20October%20Update\" onclick=\"window.open(this.href,this.title,&#039;width=500,height=500,top=300px,left=300px&#039;); return false;\" target=\"_blank\" class=\"icon button circle is-outline linkedin\" title=\"Share on LinkedIn\" aria-label=\"Share on LinkedIn\" rel=\"noopener nofollow\"><i class=\"icon-linkedin\" aria-hidden=\"true\"><\/i><\/a><\/div>\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_1225522898 {\n  padding-top: 0px;\n  padding-bottom: 0px;\n}\n<\/style>\n\t<\/section>\n\t\n\n\t<section class=\"section newsletter-bottom-sec source-disc-sec content_sec\" id=\"section_331575977\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n\t<div id=\"gap-1289716428\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1289716428 {\n  padding-top: 50px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_331575977 {\n  padding-top: 0px;\n  padding-bottom: 0px;\n}\n<\/style>\n\t<\/section>\n\t\n\n","protected":false},"excerpt":{"rendered":"<p>Q3 2025 demonstrates that restaurants which combine clear value with tech-driven engagement continue to outperform.<\/p>\n","protected":false},"author":1,"featured_media":17150,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[22],"tags":[],"class_list":["post-17136","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-newsletter"],"_links":{"self":[{"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/posts\/17136","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/comments?post=17136"}],"version-history":[{"count":21,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/posts\/17136\/revisions"}],"predecessor-version":[{"id":18058,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/posts\/17136\/revisions\/18058"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/media\/17150"}],"wp:attachment":[{"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/media?parent=17136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/categories?post=17136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/tags?post=17136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}