The Short Report on Technomic’s Top 500

Sales among the Top 500 chains in the U.S. rose 3% in 2024 to $437 billion, compared to a 7.8% surge in 2023, according to Technomic’s new Top 500 Chain Restaurant Report. The players account for more than 60% of all U.S. restaurant industry sales in 2024.

While still marking the fourth consecutive year of positive sales growth, this was the lowest increase seen in a decade, excluding 2020, Technomic notes. Headwinds in 2024 included higher prices, shifting consumer spending patterns and increased competition, says Kevin Schimpf, the firm’s senior director of industry research, in a release.

Almost 40% of chains saw a year-over-year sales decrease, chief among them the three largest chains—McDonald’s, Starbucks and Chick-fil-A—which fell short of typical growth trends at a combined 1.2%, compared to 11% in 2023.

Still, there were bright spots. Thirty brands added more than 100 domestic units in 2024, with Starbucks topping the list at 589 openings, followed by Jersey Mike’s Subs and Wingstop, notes the report. And fewer chains had location closures in 2024, as compared to 2023, Technomic notes.

Segment Snapshot

Digging into segmental growth, two chicken chains—Raising Cane’s and Wingstop—reached the Top 25 for the first time at 18 and 24, respectively.

Taco Bell and Chipotle Mexican Grill—ranked at fourth and seventh, respectively—chipped in to propel overall Mexican chain sales to $34 billion—$3 billion above pizza performance.

In a struggling full-service sector, Texas Roadhouse and Chili’s Grill & Bar were stars, as both saw double-digit sales increases in 2024.

Coffee cafe concepts heated up, too, with 15 chains in the category achieving double-digit sales growth. There also was strong expansion among players like Dutch Bros Coffee, Scooter’s Coffee and 7 Brew Drive Thru Coffee, the latter of which reached its 300-unit milestone and saw sales grow 163% last year.

For more details, see Technomic’s full report here.