The QSR 50 is an annual ranking of limited-service restaurant companies published by QSR Magazine. The 2024 QSR 50 report highlights the current state and future trends of the fast-food industry. Below are some key insights from report and here is a summary of their findings:
Top Performers
McDonald’s
- Remains the largest U.S. restaurant chain by systemwide sales
- Plans to expand to 50,000 global restaurants by 2027
- Focusing on digital ecosystem growth, aiming for 250 million active loyalty users
- Introduced CosMc’s, a new small-format beverage-focused concept
- Investing in digital marketing and partnerships, including nationwide Krispy Kreme rollout
Starbucks
- Expanded by 902 locations in the U.S. since early 2021
- Facing challenges with traffic performance
- Implementing changes under new CEO Laxman Narasimhan
- Focusing on digital engagement, product innovation, and technology improvements
Chick-fil-A
- Topped consumer perception rankings across all restaurant brands
- Drive-thru locations averaged $9.275 million in sales in 2023
- Total revenue reached $7,888,050,586 in 2023
- Planning expansion in Canada and Puerto Rico
Taco Bell
- U.S. systemwide sales exceeded $15 billion in 2023
- Strong performance in low-income areas
- Focusing on value menu and digital channels
- Implementing new technology for improved operations and promotions
Wendy’s
- Investing $100 million in breakfast and digital business
- Piloting AI-driven drive-thru automation
- Appointed new leadership to drive growth
- Aiming for accelerated global unit expansion, particularly in the U.K.
Industry Trends
- Emphasis on digital transformation and loyalty programs
- Focus on drive-thru efficiency and automation
- Balancing value offerings with quality and innovation
- Exploring new restaurant formats and designs
- Continued international expansion for major chains
QSR’s Top 50 for 2024
QSR considers both company revenues and the number of locations when ranking the contenders
| Rank | Company | Revenue Rank | Revenue (Millions) | Location Rank | Number of Locations |
|---|---|---|---|---|---|
| 1 | McDonald’s | 1 | $53,135 | 3 | 13,457 |
| 2 | Starbucks | 2 | $28,700 | 2 | 16,346 |
| 3 | Chick-fil-A | 3 | $21,586 | 18 | 2,552 |
| 4 | Taco Bell | 4 | $15,000 | 5 | 7,405 |
| 5 | Wendy’s | 5 | $12,285 | 9 | 6,030 |
| 6 | Dunkin’ | 6 | $11,918 | 4 | 9,580 |
| 7 | Burger King | 7 | $10,957 | 6 | 6,778 |
| 8 | Subway | 8 | $10,372 | 1 | 20,133 |
| 9 | Domino’s | 9 | $9,026 | 10 | 6,854 |
| 10 | Chipotle | 10 | $8,600 | 16 | 3,437 |
| 11 | Pizza Hut | 12 | $5,500 | 8 | 6,593 |
| 12 | Popeyes | 15 | $5,001 | 17 | 3,076 |
| 13 | Panera Bread | 11 | $7,157 | 24 | 2,169 |
| 14 | Sonic Drive-In | 13 | $5,499 | 14 | 3,521 |
| 15 | KFC | 14 | $5,100 | 12 | 3,791 |
| 16 | Arby’s | 16 | $4,617 | 15 | 3,413 |
| 17 | Little Caesars | 18 | $3,365 | 11 | 4,217 |
| 18 | Jimmy John’s | 28 | $2,580 | 19 | 2,632 |
| 19 | Papa John’s | 20 | $3,846 | 15 | 3,220 |
| 20 | Whataburger | 21 | $3,769 | 33 | 997 |
| 21 | Raising Cane’s | 22 | $3,758 | 43 | 727 |
| 22 | Wingstop | 23 | $3,482 | 25 | 1,926 |
| 23 | Freddy’s | 39 | $1,500 | 47 | 425 |
| 24 | Crumbl Cookies | 49 | $1,020 | 40 | 725 |
| 25 | Checkers/Rally’s | 41 | $1,420 | 37 | 810 |
| 26 | Church’s Chicken | 29 | $2,150 | 29 | 856 |
| 27 | Zaxby’s | 48 | $1,050 | 34 | 945 |
| 28 | Bojangles | 30 | $2,095 | 38 | 802 |
| 29 | Shake Shack | 42 | $1,350 | 48 | 260 |
| 30 | El Pollo Loco | 33 | $1,756 | 46 | 580 |
| 31 | Firehouse Subs | 36 | $1,600 | 29 | 1,125 |
| 32 | Hardee’s | 28 | $2,470 | 26 | 1,791 |
| 33 | Tropical Smoothie Cafe | 34 | $1,720 | 28 | 1,185 |
| 34 | Marco’s Pizza | 32 | $1,800 | 32 | 1,060 |
| 35 | Del Taco | 35 | $1,700 | 44 | 600 |
| 36 | In-N-Out Burger | 38 | $1,550 | 48 | 390 |
| 37 | Freddy’s Frozen | 39 | $1,500 | 47 | 425 |
| 38 | Krispy Kreme | 37 | $1,580 | 49 | 360 |
| 39 | McAlister’s Deli | 46 | $1,120 | 45 | 535 |
| 40 | Moe’s Southwest Grill | 45 | $1,150 | 42 | 690 |
| 41 | Checkers/Rally’s | 41 | $1,420 | 37 | 810 |
| 42 | Shake Shack | 42 | $1,350 | 48 | 260 |
| 43 | Papa Murphy’s | 43 | $1,200 | 30 | 1,105 |
| 44 | Baskin-Robbins | 44 | $1,160 | 22 | 2,250 |
| 45 | Church’s Chicken | 47 | $1,080 | 36 | 856 |
| 46 | Wingstop | 23 | $3,482 | 25 | 1,926 |
| 47 | Zaxby’s | 48 | $1,050 | 34 | 945 |
| 48 | Crumbl Cookies | 49 | $1,020 | 40 | 725 |
| 49 | El Pollo Loco | 33 | $1,756 | 46 | 580 |
| 50 | Taco John’s | 50 | $1,000 | 50 | 410 |