Restaurants

DoorDash is acquiring Wonder's Grubhub Campus Dining business for $300 million and investing another $125 million in Wonder's Series D round. The campus business operates at more than 450 colleges and universities, letting students order from campus dining facilities, pay with dining dollars, and schedule pickup, and DoorDash plans to extend the technology beyond campuses into stadiums, hotels and similar venues, with the transaction expected to close in the first half of 2027. The purchase is modest against DoorDash's scale: the company generated $742 million of free cash flow in the second quarter, up from $355 million a year earlier, while adjusted EBITDA reached $914 million, up 40%, on revenue of $4.45 billion and Marketplace GOV of $33.1 billion. Marketplace GOV rose 36% to $33.1 billion in the quarter while orders increased 27% to 970 million, and even excluding Deliveroo, GOV growth was still 23%. Wonder has expanded to 157 locations, more than quadrupling its footprint since early 2025, and plans to enter Texas in 2027, while DoorDash's second-quarter research and development expense rose to $535 million from $351 million a year earlier. DoorDash said the deal is strategically significant but unlikely by itself to materially change consolidated earnings, leaving the investment case dependent on scaling the campus platform into new venues.

Saint Marc Holdings announced it will acquire the udon specialty business Tsurutontan, operated by K Express, for 12.8 billion yen. The company, which runs bakery restaurants and cafes, will take over the udon specialty restaurant business, including brands such as Mensho no Kokorotsukushi Tsurutontan, through an absorption-type company split, covering 14 directly operated domestic stores, 2 overseas franchise stores, and noodle manufacturing and gift product sales. The inherited division posted sales of 6.135 billion yen for the fiscal year ending March 2026. The announcement came after the market close on the 17th, and Saint Marc Holdings, seen as a buy candidate, rebounded for the first time in three days, rising 117 yen from the previous day to 2,593 yen. Its closing price on the 18th was 2,535 yen, up 59 yen from the previous day.

McDonald's declared a quarterly dividend of $1.93 per share, in line with its previous payout, as the company marked 50 consecutive years of dividend increases. The dividend carries a forward yield of 3.11%. It is payable Dec. 15 to shareholders of record as of Dec. 1, with the ex-dividend date also set for Dec. 1.

McDonald's Board of Directors declared a quarterly cash dividend of $1.93 per share, a 4% increase over the previous quarterly payout, marking the company's 50th consecutive year of dividend increases. The dividend is payable on December 15, 2026 to shareholders of record at the close of business on December 1, 2026, and the new quarterly dividend of $1.93 per share is equivalent to $7.72 annually. With this increase, McDonald's joins the ranks of the "Dividend Kings," an elite group of fewer than 60 U.S. public companies that have raised their annual dividend for at least 50 consecutive years. Executive Vice President and Global Chief Financial Officer Ian Borden said the milestone reflects a decades-long commitment to financial discipline and rewarding shareholders, as well as the work of crew members, owner-operators and suppliers. The company said it will provide further details on its next phase of growth at its 2026 Investor Day on September 23, 2026.

MAGURO Group Public Company Limited, or MAGURO, has unveiled 3 special menus celebrating the 5th anniversary of SSAMTHING TOGETHER, the Korean barbecue restaurant in its portfolio, in collaboration with Chef Bang Kisu, a South Korean chef with a Michelin pedigree from the show Culinary Class Wars and former head chef of Bicena, a fine dining Korean restaurant that holds 1 Michelin Star. Chakrit Saisomboon, Chief Executive Officer, said the 3 special menus, namely GUJEOLPAN, SHREK PORK GALBI and SPICY JJUKKUMI Bulgogi, will go on sale at all 5 SSAMTHING TOGETHER branches, namely Mega Bangna, Central Rama 2, Central Westgate, Samyan Mitrtown and Robinson Ratchaphruek, from October 2026 onwards, in the form of a seasonal menu. The company stated that this collaboration with a Michelin chef is an important step in elevating the dining experience and reinforces its plan to expand its premium restaurant empire while building SSAMTHING TOGETHER into a flagship brand.

Dutch Bros Inc. raised its 2026 revenue and adjusted EBITDA outlook after second-quarter results and the Phoenix franchise acquisition, even as its shares trade at a forward 12-month price-to-earnings multiple of 38.45X. Management lifted its 2026 revenue guidance to $2.10-$2.13 billion from $2.05-$2.08 billion, and now expects systemwide same-shop sales growth of 5% to 6%, up from the prior 4%-6% range. Adjusted EBITDA is projected between $385 million and $390 million, up from the earlier expectation of $370-$380 million, while the Zacks Consensus Estimate for 2026 earnings per share has risen from 93 cents to 97 cents over the past 60 days. The company expects to open at least 185 system shops in 2026, with roughly 90% of the development pipeline tied to its target of 2,029 shops in 2029 already identified, and it projects capital expenditures of $350 million to $370 million in 2026. Offsetting that growth, Dutch Bros anticipates third-quarter systemwide same-shop sales growth of about 4-5%, reflecting lower effective pricing and tougher comparisons, along with roughly 60 basis points of cost-of-goods-sold pressure and about 50 basis points of occupancy pressure for the full year. The stock carries a Zacks Rank #3 (Hold).

Starbucks Corporation is maintaining its plan to open approximately 600-650 net new coffeehouses in fiscal 2026, with international markets expected to provide a strong contribution. The company ended the third quarter of fiscal 2026 with 22,933 international coffeehouses after adding 189 net new locations during the quarter, and international company-operated comparable sales rose 5.7%, supported by a mix of transaction and ticket growth, with Japan contributing to the momentum. Following the transition of China to a joint venture, roughly 90% of Starbucks' international portfolio is now managed through licensed structures, and the China joint venture is targeting up to 20,000 coffeehouses over time. North American company-operated unit growth may remain modest through fiscal 2027 as Starbucks strengthens its development pipeline, accelerates coffeehouse uplifts and addresses underperforming locations. The expansion push comes as McDonald's Corporation expects to open about 2,600 gross restaurants in 2026 and now targets 50,000 locations globally in 2028, while Chipotle Mexican Grill plans additional openings in Monterrey and expansion into Mexico City in 2027, and expects to enter South Korea in 2026 and Singapore in early 2027.

A federal appeals court declined to enforce most of a National Labor Relations Board ruling that Starbucks illegally threatened employees with reprisals for trying to unionize, Reuters reported on September 4. In a 2-0 decision, the 5th U.S. Circuit Court of Appeals rejected claims that a Wichita, Kansas store manager and assistant manager broke federal labor law when they told employees the store had closed its hiring portal and cut hours because of union activity, with Circuit Judge Stephen Higginson finding the statements were not threats of reprisal. The court did uphold one finding that Starbucks illegally threatened to deny maternity leave benefits to a pregnant employee if workers unionized. The ruling came two days after a separate federal appeals court in Manhattan reversed an NLRB finding that Starbucks illegally barred workers at a Meatpacking District store from wearing multiple pins or T-shirts supporting a union, saying the board failed to balance the company's brand image interests against employee organizing rights. Employees at more than 700 Starbucks stores have voted to unionize and have filed hundreds of complaints with the NLRB against the company.

The Cheesecake Factory Incorporated shares have climbed 72.4% over the past six months, far outpacing the restaurant industry's 12.4% decline and the S&P 500's 14.2% gain, while still trading at a P/E of 19.86X below the industry average of 20.96X. The rally follows a second quarter in which revenues topped $1 billion for the first time, adjusted diluted EPS rose 24% year over year to $1.44, net income hit a record $68 million, and adjusted EBITDA reached $118 million. Comparable sales at the core Cheesecake Factory brand rose 5.8% on 2.7% traffic growth, restaurant-level margin expanded to 20%, its highest in a decade, and annualized unit volumes exceeded $13.5 million. Flower Child posted a 13% comparable sales gain with annualized unit volumes of $5.3 million, while North Italia comparable sales fell 3% and its restaurant-level margin slipped to 15.6% from 18.2%. Analysts have raised the Zacks Consensus Estimate for 2026 EPS to $4.53 from $4.03 and for 2027 to $5.03 from $4.44, implying growth of 20.2% and 10.9%, with 2026 revenue projected at $4.02 billion and 2027 revenue at $4.29 billion.

DoorDash and the National Hockey League announced a multiyear North American partnership naming DoorDash the official on-demand delivery and pick up partner of the NHL in Canada and the United States. The exclusive deal begins immediately and marks DoorDash's first partnership with the NHL. Under the agreement, DoorDash gains a broad set of marketing rights and NHL designations. The season kicks off in Canada with a dedicated DoorDash Puck Drop promotion on September 29, 2026, followed by game night deals every Wednesday and Saturday for the regular season. To reach even more households, DoorDash becomes the presenting sponsor of all Wednesday night regular-season national NHL games and Stanley Cup Playoff games broadcast on Prime Video in Canada.

Chipotle Mexican Grill is building a food safety risk platform on Palantir Technologies' Foundry software, according to WIRED. The platform appears to analyze health department scores, pest incidents and employee illnesses to assign each store a food safety score, and Chipotle confirmed the work, with chief corporate affairs and food safety officer Laurie Schalow saying the company is piloting a new Food Safety Risk Management Platform designed to provide a more consistent and centralized view of food safety risk across its restaurants. The move follows a turbulent period in which the FDA has identified more than 12,800 illnesses tied to foodborne outbreaks so far this year, and Chipotle stopped serving jalapenos from one supplier in July after a salmonella outbreak that went on to sicken more than 430 people. Palantir already sells into the sector, counting Tyson, General Mills and the independent purchasing co-op for Wendy's among its customers, with corporate work now accounting for nearly half its US business and US commercial revenue up 149% to $764 million last quarter. Chipotle shares were up 0.65% and Palantir 0.73% premarket.

Disclosure filings released after the September 17 market close produced a full slate of positive and negative developments relevant to investment decisions. On the positive side, Apple International raised its ordinary profit forecast for the current fiscal year by 18% and increased its dividend by 5 yen; Choshimaru reversed its current-year ordinary profit outlook to a 21% increase, projecting a record high for the first time in three terms along with a 1 yen dividend hike; Kasumigaseki Capital raised its prior-year ordinary profit forecast by 7%, adding to its record-high projection; and Hobonichi raised its prior-year ordinary profit forecast by 67%. In M&A, Saint Marc Holdings will take over the udon specialty restaurant business Tsurutontan from K Express for 12.8 billion yen, while B-style Holdings will acquire all shares of HR Asocié for 1.21 billion yen, making it a subsidiary. Ferrotec will launch a tender offer for Japan Resistor Manufacturing at 1,901 yen per share, a 49.1% premium to the September 17 closing price, aiming to make it a wholly owned subsidiary, while Nippon Seiki will buy back up to 3.61 million shares, or 6.27% of its outstanding shares, for a maximum of 9.979 billion yen. On the negative side, Chubu Steel Plate reversed its current-year ordinary profit outlook to a 46% decline; PharmaRise Holdings ended the June-August quarter with a 31% drop in ordinary profit; Industrial & Infrastructure Fund Investment Corporation is expected to post a 2% decline in current-year ordinary profit; Advance Residence Investment Corporation a 6% decline; and Ichigo Hotel REIT Investment Corporation an 18% decline.

Saint Marc Holdings announced on the 17th that it will acquire the udon specialty restaurant business Tsurutontan, operated by K Express under the Kato Pleasure Group. The total acquisition price is 12.8 billion yen, with the effective date scheduled for December 1. Saint Marc Holdings will establish a successor company, Tsurutontan (provisional name), and acquire the business through an absorption-type split, inheriting the assets, contracts, and other rights and obligations related to the business from K Express. The target business posted sales of approximately 6.135 billion yen for the fiscal year ending March 2026. The impact on consolidated results for the fiscal year ending March 2027 is currently under review.

DoorDash, Instacart and Uber Eats have grown from restaurant-focused apps into the fulfillment backbone for thousands of U.S. retailers, turning stores themselves into same-day shipping warehouses rather than building new distribution centers as Amazon did. DoorDash, which launched grocery and convenience in mid-2020 and added home improvement in 2024, now serves 44 of the top 100 U.S. retailers, while Instacart connects more than 2,200 retail banners representing almost 100,000 stores, a network reaching more than 98% of North American households. Uber recast grocery, alcohol, convenience and general merchandise as a single Grocery & Retail business, adding Home Depot for contractors and bringing almost 9,000 Dollar Tree stores onboard in an August 2025 partnership. The shift became durable in 2024, when DoorDash posted its first annual profit under generally accepted accounting principles, $123 million on $10.7 billion in revenue, and Instacart cleared $457 million in net income. Now the platforms are extracting more from the retailers that depend on them: DoorDash charges restaurants commissions of up to 30% of each order's subtotal on its Premier plan, and Uber Eats' blended cost commonly runs 25% to 35%, according to an analysis by direct-ordering vendor Zay-OS. A joint investigation by the Groundwork Collaborative, Consumer Reports and More Perfect Union found Instacart used pricing software called Eversight to run hidden randomized experiments that could add as much as 23% to the cost of an identical item ordered from the same store at the same moment, a practice Instacart said in a July 2026 post that a few retail partners had wound down. Meanwhile, New York City's Department of Consumer and Worker Protection set a delivery-worker minimum of $22.13 for the first pay period starting on or after April 1, 2026, after a 3.2% inflation adjustment, and plans to cover all delivery apps in early 2027.

CAVA Group said its loyalty member base grew faster than its new restaurant openings in the second quarter of 2026, as the company expands its first-party audience and launched the in-app Flavor Passport experience. Same-restaurant sales rose 9% in the quarter, driven by 5.3% traffic growth, while revenues climbed 31.3% year over year to $365.4 million. Management said Pomegranate Glazed Salmon increased new-customer acquisition and drove higher frequency among loyalty members who bought it, and it sees room to raise marketing investment from historically low levels based on returns. For comparison, McDonald's has nearly 220 million active loyalty users globally and Starbucks ended its third quarter with 35.8 million 90-day active Starbucks Rewards members in the United States. CAVA shares have fallen 13% over the past year against a 7.2% decline for the industry, and the stock trades at a forward price-to-sales multiple of 3.75 versus the industry average of 3.17. The Zacks Consensus Estimate implies 2026 earnings per share will rise 1.9% year over year, with estimates declining over the past 30 days, and CAVA carries a Zacks Rank #3 (Hold).

Chipotle Mexican Grill announced that Sabir Sami, former chief executive officer of KFC, has joined its board of directors effective immediately. Sami spent 16 years at Yum! Brands Inc., serving as KFC's chief executive officer from January 2022 to February 2025 with global responsibility for the brand's strategy and performance, and previously as KFC's chief operating officer and managing director of KFC Asia, overseeing markets across Thailand, India, Central Asia and Greater Asia. Before joining Yum! Brands in 2009, he held leadership roles at Procter & Gamble, The Coca-Cola Co. and Reckitt Benckiser. With the addition, Chipotle's board is composed of 11 directors, 10 of whom are independent. Chairman Scott Maw said Sami's restaurant operating expertise and track record leading brands across international markets will be invaluable as Chipotle scales with intention, strengthens operations and expands access to its brand worldwide.

McDonald's is pushing to route 30% of its delivery sales through its own app by the end of 2027, part of the company's Accelerating the Arches plan. The fast-food giant said its global delivery platform generates about US$20.00 billion in systemwide sales across 90% of its restaurants. The company also has an upcoming investor day focused on addressing demand pressures and digital growth. Simply Wall St noted that McDonald's narrative projects $31.7 billion in revenue and $10.7 billion in earnings by 2029, requiring 4.6% yearly revenue growth and a $1.9 billion earnings increase from $8.8 billion today. Ten members of the Simply Wall St Community currently see McDonald's fair value between US$233.67 and US$316.06.

Chipotle Mexican Grill announced the appointment of Sabir Sami to its board of directors, effective immediately. Sami brings more than 30 years of global consumer and restaurant industry experience, including 16 years at Yum! Brands Inc., where he most recently served as chief executive officer of KFC from January 2022 to February 2025. He previously held roles as KFC's chief operating officer, managing director of KFC Asia, and managing director of KFC's Middle East, North Africa, Pakistan and Turkey markets, and before joining Yum! Brands in 2009 he held leadership roles at Procter & Gamble, The Coca-Cola Co. and Reckitt Benckiser. With the change, Chipotle's board will be composed of 11 directors, 10 of whom are independent. Chairman Scott Maw said Sami's restaurant operating expertise and track record leading brands across international markets will be invaluable as Chipotle scales with intention and expands access to its brand around the world.

Aramark Nexus has been selected as the hospitality partner for a leading workforce housing provider, Aramark announced. The engagement covers hospitality services for a workforce community of up to 4,000 specialized trade professionals at a new AI data center site in Texas, with expectations of future opportunities. Aramark Nexus will deliver elevated culinary experiences, hotel-like amenities, wellness and fitness centers, convenience retail stores, and resort style entertainment designed to attract and retain skilled trade professionals. Pat Liebler, President and CEO of Aramark Nexus, said securing workforce housing and onsite hospitality services is a crucial step in getting building underway quickly. The company said the deal marks a continued expansion for Aramark Nexus in industries where speed, scale, and service quality are decisive factors in project success.