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Chipotle Mexican Grill is the largest fast-casual chain restaurant in the United States, with systemwide sales of $11.3 billion in 2024. The Mexican concept is almost exclusively company-owned, with just three license stores operated through a master franchise relationship with Alshaya Group in the Middle East. It had a footprint of 3,726 stores at the end of 2024, heavily indexed to the United States, although it maintains a small presence in Canada, the UK, France, and Germany. Chipotle sells burritos, burrito bowls, tacos, quesadillas, and beverages, with a selling proposition built around competitive prices, high-quality food sourcing, speed of service, and convenience. The company generates its revenue entirely from restaurant sales and delivery fees.

Restaurant Brands International Inc. was created in 2014 when 3G Capital, a Brazilian private equity firm, backed Burger King's $11.4 billion acquisition of Tim Hortons. 3G Capital owns more than 41% of Restaurant Brands International's common stock. QSR consists of Burger King (the world's second-largest quick-service restaurant chain), Tim Hortons (Canada's second-largest chain), and Popeye's Louisiana Kitchen, which it acquired in March 2017. In December 2021, Restaurant Brands acquired Firehouse Subs, a national fast-food chain with more than 1,200 locations. The company has more than 31,000 restaurants worldwide. Franchisees own 95% of these restaurants. About 44% of revenue comes from international markets.

Stocks are mixed on Wednesday midday. Several big name U.S. AI companies are up on new partnerships with Saudi Arabian companies. This is pulling the Nasdaq higher. Overall the mood feels stable on Wall Street following the good news on Monday with the delay of tariffs between the U.S. and China. And more good news on Tuesday with the CPI report showing inflation slowed in April despite tariff pressure. The yield on the 10-year Treasury note is 4.50%. Oil is at $63 per barrel.

Compass Group is the largest food-service company globally, operating in 30 countries with annual sales of more than $30 billion. Compass' model is to operate on-premises catering facilities, rather than centralized industrial kitchens. Food service is Compass' focus and contributes more than 85% of revenue. Compass also has its own group purchasing organization Foodbuy, responsible for over $30 billion in spending in the US per year. The company also provides premium support services to clients.