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