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STORIES / LONG-FORM / WHY THE BIGGEST BRANDS DON'T WANT TO OWN THEIR STORES
LONG-FORM · WED 14 OCT · 7 PM

Why the biggest brands don't want to own their stores

The company on the sign almost never runs the place. We visit four brands that each collect from their owners in a different way: the rent, the supplies, the equipment and the name.

Why the biggest brands don't want to own their stores

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The story in five numbers
95%
of McDonald's restaurants are run by franchisees
McDONALD'S 10-K FY2025 · MD&A
$10.4B
McDonald's rent from franchisees, against $9.7B its own restaurants sold
McDONALD'S 10-K FY2025
60%
of Domino's revenue is supplying its own franchisees
DOMINO'S 10-K FY2025
5 to 9
years until a Planet Fitness franchisee must re-buy its gym equipment
PLANET FITNESS 10-K FY2025
51
of Marriott's 9,805 properties are owned or leased
MARRIOTT 10-K FY2025
Check our work
NumberHow we got itSource
95%franchised share of 45,356 restaurants (2,039 company-operated)McDonald's 10-K, fiscal 2025, MD&A
$10.4B vs $9.7Brents $10,442M; sales by company-owned and operated restaurants $9,690MMcDonald's 10-K, fiscal 2025, statement of income
60%supply chain revenue $2,989.5M ÷ total revenues $4,940.0MDomino's 10-K, fiscal 2025, income statement
5 to 9franchisees must "replace this equipment approximately every five to nine years"Planet Fitness 10-K, fiscal 2025, Item 1
51 of 9,805owned or leased properties ÷ all properties (incl. 144 residential)Marriott 10-K, fiscal 2025, properties table
What the numbers are. "Kept per $100" uses each company's own profit measure, so compare within a company, not across. Marriott's fees have no cost line in its filing, so it is shown as revenue only. Franchisees' own costs and profits are not in the brands' reports.
Sources
McDonald's Corporation, Form 10-K, fiscal 2025Domino's Pizza, Inc., Form 10-K, fiscal 2025Planet Fitness, Inc., Form 10-K, fiscal 2025Marriott International, Inc., Form 10-K, fiscal 2025
Corrections. None so far. If we get a number wrong, the fix goes here and in a pinned comment on the video.
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