Carl's Jr. (NT)

Item 19 data shines here, reporting average gross revenues of $1,586,460 and a median of $1,559,367 per unit—impressive firepower for fast food tethered to travel plazas and convenience sites. The system's 982 franchise locations dwarf the 50 corporate ones, but growth stalled at -3%, dropping from 1,014 units in 2024 to 982 in 2025, even as they eye just 5 new openings. Churn stays tame with only 4 non-renewals and 12 transfers, signaling franchisee retention amid a specialized model heavy on new builds or conversions near interstates.

These numbers paint a high-octane opportunity if you're chasing revenue density in a captive audience of truckers and commuters craving fresh biscuits and tenders. Backed by Roark Capital since franchising kicked off in 1984, the setup offers multi-unit incentives, but a settled 2015-2022 litigation over disclosure issues with a Canadian developer flags execution risks. For buyers, the revenue punch outweighs the contraction if you nail prime highway spots—think steady cash flow from non-stop traffic, not mall footfall.