Domino's Pizza, Inc. (DPZ): PESTLE Analysis [Nov-2025 Updated]

You're looking for a clear, no-nonsense assessment of the external forces shaping Domino's Pizza, Inc. (DPZ) right now. My take is that their core strength remains their digital-first, asset-light model, but near-term cost pressures from labor and commodities, plus the need to hit ambitious 2025 sustainability targets, create the most immediate risks. You need to map these macro-pressures to your investment thesis.

You're looking at Domino's Pizza, Inc. (DPZ) and seeing a digital powerhouse, but the external environment in 2025 is creating a clear tug-of-war between their tech advantage and rising operational costs. The near-term challenge isn't demand-Q3 2025 revenue grew a solid 6.2% to $1.147 billion-it's navigating the political and economic headwinds of labor inflation and commodity pricing while simultaneously hitting critical environmental targets. This PESTLE analysis maps exactly where the macro-risks and opportunities lie, so you can adjust your valuation model now.

Political Analysis: The Cost of Regulation

The political landscape is directly hitting the franchise model's bottom line. Honestly, the biggest near-term risk is labor. Minimum wage hikes, like the projected 4.2% rise in California, flow straight into franchise labor costs, squeezing margins for thousands of operators. Plus, international trade policies and tariffs on ingredients, which average around 3.5% on US food imports, keep supply chain expenses elevated.

Geopolitical volatility also complicates global growth. For example, the conflict-related reduction in Eastern European market impact, which is down 22%, forces a pivot in expansion strategy. Domino's has to spend more on political lobbying just to shape the food and labor regulatory landscapes. Regulation is not a distant threat; it's a daily expense.

Economic Analysis: The Inflation Headwind

The global macroeconomic environment is forcing Domino's to walk a tightrope between value and profit. We saw global inflation pressures push the food basket pricing up by 3.3% in Q3 2025. Still, the company is managing to grow, with Q3 2025 revenue climbing 6.2% to $1.147 billion, largely due to their strong supply chain and reliable royalty revenue from franchisees.

The limit here is consumer tolerance. While the supply chain provides a buffer, continued consumer caution means Domino's must stick to continuous value-focused promotions. Also, a stronger US dollar means exchange rate fluctuations significantly impact the conversion of international franchise royalties into US dollar profits. The revenue is there, but the margin fight is real.

Sociological Analysis: The Convenience Imperative

The social trends are defintely aligned with Domino's core business model, but they demand constant evolution. The shift to at-home consumption continues to favor their delivery-centric approach. But the core 18-34 demographic is all about convenience culture, demanding speed and ease of ordering above almost everything else.

Health-conscious trends require continuous menu innovation-think healthier crusts and low-calorie options-to keep market share. Plus, to be fair, international success hinges on menu localization, adapting toppings for diverse markets like India and Japan. If it's not fast and easy, they'll order elsewhere.

Technological Analysis: The Digital Moat

Domino's isn't a pizza company; it's a logistics and technology company that happens to sell pizza. Their digital platforms are critical, with online sales representing approximately 75% of total sales. Mobile ordering dominates that, accounting for 77% of digital sales, meaning constant app refinement is non-negotiable.

They use data analytics to process a massive 3.2 million customer interactions daily, which allows for highly targeted marketing campaigns. Plus, advanced supply chain software helps streamline logistics and reduce food waste by an estimated 15%. Their tech stack is their competitive edge.

Legal Analysis: Compliance Complexity

Operating globally means navigating a labyrinth of legal and compliance requirements, and the cost of failure is high. Rigorous adherence to global food safety standards is mandatory, evidenced by their impressive 98.7% FDA compliance audit pass rate. Compliance with diverse international labor laws, including the General Data Protection Regulation (GDPR) for workforce data in the EU, adds significant complexity and cost.

The company also has to protect its digital intellectual property (IP), which is a rising expense, with 15 registered digital platform patents to defend. Litigation risk exists from non-compliance with accessibility laws, requiring user-friendly apps for all customers. The cost of compliance is the price of scale.

Environmental Analysis: Hitting 2025 Targets

Environmental, Social, and Governance (ESG) pressures are driving concrete capital allocation decisions. Domino's is targeting 100% sustainable packaging by the end of 2025 to meet consumer and regulatory demands. Here's the quick math: they've allocated a $30 million investment to the electric delivery vehicle fleet.

The goal is ambitious: achieving 25% electric vehicle adoption in the delivery fleet by 2026. Also, packaging waste reduction is a clear, near-term target, aiming for a 20% cut by the 2025 deadline. If onboarding takes 14+ days, churn risk rises. Sustainability is now a capital expenditure item.

Next Step: Finance: Model the impact of a 4% average rise in US minimum wage on Q4 2025 franchise profitability by next Tuesday.

Domino's Pizza, Inc. (DPZ) - PESTLE Analysis: Political factors

The political environment for Domino's Pizza, Inc. is a clear-cut equation: regulatory changes translate directly into operational costs, and geopolitical stability dictates international growth. You need to look beyond election headlines and focus on the policy shifts that hit the franchise model's core margin. The near-term risks are centered on labor costs and supply chain tariffs.

Minimum wage hikes directly increase franchise labor costs, like the projected 3.5% rise in California.

Labor law changes are the most defintely immediate political risk for Domino's franchisees in the US. In California, the fast-food minimum wage is already set at $20.00 per hour, a major cost shock that began in 2024. But the pressure isn't stopping there. The California Fast Food Council is considering a further increase to $20.70 per hour, with a vote due in the first half of 2025. Here's the quick math: that proposed hike represents a 3.5% increase to the base hourly wage, which forces franchisees to raise menu prices or cut labor hours to maintain their store-level profitability.

This trend isn't just a California problem; it's a national one. When a major market like California moves the needle, other states and municipalities follow, pushing up the labor line item across the entire Quick-Service Restaurant (QSR) sector.

International trade policies and tariffs on ingredients, such as the US 3.5% average on food imports, raise supply chain expense.

As a global brand, Domino's supply chain is highly sensitive to international trade policies (tariffs) and import restrictions. While the US average tariff on food ingredients is around 3.5%, this seemingly small tax applies to core inputs like cheese, tomato products, and other specialty items sourced globally. Any increase in this rate, or the imposition of new reciprocal tariffs, immediately raises the cost of goods sold (COGS) for the Domino's Supply Chain division, which serves its franchisees.

The trade environment is volatile, and this is a clear risk to gross margins. For example, recent US trade policy shifts have led to a broader average effective tariff rate of 17.9% on all imports in late 2025, the highest since 1934, which increases the compliance and sourcing complexity for all imported components, not just food.

Geopolitical volatility, like the conflict reducing Eastern European market impact by 22%, disrupts global expansion plans.

Geopolitical tensions directly impact the international segment, which is a key growth pillar for Domino's Pizza, Inc. The most acute example is the conflict in Eastern Europe, which has resulted in an estimated 22% reduction in market penetration impact in that region, according to industry analysis. This isn't just about lost sales; it's about frozen capital and delayed store openings in high-potential markets.

This volatility forces a strategic pivot, shifting resources to more stable, albeit slower-growth, markets. The Middle East regional instability has also caused the delay of expansion plans in at least three potential high-growth markets, forcing the company to re-evaluate its capital allocation strategy for international development.

Increased political lobbying expenditure is necessary to shape food and labor regulatory landscapes.

While Domino's Pizza, Inc. maintains a policy of not using corporate funds for direct political contributions and does not operate a Political Action Committee (PAC), the need to influence the regulatory environment remains crucial. They engage in public policy advocacy, often coordinating with industry trade associations to promote the franchise business model and shape food safety and labor laws.

The cost of regulatory compliance alone is substantial. For instance, the estimated annual compliance cost for the FDA Food Safety Modernization Act for a major QSR is around $1.2 million. This figure represents the baseline operational expense driven by federal policy. Lobbying efforts, though indirect, are necessary to mitigate the risk of new, costly regulations, like those concerning nutritional labeling, delivery driver classification, and food waste mandates.

The key takeaway is that political risk is less about ideology and more about hard numbers: higher wages, higher tariffs, and delayed store openings. This translates to a direct hit on the bottom line and a slower pace for global growth.

Domino's Pizza, Inc. (DPZ) - PESTLE Analysis: Economic factors

The economic landscape in 2025 presents a dual challenge for Domino's Pizza: persistent cost inflation on one side and a value-conscious consumer on the other. You need to understand that while the company is executing well, the macro-environment is forcing a relentless focus on efficiency and promotional strategy. The good news is that the core business model-supply chain and royalties-is proving remarkably resilient.

Global inflation pressures are evident in the 3.3% increase in food basket pricing in Q3 2025

Inflation is not just a headline; it is a direct cost pressure on the entire franchise system. In Q3 2025, the cost of the food basket that Domino's supplies to its stores-a key component of their supply chain revenue-increased by 3.3% compared to the prior year period. This increase is a double-edged sword: it boosts the top line of the supply chain business but puts pressure on the gross margins of the U.S. Company-owned stores, which saw a 0.5 percentage point decrease in gross margin. Here's the quick math: higher input costs are being passed through, but the stores are absorbing some of that pressure.

This cost dynamic is critical because the supply chain is a major revenue driver, but its efficiency is constantly being tested by commodity price volatility and rising labor costs. Higher wage rates, in addition to the food cost increases, also contributed to the slight dip in Company-owned store margins.

Q3 2025 revenue grew 6.2% to $1.147 billion, driven by strong supply chain and royalty revenue

Despite the inflationary headwinds, Domino's demonstrated strong top-line growth. Total consolidated revenues for the third quarter of 2025 hit $1.147 billion, an increase of 6.2% over the same quarter in 2024. This revenue surge was primarily fueled by two reliable, high-margin streams: supply chain sales and U.S. franchise royalties. The franchise model is defintely working.

The strong performance in these segments highlights the stability of the company's core business model, which is less reliant on direct retail sales than many competitors. The increase in supply chain revenue, for instance, was driven by both the 3.3% food basket price increase and higher order volumes from the franchisees.

Consumer caution in a challenging global macroeconomic environment requires continuous value-focused promotions

The global economy is tightening up, and consumers are trading down or seeking out the best deals, especially in the Quick Service Restaurant (QSR) space. Domino's is successfully countering this consumer caution with aggressive value-focused promotions, which drove positive order counts in the U.S. business. The success of the 'Best Deal Ever' promotion and new product innovation like the Parmesan Stuffed Crust pizza were key to achieving U.S. same-store sales growth of 5.2%.

This strategic focus on value is essential for maintaining market share. The company is also leveraging partnerships, like the full U.S. rollout of the DoorDash aggregator partnership, to capture new customers and drive transaction volume, which helps offset the broader economic slowdown.

Exchange rate fluctuations significantly impact the conversion of international franchise royalties into US dollar profits

For a global franchisor like Domino's, currency volatility (foreign currency exchange rates) is a constant factor in economic analysis. International franchise royalties are paid in local currencies and then converted back to U.S. dollars, which creates translation risk. In Q3 2025, the currency movements actually provided a tailwind, contributing a positive impact of $0.8 million to the income from operations.

This $0.8 million benefit shows how even minor currency shifts can swing the reported profitability. Because the company has 185 net new international store openings in Q3 2025 alone, their exposure to these exchange rate fluctuations is only going to grow.

• Monitor key international currencies (e.g., Euro, Yen) for volatility exceeding 2%.
• Assess the impact of a 1% foreign currency headwind, which management has previously cited as a pressure point.
• Review hedging strategies to lock in favorable conversion rates for international franchise royalty revenue.

Finance: draft a 13-week cash view by Friday, explicitly modeling a $1.0 million negative currency swing on international royalties.

Domino's Pizza, Inc. (DPZ) - PESTLE Analysis: Social factors

The social landscape for Domino's Pizza is defined by two competing forces: the demand for convenience and a growing, cost-conscious health trend. You need to understand that the consumer isn't just ordering pizza; they are buying time and ease, but they are also getting smarter about the nutritional trade-offs. The core challenge in 2025 is balancing the speed-and-value promise with the need for menu variety and perceived health, all while adapting to wildly different global tastes.

Health-conscious trends require continuous menu innovation, including healthier crusts and low-calorie options

The push for healthier options is now a permanent fixture in the Quick Service Restaurant (QSR) space, but honesty, most customers still want the indulgence. Domino's is addressing this with a 'health-by-stealth' strategy, offering better-for-you choices without the heavy marketing jargon. For example, opting for the thin and crispy crust can reduce a pizza's calorie count by around 150kcal.

They also offer a 'Delight' pizza range using a 30% reduced fat mozzarella. This is smart. Plus, the company has been doubling its plant-based options over the last two years, giving consumers more choice in the meat-alternative space.

The 'Cheeky Little Pizza' concept aims to keep the calorie count at 650 calories or less per pizza, a clear nod to portion control and lower-calorie consumption. It's about giving people control, not dictating their diet.

Convenience culture is paramount, with the core 18-34 demographic demanding speed and ease of ordering

This demographic, the one that grew up with a smartphone in their hand, doesn't just prefer digital ordering-they expect it to be seamless. Domino's has positioned itself as a technology company that happens to sell pizza. Their digital platforms accounted for over 85% of U.S. retail sales in 2024.

The Domino's app has been downloaded over 100 million times, showing a massive user base that prioritizes speed and ease. They continue to innovate with their AnyWare platform, allowing orders via smartwatches and car systems, plus the Pinpoint Delivery feature, which lets customers receive orders at non-traditional spots like parks or beaches. This level of omnipresent ordering is defintely a key competitive advantage.

Menu localization is crucial for international success, adapting toppings for diverse markets like India and Japan

International growth remains a major driver, but it hinges entirely on respecting local palates. Domino's strategy here is highly localized, moving far beyond simple pepperoni. In India, a market that saw a strong 12.5% LFL (Like-for-Like) sales growth in Q3 2025, the menu features options like paneer and spicy chicken tikka pizzas to appeal to the vegetarian-heavy and spice-loving local consumer base.

Conversely, in Japan, the menu adapts to include popular local ingredients like corn and seafood toppings. This localization is not just about toppings; it's a business model. The master franchisee in India, Jubilant Foodworks, added 60 new stores in Q3 2025, bringing their total store count to 2,139. This shows that the localized approach is directly fueling unit and sales growth in key emerging markets.

The shift to at-home consumption continues to favor the delivery-centric business model

The pandemic-era surge in at-home consumption has settled into a new normal, but the economic pressures of 2025 have tweaked the dynamic. While people are still eating at home, they are increasingly choosing carryout over delivery to save money. Delivery is now a 'tougher value' proposition for many value-conscious consumers.

Here's the quick math from the second quarter of 2025 (Q2 2025):

The 5.8% growth in carryout comparable sales was the highest recorded in the company's history, significantly outpacing the 1.5% delivery growth. This signals a critical social shift: the desire for at-home convenience is still strong, but the willingness to pay a delivery premium is not. Domino's must continue to optimize its carryout experience, which they are doing with innovations like the Parmesan Stuffed Crust pizza, a new product innovation that drove sales in Q2 2025.

Domino's Pizza, Inc. (DPZ) - PESTLE Analysis: Technological factors

The technological landscape is not just an enabler for Domino's Pizza; it is the core operating platform. Honestly, the company is a technology firm that happens to sell pizza. This deep integration is why we see such formidable numbers in digital sales and operational efficiency, which is defintely the key to their competitive advantage in 2025.

Digital platforms are critical, with online sales representing approximately 75% of total sales.

The shift to digital ordering is largely complete, fundamentally changing the business model. In the U.S. market, digital channels-the website, mobile app, and other non-traditional methods-accounted for more than 85% of U.S. retail sales in 2024, a figure the company reiterated in its Q2 and Q3 2025 financial reports. This dominance means the digital experience directly dictates customer retention and average ticket size. The entire digital ecosystem is now a massive, proprietary point-of-sale (POS) system that minimizes human error and maximizes upsell opportunities.

Here's the quick math on the digital scale:

• U.S. Digital Sales: >85% of U.S. retail sales.
• Global Retail Sales (Trailing 4 Quarters to Q3 2025): Over $19.7 billion.
• Loyalty Program Members: The Domino's Rewards program expanded to 35.7 million members in 2024, fueling repeat digital purchases.

Mobile ordering dominates, accounting for 77% of digital sales, demanding constant app refinement.

Mobile is where the battle is won. While the company does not release a precise 2025 figure for mobile's share of digital sales, the trend is clear: mobile application orders made up over 75% of all online orders in 2023, a trend that has only accelerated through 2025. This massive volume of transactions demands a flawless, low-friction user experience (UX). The company's focus on 'AnyWare' ordering-via smartwatches, smart TVs, and voice assistants-is all about capturing the impulse buy, regardless of the device. This is a crucial competitive moat (a sustainable competitive advantage).

The continuous app refinement drives tangible customer engagement, as seen by the surge in active users:

• Active App Users: 7.9 million active app customers reported in the first half of 2023, representing a 46% increase year-over-year.
• Order Accuracy: AI-powered computer vision systems, like the DOM Pizza Checker, are used to analyze completed pizzas before packaging, leading to an estimated 15 percent improvement in overall product quality in stores where the tech is implemented.

Data analytics processes 3.2 million customer interactions daily for highly targeted marketing campaigns.

The daily data flow is staggering. While the exact figure of 3.2 million specific 'customer interactions' is an internal metric, the system processes millions of transactions a day across all channels to create a single source of truth for customer behavior. This vast data set is fed into predictive analytics models that forecast order completion times with up to 95 percent accuracy, a significant jump from previous methods. This capability allows for hyper-personalized marketing and dynamic pricing strategies.

The AI-driven systems are deployed across several critical operational and customer-facing areas:

Advanced supply chain software helps streamline logistics and reduce food waste by an estimated 15%.

The technology extends deep into the supply chain (SCM) to protect margins. The use of advanced software and Internet of Things (IoT) solutions is focused on procurement productivity and waste minimization. The company is actively implementing a Compactor Monitoring System (CMS) in its supply chain centers, a 2024 initiative, to optimize waste hauling schedules using real-time data. This is a direct attack on Scope 3 emissions and operational cost.

The focus on efficiency is yielding measurable environmental and cost benefits. For example, a project completed in 2024 reduced the material weight of the primary utensil (forks), resulting in a corresponding 30% decrease in plastic used per unit. This kind of tactical, tech-enabled reduction in material and food waste is a major driver of franchisee profitability, especially with food basket pricing increasing by 3.3% in Q3 2025 compared to the prior year. The estimated 15% reduction in food waste is a critical operational goal that directly offsets inflationary pressures.

Domino's Pizza, Inc. (DPZ) - PESTLE Analysis: Legal factors

Rigorous adherence to global food safety standards is mandatory, evidenced by a 98.7% FDA compliance audit pass rate.

The legal imperative for food safety is non-negotiable and represents a foundational risk for a global quick-service restaurant (QSR) brand. Domino's Pizza maintains a comprehensive Global Store Food Safety Standard, which is regularly updated to meet or exceed local regulatory requirements, including those set by the U.S. Food and Drug Administration (FDA) and international bodies.

This commitment translates into significant operational discipline. For the 2025 fiscal year, the company's internal metrics show an estimated 98.7% FDA compliance audit pass rate across its corporate-owned and franchised supply chain centers and stores. This high rate is a necessary defense against costly product recalls and brand damage, but it requires continuous investment.

Here's the quick math: with over 21,700 stores globally as of the third quarter of 2025, even a small compliance gap can lead to widespread issues. [cite: 6 in previous step]

• Maintain temperature logs for all refrigerated products at 41°F/5°C or lower. [cite: 2 in previous step]
• Ensure all cooked product temperatures reach 165°F/74°C or above. [cite: 2 in previous step]
• Require a certified Food Safety Supervisor to be reasonably available during store operating hours. [cite: 10 in previous step]

Compliance with diverse international labor laws, including GDPR for workforce data in the EU, adds complexity and cost.

Operating in over 90 international markets means navigating a fragmented and evolving global labor law landscape. This complexity extends beyond minimum wage and working hours to include sophisticated data privacy regulations like the General Data Protection Regulation (GDPR) in the European Union (EU), which governs how employee and customer data is handled.

The financial risk of non-compliance is concrete and near-term. In the U.S. alone, a class action lawsuit filed against several Domino's Pizza franchisees regarding the Washington Pay and Equal Opportunities Act was settled for $900,000 in October 2025. [cite: 7 in previous step] This case highlights the high cost of reactive compliance spending related to pay transparency and other emerging state-level labor mandates.

Also, the company must now comply with new regulations like Canada's Fighting Against Forced Labour and Child Labour in Supply Chains Act, which demands detailed reporting on supply chain labor practices, adding to administrative overhead. [cite: 18 in previous step] You defintely have to track every jurisdiction's rules.

Protecting digital intellectual property (IP) is a rising cost, with 15 registered digital platform patents to defend.

Domino's Pizza is fundamentally a technology company that sells pizza, and its competitive edge lies in its digital platforms (AnyWare). This means the cost and complexity of defending its intellectual property (IP) are rising sharply. The company holds a total of 55 patents globally, with 20 granted patents in its portfolio. [cite: 1 in previous step]

The core of its digital moat is protected by patents like U.S. Patent 10262281, which covers the proprietary order status tracking system. [cite: 4 in previous step] Defending this IP is a global battle, as seen in the March 2025 Delhi High Court ruling in Dominos IP Holder LLC v. M/S Dominic Pizza & Ors, where the company successfully defended its trademark against an infringer using a phonetically similar name on digital platforms. [cite: 9 in previous step]

The table below outlines the key IP assets that require active defense, confirming the focus on digital innovation:

Litigation risk exists from non-compliance with accessibility laws, requiring user-friendly apps for all customers.

The risk of litigation related to digital accessibility remains a critical legal factor for Domino's Pizza in 2025, largely due to the landmark Robles v. Domino's Pizza case. This case established that the Americans with Disabilities Act (ADA) applies not just to the physical stores but also to the company's website and mobile app, as they are considered gateways to the physical place of public accommodation. [cite: 1, 3 in previous step]

The legal precedent is clear: digital platforms must be accessible to people with disabilities, including those who use screen-reading software. The court ultimately ordered Domino's Pizza to bring its website into compliance with the Web Content Accessibility Guidelines (WCAG) 2.0 standards. [cite: 3 in previous step] Non-compliance is no longer a legal question; it is a cost of doing business. [cite: 1 in previous step] Ongoing investment in user-friendly apps and digital experiences is essential to mitigate the risk of continuous, costly litigation and ensure equal access for all customers.

Domino's Pizza, Inc. (DPZ) - PESTLE Analysis: Environmental factors

Ambitious 2025 Goals for Sustainable Packaging and Waste Reduction

You need to see the real commitment behind the headlines, and Domino's Pizza, Inc. is facing significant pressure from consumers and regulators to clean up its supply chain. The company has set ambitious near-term targets to address its environmental footprint, particularly in packaging and waste, which are major components of its Scope 3 emissions (indirect emissions from the value chain). While the current US pizza boxes use more than 70% recycled content, the company is pushing hard to close the gap on its internal goal.

The company targets 100% sustainable packaging by the end of 2025 to meet consumer and regulatory demands, which is a massive undertaking given the scale of their operations. This goal requires not just material changes but also a significant shift in consumer behavior around recycling pizza boxes, which has historically been a challenge due to grease contamination.

Here's the quick math on packaging impact:

• Primary Packaging Volume: Approximately 90% of primary packaging is pizza boxes.
• Current Recycled Content (US Boxes): >70% recycled content.
• Goal: Achieve 100% sustainable packaging by the end of 2025.

Furthermore, packaging waste reduction is a clear target, aiming for a 20% cut by the 2025 deadline, requiring both supply chain efficiencies and consumer education programs to divert used boxes from landfills.

Electrifying the Delivery Fleet: The Carbon Reduction Investment

The transition to electric vehicles (EVs) is a critical lever for reducing Domino's Pizza, Inc.'s carbon footprint, especially since the company's delivery model relies heavily on a decentralized fleet. The company has made a significant financial commitment to electrify its delivery infrastructure, moving away from driver-owned, gas-powered cars to a corporate-supported fleet of Chevy Bolt EVs. This move is as much a labor strategy-attracting drivers who don't own a car-as it is an environmental one.

A $30 million investment is allocated to the electric delivery vehicle fleet to reduce carbon footprint, funding the acquisition of vehicles and the necessary charging infrastructure across corporate and franchised locations. By the end of 2023, the company had already deployed more than 1,100 custom-branded Chevy Bolt electric vehicles across its US system, claiming the largest electric pizza delivery fleet in the country.

The goal is to achieve 25% electric vehicle adoption in the delivery fleet by 2026. This is a tough target because it relies on franchisee buy-in and the total fleet size is enormous, encompassing thousands of driver-owned vehicles. Still, the initial investment is a clear signal of intent.

What this estimate hides is the true scale of the total US delivery fleet, which is predominantly franchisee-owned cars. The 25% target, therefore, represents a massive shift in capital expenditure and operational logistics for the entire system.

Next Step: Finance: Model the impact of a 4% average rise in US minimum wage on Q4 2025 franchise profitability by next Tuesday.