Sources & Methodology

Primary sources first

We prefer primary sources: company annual reports (such as Form 10-K filings), earnings releases and supplemental materials, investor-day presentations, and regulatory disclosures such as franchise disclosure documents. Each explainer lists its sources.

How we structure an explanation

• Claim — what we are saying.
• Mechanism — how it works.
• Evidence — the figures and disclosures behind it.
• Implication — why it matters.
• Caveat — what limits or could change the conclusion.

How we label information

• Reported fact A figure or statement taken from a company disclosure.
• Calculated Arithmetic on reported figures (for example, a share of revenue).
• Estimate A value derived from disclosures using assumptions; not reported by the company.
• Interpretation Our reading of what the evidence means.
• Forecast / target Forward-looking management targets or expectations. These are not results.

Reporting periods

Each figure states its reporting period. Unless stated otherwise, company figures refer to the most recent full fiscal year (FY2025 for our current explainers). Quarterly figures are labeled with the quarter.

Key distinctions

Systemwide sales (what customers spend across a franchise system) is not company revenue. Revenue is not operating profit, and operating profit is not cash flow. We call these out wherever they could be confused.

Limitations

Some data is incomplete or not disclosed; we note this where it matters. Infographics are summaries — where an infographic and the written explainer differ, the written explainer reflects our research wording.

Corrections

If we find an error, we correct the page and update its “last reviewed” date.

Last updated October 26, 2026.