<div id="readability-page-1"><div>** S&amp;P 500 Restaurants sub index (.SPLRCREST) down 1.3% YTD vs a 17.3% rise for the broader S&amp;P 500 index ** Weak spending by younger customers and middle-income households hurt chains such as Chipotle Mexican Grill and Mediterranean restaurant chain Cava Group , with shares falling ~40% and ~50% YTD, respectively** Still demand for value meals helped McDonald's revive sales this year, sending its shares up 6%, while Domino's Pizza shares rose marginally** Value meals at Burger King and continued strength at Tim Hortons helped U.S.-listed shares of Restaurant Brands International rise nearly 6% YTD** Yum Brands shares rose 13.5%, marking its third year of rise, as Taco Bell strength helps offset weakness in its KFC and Pizza Hut chains in the U.S.** Yum also said it was mulling a sale of Pizza Hut** It was also a turnaround year for Wendy's , Jack in the Box and Shake Shack as they contended with a highly competitive restaurant industry** JACK and WEN on track to lose nearly half their value, while SHAK down nearly 37%** A year into its turnaround under Brian Niccol, Starbucks' shares down ~6% this year, with high coffee prices hurting margins, even as sales improved** SBUX and QSR both found local partners for their businesses in China this year to help revive sales in the market** A bifurcated consumer spending environment, high costs of commodities such as beef, and high discounting, were some trends expected to continue in 2026, according to RBC Capital Markets analyst Logan Reich** Investors are also closely watching the impact of weight loss drugs on consumer appetite for fast food and dining out<div><table><tbody><tr><td>Company</td><td>RIC</td><td>Shares as of last close, YTD</td><td>2024</td><td>2023</td></tr><tr><td>McDonald</td><td>MCD.N</td><td>6.3%</td><td>-2.3%</td><td>12.5%</td></tr><tr><td>Yum Brands</td><td>YUM.N</td><td>13.4%</td><td>2.7%</td><td>2%</td></tr><tr><td> Restaurant Brands</td><td>QSR.N</td><td>5.5%</td><td>-16.6%</td><td>20.8%</td></tr><tr><td>Domino's Pizza</td><td>DPZ.O</td><td>0.5%</td><td>1.8%</td><td>19%</td></tr><tr><td>Wendy</td><td>WEN.O</td><td>-49.2%</td><td>-16.3%</td><td>-13.9%</td></tr><tr><td>Chipotle Mexican Grill</td><td>CMG.N</td><td>-38.6%</td><td>31.8%</td><td>64.8%</td></tr><tr><td>Shake Shack</td><td>SHAK.N</td><td>-38.4%</td><td>75.1%</td><td>78.5%</td></tr><tr><td>Cava Group </td><td>CAVA.N</td><td>-54.5%</td><td>162.5%</td><td>-</td></tr><tr><td>Starbucks </td><td>SBUX.O</td><td>-6.6%</td><td>-5%</td><td>-3.2%</td></tr></tbody></table></div></div></div>

CAVA

US restaurant chains are struggling with weak consumer spending, particularly among younger and middle-income households, leading to significant stock declines for companies like Chipotle and Cava. In contrast, McDonald's and Yum Brands have seen stock increases due to demand for value meals. Analysts predict ongoing challenges from high commodity costs and changing consumer appetites, influenced by weight loss drugs. The S&P 500 Restaurants sub-index is down 1.3% YTD, while the broader S&P 500 index has risen 17.3%.

US restaurant chains fail to shake off consumer blues, margin pressures