Inspire Brands going public, as a confidential IPO filing in May suggests it will, would, naturally, represent one of the largest public swings the sector has witnessed. The company is reportedly aiming for a $20 billion valuation and expects to use net proceeds to “repay outstanding indebtedness” under its existing term loan facility.
In plain terms, it would enable Inspire to slice down debt accumulated as it morphed into the 33,000-plus-unit enterprise you see today. The group is likely the fastest growing of its kind put together. Inspire started in 2018 when Arby’s Restaurant Group, backed by Roark Capital, closed a $2.9 billion deal for Buffalo Wild Wings (and Rusty Taco, which it later divested to Gala Capital Partners, in 2022). It then acquired Sonic in December 2019 for $2.3 billion, Jimmy John’s for an undisclosed amount in October 2020, and Dunkin’ Brands, inclusive of Baskin-Robbins, for $11.3 billion roughly a year after that.
The S-1 registration statement Inspire submitted to the SEC on May 8 started the formal process. It empowered Inspire, which reports about $33.4 billion in annual sales, per its website, to engage with regulators before disclosing financials publicly—a common practice for large private companies.
There’s no known timeline.
But one thing that is certain, if the company does indeed end its run as a private holding, is it will begin sharing performance quarterly across its portfolio.
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As the possibility looms, let’s take a look at how Inspire’s concepts are faring based on FDD data.
Note: These are all U.S. figures year-end 2025. They don’t include international store counts or sales.
Arby’s
Starting with Arby’s, the brand that set the foundation, where Inspire CEO Paul Brown was serving in the same capacity before the merger (he previously was president of brands and commercial services at Hilton Worldwide), the chain closed a net of 148 restaurants in 2025. Its U.S. unit count slid from 3,413 to 3,265. That after shedding 38 restaurants in 2024 and two in 2023.
Over the past three years, Arby’s has retracted by 150 stores.
Inspire oversees a larger corporate portfolio than most restaurant giants, and that’s true of Arby’s, too. The chain’s mix year-end 2025 was 921 company-owned restaurants (net decrease of 158) and 2,344 franchises (net growth of 58).
The corporate side declined by 158, 18, and 13 restaurants in 2025, 2024, and 2023, respectively. Franchised grew by 58, dropped by 30, and lifted by 11.
Arby’s franchised development in 2025 included 136 openings (materially more than 33 and 55 in the prior two years), eight non-renewals, and 70 restaurants ceasing for other reasons (also a step up from 34 and 29 from 2024 and 2023).
Arby’s corporate footprint had one opening in 2025, 44 closures, and 115 outlets sold to franchisees. The latter followed zero activity last year and just one unit dealt in 2023.
Arby’s projects a relatively quiet 2026, at least from a franchise growth perspective, with 11 expected new outlets (gross) and nine deals signed without a store opened yet. There are no projected company-owned openings.
Of note, there have been five multi-brand debuts with Dunkin’s since 2024—one that year in Kansas; and three in 2025 across Alabama, Indiana, and Virginia.
There were 2,344 franchised Arby’s operating in the U.S. at the end of 2025. Of those, 2,325 were traditional stores and 184 restaurants located in travel plazas.
Freestanding locations typically range from 2,000–3,400 square feet, with the average last year at about 2,900. Also, 2,170 of Arby’s franchised restaurants had a drive-thru (12 didn’t). The system operated for an average of 26 years.
Sonic Drive-In
Moving to Sonic, the brand declined by 49 restaurants in 2025 to end at 3,412 stores. It slid by 60 in 2024 and 25 in 2023.
Sonic entered 2023 with 3,546 restaurants.
The brand’s mix was 292 company-run spots (year-over-year decline of 25) and 3,120 franchised (slide of 24). The company fleet decreased by a net of 10 in 2024 after adding one location in 2023.
Sonic’s franchised division retracted by 50 venues in 2024 and 26 in 2023.
The franchised growth last year comprised 32 stores opening (or purchased from the franchisor), two terminations, and 54 ceasing for other reasons. The latter measure was 68 in 2024 and 47 in 2023. Openings were 30 and 23 in those years, respectively.
Sonic’s company base had no openings, 21 closures, and four sold to franchisees. The closure figure was nearly double 2024’s 11 (three in 2023). Four stores were sold to franchisees as well after none the prior two calendars.
Sonic projects 16 gross franchised openings in 2026 and claims to have 12 agreements signed without an outlet opened. There are no corporate openings on deck.
Like Arby’s, there was a multi-brand opening—in this case with Jimmy John’s—that hit the Texas market in 2024.
Sonic had 3,129 franchised stores operating in the U.S. at the end of 2025, of which 91 operated as non-drive-in locations, including C-stores.
Most franchised stores, other than C-store locations, are freestanding buildings with a drive-thru lane and patio, and sometimes an enclosed patio or indoor seating. They generally range from 1,100 to 1,700 square feet, including stalls and drive-thru. The units with inside seating (not C-stores) were 2,000–4,000 square feet.
Of the group, 2,093 had a drive-thru window; 1,027 did not. This group operated for an average of 28 years.
Jimmy John’s
Jimmy John’s has appreciated solid growth in a sandwich field that’s seen expansion pick up (outside of Subway’s closures), with Jersey Mike’s and Firehouse Subs gathering pace.
The brand, which Inspire brought on by transferring the business from one entity of Roark to another (Roark bought a majority stake in 2016), expanded by a net of 88 locations in 2025. That was well ahead of the 45 it added in 2024 and seven the year prior.
Jimmy John’s headed into 2026 with 2,777 restaurants.
Expansion is taking shape on the franchised side. That slice hiked by a net of 90 to stretch from 2,647 outlets to 2,737. The brand’s corporate footprint declined by two to land at 40. It upped by two the previous year and was flat in 2023.
Jimmy John’s opened 123 franchised stores in 2025, had 13 non-renewals, and had 20 cease for other reasons. The 123 figure was higher than 88 in 2024 and 58 in 2023. The ceased was also lower (20 compared to 29 and 40, respectively).
Zero terminations in 2025 measured against one apiece the prior two years.
Jimmy John’s projects a similar growth run in 2026 at 87 gross new franchised outlets and three company. It touts a large agreements-signed-but-no-restaurants-opened-yet estimation at 75, suggesting the brand has a long pipeline ahead.
Additionally, Jimmy John’s is one brand Inspire has ignited extensive multi-brand development with. Since 2023, it’s opened 32 locations with Dunkin’ through Alabama, California, Colorado, Georgia, Indiana, Maryland, Massachusetts, Michigan, North Carolina, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Texas, and Virginia.
It’s also debuted five with Baskin-Robbins (Minnesota, New Jersey, Ohio, and Washington) and one with a Sonic in Texas, as noted before.
There were 2,737 franchised Jimmy John’s operating stateside at year-end 2025, of which 49 were non-trad. The traditional stores ranged in size from 1,000–1,800 square feet. The non-trad units were 410–1,650.
Of the fleet, 972 had a drive-thru window and 1,584 did not. The group operated for an average of 14 years.
Baskin-Robbins
Baskin-Robbins’ unit count declined by nine in 2025 to end at 967 restaurants. It dropped by two in 2024 and 23 in 2023. The brand had 1,001 stores when 2023 began.
Baskin is an entirely franchised operation.
Development last year included 32 openings, 12 terminations, one non-renewal, and 28 units that ceased for other reasons. It’s projecting gross franchised openings of 52 in 2026 and claims 37 agreements signed without an outlet opened.
Baskin has a more developed combo footprint than the other brands mentioned so far. It opened a multi-concept restaurant with Jimmy John’s in Georgia in 1997. Since 2004, though, it’s added units with the sandwich brand in Minnesota (two), New York (two), and one apiece in Washington, Ohio, and New Jersey.
There are 1,219 Baskin-Dunkin’ combo locations (the brands have lived under the same corporate umbrella since 1990, when Allied-Lyons acquired Dunkin’s and merged it with its existing ownership of the dessert chain).
The number has declined in recent years, however. The 2025 result was a net 50 drop, year-over-year, following a 14-store decrease in 2024. That after expanding by 31 in 2023, a year that saw 52 Dunkin’-Baskin stores open. It’s since dwindled to 31 and 12, respectively, in 2024 and 2025.
The company last year opened 12, had eight non-renewals, and ceased 52 for other reasons (it was 40 in 2024).
There are 26 gross projected franchised Dunkin’-Baskin openings targeted for 2026. However, there aren’t any agreements signed without outlets opened yet.
Not including combo stores, Baskin had 967 franchised outlets domestically year-end 2026, of which 96 were non-trad. The traditional stores ranged from 1,100–1,300 square feet.
The non-trad (C-stores, airports, travel plazas, etc.) were 400–700 square feet. The group operated for an average of 27.6 years.
Dunkin’
Sister brand Dunkin’ has heated up expansion over the last three years. Inspire’s largest concept lifted by a net 281 stores in 2025 to hit 8,780 restaurants. Dunkin’ added 202 restaurants in 2024 and 179 in 2023.
That spurt has taken it from 8,118 locations to 8,780, or growth of 662.
Dunkin’ has just 36 company-owned restaurants (growth of two last year). The franchised fleet was 8,744 on the doorstep of 2026, up 279 after expansion of 200 and 178 in 2024 and 2023, respectively.
As you’d imagine, it was a busy line across. Dunkin’ opened 314 franchised restaurants (312 in 2024 and 344 in 2023), terminated two, had 24 non-renewals, and 55 that ceased operations for other reasons.
The final point is where Dunkin’ has observed the largest gain. That was down from 67 in 2024 and 139 in 2023.
And Dunkin’ projects an even loftier pace in 2026 at 406 gross franchised openings alongside 10 company. Like Jimmy John’s, it touts a very deep franchise pipeline at 228 agreements signed without an outlet opened yet.
Continuing the multi-brand conversation, which has been a focus of Inspire’s in recent years, Dunkin’ has the Jimmy John’s openings listed earlier as well as the Arby’s ones. Additionally, there are two in New York with Baskin and Jimmy John’s.
U.S. Dunkin’ had 8,744 franchised stores (no combos included) operating at year-end 2025, of which 1,932 were non-traditional spots.
Traditional locations ranged from 600–3,000 square feet. Non-trads, 300–2,000.
Among the 2025 base, 117 were drive-thru-only restaurants; 4,723 had a drive-thru window (as well as seating), and 2,179 did not have a window. The group operated for an average of 17 years.
QSR covered Inspire’s full-service brand, Buffalo Wild Wings in a past article here, as well as a dive into the counter-service spin-off BWW Go, which has turned into a fast-scaling vehicle for the company.
The post As Inspire Brands Plots Going Public, a Look at How it’s Performing, from Arby’s to Dunkin’ appeared first on QSR Magazine.