FoodBud
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RankingsInsightsMixue SeriesArchiveMethodologyDataSearch中文
FoodBud

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Company card

A&W Food Services of Canada Inc.

Medium
Brandest. scale

TSX AW.TO · Canada

Listing status
listed
Operating model
Mixed direct + franchise
Scale basis
GMV / system sales
Confidence
Medium
Segment
qsr burger

A&W Canada is no longer just the old royalty-fund structure. FY2025 primary operator scale is System Sales CAD 1,920.243M; listed-company revenue is CAD 294.095M and includes franchising plus corporate restaurant revenue. Do not use revenue/store as terminal GMV.

Scale basis note

Terminal transaction scale across the network. Useful for franchise reach, not the same as listed-company revenue.

Compare this operator
Every number has a source row

Metrics below keep source tier, quality, period, and source link visible at the metric level.

Source tiers
S1Official primary — filings, annual reports, prospectuses
S2Official secondary — IR decks, transcripts
S3Supplementary — vetted media, databases
S0Not usable — flagged, never published

Source tiers — S1 official primary · S2 official secondary · S3 supplementary · S0 not usable. Open “Provenance” on any number for its tier, basis, precision, and do-not-use note.

GMV is not revenue

GMV/system sales, revenue, and royalty pool sales are separate scale bases. Screening proxies are directional only.

MetricValuePeriod / basisQualitySource
Stores
Reported restaurant, coffee shop, tea shop, bakery, or comparable chain units.
1,094 stores
FY2025 ended 2025-12-28: Number of A&W restaurants: 1,094
Source-backed
S2 official secondary (opens in new tab)
Press Or Ir · Number of A&W restaurants: 1,094
Provenance
Tier: S2 official secondary
Source: Press Or Ir
Scale
Terminal transaction scale across the network. Useful for franchise reach, not the same as listed-company revenue.
$1.37B
FY2025 ended 2025-12-28: 1920000000 CAD (A2: USD within tolerance of stored; no value change; FX documented).
GMV / system salesTerminal transaction scale across the network. Useful for franchise reach, not the same as listed-company revenue.
Source-backed
S2 official secondary (opens in new tab)
Press Or Ir · Latest disclosed FY2025 ended 2025-12-28: System Sales increased by $51.8 million (2.8%) to $1.92 billion | stored scale/profit USD may reflect an earlier FY — value/FX refresh pending (separate A2 workstream).
Provenance
Tier: S2 official secondary
Source: Press Or Ir
Basis: GMV / system sales
Precision: Estimated
Scale per store
Screening proxy: scale divided by store count. It is not audited AUV or unit profit.
$1.26M
Screening proxyest.
Derived scale_per_store using scale ÷ store_count at the linked scale basis; not a separately reported company metric.
GMV / system salesTerminal transaction scale across the network. Useful for franchise reach, not the same as listed-company revenue.
Source-backed
S1 official primary (opens in new tab)
Operator Metric Source · Source used for operator metric extraction.
Provenance
Tier: S1 official primary
Source: Operator Metric Source
Basis: GMV / system sales
Precision: Derived
Profit signal
Profit signal from the source period. Read with local accounting and segment mix in mind.
$40.66M
FY2025 ended 2025-12-28: 56834000 CAD. USD=estimated via DEXCAUS period-average 1.3979381526 (currency_per_usd, FRED DEXCAUS; daily mean 2024-12-29..2025-12-28; obs=249); CAD 56834000 authoritative. (A2 stale-FX/FY refresh, Cowork-approved; basis unchanged).
Profit-positiveScale basis not specified. Use as a screening signal until a source pack is attached.
Source-backed
S2 official secondary (opens in new tab)
Press Or Ir · Latest disclosed FY2025 ended 2025-12-28: Food Services reported net income of $56.8 million in Fiscal 2025 compared to net income of $21.7 million in Fiscal 2024.
Provenance
Tier: S2 official secondary
Source: Press Or Ir
Basis: Profit-positive
Revenue
Source-backed operating metric from the locked research snapshot.
$17.69M
CAD 294.095M total revenue: CAD 269.680M franchising revenue plus CAD 24.415M corporate restaurant revenue.
Revenue proxyRecognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
Source-backed
S1 official primary (opens in new tab)
Operator Metric Source · Source used for operator metric extraction.
Provenance
Tier: S1 official primary
Source: Operator Metric Source
Basis: Revenue proxy
Precision: Source-backed

Market data (listed companies)

Market valuation · fluctuates · not operational scale · do not compare with GMV / system sales. Listed companies only.

MetricValuePeriod / basisQualitySource
Market cap
Public market capitalization captured in the locked source snapshot.
$627.01M
May 2026: As of May 18, 2026, market cap was CA$841.57M with 24.00 million shares outstanding.
Market cap (USD)Scale basis not specified. Use as a screening signal until a source pack is attached.
Source-backed
S3 supplementary (opens in new tab)
Media Or Aggregator · As of May 18, 2026, market cap was CA$841.57M with 24.00 million shares outstanding.
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Basis: Market cap (USD)
Precision: Market snapshot · not operational scale
⚠ Do not use for: Market valuation · not operational scale · never compare with GMV/system sales

Operator profile

8/21 source-backed

Classification, firmographics, ownership and operating dimensions — source-backed where disclosed, marked as a gap (never inferred) where not.

Format & positioning
Cuisine (primary)
burgerS2 official secondary (opens in new tab)
Cuisine (secondary)
not disclosed
Service model
QSRwikipedia (opens in new tab)
Price tier
midmenu_data (opens in new tab)
Company
Founded
1,956encyclopedia (opens in new tab)
HQ country
Canada~
CEO
Susan Senecalaggregator (opens in new tab)
Employees
5,962 headcountaggregator (opens in new tab)~
Ownership
Parent
Public-standalone; A&W Food Services NewCo trades on TSX (AW) and owns ~100% of the former A&W Revenue Royalties Income Fund post-combinationS3 supplementary (opens in new tab)
PE / holding
not disclosed
Recent M&A
Combination transaction: A&W Food Services of Canada merged with A&W Revenue Royalties Income Fund to form publicly traded A&W Food Services NewCo (closed Oct 17, 2024); began trading on TSX Oct 18, 2024S3 supplementary (opens in new tab)
Growth
System sales YoY
not disclosed
Revenue YoY
not disclosed
Net new units
19 unitsS3 supplementary (opens in new tab)
Pricing & digital
Avg check
not disclosed
Digital sales
not disclosed
Off-premise
not disclosed
Loyalty members
not disclosed
Franchise terms
Royalty
6%trade press citing company terms (opens in new tab)~
Franchise fee
$55,000trade press citing company terms (CAD, not USD) (opens in new tab)~
By-market footprint
Canada
1,094 storesS1 official primary (opens in new tab)

Store counts by market/region — footprint context, not a same-basis comparison.

Disclosed store model

disclosed4/4 source-backed

Company-operated vs franchised footprint, AUV and store-level economics — taken verbatim from each operator's own filing, never inferred. A separate axis from company scale and single-store economics.

Total stores
1,094 stores
2025 guidance/actual context: total A&W restaurants around 1,085-1,100 at fiscal year end; exact final count to parse from MD&A.
Source-backedS1 official primary (opens in new tab)
Revenue
$18M
CAD 294.095M total revenue: CAD 269.680M franchising revenue plus CAD 24.415M corporate restaurant revenue.
Source-backedS1 official primary (opens in new tab)
Scale
$1.4B
CAD 1,920.243M system sales
Source-backedS1 official primary (opens in new tab)
Company-operated
see brand drilldown
Franchised
see brand drilldown

Brand drilldown

non-additive

Per-brand detail — NOT additive (brands may use different bases / periods) and NOT counted in rankings. Listed for transparency only.

A&W Food Services of Canada Inc.
Operating margin
7.4%
FY2024
Source-backedS1 official primary (opens in new tab)

Single-store model

1/8 source-backed

Unit economics are a separate axis from company-level scale — never read as the same number. Each field keeps its source, period, and quality; derived/estimated rows and gaps are marked.

AUV / unit sales
Derived; not disclosed AUV.
Derived: gmv_or_system_sales_usd 1,391,379,610/1,094=~USD1,271,828/store.
FY2024_or_latest_L1
EstimatedNeeds source
Single-store profit
GAP — not fabricated.
—
GapSource (opens in new tab)
Initial investment
GAP — not fabricated.
—
GapSource (opens in new tab)
Franchise fee / royalty
GAP — not fabricated.
—
GapSource (opens in new tab)
Payback period
GAP — not fabricated.
—
GapSource (opens in new tab)
Same-store sales
GAP — not fabricated.
—
GapSource (opens in new tab)
Store open / close
GAP — not fabricated.
—
GapSource (opens in new tab)
Company-operated share
GAP — not fabricated.
—
GapSource (opens in new tab)

Cost structure

1/6 source-backed

Where each revenue dollar goes, latest disclosed year. Slices use each operator's reported base — % of revenue unless the row notes otherwise (% of GMV, restaurant-level, franchise goods-supply COGS). Grey = not separately disclosed. This is a separate axis from company scale and single-store economics.

Food / COGS—
FY2024Gap
Franchisor (transition: Fund+Food Services combined Oct 2024). Rev CAD292.3M=franchising 267.6+corporate 24.7. Net CAD21.7M (7.4). Store-level food/labor/rent franchisee-borne -> gap.
Labor—
FY2024Gap
Franchisor (transition: Fund+Food Services combined Oct 2024). Rev CAD292.3M=franchising 267.6+corporate 24.7. Net CAD21.7M (7.4). Store-level food/labor/rent franchisee-borne -> gap.
Rent / occupancy—
FY2024Gap
Franchisor (transition: Fund+Food Services combined Oct 2024). Rev CAD292.3M=franchising 267.6+corporate 24.7. Net CAD21.7M (7.4). Store-level food/labor/rent franchisee-borne -> gap.
Delivery commission—
FY2024Gap
Franchisor (transition: Fund+Food Services combined Oct 2024). Rev CAD292.3M=franchising 267.6+corporate 24.7. Net CAD21.7M (7.4). Store-level food/labor/rent franchisee-borne -> gap.
Marketing—
FY2024Gap
Franchisor (transition: Fund+Food Services combined Oct 2024). Rev CAD292.3M=franchising 267.6+corporate 24.7. Net CAD21.7M (7.4). Store-level food/labor/rent franchisee-borne -> gap.
Operating margin7.4%
FY2024· net income margin (net CAD21.7M / rev CAD292.3M)S1 official primary (opens in new tab)Source-backed
Franchisor (transition: Fund+Food Services combined Oct 2024). Rev CAD292.3M=franchising 267.6+corporate 24.7. Net CAD21.7M (7.4). Store-level food/labor/rent franchisee-borne -> gap.

Supply chain

2 suppliers · 1 with S1 filing

Who supplies this brand — reverse-extracted from each supplier's own filing (top-customer / related-party disclosure). The % is the supplier's revenue share from this brand (supplier-side, not procurement spend), unless a note says otherwise. Each edge keeps its period, source tier, and audit link; named relationships without a disclosed % are shown as such.

Beyond Meat, Inc.NASDAQ:BYND
Ingredients
discloses as: A&W Food Services of Canada Inc.
—named (no % disclosed)S1 filingsource (opens in new tab)
NSF International
Tech / SaaS
discloses as: A&W Food Services of Canada Inc.
—named (no % disclosed)S3 newssource (opens in new tab)

Peers in this segment

McDonald'sGMV / system salesWendy'sGMV / system salesArcos DoradosGMV / system salesJack in the BoxGMV / system sales

Same segment — each operator keeps its own scale basis; this is navigation, not a like-for-like comparison.