The Restaurant 200's top 10 franchisees remained largely unchanged in 2025 despite challenges including tariffs, rising food costs, labour issues, and inflation-driven consumer apathy. Revenue among the top 10 increased by 4.2% over 2024, whilst overall list growth was under 1%, the lowest since the COVID-19 pandemic. Flynn Group retained its position as the largest franchisee, adding 62 Pizza Hut locations to reach 1,321 total units. Revenue increased 3.2% to $4.9 billion. Notable movers included AES Restaurants, which jumped 30 spots to number 34 after acquiring 40 Arby's locations and 115 corporate-owned stores. Fresh Dining Concepts rose 45 positions to number 43 after completing 22 acquisitions, adding brands including Nothing Bundt Cakes, Little Caesars, and PopUp Bagels.

KBP Brands has acquired 78 SONIC drive-in locations across Ohio, Kentucky, North Carolina, Tennessee and Virginia, expanding its SONIC footprint to 164 restaurants in eight states. The acquisition makes KBP the fourth largest franchisee in the SONIC system. This marks KBP's second SONIC purchase in less than two years. The locations were previously owned by Inspire Brands, with whom KBP has partnered since 2021. The deal adds 1,600 employees to KBP's workforce. KBP Brands operates more than 1,100 KFC, Taco Bell, Arby's and SONIC restaurants across 32 states, generating approximately $1.5 billion in annual sales. The company first added SONIC to its portfolio in August 2024.