QDOBA's Rapid Growth Trajectory Signals End of 'Best-Kept Secret' Status
QDOBA, the Mexican fast-casual chain owned by Butterfly Equity, is aggressively expanding under CEO John Cywinski, who took over in 2023. The chain has grown from 827 stores at end-2025 to approximately 865 stores in mid-2026, with a target of 2,000 restaurants within 10 years. QDOBA has posted same-store sales growth in 19 of 22 years between 2004-2025, with average-unit volumes rising from $1.2 million in 2019 to $1.7 million in 2025. The company has shifted to a franchise-first model (now 80% franchised, targeting 85%) and secured over 650 restaurant commitments. Recent development deals include 30 stores in Atlanta from a former McDonald's operator and 20 in Nashville. The chain aims for $2.7 million average-unit volumes, $5 billion in systemwide sales, and 28% store-level EBITDA margins. QDOBA's ownership history includes Jack in the Box (2003-2018), Apollo Global Management (2018-2022), and current owner Butterfly Equity, which raised $527 million in 2025 for continued growth.
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