Jack in the Box runs about 2,200 fast-food burger joints across 21 U.S. states and Guam, mostly franchised—think of it as a burger-brand landlord that collects rent from independent operators.
Money comes from franchise royalties and fees on roughly 2,200 locations; gross margin sits at 27.85% TTM, but net margin is thin at 2.82%, with annual net income swinging negative in 2024 and 2025.
Brand recognition and a 70-year history give some pull, but McDonald's, Wendy's, and Burger King fight for the same drive-thru dollar, and franchisee economics look shaky—net losses in two of three years signal the model is eroding.
Key events, in time order
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