Restaurants & Convenience Stores: DPZ, CASY and the battle for pizza

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Restaurants & Convenience Stores: DPZ, CASY and the battle for pizza

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Restaurants & Convenience Stores

DPZ, CASY and the battle for pizza

Industry Overview

Pizza sales have stabilized, as have 3P headwinds 04 June 2026

Total QSR Pizza sales reached $43.4bn (+3.1% y/y) in 2025, marking the third year of Equity

accelerating growth since the 2022 post-COVID trough (+0.2% y/y). QSR Pizza’s share of United States

total QSR sales followed a similar trend, peaking at 14% in 2020, before falling to just under Restaurants & Convenience Stores

12% share by 2023; it has stayed there since. The sharp decline in share of QSR wallet Sara Senatore

corresponded to an explosion in growth among aggregators, increasing the competition for Research Analyst

delivery wallet. But since then, aggregator growth rates have leveled out: the combined BofAS+1 646 743 2110

dollar increase in Uber Delivery and standalone DoorDash has been ~$21bn – $24bn per sara.senatore@bofa.com

year for the last three years, despite expansion into channels well beyond restaurants. Lisa K. Lewandowski

Research Analyst

Chains have lagged in pizza as in other segments BofAS+1 646 855 4647

While the category itself has posted stable growth and QSR wallet share, chains lisa.lewandowski@bofa.com

underperformed in 2024 and 2025. Among QSR pizza restaurants in the top 1,500 IsiahResearchAustinAnalyst

chains in the US, growth recovered modestly in 2023 (3%) from post COVID troughs but BofAS

isiah.austin@bofa.com

subsequently slowed in 2024 and 2025 (1%). In that sense, however, pizza is a

microcosm of the broader restaurant industry, where chains have given back outsized

COVID gains. As a result, QSR Pizza chains’ share of total QSR chain wallet fell more Stock symbol key: