3P Case Study: Promos Prolific; Profits Perplexing

研报英文原文证据摘录

3P Case Study: Promos Prolific; Profits Perplexing

Equity Research

Industry Update — June 16, 2026

Restaurants

3P Case Study: Promos Prolific; Profits

Perplexing

Our Call Zachary Fadem, CPA

3P is growing, the industry less so. We tracked 450+ 'orders' across Uber/DASH & 1P Apps Equity Analyst | Wells Fargo Securities, LLC

Zachary.Fadem@wellsfargo.com | 212-214-8018

in 5 US cities; QSRs promoted ~80% of the time on 3P vs. ~67% on 1P. Including deals, 3P

Anthony Trainorprices beat 1P ~51% of the time, varying by brand; DPZ -20% less on 1P.

Equity Analyst | Wells Fargo Securities, LLC

Anthony.Trainor@wellsfargo.com | 212-214-1953

3P is QSR's highest-growth channel (and highly promotional). As consumers Taylor Brimberg

increasingly favor options & convenience, 3P delivery is growing +DD% vs. a +LSD% Associate Equity Analyst | Wells Fargo Securities, LLC

industry w/ promotionality a key conversion tool. We compared like-for-like orders on Taylor.Brimberg@wellsfargo.com | 212-214-2078

3P vs 1P platforms to see where consumers get the best price after accounting for David Lantz

promos, delivery & fees. While 3P 'list' prices are historically ~20-30% more (to offset Equity Analyst | Wells Fargo Securities, LLC

fees), promos (BOGO, free items, etc.) are now commonplace, leveling the playing field. David.Lantz@wellsfargo.com | 212-214-5044

Jessica Louie

Key takes. 1) This Spring Burger King, MCD & DPZ offered 3P promos 97%/96%/91% Associate Equity Analyst | Wells Fargo Securities, LLC Jessica.Louie@wellsfargo.com | 332-214-6223

of the time compared to CMG & WING at 81%/36%; Across brands, we observed 1P

promo ~67% of the time; 2) During 3P promo periods, basket prices landed -12% vs. 1P

(accounting for BOGO, free menu items, % discounts); 3P was +24% during non-promo;