Qdoba Restaurant Corp

What Qdoba Restaurant Corp does

Qdoba Restaurant Corporation is a privately held fast-casual Mexican restaurant chain founded in 1995 in Denver, Colorado, and currently headquartered at 350 Camino de la Reina, Suite 400, San Diego, California. As of 2026 the company operates approximately 860 locations across 45 U.S. states plus Canada, Puerto Rico, Japan, and South Korea, generating approximately $1.3 billion in systemwide sales at a $1.7 million average unit volume. The brand is owned by Los Angeles-based private equity firm Butterfly Equity, which acquired it from Apollo Global Management in 2022 and has subsequently supported it via a $305 million securitization (late 2023), a $527 million continuation fund (August 2025), and a $435 million whole-business securitization (May 2026).

The company's core product is a customizable Mexican-inspired menu (burritos, bowls, tacos, quesadillas, nachos, salads) featuring flame-grilled chicken and steak, hand-crafted guacamole prepared in-house, and free signature 3-cheese queso and guacamole on create-your-own entrées, underpinned by a Clean Label Pledge free of MSG and artificial colors. Qdoba's technology stack centers on a QDOBA-branded iOS and Android mobile app (com.qdoba.android), a web ordering platform at order.qdoba.com, a tiered QDOBA Rewards loyalty program with Gold Status at 12 visits per calendar year, digital make-line kitchen technology in restaurants, and a catering platform (catering.qdoba.com) supporting Customizable Hot Bars, Taco Kits, Boxed Meals, and Breakfast Burritos. Gift cards (Q-Cash) are issued by wholly owned subsidiary QMG Stored Value Cards, LLC and processed via Blackhawk Network, CashStar, and eGifter integrations; CCPA privacy requests are handled via Truyo.

Qdoba's business model is franchise-led and asset-light, with revenue generated through restaurant sales (both company-operated and franchised), recurring franchise royalties and fees, catering services, gift card economics, and a franchisee marketing fund. The company has signed more than 650 future development commitments toward a stated target of approximately 2,000 restaurants by 2032 (a 10% annual unit growth target), supported by large multi-unit franchise development agreements including a 50-restaurant Southwest deal with B Wild Investments (September 2025) and nearly 90 restaurants across Pennsylvania, New Jersey, and New York (December 2025). Customer segments span mass-market fast-casual diners, healthcare and pharmaceutical sales representatives (a notable catering vertical), business and group catering customers, dietary-conscious consumers (vegan, vegetarian, keto, gluten-friendly, high-protein), and travelers using airport non-traditional locations.

Name

Qdoba Restaurant Corp

Legal name

QDOBA Restaurant Corporation

Website

https://qdoba.com

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Qdoba Restaurant Corp is a privately held fast-casual Mexican restaurant chain founded in 1995, operating approximately 860 locations across 45 U.S. states plus Canada, Puerto Rico, Japan, and South Korea, generating ~$1.3B in systemwide sales. Owned by Butterfly Equity, it serves mass-market diners, catering customers, and dietary-conscious consumers via a franchise-led model with a stated target of ~2,000 restaurants by 2032.

Ownership category

akta.pro rank

Product category

Fast-casual Mexican restaurants

NAICS

Limited-Service Restaurants (722513)

SIC

Retail-Eating Places (5812), Retail-Eating & Drinking Places (5810)

akta.pro industry

PRIMARYTHAFABAC

Mexican & Tex-Mex Fast Casual

Travel & Hospitality/Foodservice & Beverage (Restaurants, Cafes, Bars)/Fast Casual Restaurants

SECONDARYTHAFAAAE

Mexican/Latin QSR (Tacos, Burritos, Bowls)

Travel & Hospitality/Foodservice & Beverage (Restaurants, Cafes, Bars)/Quick-Service Restaurants (QSR)

Keywords

• Fast-casual Mexican dining
• Mexican restaurant franchise
• Restaurant catering services
• Mobile food ordering
• Loyalty rewards program

Headquarters

HQ city

San Diego

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Restaurant sales (company-operated and franchised): Sales of customizable Mexican-inspired entrées (burritos, bowls, tacos, quesadillas, nachos, salads) plus catering orders, sold through company-operated restaurants, franchised restaurants, the QDOBA website and the QDOBA mobile app.
2. Franchise royalties, fees and development commitments: Recurring royalties and fees from franchise operators, including large multi-unit development deals (e.g., 50-restaurant Southwest deal with B Wild Investments; 90-restaurant eastern U.S. expansion) and 650+ committed future openings supporting a 10% annual unit growth target.
3. Catering services and Catering Rewards: Group catering via Customizable Hot Bars, Taco Kits, Boxed Meals and Breakfast Burritos with delivery and setup; members earn 1 catering point per $1 spent, redeemable for free entrées, $50 catering discounts and $50 Digital VISA Rewards.
4. Gift card sales (Q-Cash): Physical and digital gift cards issued by QMG Stored Value Cards, LLC (a QDOBA subsidiary); no expiration and no fees; accepted at participating U.S. and Canada locations. Promotional bonus cards (e.g., $10 eGift on $50 gift card purchase) drive incremental load.
5. Targeted advertising and data-driven marketing monetization: Use of customer data for interest-based advertising, geo-targeted promotional offers, and email/text push messaging via owned channels and third-party ad partners.

Pricing tiers

Go-to-market motion4 records

Distribution channels7 records

Marketing channels10 records

Core offering

QDOBA owns, operates, and franchises approximately 860 fast-casual Mexican restaurants across 45 U.S. states plus Canada, Puerto Rico, Japan, and South Korea, selling customizable Mexican-inspired entrées (burritos, bowls, tacos, quesadillas, nachos, salads) with free signature 3-cheese queso and hand-crafted guacamole on create-your-own entrées. The brand also operates a dedicated catering program, a digital loyalty platform, and a branded gift card (Q-Cash) business.

Differentiator

Problem solved

Functional benefit

Brands

• Q-Cash: QDOBA's branded gift card product (physical and digital gift cards) issued by subsidiary QMG Stored Value Cards, LLC and redeemable at participating QDOBA Mexican Eats / QDOBA Mexican Grill locations in the United States, Canada, and Puerto Rico.

Products and services

• QDOBA Mexican Eats
• QDOBA Catering
• Customizable Hot Bars (Catering)
• Taco Kit (Catering)
• Boxed Meals (Catering)
• Breakfast Burritos (Catering)
• QDOBA Gift Cards (Q-Cash)
• QDOBA Rewards
• Spicy Tequila Lime Steak
• Churro Chips

Named customers3 records

Segments6 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature5 records

Partnerships

Seven partnerships are on record, tiered major, core and flagship.

• Cholula (Spicy Liquid LLC / McCormick & Company)majorStrategic or Co-development Partner · 16 June 2026Co-developed the limited-time Spicy Tequila Lime Steak featuring Cholula Original Hot Sauce, which debuted June 16, 2026. Cholula is a brand of McCormick & Company, with approximately $7 billion in annual sales across 150 countries and territories.
• Kirkland & Ellis LLPcoreImplementation/ SI/ Consulting Partner · 27 May 2026Special counsel to QDOBA on the May 2026 $435 million whole-business securitization transaction.
• King & Spalding LLPcoreImplementation/ SI/ Consulting Partner · 27 May 2026Special counsel to Barclays on the May 2026 $435 million whole-business securitization transaction.
• Eastern U.S. multi-unit franchise operatorscoreChannel Partner/ Reseller/ Distributor · 10 December 2025Signed franchise agreements with multiple multi-unit operators to open nearly 90 new QDOBA Mexican Eats restaurants across Pennsylvania, New Jersey, and New York as part of QDOBA's eastern U.S. growth strategy.
• B Wild Investments LLC (Barry Dubin)flagshipChannel Partner/ Reseller/ Distributor · 9 September 2025One of QDOBA's largest-ever franchise development deals: agreement to develop 50 new QDOBA restaurants across Alaska, Utah, Nevada, Colorado, and New Mexico, with initial focus on Salt Lake City, St. George, Albuquerque, Las Vegas and areas around Colorado Springs. B Wild Investments also signed a definitive purchase agreement to acquire one of QDOBA's largest existing franchisees.
• No Kid HungrycoreGTM or Marketing PartnerU.S. anti-hunger partnership through which QDOBA has helped raise funds and provide more than 5 million meals to combat childhood food insecurity.
• Toonies for TummiescoreGTM or Marketing PartnerCanadian anti-hunger partnership complementing QDOBA's No Kid Hungry work, contributing to more than 5 million meals provided to children in need.

Scale indicators13 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Taco Bell: Taco Bell, a Yum! Brands subsidiary, is the largest Mexican QSR globally with ~7,000+ U.S. locations and overlapping customer occasions. While mass-market and value-led rather than fast-casual, it competes with QDOBA for Mexican food occasions and sets industry pricing benchmarks.
• Wingstop: Wingstop is a leading franchised fast-casual/QSR brand with industry-leading AUVs (~2M+), a digital-first ordering stack, and asset-light growth model — a useful comparable for franchised fast-casual unit economics and digital attach rates that inform QDOBA's growth playbook.
• Panera Bread: Panera is a leading fast-casual brand with strong loyalty (MyPanera), digital ordering, catering, and franchised/company-operated model — relevant as a comparable for QDOBA's digital, loyalty, and catering platform investments.

Direct peers

• Moe's Southwest Grill: Moe's is a direct fast-casual Mexican peer owned by Focus Brands, operating a comparable create-your-own menu (burritos, bowls, tacos, quesadillas, nachos) with a franchised model. Closely comparable in price point, customization approach, and customer demographic to QDOBA.
• Chipotle Mexican Grill: Chipotle is the dominant fast-casual Mexican restaurant chain and QDOBA's primary direct competitor, with a similar build-your-own menu (burritos, bowls, tacos), digital ordering/loyalty stack, and target customer. QDOBA explicitly benchmarks performance against Chipotle, having beaten Chipotle in comp sales for five consecutive quarters per QSR Magazine.
• Baja Fresh: Baja Fresh is a small fast-casual Mexican chain with a flame-grilled, fresh-Mexican positioning similar to QDOBA's, including customizable entrées and premium toppings. Comparable in culinary approach and target guest, though with a much smaller footprint.
• Del Taco: Del Taco is a Mexican QSR/fast-casual hybrid offering tacos, burritos, and value meals — overlapping QDOBA on menu and customer segment but operating at lower price points and broader dayparts. Useful as a comparable on franchised unit economics and Mexican category traffic.

Emerging players

• CAVA Group: CAVA is a high-growth Mediterranean fast-casual brand with a similar build-your-own customization model, strong digital ordering, and public-market valuation comparable. Useful as a comp for fast-casual growth, AUV expansion, and digital-first unit economics.
• Sweetgreen: Sweetgreen is a fast-casual chain with a digitally native, customizable menu and loyalty program — overlapping QDOBA on the customizable entrée and digital ordering experience, though focused on healthy bowls rather than Mexican cuisine.

Others

• Chipotle (Private Peer) - Moe's / Qdoba Operator (e.g., MTY Food Group): MTY Food Group is a franchisor/operator of multiple food brands including Mexican concepts, representing the broader competitive set of multi-brand franchised foodservice operators and a comparable for the asset-light franchisor model.

Market position

Strengths5 records

Weaknesses5 records

Key highlights7 records

Customer concentration

• Xx.com/Qdoba
• Facebookfacebook.com/qdoba
• Instagraminstagram.com/qdoba
• TikToktiktok.com/@qdoba
• LinkedInlinkedin.com/company/qdoba

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Qdoba Restaurant Corp