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Dutch Bros opens in Southern California
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America’s fast-food scene had some big winners, and even bigger losers, in Q2 2025

Taco Bell is beating Chipotle, Dutch Bros is crushing Starbucks, and the chicken wars are fiercer than ever.

Much was made of America’s inflation-weary fast-food consumers becoming more price conscious over the last few years.

Now, with Q2 in the rearview mirror, we can ask: which fast-food chains are winning in America?

Let’s start with the biggest in the game. McDonald’s actually had a great quarter, with the Golden Arches posting year-on-year same-store sales growth of 2.5% in the US, digging the Big Mac maker out of a hole after a lackluster year of declines. That was significant considering that the company’s execs characterized the quarter as “challenging,” as visits across the industry by low-income consumers declined by “double-digit” percentages.

Value option Taco Bell put up even better numbers, with same-store sales up 4% — crushing Chipotle in the Mexican-inspired scene as its more expensive competitor struggles to lure customers back for burritos and bowls, with same-store sales dropping 4% year on year.

Fast food growth
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Topping the list, however, was coffee chain Dutch Bros, where same-store sales rose 6.1% — perhaps benefiting from the difficulties at coffee giant Starbucks, which continues to invest heavily in a bid to reinvigorate the “coffeehouse experience.”

Elsewhere, with consumers’ love for chicken inspiring an entire generation of entrepreneurs to enter the chicken wars, the competition in all things wings has never been more intense — and it seems to be weighing on Yum! Brands’ KFC, where sales dropped 5%. But no company had a worse quarter than fast-casual salad chain Sweetgreen, where revenue resembled spinach being cooked: store sales shrunk a whopping 7.6% in the latest quarter.

Related reading: Battle of the sad desk lunches: Both Cava and Sweetgreen want to become the next Chipotle

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OpenAI’s ARR reached over $20 billion in 2025, CFO says

Sam Altman’s $500 billion artificial intelligence behemoth hit a major financial milestone last year, according to a new blog post over the weekend from OpenAI CFO Sarah Friar, as the company confirmed it had hit a more than $20 billion annual revenue run rate at the end of 2025.

Elsewhere in the blog post, Friar spent time addressing the company’s shifting goals, referencing plans to “close the distance between where intelligence is advancing and how individuals, companies, and countries actually adopt and use it.” As has become customary in the AI company press release genre, the CFO was also keen to tout the unending growth of the business, writing:

  • Both our Weekly Active User (WAU) and Daily Active User (DAU) figures continue to produce all-time highs. This growth is driven by a flywheel across compute, frontier research, products, and monetization.

  • Compute grew 3X year over year or 9.5X from 2023 to 2025: 0.2 GW in 2023, 0.6 GW in 2024, and ~1.9 GW in 2025.

And, perhaps most importantly for current backers and those keeping an eye on the private company before its rumored mega IPO:

  • Revenue followed the same curve growing 3X year over year, or 10X from 2023 to 2025: $2B ARR in 2023, $6B in 2024, and $20B+ in 2025. This is never-before-seen growth at such scale.

That latest figure has certainly set tongues in the tech world wagging, just as the company announced it would begin rolling out ads to free and ChatGPT Go users. It also puts the chatbot giant a fair way ahead of competitors like Anthropic, the company behind Claude.

OpenAI Anthropic ARR race
Sherwood News

Elsewhere in the blog post, Friar spent time addressing the company’s shifting goals, referencing plans to “close the distance between where intelligence is advancing and how individuals, companies, and countries actually adopt and use it.” As has become customary in the AI company press release genre, the CFO was also keen to tout the unending growth of the business, writing:

  • Both our Weekly Active User (WAU) and Daily Active User (DAU) figures continue to produce all-time highs. This growth is driven by a flywheel across compute, frontier research, products, and monetization.

  • Compute grew 3X year over year or 9.5X from 2023 to 2025: 0.2 GW in 2023, 0.6 GW in 2024, and ~1.9 GW in 2025.

And, perhaps most importantly for current backers and those keeping an eye on the private company before its rumored mega IPO:

  • Revenue followed the same curve growing 3X year over year, or 10X from 2023 to 2025: $2B ARR in 2023, $6B in 2024, and $20B+ in 2025. This is never-before-seen growth at such scale.

That latest figure has certainly set tongues in the tech world wagging, just as the company announced it would begin rolling out ads to free and ChatGPT Go users. It also puts the chatbot giant a fair way ahead of competitors like Anthropic, the company behind Claude.

OpenAI Anthropic ARR race
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