Follow the Money Trail

A franchise burger sale can pay the local operator, the brand, a landlord, employees, suppliers, and technology systems. Follow a fast-food dollar through the franchise model.

Sources:

McDonald's 2025 Form 10-K — https://www.sec.gov/Archives/edgar/data/63908/000006390826000035/mcd-20251231.htm

McDonald's 2025 franchise revenue table — https://www.sec.gov/Archives/edgar/data/63908/000006390826000035/R29.htm

FTC Franchise Rule consumer guide — https://www.ftc.gov/business-guidance/resources/franchise-rule-compliance-guide

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A hotel can carry a famous brand even when the brand company does not own the building. Follow the money through franchise royalties, management fees, reservations, loyalty programs, marketing, property owners, and the asset-light hotel model.

Sources:

Marriott International 2025 Form 10-K — https://www.sec.gov/Archives/edgar/data/1048286/000104828626000007/mar-20251231.htm

Marriott Q2 2026 Form 10-Q — https://www.sec.gov/Archives/edgar/data/1048286/000104828626000035/mar-20260630.htm

Summit Hotel Properties 2025 Form 10-K, franchise fee ranges — https://www.sec.gov/Archives/edgar/data/1497645/000149764526000015/inn-20251231.htm

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Self-storage turns empty square feet into recurring rent. Follow the money through occupancy, rent per square foot, low operating complexity, rate management, insurance, moving friction, and why a simple box can produce high property-level margins.

Sources:

Public Storage 2025 Form 10-K — https://www.sec.gov/Archives/edgar/data/1393311/000162828026007696/psa-20251231.htm

Public Storage 2025 Annual Report — https://www.sec.gov/Archives/edgar/data/1393311/000119312526129096/d49333dars.pdf

Extra Space Storage investor materials — https://investor.extraspace.com/

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Dollar stores sell inexpensive items in small stores, often in small towns. Follow the money through consumables, traffic, compact footprints, limited labor, higher-margin seasonal goods, private brands, and thousands of locations.

Sources:

Dollar General 2025 Form 10-K — https://www.sec.gov/Archives/edgar/data/29534/000110465926032325/dg-20260130x10k.htm

Dollar General investor relations — https://investor.dollargeneral.com/

U.S. Census Bureau retail trade data — https://www.census.gov/retail/

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Warehouse clubs charge you before you shop. Follow the money through membership fees, low merchandise margins, limited assortments, bulk packs, renewal economics, private label, and the behavior that makes the model work.

Sources:

Costco 2025 Form 10-K — https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm

Costco 2025 Annual Report — https://www.sec.gov/Archives/edgar/data/909832/000090983225000157/costannualreport2025.pdf

Costco Q1 FY2026 Form 10-Q — https://www.sec.gov/Archives/edgar/data/909832/000090983225000169/cost-20251123.htm

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Shipping can show up as zero dollars at checkout while still costing billions behind the scenes. Follow the money through product margin, memberships, order minimums, seller fees, fulfillment networks, delivery density, and customer behavior.

Sources:

Amazon 2025 Form 10-K — https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm

Walmart fiscal 2025 Form 10-K — https://www.sec.gov/Archives/edgar/data/104169/000010416925000021/wmt-20250131.htm

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The razor-and-blades model is famous, but its history is more complicated than the slogan. This episode follows the economics of an installed handle, compatible replacement blades, repeat purchases, switching costs, and modern grooming competition.

Sources:

P&G 2025 Form 10-K — https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/pg-20250630.htm

Harvard Business Review — Gillette’s Strange History with the Razor and Blade Strategy — https://hbr.org/2010/09/gillettes-strange-history-with

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A gift card moves cash before the customer chooses a product. Follow the money from the initial sale to the retailer's liability, redemption, breakage, customer acquisition, and the final basket.

Sources:

Target 2024 Form 10-K, gift card accounting — https://www.sec.gov/Archives/edgar/data/27419/000002741925000018/tgt-20250201.htm

Target 2025 Form 10-Q gift card liability activity — https://www.sec.gov/Archives/edgar/data/27419/000002741925000126/tgt-20251101.htm

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Frequent-flyer miles look like a reward for flying, but modern airline loyalty programs also connect banks, credit cards, marketing, deferred revenue, and future travel. This episode follows a mile from a card swipe to an eventual award seat.

Sources:

Delta Air Lines 2025 Form 10-K — https://www.sec.gov/Archives/edgar/data/27904/000002790426000013/dal-20251231.htm

United Airlines Holdings 2025 Form 10-K — https://www.sec.gov/Archives/edgar/data/100517/000010051726000023/ual-20251231.htm

American Airlines Group 2025 Form 10-K — https://www.sec.gov/Archives/edgar/data/6201/000000620126000014/aal-20251231.htm

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A movie ticket gets you through the door, but the concession stand helps explain how theaters make the visit pay. Follow the money from ticket sales to film rentals, popcorn, drinks, premium formats, loyalty programs, and the fixed costs of keeping a multiplex open.

Sources:

AMC Entertainment Holdings 2025 Form 10-K — https://www.sec.gov/Archives/edgar/data/1411579/000141157926000016/amc-20251231x10k.htm

Cinemark Holdings 2025 Form 10-K — https://ir.cinemark.com/sec-filings/all-sec-filings/content/0001193125-26-056015/cnk-20251231.htm

Variety box-office analysis and theatrical-window reporting — https://variety.com/

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