“We expect 2025 G&A as a percentage of system-wide sales for the full year to be about 2.2%.”

In context

“cally for 2025, driven by the durability of our business model, we're targeting our full-year operating margin percent to be in the mid to high 40% range and above the 46.3% adjusted operating margin from 2024, primarily due to franchise margin performance. This includes our expectation that our full-year company-operated margin percent will be slightly higher than the 14.8% we delivered in 2024, driven by top-line growth and partly offset by continued cost pressures. With respect to G&A, our system's financial strength enables us to invest in areas that we expect will drive long-term efficiency for our people and for our stakeholders. Even with the muted top-line growth in 2024, we maintained the right long-term investment mindset as we were able to prioritize our run-the-business spend. We expect 2025 G&A as a percentage of system-wide sales for the full year to be about 2.2%. Our 2025 target reflects continued investments in technology, digital, and global business services, or GBS. You heard Chris mention the three strategic technology platforms earlier. Through the investments in these platforms, we plan to continue to get more efficient in running the business over time and ultimately free up more resources to continue to drive long-term growth. We still have significant investment years ahead of us before these efficiencies are realized. Below the operating line, we're projecting interest expense this year to increase between 4% and 6% compared to 2024 due to higher average debt balances and interest rates and expect our full-year effective tax rate to be between 20% and 22%. Turning to restaurant development and capital expenditures, we expect net restaur”