Jack in the Box
Jack in the Box is shrinking its footprint, sold Del Taco in Dec 2025 to pay down debt, and most leases are franchisee-signed. Its heavy West Coast/California exposure and soft same-store sales mean landlords should focus on store sales and the strength of the franchisee.
- US units
- 2,115
- Q3 FY2026
- 3Y net growth
- −3.0%
- vs. FY2022
- Credit rating
- NR
- Sub-investment grade
- Typical term
- 15–20 yr
- Franchisee-signed NNN (absolute NNN common)
- Model
- Franchised
- Public
Unit count
Jack in the Box in the news
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Jack in the Box net lease FAQ
What is Jack in the Box's credit rating?
Jack in the Box is rated NR (securitized debt only; not verified), which is below investment grade. Check the lease to confirm whether the rated entity is the actual guarantor.
How many Jack in the Box locations are there in the US?
Jack in the Box reported about 2,115 US locations as of Q3 FY2026. That is −3.0% versus 2,180 in FY2022.
What does a typical Jack in the Box net lease look like?
Lease type: Franchisee-signed NNN (absolute NNN common). Initial term: 15–20 yr. Rent increases: 10% every 5 yrs. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Jack in the Box corporate or franchised?
Operating model: Franchised (~93% franchised). For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.