What restaurants are open on Thanksgiving? Details on Chick-fil-A, Chipotle, more

Retail foodservice operators have published Thanksgiving hours for Thursday, Nov. 27, 2025, with a mix of nationwide closures and locations remaining open. Major chains closed on the holiday include Chick-fil-A, Chipotle, Panera, Taco Bell, Shake Shack, Raising Cane's, Freddy's and First Watch, while Cracker Barrel, Golden Corral (11 a.m.–4 p.m., select markets extended), Fogo de Chão (11 a.m.–9 p.m.), Waffle House, Whataburger and many franchise McDonald's/Subway/Starbucks/Dunkin' locations will largely remain open with hours varying by franchise. Cheesecake Factory is closed systemwide except two mall/resort locations; Krispy Kreme will operate and close at 2 p.m. local time. The guidance signals modest operational shifts for holiday consumer demand but is unlikely to materially affect near-term company fundamentals or market valuations.

Analysis

Market structure: Thanksgiving hours create a clear short-term winners/losers bifurcation — convenience-led chains open (MCD, SBUX, DNUT, WEN franchises, Waffle House/Whataburger equivalents) capture incremental holiday footfall while full-service and premium casual chains closed (SHAK, CAKE, TXRH) forgo a one-off revenue day. Expect a 5–30% single-day sales uplift for open locations vs. baseline (format-dependent); franchise variability mutes corporate SSS (same-store sales) signal because independents set hours. Pricing power shifts are limited — holiday demand is inelastic for convenience but holiday pay and overtime will compress EBITDA margins by low-single-digit percentage points for open chains.

Risk assessment: Immediate risk (days) centers on execution — staffing, supply (turkey/cream/special ingredients) and negative PR from holiday openings; short-term (weeks–months) risks include worse-than-expected SSS prints and higher labor costs hitting guidance revisions. Tail risks include coordinated labor action or a food-safety incident at an open chain (low probability, high impact) and franchisee heterogeneity creating noisy comps that mislead investors. Key catalysts: Thanksgiving SSS data, November retail CPI and December guidance season; monitor weekly sales releases and company-specific store-hour disclosures over the next 7–30 days.

Trade implications: Tactical long ideas: overweight MCD (ticker MCD) and DNUT (Krispy Kreme) ahead of holiday morning traffic — size 1–2% NAV each for 1–3 month holds; use 30–90 day call spreads to cap cost. Tactical shorts: underweight/short SHAK and CAKE (size 0.5–1% NAV) into likely muted holiday revenue and higher labor-driven margin pressure; prefer 3-month put spreads. Pair trade: long MCD (1.5%) / short SHAK (0.75%) to express format divergence; exit after Dec SSS or on earnings revisions.

Contrarian angles: Consensus overlooks the strategic value of staying closed — chains like Chick-fil-A and Chipotle preserving labor goodwill and brand may see stronger post-holiday demand and employee retention, a multi-quarter benefit not captured in single-day sales. Conversely, the market may be underpricing upside for regional full-service brands open on Thanksgiving (Cracker Barrel, Golden Corral analogs) that can report outsized comps; watch post-holiday comp revisions and 2H fiscal 2026 guidance for re-rating opportunities.

Key Decisions for Investors

• Establish a 1.5% NAV long position in MCD (McDonald's) using a 30–60 day call spread (slightly OTM) entered within 7 trading days before Thanksgiving to capture a potential 1–3 month uplift from holiday convenience traffic; trim on any >5% intraday gain or after December SSS print.