Wingstop has opened 138 new restaurants in 2024, and it recently increased its estimate for future locations

If you happen to be counting chain restaurants the next time you’re out for a drive through suburbia, Wingstop could be relatively easy to overlook. Its fern-colored logo is not as common as the Golden Arches, Colonel Sanders, or even the Chipotle pepper, but you might be surprised to learn how quickly the buffalo chicken chain has grown in recent years.

The self-described “wing experts” have opened no fewer than 138 locations so far in 2024, a spokesperson tells Fast Company.

Its total restaurant count stood at 2,352 locations as of the end of the second quarter, almost double the number from six years ago, according to company earnings data. The vast majority of these locations are franchised restaurants based in the United States.

And Wingstop says it has many more openings on the horizon: The chain now estimates that it will finish the year with a net gain of 285 to 300 new restaurants, up from an earlier estimate of 275 to 295.

"Our pipeline for future restaurant commitments is the strongest it’s ever been," Wingstop said in an email.

While Wingstop may not always get the attention of its bigger counterparts in fast food or fast-casual dining, you can bet its rivals are paying attention.

Founded in 1994 and publicly traded since 2015, the Texas-based company has seen impressive stock growth this year, with shares up around 55% since January as of Wednesday of this week. That's better on a percentage basis than Shake Shack and Chipotle, although it doesn't quite measure up to Mediterranean chain Cava, whose stock is up almost 200% year to date.

Still, Wingstop's upward trajectory is notable against the backdrop of inflationary pressures, menu price increases, and consumer thriftiness that have vexed the quick-service restaurant industry in recent years. Diners have become more sensitive to the cost of eating out or ordering food to be delivered, particularly when it comes to chains that have built their brand around affordability.

Fresh data from Revenue Management Solutions shows that traffic to fast food chains has been dragging for most of the last two years. It was down 2.1% last month when compared to August 2023.

Wingstop, which is typically described as fast casual, has been enjoying traffic increases in the double digits, according to data from Placer.ai. But not every company in the space is thriving. Several well-known restaurant chains have filed for bankruptcy this year, most recently BurgerFi, which is in the middle of a lengthy restructuring process to stabilize its business.