The National Restaurant Association’s Restaurant Performance Index (RPI) fell -0.3% MoM to 99.7 in July 2025, slipping below the expansion threshold as weak traffic offset steady sales and cautious operator sentiment.

• The Current Situation Index dipped -0.2% MoM to 99.7, with same-store sales rising for a fourth month but customer traffic down for the sixth straight month.

• The Expectations Index declined -0.3% MoM to 99.7, as operators reported mixed sales outlooks and remained broadly pessimistic on the economy.

• 48% of operators reported higher same-store sales YoY in July, while 42% saw declines; traffic trends stayed negative despite a slight uptick.

• Capital expenditures rose, with 53% of operators investing in the past three months—the highest in 13 months—and 55% planning spending in the next six months.

• Only 15% of operators expect the economy to improve in six months, the weakest reading since September 2024, while 41% anticipate worsening conditions.