The National Restaurant Association’s Restaurant Performance Index (RPI) fell -0.4% MoM to 99.4 in September 2025, marking its lowest level since March and signaling continued contraction in restaurant industry activity.

• The Current Situation Index declined -0.7% to 99.2, its third consecutive month below 100, reflecting weaker same-store sales and ongoing declines in customer traffic.

• The Expectations Index edged down -0.1% to 99.7, its third straight month in contraction territory, as operators remained cautious about future sales and pessimistic about economic conditions.

• Same-store sales were mixed: 45% of operators reported YoY gains while 44% saw declines, little changed from August.

• Customer traffic weakened further, with 34% of operators reporting increases (down from 38%) and 52% reporting declines (up from 42%), marking the eighth consecutive month of net negative traffic.

• Capital spending remained resilient, with 52% of operators making investments over the past three months—the fourth straight month above the 50% threshold.

• Looking ahead, only 34% of operators expect higher sales in six months (down from 40% in August), while just 11% foresee an improving economy—the lowest optimism reading in 17 months.

• Despite softer sentiment, 51% of operators still plan capital expenditures in the next six months, underscoring continued long-term investment amid near-term weakness.