You’re standing in a line that wraps around the building, smelling that specific blend of toasted butter and fried batter, and you wonder: Who is actually getting rich off this? It’s a fair question. Most fast-food giants—the ones with 900+ locations and billions in revenue—sold their souls to Wall Street decades ago. But Raising Cane’s is weird.
Actually, it’s beyond weird. It’s a total anomaly in the modern business world.
If you want the short answer, here it is: Todd Graves owns Raising Cane's. He doesn't just "own" it in the way a CEO might own a chunk of stock options. He owns about 92% of the company as of early 2026. He is the founder, the "Fry Cook & Cashier," and the guy who turned a business plan that literally received a failing grade in college into a $22 billion personal fortune.
The Guy Who Refused to Sell Out
In an era where every successful startup is looking for an "exit strategy," Todd Graves is looking for an "entry strategy" into more cities. Honestly, the story of how he kept control of the brand is kinda legendary in business circles. Back in the mid-90s, when he was just a kid with a dream in Baton Rouge, banks wouldn't give him a dime. They told him a restaurant that only sold chicken fingers was a suicide mission.
So what did he do? He didn't find a venture capital firm to save him.
He went to California and worked as a boilermaker in oil refineries. Then he hopped a boat to Alaska to fish for sockeye salmon. We're talking 20-hour days, dangerous conditions, and back-breaking labor just to get the seed money. Because he raised that initial capital with his own sweat, he never had to hand over the keys to a board of directors.
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Is Raising Cane's Publicly Traded?
Nope. Not even a little bit.
If you search for a Raising Cane's stock symbol on the NYSE or NASDAQ, you’re going to come up empty-handed. They are a private entity. Being private means Todd Graves doesn't have to answer to shareholders who care about "quarterly earnings growth" more than the quality of the bird.
In a recent interview, Graves mentioned that people want "good content, not daily food posts." This mindset reflects how the company operates. They don't have to chase trends. They don't have to launch a "Cane's Salad" or a "Cane's Burrito" just to please an analyst at Goldman Sachs. They do one thing: chicken fingers. That's the "One Love" philosophy.
The Ownership Structure Breakdown
While Graves owns the lion's share, he isn't the only name on the paperwork, though he's certainly the one calling the shots.
- Todd Graves: Majority owner (~92% stake).
- Craig Silvey: The co-founder who helped write that "failing" business plan back at LSU. While he stepped back from daily operations years ago, his role in the foundation is permanent.
- Private Investors & Partners: A tiny sliver of the company is held by close partners and early-stage backers who stuck by the "chicken finger" idea when it sounded crazy.
Interestingly, there’s a firm called Four Rivers that has been linked to the company as an institutional investor, but they don't have the power to force a sale or an IPO. Graves has stayed remarkably disciplined about debt. He used private debt to grow—taking out loans with high interest rates—rather than selling equity. It was a massive gamble that paid off.
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Why You Can't Buy a Franchise
You’ve probably seen the "Now Hiring" signs, but you’ll never see a "Franchise Opportunities Available" sign for Raising Cane's in the United States.
Basically, the company is almost entirely corporate-owned.
Why? Because franchises are hard to control. If a guy in Des Moines decides to start cutting corners on the toast, it hurts the brand in Dallas. By owning and operating the restaurants themselves, the Baton Rouge headquarters keeps a tight grip on the culture.
There are some international exceptions—like the partnership with Alsea to open locations in Mexico in 2026—but for the most part, if you're eating Cane's in the U.S., you're eating at a store owned by the company itself.
By the Numbers: The 2026 Landscape
To understand the scale of what Graves owns, look at these 2026 projections and 2025 performance data:
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- Total Locations: Over 900 (and sprinting toward 1,600).
- Annual Revenue: Nearing $10 billion.
- Average Unit Volume (AUV): About $6.5 million to $8 million per store.
- Employee Count: Over 65,000 "Crew Members."
To put that AUV in perspective: a typical McDonald's makes about $3 million. Raising Cane's stores are making double that with a fraction of the menu items. It’s a cash-flow machine.
What This Means for the Future
Most people assume that eventually, a company this big has to go public. The founders get old, they want to diversify their wealth, or they get bored.
But Graves doesn't seem bored.
He’s currently ranked as the 46th richest person in America with a net worth of $22 billion. He doesn't need the money from an IPO. He’s spent the last few years leaning into the "celebrity" side of the brand, partnering with Post Malone and Snoop Dogg to keep the vibe young and hype-heavy.
There's also a heavy focus on the "Cane's III" legacy (the yellow Lab that serves as the mascot). The company isn't just a business; it’s a family-owned empire.
Actionable Insights for the Curious
- Don't wait for an IPO: If you're looking to invest, you're out of luck for the foreseeable future. Graves has shown zero interest in the public markets.
- Career Growth: Since they are corporate-owned, their "Manager Partner" programs are actually quite lucrative compared to standard fast-food management. They treat their operators more like owners.
- Watch the International Move: The 2026 expansion into Mexico via Alsea is the biggest hint at how they plan to grow without losing domestic control.
The reality of who owns Raising Cane's is that it remains one of the last true "founder-led" giants in the American food landscape. It’s a $22 billion middle finger to every bank that said "no" in 1996.
What to do next:
If you're a business owner or aspiring entrepreneur, study the debt-over-equity model Todd Graves used. Instead of giving away 20% of your company for a seed round, consider if there's a "salmon fishing" equivalent in your industry—a way to grind for your own capital to maintain 100% control. Check the latest Forbes 400 list to see how Graves' ranking fluctuates as the chain nears its 1,000th location.