That makes Raising Cane's unusual among big chains. Wingstop, Burger King and Jersey Mike's all passed through private equity owners. Graves has kept control for 30 years and owns almost all of his restaurants rather than franchising them.
Who owns Raising Cane's today?
| Owner | Stake | Source and date |
|---|---|---|
| Todd Graves | About 92% | Forbes, December 2025 (CNBC reported "more than 90%" in October 2024) |
| Craig Silvey, co-founder | Less than 0.5% | Forbes, December 2025 |
| Others | The remaining roughly 8% | Not publicly identified |
The company does not publish its ownership, so these figures come from Forbes, which said it reviewed company financials. Forbes did not name the holders of the remaining stake.
Todd Graves' net worth
| Estimate | Figure | Date |
|---|---|---|
| Forbes real-time | About $20.0 billion, No. 134 in the world | October 25, 2026 |
| Forbes 400 | $22 billion, No. 46 in America | September 2025 |
Almost all of Graves' wealth is his Raising Cane's stake. Forbes also reported in December 2025 that the company had paid him an estimated $250 million dividend. These are Forbes estimates; the company has never been sold or valued in a public market.
Every Raising Cane's owner and CEO
| Who | Years | Role | Price |
|---|---|---|---|
| Todd Graves and Craig Silvey | 1996 to 1999 | Co-founders; opened the first restaurant with their own savings and an SBA loan | - |
| Todd Graves | 1999 to today | Majority owner after buying out Silvey; CEO since the start | Silvey was paid a six-figure sum |
| AJ Kumaran | Co-CEO since 2017 | Joined as chief operating officer in 2014 after running international restaurant franchises, including Hard Rock Cafe and California Pizza Kitchen locations | - |
Sources: Forbes, December 2025; Wikipedia.
Raising Cane's ownership timeline
- 1996
Todd Graves and Craig Silvey open the first restaurant near LSU's North Gate in Baton Rouge on August 28, after banks turned down the business plan
- 1999
Silvey sells his share to Graves; he later returns as an executive for about six years
- 2014
AJ Kumaran joins as COO; the first restaurant outside the US opens in Kuwait
- 2016
About 30% of restaurants are franchised; Graves starts buying franchised stores back
- 2017
Kumaran becomes co-CEO with Graves
- 2023
Cane's opens in Times Square on June 27, its first New York restaurant
- 2024
Sales reach $5.1 billion, about $6.6 million a restaurant, with $928 million in EBITDA
- 2025
Graves ranks No. 46 on the Forbes 400; sales reach $5.6 billion
- 2026
Forbes puts Graves' net worth at about $20 billion on October 25
How big is Raising Cane's?
| Measure | Figure | Date |
|---|---|---|
| Sales | $5.6 billion (Forbes' profile says $5.7 billion) | 2025 |
| Sales | $5.1 billion | 2024 |
| EBITDA | $928 million | 2024 |
| Net debt | $2.6 billion | Forbes, December 2025 |
| Restaurants | More than 900 in 42 states, plus the Middle East | Late 2025 |
| Franchised restaurants | 22 in the US and 52 in the Middle East | Forbes, December 2025 |
Sources: Forbes, December 2025 and October 2026; Masters of Scale.
At $6.6 million a store in 2024, a Cane's restaurant took in more than three times the $2.0 million average at a US Wingstop and more than four times the $1.4 million at a Jersey Mike's, based on those companies' 2025 filings.
Is Raising Cane's publicly traded?
No. Raising Cane's has no stock on any exchange, and Graves has not announced any plan to sell shares. The company does carry debt, about $2.6 billion net, Forbes reported in December 2025.
Related reading
Sources & methodology
Observations retain their source, period and definition. Uncertainty is preserved; missing values are not zero.
- Forbes profile: Todd Graves ↗
forbes.com · 2026-10-25T00:00:00.000Z
- How Raising Cane's has become one of America's hottest fast-food chains (Forbes India, republishing Forbes) ↗
Forbes India · 2025-12-19T00:00:00.000Z
- Where Baton Rouge's Todd Graves ranks on the latest Forbes 400 list (225 Baton Rouge) ↗
225batonrouge.com · 2025-09-11T00:00:00.000Z
- How Raising Cane's founder Todd Graves became an unlikely billionaire (CNBC) ↗
CNBC · 2024-10-05T00:00:00.000Z
- Todd Graves (Masters of Scale) ↗
Masters of Scale
Accessed 2026-10-25.
- Raising Cane's Chicken Fingers (Wikipedia) ↗
Wikipedia
Accessed 2026-10-25.