Raising Cane's just offered a rare glimpse into its finances — and the chicken-finger giant is growing like crazy

• Revenue for Raising Cane's rose by 33% in the first half of this year, sources told Bloomberg.
• The privately held company released financials as part of a $500 million debt-financing deal.
• The chicken-finger giant's founder, Todd Graves, is thought to have a net worth of over $10 billion.

The chicken-finger chain Raising Cane's has enjoyed surging popularity in recent years. But because the company is privately held, it's difficult to know exactly how quickly it's growing.

That changed this week. Citing people familiar with the matter, Bloomberg reported that the company disclosed to investors that its revenue increased by a sizable 33% year over year through the first six months of 2024. Sales came in at $2.3 billion for the period, up from $1.7 billion in the first half of 2023.

Further, adjusted earnings were $464 million in the first half of the year, up by 26% from the same period in 2023.

The financials were shared as part of a $500 million debt-financing deal. Raising Cane's is planning to use the proceeds to pay down existing debt obligations and invest in general corporate purposes.

The chicken chain's success has turned its founder, Todd Graves — who owns 90% of the company — into a billionaire and the richest person in Louisiana. Bloomberg said that accounting for the new financials, Graves' net worth is $10.2 billion, a $3.3 billion increase from the last time it was calculated.

Raising Cane's is a unique success story in the fast-food world given its limited menu; the restaurant offers chicken fingers, fries, coleslaw, Texas toast, and its renowned Cane's sauce. The menu's simplicity allows the company to churn through customers.

The chain says it has more than 800 locations globally, mostly in the US, and has pledged to continue growing.