Waffle House said today it's adding a temporary surcharge of 50 cents per egg.

• Why it matters: Restaurants are starting to crack under the weight of the nation's egg crisis.

Several major restaurant chains we've contacted have been mum on their egg plans, but industry experts don't think Waffle House will be the last to put extra fees in place.

Catch up fast: The bird flu, which has affected at least 22.8 million birds in the last 30 days, according to USDA data, has led to record egg prices with no end in sight for the increases.

• Large eggs in the Midwest will be $7.79 per dozen after today's market, Karyn Rispoli, Expana's managing editor for eggs in the Americas, tells us.

The big picture: Part of the problem is that restaurants have few options to mitigate the crisis.

• Restaurants typically aren't able to lock in egg prices in the same way that airlines hedge fuel costs, International Foodservice Manufacturers Association CEO Phil Kafarakis says.
• "There's no quick fix," says Matt Sutton-Vermeulen, a supply chain expert on eggs, milk and meat for management consultancy Kearney. "That's the harsh reality."

What we're watching: For restaurants, pricing decisions are often left to local franchisees.

• IHOP told Axios that franchises "ultimately manage pricing per restaurant."

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Chipotle, which reported earnings after the bell today, is uniquely exposed to President Trump's threatened tariffs on Mexican products due to its heavy use of avocados.

• TD Cowen analyst Andrew Charles estimated that 7%–11% of the company's cost of goods sold is from avocados.
• The company gets about 85% of its avocados from Mexico. (Charles estimated that 25% tariffs would increase Chipotle's cost of goods sold by less than 50 basis points.)

The latest: Chipotle today reported same-store sales climbed 5.4% in the quarter, behind total revenue of $2.8 billion.

• Investors were hoping for more, sending the stock down over 5% after the bell.

🥤PepsiCo's stock fell after the company reported that North American consumers are snacking less and buying fewer items at convenience shops. But the drinks-and-snacks giant projected a recovery in its North American business in 2025. (Axios)

🦊 Fox plans to launch a stand-alone streaming service. The company says the offering will include news and sports and will be separate from its Tubi service. (The Verge)

☁️ Alphabet's revenue growth slowed in the fourth quarter from last year's pace. Its cloud revenue grew 30%, but missed expectations. The Google parent said it plans to invest $75 billion in CapEx in 2025 to further expand its AI strategy. Shares were trading down more than 8% after the bell. (CNBC)

McDonald's is resurrecting a character not seen since the 1980s to promote next week's return of the Shamrock Shake.

State of play: Uncle O'Grimacey — who is apparently a long-lost, fuzzy green Irish relative of the purply nebulous Grimace — is back.

• We're told Uncle O'Grimacey comes from ... wait for it ... Sham Rock, Ireland.
• "This Shamrock Season celebration came to life when Grimace stumbled upon his family's original Shamrock Shake recipe," McDonald's says. "That discovery sparked Grimace to reconnect with his vibrant, joyful, and generous uncle, Uncle O'Grimacey."

💭 Nathan's thought bubble: Uncle O'Grimacey needs to answer some tough questions about where he's been this whole time.