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DAIRY QUEEN
Dairy Queen is a franchise specializing in soft-serve ice cream products like Blizzards and sundaes, along with fast food items such as burgers, fries, and chicken. This specific FDD pertains to DQ of MT/ND, operating a regional franchising model for locations in Montana and North Dakota. The target market includes families, youth, and customers seeking quick, indulgent treats and casual meals.
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Franchise Costs
4% royalty + 3% ad fund + $100-$240/mo technology/internet fees
Financial Performance
Item 19 Financial Performance
Data Based On: 40 subfranchised free-standing DQ Grill & Chill restaurants that operated in Montana and North Dakota during the entire 2025 calendar year (21 in Montana and 19 in North Dakota).
* All figures were extracted directly from the 'High, Low, Average and Median Gross Sales of 40 Subfranchised Free-Standing DQ Grill & Chill Restaurants Operating in Montana and North Dakota in 2025' table found on page 2. No information regarding gross profit, net income, net profit, EBITDA, or any expense data was provided to calculate profit ranges or margins.
Extracted Item 19 Section
Avg. Revenue: $1,775,019
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Unlock financial performance dataDAIRY QUEEN Franchise Analysis
Blizzard-fueled fast food meets regional resilience in Dairy Queen's Montana/North Dakota model. Item 19 lays bare revenue performance that punches above its ice cream roots, while a deep SBA loan history signals rock-solid financing outcomes. Yet with modest system size and sparse transfers, does this upper Midwest play demand a closer look to separate treat from treasure?
Item 7 pegs initial investment at $623,000-$2,782,200, covering buildouts for Grill & Chill or Treat-only formats—think $25,000 franchise fee plus equipment, real estate, and inventory. Ongoing fees from Item 6 hit 4% royalty for Grill & Chill or 5% for Treat centers, plus 3-6% ad fund, $10-80/month internet, and $1,200-$1,600 annual EPOS support. Item 19 shines brightest: average gross sales $1,615,815, median $1,534,470 across comparable outlets, suggesting strong top-line potential in family-driven markets craving quick indulgences.
System health via Item 20 shows 74 locations with just 7 transfers, hinting at sticky ownership amid stable operations. SBA stats impress—581 loans averaging $578,958 and a tiny 1.6% default rate—proving banks back DQ franchisees heavily with minimal risk. For investors eyeing $1.6M+ revenue against multimillion startup costs, this regional setup offers proven cash flow in loyal territories, but weather volatility and competition warrant scrutinizing local demographics before committing.
Analysis based on the 2026 Franchise Disclosure Document. All figures should be independently verified before making investment decisions.
How DAIRY QUEEN Compares
| Franchise | Investment | Fee | Royalty | Locations |
|---|---|---|---|---|
DAIRY QUEEN Current | $635K – $2.8M | $25K | 4.0% | 1,983 |
| MCDONALD'S | $1.5M – $2.6M | $45K | N/A | 12,772 |
| LITTLE CAESARS | $377K – $1.8M | $20K | 6.0% | 3,788 |
| AFC | $45K – $151K | $6K | 8.0% | 3,572 |
| KFC (NON-TRADITIONAL) | $1.2M – $4.2M | $45K | N/A | 3,404 |
| SONIC DRIVE-IN | $1.5M – $2.5M | $15K | 5.0% | 3,120 |
Fast Food Average 134 franchises | $596K – $1.6M | $35K | 6.4% | – |
* Comparison based on latest FDD filings. Investment ranges from Item 7, fees from Item 5. Showing top 5 of 134 Fast Food franchises by location count.
Locations & Growth
Outlet Growth Over Time
Total outlets at end of each year
Geographic Distribution (2025)
Outlets by state across the United States
+35 more states
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Unlock location growth dataSBA Loan History
Historical SBA 7(a) loan data for DAIRY QUEEN franchisees (2010 – 2025)
Loans by Year
SBA 7(a) loan activity over time
* Data sourced from SBA 7(a) FOIA loan records. Default rate calculated from charged-off loans.
581 SBA loans on record
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Unlock SBA loan historyFranchisee Contacts
423 franchisee contacts on file from official FDD filings.
423 Contacts Available
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Unlock contactsDue Diligence
Litigation (Item 3)
Primarily disputes over contract breaches, franchise transfers, fee collection, encroachment, and termination.
Bankruptcy (Item 4)
System Health (Item 20)
Franchise system changes reported in the most recent fiscal year
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Unlock due diligence reportsFrequently Asked Questions
The total initial investment to open a DAIRY QUEEN franchise ranges from $634,500 to $2,793,700. This includes a franchise fee of $25,000. Ongoing royalty fees are 4.0% of gross sales.
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