HARDEE'S (AA)
Hardee’s Restaurants LLC is a franchisor of quick-service restaurants operating under the Hardee’s brand, offering a limited menu of breakfast, lunch, and dinner products featuring charbroiled 100% Black Angus Thickburger sandwiches, Hand-Breaded Chicken Tenders, Made from Scratch Biscuits, and other related quick-serve menu items. The business model centers on granting franchises for traditional single-tenant locations, with options for single-unit or multi-unit development agreements, and also selling certain company-operated restaurants to franchisees. It targets consumers seeking affordable, fast-casual dining options in the competitive quick-service restaurant industry.
Franchise Costs
4% royalty + 4.25% national ad fund + $174-$438/mo in fixed technology and software fees (Star University, Digital Tech, optional POS support, hosting, and back office).
Financial Performance
Item 19 Financial Performance
Data Based On: 1,398 freestanding Hardee's Restaurants (1,208 franchised, 190 company-operated) open for the entire 53 week time period of January 30, 2024 to January 27, 2025 (FY25 Period).
* All data extracted directly from the 'Average Revenue FY25 Franchised Hardee's Freestanding Restaurants' table on page 1. No calculations were required for average or median revenue. No expense or profit data was provided to estimate profit ranges or other profit metrics.
Extracted Item 19 Section
How HARDEE'S (AA) Compares
Key Insights
- Higher investment than 90% of Fast Food franchises
- Lower than average SBA loan default rate in Fast Food
| Franchise | Investment | Fee | Royalty | Locations |
|---|---|---|---|---|
HARDEE'S (AA) Current | $1.4M – $2.6M | $25K | 4.0% | 1,369 |
| MCDONALD'S | $1.5M – $2.6M | $45K | N/A | 12,772 |
| AFC | $45K – $151K | $6K | 9.5% | 3,572 |
| SONIC DRIVE-IN | $1.7M – $3.1M | $15K | 5.0% | 3,441 |
| JIMMY JOHN'S | $366K – $728K | $35K | 6.0% | 2,647 |
| ARBY'S | $645K – $2.5M | $38K | 4.0% | 2,316 |
Fast Food Average 126 franchises | $594K – $1.5M | $35K | 6.1% | – |
* Comparison based on latest FDD filings. Investment ranges from Item 7, fees from Item 5. Showing top 5 of 126 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
+16 more states
SBA Loan History
Historical SBA 7(a) loan data for HARDEE'S (AA) franchisees (2016 – 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.
Franchisee Contacts
1,121 franchisee contacts on file from official FDD filings.
| Name | SBA Loan |
|---|---|
John Smith ABC Franchise LLC | $350,000 2023 · Active |
John Smith ABC Franchise LLC | $350,000 2023 · Active |
John Smith ABC Franchise LLC | $350,000 2023 · Active |
John Smith ABC Franchise LLC | $350,000 2023 · Active |
John Smith ABC Franchise LLC | $350,000 2023 · Active |
1,121 Contacts Available
Unlock all HARDEE'S (AA) franchisee contacts with verified contact information
Due Diligence
Litigation (Item 3)
Primarily termination disputes and breach of contract/sublease matters involving franchisees.
Bankruptcy (Item 4)
System Health (Item 20)
Franchise system changes reported in the most recent fiscal year
Frequently Asked Questions
The total initial investment to open a HARDEE'S (AA) franchise ranges from $1,375,000 to $2,637,395. This includes a franchise fee of $25,000. Ongoing royalty fees are 4.0% of gross sales.
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