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Hardee's (NT)
Hardee’s Restaurants LLC franchises quick-service restaurants operating under the Hardee’s brand at Travel Center Locations serving the trucking industry or Gas and Convenience Locations focused on non-commercial fuel and convenience items. These restaurants offer 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 quick-serve items. The business model involves franchisees paying initial fees, royalties, and adhering to brand standards to target highway travelers, truckers, and convenience store customers.
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Franchise Costs
Financial Performance
Item 19 Financial Performance
Data Based On: 129 Hardee's Travel Center and Gas and Convenience Center Restaurants (1 company-operated, 128 franchised) operated during the FY25 Period (January 30, 2024 to January 27, 2025)
* Calculated average gross revenue for 128 franchised units. The combined average for 129 units (1 company-owned, 128 franchised) was $1,471,142. The revenue of the 1 company-owned unit was $1,425,139. Therefore, (129 * $1,471,142 - 1 * $1,425,139) / 128 = $1,471,501.40.
Extracted Item 19 Section
Avg. Revenue: $1,471,501
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Unlock financial performance dataHardee's (NT) Franchise Analysis
Imagine fueling America's truckers with charbroiled Thickburgers at highway pit stops—Hardee's non-traditional model targets this niche with a streamlined menu for quick bites. Item 19 finally pulls back the curtain on revenue performance, while a handful of SBA loans hint at financing realities for these roadside outposts. But with recent system contraction, does this veteran brand still rev the engine for investors, or is the road ahead bumpier than it seems?
Item 19 disclosures paint a robust picture: average gross revenues hit $1,471,501 with medians at $1,437,792 across these specialized locations, outperforming many quick-service peers in high-traffic travel and convenience settings. Franchisees face ongoing royalties and adhere to brand standards, but the model's focus on breakfast biscuits, chicken tenders, and Angus burgers drives solid top-line numbers for highway warriors. SBA data adds context with just 5 loans averaging $865,800, suggesting selective but feasible bank support for qualified buyers eyeing these turnkey travel-center integrations.
System metrics reveal stability amid slight decline—from 1,393 total locations in 2024 to 1,369 in 2025 (-2% growth)—with only 7 terminations, 9 non-renewals, 10 transfers, and 5 projected new units signaling low churn in a mature network. Litigation centers on termination and sublease disputes, typical for franchised food ops but worth vetting. Prospective buyers should dig into Item 7 for precise build-out costs in travel plazas, audit recent FDD updates on supply chain for trucker demand, and scrutinize local traffic data to validate those revenue highs.
Analysis based on the 2025 Franchise Disclosure Document. All figures should be independently verified before making investment decisions.
How Hardee's (NT) Compares
| Franchise | Investment | Fee | Royalty | Locations |
|---|---|---|---|---|
Hardee's (NT) Current | N/A | N/A | N/A | 1,369 |
| 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 | 9.5% | 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 132 franchises | $602K – $1.6M | $35K | 6.1% | – |
* Comparison based on latest FDD filings. Investment ranges from Item 7, fees from Item 5. Showing top 5 of 132 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
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Unlock location growth dataSBA Loan History
Historical SBA 7(a) loan data for Hardee's (NT) franchisees (2010 – 2013)
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.
5 SBA loans on record
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Unlock SBA loan historyFranchisee Contacts
1,369 franchisee contacts on file from official FDD filings.
1,369 Contacts Available
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Unlock contactsDue 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
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Unlock due diligence reportsFrequently Asked Questions
Hardee's (NT) does disclose financial performance data (Item 19) in their 2025 FDD, including average and median gross revenue figures. Get full access to see the exact revenue numbers and detailed financial breakdown.
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