PANDA EXPRESS
Citadel Panda Express, Inc. franchises licenses to qualified applicants to develop and operate Panda Express restaurants, which are limited-service outlets offering on-premises dining and carry-out of gourmet Chinese and other Asian food items, beverages, and related menu items. These restaurants primarily operate in captive venues such as military facilities, airports, campuses, hospitals, and universities, using the proprietary Panda Express System including specified recipes, procedures, design, and training. The business model involves charging an initial franchise fee and ongoing royalties while requiring adherence to system standards to maintain brand goodwill, targeting franchisees interested in high-traffic, non-traditional locations.
Franchise Costs
8% royalty (min. $4,000 per royalty period) + $135-$231/mo fixed fees incl. quality control (surveys, inspections, mystery shopping) and marketing materials
Financial Performance
Item 19 Financial Performance
Data Based On: 156 licensed Panda Express Restaurants operating in captive venue locations for the full fiscal year 2024 (December 31, 2023 to December 28, 2024).
Extracted Item 19 Section
How PANDA EXPRESS Compares
Key Insights
- Higher than average SBA loan default rate in Fast Food
| Franchise | Investment | Fee | Royalty | Locations |
|---|---|---|---|---|
PANDA EXPRESS Current | $515K – $3.3M | $25K | 8.0% | 175 |
| 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 (2024)
Outlets by state across the United States
+24 more states
SBA Loan History
Historical SBA 7(a) loan data for PANDA EXPRESS franchisees (2025 – 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
51 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 |
51 Contacts Available
Unlock all PANDA EXPRESS franchisee contacts with verified contact information
Due Diligence
Litigation (Item 3)
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 PANDA EXPRESS franchise ranges from $514,500 to $3,275,500. This includes a franchise fee of $25,000. Ongoing royalty fees are 8.0% of gross sales.
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