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.
Disclaimer: This information was extracted using AI from public Franchise Disclosure Documents and should be independently verified. This is not financial or legal advice. Always review official FDD filings before making investment decisions.
Overview
Financial Requirements
8% royalty (min. $4,000 per royalty period) + $135-$231/mo fixed fees incl. quality control (surveys, inspections, mystery shopping) and marketing materials
Franchise Stats
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 to Other Fast Food Franchises
Key Insights
- Higher than average SBA loan default rate in Fast Food
| Franchise | Investment Range | Franchise Fee | Royalty | Locations |
|---|---|---|---|---|
PANDA EXPRESS Current | $515K - $3.3M | $25K | 8.0% | 175 |
| Burger King | $2.1M - $4.7M | $50K | 4.5% | 19,732 |
| 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 |
Fast Food Average 127 franchises | $605K - $1.5M | $35K | 6.1% | - |
* Comparison based on latest FDD filings. Investment ranges from Item 7, fees from Item 5. Showing top 5 of 127 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
* Data sourced from SBA 7(a) FOIA loan records. Default rate calculated from charged-off loans.
Franchisee Contacts
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Due Diligence
Litigation (Item 3)
No litigation involving franchisees reported in the FDD.
Bankruptcy (Item 4)
No bankruptcy history reported in the FDD.
System Health (Item 20)
Franchise system changes reported in the most recent fiscal year
Frequently Asked Questions
How much does it cost to open a PANDA EXPRESS franchise?
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.
How much revenue does a PANDA EXPRESS franchise make?
According to the 2025 FDD, the average gross revenue for a PANDA EXPRESS franchise is $1,585,064. The median revenue is $1,186,865.
How many PANDA EXPRESS franchise locations are there?
As of the 2025 FDD, PANDA EXPRESS has 175 franchise locations. The company has been franchising since 1995.
Can you get an SBA loan for a PANDA EXPRESS franchise?
Yes, SBA loans are available for PANDA EXPRESS franchises. Historical data shows 1 SBA 7(a) loans have been approved for PANDA EXPRESS franchisees, with an average loan amount of $511,000. The historical default rate is 0.0%.
Is PANDA EXPRESS a good franchise to buy?
PANDA EXPRESS shows several positive indicators: established brand with 175+ locations, transparent financial performance data (Item 19), low SBA loan default rate. However, franchise success depends on many factors including location, local market conditions, and owner involvement. We recommend speaking with existing franchisees and consulting with a franchise attorney before making a decision.
Interested in PANDA EXPRESS?
Talk to a franchise advisor to get personalized guidance and learn if PANDA EXPRESS is the right fit for you.
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