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1,700+ FDDs structured for franchise professionals

We extract fees, Item 19 financials, franchisee contacts, SBA default rates, litigation, and outlet data from every FDD — so you can compare brands in minutes, not months. Used by multi-unit operators, consultants, and franchise development teams.

Subway

Subway

Subway is a quick-service restaurant franchise where franchisees operate retail establishments selling foot-long and other sandwiches, salads, and various food items. The business model involves franchising individual units or multi-unit developments, with initial investments ranging from $238,625 to $536,745 per restaurant, targeting consumers seeking affordable, customizable, and relatively healthy fast food options. The franchise emphasizes a standardized system for food preparation and operations supported by affiliates providing services like advertising, real estate, and technology.

18,773locations
Food & BeverageShelton, CTRoark Capital Management, LLCwww.subway.comDisclaimer

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Franchise Costs

Franchise Fee
$15,000
Initial Investment
N/A
Royalty Rate
8.00%
Brand Fund
4.50%
Fixed Monthly Fees
$232 – $232

8% royalty + 4.5% ad fund + $75/mo technology fee

Financial Performance


Item 19 Financial Performance

This franchise did not provide Item 19 financial performance data.

Be careful if you are interested in investing. The lack of financial performance representations may indicate limited data or varying results across franchises.

Extracted Item 19 Section

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How Subway Compares

FranchiseInvestmentFeeRoyaltyLocations
Subway
Current
N/A$15K8.0%18,773
MCDONALD'S$1.5M – $2.6M$45KN/A12,772
LITTLE CAESARS$377K – $1.8M$20K6.0%3,788
AFC$45K – $151K$6K8.0%3,572
KFC (NON-TRADITIONAL)$1.2M – $4.2M$45KN/A3,404
SONIC DRIVE-IN$1.5M – $2.5M$15K5.0%3,120
Fast Food Average
134 franchises
$594K – $1.6M$35K6.4%

* 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

Top States
1CA
1783
2TX
1747
3FL
1023
4OH
865
5IL
811
6MI
677
7NY
664
8GA
634
9NC
597
10PA
550
11VA
547
12IN
535
13TN
524
14WA
438
15WI
425

+40 more states

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SBA Loan History


Historical SBA 7(a) loan data for Subway franchisees (20102025)

Total Loans
1,847
Average Loan
$265,828
Total Volume
$491.0M
Default Rate
5.1%

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.

1847 SBA loans on record

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Franchisee Contacts

7,062 franchisee contacts on file from official FDD filings.

7,062 Contacts Available

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Due Diligence


Litigation (Item 3)

Franchisee Cases47

Primarily termination disputes and fee collection matters

Bankruptcy (Item 4)

Bankruptcy HistoryNo
No bankruptcy history reported

System Health (Item 20)

Franchise system changes reported in the most recent fiscal year

Terminations
4
Non-Renewals
46
Reacquired
148
Ceased Ops
1026
Transfers
1307
Sold to Franchisees
148
Projected New
100

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Frequently Asked Questions

As of the 2026 FDD, Subway has 18,773 franchise locations.