Franopolis

    Carvel Corporation

    Franchise research report · reviewed 2026 disclosure data

    Researching Carvel Corporation franchise opportunities? Every figure below is cited to the FDD.

    Reviewed sources
    Franchising since
    1950
    Source: franchise.org
    Headquarters
    Atlanta, GA United States
    Source: franchise.org

    Carvel Corporation is a food and dessert franchise that sells premium soft ice cream, hand-dipped ice cream products, and uniquely shaped ice cream cakes. Its offerings include signature Fudgie the Whale and Cookie Puss cakes.

    Headline figures

    Quick facts

    How much does it cost to open a Carvel Corporation franchise?
    The Carvel Corporation Franchise Disclosure Document reports separate estimated initial investments by format: $38,850–$100,500 for as incurred as incurred us, employees, vendors, etc. total initial investment 23, 24 — 38850 (2026 FDD, Item 7, PDF p. 46); $126,975–$327,550 for 500 as incurred as incurred us, employees, vendors, etc. total initial investment 23 — 126975 (2026 FDD, Item 7, PDF p. 47); $428,405–$1,051,200 for 000 as incurred as incurred us, employees, vendors, etc. total initial investment 23 — 428405 (2026 FDD, Item 7, PDF p. 44); $75,225–$233,300 for as incurred as incurred us, employees, vendors, etc. total initial investment 23, 24 — 75225 (2026 FDD, Item 7, PDF p. 45); $463,250 for as incurred as incurred us, employees, vendors, etc. total initial investment 23, 26 — 463250 (2026 FDD, Item 7, PDF p. 48). These formats are not combined. Each is the franchisor's disclosed estimate, not a quote. Details
    What is the Carvel Corporation initial franchise fee?
    The disclosed initial franchise fee for a standard single unit is $3,000 (2026 FDD, Item 5, PDF p. 30). Other fee options (for example multi-unit or conversion) are listed separately in the report. Details
    What ongoing fees does Carvel Corporation charge?
    The disclosed ongoing royalty is $6 (2026 FDD, Item 6, PDF p. 31). The brand or advertising fund contribution is $2 (2026 FDD, Item 6, PDF p. 32). Other recurring fees are listed in Item 6. Details
    Does Carvel Corporation disclose financial performance (Item 19)?
    Yes. The Carvel Corporation FDD includes an Item 19 financial performance representation (2026 FDD, Item 19, PDF p. 92). Figures apply only to the locations and period each one covers. Details
    How many Carvel Corporation locations are there?
    The FDD reports 720 outlets at the end of 2025 (2026 FDD, Item 20, PDF p. 93). Existing locations do not indicate territory availability. Details

    From reviewed FDD figures only. Not a recommendation or projection.

    What the disclosures show

    1. 1The 2026 FDD (Item 7) estimates opening costs separately by format: $38,850 – $100,500 (As incurred As incurred Us, employees, vendors, etc. Total Initial Investment 23, 24 — 38850); $126,975 – $327,550 (500 As incurred As incurred Us, employees, vendors, etc. Total Initial Investment 23 — 126975); $428,405 – $1,051,200 (000 As incurred As incurred Us, employees, vendors, etc. Total Initial Investment 23 — 428405); $75,225 – $233,300 (As incurred As incurred Us, employees, vendors, etc. Total Initial Investment 23, 24 — 75225); $463,250 (As incurred As incurred Us, employees, vendors, etc. Total Initial Investment 23, 26 — 463250); several initial fee options apply.
    2. 2Item 19 covers 5 separate groups: other measures and revenue for 26 Franchised locations; revenue and other measures for 26 Franchised locations; other measures and revenue for 26 Franchised locations; revenue and other measures for 26 Franchised locations; other measures and revenue for 104 Franchised locations. They are not combined.
    3. 3Outlets grew by 48 in 2025, to 720 (United States, as labeled in the FDD, Item 20).

    From reviewed FDD figures only. Not a recommendation or projection.

    Costs · Items 5–7

    What does it cost to open?

    Estimated opening costs and the fees payable to the franchisor.

    Startup Investment — Item 7

    Range across 5 single-unit formats

    2026 FDD · Item 7

    Formats disclosed in Item 7 (5)

    Each format has its own total. The total depends on the format you choose.

    • As incurred As incurred Us, employees, vendors, etc. Total Initial Investment 23, 24 — 38850PDF p. 46$38,850 – $100,500
    • As incurred As incurred Us, employees, vendors, etc. Total Initial Investment 23, 24 — 75225PDF p. 45$75,225 – $233,300
    • 500 As incurred As incurred Us, employees, vendors, etc. Total Initial Investment 23 — 126975PDF p. 47$126,975 – $327,550
    • 000 As incurred As incurred Us, employees, vendors, etc. Total Initial Investment 23 — 428405PDF p. 44$428,405 – $1,051,200
    • As incurred As incurred Us, employees, vendors, etc. Total Initial Investment 23, 26 — 463250PDF p. 48$463,250

    Standard single-unit franchise fee

    2026 FDD · Item 5 · PDF p. 30
    Discounted and multi-unit options are separate; see all fees.

    Ongoing Fees — Item 6

    Selected recurring charges; payment bases and conditions remain attached to each fee.

    OTHER FEES Type of Fee 1, 4 Amount Date Due Remarks Royalty Fee — 6%Main ongoing fee

    95 reported fees, each with its payment basis, are listed below; they haven't been sorted into recurring, initial and occasional groups yet.

    Financial Performance — Item 19

    What results are disclosed—and for which locations?

    5 separate populations, shown apart. Revenue is not owner income.

    Locations counted: not stated in the reviewed record

    Revenue and other measures · 26 locations

    Who is counted
    104eligible singlebranded full Streetside Shoppes — 2nd Quartile
    Excluded
    Other locations,co-branded,express excluded. Of272singlebrandedstreetside104(38.2%)reportedall52weeksusingPOS;excludes18cobranded,25nonPOSallyear,125incomplete52weeks(including4new2025).6permanentclosuresopen12months;none reacquired.
    Method
    Unaudited franchisee POSnet sales; giftcardloads,discounts,refunds,employee mealdiscounts,taxpaidtogovernment,equipment sales,tips excluded;costs/expensesnotdeducted.

    Locations counted: not stated in the reviewed record

    Revenue and other measures · 26 locations

    Who is counted
    104eligible singlebranded full Streetside Shoppes — Top Quartile
    Excluded
    Other locations,co-branded,express excluded. Of272singlebrandedstreetside104(38.2%)reportedall52weeksusingPOS;excludes18cobranded,25nonPOSallyear,125incomplete52weeks(including4new2025).6permanentclosuresopen12months;none reacquired.
    Method
    Unaudited franchisee POSnet sales; giftcardloads,discounts,refunds,employee mealdiscounts,taxpaidtogovernment,equipment sales,tips excluded;costs/expensesnotdeducted.

    Locations counted: not stated in the reviewed record

    Revenue and other measures · 26 locations

    Who is counted
    104eligible singlebranded full Streetside Shoppes — 3rd Quartile
    Excluded
    Other locations,co-branded,express excluded. Of272singlebrandedstreetside104(38.2%)reportedall52weeksusingPOS;excludes18cobranded,25nonPOSallyear,125incomplete52weeks(including4new2025).6permanentclosuresopen12months;none reacquired.
    Method
    Unaudited franchisee POSnet sales; giftcardloads,discounts,refunds,employee mealdiscounts,taxpaidtogovernment,equipment sales,tips excluded;costs/expensesnotdeducted.

    Locations counted: not stated in the reviewed record

    Revenue and other measures · 26 locations

    Who is counted
    104eligible singlebranded full Streetside Shoppes — Bottom Quartile
    Excluded
    Other locations,co-branded,express excluded. Of272singlebrandedstreetside104(38.2%)reportedall52weeksusingPOS;excludes18cobranded,25nonPOSallyear,125incomplete52weeks(including4new2025).6permanentclosuresopen12months;none reacquired.
    Method
    Unaudited franchisee POSnet sales; giftcardloads,discounts,refunds,employee mealdiscounts,taxpaidtogovernment,equipment sales,tips excluded;costs/expensesnotdeducted.

    Locations counted: not stated in the reviewed record

    Revenue and other measures · 104 locations

    Who is counted
    104eligible singlebranded full Streetside Shoppes — Total
    Excluded
    Other locations,co-branded,express excluded. Of272singlebrandedstreetside104(38.2%)reportedall52weeksusingPOS;excludes18cobranded,25nonPOSallyear,125incomplete52weeks(including4new2025).6permanentclosuresopen12months;none reacquired.
    Method
    Unaudited franchisee POSnet sales; giftcardloads,discounts,refunds,employee mealdiscounts,taxpaidtogovernment,equipment sales,tips excluded;costs/expensesnotdeducted.

    These groups are never combined.

    Outlet Changes — Item 20

    How has the outlet count changed?

    United States, as labeled in the FDD · counts as of 2025 of each year.

    2026 FDD · Item 20 · PDF p. 93

    Net +68 outlets, 2023–2025

    0652202367220247202025+20+48

    Year-end counts reported in Item 20. The scale starts at zero; the labels between the dots show each year's change. Openings and closures for 2025 haven't been pulled from the Item 20 tables yet, so no turnover or churn is shown.

    Questions to investigate

    Prompts based on what this brand's reviewed disclosures do and don't show — not conclusions. Join free as a member to save questions to your research.

    For the franchisor

    • Which line items in the 2026 Item 7 estimate ($38,850 – $1,051,200) vary most by market, and why?

    • Which initial fee option would apply to my situation, and what conditions or discounts affect it?

    • Which locations are included in the Item 19 figures, and which were excluded?

    • Reported units went from 672 to 720 in 2025. How many new units opened, closed or changed hands?

    • Is a territory available in my area, and how is it defined in my agreement?

    For current and former owners

    • How did your actual startup costs and timeline compare with the Item 7 estimate?

    • How many hours a week do you work in the business, and in what role?

    • How do your results compare with the Item 19 figures, and what explains the difference?

    • What support from the franchisor has been most and least useful?

    For your advisors

    • Ask a franchise attorney to review the territory, renewal, transfer and termination terms.

    • Ask an accountant to build a cash-flow plan using your own assumptions, not the franchisor's.

    Sources & vintage history

    Every displayed fact is retained with its disclosure vintage, item, page, and reviewed status. Prior vintages remain on file rather than being overwritten.

    Citations (2026 FDD)

    1. [1]Standard initial franchise fee — Item 5 · PDF p. 30
    2. [2]Item 19 — Locations counted not stated in the reviewed record — 104eligible singlebranded full Streetside Shoppes — 2nd Quartile · PDF p. 92
    3. [3]Item 19 — Locations counted not stated in the reviewed record — 104eligible singlebranded full Streetside Shoppes — Top Quartile · PDF p. 92
    4. [4]Item 19 — Locations counted not stated in the reviewed record — 104eligible singlebranded full Streetside Shoppes — 3rd Quartile · PDF p. 92
    5. [5]Item 19 — Locations counted not stated in the reviewed record — 104eligible singlebranded full Streetside Shoppes — Bottom Quartile · PDF p. 92
    6. [6]Item 19 — Locations counted not stated in the reviewed record — 104eligible singlebranded full Streetside Shoppes — Total · PDF p. 92
    7. [7]Outlet counts — Item 20, Table 1 · PDF p. 93

    "PDF p." is the page in the PDF file; "printed p." is the number printed on the FDD page. Source document: FDD

    Territory & operations

    482 addresses in Franopolis's imported location list. Coverage may differ from Item 20 outlet counts.

    These are contract disclosures, not confirmation that any territory is currently available.

    Legal & agreement

    Franchisor financial statements

    Fiscal yearMeasureReported value
    2025assets held for lease, net$61
    2025total current liabilitiesMore than one value recorded for this year — open the FDD source before comparing$10,232
    2025long-term other liabilitiesMore than one value recorded for this year — open the FDD source before comparing$124
    2025total liabilities and member's equity$346,357
    2025intercompany receivable / payable$267
    2025net incomeMore than one value recorded for this year — open the FDD source before comparing$265,768
    2025cash and cash equivalents and restricted cash - securitization, beginning of year$6,345
    2025net cash provided by operating activitiesMore than one value recorded for this year — open the FDD source before comparing$268,843
    2025net cash provided by$123
    2025proceeds from sale or disposal of assets held for sale$127
    2025advertising funds assets$8,986
    2025company store, bakery and restaurant revenues$125,856
    2025goodwill$122,714
    2025long-term other liabilitiesMore than one value recorded for this year — open the FDD source before comparing$2,963
    2025advertising funds$4,256
    2025advertising funds liabilities$11,732
    2025total current liabilitiesMore than one value recorded for this year — open the FDD source before comparing$112,879
    2025liabilities and member's deficit current liabilities accounts payable$3,555
    2025prepaid expenses and other current assets$17,956
    2025intangible assets, netMore than one value recorded for this year — open the FDD source before comparing$496,360
    2025total expenses$412,458
    2025long-term deferred tax liabilities$69,930
    2025total liabilities and member's deficit$881,406
    2025franchise revenuesMore than one value recorded for this year — open the FDD source before comparing$367,569
    2025income before income tax expenseMore than one value recorded for this year — open the FDD source before comparing$95,273
    2025operating lease assets and liabilities-$154
    2025cash flows from financing activities borrowings on revolving credit facility$18,000
    2025unrealized loss on equity securities$2,000
    2025net increase$4,629
    2025franchise and other rental expense$4,396
    2025interest expense, net$91,558
    2025net cash provided by operating activitiesMore than one value recorded for this year — open the FDD source before comparing$112,348
    2025principal payments on debt-$11,200
    2025selling, general and administrative$1,136
    2025assets current assets cash and cash equivalentsMore than one value recorded for this year — open the FDD source before comparing$325
    2025restricted cash - securitization$8,082
    2025accounts receivable netMore than one value recorded for this year — open the FDD source before comparing$31,766
    2025total current assetsMore than one value recorded for this year — open the FDD source before comparing$40,173
    2025intangible assets, netMore than one value recorded for this year — open the FDD source before comparing$306,123
    2025total assetsMore than one value recorded for this year — open the FDD source before comparing$346,357
    2025liabilities and member's equity current liabilities accrued expenses and other liabilities$3,064
    2025current portion of deferred revenueMore than one value recorded for this year — open the FDD source before comparing$3,890
    2025intercompany payables$3,278
    2025long-term deferred revenueMore than one value recorded for this year — open the FDD source before comparing$51,499
    2025total liabilitiesMore than one value recorded for this year — open the FDD source before comparing$61,855
    2025franchise revenuesMore than one value recorded for this year — open the FDD source before comparing$321,417
    2025fees and expenses management fee to gtfl$51,924
    2025depreciation and amortization expenseMore than one value recorded for this year — open the FDD source before comparing$151
    2025total fees and expenses$53,211
    2025income before income tax expenseMore than one value recorded for this year — open the FDD source before comparing$268,206
    2025income tax expenseMore than one value recorded for this year — open the FDD source before comparing$2,438
    2025provision for credit lossesMore than one value recorded for this year — open the FDD source before comparing$574
    2025changes in operating assets and liabilities accounts receivable, prepaid expenses and other assets$1,212
    2025accrued expenses and other liabilitiesMore than one value recorded for this year — open the FDD source before comparing-$1,129
    2025deferred revenueMore than one value recorded for this year — open the FDD source before comparing$2,000
    2025cash flows from investing activities purchases of assets held for lease-$4
    2025cash flows from financing activities distributions to member, net-$266,904
    2025net increase in cash and cash equivalents and restricted cash - securitization$2,062
    2025end of yearMore than one value recorded for this year — open the FDD source before comparing$8,407
    2025supplemental disclosure of cash flow information cash paid for income taxes, net$2,438
    2025assets current assets cash and cash equivalentsMore than one value recorded for this year — open the FDD source before comparing$15,827
    2025restricted cash and cash equivalents - securitization$33,143
    2025accounts receivable netMore than one value recorded for this year — open the FDD source before comparing$41,992
    2025inventories$1,150
    2025total current assetsMore than one value recorded for this year — open the FDD source before comparing$119,054
    2025property, equipment, leasehold improvements and land, net$70,225
    2025operating lease assets, net$61,142
    2025accounts payable, accrued expenses and other liabilities-$15,866
    2025deferred revenueMore than one value recorded for this year — open the FDD source before comparing$976
    2025long-term other assets$11,911
    2025total assetsMore than one value recorded for this year — open the FDD source before comparing$881,406
    2025accrued expenses and other liabilitiesMore than one value recorded for this year — open the FDD source before comparing$64,897
    2025income taxes payable$7,988
    2025current portion of deferred revenueMore than one value recorded for this year — open the FDD source before comparing$4,228
    2025current portion of operating lease liabilities$9,279
    2025current portion of long-term debt$11,200
    2025long-term debt$1,260,115
    2025long-term operating lease liabilities$62,119
    2025long-term deferred revenueMore than one value recorded for this year — open the FDD source before comparing$59,007
    2025total liabilitiesMore than one value recorded for this year — open the FDD source before comparing$1,567,013
    2025franchise and other rental revenues$4,761
    2025advertising funds revenues$103,103
    2025total revenues$601,289
    2025company store, bakery and restaurant operations expenses$106,956
    2025selling, general and administrative expenses$147,188
    2025share-based compensation expense$1,950
    2025advertising funds expenses$101,890
    2025depreciation and amortization expenseMore than one value recorded for this year — open the FDD source before comparing$30,542
    2025other operating expense, net$19,536
    2025operating income$188,831
    2025other expense, net$2,000
    2025income tax expenseMore than one value recorded for this year — open the FDD source before comparing$20,695
    2025net incomeMore than one value recorded for this year — open the FDD source before comparing$74,578
    2025noncash interest expense$2,473
    2025deferred income taxes$5,749
    2025asset impairment losses$5,455
    2025loss-$305
    2025provision for credit lossesMore than one value recorded for this year — open the FDD source before comparing$862
    2025changes in operating assets and liabilities accounts receivable$1,418
    2025inventories, prepaid expenses and other assets-$5,723
    2025income tax receivables and payables, net$4,137
    2025cash flows from investing activities acquisition of stores, bakeries and restaurants-$1,753
    2025purchases of property, equipment and leasehold improvements-$28,928
    2025proceeds from sale of stores, bakeries and restaurants$146
    2025net cash used in investing activities-$30,535
    2025payments on revolving credit facility-$85,000
    2025proceeds from issuance of parent's shares of common stock$1,016
    2025net cash used in financing activities-$77,184
    2025cash and cash equivalents and restricted cash and cash equivalents - securitization beginning of year$44,341
    2025end of yearMore than one value recorded for this year — open the FDD source before comparing$48,970
    2024total liabilities and member's equityMore than one value recorded for this year — open the FDD source before comparing$346,347
    2024prepaid expenses and other current assetsMore than one value recorded for this year — open the FDD source before comparing$5
    2024total assetsMore than one value recorded for this year — open the FDD source before comparing$346,347
    2024current portion of deferred revenueMore than one value recorded for this year — open the FDD source before comparing$3,346
    2024intercompany payables$3,011
    2024accrued expenses and other liabilitiesMore than one value recorded for this year — open the FDD source before comparing$668
    2024provision for credit lossesMore than one value recorded for this year — open the FDD source before comparing$655
    2024income before income tax expenseMore than one value recorded for this year — open the FDD source before comparing$256,931
    2024net incomeMore than one value recorded for this year — open the FDD source before comparing$253,964
    2024cash flows from investing activities purchases of assets held for lease-$37
    2024total liabilities and member's equityMore than one value recorded for this year — open the FDD source before comparing$346,347
    2024intercompany receivable / payable-$1,816
    2024net increase in cash and cash equivalents and restricted cash - securitization-$1,110
    2024net cash provided by operating activitiesMore than one value recorded for this year — open the FDD source before comparing$250,583
    2024supplemental disclosure of cash flow information cash paid for income taxes, net$2,967
    2024restricted cash and cash equivalents - securitization$32,747
    2024current portion of deferred revenueMore than one value recorded for this year — open the FDD source before comparing$3,688
    2024net incomeMore than one value recorded for this year — open the FDD source before comparing$56,198
    2024deferred income taxes-$10,089
    2024prepaid expenses and other current assetsMore than one value recorded for this year — open the FDD source before comparing$12,118
    2024total current assetsMore than one value recorded for this year — open the FDD source before comparing$115,063
    2024goodwill$122,714
    2024long-term operating lease liabilities$56,952
    2024interest expense, netMore than one value recorded for this year — open the FDD source before comparing$90,706
    2024income taxes payable$3,851
    2024franchise and other rental expenseMore than one value recorded for this year — open the FDD source before comparing$5,993
    2024advertising funds expensesMore than one value recorded for this year — open the FDD source before comparing$95,456
    2024company store, bakery and restaurant operations expensesMore than one value recorded for this year — open the FDD source before comparing$101,862
    2024loss$1,078
    2024net cash used in investing activitiesMore than one value recorded for this year — open the FDD source before comparing-$32,268
    2024proceeds from issuance of parent's shares of common stockMore than one value recorded for this year — open the FDD source before comparing$197
    2024changes in operating assets and liabilities accounts receivable-$7,952
    2024cash flows from investing activities acquisition of stores, bakeries and restaurants-$4,707
    2024cash and cash equivalents and restricted cash and cash equivalents - securitization beginning of year$52,244
    2024share-based compensation expenseMore than one value recorded for this year — open the FDD source before comparing$2,978
    2024net cash provided by operating activitiesMore than one value recorded for this year — open the FDD source before comparing$70,706
    2024total member's deficit-$759,874
    2024income before income tax expenseMore than one value recorded for this year — open the FDD source before comparing$69,757
    2024income tax expenseMore than one value recorded for this year — open the FDD source before comparing$13,559
    2024deferred income tax benefit-$10,089
    2024net cash used in investing activitiesMore than one value recorded for this year — open the FDD source before comparing-$32,268
    2024payments on revolving credit facilityMore than one value recorded for this year — open the FDD source before comparing-$65,000
    2024proceeds from securitized borrowingsMore than one value recorded for this year — open the FDD source before comparing$125,000
    2024principal payments on debtMore than one value recorded for this year — open the FDD source before comparing-$9,950
    2024net decrease in cash and cash equivalents and restricted cash and cash equivalents - securitization-$7,903
    2024borrowings on revolving credit facility$32,000
    2024proceeds from issuance of parent's shares of common stockMore than one value recorded for this year — open the FDD source before comparing$197
    2024total member's equity$285,638
    2024franchise revenues$308,898
    2024fees and expenses management fee to gtfl$50,394
    2024selling, general and administrative$1,326
    2024assets current assets cash and cash equivalentsMore than one value recorded for this year — open the FDD source before comparing$620
    2024restricted cash - securitization$5,725
    2024accounts receivable netMore than one value recorded for this year — open the FDD source before comparing$33,548
    2024total current assetsMore than one value recorded for this year — open the FDD source before comparing$39,898
    2024assets held for lease, net$261
    2024intangible assets, netMore than one value recorded for this year — open the FDD source before comparing$306,188
    2024liabilities and member's equity current liabilities accrued expenses and other liabilities$4,186
    2024total current liabilitiesMore than one value recorded for this year — open the FDD source before comparing$10,543
    2024long-term deferred revenueMore than one value recorded for this year — open the FDD source before comparing$50,042
    2024long-term other liabilitiesMore than one value recorded for this year — open the FDD source before comparing$124
    2024total liabilitiesMore than one value recorded for this year — open the FDD source before comparing$60,709
    2024deferred revenueMore than one value recorded for this year — open the FDD source before comparing$3,747
    2024depreciation and amortization expenseMore than one value recorded for this year — open the FDD source before comparing$247
    2024total fees and expenses$51,967
    2024income tax expenseMore than one value recorded for this year — open the FDD source before comparing$2,967
    2024changes in operating assets and liabilities accounts receivable, prepaid expenses and other assets-$7,409
    2024deferred revenueMore than one value recorded for this year — open the FDD source before comparing$4,274
    2024cash flows from financing activities distributions to member, net-$251,656
    2024cash and cash equivalents and restricted cash - securitization, beginning of year$7,455
    2024assets current assets cash and cash equivalentsMore than one value recorded for this year — open the FDD source before comparing$11,594
    2024accounts receivable netMore than one value recorded for this year — open the FDD source before comparing$44,272
    2024inventories$1,128
    2024advertising funds assets$9,927
    2024intercompany receivables from parent$3,277
    2024property, equipment, leasehold improvements and land, net$71,417
    2024operating lease assets, net$62,676
    2024advertising fundsMore than one value recorded for this year — open the FDD source before comparing-$2,809
    2024accounts payable, accrued expenses and other liabilitiesMore than one value recorded for this year — open the FDD source before comparing$1,532
    2024intangible assets, netMore than one value recorded for this year — open the FDD source before comparing$496,479
    2024long-term other assets$13,986
    2024total assetsMore than one value recorded for this year — open the FDD source before comparing$882,335
    2024liabilities and member's deficit current liabilities accounts payable$5,320
    2024accrued expenses and other liabilitiesMore than one value recorded for this year — open the FDD source before comparing$81,587
    2024advertising funds liabilities$8,418
    2024current portion of operating lease liabilities$11,146
    2024current portion of long-term debt$11,200
    2024total current liabilitiesMore than one value recorded for this year — open the FDD source before comparing$125,210
    2024long-term debt$1,335,842
    2024long-term deferred tax liabilities$64,182
    2024long-term deferred revenueMore than one value recorded for this year — open the FDD source before comparing$58,571
    2024long-term other liabilitiesMore than one value recorded for this year — open the FDD source before comparing$1,452
    2024total liabilitiesMore than one value recorded for this year — open the FDD source before comparing$1,642,209
    2024total liabilities and member's deficitMore than one value recorded for this year — open the FDD source before comparing$882,335
    2024company store, bakery and restaurant revenuesMore than one value recorded for this year — open the FDD source before comparing$120,174
    2024franchise and other rental revenuesMore than one value recorded for this year — open the FDD source before comparing$6,590
    2024advertising funds revenuesMore than one value recorded for this year — open the FDD source before comparing$94,517
    2024total revenuesMore than one value recorded for this year — open the FDD source before comparing$570,333
    2024selling, general and administrative expensesMore than one value recorded for this year — open the FDD source before comparing$151,583
    2024share-based compensation expenseMore than one value recorded for this year — open the FDD source before comparing$2,978
    2024depreciation and amortization expenseMore than one value recorded for this year — open the FDD source before comparing$30,951
    2024other operating expense, netMore than one value recorded for this year — open the FDD source before comparing$21,047
    2024total expensesMore than one value recorded for this year — open the FDD source before comparing$409,870
    2024operating incomeMore than one value recorded for this year — open the FDD source before comparing$160,463
    2024income before income tax expenseMore than one value recorded for this year — open the FDD source before comparing$69,757
    2024income tax expenseMore than one value recorded for this year — open the FDD source before comparing$13,559
    2024noncash interest expense$2,359
    2024asset impairment lossesMore than one value recorded for this year — open the FDD source before comparing$2,428
    2024provision for credit lossesMore than one value recorded for this year — open the FDD source before comparing$729
    2024inventories, prepaid expenses and other assetsMore than one value recorded for this year — open the FDD source before comparing-$5,499
    2024operating lease assets and liabilitiesMore than one value recorded for this year — open the FDD source before comparing-$1,176
    2024income tax receivables and payables, netMore than one value recorded for this year — open the FDD source before comparing-$3,769
    2024net cash provided by operating activitiesMore than one value recorded for this year — open the FDD source before comparing$70,706
    2024purchases of property, equipment and leasehold improvementsMore than one value recorded for this year — open the FDD source before comparing-$27,879
    2024proceeds from sale of stores, bakeries and restaurantsMore than one value recorded for this year — open the FDD source before comparing$318
    2024cash flows from financing activities borrowings on revolving credit facility$32,000
    2024payments on revolving credit facilityMore than one value recorded for this year — open the FDD source before comparing-$65,000
    2024proceeds from securitized borrowingsMore than one value recorded for this year — open the FDD source before comparing$125,000
    2024principal payments on debtMore than one value recorded for this year — open the FDD source before comparing-$9,950
    2024payments on issuance of new debtMore than one value recorded for this year — open the FDD source before comparing-$5,522
    2024cash distribution paid to parent's shareholdersMore than one value recorded for this year — open the FDD source before comparing-$123,066
    2024net cash used in financing activitiesMore than one value recorded for this year — open the FDD source before comparing-$46,341
    2024net increase-$7,903
    2024long-term other liabilitiesMore than one value recorded for this year — open the FDD source before comparing$1,452
    2024total liabilitiesMore than one value recorded for this year — open the FDD source before comparing$1,642,209
    2024member's deficit-$759,874
    2024total liabilities and member's deficitMore than one value recorded for this year — open the FDD source before comparing$882,335
    2024company store, bakery and restaurant revenuesMore than one value recorded for this year — open the FDD source before comparing$120,174
    2024franchise and other rental revenuesMore than one value recorded for this year — open the FDD source before comparing$6,590
    2024advertising funds revenuesMore than one value recorded for this year — open the FDD source before comparing$94,517
    2024total revenuesMore than one value recorded for this year — open the FDD source before comparing$570,333
    2024company store, bakery and restaurant operations expensesMore than one value recorded for this year — open the FDD source before comparing$101,862
    2024selling, general and administrative expensesMore than one value recorded for this year — open the FDD source before comparing$151,583
    2024franchise and other rental expenseMore than one value recorded for this year — open the FDD source before comparing$5,993
    2024advertising funds expensesMore than one value recorded for this year — open the FDD source before comparing$95,456
    2024depreciation and amortization expenseMore than one value recorded for this year — open the FDD source before comparing$30,951
    2024other operating expense, netMore than one value recorded for this year — open the FDD source before comparing$21,047
    2024total expensesMore than one value recorded for this year — open the FDD source before comparing$409,870
    2024operating incomeMore than one value recorded for this year — open the FDD source before comparing$160,463
    2024interest expense, netMore than one value recorded for this year — open the FDD source before comparing$90,706
    2024net incomeMore than one value recorded for this year — open the FDD source before comparing$56,198
    2024non-cash interest expense$2,359
    2024asset impairment lossesMore than one value recorded for this year — open the FDD source before comparing$2,428
    2024loss on disposed property, equipment and leasehold improvements, net$1,078
    2024provision for credit lossesMore than one value recorded for this year — open the FDD source before comparing$729
    2024accounts receivable-$7,952
    2024inventories, prepaid expenses and other assetsMore than one value recorded for this year — open the FDD source before comparing-$5,499
    2024advertising fundsMore than one value recorded for this year — open the FDD source before comparing-$2,809
    2024accounts payable, accrued expenses and other liabilitiesMore than one value recorded for this year — open the FDD source before comparing$1,532
    2024deferred revenueMore than one value recorded for this year — open the FDD source before comparing$3,747
    2024operating lease assets and liabilitiesMore than one value recorded for this year — open the FDD source before comparing-$1,176
    2024income tax receivables and payables, netMore than one value recorded for this year — open the FDD source before comparing-$3,769
    2024acquisition of stores, bakeries and restaurants-$4,707
    2024purchases of property, equipment and leasehold improvementsMore than one value recorded for this year — open the FDD source before comparing-$27,879
    2024proceeds from sale of stores, bakeries and restaurantsMore than one value recorded for this year — open the FDD source before comparing$318
    2024payments on issuance of new debtMore than one value recorded for this year — open the FDD source before comparing-$5,522
    2024cash distribution paid to parent's shareholdersMore than one value recorded for this year — open the FDD source before comparing-$123,066
    2024net cash used in financing activitiesMore than one value recorded for this year — open the FDD source before comparing-$46,341
    2024cash and cash equivalents and restricted cash and cash equivalents - securitization, beginning of year$52,244
    2024cash and cash equivalents and restricted cash and cash equivalents - securitization, end of year$44,341
    2023cash and cash equivalents and restricted cash and cash equivalents - securitization, end of year$52,244
    2023depreciation and amortization expenseMore than one value recorded for this year — open the FDD source before comparing$300
    2023changes in operating assets and liabilities accounts receivable, prepaid expenses and other assets-$5,708
    2023member's equity$283,330
    2023cash flows from investing activities purchases of assets held for lease-$220
    2023intercompany receivable / payable$2,040
    2023selling, general and administrative$608
    2023net incomeMore than one value recorded for this year — open the FDD source before comparing$248,990
    2023total current assetsMore than one value recorded for this year — open the FDD source before comparing$34,253
    2023assets held for lease, net$362
    2023cash and cash equivalentsMore than one value recorded for this year — open the FDD source before comparing$403
    2023prepaid expenses and other current assetsMore than one value recorded for this year — open the FDD source before comparing$5
    2023inventories$978
    2023advertising funds liabilities$8,942
    2023goodwill$122,714
    2023total current liabilitiesMore than one value recorded for this year — open the FDD source before comparing$126,205
    2023franchise and other rental revenues$9,352
    2023interest expense, net$74,911
    2023current portion of long-term debt$9,950
    2023long-term debt$1,258,205
    2023franchise revenuesMore than one value recorded for this year — open the FDD source before comparing$337,446
    2023company store, bakery and restaurant operations expenses$97,434
    2023franchise and other rental expense$8,473
    2023other operating expense, net$18,032
    2023payments on debt modification-$5,976
    2023other expense, net$4,095
    2023borrowings on revolving credit facility$204,000
    2023income before income tax expenseMore than one value recorded for this year — open the FDD source before comparing$84,323
    2023deferred income tax benefit-$2,601
    2023loss on disposed property, equipment and leasehold improvements, net$1,483
    2023advertising funds-$4,421
    2023payments on revolving credit facility-$40,000
    2023accounts payable, accrued expenses and other liabilities$3,605
    2023purchases of property, equipment and leasehold improvements-$28,338
    2023net cash used in investing activities-$31,722
    2023total member's equity$283,330
    2023total liabilities and member's equity$340,914
    2023fees and expenses management fee to gtfl$46,822
    2023franchise revenuesMore than one value recorded for this year — open the FDD source before comparing$299,237
    2023total fees and expenses$47,730
    2023income before income tax expenseMore than one value recorded for this year — open the FDD source before comparing$251,507
    2023income tax expenseMore than one value recorded for this year — open the FDD source before comparing$2,517
    2023provision for credit lossesMore than one value recorded for this year — open the FDD source before comparing$3
    2023accrued expenses and other liabilitiesMore than one value recorded for this year — open the FDD source before comparing$473
    2023deferred revenueMore than one value recorded for this year — open the FDD source before comparing-$1,626
    2023net cash provided by operating activitiesMore than one value recorded for this year — open the FDD source before comparing$244,472
    2023cash flows from financing activities distributions to member, net-$243,307
    2023net increase in cash and cash equivalents and restricted cash - securitization$945
    2023cash and cash equivalents and restricted cash - securitization, beginning of year$6,510
    2023supplemental disclosure of cash flow information cash paid for income taxes, net$2,517
    2023restricted cash - securitization$7,052
    2023accounts receivable netMore than one value recorded for this year — open the FDD source before comparing$26,793
    2023intangible assets, netMore than one value recorded for this year — open the FDD source before comparing$306,299
    2023total assetsMore than one value recorded for this year — open the FDD source before comparing$340,914
    2023accrued expenses and other liabilitiesMore than one value recorded for this year — open the FDD source before comparing$3,517
    2023current portion of deferred revenueMore than one value recorded for this year — open the FDD source before comparing$2,827
    2023intercompany payables$4,827
    2023total current liabilitiesMore than one value recorded for this year — open the FDD source before comparing$11,171
    2023long-term deferred revenueMore than one value recorded for this year — open the FDD source before comparing$46,288
    2023long-term other liabilitiesMore than one value recorded for this year — open the FDD source before comparing$125
    2023total liabilitiesMore than one value recorded for this year — open the FDD source before comparing$57,584
    2023cash and cash equivalentsMore than one value recorded for this year — open the FDD source before comparing$22,662
    2023restricted cash and cash equivalents - securitization$29,582
    2023accounts receivable netMore than one value recorded for this year — open the FDD source before comparing$37,049
    2023prepaid expenses and other current assetsMore than one value recorded for this year — open the FDD source before comparing$9,263
    2023advertising funds assets$7,643
    2023intercompany receivables from parent$3,277
    2023total current assetsMore than one value recorded for this year — open the FDD source before comparing$110,454
    2023property, equipment, leasehold improvements and land, net$71,199
    2023operating lease assets, net$69,535
    2023intangible assets, netMore than one value recorded for this year — open the FDD source before comparing$495,389
    2023long-term other assets$13,305
    2023total assetsMore than one value recorded for this year — open the FDD source before comparing$882,596
    2023accounts payable$8,395
    2023accrued expenses and other liabilitiesMore than one value recorded for this year — open the FDD source before comparing$75,840
    2023income taxes payable$7,620
    2023current portion of deferred revenueMore than one value recorded for this year — open the FDD source before comparing$3,149
    2023current portion of operating lease liabilities$12,309
    2023long-term operating lease liabilities$63,276
    2023long-term deferred tax liabilities$74,271
    2023long-term deferred revenueMore than one value recorded for this year — open the FDD source before comparing$55,362
    2023long-term other liabilitiesMore than one value recorded for this year — open the FDD source before comparing$1,458
    2023total liabilitiesMore than one value recorded for this year — open the FDD source before comparing$1,578,777
    2023member's deficit-$696,181
    2023total member's deficit-$696,181
    2023total liabilities and member's deficit$882,596
    2023company store, bakery and restaurant revenues$114,936
    2023advertising funds revenues$91,042
    2023total revenues$552,776
    2023selling, general and administrative expenses$154,573
    2023share-based compensation expense$4,983
    2023advertising funds expenses$90,012
    2023depreciation and amortization expenseMore than one value recorded for this year — open the FDD source before comparing$15,940
    2023total expenses$389,447
    2023operating income$163,329
    2023income tax expenseMore than one value recorded for this year — open the FDD source before comparing$18,051
    2023net incomeMore than one value recorded for this year — open the FDD source before comparing$66,272
    2023non-cash interest expense$2,638
    2023loss on debt extinguishment$4,095
    2023asset impairment losses$4,348
    2023provision for credit lossesMore than one value recorded for this year — open the FDD source before comparing$29
    2023accounts receivable-$3,643
    2023inventories, prepaid expenses and other assets-$1,498
    2023deferred revenueMore than one value recorded for this year — open the FDD source before comparing-$1,758
    2023operating lease assets and liabilities-$2,055
    2023income tax receivables and payables, net$278
    2023net cash provided by operating activitiesMore than one value recorded for this year — open the FDD source before comparing$87,695
    2023acquisition of stores, bakeries and restaurants-$3,635
    2023proceeds from sale of stores, bakeries and restaurants$251
    2023proceeds from securitized borrowings$240,000
    2023principal payments on debt-$10,550
    2023payments on debt extinguishment-$287,625
    2023proceeds from issuance of parent's shares of common stock$257
    2023cash distribution paid to parent's shareholders-$162,487
    2023net cash used in financing activities-$62,381
    2023net decrease in cash and cash equivalents and restricted cash and cash equivalents - securitization-$6,408
    2023cash and cash equivalents and restricted cash and cash equivalents - securitization, beginning of year$58,652
    2022intercompany receivable / payable-$495
    2022distributions to member, net-$208,262
    2022net income$208,711
    2022deferred revenue$2,100
    2022franchise revenues$259,833
    2022management fee to gtfl$46,690
    2022selling, general and administrative expenses$128
    2022depreciation and amortization expense$2,037
    2022total fees and expenses$48,855
    2022income before income tax expense$210,978
    2022income tax expense$2,267
    2022provision for-$289
    2022accounts receivable, prepaid expenses and other assets-$2,295
    2022accrued expenses and other liabilities-$125
    2022net cash provided by operating activities$209,644
    2022purchases of assets held for lease-$197
    2022net increase$1,185
    2022cash and cash equivalents and restricted cash - securitization, beginning of year$5,325
    2022income taxes, net$2,267
    —member's equity$284,502
    —franchise revenues$349,052
    —member's deficitMore than one value recorded for this year — open the FDD source before comparing-$685,607
    —member's deficitMore than one value recorded for this year — open the FDD source before comparing-$759,874

    These figures describe the franchisor company, not individual franchise locations.

    SBA-backed loans to franchisees

    Loading…

    Source: U.S. Small Business Administration 7(a) & 504 FOIA data. Loan volume is not a measure of franchisee success.

    Related research

    Brands in the same subcategory first, then the wider industry, ordered by shared business format and overlapping investment range. This is not a ranking or recommendation.

    FGFRIOS GOURMET POPSWarabimochi KamakuraBBaskin-RobbinsH&H BagelsHDHurts Donut CompanyLLefab

    Head-to-head comparisons

    Carvel Corporation vs FRIOS GOURMET POPSCarvel Corporation vs Warabimochi KamakuraCarvel Corporation vs Baskin-Robbins
    Compare reviewed facts

    At a glance

    Business history

    Not reviewed

    Owner participation

    Not reviewed

    Territory language

    Litigation disclosure

    Not reviewed

    Bankruptcy disclosure

    Not reviewed

    Agreement term

    Not reviewed

    Independent analysis of franchisor-provided data. Not investment advice. Franopolis does not distribute FDDs.