Figaro
Franchise research report · reviewed 2026 disclosure data
Researching Figaro franchise opportunities? Every figure below is cited to the FDD.
Figaro’s franchises operate pizza restaurants offering Italian-style pizza and related menu items. Franchisees run branded food service locations.
Headline figures
Figaro quick facts
- Is Figaro a franchise?
- Yes. Figaro offers franchises through a Franchise Disclosure Document. At the end of 2025, it reported 35 franchised and 0 company-owned outlets (2026 FDD, Item 20, PDF p. 81).
- How much does it cost to open a Figaro franchise?
- The Figaro Franchise Disclosure Document reports an estimated initial investment of $86,500 (2025 FDD, Item 7, PDF p. 24). This is the franchisor's disclosed estimate, not a quote. Details
- What is the Figaro initial franchise fee?
- The disclosed initial franchise fee for a standard single unit is $12,500 (2025 FDD, Item 5, PDF p. 10). Other fee options (for example multi-unit or conversion) are listed separately in the report. Details
- Does Figaro disclose financial performance (Item 19)?
- Yes. The Figaro FDD includes an Item 19 financial performance representation (2025 FDD, Item 19, PDF p. 77). Figures apply only to the locations and period each one covers. Details
- How many Figaro locations are there?
- The FDD reports 35 outlets at the end of 2025 (2026 FDD, Item 20, PDF p. 81). Existing locations do not indicate territory availability. Details
- Is Figaro a good franchise to buy?
- Franopolis does not rate or recommend franchises. From the reviewed FDD: Item 19 includes financial performance figures; check which locations and period they cover; Item 20 lists outlet openings, closures and transfers; Item 6 includes a brand or advertising fund contribution on top of royalty; Item 20 also lists current and former franchisees you can contact. Review the full FDD with a franchise attorney and accountant before deciding.
From reviewed FDD figures only. Not a recommendation or projection.
What the disclosures show
- 1Opening costs are estimated at $86,500 in the 2026 FDD (Item 7); several initial fee options apply.
- 2Item 19 covers 10 separate groups: revenue and other measures for 2 locations; other measures and revenue for 6 locations; other measures and revenue for 6 locations; revenue for 6 locations; other measures and revenue for 2 locations; other measures and revenue for 6 locations; revenue for 6 locations; revenue for 2 locations; revenue and other measures for 6 locations; revenue for 6 locations. They are not combined.
- 3Outlets declined by 1 in 2025, to 35 (Nick-N-Willy’s, as labeled in the FDD, Item 20).
From reviewed FDD figures only. Not a recommendation or projection.
Figaro head-to-head
Closest peers in the same subcategory, side by side from reviewed FDD figures. Not a ranking or recommendation.
Costs · Items 5–7
What does it cost to open?
Estimated opening costs and the fees payable to the franchisor.
Startup Investment — Item 7
Total estimated initial investment
2026 FDD · Item 7 · PDF p. 25
Standard single-unit franchise fee
2026 FDD · Item 5 · PDF p. 10
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.
39 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?
10 separate populations, shown apart. Revenue is not owner income.
2 locations
Revenue and other measures · 2 locations
- Who is counted
- Domestic individual-unit Figaro's stores open at least 12 months as of December 31, 2025, in the separately reported Bottom 10% revenue cohort; 12 months ended December 31, 2025.
- Period
- Bottom 10%
- Excluded
- No company-owned, international Figaro's, Nick N' Willy's, or stores open less than 12 months; all 24 eligible Figaro's stores reported sufficient information. The filing states the Top 25% includes Top 10%; those named cohorts remain separately represented.
- Method
- Average or median gross revenues for the 12 months ended December 31, 2025.
These groups are never combined.
Outlet Changes — Item 20
How has the outlet count changed?
Nick-N-Willy’s, as labeled in the FDD · counts as of December 31, 2025 of each year.
2026 FDD · Item 20 · PDF p. 81
Net +4 outlets, 2022–2025
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 ($86,500) 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 decreased from 36 to 35 in 2025. What drove the change?
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]Estimated initial investment — Item 7 · PDF p. 25
- [2]Standard initial franchise fee — Item 5 · PDF p. 10
- [3]Item 19 — Locations counted not stated in the reviewed record — Domestic individual-unit Figaro's stores open at least 12 months as of December… · PDF p. 80
- [4]Item 19 — Locations counted not stated in the reviewed record — Domestic individual-unit Figaro's stores open at least 12 months as of December… · PDF p. 80
- [5]Item 19 — Locations counted not stated in the reviewed record — Domestic individual-unit Figaro's stores open at least 12 months as of December… · PDF p. 80
- [6]Item 19 — Locations counted not stated in the reviewed record — Domestic individual-unit Figaro's stores open at least 12 months as of December… · PDF p. 80
- [7]Item 19 — Locations counted not stated in the reviewed record — Domestic individual-unit Figaro's stores open at least 12 months as of December… · PDF p. 80
- [8]Item 19 — Locations counted not stated in the reviewed record — Domestic individual-unit Figaro's stores open at least 12 months as of December… · PDF p. 80
- [9]Item 19 — Locations counted not stated in the reviewed record — Domestic individual-unit Figaro's stores open at least 12 months as of December… · PDF p. 80
- [10]Item 19 — Locations counted not stated in the reviewed record — Domestic individual-unit Figaro's stores open at least 12 months as of December… · PDF p. 80
- [11]Item 19 — Locations counted not stated in the reviewed record — Domestic individual-unit Figaro's stores open at least 12 months as of December… · PDF p. 80
- [12]Item 19 — Locations counted not stated in the reviewed record — Domestic individual-unit Figaro's stores open at least 12 months as of December… · PDF p. 80
- [13]Outlet counts — Item 20, Table 1 · PDF p. 81
"PDF p." is the page in the PDF file; "printed p." is the number printed on the FDD page.
Territory & operations
These are contract disclosures, not confirmation that any territory is currently available.
Legal & agreement
Franchisor financial statements
No verified franchisor financial statement figures have been reviewed yet.
What changed from 2025 to 2026
- Estimated initial investment: $86,500 → $86,500
- Franchise fee: $15,000 → $10,000
- System size: 73 → 35 units
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, overlapping investment range, Item 20 outlet count and search interest. This is not a ranking or recommendation.
Head-to-head comparisons
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
Reader notes on wording
Our automated check found that these summaries may not match the FDD's exact wording. Read the FDD excerpt itself; it is the authoritative text. Core cost, fee, Item 19 and outlet figures are not affected.
Item 12 · PDF p. 49 · 2026 FDD
Our summary: Territory definition: Designated Area is a one-mile radius from the authorized street address, subject to previously assigned territory and co-branding exceptions.
“The Designated Area is a one - mile radius from the authorized street address. The franchise will be only for the specific authorized location approved by us. If a portion of the territory has previously been assigned, the specific territory will be identified in Exhibit 1 to the Agreement and may be smaller than the one - mile radius. There is normally not a geographic area for Co - Branding franchises.”
Note: Supplied quote could not be confirmed on the cited PDF page excerpt.
Item 12 · PDF p. 47 · 2025 FDD
Our summary: Exclusive territory: No — no exclusive territory; conditional in-area restriction for the purchased mark while agreement is in effect and franchisee is not in default
“You will not receive a n exclusive territory. You may face competition from other franchisees, from outlets that we own, or from other channels of distribution or competitive brands that we control. However, i f you purchase a Figaro’s franchise, then while the Franchise Agreement is in effect and you are not in default, we will not establish nor license anyone other than you to establish any Figaro’s facility in the Designated Area. If you purchase a Nick - N - Willy’s franchise, then while the Franchise Agreement is in effect and yo u are not in default, we will not establish nor license anyone other than you to establish any Nick - N - Willy’s facility in the Designated Area.”
Note: Supplied quote could not be confirmed on the cited PDF page excerpt.
Item 12 · PDF p. 47 · 2025 FDD
Our summary: Territory definition: Designated Area is a one-mile radius from the authorized street address, subject to previously assigned portions and Co-Branding exception
“The Designated Area is a one - mile radius from the authorized street address. The franchise will be only for the specific authorized location approved by us. If a portion of the territory has previously been assigned, the specific territory will be identified in Exhibit 1 to the Agreement and may be smaller than the one - mile radius. There is normally not a geographic area for Co - Branding franchises.”
Note: Supplied quote could not be confirmed on the cited PDF page excerpt.
Item 12 · PDF p. 49 · 2026 FDD
Our summary: Exclusive territory: No. The document says franchisees do not receive an exclusive territory, with stated same-brand restrictions while compliant.
“You will not receive an exclusive territory. You may face competition from other franchisees, from outlets that we own, or from other channels of distribution or competitive brands that we control. However, if you purchase a Figaro’s franchise, then while the Franchise Agreement is in effect and you are not in default, we will not establish nor license anyone other than you to establish any Figaro’s facility in the Designated Area. If you purchase a Nick - N - Willy’s franchise, then while the Franchise Agreeme nt is in effect and you are not in default, we will not establish nor license anyone other than you to establish any Nick - N - Willy’s facility in the Designated Area.”
Note: Supplied quote could not be confirmed on the cited PDF page excerpt.
Item 20 · PDF p. 78 · 2025 FDD
Our summary: Franchised 2024: 30 → 33
“Figaro’s Franchised Stores 2024 30 33 +3”
Note: Could not verify exact quote and scope on cited PDF page.
Item 20 · PDF p. 78 · 2025 FDD
Our summary: Franchised 2023: 28 → 30
“Figaro’s Franchised Stores 2023 28 30 + 2”
Note: Could not verify exact quote and scope on cited PDF page.
Item 20 · PDF p. 78 · 2025 FDD
Our summary: Company-Owned 2023: 0 → 0
“Figaro’s Company - Owned 2023 0 0 0”
Note: Could not verify exact quote and scope on cited PDF page.
Item 20 · PDF p. 78 · 2025 FDD
Our summary: Company-Owned 2024: 0 → 0
“Nick - N - Willy’s Company - Owned 2024 0 0 0”
Note: Could not verify exact quote and scope on cited PDF page.
Item 20 · PDF p. 78 · 2025 FDD
Our summary: Company-Owned 2022: 0 → 0
“Nick - N - Willy’s Company - Owned 2022 0 0 0”
Note: Could not verify exact quote and scope on cited PDF page.
Item 20 · PDF p. 78 · 2025 FDD
Our summary: Franchised 2023: 3 → 3
“Nick - N - Willy’s Franchised Stores 2023 3 3 0”
Note: Could not verify exact quote and scope on cited PDF page.
Item 20 · PDF p. 78 · 2025 FDD
Our summary: Franchised 2024: 3 → 4
“Nick - N - Willy’s Franchised Stores 2024 3 4 +1”
Note: Could not verify exact quote and scope on cited PDF page.
Item 20 · PDF p. 78 · 2025 FDD
Our summary: Company-Owned 2023: 0 → 0
“Nick - N - Willy’s Company - Owned 2023 0 0 0”
Note: Could not verify exact quote and scope on cited PDF page.
Item 20 · PDF p. 78 · 2025 FDD
Our summary: Company-Owned 2024: 0 → 0
“Figaro’s Company - Owned 2024 0 0 0”
Note: Could not verify exact quote and scope on cited PDF page.
Independent analysis of franchisor-provided data. Not investment advice. Franopolis does not distribute FDDs.
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