Five Guys
Franchise research report · reviewed 2026 disclosure data
Researching Five Guys franchise opportunities? Every figure below is cited to the FDD.
FIVE GUYS franchise has built a cult following for its fresh, never-frozen beef burgers and hand-cut fries, establishing itself as a premium fast-casual dining
Headline figures
Five Guys quick facts
- Is Five Guys a franchise?
- Yes. Five Guys offers franchises through a Franchise Disclosure Document. At the end of 2025, it reported 970 franchised and 613 company-owned outlets (2026 FDD, Item 20, PDF p. 54).
- How much does it cost to open a Five Guys franchise?
- The Five Guys Franchise Disclosure Document reports separate estimated initial investments by format: $927,850 for 3 months (14) $20,000 to $25,000 as arranged as incurred various vendors total (15) — 927850 (2026 FDD, Item 7, PDF p. 20); $52,100 for us transportation expenses (3) $2,100 as arranged as incurred various vendors total — 52100 (2026 FDD, Item 7, PDF p. 22). These formats are not combined. Each is the franchisor's disclosed estimate, not a quote. Details
- What is the Five Guys initial franchise fee?
- The disclosed initial franchise fee for a standard single unit is $25,000 (2026 FDD, Item 5, PDF p. 15). Other fee options (for example multi-unit or conversion) are listed separately in the report. Details
- What ongoing fees does Five Guys charge?
- The disclosed ongoing royalty is 8% (2026 FDD, Item 6, PDF p. 16). The brand or advertising fund contribution is $250 (2026 FDD, Item 6, PDF p. 16). Other recurring fees are listed in Item 6. Details
- Does Five Guys disclose financial performance (Item 19)?
- No. The reviewed Five Guys FDD states that it does not make a financial performance representation in Item 19. Details
- How many Five Guys locations are there?
- The FDD reports 1,583 outlets at the end of 2025 (2026 FDD, Item 20, PDF p. 54). Existing locations do not indicate territory availability. Details
- Is Five Guys a good franchise to buy?
- Franopolis does not rate or recommend franchises. From the reviewed FDD: Item 19 makes no financial performance representation, so ask current owners about results; 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
- 1The 2026 FDD (Item 7) estimates opening costs separately by format: $927,850 (3 months (14) $20,000 to $25,000 As Arranged As Incurred Various Vendors TOTAL (15) — 927850); $52,100 (Us Transportation Expenses (3) $2,100 As Arranged As Incurred Various Vendors TOTAL — 52100); several initial fee options apply.
- 2The franchisor makes no financial performance representation in Item 19.
- 3Outlets grew by 25 in 2025, to 1,583 (UnitedStatesandCanada, as labeled in the FDD, Item 20).
From reviewed FDD figures only. Not a recommendation or projection.
Five Guys 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
Range across 2 single-unit formats
2026 FDD · Item 7
Formats disclosed in Item 7 (2)
Each format has its own total. The total depends on the format you choose.
- Us Transportation Expenses (3) $2,100 As Arranged As Incurred Various Vendors TOTAL — 52100PDF p. 22$52,100
- 3 months (14) $20,000 to $25,000 As Arranged As Incurred Various Vendors TOTAL (15) — 927850PDF p. 20$927,850
Standard single-unit franchise fee
2026 FDD · Item 5 · PDF p. 15
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.
- s. If the Restaurant is located in Alaska, Hawaii or Puerto Rico, the Royalty Fee is — 8%Main ongoing fee
34 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?
No financial performance representation in Item 19
The reviewed 2026 FDD for Five Guys has no Item 19 figures on record. Franopolis does not estimate revenue or earnings in their place; ask the franchisor and current owners what unit-level information they can share.
Outlet Changes — Item 20
How has the outlet count changed?
UnitedStatesandCanada, as labeled in the FDD · counts as of 2025 of each year.
2026 FDD · Item 20 · PDF p. 54
Net +62 outlets, 2023–2025
Year-end counts reported in Item 20. The scale starts at zero, so the line looks nearly flat; 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 ($52,100 – $927,850) vary most by market, and why?
Which initial fee option would apply to my situation, and what conditions or discounts affect it?
Five Guys reports no financial performance figures in Item 19. What information can you share about unit-level results?
Reported units went from 1,558 to 1,583 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?
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]Standard initial franchise fee — Item 5 · PDF p. 15
- [2]Outlet counts — Item 20, Table 1 · PDF p. 54
"PDF p." is the page in the PDF file; "printed p." is the number printed on the FDD page. Source document: FDD
Territory & operations
1,167 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 year | Measure | Reported value |
|---|---|---|
| 2026 | accounts payableMore than one value recorded for this year — open the FDD source before comparing | $19,979,162 |
| 2026 | accumulated other comprehensive income | -$4,471,647 |
| 2026 | collections of related party advances and other | $4,450,184 |
| 2026 | other receivablesMore than one value recorded for this year — open the FDD source before comparing | $1,782,713 |
| 2026 | deferred compensation liability | $163,055,934 |
| 2026 | creative fund revenue | $28,829,061 |
| 2026 | total current liabilities | $398,352,972 |
| 2026 | restaurant sales | $476,925,851 |
| 2026 | royalty fees | $59,643,033 |
| 2026 | current portionMore than one value recorded for this year — open the FDD source before comparing | $4,129,799 |
| 2026 | total other expense | -$25,034,061 |
| 2026 | amortization of lease assets | $31,285,533 |
These figures describe the franchisor company, not individual franchise locations.
SBA-backed loans to franchisees
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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
Independent analysis of franchisor-provided data. Not investment advice. Franopolis does not distribute FDDs.