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    Hardees Restaurants

    Franchise research report · reviewed 2026 disclosure data

    Researching Hardees Restaurants franchise opportunities? Every figure below is cited to the FDD.

    Reviewed sources

    Hardee’s Restaurants is a quick-service restaurant franchise business. Franchisees develop and operate Hardee’s restaurant locations, including locations inside or adjoining gasoline stations or convenience stores.

    Headline figures

    Quick facts

    How much does it cost to open a Hardees Restaurants franchise?
    The Hardees Restaurants Franchise Disclosure Document reports separate estimated initial investments by format: $1,130,000 for ystem (8) $55,000 $72,000 as arranged as incurred vendors, ckr total build-out costs — 1130000 (2026 FDD, Item 7, PDF p. 39); $57,000–$1,385,000 for ort team fee (3) $32,000 $72,000 as incurred see item 5 vendors, hr total fees to hr — 57000 (2026 FDD, Item 7, PDF p. 39); $198,000 for 00 $250,000 as arranged as incurred vendors, hr total preliminary operating expenses — 198000 (2026 FDD, Item 7, PDF p. 39); $1,385,000 for ry operating expenses $198,000 $333,000 total estimated initial investment (13) (14) — 1385000 (2026 FDD, Item 7, PDF p. 39). These formats are not combined. Each is the franchisor's disclosed estimate, not a quote. Details
    What is the Hardees Restaurants initial franchise fee?
    The disclosed initial franchise fee for a standard single unit is $25,000 (2026 FDD, Item 5, PDF p. 28). Other fee options (for example multi-unit or conversion) are listed separately in the report. Details
    What ongoing fees does Hardees Restaurants charge?
    The disclosed ongoing royalty is $3 i) — 3% (2026 FDD, Item 6, PDF p. 38). The brand or advertising fund contribution is $4 “HNAF”) Currently, — 4.25% (2026 FDD, Item 6, PDF p. 31). Other recurring fees are listed in Item 6. Details
    Does Hardees Restaurants disclose financial performance (Item 19)?
    Yes. The Hardees Restaurants FDD includes an Item 19 financial performance representation (2026 FDD, Item 19, PDF p. 75). Figures apply only to the locations and period each one covers. Details
    How many Hardees Restaurants locations are there?
    The FDD reports 396 outlets at the end of 2026 (2026 FDD, Item 20, PDF p. 77). 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: $1,130,000 (ystem (8) $55,000 $72,000 As arranged As incurred Vendors, CKR Total Build-Out Costs — 1130000); $57,000 – $1,385,000 (ort Team Fee (3) $32,000 $72,000 As incurred See Item 5 Vendors, HR Total Fees to HR — 57000); $198,000 (00 $250,000 As arranged As incurred Vendors, HR Total Preliminary Operating Expenses — 198000); $1,385,000 (ry Operating Expenses $198,000 $333,000 TOTAL ESTIMATED INITIAL INVESTMENT (13) (14) — 1385000); several initial fee options apply.
    2. 2Item 19 covers 2 separate groups: other measures for 194 Company-owned locations; other measures for 975 Franchised locations. They are not combined.
    3. 3Outlets declined by 8 in 2026, to 396 (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 4 single-unit formats

    2026 FDD · Item 7

    Formats disclosed in Item 7 (4)

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

    • ort Team Fee (3) $32,000 $72,000 As incurred See Item 5 Vendors, HR Total Fees to HR — 57000PDF p. 39$57,000 – $1,385,000
    • 00 $250,000 As arranged As incurred Vendors, HR Total Preliminary Operating Expenses — 198000PDF p. 39$198,000
    • ystem (8) $55,000 $72,000 As arranged As incurred Vendors, CKR Total Build-Out Costs — 1130000PDF p. 39$1,130,000
    • ry Operating Expenses $198,000 $333,000 TOTAL ESTIMATED INITIAL INVESTMENT (13) (14) — 1385000PDF p. 39$1,385,000

    Standard single-unit franchise fee

    2026 FDD · Item 5 · PDF p. 28
    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.

    ment and Franchised Agreement, we will reduce each of the royalty fee and APO byMain ongoing fee

    68 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?

    Two separate populations, not a revenue-and-profit comparison. Revenue is not owner income.

    Locations counted: not stated in the reviewed record

    Other measures · 194 locations

    Who is counted
    USfreestandingHardee’s
    Period
    # Met / Exceeded Average
    Excluded
    131nonfreestanding,97dualconcept,88incompletedata;outsideUSexcluded.
    Method
    Sourceintroconflict1265/1071franchisevs1169/975franchise+194company;samplelisted975usedwithconflictdisclosed;revenueallproducts/servicesexapprovedpromo,taxes,storedvaluesale butincludesredemption;beforeexpenses.

    Locations counted: not stated in the reviewed record

    Other measures · 975 locations

    Who is counted
    USfreestandingHardee’s
    Period
    % Met / Exceeded Average
    Excluded
    131nonfreestanding,97dualconcept,88incompletedata;outsideUSexcluded.
    Method
    Sourceintroconflict1265/1071franchisevs1169/975franchise+194company;samplelisted975usedwithconflictdisclosed;revenueallproducts/servicesexapprovedpromo,taxes,storedvaluesale butincludesredemption;beforeexpenses.

    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 FY2026 of each year.

    2026 FDD · Item 20 · PDF p. 77

    Net −12 outlets, 2024–2026

    0408202440420253962026−4−8

    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 2026 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 ($57,000 – $1,385,000) 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 404 to 396 in 2026. 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. [1]Standard initial franchise fee — Item 5 · PDF p. 28
    2. [2]Item 19 — Locations counted not stated in the reviewed record — USfreestandingHardee’s · PDF p. 75; PDF p. 76
    3. [3]Item 19 — Locations counted not stated in the reviewed record — USfreestandingHardee’s · PDF p. 75
    4. [4]Outlet counts — Item 20, Table 1 · PDF p. 77

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

    Territory & operations

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

    Legal & agreement

    Franchisor financial statements

    Fiscal yearMeasureReported value
    2026cash and cash equivalents$10,129
    2026other current liabilities$37,851
    2026finance leases, less current portion$21,368
    2026franchised restaurants and other revenue$285,289
    2026company-operated restaurant revenue$383,328
    2026total company-operated restaurant operating costs$331,355
    2026operating income$176,680
    2026loss$4,169
    2026net cash provided by operating activities$148,410
    2026net income$104,002
    2026repayments of finance leases obligations-$1,554
    2026proceeds from refranchising transactions$601
    2026other investing activities$660
    2026distributions to members-$133,273
    2026operating lease assets$339,629
    2026intangible assets, net$744,186
    2026other assets, net$36,903
    2026total assets$1,505,173
    2026current portion of long-term debt$11,800
    2026cash and cash equivalents - restricted$17,807
    2026accounts receivable, net$30,694
    2026due from affiliates$1,280
    2026inventories$3,195
    2026prepaid expenses$613
    2026total current assets$63,718
    2026property and equipment, net$320,737
    2026current portion of finance leases$1,634
    2026current portion of operating leases$70,846
    2026accounts payable$2,553
    2026due to affiliates$1,503
    2026total current liabilities$126,187
    2026long-term debt, less current portion$1,104,224
    2026operating leases, less current portion$286,390
    2026other long-term liabilities$223,078
    2026total liabilities$1,761,247
    2026members’ deficit-$256,074
    2026total revenue$668,617
    2026food and packaging$99,726
    2026payroll and other employee benefits$128,295
    2026occupancy and other$103,334
    2026franchised restaurants and other operating costs$89,559
    2026advertising$21,799
    2026general and administrative$43,361
    2026facility action charges, net$5,863
    2026total operating costs and expenses$491,937
    2026interest expense-$69,548
    2026other income, net$4,001
    2026income before income taxes$111,133
    2026income tax expense$7,131
    2026depreciation and amortization$41,185
    2026amortization of deferred financing costs$3,630
    2026loss on refranchising transaction$14
    2026provision for losses on impairments, accounts receivable and other items, net$3,826
    2026receivables, inventories, prepaid expenses and other current and non-current assets-$7,542
    2026accounts payable and other current and long-term liabilities-$214
    2026operating lease assets and liabilities, net-$660
    2026proceeds from sale of other property and equipment$6,796
    2026net cash provided by investing activities$8,057
    2026net change in book overdraft$59
    2026repayments of class a-2 notes-$11,800
    2026repayments of financing method sale-leaseback obligations-$11,032
    2026net advances from$341
    2026net cash used in financing activities-$157,259
    2026net-$792
    2026cash, cash equivalents and restricted cash at beginning of period$28,728
    2026cash, cash equivalents and restricted cash at end of period$27,936
    2025due from affiliates$2,458
    2025total current assets$58,684
    2025current portion of long-term debt$11,800
    2025cash and cash equivalents - restricted$18,147
    2025members’ deficit-$241,636
    2025total current liabilities$129,113
    2025current portion of operating leases$73,887
    2025other long-term liabilities$235,470
    2025franchised restaurants and other revenue$288,134
    2025total company-operated restaurant operating costs$337,147
    2025franchised restaurants and other operating costs$91,566
    2025facility action charges, net$190
    2025payroll and other employee benefits$129,677
    2025income tax expense$6,346
    2025other income, net$1,244
    2025amortization of deferred financing costs$3,497
    2025loss-$2,637
    2025receivables, inventories, prepaid expenses and other current and non-current assets-$6,502
    2025cash, cash equivalents and restricted cash at end of period$28,728
    2025net change in book overdraft-$251
    2025repayments of class a-2 notes-$11,800
    2025net$446
    2025net cash used in financing activities-$157,223
    2025operating lease assets$370,418
    2025intangible assets, net$760,749
    2025other assets, net$38,373
    2025total assets$1,571,466
    2025cash and cash equivalents$10,581
    2025accounts receivable, net$23,790
    2025inventories$2,987
    2025prepaid expenses$721
    2025property and equipment, net$343,242
    2025current portion of finance leases$1,512
    2025accounts payable$3,073
    2025due to affiliates$2,141
    2025other current liabilities$36,700
    2025long-term debt, less current portion$1,112,394
    2025finance leases, less current portion$21,279
    2025operating leases, less current portion$314,846
    2025total liabilities$1,813,102
    2025company-operated restaurant revenue$383,304
    2025total revenue$671,438
    2025food and packaging$98,751
    2025occupancy and other$108,719
    2025advertising$21,763
    2025general and administrative$43,710
    2025total operating costs and expenses$494,376
    2025operating income$177,062
    2025interest expense-$68,772
    2025income before income taxes$109,534
    2025net income$103,188
    2025depreciation and amortization$47,342
    2025gain on early termination of lease agreement associated with a financing method sale-leaseback restaurant property-$1,386
    2025provision for losses on impairments, accounts receivable and other items, net$5,198
    2025accounts payable and other current and long-term liabilities-$546
    2025operating lease assets and liabilities, net-$115
    2025net cash provided by operating activities$149,322
    2025proceeds from sale of other property and equipment$8,128
    2025other investing activities$219
    2025net cash provided by investing activities$8,347
    2025repayments of finance leases obligations-$1,571
    2025repayments of financing method sale-leaseback obligations-$10,582
    2025distributions to members-$144,118
    2025net advances from-$291
    2025cash, cash equivalents and restricted cash at beginning of period$28,282
    2024payments for deferred financing costs of series 2024-1 class a-2 notes-$5,792
    2024issuance of series 2024-1 class a-2 notes$350,000
    2018loss on early extinguishment of series 2018-1 class a-2-ii notes$1,283
    2018payments for early extinguishment of series 2018-1 class a-2-ii notes-$330,750
    2018payments for deferred financing costs of series 2018-1 vfn notes-$2,068

    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.

    APAloha Poke CoBojangles Opco, LLCMSMoe’s Southwest GrillMountain Mike’s Pizza, LLCNNNAF NAF Middle Eastern GrillParis Banh Mi

    Head-to-head comparisons

    Hardees Restaurants vs Aloha Poke CoHardees Restaurants vs Bojangles Opco, LLCHardees Restaurants vs Moe’s Southwest Grill
    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

    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 19 · PDF p. 75 · 2026 FDD

      Our summary: Franchised — % Met / Exceeded Average

      “% Met / Exceeded Average 50.1%”

      Note: The 50.1% franchised figure is in the row, but Item 19 gives conflicting franchised sample counts: 1,071 in one paragraph and 975 in the next. The claimed n=975 cannot be resolved from PDF p.75.

    • Item 19 · PDF p. 75 · 2026 FDD

      Our summary: Franchised — Average Revenue 2

      “Average Revenue 2 $1,347,436”

      Note: The $1,347,436 average is in the franchised row, but Item 19 gives conflicting franchised sample counts: 1,071 in one paragraph and 975 in the next. The claimed n=975 cannot be resolved from PDF p.75.

    • Item 19 · PDF p. 75 · 2026 FDD

      Our summary: Franchised — # Met / Exceeded Average

      “# Met / Exceeded Average 471”

      Note: The row states 471 franchised restaurants met/exceeded average, but Item 19 gives conflicting franchised sample counts (1,071 vs. 975). The claimed n=975 cannot be resolved from PDF p.75.

    • Item 19 · PDF p. 75 · 2026 FDD

      Our summary: Franchised — Highest

      “Highest $3,599,953”

      Note: The $3,599,953 highest value is in the franchised row, but Item 19 gives conflicting franchised sample counts (1,071 vs. 975). The claimed n=975 cannot be resolved from PDF p.75.

    • Item 19 · PDF p. 75 · 2026 FDD

      Our summary: Franchised — Median Revenue

      “Median Revenue $1,294,442”

      Note: The $1,294,442 median is in the franchised row, but Item 19 gives conflicting franchised sample counts: 1,071 in one paragraph and 975 in the next. The claimed n=975 cannot be resolved from PDF p.75.

    • Item 19 · PDF p. 75 · 2026 FDD

      Our summary: Franchised — Lowest

      “Lowest $413,015”

      Note: The $413,015 lowest value is in the franchised row, but Item 19 gives conflicting franchised sample counts (1,071 vs. 975). The claimed n=975 cannot be resolved from PDF p.75.

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