Franopolis

    Hardees Restaurants

    Franchise research report · reviewed 2026 disclosure data

    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.

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    Headline figures

    Hardees Restaurants quick facts

    Is Hardees Restaurants a franchise?
    Yes. Hardees Restaurants offers franchises through a Franchise Disclosure Document. At the end of 2026, it reported 198 outlets in total (2026 FDD, Item 20, PDF p. 77).
    How much does it cost to open a Hardees Restaurants franchise?
    The Hardees Restaurants Franchise Disclosure Document reports an estimated initial investment of $198,000 (2026 FDD, Item 7, PDF p. 39). This 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 4.25% · “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 198 outlets at the end of 2026 (2026 FDD, Item 20, PDF p. 77). Existing locations do not indicate territory availability. Details
    Is Hardees Restaurants 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

    1. 1Opening costs are estimated at $198,000 in the 2026 FDD (Item 7); 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 4 in 2026, to 198 (United States, as labeled in the FDD, Item 20).

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

    Franchises under $250kOther brands whose disclosed Item 7 low end fits this budget.Compare outlet trendsPut Item 20 counts side by side with up to 3 other brands.

    Hardees Restaurants head-to-head

    Closest peers in the same subcategory, side by side from reviewed FDD figures. Not a ranking or recommendation.

    Hardees RestaurantsVSLittle Caesars
    Compare head-to-head
    Hardees RestaurantsVSSubway
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    Hardees RestaurantsVSWingstop
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    Hardees RestaurantsVSSonic Drive-In
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    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. 39

    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.

    194 locations

    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.

    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 −6 outlets, 2024–2026

    0204202420220251982026−2−4

    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 ($198,000) 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 202 to 198 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]Estimated initial investment — Item 7 · PDF p. 39
    2. [2]Standard initial franchise fee — Item 5 · PDF p. 28
    3. [3]Item 19 — Locations counted not stated in the reviewed record — USfreestandingHardee’s · PDF p. 75; PDF p. 76
    4. [4]Item 19 — Locations counted not stated in the reviewed record — USfreestandingHardee’s · PDF p. 75
    5. [5]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

    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, overlapping investment range, Item 20 outlet count and search interest. This is not a ranking or recommendation.

    Little CaesarsSubwayWingstopSonic Drive-InFive GuysTaco Bell Corp.

    Head-to-head comparisons

    Hardees Restaurants vs Little CaesarsHardees Restaurants vs SubwayHardees Restaurants vs WingstopHardees Restaurants vs Sonic Drive-InHardees Restaurants vs Five GuysHardees Restaurants vs Taco Bell Corp.
    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.

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