Panda Express
Franchise research report · reviewed 2026 disclosure data
Researching Panda Express franchise opportunities? Every figure below is cited to the FDD.
Panda Express franchise specializes in American Chinese cuisine, operating as the largest Asian fast-casual restaurant chain in the United States with its signa
Headline figures
Panda Express quick facts
- Is Panda Express a franchise?
- Yes. Panda Express offers franchises through a Franchise Disclosure Document. At the end of 2024, it reported 173 franchised and 2,329 company-owned outlets (2025 FDD, Item 20, PDF p. 81).
- How much does it cost to open a Panda Express franchise?
- The Panda Express Franchise Disclosure Document reports an estimated initial investment of $514,500–$3,275,500 (2026 FDD, Item 7, PDF p. 29). This is the franchisor's disclosed estimate, not a quote. Details
- What is the Panda Express initial franchise fee?
- The disclosed initial franchise fee for a standard single unit is $25,000 (2026 FDD, Item 5, PDF p. 21). Other fee options (for example multi-unit or conversion) are listed separately in the report. Details
- What ongoing fees does Panda Express charge?
- The disclosed ongoing royalty is 8% (2025 FDD, Item 6, PDF p. 18). Other recurring fees are listed in Item 6. Details
- Does Panda Express disclose financial performance (Item 19)?
- Yes. The Panda Express FDD includes an Item 19 financial performance representation (2026 FDD, Item 19, PDF p. 82). Figures apply only to the locations and period each one covers. Details
- How many Panda Express locations are there?
- The FDD reports 2,502 outlets at the end of 2024 (2025 FDD, Item 20, PDF p. 81). Existing locations do not indicate territory availability. Details
- Is Panda Express 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 lists every recurring fee beyond 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 $514,500 – $3,275,500 in the 2026 FDD (Item 7); several initial fee options apply.
- 2Item 19 covers 7 separate groups: revenue and other measures for 167 Licensed,including59jointventureswithaffiliateminorityownership locations; revenue and other measures for 4 Licensed,including59jointventureswithaffiliateminorityownership locations; revenue and other measures for 3 Licensed,including59jointventureswithaffiliateminorityownership locations; revenue and other measures for 23 Licensed,including59jointventureswithaffiliateminorityownership locations; revenue and other measures for 8 Licensed,including59jointventureswithaffiliateminorityownership locations; other measures and revenue for 55 Licensed,including59jointventureswithaffiliateminorityownership locations; other measures and revenue for 74 Licensed,including59jointventureswithaffiliateminorityownership locations. They are not combined.
- 3Outlets grew by 89 in 2024, to 2,502 (Systemwide, as labeled in the FDD, Item 20).
From reviewed FDD figures only. Not a recommendation or projection.
Panda Express 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. 29
Standard single-unit franchise fee
2026 FDD · Item 5 · PDF p. 21
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.
- FEES. F EE 1 A MOUNT W HEN P AYABLE R EMARKS Royalty Each Royalty Period you pay us — 8%Main ongoing fee
12 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?
7 separate populations, shown apart. Revenue is not owner income.
167 locations
Revenue and other measures · 167 locations
- Who is counted
- Totalcaptivevenues
- Excluded
- 11notoperatingfullyear and2privacy(themepark/corporatecampus);captivevenuesonly
- Method
- UnauditednonGAAPreportedgrosssales;minimum52weeksexceptseasonalvenueclosures;includesbusinessinterruptinsurance;excludestaxes/refunds/credits/employeediscounts;notprofit
These groups are never combined.
Outlet Changes — Item 20
How has the outlet count changed?
Systemwide, as labeled in the FDD · counts as of Year-end counts, 2022–2024 of each year.
2026 FDD · Item 20 · PDF p. 81
Net +150 outlets, 2022–2024
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 2024 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 ($514,500 – $3,275,500) 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 went from 2,413 to 2,502 in 2024. 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]Estimated initial investment — Item 7 · PDF p. 29
- [2]Standard initial franchise fee — Item 5 · PDF p. 21
- [3]Item 19 — Locations counted not stated in the reviewed record — Totalcaptivevenues · PDF p. 82; PDF p. 83
- [4]Item 19 — Locations counted not stated in the reviewed record — Casinocaptivevenues · PDF p. 82; PDF p. 83
- [5]Item 19 — Locations counted not stated in the reviewed record — Hospitalcaptivevenues · PDF p. 82; PDF p. 83
- [6]Item 19 — Locations counted not stated in the reviewed record — Airportcaptivevenues · PDF p. 82; PDF p. 83
- [7]Item 19 — Locations counted not stated in the reviewed record — TravelPlazacaptivevenues · PDF p. 82; PDF p. 83
- [8]Item 19 — Locations counted not stated in the reviewed record — Militarycaptivevenues · PDF p. 83; PDF p. 82
- [9]Item 19 — Locations counted not stated in the reviewed record — Universitycaptivevenues · PDF p. 83; PDF p. 82
- [10]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. Source document: FDD
Territory & operations
153 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 |
|---|---|---|
| 2025 | prepaid taxes | $156,961 |
| 2025 | license fees | $2,348,944 |
| 2025 | restaurant expense | $144,464 |
| 2025 | long-term liabilities deferred revenue, net of current portion | $3,302,228 |
| 2025 | additional paid-in capital | $4,200,000 |
| 2025 | net change in cash and cash equivalents | -$2,207,672 |
| 2025 | salaries and benefits | $116,512 |
| 2025 | accrued payroll payable | $1,673 |
| 2025 | cash flows from investing activities purchases of property and equipment | -$50,750 |
| 2025 | current assets cash and cash equivalents | $1,456,406 |
| 2025 | accounts receivable | $4,681,551 |
| 2025 | total current assets | $6,294,918 |
These figures describe the franchisor company, not individual franchise locations.
What changed from 2025 to 2026
- Estimated initial investment: $514,500 – $3,275,500 → $514,500 – $3,275,500
- Franchise fee: $25,000 → $25,000
- System size: 165 → 2,502 units
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
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 7 · PDF p. 24 · 2025 FDD
Our summary: Furniture, Fixtures, Equipment and Supplies: $120,000 - $650,000
“Furniture, Fixtures, Equipment and Supplies $120,000 - $650,000”
Note: The cited quote could not be located on the cited FDD page.
Item 7 · PDF p. 24 · 2025 FDD
Our summary: Initial License Fee: $25,000
“Initial License Fee $25,000”
Note: The cited quote could not be located on the cited FDD page.
Item 7 · PDF p. 24 · 2025 FDD
Our summary: Computer Hardware and Software: $16,500 - $27,000
“Computer Hardware and Software $16,500 - $27,000”
Note: The cited quote could not be located on the cited FDD page.
Item 7 · PDF p. 24 · 2025 FDD
Our summary: Lease of Premises (Initial 3 months’ rent): $10,000 - $425,000
“Lease of Premises (Initial 3 months’ rent) $10,000 - $425,000”
Note: The cited quote could not be located on the cited FDD page.
Item 7 · PDF p. 24 · 2025 FDD
Our summary: Initial Inventory: $11,000 - $18,000
“Initial Inventory $11,000 - $18,000”
Note: The cited quote could not be located on the cited FDD page.
Item 7 · PDF p. 25 · 2025 FDD
Our summary: Additional Funds (3 months): $18,000 - $30,000
“Additional Funds (3 months) $18,000 - $30,000”
Note: The cited quote could not be located on the cited FDD page.
Item 7 · PDF p. 25 · 2025 FDD
Our summary: Licenses and Permits: $1,500 – $60,000
“Licenses and Permits $1,500 – $60,000”
Note: The cited quote could not be located on the cited FDD page.
Item 7 · PDF p. 25 · 2025 FDD
Our summary: Payroll and Related Taxes: $39,000- $65,000
“Payroll and Related Taxes $39,000- $65,000”
Note: The cited quote could not be located on the cited FDD page.
Item 7 · PDF p. 24 · 2025 FDD
Our summary: Insurance (annual premium): $94,500 - $ 157,500 (annual premium)
“Insurance (annual premium) $94,500 - $ 157,500 (annual premium)”
Note: The cited quote could not be located on the cited FDD page.
Item 7 · PDF p. 24 · 2025 FDD
Our summary: Leasehold Improvements: $100,000 - $1,500,000
“Leasehold Improvements $100,000 - $1,500,000”
Note: The cited quote could not be located on the cited FDD page.
Item 7 · PDF p. 24 · 2025 FDD
Our summary: Expenses Incurred During Initial Training: $13,000 - $29,000
“Expenses Incurred During Initial Training $13,000 - $29,000”
Note: The cited quote could not be located on the cited FDD page.
Item 20 · PDF p. 81 · 2025 FDD
Our summary: Franchised 2023: 157 → 165
“Franchised* 2023 157 165 +8”
Note: The cited page does not establish the Table 1 systemwide start/end row.
Item 20 · PDF p. 81 · 2025 FDD
Our summary: Company-Owned 2024: 2248 → 2329
“Company Owned** 2024 2248 2329 +81”
Note: The cited page does not establish the Table 1 systemwide start/end row.
Item 20 · PDF p. 81 · 2025 FDD
Our summary: Franchised 2024: 165 → 173
“Franchised* 2024 165 173 +8”
Note: The cited page does not establish the Table 1 systemwide start/end row.
Independent analysis of franchisor-provided data. Not investment advice. Franopolis does not distribute FDDs.