Franopolis
    PE

    Panda Express

    Franchise research report · reviewed 2026 disclosure data

    Researching Panda Express franchise opportunities? Every figure below is cited to the FDD.

    Reviewed sources

    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

    Quick facts

    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 (2026 FDD, Item 6, PDF p. 22). 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

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

    What the disclosures show

    1. 1Opening costs are estimated at $514,500 – $3,275,500 in the 2026 FDD (Item 7); several initial fee options apply.
    2. 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.

    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

    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.

    Locations counted: not stated in the reviewed record

    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

    Locations counted: not stated in the reviewed record

    Revenue and other measures · 4 locations

    Who is counted
    Casinocaptivevenues
    Excluded
    11notoperatingfullyear and2privacy(themepark/corporatecampus);captivevenuesonly
    Method
    UnauditednonGAAPreportedgrosssales;minimum52weeksexceptseasonalvenueclosures;includesbusinessinterruptinsurance;excludestaxes/refunds/credits/employeediscounts;notprofit

    Locations counted: not stated in the reviewed record

    Revenue and other measures · 3 locations

    Who is counted
    Hospitalcaptivevenues
    Excluded
    11notoperatingfullyear and2privacy(themepark/corporatecampus);captivevenuesonly
    Method
    UnauditednonGAAPreportedgrosssales;minimum52weeksexceptseasonalvenueclosures;includesbusinessinterruptinsurance;excludestaxes/refunds/credits/employeediscounts;notprofit

    Locations counted: not stated in the reviewed record

    Revenue and other measures · 23 locations

    Who is counted
    Airportcaptivevenues
    Excluded
    11notoperatingfullyear and2privacy(themepark/corporatecampus);captivevenuesonly
    Method
    UnauditednonGAAPreportedgrosssales;minimum52weeksexceptseasonalvenueclosures;includesbusinessinterruptinsurance;excludestaxes/refunds/credits/employeediscounts;notprofit

    Locations counted: not stated in the reviewed record

    Revenue and other measures · 8 locations

    Who is counted
    TravelPlazacaptivevenues
    Excluded
    11notoperatingfullyear and2privacy(themepark/corporatecampus);captivevenuesonly
    Method
    UnauditednonGAAPreportedgrosssales;minimum52weeksexceptseasonalvenueclosures;includesbusinessinterruptinsurance;excludestaxes/refunds/credits/employeediscounts;notprofit

    Locations counted: not stated in the reviewed record

    Revenue and other measures · 55 locations

    Who is counted
    Militarycaptivevenues
    Period
    Percent of Units Exceeding Average Gross Sales: 47%
    Excluded
    11notoperatingfullyear and2privacy(themepark/corporatecampus);captivevenuesonly
    Method
    UnauditednonGAAPreportedgrosssales;minimum52weeksexceptseasonalvenueclosures;includesbusinessinterruptinsurance;excludestaxes/refunds/credits/employeediscounts;notprofit

    Locations counted: not stated in the reviewed record

    Revenue and other measures · 74 locations

    Who is counted
    Universitycaptivevenues
    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?

    Coverage not stated in the reviewed record · counts as of year end of each year.

    2026 FDD · Item 20 ·

    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?

    • 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. 29
    2. [2]Standard initial franchise fee — Item 5 · PDF p. 21
    3. [3]Item 19 — Locations counted not stated in the reviewed record — Totalcaptivevenues · PDF p. 82; PDF p. 83
    4. [4]Item 19 — Locations counted not stated in the reviewed record — Casinocaptivevenues · PDF p. 82; PDF p. 83
    5. [5]Item 19 — Locations counted not stated in the reviewed record — Hospitalcaptivevenues · PDF p. 82; PDF p. 83
    6. [6]Item 19 — Locations counted not stated in the reviewed record — Airportcaptivevenues · PDF p. 82; PDF p. 83
    7. [7]Item 19 — Locations counted not stated in the reviewed record — TravelPlazacaptivevenues · PDF p. 82; PDF p. 83
    8. [8]Item 19 — Locations counted not stated in the reviewed record — Militarycaptivevenues · PDF p. 83; PDF p. 82
    9. [9]Item 19 — Locations counted not stated in the reviewed record — Universitycaptivevenues · PDF p. 83; PDF p. 82

    "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 yearMeasureReported value
    2025prepaid taxes$156,961
    2025license fees$2,348,944
    2025restaurant expense$144,464
    2025long-term liabilities deferred revenue, net of current portion$3,302,228
    2025additional paid-in capital$4,200,000
    2025net change in cash and cash equivalents-$2,207,672
    2025salaries and benefits$116,512
    2025accrued payroll payable$1,673
    2025cash flows from investing activities purchases of property and equipment-$50,750
    2025current assets cash and cash equivalents$1,456,406
    2025accounts receivable$4,681,551
    2025total current assets$6,294,918
    2025property and equipment, net$59,378,179
    2025total assets$65,673,097
    2025current liabilities current portion of deferred revenue$557,618
    2025total current liabilities$559,291
    2025total liabilities$3,861,519
    2025retained earnings$124,306,594
    2025due from affiliate-$66,855,016
    2025total shareholder's equity$61,811,578
    2025net revenues royalty income$28,533,691
    2025initial fees$543,018
    2025rental income$145,900
    2025miscellaneous income$24,002
    2025total net revenues$31,595,555
    2025professional services$348,145
    2025miscellaneous$49,683
    2025property tax$491,878
    2025total expenses$3,318,981
    2025income before foreign tax provision$28,276,574
    2025foreign tax provision-$706,962
    2025net income$27,569,612
    2025supplemental disclosure of cash flow information foreign income taxes paid$706,962
    2024property and equipment, net$61,495,728
    2024accounts receivable$4,829,081
    2024net income$24,842,691
    2024initial fees$816,928
    2024salaries and benefits$143,456
    2024due from affiliate-$35,310,459
    2024miscellaneous income-$4,870
    2024cash flows from investing activities purchases of property and equipment-$25,751
    2024total expenses$2,945,950
    2024current assets cash and cash equivalents$3,664,078
    2024prepaid taxes$10,900
    2024total current assets$8,504,059
    2024total assets$69,999,787
    2024current liabilities current portion of deferred revenue$816,591
    2024taxes payable$102,946
    2024total current liabilities$919,537
    2024net revenues royalty income$24,916,622
    2024long-term liabilities deferred revenue, net of current portion$3,293,727
    2024total liabilities$4,213,264
    2024additional paid-in capital$4,200,000
    2024retained earnings$96,736,982
    2024total shareholder's equity$65,786,523
    2024license fees$2,378,044
    2024rental income$145,900
    2024restaurant income$10,235
    2024total net revenues$28,262,859
    2024professional services$339,112
    2024miscellaneous$64,983
    2024property tax$230,723
    2024income before foreign tax provision$25,316,909
    2024foreign tax provision-$474,218
    2024retained earnings - beginning of fiscal year$71,894,291
    2024net change in cash and cash equivalents$2,713,562
    2024supplemental disclosure of cash flow information foreign income taxes paid$474,218
    2023accounts receivable$3,633,937
    2023due from affiliate$11,992,768
    2023prepaid taxes$59,159
    2023license fees$2,336,303
    2023rental income$145,900
    2023total net revenues$25,718,800
    2023loss on sale of airplane$319,838
    2023additional paid-in capital$4,200,000
    2023salaries and benefits$53,227
    2023miscellaneous income$45,000
    2023property tax$193,880
    2023current assets cash and cash equivalents$950,516
    2023total current assets$16,636,380
    2023property and equipment, net$63,637,653
    2023total assets$80,274,033
    2023current liabilities current portion of deferred revenue$545,410
    2023total current liabilities$545,410
    2023long-term liabilities deferred revenue, net of current portion$3,474,332
    2023total liabilities$4,019,742
    2023total shareholder's equity$76,254,291
    2023net revenues royalty income$22,646,186
    2023initial fees$545,411
    2023expenses depreciation$2,282,215
    2023professional services$274,595
    2023miscellaneous$13,913
    2023total expenses$3,137,668
    2023income before foreign tax provision$22,581,132
    2023foreign tax provision-$513,095
    2023net income$22,068,037
    2023net changes in cash and cash equivalents-$2,896,475
    2023cash and cash equivalents - beginning of period$3,846,991
    2023foreign income taxes paid$513,095
    2023a irplane purchased paid through due to affiliate$6,610,400
    2023proceeds from sale of airplane received by affiliate$13,489,754

    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.

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    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.