Panera Bread
Franchise research report · reviewed 2025 disclosure data
Researching Panera Bread franchise opportunities? Every figure below is cited to the FDD.
- Franchising since
- 1993 Source: franchise.org
- Headquarters
- Fenton, MO United States Source: franchise.org
Bakery-Cafe specializes in the retail sales of fresh bakery goods, sandwiches, soups, salads, custom roasted coffees, and other cafe beverages. At Panera, our mission is One Panera for a Healthier and Happier World.
Headline figures
Panera Bread quick facts
- Is Panera Bread a franchise?
- Yes. Panera Bread offers franchises through a Franchise Disclosure Document. At the end of 2024, it reported 1,105 franchised and 1,101 company-owned outlets (2025 FDD, Item 20, PDF p. 63).
- How much does it cost to open a Panera Bread franchise?
- The Panera Bread Franchise Disclosure Document reports separate estimated initial investments by format: $1,266,805–$2,567,601 for total initial investment — small box bakery-cafe, non-urban market (2025 FDD, Item 7, PDF p. 24); $1,434,566–$4,651,324 for total initial investment — core bakery-cafe, non-urban market (2025 FDD, Item 7, PDF p. 24). These formats are not combined. Each is the franchisor's disclosed estimate, not a quote. Details
- What is the Panera Bread initial franchise fee?
- The disclosed initial franchise fee for a standard single unit is $35,000 (2025 FDD, Item 5, PDF p. 14). Other fee options (for example multi-unit or conversion) are listed separately in the report. Details
- What ongoing fees does Panera Bread charge?
- The disclosed ongoing royalty is 5% (2025 FDD, Item 6, PDF p. 16). The brand or advertising fund contribution is 3.5% (2025 FDD, Item 6, PDF p. 18). Other recurring fees are listed in Item 6. Details
- Does Panera Bread disclose financial performance (Item 19)?
- Yes. The Panera Bread FDD includes an Item 19 financial performance representation (2025 FDD, Item 19, PDF p. 60). Figures apply only to the locations and period each one covers. Details
- How many Panera Bread locations are there?
- The FDD reports 2,206 outlets at the end of 2024 (2025 FDD, Item 20, PDF p. 63). Existing locations do not indicate territory availability. Details
- Is Panera Bread 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
- 1The 2025 FDD (Item 7) estimates opening costs separately by format: $1,266,805 – $2,567,601 (Total initial investment — Small Box Bakery-Cafe, non-urban market); $1,434,566 – $4,651,324 (Total initial investment — Core Bakery-Cafe, non-urban market); several initial fee options apply.
- 2Item 19 covers 4 separate groups: revenue for 1,084 locations; revenue for 2,134 locations; profit and EBITDA for 1,050 locations; revenue for 1,050 locations. They are not combined.
- 3Outlets grew by 35 in 2024, to 2,206 (United States, as labeled in the FDD, Item 20).
From reviewed FDD figures only. Not a recommendation or projection.
Panera Bread 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
2025 FDD · Item 7
Formats disclosed in Item 7 (2)
Each format has its own total. The total depends on the format you choose.
- Small Box Bakery-Cafe, non-urban marketPDF p. 24$1,266,805 – $2,567,601
- Core Bakery-Cafe, non-urban marketPDF p. 24$1,434,566 – $4,651,324
Standard single-unit franchise fee
2025 FDD · Item 5 · PDF p. 14
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.
- RoyaltyMain ongoing fee
9 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?
4 separate populations, shown apart. Revenue is not owner income.
1,084 locations
Revenue · 1,084 locations
- Who is counted
- Franchisee-owned Panera Bread Bakery-Cafes open during entire fiscal year ending Dec 31, 2024
- Period
- franchisee-owned Bakery-Cafes, FY2024
- Excluded
- Excludes outlets not open during the entire fiscal year; non-traditional locations not applicable to this statement
- Method
- Mean average reported annual Net Sales
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 2024 of each year.
2025 FDD · Item 20 · PDF p. 63
Net +92 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 2025 Item 7 estimate ($1,266,805 – $4,651,324) 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 2,171 to 2,206 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 (2025 FDD)
- [1]Standard initial franchise fee — Item 5 · PDF p. 14
- [2]Item 19 — Locations counted not stated in the reviewed record — Franchisee-owned Panera Bread Bakery-Cafes open during entire fiscal year endin… · PDF p. 60
- [3]Item 19 — Locations counted not stated in the reviewed record — All Panera Bread Bakery-Cafes open during entire fiscal year ending Dec 31, 2024 · PDF p. 60
- [4]Item 19 — Locations counted not stated in the reviewed record — Company-owned Panera Bread Bakery-Cafes open during entire FY2024 · PDF p. 61
- [5]Item 19 — Locations counted not stated in the reviewed record — Company-owned Panera Bread Bakery-Cafes open during entire fiscal year ending D… · PDF p. 60
- [6]Outlet counts — Item 20, Table 1 · PDF p. 63
"PDF p." is the page in the PDF file; "printed p." is the number printed on the FDD page.
Territory & operations
No territory or operating requirements have been reviewed yet.
These are contract disclosures, not confirmation that any territory is currently available.
Legal & agreement
Franchisor financial statements
No verified franchisor financial statement figures have been reviewed yet.
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
Not reviewed
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.