PANERA BREAD BAKERY-CAFE
Franchise research report · reviewed 2026 disclosure data
Researching PANERA BREAD BAKERY-CAFE franchise opportunities? Every figure below is cited to the FDD.
Panera Bread Bakery-Cafe franchise combines freshly baked goods, soups, salads, and sandwiches in a fast-casual dining concept that has built a loyal customer b
Headline figures
PANERA BREAD BAKERY-CAFE quick facts
- Is PANERA BREAD BAKERY-CAFE a franchise?
- Yes. PANERA BREAD BAKERY-CAFE offers franchises through a Franchise Disclosure Document. At the end of 2025, it reported 1,106 franchised and 1,108 company-owned outlets (2026 FDD, Item 20, PDF p. 65).
- How much does it cost to open a PANERA BREAD BAKERY-CAFE franchise?
- The PANERA BREAD BAKERY-CAFE Franchise Disclosure Document reports an estimated initial investment of $1,223,702–$4,619,880 for its multi-unit format (2026 FDD, Item 7, PDF p. 24). This is the franchisor's disclosed estimate, not a quote. Details
- Does PANERA BREAD BAKERY-CAFE disclose financial performance (Item 19)?
- Yes. The PANERA BREAD BAKERY-CAFE FDD includes an Item 19 financial performance representation (2026 FDD, Item 19, PDF p. 64). Figures apply only to the locations and period each one covers. Details
- How many PANERA BREAD BAKERY-CAFE locations are there?
- The FDD reports 2,214 outlets at the end of 2025 (2026 FDD, Item 20, PDF p. 65). Existing locations do not indicate territory availability. Details
- Is PANERA BREAD BAKERY-CAFE 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 $1,223,702 – $4,619,880 (Area Development total initial investment: $1,223,702 to $4,619,880) in the 2026 FDD (Item 7); several initial fee options apply.
- 2Item 19 covers 3 separate groups: adjusted operating results for 1,087 Company-owned locations; revenue and other measures for 1,073 Franchisee-owned locations; revenue and other measures for 1,087 Company-owned locations. They are not combined.
- 3Outlets grew by 29 in 2025, to 2,214 (United States, as labeled in the FDD, Item 20).
From reviewed FDD figures only. Not a recommendation or projection.
PANERA BREAD BAKERY-CAFE 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. 24
Ongoing Fees — Item 6
Selected recurring charges; payment bases and conditions remain attached to each fee.
31 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?
3 separate populations, shown apart. Revenue is not owner income.
1,087 locations
Adjusted operating results · 1,087 locations
Adjusted company-owned results: the franchisor adjusted these centers' expenses to estimate franchisee costs. They are not observed franchisee results or owner take-home income.
- Who is counted
- Company-owned full-year Panera bakery-cafes
- Excluded
- Nontraditional results not relevant; includes21delivery/carryout and excludes2deliveryonly. Profit/EBITDA excludes franchise royalties,initialfeeamortization,bankfinancing.
- Method
- Company GAAP mean annual figures; excludes intercompany consolidation adjustments. Gross revenues exclude taxes; net sales additionally excludes refunds/discounts; food/papercosts; EBITDA before interest,taxes,depreciation,amortization.
These groups are never combined. Adjusted company-owned operating results cannot be divided by franchised revenue to calculate a franchisee profit margin.
Outlet Changes — Item 20
How has the outlet count changed?
United States, as labeled in the FDD · counts as of 2025 of each year.
2026 FDD · Item 20 · PDF p. 65
Net +63 outlets, 2023–2025
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 2025 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 ($1,223,702 – $4,619,880) 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 2,185 to 2,214 in 2025. 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. 24
- [2]Item 19 — Locations counted not stated in the reviewed record — Company-owned full-year Panera bakery-cafes · PDF p. 64
- [3]Item 19 — Locations counted not stated in the reviewed record — Franchisee-owned · PDF p. 63
- [4]Item 19 — Locations counted not stated in the reviewed record — Company-owned · PDF p. 63
- [5]Outlet counts — Item 20, Table 1 · PDF p. 65
"PDF p." is the page in the PDF file; "printed p." is the number printed on the FDD page. Source document: FDD
Territory & operations
205 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 | stock-based compensation expense 2025 | $46,206 |
| 2025 | deferred income taxes 2025More than one value recorded for this year — open the FDD source before comparing | -$10,103 |
| 2025 | goodwill and trademark impairment 2025More than one value recorded for this year — open the FDD source before comparing | $568,893 |
| 2025 | change in fair value of warrant liabilities 2025 | $21,607 |
| 2025 | structured payables 2025 | $13,188 |
| 2025 | franchise royalties, it and other fees 2025 | $221,047 |
| 2025 | franchise advertising 2025 | $108,670 |
| 2025 | total revenues 2025 | $4,613,681 |
| 2025 | additional paid-in capital 2025 | $5,194,265 |
| 2025 | other 2025 | $1,781 |
| 2025 | cash and cash equivalents at beginning of period 2025 | $126,968 |
| 2025 | net cash used in investing activities 2025 | -$262,359 |
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.
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 21 · PDF p. 309 · 2026 FDD
Our summary: Proceeds from disposal of property and equipment 2023
“Proceeds from disposal of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . 332 — 1,714”
Note: The cited value could not be confirmed in the 2023 column on PDF page 309.
Item 21 · PDF p. 309 · 2026 FDD
Our summary: Payments on structured payables 2024
“Payments on structured payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (133,273) (383,481) (860,845)”
Note: The cited value could not be confirmed in the 2024 column on PDF page 309.
Item 21 · PDF p. 309 · 2026 FDD
Our summary: Payments on structured payables 2025
“Payments on structured payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (133,273) (383,481) (860,845)”
Note: The cited value could not be confirmed in the 2025 column on PDF page 309.
Item 21 · PDF p. 309 · 2026 FDD
Our summary: Payments on structured payables 2023
“Payments on structured payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (133,273) (383,481) (860,845)”
Note: The cited value could not be confirmed in the 2023 column on PDF page 309.
Item 21 · PDF p. 309 · 2026 FDD
Our summary: Acquisitions of noncontrolling interest and puttable common shares 2025
“Acquisitions of noncontrolling interest and puttable common shares . . . . . . . . . . . . (123,468) (31,028) (53,721)”
Note: The cited value could not be confirmed in the 2025 column on PDF page 309.
Independent analysis of franchisor-provided data. Not investment advice. Franopolis does not distribute FDDs.