Franopolis

    Potbelly Sandwich Works

    Franchise research report · reviewed 2026 disclosure data

    Reviewed sources
    Franchising since
    2009
    Source: franchise.org
    Headquarters
    Chicago, IL United States
    Source: franchise.org

    Potbelly Sandwich Works franchise specializes in toasted sandwiches, salads, and shakes served in a neighborhood café atmosphere with live music and vintage déc

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    Headline figures

    Potbelly Sandwich Works quick facts

    Is Potbelly Sandwich Works a franchise?
    Yes. Potbelly Sandwich Works offers franchises through a Franchise Disclosure Document. At the end of 2025, it reported 122 franchised and 348 company-owned outlets (2026 FDD, Item 20, PDF p. 75).
    How much does it cost to open a Potbelly Sandwich Works franchise?
    The Potbelly Sandwich Works Franchise Disclosure Document reports an estimated initial investment of $628,938–$999,371 (2026 FDD, Item 7, PDF p. 27). This is the franchisor's disclosed estimate, not a quote. Details
    What ongoing fees does Potbelly Sandwich Works charge?
    The disclosed ongoing royalty is $50 (2026 FDD, Item 6, PDF p. 17). The brand or advertising fund contribution is 3% (2026 FDD, Item 6, PDF p. 19). Other recurring fees are listed in Item 6. Details
    Does Potbelly Sandwich Works disclose financial performance (Item 19)?
    Yes. The Potbelly Sandwich Works FDD includes an Item 19 financial performance representation (2026 FDD, Item 19, PDF p. 73). Figures apply only to the locations and period each one covers. Details
    How many Potbelly Sandwich Works locations are there?
    The FDD reports 470 outlets at the end of 2025 (2026 FDD, Item 20, PDF p. 75). Existing locations do not indicate territory availability. Details
    Is Potbelly Sandwich Works 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 $628,938 – $999,371 in the 2026 FDD (Item 7); several initial fee options apply.
    2. 2Item 19 covers 55 separate groups: other measures for 270 Systemwide franchised+affiliate locations; other measures for 54 Systemwide franchised+affiliate locations; other measures for 415 Systemwide franchised+affiliate locations; other measures for 50 Systemwide franchised+affiliate locations; other measures for 73 Systemwide franchised+affiliate locations; other measures for 258 Systemwide franchised+affiliate locations; other measures for 11 Systemwide franchised+affiliate locations; other measures for 1 Systemwide franchised+affiliate locations; other measures for 8 Systemwide franchised+affiliate locations; other measures for 22 Systemwide franchised+affiliate locations; other measures for 262 Systemwide franchised+affiliate locations; other measures for 416 Systemwide franchised+affiliate locations; other measures for 72 Systemwide franchised+affiliate locations; other measures for 23 Systemwide franchised+affiliate locations; other measures for 98 Systemwide franchised+affiliate locations; other measures for 434 Systemwide franchised+affiliate locations; other measures for 119 Systemwide franchised+affiliate locations; other measures for 217 Systemwide franchised+affiliate locations; other measures for 60 Franchised locations; other measures for 97 Franchised locations; other measures for 22 Franchised locations; other measures for 48 Franchised locations; other measures for 8 Franchised locations; other measures for 2 Franchised locations; other measures for 6 Franchised locations; other measures for 78 Franchised locations; other measures for 5 Franchised locations; other measures for 76 Franchised locations; other measures for 7 Affiliate-owned locations; other measures for 5 Franchised locations; other measures for 19 Franchised locations; other measures for 337 Affiliate-owned locations; other measures for 53 Affiliate-owned locations; other measures for 2 Affiliate-owned locations; other measures for 1 Affiliate-owned locations; other measures for 19 Affiliate-owned locations; other measures for 45 Affiliate-owned locations; other measures for 210 Affiliate-owned locations; other measures for 212 Affiliate-owned locations; other measures for 44 Affiliate-owned locations; other measures for 6 Affiliate-owned locations; other measures for 20 Affiliate-owned locations; other measures for 46 Affiliate-owned locations; other measures for 340 Affiliate-owned locations; other measures for 12 Systemwide franchised+affiliate locations; other measures for 434 Systemwide franchised+affiliate locations; other measures for 21 Affiliate-owned locations; other measures for 2 Systemwide franchised+affiliate locations; other measures for 214 Affiliate-owned locations; other measures for 21 Systemwide franchised+affiliate locations; other measures for 2 Franchised locations; other measures for 46 Franchised locations; other measures for 54 Affiliate-owned locations; other measures for 75 Systemwide franchised+affiliate locations; other measures for Systemwide franchised+affiliate locations. They are not combined.
    3. 3Outlets grew by 26 in 2025, to 470 (United States, as labeled in the FDD, Item 20).

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

    Compare outlet trendsPut Item 20 counts side by side with up to 3 other brands.

    Potbelly Sandwich Works head-to-head

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

    Potbelly Sandwich WorksVSLittle Caesars
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    Potbelly Sandwich WorksVSWingstop
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    Potbelly Sandwich WorksVSSubway
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    Potbelly Sandwich WorksVSSonic 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. 27

    Ongoing Fees — Item 6

    Selected recurring charges; payment bases and conditions remain attached to each fee.

    000, (2) temporarily reduce the Royalty percentage payable for that Potbelly Shop by — 50%Main ongoing fee

    65 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?

    55 separate populations, shown apart. Revenue is not owner income.

    270 locations

    Other measures · 270 locations

    Who is counted
    Systemwide franchised+affiliate — Suburban
    Period
    Shop Count
    Excluded
    Insufficienthistoryexcluded;noclosures<12months;N/Aomitted.
    Method
    Unaudited;full12periods;nontraditionalUniversity/Airport/Kitchenseparate;unitvolumevaluesasstateddespiteintroreferringweekly;notprofit. Revenuebandsseparate. 2025franchise119yearend/97included,24excluded22opened2closed;affiliate348yearend/337included12excluded9opened2partialclosure1sold.

    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 2025 of each year.

    2026 FDD · Item 20 · PDF p. 75

    Net +45 outlets, 2023–2025

    0425202344420244702025+19+26

    Year-end counts reported in Item 20. The scale starts at zero; 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 ($628,938 – $999,371) 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 444 to 470 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. [1]Estimated initial investment — Item 7 · PDF p. 27
    2. [2]Item 19 — Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — Suburban · PDF p. 73
    3. [3]Item 19 — Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — Urban · PDF p. 73
    4. [4]Item 19 — Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — All Shops · PDF p. 73
    5. [5]Item 19 — Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — Urban · PDF p. 73; PDF p. 74
    6. [6]Item 19 — Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — CBD · PDF p. 73
    7. [7]Item 19 — Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — Suburban · PDF p. 73
    8. [8]Item 19 — Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — Airport · PDF p. 73
    9. [9]Item 19 — Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — Kitchen · PDF p. 73; PDF p. 74
    10. [10]Item 19 — Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — Airport · PDF p. 74
    11. [11]Item 19 — Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — University · PDF p. 73
    12. [12]Item 19 — Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — Suburban · PDF p. 74
    13. [13]Item 19 — Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — All Shops · PDF p. 74
    14. [14]Item 19 — Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — CBD · PDF p. 74
    15. [15]Item 19 — Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — University · PDF p. 74
    16. [16]Item 19 — Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — $500K-$1000K · PDF p. 74
    17. [17]Item 19 — Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — Total · PDF p. 74
    18. [18]Item 19 — Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — >$1500K · PDF p. 74
    19. [19]Item 19 — Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — $1000K-$1500K · PDF p. 74
    20. [20]Item 19 — Locations counted not stated in the reviewed record — Franchised — Suburban · PDF p. 70
    21. [21]Item 19 — Locations counted not stated in the reviewed record — Franchised — All Shops · PDF p. 70
    22. [22]Item 19 — Locations counted not stated in the reviewed record — Franchised — CBD · PDF p. 70
    23. [23]Item 19 — Locations counted not stated in the reviewed record — Franchised — Suburban · PDF p. 71
    24. [24]Item 19 — Locations counted not stated in the reviewed record — Franchised — Urban · PDF p. 70
    25. [25]Item 19 — Locations counted not stated in the reviewed record — Franchised — University · PDF p. 71; PDF p. 70
    26. [26]Item 19 — Locations counted not stated in the reviewed record — Franchised — Urban · PDF p. 71
    27. [27]Item 19 — Locations counted not stated in the reviewed record — Franchised — All Shops · PDF p. 71
    28. [28]Item 19 — Locations counted not stated in the reviewed record — Franchised — Airport · PDF p. 70; PDF p. 71
    29. [29]Item 19 — Locations counted not stated in the reviewed record — Franchised — All Shops · PDF p. 71
    30. [30]Item 19 — Locations counted not stated in the reviewed record — Affiliate-owned — Airport · PDF p. 72
    31. [31]Item 19 — Locations counted not stated in the reviewed record — Franchised — Urban · PDF p. 71
    32. [32]Item 19 — Locations counted not stated in the reviewed record — Franchised — CBD · PDF p. 71
    33. [33]Item 19 — Locations counted not stated in the reviewed record — Affiliate-owned — All Shops · PDF p. 72
    34. [34]Item 19 — Locations counted not stated in the reviewed record — Affiliate-owned — CBD · PDF p. 72; PDF p. 73
    35. [35]Item 19 — Locations counted not stated in the reviewed record — Affiliate-owned — Kitchen · PDF p. 72
    36. [36]Item 19 — Locations counted not stated in the reviewed record — Affiliate-owned — Kitchen · PDF p. 72; PDF p. 73
    37. [37]Item 19 — Locations counted not stated in the reviewed record — Affiliate-owned — University · PDF p. 72
    38. [38]Item 19 — Locations counted not stated in the reviewed record — Affiliate-owned — Urban · PDF p. 73
    39. [39]Item 19 — Locations counted not stated in the reviewed record — Affiliate-owned — Suburban · PDF p. 72
    40. [40]Item 19 — Locations counted not stated in the reviewed record — Affiliate-owned — Suburban · PDF p. 72
    41. [41]Item 19 — Locations counted not stated in the reviewed record — Affiliate-owned — Urban · PDF p. 72
    42. [42]Item 19 — Locations counted not stated in the reviewed record — Affiliate-owned — Airport · PDF p. 72; PDF p. 73
    43. [43]Item 19 — Locations counted not stated in the reviewed record — Affiliate-owned — University · PDF p. 72
    44. [44]Item 19 — Locations counted not stated in the reviewed record — Affiliate-owned — Urban · PDF p. 72
    45. [45]Item 19 — Locations counted not stated in the reviewed record — Affiliate-owned — All Shops · PDF p. 73
    46. [46]Item 19 — Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — Airport · PDF p. 73
    47. [47]Item 19 — Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — All Shops · PDF p. 73
    48. [48]Item 19 — Locations counted not stated in the reviewed record — Affiliate-owned — University · PDF p. 73
    49. [49]Item 19 — Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — Kitchen · PDF p. 73
    50. [50]Item 19 — Locations counted not stated in the reviewed record — Affiliate-owned — Suburban · PDF p. 73
    51. [51]Item 19 — Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — University · PDF p. 73
    52. [52]Item 19 — Locations counted not stated in the reviewed record — Franchised — Airport · PDF p. 71
    53. [53]Item 19 — Locations counted not stated in the reviewed record — Franchised — Suburban · PDF p. 71
    54. [54]Item 19 — Locations counted not stated in the reviewed record — Affiliate-owned — CBD · PDF p. 72
    55. [55]Item 19 — Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — CBD · PDF p. 73
    56. [56]Item 19 — Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — <$500K · PDF p. 74
    57. [57]Outlet counts — Item 20, Table 1 · PDF p. 75

    "PDF p." is the page in the PDF file; "printed p." is the number printed on the FDD page. Source document: FDD

    Territory & operations

    149 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
    2025due from potbelly sandwich works, llcMore than one value recorded for this year — open the FDD source before comparing$66,000
    2025franchise royalties and other fees$1,356,000
    2025other long-term receivables$60,000
    2025initial franchise fees$72,000
    2025net cash-$256,000
    2025goodwill, net$52,292,000
    2025deferred revenue$412,000
    2025accumulated-$2,531,000
    2025deferred contract costsMore than one value recorded for this year — open the FDD source before comparing-$104,000
    2025total revenues$1,533,000
    2025due from potbelly sandwich works, llcMore than one value recorded for this year — open the FDD source before comparing$66,000
    2025netMore than one value recorded for this year — open the FDD source before comparing-$256,000

    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 CaesarsWingstopSubwaySonic Drive-InJimmy John'sFive Guys

    Head-to-head comparisons

    Potbelly Sandwich Works vs Little CaesarsPotbelly Sandwich Works vs WingstopPotbelly Sandwich Works vs SubwayPotbelly Sandwich Works vs Sonic Drive-InPotbelly Sandwich Works vs Jimmy John'sPotbelly Sandwich Works vs Five Guys
    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

    Independent analysis of franchisor-provided data. Not investment advice. Franopolis does not distribute FDDs.

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