Steak n Shake Enterprises Traditional Franchise Program
Franchise research report · reviewed 2026 disclosure data
Researching Steak n Shake Enterprises Traditional Franchise Program franchise opportunities? Every figure below is cited to the FDD.
Steak n Shake operates a classic American diner concept known for steakburgers, hand-dipped milkshakes, and nostalgic drive-in service across hundreds of locati
Headline figures
Quick facts
- How much does it cost to open a Steak n Shake Enterprises Traditional Franchise Program franchise?
- The Steak n Shake Enterprises Traditional Franchise Program Franchise Disclosure Document reports separate estimated initial investments by format: $316,000–$2,656,425 for total investment to begin operation: $316,000 to $2,656,425 (2026 FDD, Item 7, PDF p. 1); $454,000–$715,000 for total — in-line quick service format amount $454,000 to $1,364,000 (2026 FDD, Item 7, PDF p. 25); $1,207,909 for total — freestanding quick service format amount $1,207,909 to $2,656,425 (2026 FDD, Item 7, PDF p. 25); $316,000–$715,000 for total — non-traditional amount $316,000 to $715,000 (2026 FDD, Item 7, PDF p. 25). These formats are not combined. Each is the franchisor's disclosed estimate, not a quote. Details
- What ongoing fees does Steak n Shake Enterprises Traditional Franchise Program charge?
- The disclosed ongoing royalty is $5 (2026 FDD, Item 6, PDF p. 19). The brand or advertising fund contribution is $50 (2026 FDD, Item 6, PDF p. 21). Other recurring fees are listed in Item 6. Details
- Does Steak n Shake Enterprises Traditional Franchise Program disclose financial performance (Item 19)?
- Yes. The Steak n Shake Enterprises Traditional Franchise Program FDD includes an Item 19 financial performance representation (2026 FDD, Item 19, PDF p. 75). 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
- 1The 2026 FDD (Item 7) estimates opening costs separately by format: $316,000 – $2,656,425 (Total investment to begin operation: $316,000 to $2,656,425); $454,000 – $715,000 (Total — In-line Quick Service Format amount $454,000 to $1,364,000); $1,207,909 (Total — Freestanding Quick Service Format amount $1,207,909 to $2,656,425); $316,000 – $715,000 (Total — Non-Traditional amount $316,000 to $715,000); several initial fee options apply.
- 2Item 19 covers 8 separate groups: other measures and revenue for 59 Traditional Franchise Restaurants locations; other measures and revenue for 214 Total Franchise Restaurants locations; revenue and costs and profit and other measures for 39 Franchise Partner Restaurants locations; revenue and profit and costs and other measures for 39 Franchise Partner Restaurants locations; revenue and other measures and profit and costs for 39 Franchise Partner Restaurants locations; revenue and costs and other measures and profit for 155 Franchise Partner Restaurants locations; revenue and other measures for 155 Franchise Partner Restaurants locations; revenue and other measures and costs and profit for 38 Franchise Partner Restaurants 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
Range across 4 single-unit formats
2026 FDD · Item 7
Formats disclosed in Item 7 (4)
Each format has its own total. The total depends on the format you choose.
- Total investment to begin operation: $316,000 to $2,656,425PDF p. 1$316,000 – $2,656,425
- Non-Traditional amount $316,000 to $715,000PDF p. 25$316,000 – $715,000
- In-line Quick Service Format amount $454,000 to $1,364,000PDF p. 25$454,000 – $715,000
- Freestanding Quick Service Format amount $1,207,909 to $2,656,425PDF p. 25$1,207,909
Ongoing Fees — Item 6
Selected recurring charges; payment bases and conditions remain attached to each fee.
- Royalty and System Fee & License FeeMain ongoing fee
39 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?
8 separate populations, shown apart. Revenue is not owner income.
Locations counted: not stated in the reviewed record
Revenue and other measures · 59 locations
- Who is counted
- Traditional Franchise Restaurants
- Excluded
- 23 of 82 U.S. traditional franchise restaurants excluded for not operating 12 consecutive months or for operation in a university, convenience store, food court or airport
- Method
- Unaudited results; historical financial performance representation
Locations counted: not stated in the reviewed record
Revenue and other measures · 214 locations
- Who is counted
- Total Franchise Restaurants
- Method
- Unaudited results; historical financial performance representation
Locations counted: not stated in the reviewed record
Revenue, costs, profit and other measures · 39 locations
- Who is counted
- Franchise Partner Restaurants — Quartile 2
- Period
- Quartile 2
- Excluded
- Franchise Partner Restaurants continuous in operation for at least 12 months and as Franchise Partner Restaurants for at least 12 months as of December 31, 2025
- Method
- Modified performance results; values are for fiscal year ended December 31, 2025
Locations counted: not stated in the reviewed record
Revenue, profit, costs and other measures · 39 locations
- Who is counted
- Franchise Partner Restaurants — Quartile 3
- Period
- Quartile 3
- Excluded
- Franchise Partner Restaurants continuous in operation for at least 12 months and as Franchise Partner Restaurants for at least 12 months as of December 31, 2025
- Method
- Modified performance results; values are for fiscal year ended December 31, 2025
Locations counted: not stated in the reviewed record
Revenue, profit, costs and other measures · 39 locations
- Who is counted
- Franchise Partner Restaurants — Quartile 1
- Period
- Quartile 1
- Excluded
- Franchise Partner Restaurants continuous in operation for at least 12 months and as Franchise Partner Restaurants for at least 12 months as of December 31, 2025
- Method
- Modified performance results; values are for fiscal year ended December 31, 2025
Locations counted: not stated in the reviewed record
Revenue, costs, profit and other measures · 155 locations
- Who is counted
- Franchise Partner Restaurants — Total
- Period
- Total
- Excluded
- Franchise Partner Restaurants continuous in operation for at least 12 months and as Franchise Partner Restaurants for at least 12 months as of December 31, 2025
- Method
- Modified performance results; values are for fiscal year ended December 31, 2025
Locations counted: not stated in the reviewed record
Revenue and other measures · 155 locations
- Who is counted
- Franchise Partner Restaurants
- Period
- Franchise Partner Restaurants
- Method
- Annual net sales during fiscal year ended December 31, 2025
Locations counted: not stated in the reviewed record
Revenue, costs, profit and other measures · 38 locations
- Who is counted
- Franchise Partner Restaurants — Quartile 4
- Period
- Quartile 4
- Excluded
- Franchise Partner Restaurants continuous in operation for at least 12 months and as Franchise Partner Restaurants for at least 12 months as of December 31, 2025
- Method
- Modified performance results; values are for fiscal year ended December 31, 2025
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 ($316,000 – $2,656,425) 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]Item 19 — Locations counted not stated in the reviewed record — Traditional Franchise Restaurants · PDF p. 75; PDF p. 76
- [2]Item 19 — Locations counted not stated in the reviewed record — Total Franchise Restaurants · PDF p. 75; PDF p. 76
- [3]Item 19 — Locations counted not stated in the reviewed record — Franchise Partner Restaurants — Quartile 2 · PDF p. 78
- [4]Item 19 — Locations counted not stated in the reviewed record — Franchise Partner Restaurants — Quartile 3 · PDF p. 78
- [5]Item 19 — Locations counted not stated in the reviewed record — Franchise Partner Restaurants — Quartile 1 · PDF p. 78
- [6]Item 19 — Locations counted not stated in the reviewed record — Franchise Partner Restaurants — Total · PDF p. 78
- [7]Item 19 — Locations counted not stated in the reviewed record — Franchise Partner Restaurants · PDF p. 76; PDF p. 75
- [8]Item 19 — Locations counted not stated in the reviewed record — Franchise Partner Restaurants — Quartile 4 · PDF p. 78
"PDF p." is the page in the PDF file; "printed p." is the number printed on the FDD page. Source document: FDD
Territory & operations
No territory or operating requirements have been reviewed yet.
301 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 | total assets | $416,618 |
| 2025 | total liabilities and shareholder's equity | $416,618 |
| 2025 | net earnings | $12,632 |
| 2025 | capital expenditures | -$25,684 |
| 2025 | restaurant cost of sales | $152,298 |
| 2025 | interest expense, net | $8,859 |
| 2025 | increase | $3,677 |
| 2025 | total liabilities | $388,373 |
| 2025 | total shareholder's equity | $28,245 |
| 2025 | revenues | $270,002 |
| 2025 | selling, general and administrative expense | $62,755 |
| 2025 | impairments | $1,251 |
| 2025 | depreciation and amortization | $26,686 |
| 2025 | earnings before income taxes | $18,153 |
| 2025 | income tax expense | $5,521 |
| 2025 | total comprehensive income | $13,771 |
| 2025 | net cash provided by operating activities | $48,909 |
| 2025 | net cash used in investing activities | -$97,038 |
| 2025 | net cash provided by | $51,845 |
| 2025 | cash, cash equivalents and restricted cash at end of year | $9,286 |
| 2024 | total assets | $328,271 |
| 2024 | selling, general and administrative expense | $53,807 |
| 2024 | total shareholder's equity | $176,535 |
| 2024 | interest expense, net | $5,425 |
| 2024 | cash, cash equivalents and restricted cash at end of year | $5,609 |
| 2024 | total comprehensive income | $13,705 |
| 2024 | net cash used in investing activities | -$9,788 |
| 2024 | total liabilities | $151,736 |
| 2024 | total liabilities and shareholder's equity | $328,271 |
| 2024 | revenues | $240,846 |
| 2024 | restaurant cost of sales | $134,473 |
| 2024 | impairments | $107 |
| 2024 | depreciation and amortization | $26,935 |
| 2024 | earnings before income taxes | $20,099 |
| 2024 | income tax expense | $5,829 |
| 2024 | net earnings | $14,270 |
| 2024 | net cash provided by operating activities | $37,434 |
| 2024 | capital expenditures | -$19,769 |
| 2024 | net cash provided by | -$30,823 |
| 2024 | increase | -$3,201 |
| 2023 | impairments | $3,947 |
| 2023 | revenues | $239,956 |
| 2023 | total comprehensive income | $20,788 |
| 2023 | net cash provided by | -$26,629 |
| 2023 | earnings before income taxes | $26,170 |
| 2023 | cash, cash equivalents and restricted cash at end of year | $8,810 |
| 2023 | restaurant cost of sales | $129,203 |
| 2023 | selling, general and administrative expense | $48,555 |
| 2023 | depreciation and amortization | $26,964 |
| 2023 | interest expense, net | $5,117 |
| 2023 | income tax expense | $5,715 |
| 2023 | net earnings | $20,455 |
| 2023 | net cash provided by operating activities | $38,910 |
| 2023 | capital expenditures | -$21,186 |
| 2023 | net cash used in investing activities | -$10,322 |
| 2023 | increase | $2,018 |
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
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.