Franopolis

    Steak n Shake Enterprises Traditional Franchise Program

    Franchise research report · reviewed 2026 disclosure data

    Reviewed sources

    Steak n Shake operates a classic American diner concept known for steakburgers, hand-dipped milkshakes, and nostalgic drive-in service across hundreds of locati

    Save Territory check Compare Website

    Headline figures

    Steak n Shake Enterprises Traditional Franchise Program 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
    Is Steak n Shake Enterprises Traditional Franchise Program 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. 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.
    2. 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.

    Franchises under $500kOther brands whose disclosed Item 7 low end fits this budget.

    Steak n Shake Enterprises Traditional Franchise Program head-to-head

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

    Steak n Shake Enterprises Traditional Franchise ProgramVSLittle Caesars
    Compare head-to-head
    Steak n Shake Enterprises Traditional Franchise ProgramVSWingstop
    Compare head-to-head
    Steak n Shake Enterprises Traditional Franchise ProgramVSSubway
    Compare head-to-head
    Steak n Shake Enterprises Traditional Franchise ProgramVSSonic Drive-In
    Compare head-to-head

    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.

    59 locations

    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

    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. [1]Item 19 — Locations counted not stated in the reviewed record — Traditional Franchise Restaurants · PDF p. 75; PDF p. 76
    2. [2]Item 19 — Locations counted not stated in the reviewed record — Total Franchise Restaurants · PDF p. 75; PDF p. 76
    3. [3]Item 19 — Locations counted not stated in the reviewed record — Franchise Partner Restaurants — Quartile 2 · PDF p. 78
    4. [4]Item 19 — Locations counted not stated in the reviewed record — Franchise Partner Restaurants — Quartile 3 · PDF p. 78
    5. [5]Item 19 — Locations counted not stated in the reviewed record — Franchise Partner Restaurants — Quartile 1 · PDF p. 78
    6. [6]Item 19 — Locations counted not stated in the reviewed record — Franchise Partner Restaurants — Total · PDF p. 78
    7. [7]Item 19 — Locations counted not stated in the reviewed record — Franchise Partner Restaurants · PDF p. 76; PDF p. 75
    8. [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 yearMeasureReported value
    2025total assets$416,618
    2025total liabilities and shareholder's equity$416,618
    2025net earnings$12,632
    2025capital expenditures-$25,684
    2025restaurant cost of sales$152,298
    2025interest expense, net$8,859
    2025increase$3,677
    2025total liabilities$388,373
    2025total shareholder's equity$28,245
    2025revenues$270,002
    2025selling, general and administrative expense$62,755
    2025impairments$1,251

    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-InFive GuysJimmy John's

    Head-to-head comparisons

    Steak n Shake Enterprises Traditional Franchise Program vs Little CaesarsSteak n Shake Enterprises Traditional Franchise Program vs WingstopSteak n Shake Enterprises Traditional Franchise Program vs SubwaySteak n Shake Enterprises Traditional Franchise Program vs Sonic Drive-InSteak n Shake Enterprises Traditional Franchise Program vs Five GuysSteak n Shake Enterprises Traditional Franchise Program vs Jimmy John's
    Compare reviewed facts

    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.

    Compare Steak n Shake Enterprises Traditional Franchise Program with…

    VS