Steak n Shake Franchise Partner Program
Franchise research report · reviewed 2026 disclosure data
Researching Steak n Shake Franchise Partner Program franchise opportunities? Every figure below is cited to the FDD.
Steak n Shake's Franchise Partner Program offers a unique opportunity to operate the iconic burger and milkshake brand through a conversion-focused franchise mo
Headline figures
Quick facts
- How much does it cost to open a Steak n Shake Franchise Partner Program franchise?
- The Steak n Shake Franchise Partner Program Franchise Disclosure Document reports an estimated initial investment of $259,336 (2026 FDD, Item 7, PDF p. 26). This is the franchisor's disclosed estimate, not a quote. Details
- What is the Steak n Shake Franchise Partner Program initial franchise fee?
- The disclosed initial franchise fee for a standard single unit is $10,000 (2026 FDD, Item 5, PDF p. 16). Other fee options (for example multi-unit or conversion) are listed separately in the report. Details
- Does Steak n Shake Franchise Partner Program disclose financial performance (Item 19)?
- Yes. The Steak n Shake Franchise Partner Program FDD includes an Item 19 financial performance representation (2026 FDD, Item 19, PDF p. 57). 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
- 1Opening costs are estimated at $259,336 in the 2026 FDD (Item 7); several initial fee options apply.
- 2Item 19 covers 2 separate groups: other measures for 155 Franchise Partners locations; other measures for Franchise Partners 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
Total estimated initial investment
2026 FDD · Item 7 · PDF p. 26
Standard single-unit franchise fee
2026 FDD · Item 5 · PDF p. 16
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.
15 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?
Two separate populations, not a revenue-and-profit comparison. Revenue is not owner income.
Locations counted: not stated in the reviewed record
Other measures · 155 locations
- Who is counted
- 155 full-year Franchise Partners
- Excluded
- 24partnersnotoperatingfull2025excluded
- Method
- Unaudited AnnualEarnings includesretainedAdditionalProfit+MinimumProfit; no allrestaurantrevenue/profit aggregation
Locations counted: not stated in the reviewed record
Other measures
- Who is counted
- Franchise Partners overlastfiveyears; sample notspecified
- Method
- Sourcefive-yearannualearnings; notcombinedwith155full-year2025population
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 ($259,336) 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]Estimated initial investment — Item 7 · PDF p. 26
- [2]Standard initial franchise fee — Item 5 · PDF p. 16
- [3]Item 19 — Locations counted not stated in the reviewed record — 155 full-year Franchise Partners · PDF p. 57
- [4]Item 19 — Locations counted not stated in the reviewed record — Franchise Partners overlastfiveyears; sample notspecified · PDF p. 58
"PDF p." is the page in the PDF file; "printed p." is the number printed on the FDD page. Source document: FDD
Territory & operations
281 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 | operating lease assets | $34,936 |
| 2025 | note receivable, due from affiliateMore than one value recorded for this year — open the FDD source before comparing | $80,000 |
| 2025 | assets held for sale | $559 |
| 2025 | current portion of lease liabilities | $12,741 |
| 2025 | selling, general and administrative | $62,755 |
| 2025 | deferred taxes | $5,293 |
| 2025 | total liabilities and shareholder's equity | $416,618 |
| 2025 | total shareholder’s equity | $28,245 |
| 2025 | net earnings | $12,632 |
| 2025 | changes in other assets | -$2,498 |
| 2025 | changes in accounts payable and accrued expenses | $10,175 |
| 2025 | provision for deferred income taxes | -$335 |
| 2025 | net cash provided by | $51,845 |
| 2025 | proceeds from property and equipment disposals | $8,709 |
| 2025 | purchases of cryptocurrency held for investment | -$63 |
| 2025 | principal payments on long-term debt | -$1,125 |
| 2025 | cash, cash equivalents and restricted cash at beginning of year | $5,609 |
| 2025 | balance at december 31, 2025More than one value recorded for this year — open the FDD source before comparing | -$1,231 |
| 2025 | cash and cash equivalents | $8,601 |
| 2025 | receivables | $10,321 |
| 2025 | inventories | $2,778 |
| 2025 | other current assets | $6,883 |
| 2025 | total current assets | $29,142 |
| 2025 | property and equipment | $247,178 |
| 2025 | goodwill | $14,827 |
| 2025 | other intangible assets | $7,862 |
| 2025 | other assets | $2,673 |
| 2025 | total assets | $416,618 |
| 2025 | accounts payable and accrued expenses | $56,397 |
| 2025 | current portion of note payable | $5,820 |
| 2025 | total current liabilities | $74,958 |
| 2025 | lease obligations | $93,435 |
| 2025 | long-term note payable | $213,920 |
| 2025 | other liabilities | $767 |
| 2025 | total liabilities | $388,373 |
| 2025 | shareholder's equity common stock | $1 |
| 2025 | retained earnings | $29,475 |
| 2025 | accumulated other comprehensive loss | -$1,231 |
| 2025 | revenues | $270,002 |
| 2025 | costs and expenses restaurant cost of sales | $152,298 |
| 2025 | impairments | $1,251 |
| 2025 | depreciation and amortization | $26,686 |
| 2025 | interest expense, net | $8,859 |
| 2025 | earnings before income taxes | $18,153 |
| 2025 | income tax expense | $5,521 |
| 2025 | foreign currency translation | $1,139 |
| 2025 | total comprehensive income | $13,771 |
| 2025 | other non-cash expense | $238 |
| 2025 | gain on disposal of assets | -$3,609 |
| 2025 | changes in receivables and inventories | $4,369 |
| 2025 | net cash provided by operating activities | $48,909 |
| 2025 | investing activities capital expenditures | -$25,684 |
| 2025 | note receivable, due from affiliateMore than one value recorded for this year — open the FDD source before comparing | -$80,000 |
| 2025 | net cash used in investing activities | -$97,038 |
| 2025 | financing activities borrowings on long-term debt | $220,627 |
| 2025 | return of capital to biglari holdings | -$118,786 |
| 2025 | dividends to biglari holdings | -$43,146 |
| 2025 | principal payments on direct financing lease obligations | -$5,725 |
| 2025 | effect of exchange rate changes on cash | -$39 |
| 2025 | increase | $3,677 |
| 2025 | cash, cash equivalents and restricted cash at end of year | $9,286 |
| 2025 | restricted cash | $685 |
| 2025 | property transferred to biglari holdings, net of tax | -$129 |
| 2025 | balance at december 31, 2025More than one value recorded for this year — open the FDD source before comparing | $1 |
| 2025 | balance at december 31, 2025More than one value recorded for this year — open the FDD source before comparing | $29,475 |
| 2025 | total costs and expenses | $251,849 |
| 2024 | other intangible assets | $6,944 |
| 2024 | assets held for sale | $506 |
| 2024 | retained earnings | $60,118 |
| 2024 | total liabilities | $151,736 |
| 2024 | deferred taxes | $5,378 |
| 2024 | total shareholder’s equity | $176,535 |
| 2024 | earnings before income taxes | $20,099 |
| 2024 | total comprehensive income | $13,705 |
| 2024 | gain on disposal of assets | -$4,897 |
| 2024 | changes in accounts payable and accrued expenses | -$53 |
| 2024 | changes in other assets | -$884 |
| 2024 | cash, cash equivalents and restricted cash at end of year | $5,609 |
| 2024 | balance at december 25, 2024More than one value recorded for this year — open the FDD source before comparing | $176,535 |
| 2024 | cash and cash equivalents | $4,911 |
| 2024 | receivables | $15,095 |
| 2024 | inventories | $2,510 |
| 2024 | other current assets | $4,935 |
| 2024 | total current assets | $27,957 |
| 2024 | property and equipment | $245,749 |
| 2024 | operating lease assets | $29,948 |
| 2024 | goodwill | $14,755 |
| 2024 | other assets | $2,918 |
| 2024 | total assets | $328,271 |
| 2024 | accounts payable and accrued expenses | $45,159 |
| 2024 | current portion of lease liabilities | $13,376 |
| 2024 | total current liabilities | $58,535 |
| 2024 | lease obligations | $87,317 |
| 2024 | other liabilities | $506 |
| 2024 | shareholder's equity common stock | $1 |
| 2024 | additional paid-in capital | $118,786 |
| 2024 | accumulated other comprehensive loss | -$2,370 |
| 2024 | total liabilities and shareholder's equity | $328,271 |
| 2024 | revenues | $240,846 |
| 2024 | costs and expenses restaurant cost of sales | $134,473 |
| 2024 | selling, general and administrative | $53,807 |
| 2024 | impairments | $107 |
| 2024 | depreciation and amortization | $26,935 |
| 2024 | interest expense, net | $5,425 |
| 2024 | income tax expense | $5,829 |
| 2024 | net earnings | $14,270 |
| 2024 | foreign currency translation | -$565 |
| 2024 | provision for deferred income taxes | $780 |
| 2024 | changes in receivables and inventories | $1,176 |
| 2024 | net cash provided by operating activities | $37,434 |
| 2024 | investing activities capital expenditures | -$19,769 |
| 2024 | proceeds from property and equipment disposals | $9,981 |
| 2024 | net cash used in investing activities | -$9,788 |
| 2024 | return of capital to biglari holdings | -$25,250 |
| 2024 | principal payments on direct financing lease obligations | -$5,573 |
| 2024 | net cash provided by | -$30,823 |
| 2024 | effect of exchange rate changes on cash | -$24 |
| 2024 | increase | -$3,201 |
| 2024 | cash, cash equivalents and restricted cash at beginning of year | $8,810 |
| 2024 | restricted cash | $698 |
| 2024 | property transferred to biglari holdings, net of tax | -$674 |
| 2024 | balance at december 25, 2024More than one value recorded for this year — open the FDD source before comparing | $1 |
| 2024 | balance at december 25, 2024More than one value recorded for this year — open the FDD source before comparing | $118,786 |
| 2024 | balance at december 25, 2024More than one value recorded for this year — open the FDD source before comparing | $60,118 |
| 2024 | balance at december 25, 2024More than one value recorded for this year — open the FDD source before comparing | -$2,370 |
| 2024 | total costs and expenses | $220,747 |
| 2023 | interest expense, net | $5,117 |
| 2023 | foreign currency translation | $333 |
| 2023 | impairments | $3,947 |
| 2023 | changes in other assets | -$1,524 |
| 2023 | changes in receivables and inventories | $5,083 |
| 2023 | net cash provided by | -$26,629 |
| 2023 | net cash used in investing activities | -$10,322 |
| 2023 | balance at december 27, 2023More than one value recorded for this year — open the FDD source before comparing | $188,754 |
| 2023 | restricted cash | $1,313 |
| 2023 | balance at december 27, 2023More than one value recorded for this year — open the FDD source before comparing | -$1,805 |
| 2023 | total costs and expenses | $213,786 |
| 2023 | revenues | $239,956 |
| 2023 | costs and expenses restaurant cost of sales | $129,203 |
| 2023 | selling, general and administrative | $48,555 |
| 2023 | depreciation and amortization | $26,964 |
| 2023 | earnings before income taxes | $26,170 |
| 2023 | income tax expense | $5,715 |
| 2023 | net earnings | $20,455 |
| 2023 | total comprehensive income | $20,788 |
| 2023 | provision for deferred income taxes | $1,486 |
| 2023 | gain on disposal of assets | -$7,678 |
| 2023 | changes in accounts payable and accrued expenses | -$9,823 |
| 2023 | net cash provided by operating activities | $38,910 |
| 2023 | investing activities capital expenditures | -$21,186 |
| 2023 | proceeds from property and equipment disposals | $10,864 |
| 2023 | return of capital to biglari holdings | -$20,500 |
| 2023 | principal payments on direct financing lease obligations | -$6,129 |
| 2023 | effect of exchange rate changes on cash | $59 |
| 2023 | increase | $2,018 |
| 2023 | cash, cash equivalents and restricted cash at beginning of year | $6,792 |
| 2023 | weeks cash and cash equivalents | $7,497 |
| 2023 | property transferred to biglari holdings, net of tax | -$5,335 |
| 2023 | balance at december 27, 2023More than one value recorded for this year — open the FDD source before comparing | $1 |
| 2023 | balance at december 27, 2023More than one value recorded for this year — open the FDD source before comparing | $144,710 |
| 2023 | balance at december 27, 2023More than one value recorded for this year — open the FDD source before comparing | $45,848 |
| 2022 | balance at december 28, 2022More than one value recorded for this year — open the FDD source before comparing | -$2,138 |
| 2022 | balance at december 28, 2022More than one value recorded for this year — open the FDD source before comparing | $25,393 |
| 2022 | balance at december 28, 2022More than one value recorded for this year — open the FDD source before comparing | $1 |
| 2022 | balance at december 28, 2022More than one value recorded for this year — open the FDD source before comparing | $170,545 |
| 2022 | balance at december 28, 2022More than one value recorded for this year — open the FDD source before comparing | $193,801 |
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
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.