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    Franchise opportunities compared

    Carbones Pizza vs Subway

    Reviewed figures from each brand's Franchise Disclosure Document (FDD), side by side. Each figure carries its FDD year and page. This is not a ranking or recommendation, and the two FDDs may cover different years and location groups.

    Carbones Pizza2026 FDDSubway2026 FDD

    Initial investment · Item 7

    Carbones Pizza

    $328,600

    2026 FDD · Item 7 · PDF p. 10

    Subway

    $227,000 – $458,000

    2026 FDD · Item 7

    Initial franchise fee · Item 5

    Carbones Pizza

    Not available

    Subway

    $15,000

    2026 FDD · Item 5 · PDF p. 29

    Royalty · Item 6

    Carbones Pizza

    4%

    2026 FDD · Item 6 · PDF p. 8

    Subway

    8%

    2026 FDD · Item 6 · PDF p. 36

    Before you compare

    • Both sets of figures come from 2026 FDDs.
    • Subway discloses more than one business format, so the investment range spans formats; the full report breaks them out.
    • Only Carbones Pizza has reviewed Item 19 figures here.

    Financial commitment

    Estimated initial investment (Item 7)

    Carbones Pizza

    $328,600
    Total estimated initial investment — $328,600–$909,250
    2026 FDD · Item 7 · PDF p. 10

    Subway

    $227,000 – $458,000
    2026 FDD · Item 7
    Standard initial franchise fee (Item 5)

    Carbones Pizza

    Not available
    No single standard fee identified

    Subway

    $15,000
    2026 FDD · Item 5 · PDF p. 29
    Royalty (Item 6)

    Carbones Pizza

    4%
    Royalty — 4% first $1 million; 3% next $1 million; 2% above $2 million annually
    2026 FDD · Item 6 · PDF p. 8

    Subway

    8%
    Royalty fee
    2026 FDD · Item 6 · PDF p. 36
    Brand / advertising fund (Item 6)

    Carbones Pizza

    1%
    Advertising fee — 1% on annual gross sales up to $2 million — 1%
    2026 FDD · Item 6 · PDF p. 8

    Subway

    4.5%
    Advertising fee — 4.5%
    2026 FDD · Item 6 · PDF p. 36

    System scale & health

    Total outlets (Item 20)

    Carbones Pizza

    33
    Outlets at end of 2025
    2026 FDD · Item 20 · PDF p. 28

    Subway

    18,773
    Outlets at end of 2025
    2026 FDD · Item 20 · PDF p. 94
    Net outlet change (Item 20)

    Carbones Pizza

    −3
    Calculated: 36 at end of 2023 → 33 at end of 2025

    Subway

    −1,360
    Calculated: 20,133 at end of 2023 → 18,773 at end of 2025
    Outlet exits (Item 20)

    Carbones Pizza

    Not available
    No complete exit records for a year

    Subway

    Not available
    No complete exit records for a year
    Franchising since (Item 1)

    Carbones Pizza

    1977
    From a verified franchisor listing

    Subway

    Not available
    Not in reviewed records
    Franchisor founded (Item 1)

    Carbones Pizza

    Not available
    Not in reviewed records

    Subway

    Not available
    Not in reviewed records

    Financial performance (Item 19), by location group

    Carbones Pizza
    Locations counted not stated in the reviewed record — Fast Casual restaurants operating for the entire 12-month period
    $582,861
    other gross sales
    2026 FDD · Item 19 · PDF p. 26
    Locations counted not stated in the reviewed record — Express restaurants operating for the entire 12-month period
    8 restaurants
    other Reporting restaurants
    2026 FDD · Item 19 · PDF p. 26
    Locations counted not stated in the reviewed record — Full-Service restaurants operating for the entire 12-month period
    17 restaurants
    other Reporting restaurants
    2026 FDD · Item 19 · PDF p. 27
    +1 more groups in the full report
    Subway

    Not disclosed — no Item 19 financial performance representation

    Item 19 groups are shown separately and never combined. Revenue or sales figures are not profit. Net outlet change and turnover are Franopolis calculations from the disclosed counts; turnover is a count-based rate, not a measure of owner earnings.

    Carbones Pizza vs Subway: common questions

    Which costs less to open, Carbones Pizza or Subway?
    Carbones Pizza: $328,600 (2026 FDD · Item 7 · PDF p. 10); Subway: $227,000 – $458,000 (2026 FDD · Item 7). These are each franchisor's Item 7 estimated initial investment. The low end of the disclosed estimate is lower for Subway. At least one range spans several business formats. Estimates are not quotes, and the FDD years may differ.
    How do Carbones Pizza and Subway royalties compare?
    Carbones Pizza: 4% (2026 FDD · Item 6 · PDF p. 8); Subway: 8% (2026 FDD · Item 6 · PDF p. 36). Royalties as disclosed in Item 6; other recurring fees are listed separately.
    Which has more locations, Carbones Pizza or Subway?
    Carbones Pizza: 33 (2026 FDD · Item 20 · PDF p. 28); Subway: 18,773 (2026 FDD · Item 20 · PDF p. 94). Total outlets from Item 20. Outlet counts do not indicate territory availability or franchisee results.
    Do Carbones Pizza and Subway disclose financial performance (Item 19)?
    Carbones Pizza has reviewed Item 19 figures for 4 location groups; Subway makes no Item 19 financial performance representation. Different location groups are not directly comparable, and revenue is not profit.

    Answers restate the reviewed figures above. Not a ranking or recommendation.

    How Franopolis reviews FDD figures

    Keep researching

    Full Carbones Pizza report

    Every reviewed fee, Item 19 group, outlet table and territory disclosure

    Full Subway report

    Every reviewed fee, Item 19 group, outlet table and territory disclosure

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    Plain-language meaning of each Item