Franchise opportunities compared
Carvel Corporation vs Milkshake Factory
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.
Initial investment · Item 7
Carvel Corporation
$38,850 – $1,051,200
2026 FDD · Item 7Milkshake Factory
$510,492 – $772,548
2025 FDD · Item 7 · PDF p. 18Initial franchise fee · Item 5
Carvel Corporation
$3,000
2026 FDD · Item 5 · PDF p. 30Milkshake Factory
$60,000
2025 FDD · Item 5 · PDF p. 8Royalty · Item 6
Carvel Corporation
6%
2026 FDD · Item 6 · PDF p. 31Milkshake Factory
6% · percentage of Adjusted Gross Sales; second year minimum $1,200 per month; third and subsequent years minimum $1,500 per month
2025 FDD · Item 6 · PDF p. 10Before you compare
- Carvel Corporation figures come from its 2026 FDD and Milkshake Factory figures from its 2025 FDD, so the years differ.
- Carvel Corporation discloses more than one business format, so the investment range spans formats; the full report breaks them out.
- Item 19 figures cover the location groups each FDD names (Carvel Corporation: 5, Milkshake Factory: 5). Different groups are not directly comparable.
Financial commitment
Carvel Corporation
Milkshake FactoryCarvel Corporation
Milkshake Factory
Carvel Corporation
Milkshake Factory
Carvel Corporation
Milkshake Factory
Carvel Corporation
Milkshake Factory
System scale & health
Carvel CorporationMilkshake FactoryCarvel Corporation
Milkshake Factory
Carvel Corporation
Milkshake Factory
Carvel Corporation
Milkshake Factory
Carvel Corporation
Milkshake Factory
Carvel Corporation
Milkshake Factory
Financial performance (Item 19), by location group
Carvel CorporationMilkshake FactoryItem 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.
Carvel Corporation vs Milkshake Factory: common questions
- Which costs less to open, Carvel Corporation or Milkshake Factory?
- Carvel Corporation: $38,850 – $1,051,200 (2026 FDD · Item 7); Milkshake Factory: $510,492 – $772,548 (2025 FDD · Item 7 · PDF p. 18). These are each franchisor's Item 7 estimated initial investment. The low end of the disclosed estimate is lower for Carvel Corporation. At least one range spans several business formats. Estimates are not quotes, and the FDD years may differ.
- How do Carvel Corporation and Milkshake Factory royalties compare?
- Carvel Corporation: 6% (2026 FDD · Item 6 · PDF p. 31); Milkshake Factory: 6% · percentage of Adjusted Gross Sales; second year minimum $1,200 per month; third and subsequent years minimum $1,500 per month (2025 FDD · Item 6 · PDF p. 10). Royalties as disclosed in Item 6; other recurring fees are listed separately.
- Which has more locations, Carvel Corporation or Milkshake Factory?
- Carvel Corporation: 720 (2026 FDD · Item 20 · PDF p. 93); Milkshake Factory: 14 (2025 FDD · Item 20 · PDF p. 56). Total outlets from Item 20. Outlet counts do not indicate territory availability or franchisee results.
- Do Carvel Corporation and Milkshake Factory disclose financial performance (Item 19)?
- Carvel Corporation has reviewed Item 19 figures for 5 location groups; Milkshake Factory has reviewed Item 19 figures for 5 location groups. Different location groups are not directly comparable, and revenue is not profit.
Answers restate the reviewed figures above. Not a ranking or recommendation.
Keep researching
Full Carvel Corporation report
Every reviewed fee, Item 19 group, outlet table and territory disclosure
Full Milkshake Factory report
Every reviewed fee, Item 19 group, outlet table and territory disclosure
