Franopolis
    vs

    Franchise opportunities compared

    Five Guys vs Happy Joe

    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.

    Five Guys2026 FDDHappy Joe2026 FDD

    Initial investment · Item 7

    Five Guys

    $52,100 – $927,850

    2026 FDD · Item 7

    Happy Joe

    $322,862 – $546,643

    2026 FDD · Item 7

    Initial franchise fee · Item 5

    Five Guys

    $25,000

    2026 FDD · Item 5 · PDF p. 15

    Happy Joe

    $40,000

    2026 FDD · Item 5 · PDF p. 11

    Royalty · Item 6

    Five Guys

    8%

    2026 FDD · Item 6 · PDF p. 16

    Happy Joe

    6%

    2026 FDD · Item 6 · PDF p. 11

    Before you compare

    • Both sets of figures come from 2026 FDDs.
    • Five Guys and Happy Joe disclose more than one business format, so the investment range spans formats; the full report breaks them out.
    • Only Happy Joe has reviewed Item 19 figures here.

    Financial commitment

    Estimated initial investment (Item 7)

    Five Guys

    $52,100 – $927,850
    2026 FDD · Item 7

    Happy Joe

    $322,862 – $546,643
    2026 FDD · Item 7
    Standard initial franchise fee (Item 5)

    Five Guys

    $25,000
    2026 FDD · Item 5 · PDF p. 15

    Happy Joe

    $40,000
    2026 FDD · Item 5 · PDF p. 11
    Royalty (Item 6)

    Five Guys

    8%
    s. If the Restaurant is located in Alaska, Hawaii or Puerto Rico, the Royalty Fee is — 8%
    2026 FDD · Item 6 · PDF p. 16

    Happy Joe

    6%
    Royalty fee
    2026 FDD · Item 6 · PDF p. 11
    Brand / advertising fund (Item 6)

    Five Guys

    $250
    , depending on your advertising needs When billed Prohibited Product or Service Fine — 250
    2026 FDD · Item 6 · PDF p. 16

    Happy Joe

    2%
    Future advertising fee range if HJNFB terminated — high end — 2%
    2026 FDD · Item 6 · PDF p. 12

    System scale & health

    Total outlets (Item 20)

    Five Guys

    1,583
    Outlets at end of 2025
    2026 FDD · Item 20 · PDF p. 54

    Happy Joe

    32
    Outlets at end of 2025
    2025 FDD · Item 20 · PDF p. 22
    Net outlet change (Item 20)

    Five Guys

    +62
    Calculated: 1,521 at end of 2023 → 1,583 at end of 2025

    Happy Joe

    +32
    Calculated: 0 at end of 2022 → 32 at end of 2025
    Outlet exits (Item 20)

    Five Guys

    Not available
    No complete exit records for a year

    Happy Joe

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

    Five Guys

    Not available
    Not in reviewed records

    Happy Joe

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

    Five Guys

    Not available
    Not in reviewed records

    Happy Joe

    Not available
    Not in reviewed records

    Financial performance (Item 19), by location group

    Five Guys

    Not disclosed — no Item 19 financial performance representation

    Happy Joe
    Locations counted not stated in the reviewed record — Affiliate-owned full-size HAPPY JOE’S Restaurant — Bettendorf location, kept se…
    $973,003
    other Bettendorf
    2026 FDD · Item 19 · PDF p. 41
    Locations counted not stated in the reviewed record — West 50th affiliate-owned full-size HAPPY JOE’S Restaurant; period October 1, 2…
    $477,680
    other West 50th
    2026 FDD · Item 19 · PDF p. 41
    Locations counted not stated in the reviewed record — Full-Size HAPPY JOE’S Restaurants that operated for at least the last nine mont…
    10 stores
    other Full-Size Restaurants
    2026 FDD · Item 19 · PDF p. 42
    +7 more groups in the full report

    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.

    Five Guys vs Happy Joe: common questions

    Which costs less to open, Five Guys or Happy Joe?
    Five Guys: $52,100 – $927,850 (2026 FDD · Item 7); Happy Joe: $322,862 – $546,643 (2026 FDD · Item 7). These are each franchisor's Item 7 estimated initial investment. The low end of the disclosed estimate is lower for Five Guys. At least one range spans several business formats. Estimates are not quotes, and the FDD years may differ.
    How do Five Guys and Happy Joe royalties compare?
    Five Guys: 8% (2026 FDD · Item 6 · PDF p. 16); Happy Joe: 6% (2026 FDD · Item 6 · PDF p. 11). Royalties as disclosed in Item 6; other recurring fees are listed separately.
    Which has more locations, Five Guys or Happy Joe?
    Five Guys: 1,583 (2026 FDD · Item 20 · PDF p. 54); Happy Joe: 32 (2025 FDD · Item 20 · PDF p. 22). Total outlets from Item 20. Outlet counts do not indicate territory availability or franchisee results.
    Do Five Guys and Happy Joe disclose financial performance (Item 19)?
    Five Guys makes no Item 19 financial performance representation; Happy Joe has reviewed Item 19 figures for 10 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.

    How Franopolis reviews FDD figures

    Keep researching

    Full Five Guys report

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

    Full Happy Joe report

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

    Compare Five Guys with

    Compare Happy Joe with

    Add a third brand

    Compare up to four side by side

    Explore by brand

    Filter every published report

    FDD glossary

    Plain-language meaning of each Item