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    Franchise opportunities compared

    Five Guys vs Potbelly Sandwich Works

    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 FDDPotbelly Sandwich Works2026 FDD

    Initial investment · Item 7

    Five Guys

    $52,100 – $927,850

    2026 FDD · Item 7

    Potbelly Sandwich Works

    $628,938 – $999,371

    2026 FDD · Item 7 · PDF p. 27

    Initial franchise fee · Item 5

    Five Guys

    $25,000

    2026 FDD · Item 5 · PDF p. 15

    Potbelly Sandwich Works

    Not available

    Royalty · Item 6

    Five Guys

    8%

    2026 FDD · Item 6 · PDF p. 16

    Potbelly Sandwich Works

    $50

    2026 FDD · Item 6 · PDF p. 17

    Before you compare

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

    Financial commitment

    Estimated initial investment (Item 7)

    Five Guys

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

    Potbelly Sandwich Works

    $628,938 – $999,371
    Potbelly shop — Total initial investment: $628,938 $999,371
    2026 FDD · Item 7 · PDF p. 27
    Standard initial franchise fee (Item 5)

    Five Guys

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

    Potbelly Sandwich Works

    Not available
    No single standard fee identified
    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

    Potbelly Sandwich Works

    $50
    000, (2) temporarily reduce the Royalty percentage payable for that Potbelly Shop by — 50%
    2026 FDD · Item 6 · PDF p. 17
    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

    Potbelly Sandwich Works

    3%
    ype of fee 1 Column 2 Amount Column 3 Due Date Column 4 Remarks Brand Fund Currently — 3% — 3%
    2026 FDD · Item 6 · PDF p. 19

    System scale & health

    Total outlets (Item 20)

    Five Guys

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

    Potbelly Sandwich Works

    470
    Outlets at end of 2025
    2026 FDD · Item 20 · PDF p. 75
    Net outlet change (Item 20)

    Five Guys

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

    Potbelly Sandwich Works

    +45
    Calculated: 425 at end of 2023 → 470 at end of 2025
    Outlet exits (Item 20)

    Five Guys

    Not available
    No complete exit records for a year

    Potbelly Sandwich Works

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

    Five Guys

    Not available
    Not in reviewed records

    Potbelly Sandwich Works

    2009
    From a verified franchisor listing
    Franchisor founded (Item 1)

    Five Guys

    Not available
    Not in reviewed records

    Potbelly Sandwich Works

    Not available
    Not in reviewed records

    Financial performance (Item 19), by location group

    Five Guys

    Not disclosed — no Item 19 financial performance representation

    Potbelly Sandwich Works
    Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — Suburban
    270 shops
    other Systemwide franchised+affiliate 2025 Suburban
    2026 FDD · Item 19 · PDF p. 73
    Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — Urban
    54 shops
    other Systemwide franchised+affiliate 2025 Urban
    2026 FDD · Item 19 · PDF p. 73
    Locations counted not stated in the reviewed record — Systemwide franchised+affiliate — All Shops
    415 shops
    other Systemwide franchised+affiliate 2024 All Shops
    2026 FDD · Item 19 · PDF p. 73
    +52 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 Potbelly Sandwich Works: common questions

    Which costs less to open, Five Guys or Potbelly Sandwich Works?
    Five Guys: $52,100 – $927,850 (2026 FDD · Item 7); Potbelly Sandwich Works: $628,938 – $999,371 (2026 FDD · Item 7 · PDF p. 27). 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 Potbelly Sandwich Works royalties compare?
    Five Guys: 8% (2026 FDD · Item 6 · PDF p. 16); Potbelly Sandwich Works: $50 (2026 FDD · Item 6 · PDF p. 17). Royalties as disclosed in Item 6; other recurring fees are listed separately.
    Which has more locations, Five Guys or Potbelly Sandwich Works?
    Five Guys: 1,583 (2026 FDD · Item 20 · PDF p. 54); Potbelly Sandwich Works: 470 (2026 FDD · Item 20 · PDF p. 75). Total outlets from Item 20. Outlet counts do not indicate territory availability or franchisee results.
    Do Five Guys and Potbelly Sandwich Works disclose financial performance (Item 19)?
    Five Guys makes no Item 19 financial performance representation; Potbelly Sandwich Works has reviewed Item 19 figures for 55 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 Potbelly Sandwich Works report

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

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