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    Franchise opportunities compared

    Hardees Restaurants 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.

    Hardees Restaurants2026 FDDSubway2026 FDD

    Initial investment · Item 7

    Hardees Restaurants

    $198,000

    2026 FDD · Item 7 · PDF p. 39

    Subway

    $227,000 – $458,000

    2026 FDD · Item 7

    Initial franchise fee · Item 5

    Hardees Restaurants

    $25,000

    2026 FDD · Item 5 · PDF p. 28

    Subway

    $15,000

    2026 FDD · Item 5 · PDF p. 29

    Royalty · Item 6

    Hardees Restaurants

    3% · i) — 3%

    2026 FDD · Item 6 · PDF p. 38

    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 Hardees Restaurants has reviewed Item 19 figures here.

    Financial commitment

    Estimated initial investment (Item 7)

    Hardees Restaurants

    $198,000
    00 $250,000 As arranged As incurred Vendors, HR Total Preliminary Operating Expenses — 198000
    2026 FDD · Item 7 · PDF p. 39

    Subway

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

    Hardees Restaurants

    $25,000
    2026 FDD · Item 5 · PDF p. 28

    Subway

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

    Hardees Restaurants

    3% · i) — 3%
    ment and Franchised Agreement, we will reduce each of the royalty fee and APO by
    2026 FDD · Item 6 · PDF p. 38

    Subway

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

    Hardees Restaurants

    4.25% of “hnaf”) currently, — 4.25%
    d by the Franchise Agreement. Hardee’s National Advertising Fund
    2026 FDD · Item 6 · PDF p. 31

    Subway

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

    System scale & health

    Total outlets (Item 20)

    Hardees Restaurants

    198
    Outlets at end of 2026
    2026 FDD · Item 20 · PDF p. 77

    Subway

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

    Hardees Restaurants

    −6
    Calculated: 204 at end of 2024 → 198 at end of 2026

    Subway

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

    Hardees Restaurants

    Not available
    No complete exit records for a year

    Subway

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

    Hardees Restaurants

    Not available
    Not in reviewed records

    Subway

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

    Hardees Restaurants

    Not available
    Not in reviewed records

    Subway

    Not available
    Not in reviewed records

    Financial performance (Item 19), by location group

    Hardees Restaurants
    Locations counted not stated in the reviewed record — USfreestandingHardee’s
    88 restaurants
    other Company-owned
    2026 FDD · Item 19 · PDF p. 75
    Locations counted not stated in the reviewed record — USfreestandingHardee’s
    50.1 percent
    other Franchised
    2026 FDD · Item 19 · PDF p. 75
    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.

    Hardees Restaurants vs Subway: common questions

    Which costs less to open, Hardees Restaurants or Subway?
    Hardees Restaurants: $198,000 (2026 FDD · Item 7 · PDF p. 39); 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 Hardees Restaurants. At least one range spans several business formats. Estimates are not quotes, and the FDD years may differ.
    How do Hardees Restaurants and Subway royalties compare?
    Hardees Restaurants: 3% · i) — 3% (2026 FDD · Item 6 · PDF p. 38); 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, Hardees Restaurants or Subway?
    Hardees Restaurants: 198 (2026 FDD · Item 20 · PDF p. 77); 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 Hardees Restaurants and Subway disclose financial performance (Item 19)?
    Hardees Restaurants has reviewed Item 19 figures for 2 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 Hardees Restaurants 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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