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    Franchise opportunities compared

    IHOP vs Pizzaexpress Limited

    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.

    IHOP2026 FDDPizzaexpress Limited2025 FDD

    Initial investment · Item 7

    IHOP

    $380,550 – $4,823,457

    2026 FDD · Item 7

    Pizzaexpress Limited

    $931,765 – $1,520,861

    2025 FDD · Item 7

    Initial franchise fee · Item 5

    IHOP

    $15,000

    2026 FDD · Item 5 · PDF p. 19

    Pizzaexpress Limited

    $20,000

    2025 FDD · Item 5 · PDF p. 11

    Royalty · Item 6

    IHOP

    4.5%

    2026 FDD · Item 6 · PDF p. 21

    Pizzaexpress Limited

    6% · — 6

    2025 FDD · Item 6 · PDF p. 15

    Before you compare

    • IHOP figures come from its 2026 FDD and Pizzaexpress Limited figures from its 2025 FDD, so the years differ.
    • IHOP and Pizzaexpress Limited disclose 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 (IHOP: 39, Pizzaexpress Limited: 1). Different groups are not directly comparable.

    Financial commitment

    Estimated initial investment (Item 7)

    IHOP

    $380,550 – $4,823,457
    2026 FDD · Item 7

    Pizzaexpress Limited

    $931,765 – $1,520,861
    2025 FDD · Item 7
    Standard initial franchise fee (Item 5)

    IHOP

    $15,000
    2026 FDD · Item 5 · PDF p. 19

    Pizzaexpress Limited

    $20,000
    2025 FDD · Item 5 · PDF p. 11
    Royalty (Item 6)

    IHOP

    4.5%
    Royalty rate
    2026 FDD · Item 6 · PDF p. 21

    Pizzaexpress Limited

    6% · — 6
    e Royalty Fee payable by you in the next immediate development period will be equal to six percent
    2025 FDD · Item 6 · PDF p. 15
    Brand / advertising fund (Item 6)

    IHOP

    3.5%
    National Advertising Fee rate — 3.5%
    2026 FDD · Item 6 · PDF p. 21

    Pizzaexpress Limited

    Not available
    No reviewed brand or advertising fund fee

    System scale & health

    Total outlets (Item 20)

    IHOP

    5,142
    Outlets at end of 2025
    2025 FDD · Item 20 · PDF p. 57

    Pizzaexpress Limited

    Not available
    No reviewed outlet counts
    Net outlet change (Item 20)

    IHOP

    +3,459
    Calculated: 1,683 at end of 2022 → 5,142 at end of 2025

    Pizzaexpress Limited

    Not available
    Only one year reported
    Outlet exits (Item 20)

    IHOP

    Not available
    No complete exit records for a year

    Pizzaexpress Limited

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

    IHOP

    1960
    From a verified franchisor listing

    Pizzaexpress Limited

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

    IHOP

    Not available
    Not in reviewed records

    Pizzaexpress Limited

    Not available
    Not in reviewed records

    Financial performance (Item 19), by location group

    IHOP
    Locations counted not stated in the reviewed record — Traditional franchised IHOP Restaurants in the Northeast U.S. Census Bureau reg…
    $2,176,716
    other Gross Sales
    2026 FDD · Item 19 · PDF p. 66
    Locations counted not stated in the reviewed record — Traditional franchised IHOP Restaurants in the Midwest U.S. Census Bureau region
    $1,551,817
    other Gross Sales
    2026 FDD · Item 19 · PDF p. 66
    Locations counted not stated in the reviewed record — Traditional franchised IHOP Restaurants using the freestanding prototype, 2024…
    $1,970,976
    other Gross Sales
    2026 FDD · Item 19 · PDF p. 67
    +36 more groups in the full report
    Pizzaexpress Limited
    Locations counted not stated in the reviewed record
    $2,160,778
    other Net sales
    2025 FDD · Item 19 · PDF p. 41

    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.

    IHOP vs Pizzaexpress Limited: common questions

    Which costs less to open, IHOP or Pizzaexpress Limited?
    IHOP: $380,550 – $4,823,457 (2026 FDD · Item 7); Pizzaexpress Limited: $931,765 – $1,520,861 (2025 FDD · Item 7). These are each franchisor's Item 7 estimated initial investment. The low end of the disclosed estimate is lower for IHOP. At least one range spans several business formats. Estimates are not quotes, and the FDD years may differ.
    How do IHOP and Pizzaexpress Limited royalties compare?
    IHOP: 4.5% (2026 FDD · Item 6 · PDF p. 21); Pizzaexpress Limited: 6% · — 6 (2025 FDD · Item 6 · PDF p. 15). Royalties as disclosed in Item 6; other recurring fees are listed separately.
    Do IHOP and Pizzaexpress Limited disclose financial performance (Item 19)?
    IHOP has reviewed Item 19 figures for 39 location groups; Pizzaexpress Limited has reviewed Item 19 figures for 1 location group. 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 IHOP report

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

    Full Pizzaexpress Limited report

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

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    Plain-language meaning of each Item