Franchise opportunities compared
Noble Romans 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.
Initial investment · Item 7
Noble Romans
$27,150 – $50,150
2026 FDD · Item 7 · PDF p. 11Subway
$227,000 – $458,000
2026 FDD · Item 7Initial franchise fee · Item 5
Noble Romans
$2,750
2026 FDD · Item 5 · PDF p. 9Subway
$15,000
2026 FDD · Item 5 · PDF p. 29Royalty · Item 6
Noble Romans
$175
2026 FDD · Item 6 · PDF p. 10Subway
8%
2026 FDD · Item 6 · PDF p. 36Before 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 neither brand has reviewed Item 19 figures here.
Financial commitment
Noble Romans
SubwayNoble Romans
Subway
Noble Romans
Subway
Noble Romans
Subway
Noble Romans
Subway
System scale & health
Noble RomansSubwayNoble Romans
Subway
Noble Romans
Subway
Noble Romans
Subway
Noble Romans
Subway
Noble Romans
Subway
Financial performance (Item 19), by location group
Noble RomansNot disclosed — no Item 19 financial performance representation
SubwayNot 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.
Noble Romans vs Subway: common questions
- Which costs less to open, Noble Romans or Subway?
- Noble Romans: $27,150 – $50,150 (2026 FDD · Item 7 · PDF p. 11); 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 Noble Romans. At least one range spans several business formats. Estimates are not quotes, and the FDD years may differ.
- How do Noble Romans and Subway royalties compare?
- Noble Romans: $175 (2026 FDD · Item 6 · PDF p. 10); 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, Noble Romans or Subway?
- Noble Romans: 461 (2026 FDD · Item 20 · PDF p. 23); 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 Noble Romans and Subway disclose financial performance (Item 19)?
- Noble Romans makes no Item 19 financial performance representation; 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.
Keep researching
Full Noble Romans 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
