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    Franchise opportunities compared

    Panda Express vs Panera Bread

    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.

    Panda Express2026 FDDPanera Bread2025 FDD

    Initial investment · Item 7

    Panda Express

    $514,500 – $3,275,500

    2026 FDD · Item 7 · PDF p. 29

    Panera Bread

    $1,266,805 – $4,651,324

    2025 FDD · Item 7

    Initial franchise fee · Item 5

    Panda Express

    $25,000

    2026 FDD · Item 5 · PDF p. 21

    Panera Bread

    $35,000

    2025 FDD · Item 5 · PDF p. 14

    Royalty · Item 6

    Panda Express

    8%

    2026 FDD · Item 6 · PDF p. 22

    Panera Bread

    5%

    2025 FDD · Item 6 · PDF p. 16

    Before you compare

    • Panda Express figures come from its 2026 FDD and Panera Bread figures from its 2025 FDD, so the years differ.
    • Panera Bread discloses 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 (Panda Express: 7, Panera Bread: 4). Different groups are not directly comparable.

    Financial commitment

    Estimated initial investment (Item 7)

    Panda Express

    $514,500 – $3,275,500
    TOTAL estimated initial investment: $514,500 - $3,275,500
    2026 FDD · Item 7 · PDF p. 29

    Panera Bread

    $1,266,805 – $4,651,324
    2025 FDD · Item 7
    Standard initial franchise fee (Item 5)

    Panda Express

    $25,000
    2026 FDD · Item 5 · PDF p. 21

    Panera Bread

    $35,000
    2025 FDD · Item 5 · PDF p. 14
    Royalty (Item 6)

    Panda Express

    8%
    FEES. F EE 1 A MOUNT W HEN P AYABLE R EMARKS Royalty Each Royalty Period you pay us — 8%
    2026 FDD · Item 6 · PDF p. 22

    Panera Bread

    5%
    Royalty
    2025 FDD · Item 6 · PDF p. 16
    Brand / advertising fund (Item 6)

    Panda Express

    Not available
    No reviewed brand or advertising fund fee

    Panera Bread

    3.5%
    National Advertising Fund contribution for 2025 — 3.5%
    2025 FDD · Item 6 · PDF p. 18

    System scale & health

    Total outlets (Item 20)

    Panda Express

    2,502
    Outlets at end of 2024
    2025 FDD · Item 20 · PDF p. 81

    Panera Bread

    2,206
    Outlets at end of 2024
    2025 FDD · Item 20 · PDF p. 63
    Net outlet change (Item 20)

    Panda Express

    +150
    Calculated: 2,352 at end of 2022 → 2,502 at end of 2024

    Panera Bread

    +92
    Calculated: 2,114 at end of 2022 → 2,206 at end of 2024
    Outlet exits (Item 20)

    Panda Express

    Not available
    No complete exit records for a year

    Panera Bread

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

    Panda Express

    Not available
    Not in reviewed records

    Panera Bread

    1993
    From a verified franchisor listing
    Franchisor founded (Item 1)

    Panda Express

    Not available
    Not in reviewed records

    Panera Bread

    Not available
    Not in reviewed records

    Financial performance (Item 19), by location group

    Panda Express
    Locations counted not stated in the reviewed record — Totalcaptivevenues
    $286,558,411
    other Total Total Gross Sales
    2026 FDD · Item 19 · PDF p. 82
    Locations counted not stated in the reviewed record — Casinocaptivevenues
    $3,018,116
    other Casino Maximum Gross Sales
    2026 FDD · Item 19 · PDF p. 82
    Locations counted not stated in the reviewed record — Hospitalcaptivevenues
    $624,396
    other Hospital Average Gross Sales
    2026 FDD · Item 19 · PDF p. 82
    +4 more groups in the full report
    Panera Bread
    Locations counted not stated in the reviewed record — Franchisee-owned Panera Bread Bakery-Cafes open during entire fiscal year endin…
    $2,595,936
    other net sales
    2025 FDD · Item 19 · PDF p. 60
    Locations counted not stated in the reviewed record — All Panera Bread Bakery-Cafes open during entire fiscal year ending Dec 31, 2024
    $2,708,833
    other net sales
    2025 FDD · Item 19 · PDF p. 60
    Locations counted not stated in the reviewed record — Company-owned Panera Bread Bakery-Cafes open during entire FY2024
    $381,703
    other net profit
    2025 FDD · Item 19 · PDF p. 61
    +1 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.

    Panda Express vs Panera Bread: common questions

    Which costs less to open, Panda Express or Panera Bread?
    Panda Express: $514,500 – $3,275,500 (2026 FDD · Item 7 · PDF p. 29); Panera Bread: $1,266,805 – $4,651,324 (2025 FDD · Item 7). These are each franchisor's Item 7 estimated initial investment. The low end of the disclosed estimate is lower for Panda Express. At least one range spans several business formats. Estimates are not quotes, and the FDD years may differ.
    How do Panda Express and Panera Bread royalties compare?
    Panda Express: 8% (2026 FDD · Item 6 · PDF p. 22); Panera Bread: 5% (2025 FDD · Item 6 · PDF p. 16). Royalties as disclosed in Item 6; other recurring fees are listed separately.
    Which has more locations, Panda Express or Panera Bread?
    Panda Express: 2,502 (2025 FDD · Item 20 · PDF p. 81); Panera Bread: 2,206 (2025 FDD · Item 20 · PDF p. 63). Total outlets from Item 20. Outlet counts do not indicate territory availability or franchisee results.
    Do Panda Express and Panera Bread disclose financial performance (Item 19)?
    Panda Express has reviewed Item 19 figures for 7 location groups; Panera Bread has reviewed Item 19 figures for 4 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

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    Full Panda Express report

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

    Full Panera Bread report

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

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