Franchise opportunities compared
Panda Express vs PANERA BREAD BAKERY-CAFE
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.
Before you compare
- Both sets of figures come from 2026 FDDs.
- PANERA BREAD BAKERY-CAFE 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 BAKERY-CAFE: 3). Different groups are not directly comparable.
| Disclosure | PEPanda Express |  PANERA BREAD BAKERY-CAFE |
|---|---|---|
| Financial commitment | ||
| Estimated initial investment (Item 7) | $514,500 – $3,275,500 TOTAL estimated initial investment: $514,500 - $3,275,500 2026 FDD · Item 7 · PDF p. 29 | $498,306 – $2,518,186 2026 FDD · Item 7 |
| Standard initial franchise fee (Item 5) | $25,000 2026 FDD · Item 5 · PDF p. 21 | Not available No single standard fee identified |
| Royalty (Item 6) | $8.00 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 | Not available No reviewed royalty record |
| Brand / advertising fund (Item 6) | Not available No reviewed brand or advertising fund fee | Not available No reviewed brand or advertising fund fee |
| System scale & health | ||
| Total outlets (Item 20) | Not available No reviewed outlet counts | 2,214 Outlets at end of 2025 2026 FDD · Item 20 · PDF p. 65 |
| Net outlet change (Item 20) | Not available Only one year reported | +63 Calculated: 2,151 at end of 2023 → 2,214 at end of 2025 |
| Outlet exits (Item 20) | Not available No complete exit records for a year | Not available No complete exit records for a year |
| Franchising since (Item 1) | Not available Not in reviewed records | Not available Not in reviewed records |
| Franchisor founded (Item 1) | Not available Not in reviewed records | Not available Not in reviewed records |
| Performance (Item 19) | ||
| Financial performance (Item 19), by location group | 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 | Locations counted not stated in the reviewed record — Company-owned full-year Panera bakery-cafes 100 percent other Company-owned Gross Revenues as % of average Gross Revenues: 100.0% · 2026 FDD · Item 19 · PDF p. 64 Locations counted not stated in the reviewed record — Company-owned $826,294 other Net sales range low · 2026 FDD · Item 19 · PDF p. 63 Locations counted not stated in the reviewed record — Franchisee-owned $463,536 other Net sales range low · 2026 FDD · Item 19 · PDF p. 63 |
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.