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    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.

    Panda Express2026 FDDPANERA BREAD BAKERY-CAFE2026 FDD

    Initial investment · Item 7

    Panda Express

    $514,500 – $3,275,500

    2026 FDD · Item 7 · PDF p. 29

    PANERA BREAD BAKERY-CAFE

    $1,223,702 – $4,619,880

    2026 FDD · Item 7 · PDF p. 24

    Initial franchise fee · Item 5

    Panda Express

    $25,000

    2026 FDD · Item 5 · PDF p. 21

    PANERA BREAD BAKERY-CAFE

    Not available

    Royalty · Item 6

    Panda Express

    8%

    2026 FDD · Item 6 · PDF p. 22

    PANERA BREAD BAKERY-CAFE

    Not available

    Before you compare

    • Both sets of figures come from 2026 FDDs.
    • Item 19 figures cover the location groups each FDD names (Panda Express: 7, PANERA BREAD BAKERY-CAFE: 3). 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 BAKERY-CAFE

    $1,223,702 – $4,619,880
    Area Development total initial investment: $1,223,702 to $4,619,880
    2026 FDD · Item 7 · PDF p. 24
    Standard initial franchise fee (Item 5)

    Panda Express

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

    PANERA BREAD BAKERY-CAFE

    Not available
    No single standard fee identified
    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 BAKERY-CAFE

    Not available
    No reviewed royalty record
    Brand / advertising fund (Item 6)

    Panda Express

    Not available
    No reviewed brand or advertising fund fee

    PANERA BREAD BAKERY-CAFE

    Not available
    No reviewed brand or advertising fund fee

    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 BAKERY-CAFE

    2,214
    Outlets at end of 2025
    2026 FDD · Item 20 · PDF p. 65
    Net outlet change (Item 20)

    Panda Express

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

    PANERA BREAD BAKERY-CAFE

    +63
    Calculated: 2,151 at end of 2023 → 2,214 at end of 2025
    Outlet exits (Item 20)

    Panda Express

    Not available
    No complete exit records for a year

    PANERA BREAD BAKERY-CAFE

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

    Panda Express

    Not available
    Not in reviewed records

    PANERA BREAD BAKERY-CAFE

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

    Panda Express

    Not available
    Not in reviewed records

    PANERA BREAD BAKERY-CAFE

    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 BAKERY-CAFE
    Locations counted not stated in the reviewed record — Company-owned full-year Panera bakery-cafes
    19.3 percent
    other EBITDA 6 percent gross revenues
    2026 FDD · Item 19 · PDF p. 64
    Locations counted not stated in the reviewed record — Franchisee-owned
    $2,541,217
    other Mean net sales
    2026 FDD · Item 19 · PDF p. 63
    Locations counted not stated in the reviewed record — Company-owned
    $2,680,192
    other Mean net sales
    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.

    Panda Express vs PANERA BREAD BAKERY-CAFE: common questions

    Which costs less to open, Panda Express or PANERA BREAD BAKERY-CAFE?
    Panda Express: $514,500 – $3,275,500 (2026 FDD · Item 7 · PDF p. 29); PANERA BREAD BAKERY-CAFE: $1,223,702 – $4,619,880 (2026 FDD · Item 7 · PDF p. 24). These are each franchisor's Item 7 estimated initial investment. The low end of the disclosed estimate is lower for Panda Express. Estimates are not quotes, and the FDD years may differ.
    Which has more locations, Panda Express or PANERA BREAD BAKERY-CAFE?
    Panda Express: 2,502 (2025 FDD · Item 20 · PDF p. 81); PANERA BREAD BAKERY-CAFE: 2,214 (2026 FDD · Item 20 · PDF p. 65). Total outlets from Item 20. Outlet counts do not indicate territory availability or franchisee results.
    Do Panda Express and PANERA BREAD BAKERY-CAFE disclose financial performance (Item 19)?
    Panda Express has reviewed Item 19 figures for 7 location groups; PANERA BREAD BAKERY-CAFE has reviewed Item 19 figures for 3 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 BAKERY-CAFE report

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

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