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    Franchise opportunities compared

    Panera Bread vs Wingstop

    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.

    Panera Bread2025 FDDWingstop2026 FDD

    Initial investment · Item 7

    Panera Bread

    $1,266,805 – $4,651,324

    2025 FDD · Item 7

    Wingstop

    $310,400 – $1,048,500

    2026 FDD · Item 7 · PDF p. 22

    Initial franchise fee · Item 5

    Panera Bread

    $35,000

    2025 FDD · Item 5 · PDF p. 14

    Wingstop

    $25,000

    2026 FDD · Item 5 · PDF p. 13

    Royalty · Item 6

    Panera Bread

    5%

    2025 FDD · Item 6 · PDF p. 16

    Wingstop

    6%

    2026 FDD · Item 6 · PDF p. 14

    Before you compare

    • Panera Bread figures come from its 2025 FDD and Wingstop figures from its 2026 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 (Panera Bread: 4, Wingstop: 5). Different groups are not directly comparable.

    Financial commitment

    Estimated initial investment (Item 7)

    Panera Bread

    $1,266,805 – $4,651,324
    2025 FDD · Item 7

    Wingstop

    $310,400 – $1,048,500
    Total initial investment, excluding real estate
    2026 FDD · Item 7 · PDF p. 22
    Standard initial franchise fee (Item 5)

    Panera Bread

    $35,000
    2025 FDD · Item 5 · PDF p. 14

    Wingstop

    $25,000
    2026 FDD · Item 5 · PDF p. 13
    Royalty (Item 6)

    Panera Bread

    5%
    Royalty
    2025 FDD · Item 6 · PDF p. 16

    Wingstop

    6%
    Royalty
    2026 FDD · Item 6 · PDF p. 14
    Brand / advertising fund (Item 6)

    Panera Bread

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

    Wingstop

    $5,000
    Transfer marketing expenditure
    2026 FDD · Item 6 · PDF p. 19

    System scale & health

    Total outlets (Item 20)

    Panera Bread

    2,206
    Outlets at end of 2024
    2025 FDD · Item 20 · PDF p. 63

    Wingstop

    2,586
    Outlets at end of 2025
    2026 FDD · Item 20 · PDF p. 67
    Net outlet change (Item 20)

    Panera Bread

    +92
    Calculated: 2,114 at end of 2022 → 2,206 at end of 2024

    Wingstop

    +660
    Calculated: 1,926 at end of 2023 → 2,586 at end of 2025
    Outlet exits (Item 20)

    Panera Bread

    Not available
    No complete exit records for a year

    Wingstop

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

    Panera Bread

    1993
    From a verified franchisor listing

    Wingstop

    1997
    From a verified franchisor listing
    Franchisor founded (Item 1)

    Panera Bread

    Not available
    Not in reviewed records

    Wingstop

    Not available
    Not in reviewed records

    Financial performance (Item 19), by location group

    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
    Wingstop
    Locations counted not stated in the reviewed record — All Wingstop Restaurants in the U.S. open entire 2025 Measured Period, franchis…
    55 restaurants
    other Systemwide WRI-owned count
    2026 FDD · Item 19 · PDF p. 65
    Locations counted not stated in the reviewed record — WRI-owned Wingstop Restaurants open entire 2025 Measured Period
    $4,038,428
    other WRI-owned highest annual net sales
    2026 FDD · Item 19 · PDF p. 66
    Locations counted not stated in the reviewed record — Franchised Wingstop Restaurants open entire 2025 Measured Period
    $1,890,866
    other Franchised median annual net sales
    2026 FDD · Item 19 · PDF p. 65
    +2 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.

    Panera Bread vs Wingstop: common questions

    Which costs less to open, Panera Bread or Wingstop?
    Panera Bread: $1,266,805 – $4,651,324 (2025 FDD · Item 7); Wingstop: $310,400 – $1,048,500 (2026 FDD · Item 7 · PDF p. 22). These are each franchisor's Item 7 estimated initial investment. The low end of the disclosed estimate is lower for Wingstop. At least one range spans several business formats. Estimates are not quotes, and the FDD years may differ.
    How do Panera Bread and Wingstop royalties compare?
    Panera Bread: 5% (2025 FDD · Item 6 · PDF p. 16); Wingstop: 6% (2026 FDD · Item 6 · PDF p. 14). Royalties as disclosed in Item 6; other recurring fees are listed separately.
    Which has more locations, Panera Bread or Wingstop?
    Panera Bread: 2,206 (2025 FDD · Item 20 · PDF p. 63); Wingstop: 2,586 (2026 FDD · Item 20 · PDF p. 67). Total outlets from Item 20. Outlet counts do not indicate territory availability or franchisee results.
    Do Panera Bread and Wingstop disclose financial performance (Item 19)?
    Panera Bread has reviewed Item 19 figures for 4 location groups; Wingstop has reviewed Item 19 figures for 5 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 Panera Bread report

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

    Full Wingstop report

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

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