Which costs less to open, Sonic Drive-In or Steak n Shake Franchise Partner Program?

Sonic Drive-In: $1,485,200 (2026 FDD · Item 7 · PDF p. 38); Steak n Shake Franchise Partner Program: $259,336 (2026 FDD · Item 7 · PDF p. 26). These are each franchisor's Item 7 estimated initial investment. The low end of the disclosed estimate is lower for Steak n Shake Franchise Partner Program. Estimates are not quotes, and the FDD years may differ.

Do Sonic Drive-In and Steak n Shake Franchise Partner Program disclose financial performance (Item 19)?

Sonic Drive-In has reviewed Item 19 figures for 8 location groups; Steak n Shake Franchise Partner Program has reviewed Item 19 figures for 2 location groups. Different location groups are not directly comparable, and revenue is not profit.

Franchise opportunities compared

Sonic Drive-In vs Steak n Shake Franchise Partner Program

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.

Sonic Drive-In2026 FDD

Steak n Shake Franchise Partner Program2026 FDD

Initial investment · Item 7

Sonic Drive-In

$1,485,200

2026 FDD · Item 7 · PDF p. 38

Steak n Shake Franchise Partner Program

$259,336

2026 FDD · Item 7 · PDF p. 26

Initial franchise fee · Item 5

Sonic Drive-In

Not available

Steak n Shake Franchise Partner Program

$10,000

2026 FDD · Item 5 · PDF p. 16

Royalty · Item 6

Sonic Drive-In

2026 FDD · Item 6 · PDF p. 34

Steak n Shake Franchise Partner Program

Not available

Before you compare

Both sets of figures come from 2026 FDDs.
Item 19 figures cover the location groups each FDD names (Sonic Drive-In: 8, Steak n Shake Franchise Partner Program: 2). Different groups are not directly comparable.

Financial commitment

Disclosure

Sonic Drive-In

Steak n Shake Franchise Partner Program

Estimated initial investment (Item 7)

Sonic Drive-In

$1,485,200

TOTAL ESTIMATED INITIAL INVESTMENT (excluding free- standing real estate costs) (15) — 1485200

2026 FDD · Item 7 · PDF p. 38

Steak n Shake Franchise Partner Program

$259,336

Total Estimated Initial Investment for a free-standing or in-line Restaurant: $259,336 to $997,942

2026 FDD · Item 7 · PDF p. 26

Standard initial franchise fee (Item 5)

Sonic Drive-In

Not available

No single standard fee identified

Steak n Shake Franchise Partner Program

$10,000

2026 FDD · Item 5 · PDF p. 16

Royalty (Item 6)

Sonic Drive-In

lows: Duration of Effective Royalty Fee Effective Royalty Fee Opening through Year 1 — 1%

2026 FDD · Item 6 · PDF p. 34

Steak n Shake Franchise Partner Program

Not available

No reviewed royalty record

Brand / advertising fund (Item 6)

Sonic Drive-In

Not available

No reviewed brand or advertising fund fee

Steak n Shake Franchise Partner Program

10%

Marketing monthly maximum gross receipts — 10%

2026 FDD · Item 6 · PDF p. 16

System scale & health

Disclosure

Sonic Drive-In

Steak n Shake Franchise Partner Program

Total outlets (Item 20)

Sonic Drive-In

3,412

Outlets at end of 2025

2026 FDD · Item 20 · PDF p. 74

Steak n Shake Franchise Partner Program

Not available

No reviewed outlet counts

Net outlet change (Item 20)

Sonic Drive-In

−109

Calculated: 3,521 at end of 2023 → 3,412 at end of 2025

Steak n Shake Franchise Partner Program

Not available

Only one year reported

Outlet exits (Item 20)

Sonic Drive-In

Not available

No complete exit records for a year

Steak n Shake Franchise Partner Program

Not available

No complete exit records for a year

Franchising since (Item 1)

Sonic Drive-In

Not available

Not in reviewed records

Steak n Shake Franchise Partner Program

Not available

Not in reviewed records

Franchisor founded (Item 1)

Sonic Drive-In

Not available

Not in reviewed records

Steak n Shake Franchise Partner Program

Not available

Not in reviewed records

Financial performance (Item 19), by location group

Sonic Drive-In

Locations counted not stated in the reviewed record — 2nd Quartile

47 percent

other 2nd Quartile

2026 FDD · Item 19 · PDF p. 71

Locations counted not stated in the reviewed record — All Restaurants

1,338 restaurants

other All Restaurants

2026 FDD · Item 19 · PDF p. 72

Locations counted not stated in the reviewed record — 1st Quartile

294 restaurants

other 1st Quartile

2026 FDD · Item 19 · PDF p. 71

+5 more groups in the full report

Steak n Shake Franchise Partner Program

Locations counted not stated in the reviewed record — 155 full-year Franchise Partners

$190,637

other First quartile mean

2026 FDD · Item 19 · PDF p. 57

Locations counted not stated in the reviewed record — Franchise Partners overlastfiveyears; sample notspecified

$286,276

other Five-year highest annual earnings

2026 FDD · Item 19 · PDF p. 58

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.

Sonic Drive-In vs Steak n Shake Franchise Partner Program: common questions

Which costs less to open, Sonic Drive-In or Steak n Shake Franchise Partner Program?: Sonic Drive-In: $1,485,200 (2026 FDD · Item 7 · PDF p. 38); Steak n Shake Franchise Partner Program: $259,336 (2026 FDD · Item 7 · PDF p. 26). These are each franchisor's Item 7 estimated initial investment. The low end of the disclosed estimate is lower for Steak n Shake Franchise Partner Program. Estimates are not quotes, and the FDD years may differ.
Do Sonic Drive-In and Steak n Shake Franchise Partner Program disclose financial performance (Item 19)?: Sonic Drive-In has reviewed Item 19 figures for 8 location groups; Steak n Shake Franchise Partner Program has reviewed Item 19 figures for 2 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