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    Steak n Shake Enterprises Traditional Franchise Program vs Subway

    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.

    Steak n Shake Enterprises Traditional Franchise Program2026 FDDSubway2026 FDD

    Initial investment · Item 7

    Steak n Shake Enterprises Traditional Franchise Program

    $316,000 – $2,656,425

    2026 FDD · Item 7

    Subway

    $227,000 – $458,000

    2026 FDD · Item 7

    Initial franchise fee · Item 5

    Steak n Shake Enterprises Traditional Franchise Program

    Not available

    Subway

    $15,000

    2026 FDD · Item 5 · PDF p. 29

    Royalty · Item 6

    Steak n Shake Enterprises Traditional Franchise Program

    5%

    2026 FDD · Item 6 · PDF p. 19

    Subway

    8%

    2026 FDD · Item 6 · PDF p. 36

    Before you compare

    • Both sets of figures come from 2026 FDDs.
    • Steak n Shake Enterprises Traditional Franchise Program and Subway disclose more than one business format, so the investment range spans formats; the full report breaks them out.
    • Only Steak n Shake Enterprises Traditional Franchise Program has reviewed Item 19 figures here.

    Financial commitment

    Estimated initial investment (Item 7)

    Steak n Shake Enterprises Traditional Franchise Program

    $316,000 – $2,656,425
    2026 FDD · Item 7

    Subway

    $227,000 – $458,000
    2026 FDD · Item 7
    Standard initial franchise fee (Item 5)

    Steak n Shake Enterprises Traditional Franchise Program

    Not available
    No single standard fee identified

    Subway

    $15,000
    2026 FDD · Item 5 · PDF p. 29
    Royalty (Item 6)

    Steak n Shake Enterprises Traditional Franchise Program

    5%
    Royalty and System Fee & License Fee
    2026 FDD · Item 6 · PDF p. 19

    Subway

    8%
    Royalty fee
    2026 FDD · Item 6 · PDF p. 36
    Brand / advertising fund (Item 6)

    Steak n Shake Enterprises Traditional Franchise Program

    $50
    Custom Marketing Services: $50 to $135 per hour
    2026 FDD · Item 6 · PDF p. 21

    Subway

    4.5%
    Advertising fee — 4.5%
    2026 FDD · Item 6 · PDF p. 36

    System scale & health

    Total outlets (Item 20)

    Steak n Shake Enterprises Traditional Franchise Program

    Not available
    No reviewed outlet counts

    Subway

    18,773
    Outlets at end of 2025
    2026 FDD · Item 20 · PDF p. 94
    Net outlet change (Item 20)

    Steak n Shake Enterprises Traditional Franchise Program

    Not available
    Only one year reported

    Subway

    −1,360
    Calculated: 20,133 at end of 2023 → 18,773 at end of 2025
    Outlet exits (Item 20)

    Steak n Shake Enterprises Traditional Franchise Program

    Not available
    No complete exit records for a year

    Subway

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

    Steak n Shake Enterprises Traditional Franchise Program

    Not available
    Not in reviewed records

    Subway

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

    Steak n Shake Enterprises Traditional Franchise Program

    Not available
    Not in reviewed records

    Subway

    Not available
    Not in reviewed records

    Financial performance (Item 19), by location group

    Steak n Shake Enterprises Traditional Franchise Program
    Locations counted not stated in the reviewed record — Traditional Franchise Restaurants
    59 outlets
    other Traditional Franchise Restaurants sample size
    2026 FDD · Item 19 · PDF p. 75
    Locations counted not stated in the reviewed record — Total Franchise Restaurants
    214 outlets
    other Total Franchise Restaurants sample size
    2026 FDD · Item 19 · PDF p. 75
    Locations counted not stated in the reviewed record — Franchise Partner Restaurants — Quartile 2
    25.5 percent
    other Total Labor Cost as % of Net Sales
    2026 FDD · Item 19 · PDF p. 78
    +5 more groups in the full report
    Subway

    Not disclosed — no Item 19 financial performance representation

    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.

    Steak n Shake Enterprises Traditional Franchise Program vs Subway: common questions

    Which costs less to open, Steak n Shake Enterprises Traditional Franchise Program or Subway?
    Steak n Shake Enterprises Traditional Franchise Program: $316,000 – $2,656,425 (2026 FDD · Item 7); Subway: $227,000 – $458,000 (2026 FDD · Item 7). These are each franchisor's Item 7 estimated initial investment. The low end of the disclosed estimate is lower for Subway. At least one range spans several business formats. Estimates are not quotes, and the FDD years may differ.
    How do Steak n Shake Enterprises Traditional Franchise Program and Subway royalties compare?
    Steak n Shake Enterprises Traditional Franchise Program: 5% (2026 FDD · Item 6 · PDF p. 19); Subway: 8% (2026 FDD · Item 6 · PDF p. 36). Royalties as disclosed in Item 6; other recurring fees are listed separately.
    Do Steak n Shake Enterprises Traditional Franchise Program and Subway disclose financial performance (Item 19)?
    Steak n Shake Enterprises Traditional Franchise Program has reviewed Item 19 figures for 8 location groups; Subway makes no Item 19 financial performance representation. 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

    Keep researching

    Full Steak n Shake Enterprises Traditional Franchise Program report

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

    Full Subway report

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

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