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    Franchise opportunities compared

    Steak n Shake Franchise Partner 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 Franchise Partner Program2026 FDDSubway2026 FDD

    Initial investment · Item 7

    Steak n Shake Franchise Partner Program

    $259,336

    2026 FDD · Item 7 · PDF p. 26

    Subway

    $227,000 – $458,000

    2026 FDD · Item 7

    Initial franchise fee · Item 5

    Steak n Shake Franchise Partner Program

    $10,000

    2026 FDD · Item 5 · PDF p. 16

    Subway

    $15,000

    2026 FDD · Item 5 · PDF p. 29

    Royalty · Item 6

    Steak n Shake Franchise Partner Program

    Not available

    Subway

    8%

    2026 FDD · Item 6 · PDF p. 36

    Before you compare

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

    Financial commitment

    Estimated initial investment (Item 7)

    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

    Subway

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

    Steak n Shake Franchise Partner Program

    $10,000
    2026 FDD · Item 5 · PDF p. 16

    Subway

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

    Steak n Shake Franchise Partner Program

    Not available
    No reviewed royalty record

    Subway

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

    Steak n Shake Franchise Partner Program

    10%
    Marketing monthly maximum gross receipts — 10%
    2026 FDD · Item 6 · PDF p. 16

    Subway

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

    System scale & health

    Total outlets (Item 20)

    Steak n Shake Franchise Partner 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 Franchise Partner 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 Franchise Partner 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 Franchise Partner Program

    Not available
    Not in reviewed records

    Subway

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

    Steak n Shake Franchise Partner Program

    Not available
    Not in reviewed records

    Subway

    Not available
    Not in reviewed records

    Financial performance (Item 19), by location group

    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
    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 Franchise Partner Program vs Subway: common questions

    Which costs less to open, Steak n Shake Franchise Partner Program or Subway?
    Steak n Shake Franchise Partner Program: $259,336 (2026 FDD · Item 7 · PDF p. 26); 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.
    Do Steak n Shake Franchise Partner Program and Subway disclose financial performance (Item 19)?
    Steak n Shake Franchise Partner Program has reviewed Item 19 figures for 2 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 Franchise Partner 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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    FDD glossary

    Plain-language meaning of each Item