Food and restaurant franchises represent the largest segment of the franchise industry — and the widest range of investment requirements, operating models, and return profiles. This analysis covers 15 food franchises in the FranchiseStack database, comparing verified investment ranges, average unit volumes (AUV), royalty rates, and growth trajectories sourced from Franchise Disclosure Documents (FDDs).
Key Finding
Chick-fil-A has the highest average unit volume at $8.7M — but a less-than-1% franchisee acceptance rate. For accessible investment with strong AUV growth, Wingstop ($1.8M AUV, 12.5% unit growth at a $390K minimum) and Jersey Mike's ($1.2M AUV, 11% growth at $216K minimum) stand out as high-performing mid-tier options.
Full Food Franchise Comparison Table
All data sourced from FranchiseStack database (FDD-derived). Figures reflect most recent disclosure as of March 31, 2026.
| Franchise | Min. Investment | Max. Investment | Franchise Fee | Royalty | Total Units | Avg Unit Revenue | Unit Growth |
|---|---|---|---|---|---|---|---|
| McDonald's | $1,314,500 | $2,306,500 | $45,000 | 4.0% | 40,031 | $3,700,000 | +3.0% |
| Subway | $229,050 | $524,100 | $15,000 | 8.0% | 36,690 | $420,000 | -3.5% |
| Dunkin' | $526,900 | $1,809,500 | $40,000 | 5.9% | 13,200 | $1,100,000 | +2.0% |
| Taco Bell | $575,600 | $3,370,400 | $45,000 | 5.5% | 8,500 | $2,100,000 | +3.5% |
| Papa John's | $188,715 | $773,500 | $25,000 | 5.0% | 5,700 | $960,000 | +1.0% |
| Little Caesars | $348,450 | $2,004,350 | $20,000 | 6.0% | 4,000 | $900,000 | +1.5% |
| Popeyes | $383,000 | $2,616,500 | $50,000 | 5.0% | 3,700 | $1,900,000 | +5.0% |
| Chick-fil-A | $342,990 | $2,431,460 | $10,000 | 15.0% | 3,059 | $8,700,000 | +5.2% |
| Arby's | $457,400 | $2,034,300 | $37,500 | 4.0% | 3,400 | $1,300,000 | -0.8% |
| Jimmy John's | $313,600 | $561,200 | $35,000 | 6.0% | 2,750 | $900,000 | +0.5% |
| Jersey Mike's | $216,525 | $748,890 | $18,500 | 6.5% | 2,700 | $1,200,000 | +11.0% |
| Wingstop | $390,283 | $888,783 | $20,000 | 6.0% | 2,200 | $1,800,000 | +12.5% |
| Five Guys | $306,200 | $641,000 | $25,000 | 6.0% | 1,750 | $1,500,000 | +3.5% |
| Tropical Smoothie Cafe | $275,600 | $584,800 | $30,000 | 6.0% | 1,400 | $1,050,000 | +12.0% |
| Crumbl Cookies | $327,000 | $609,000 | $25,000 | 8.0% | 950 | $1,700,000 | +40.0% |
Source: FranchiseStack database, compiled from franchise disclosure documents. Data as of March 31, 2026. Investment ranges reflect Item 7 of each franchise's FDD. Unit counts reflect most recent disclosure year.
Franchise-by-Franchise Analysis
Chick-fil-A — Highest Revenue, Lowest Accessibility
Chick-fil-A's $8.7 million average unit volume is the highest of any food franchise in our database — by a large margin. The $10,000 franchise fee is the lowest in the sector. But the model is fundamentally different: Chick-fil-A owns the real estate and equipment; you manage the business. Operators receive a share of profits rather than owning the location outright. The trade-off is extraordinary volume with limited ownership equity. The selection process accepts fewer than 1% of applicants and requires full-time, on-site involvement — no absentee or semi-absentee operation.
Wingstop — Best Growth-to-Investment Ratio
Wingstop combines strong unit economics with accelerating growth. At $390,283 minimum investment, franchisees access $1.8M average unit revenue — a 4.6x revenue-to-minimum-investment ratio. The brand's 12.5% unit growth rate reflects genuine demand, not just new market penetration. Wingstop's delivery-first model (no drive-through, minimal seating) reduces real estate costs significantly. Royalty of 6% on $1.8M = $108,000/year in royalties, offset by lower occupancy costs vs. traditional QSR.
Jersey Mike's — Strong Growth at Low Entry
Jersey Mike's minimum investment of $216,525 is one of the lowest for a brand with $1.2M average unit revenue. The 11% unit growth rate indicates the brand is still in active expansion — meaning new territory may be available. For comparison, Subway's 36,690 units are declining (-3.5% growth) while Jersey Mike's is taking market share. The 6.5% royalty is slightly above the sector median but inline with the brand's support infrastructure.
McDonald's — The Benchmark, But Expensive
McDonald's remains the global franchise standard. With 40,031 locations and $3.7M average unit volume, the numbers are compelling. The barrier is capital: minimum $1.3M investment and McDonald's requires at least $500,000 in non-borrowed liquid assets. New location opportunities are rare — most franchisees enter by purchasing existing locations from retiring operators. McDonald's 4% royalty is the lowest among large burger chains.
Subway — A Warning Sign
Subway's 36,690 locations make it the largest restaurant chain by unit count — but the -3.5% growth rate signals active decline. Average unit revenue of $420,000 is the lowest of any major food franchise in our database. For context: a 8% royalty on $420,000 = $33,600/year in royalties before advertising fund contributions. This is a brand in structural contraction due to market saturation and competition from premium fast-casual concepts. Proceed with significant caution.
Popeyes — Underrated Value Play
Popeyes at $1.9M average unit volume and 5% growth rate is one of the more attractive chicken concepts available. The 5% royalty is below the QSR median. Minimum investment of $383,000 is reasonable for a full QSR build-out. The brand benefited from the "chicken sandwich wars" that drove significant customer acquisition since 2019.
Crumbl Cookies — Fastest Growth, Highest Risk
Crumbl Cookies' 40% growth rate is the highest in our database but reflects a brand still in its hyper-growth phase (950 units). The $1.7M average revenue is impressive. Key risks: the concept is novelty-driven, the rotating weekly menu requires significant operational complexity, and rapid expansion can create territorial cannibalization. High reward potential, high execution risk. Best suited for operators with QSR management experience.
Best Food Franchises by Investment Budget
Under $300,000 Total Investment
Papa John's ($188,715 minimum) and Jersey Mike's ($216,525 minimum) are the primary options for buyers targeting sub-$300K entry. Both are delivery/carry-out-heavy models with lower real estate requirements than traditional QSR. Subway's $229,050 minimum is also in this range, but the brand's declining unit count makes it a lower-priority choice.
$300,000–$600,000 Total Investment
This range is the most competitive — Wingstop, Tropical Smoothie, Five Guys, Crumbl Cookies, Little Caesars, and Jimmy John's all start here. Wingstop offers the best AUV-to-investment ratio in this bracket at $1.8M revenue on a $390K minimum investment.
Over $1,000,000 Total Investment
McDonald's ($1.3M minimum), Sonic Drive-In ($1.2M), Planet Fitness ($1.5M), and Raising Cane's ($1.75M) require capital above $1M. These are typically multi-unit operators or well-capitalized first-timers using SBA financing with significant personal liquidity.
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Start Free Analysis →What to Look For Beyond the Numbers
The data table above covers the financials. Before committing to a food franchise, also evaluate:
- Territory availability: Fast-growing brands (Wingstop, Crumbl) may already be dense in your market. Verify open territory before investing time in due diligence.
- Item 19 disclosure: Not all franchisors disclose financial performance data in their FDD. Brands that do provide Item 19 data allow you to verify AUV figures independently. Our database flags whether Item 19 is available.
- Franchisee satisfaction: Speak with 10–20 existing franchisees before signing. Their candid feedback on support, margins, and operational challenges is the most reliable signal you can get.
- Real estate and build-out costs: Investment ranges in Item 7 are highly dependent on your market. A Wingstop in Manhattan will cost significantly more than one in suburban Ohio.