The QSR Reality Check
QSR franchises are the most recognizable brands in franchising and the most expensive to enter. The average investment across our 33 QSR brands is $876K–$2.4M — five to ten times what you'd pay for a home services franchise. The question isn't "which brand is best?" — it's "does the revenue justify the capital?"
24 of our 33 QSR brands disclose Item 19 financial performance data. That's unusually transparent — in other categories, 30-40% of franchisors skip Item 19. QSR brands disclose because the numbers are generally good: the median disclosed revenue across our QSR database is $1950K/year per unit.
But revenue isn't profit. A $1.3M Domino's generates very different owner returns than a $3.8M Culver's, because food costs, labor, rent, and build-out vary dramatically. The FDD tells you the top line. The profit margin is something you'll need to model yourself — or find through franchisee validation calls.
The Numbers: 33 QSR Brands Ranked
| Brand | Investment | Royalty | Revenue | Units | Health |
|---|---|---|---|---|---|
| Culver's | $2643K–$8573K | 4% | $3790K | 997 | 94 |
| Domino's Pizza | $156K–$744K | 5.5% | — | 7,068 | 89 |
| Jersey Mike's | $186K–$1418K | 6.5% | $1339K | 2,989 | 89 |
| Popeyes Louisiana Kitchen | $1222K–$3923K | 5% | $1974K | 3,177 | 89 |
| Dunkin' | $527K–$1833K | 5.9% | $1304K | 8,499 | 84 |
| Firehouse Subs | $380K–$796K | 6% | $964K | 1,248 | 84 |
| Papa John's | $261K–$853K | 5% | $1157K | 3,291 | 84 |
| Tim Hortons | $988K–$3313K | 6% | $1294K | 693 | 84 |
| Zaxby's | $1445K–$3811K | 6% | $2782K | 969 | 84 |
| Bojangles | $2797K–$3664K | 4% | $2442K | 825 | 79 |
| Five Guys | $978K–$1376K | 6% | — | 1,558 | 79 |
| McDonald's | $1471K–$2728K | 5% | — | 13,559 | 79 |
| Wendy's | $1524K–$2992K | 4% | — | 5,933 | 77 |
| Chick-fil-A | $427K–$2340K | 15% | $9317K | 2,684 | 74 |
| Del Taco | $1497K–$3321K | 5% | $1614K | 594 | 74 |
| Jimmy John's | $366K–$728K | 6% | $986K | 2,689 | 74 |
| Arby's | $862K–$2451K | 4% | $1269K | 3,365 | 72 |
| Burger King | $2049K–$4706K | 4.5% | $1672K | 6,701 | 72 |
| Hardee's | $1375K–$2637K | 4% | $1288K | 1,571 | 72 |
| Sonic Drive-In | $1676K–$3141K | 5% | $1587K | 3,461 | 72 |
| Taco Bell (Traditional) | $935K–$4310K | 5.5% | — | 7,847 | 70 |
| Wendy's | $1524K–$2992K | 4% | $2108K | 5,933 | 70 |
| Dairy Queen | $1653K–$2782K | 4% | $1616K | 74 | 69 |
| Little Caesars | $447K–$1817K | 6% | — | 4,285 | 69 |
| KFC | $303K–$1434K | 5% | $1346K | 3,638 | 64 |
| Tropical Smoothie Cafe | $341K–$815K | 6% | — | 1,515 | 59 |
| Checkers/Rally's | $640K–$2270K | 4% | $1166K | 785 | 58 |
| KFC (Traditional) | $1053K–$3772K | 5% | $1346K | 3,638 | 58 |
| Steak 'n Shake | $1344K–$2340K | 5% | $1773K | 436 | 58 |
| Panda Express | $515K–$3276K | 8% | $1585K | 156 | 57 |
| Captain D's | $899K–$1354K | 4.5% | $1084K | 530 | 55 |
| Subway | $263K–$630K | 8% | — | 19,502 | 44 |
| Jack in the Box | $1911K–$4032K | 5% | — | 24 |
The Revenue-to-Investment Ratio
The metric that matters most in QSR isn't health score or growth rate — it's how many years of revenue it takes to recover your investment. Here's how the top brands stack up:
A ratio under 1.0x means the minimum investment is less than one year's average revenue — a strong signal (though remember: revenue ≠ profit, and you're comparing minimum investment against average revenue, which flatters the ratio). Domino's stands out here: $156K minimum investment against $1.38M average revenue is a 0.1x ratio. The catch is that the typical Domino's build-out lands in the $400K–$700K range, not the minimum.
The Growth Story
Jersey Mike's is the clear growth leader at +11.7% — nearly 5x the QSR average. That's not a marketing claim; it's calculated from three years of unit count data in their FDD. They've added roughly 300 net new locations per year while maintaining a $1.34M average revenue. For a sub sandwich brand competing against Subway (which is shrinking at -3.2%), that's a meaningful signal.
Culver's tops our health score at 94 but grows at a deliberate 5.6%. That's by design — Culver's is famously selective about franchisees and markets, preferring controlled expansion over land-grab growth. The trade-off: a $2.6M–$8.6M investment range that prices out all but the most capitalized operators.
At the other end: Subway at -3.2% growth (net closures) and a health score of 52. The world's largest restaurant chain by unit count is contracting — closing roughly 900 net locations per year. The FDD data doesn't explain why, but the post-2023 ownership change and aggressive remodeling mandates are pushing marginal operators out.
The Real Cost of "Cheap" QSR
Three QSR brands in our database have minimum investments under $300K: Domino's ($156K), Jersey Mike's ($186K), and Papa John's ($261K). All three are delivery/carryout-heavy formats that can operate in smaller, cheaper spaces than dine-in concepts.
But "minimum investment" in QSR is the most misleading number in the FDD. It assumes you find a below-market lease, buy used equipment, and open in a low-cost market. The realistic range for a typical Domino's is $350K–$700K. For a Jersey Mike's inline location, $400K–$800K. These numbers put you firmly in SBA loan territory — and SBA requires 10-20% equity, plus the lender will want to see restaurant management experience.
If you're truly capital-constrained, QSR isn't where the FDD data points you. Home services offers comparable or better returns at a fraction of the investment.
Bottom Line
QSR is a high-investment, high-revenue category where the best operators build multi-unit portfolios. The data says: Jersey Mike's for growth, Culver's for quality (if you have the capital), Domino's for capital efficiency, and Popeyes for revenue per unit ($1.97M average). Avoid brands with negative growth trends unless you're getting a fire-sale deal on an existing location.
The single most important thing the FDD won't tell you: talk to existing franchisees. Item 20 lists every operator's contact information. Call 10 of them. The ones who answer and are willing to talk are usually the happy ones — but even they'll give you ground truth that no data table captures.