Every franchise filing includes the franchisor’s financial statements. They show whether the company selling you a franchise is growing, profitable and able to support its owners. Each franchisor is listed once with the brands it files for and the year of its statements; companies whose filing uses a parent’s statements are listed apart, because those cover the parent’s whole business.
Largest franchisors by revenue
| Brand | Revenue | Net income | Margin |
|---|---|---|---|
| Charles SchwabCHARLES SCHWAB & CO INC, 2025Net income $5.45B, margin 30.1% | $18.1B | $5.45B | 30.1% |
| McDonald'sMcDonald's USA, LLC, 2023Net income $3.39B, margin 32.1% | $10.6B | $3.39B | 32.1% |
| Chick-fil-AChick-fil-A, Inc., 2025Net income $1.05B, margin 10.2% | $10.3B | $1.05B | 10.2% |
| Ace HardwareAce Hardware Corporation, 2024Net income $314.1M, margin 3.3% | $9.49B | $314.1M | 3.3% |
| Buffalo Wild WingsBuffalo Wild Wings International, Inc., 2025Net income −$353.9M, margin −15.6% | $2.26B | −$353.9M | −15.6% |
| Comfort, Quality and 13 moreCHOICE HOTELS INTERNATIONAL INC, 2025Net income $369.9M, margin 23.2% | $1.6B | $369.9M | 23.2% |
| Hilton Garden Inn, Home2 Suites by Hilton and 14 moreHilton Franchise Holding LLC, 2025Net income $1.55B, margin 99.3% | $1.56B | $1.55B | 99.3% |
| Wireless ZoneWIRELESS ZONE LLC, 2025Net income $38.6M, margin 2.6% | $1.49B | $38.6M | 2.6% |
| Dunkin'Dunkin' Donuts Franchising LLC, 2025Net income $732.9M, margin 52.4% | $1.4B | $732.9M | 52.4% |
| Krispy KremeKrispy Kreme Doughnut Corporation, 2021Net income −$14.8M, margin −1.1% | $1.38B | −$14.8M | −1.1% |
| SubwayDoctor's Associates LLC, 2025Net income $688.6M, margin 74.4% | $925.2M | $688.6M | 74.4% |
| Taco BellTaco Bell Franchisor, LLC, 2025Net income $794.6M, margin 100.2% | $793.4M | $794.6M | 100.2% |
| BojanglesBojangles Opco, LLC, 2025Net income $64.9M, margin 10% | $646.1M | $64.9M | 10% |
| Wendy'sQuality Is Our Recipe, LLC, 2024Net income $559.2M, margin 95.1% | $587.7M | $559.2M | 95.1% |
| Domino'sDomino's Pizza Franchising LLC, 2025Net income $491.6M, margin 96% | $512.1M | $491.6M | 96% |
| Jason's DeliDeli Management, Inc., 2023Net income $21.4M, margin 4.3% | $499M | $21.4M | 4.3% |
| Noodles & CompanyNoodles & Company, 2024Net income −$36.2M, margin −7.3% | $493.3M | −$36.2M | −7.3% |
| El Pollo LocoEl Pollo Loco, Inc., 2025Net income $26.5M, margin 5.4% | $490M | $26.5M | 5.4% |
| SpherionSpherion Staffing, LLC, 2025Net income $6.91M, margin 1.7% | $416.1M | $6.91M | 1.7% |
| Planet FitnessPlanet Fitness Franchising LLC, 2025Net income $340.2M, margin 88.3% | $385.1M | $340.2M | 88.3% |
| Batteries PlusBatteries Plus LLC, 2025Net income $23.2M, margin 6.2% | $377.4M | $23.2M | 6.2% |
| Goosehead InsuranceGoosehead Insurance Agency, LLC, 2025Net income $44.5M, margin 12.2% | $365.3M | $44.5M | 12.2% |
| Culver'sCulver Franchising System, LLC, 2025Net income $125.6M, margin 37.2% | $337.7M | $125.6M | 37.2% |
| The UPS StoreThe UPS Store, Inc., 2025Net income $41.6M, margin 12.3% | $337.6M | $41.6M | 12.3% |
| WingstopWingstop Franchising LLC, 2025Net income $325.1M, margin 98.2% | $331M | $325.1M | 98.2% |
Most profitable franchisors
By net income. Royalty-based franchisors with few costs of their own often keep most of their revenue, which is why margins near the top run so high; a margin above 100% means income from investments or other companies on top of the franchise business.
| Brand | Revenue | Net income | Margin |
|---|---|---|---|
| Charles SchwabCHARLES SCHWAB & CO INC, 2025Net income $5.45B, margin 30.1% | $18.1B | $5.45B | 30.1% |
| McDonald'sMcDonald's USA, LLC, 2023Net income $3.39B, margin 32.1% | $10.6B | $3.39B | 32.1% |
| Hilton Garden Inn, Home2 Suites by Hilton and 14 moreHilton Franchise Holding LLC, 2025Net income $1.55B, margin 99.3% | $1.56B | $1.55B | 99.3% |
| Chick-fil-AChick-fil-A, Inc., 2025Net income $1.05B, margin 10.2% | $10.3B | $1.05B | 10.2% |
| Taco BellTaco Bell Franchisor, LLC, 2025Net income $794.6M, margin 100.2% | $793.4M | $794.6M | 100.2% |
| Dunkin'Dunkin' Donuts Franchising LLC, 2025Net income $732.9M, margin 52.4% | $1.4B | $732.9M | 52.4% |
| SubwayDoctor's Associates LLC, 2025Net income $688.6M, margin 74.4% | $925.2M | $688.6M | 74.4% |
| Wendy'sQuality Is Our Recipe, LLC, 2024Net income $559.2M, margin 95.1% | $587.7M | $559.2M | 95.1% |
| Domino'sDomino's Pizza Franchising LLC, 2025Net income $491.6M, margin 96% | $512.1M | $491.6M | 96% |
| Comfort, Quality and 13 moreCHOICE HOTELS INTERNATIONAL INC, 2025Net income $369.9M, margin 23.2% | $1.6B | $369.9M | 23.2% |
| Planet FitnessPlanet Fitness Franchising LLC, 2025Net income $340.2M, margin 88.3% | $385.1M | $340.2M | 88.3% |
| WingstopWingstop Franchising LLC, 2025Net income $325.1M, margin 98.2% | $331M | $325.1M | 98.2% |
| Ace HardwareAce Hardware Corporation, 2024Net income $314.1M, margin 3.3% | $9.49B | $314.1M | 3.3% |
| ServproServpro Franchisor, LLC, 2025Net income $250.3M, margin 77.8% | $321.6M | $250.3M | 77.8% |
| Jersey Mike'sA Sub Above, LLC, 2024Net income $238.8M, margin 85.2% | $280.1M | $238.8M | 85.2% |
Franchisors losing money
The largest losses. A loss can come from a one-off charge, debt from a buyout, or a business in trouble; the statements on each brand’s page give the year and the figures.
| Brand | Revenue | Net income | Margin |
|---|---|---|---|
| Buffalo Wild WingsBuffalo Wild Wings International, Inc., 2025Net income −$353.9M, margin −15.6% | $2.26B | −$353.9M | −15.6% |
| The Goddard SchoolGoddard Franchisor LLC, 2025Net income −$59.9M, margin −49.2% | $121.8M | −$59.9M | −49.2% |
| Hand & Stone Massage and Facial SpaHAND AND STONE FRANCHISE, LLC, 2024Net income −$55.4M, margin −45.3% | $122.2M | −$55.4M | −45.3% |
| Noodles & CompanyNoodles & Company, 2024Net income −$36.2M, margin −7.3% | $493.3M | −$36.2M | −7.3% |
| Checkers & Rally'sCheckers Drive-In Restaurants, Inc., 2025Net income −$21M, margin −7.8% | $269.9M | −$21M | −7.8% |
| Pollo CamperoCampero USA Corp., 2024Net income −$16.5M, margin −5.9% | $280.9M | −$16.5M | −5.9% |
| Krispy KremeKrispy Kreme Doughnut Corporation, 2021Net income −$14.8M, margin −1.1% | $1.38B | −$14.8M | −1.1% |
| F45 TrainingF45 Training Incorporated, 2025Net income −$14.8M, margin −35.3% | $41.9M | −$14.8M | −35.3% |
| Five Star Bath SolutionsFIVE STAR BATH, LLC, 2024Net income −$12.3M, margin −25.8% | $47.5M | −$12.3M | −25.8% |
| Enviro-MasterEnviro-Master International Franchise, LLC, 2025Net income −$11.5M, margin −43.1% | $26.7M | −$11.5M | −43.1% |
| Huddle HouseHuddle House, Inc., 2025Net income −$11.4M, margin −11.6% | $98.1M | −$11.4M | −11.6% |
| Jackson HewittJackson Hewitt Inc., 2026Net income −$9.9M, margin −3.3% | $302.4M | −$9.9M | −3.3% |
Profit by franchisor size
| Revenue | Franchisors | Losing money | Typical margin |
|---|---|---|---|
| Under $1M272 franchisors | 272 | 45% | 5.6% |
| $1M to $5M307 franchisors | 307 | 30% | 9.2% |
| $5M to $25M189 franchisors | 189 | 20% | 15.3% |
| $25M to $100M80 franchisors | 80 | 19% | 12.6% |
| $100M or more70 franchisors | 70 | 17% | 12.4% |
Franchisor margins by industry
Industries with five or more franchisors, by the typical net margin; each franchisor counts in the industries of its largest brand.
| Industry | Franchisors | Typical revenue | Typical margin |
|---|---|---|---|
| Donut6 franchisors | 6 | $2.74M | 40.1% |
| Fast food104 franchisors | 104 | $3.4M | 23.8% |
| Junk removal5 franchisors | 5 | $1.47M | 23.6% |
| Pizza38 franchisors | 38 | $2.27M | 23% |
| Breakfast21 franchisors | 21 | $1.62M | 19% |
| Hotel12 franchisors | 12 | $10.2M | 17.1% |
| Bakery30 franchisors | 30 | $1.73M | 16.2% |
| Barbershop7 franchisors | 7 | $1.03M | 15.9% |
| Bubble tea17 franchisors | 17 | $777K | 15.3% |
| Auto repair6 franchisors | 6 | $21.5M | 15.1% |
| Sandwich28 franchisors | 28 | $3.77M | 15.1% |
| Daycare13 franchisors | 13 | $3.28M | 14.9% |
| Dog training7 franchisors | 7 | $1.53M | 14.7% |
| Chicken44 franchisors | 44 | $2.33M | 14.4% |
| Burger21 franchisors | 21 | $7.14M | 13.9% |
| Coffee32 franchisors | 32 | $2.38M | 13.8% |
| Printing and sign15 franchisors | 15 | $5.93M | 12.3% |
| Shipping5 franchisors | 5 | $6.68M | 12.3% |
| Dog daycare6 franchisors | 6 | $501K | 12.3% |
| Sports36 franchisors | 36 | $1.9M | 12.2% |
| Salon27 franchisors | 27 | $3.97M | 11.8% |
| Cleaning37 franchisors | 37 | $3.4M | 11.7% |
| Smoothie19 franchisors | 19 | $1.51M | 11.5% |
| Commercial cleaning16 franchisors | 16 | $2.9M | 11% |
| Education63 franchisors | 63 | $1.49M | 10.1% |
| Health and wellness48 franchisors | 48 | $2.77M | 9.8% |
| Ice cream31 franchisors | 31 | $2.6M | 9.7% |
| Mobile27 franchisors | 27 | $2.5M | 8.7% |
| Real estate30 franchisors | 30 | $4.14M | 8.3% |
| Restoration15 franchisors | 15 | $5.37M | 7.5% |
| Dog grooming6 franchisors | 6 | $3.36M | 6.7% |
| Tutoring9 franchisors | 9 | $1.98M | 6.2% |
| Pet23 franchisors | 23 | $2.98M | 6.1% |
| Home care and senior care24 franchisors | 24 | $4.17M | 5.6% |
| Entertainment41 franchisors | 41 | $1.44M | 4.8% |
| Spa36 franchisors | 36 | $2.77M | 4.7% |
| Gym29 franchisors | 29 | $2.66M | 3% |
| Resale5 franchisors | 5 | $2M | 2.7% |
| Moving5 franchisors | 5 | $1.64M | 2.1% |
| Staffing7 franchisors | 7 | $10.3M | 1.1% |
| Mexican food10 franchisors | 10 | $1.45M | 0.6% |
| Plumbing6 franchisors | 6 | $1.89M | 0.4% |
| Fitness63 franchisors | 63 | $1.87M | −0.1% |
| Massage8 franchisors | 8 | $18.2M | −2.6% |
| Pilates and barre6 franchisors | 6 | $1.73M | −3.9% |
Brands filed with a parent’s statements
These franchisors attach the statements of a parent company that guarantees them, so the figures are for the parent’s whole business, not the franchise alone.
| Brand | Revenue | Net income | Margin |
|---|---|---|---|
| Coldwell Banker, Century 21 and 4 moreAnywhere Real Estate Group LLC, 2025Net income −$89M, margin −1.5% | $5.96B | −$89M | −1.5% |
| Snap-onSnap-on Incorporated, 2022Net income $933.9M, margin 19.3% | $4.84B | $933.9M | 19.3% |
| Panera BreadPanera Brands, Inc., 2025Net income −$435.7M, margin −9.4% | $4.61B | −$435.7M | −9.4% |
| OrkinRollins, Inc., 2024Net income $466.4M, margin 13.8% | $3.39B | $466.4M | 13.8% |
| The Vitamin ShoppeFranchise Group, Inc., 2021Net income $363.8M, margin 11.2% | $3.26B | $363.8M | 11.2% |
| Matco ToolsVontier Corporation, 2025Net income $406.1M, margin 13.2% | $3.08B | $406.1M | 13.2% |
| Jack in the BoxJack in the Box SPV Guarantor, LLC, 2025Net income $166M, margin 16.2% | $1.02B | $166M | 16.2% |
| Cold Stone Creamery, sweetFrogMTY Franchising USA, Inc., 2025Net income $30.7M, margin 5.1% | $604.2M | $30.7M | 5.1% |
| Real Property Management, Molly Maid and 15 moreNeighborly Assetco LLC, 2025Net income $154.1M, margin 32% | $480.8M | $154.1M | 32% |
| Pizza HutPizza Hut Guarantor, LLC, 2025Net income $195.2M, margin 40.7% | $479.7M | $195.2M | 40.7% |
| QdobaQdoba Funding Holdco LLC, 2025Net income $32.8M, margin 8.6% | $381M | $32.8M | 8.6% |
| Cinnabon, Auntie Anne’s and 5 moreGoTo Foods Systems LLC, 2025Net income $265.8M, margin 82.7% | $321.4M | $265.8M | 82.7% |
Reading a franchisor’s accounts
Look at more than one year: the statements cover two or three, so you can see whether revenue is rising and losses are shrinking. Check how much revenue comes from royalties against product sales and company-run locations, how much debt the franchisor carries, and whether its auditor raised doubts about its ability to continue. The disclosure guide explains where these sit in a filing.
Questions
How do franchisors make money?
Mostly from royalties and marketing fees charged on their owners' sales, plus franchise fees from new owners. Many also earn from selling supplies, equipment or food to their owners, from rent on sites they lease to owners, and from locations they run themselves. A franchisor whose revenue is mostly its own restaurants or product sales is a different business from one living on royalties.
Should I avoid a franchisor that is losing money?
Not automatically, but ask why. A young franchisor spending to build its system often loses money for a few years, and a parent company may stand behind it. A long-established franchisor with falling revenue and losses is a warning sign, because it may cut support, raise fees or be sold. Ask what the loss came from and how it will be funded.