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Restaurants

Panera Bread franchise

Fast-casual bakery-cafe restaurant brand.

Opening investment
$498,306–$4,569,880

Across three formats; see individual ranges below.

Average annual revenue
$2,541,217

Avg. Net Sales ($463,536–$5,876,372 range) · 1,073 Franchisee-owned Bakery-Cafes (FY2025 Item 19)

Opening costs and fees

$498,306–$4,569,880

Opening costs vary by format, location and lease terms.

Operating formats

Small Box Bakery-Cafe

$1,173,702–$3,572,359

2026 FDD Item 7

Non-urban locations excluding real estate and related costs; landlord allowances are not reflected. Includes $559,052–$1,963,361 leasehold improvements and $66,505–$150,150 additional funds for three months.

Core Bakery-Cafe

$1,337,139–$4,569,880

2026 FDD Item 7

Non-urban locations excluding real estate and related costs; landlord allowances are not reflected. Includes $703,300–$2,661,036 leasehold improvements and $75,805–$351,885 additional funds for three months.

Non-Traditional Location

$498,306–$2,518,186

2026 FDD Item 7

Excludes real estate and related costs; landlord allowances are not reflected. Includes $5,564–$1,170,880 leasehold improvements and $77,205–$188,135 additional funds for three months.

Small Box Bakery-Cafe opening investment
Small Box Bakery-Cafe: $1,173,702–$3,572,359 in the 2026 FDD. For a non-urban market; excludes real estate and related costs and landlord allowances. Optional services remain included in the disclosed range.2026
Core Bakery-Cafe opening investment
Core Bakery-Cafe: $1,337,139–$4,569,880 in the 2026 FDD. For a non-urban market; excludes real estate and related costs and landlord allowances. Optional services remain included in the disclosed range.2026
Non-Traditional Location opening investment
Non-Traditional Location: $498,306–$2,518,186 in the 2026 FDD. For a non-urban market; excludes real estate and related costs and landlord allowances. Optional services remain included in the disclosed range.2026

Key ongoing fees

Royalty
5% of Net Sales (payable each Reporting Period).Monthly
National, Local & Marketing Admin Funds
4% of Net Sales National Advertising Fund (2.6% Non-Traditional) + 0.4% Marketing Admin Fee + 2.0% Local Advertising Fund (standard cafes).Monthly
Cafe Technology, Network & Digital Commerce
$250–$375/month Cafe Network + $385–$500/month Cafe Technology & Help Desk + $230–$275/month Kiosks + 1.75% of Digital Net Sales.Monthly

Selected ongoing charges, not a complete fee schedule. Confirm the current FDD and the terms for your format.

Revenue and performance

$2,541,217

Avg. Net Sales ($463,536–$5,876,372 range) · 1,073 Franchisee-owned Bakery-Cafes (FY2025 Item 19)

item19 performance
Source period: FY2024;April2025FDDcited. Current complete FDD not verified. OfficialPanera page cites April2025FDD Item19 forFYended2024-12-31: averageNetSales$2,708,833 among2134cafes open/operatingfullyear(1050company,1084franchise). Franchise-only average$2,595,936;497of1084(45.8%)attained/exceeded,range$435,863–$6,133,228. NetSalesexcludescollectedtaxes,refunds/adjustments andpromodiscounts. Notincomeorprofit.FY2024;April2025FDDcited

Revenue is sales before expenses, not owner income. Compare matching periods, formats and location samples.

Locations

2,214 U.S. Bakery-Cafes in 2025, including Saint Louis Bread Company locations. Two catering-only locations and Canadian locations are excluded.

Existing locations do not establish that a new territory is available. Confirm your market with the franchisor.

Sources and figure notes

Reporting periods and scope

Opening investment

$1,173,702–$3,572,359 for a Small Box Bakery-Cafe, $1,337,139–$4,569,880 for a Core Bakery-Cafe, and $498,306–$2,518,186 for a Non-Traditional Location. Non-urban locations; excludes real estate and related costs, and landlord allowances are not reflected.

Average annual revenue

2026 FDD Item 19 reports average annual Net Sales of $2,541,217 (range $463,536–$5,876,372; 483 cafes / 45.0% at or above average) across 1,073 Franchisee-owned Panera Bread Bakery-Cafes open during the entire 52-week fiscal year ending December 30, 2025 (record I19W3-B106-FPR-0001; 1,087 company-owned cafes averaged $2,680,192, record I19W3-B106-FPR-0002).

Research snapshot: . Sources and methodology

Compare independent startup vs. franchise economics

Compare Panera Bread’s franchise model against starting or buying an independent business in sandwiches and bakery cafés (line-item CapEx, 0%-royalty owner SDE margins & SBA resale multiples):

Sandwich, Deli & Bakery Café blueprint ($160,000–$650,000 startup)Catering & Ghost Kitchen blueprint ($90,000–$350,000 startup)Commercial Commissary, Wholesale Bakery & Food Co-Packer blueprint ($300,000–$900,000 startup)

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