Buyer guide
Revenue is a starting point
A strong sales number tells you little about owner income until you understand the costs and the sample behind it.
Know the population
Check whether the figure covers franchised or company-operated locations, which formats are included, how long they have been open and which locations were excluded. An average from a mature cohort is not a forecast for a new unit.
Keep periods and measures separate
Annual and partial-year sales, average and median revenue, and U.S. and worldwide figures answer different questions. Do not combine them into a ranking without matching their scope.
Systemwide sales are not unit economics
Systemwide sales describe an entire network. They are not franchisor revenue or an individual owner's income. Dividing systemwide sales by a year-end location count can produce a misleading average because the population and operating period may differ.
Ask what remains after expenses
Revenue, EBITDA, seller's discretionary earnings and cash flow are distinct measures. For an existing business, request period-specific records and understand adjustments before comparing offers.