Ambrosio’s Take
Sonic is one of the most recognizable drive-in brands in America, with a format that has no real equivalent in fast food. Carhops, stall ordering, and a menu built around customization have given it a loyal following for over 70 years. Average annual unit volume of $1,552,145 across 3,057 franchised restaurants reflects the strength of that customer base. The 2026 FDD tells a story worth reading carefully, though: the franchised outlet count has declined every year since 2023, average annual unit volume has fallen two years in a row, and the sales-to-investment ratio of 0.8:1 sits well below what most restaurant analysts consider a healthy benchmark. These are signals that location quality, market density, and operational execution matter more than the brand name alone.
Ambrosio’s Take is a new feature on all Franchise Chatter FDD Talk posts based on the 2026 FDD.
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Section I – Estimated initial investment (franchise costs) for a Sonic Drive-In franchise, based on Item 7 of the company’s 2026 FDD
Section II – Initial franchise fee, royalty fee, and marketing fee for a Sonic Drive-In franchise, based on Items 5 and 6 of the company’s 2026 FDD
Section III – Number of franchised and company-owned Sonic Drive-In outlets at the start of the year and the end of the year for 2023, 2024, and 2025, based on Item 20 of the company’s 2026 FDD
Section IV – News updates on the Sonic Drive-In franchise opportunity
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When I owned a UPS Store, I learned firsthand how much your ZIP code shapes your outcome. I sold my store at a premium because my territory was in a high-value area. The best areas go first, and once they're gone, they're gone. Enter your ZIP code, and a territory specialist will walk you through the franchises still available near you, drawing on information that isn't publicly accessible, saving you months of wasted research.🔴Free Webinar: 6 Under-the-Radar Franchise Concepts That Serious Buyers Should Know
Every month we feature 6 standout franchises that could be the opportunity you've been looking for, each evaluated on disclosed financials and matched to the type of buyer most likely to succeed with it. Can't attend live on October 27 at 6PM EST? Register now and we'll send you the full recording the next day. Reserve your spot here.Section V – Presentation and analysis of Sonic Drive-In’s financial performance representations (average revenues and/or profits), based on Item 19 of the company’s 2026 FDD, including information on the:
- 2025 average, median, highest, and lowest annual unit volume for the 3,057 franchised traditional Sonic Restaurants that operated for the full 2025 fiscal year, by quartile and overall
- 2025 average, median, highest, and lowest annual unit volume for the 3,057 franchised traditional Sonic Restaurants that operated for the full 2025 fiscal year, by venue type (free-standing and urban storefront, gas/c-store)
Section VI – Key ratios, comparables, computations, and analyses for the Sonic Drive-In franchise opportunity (exclusive content for Platinum subscribers)
Section I – Sonic Drive-In Franchise Costs
- Sonic Drive-In franchise costs (free-standing leased amounts), based on Item 7 of the company’s 2026 FDD:
- Initial Franchise Fee: $15,000
- Travel and Living Expenses During Training: $8,200 to $93,600
- Crew Training Expenses: $15,200 to $42,500
- Prepaid Expenses: $2,000 to $125,000
- Real Property/Occupancy Charge: variable
- Building Costs: $600,000 to $800,000
- Site Work: $450,000 to $700,000
- Restaurant Equipment: $175,000 to $310,000
- Point-of-Sale System (“POS”), Digital Menu Housings (“POPS”), and Other Technology: $105,000 to $160,000
- External Signage: $50,000 to $80,000
- Beginning Inventory: $20,000 to $50,000
- Advertising Funds: $2,000 to $5,000
- Insurance Premiums: $11,000 to $22,000
- Payroll: $26,800 to $94,800
- Additional Funds (3 months): $5,000 to $25,000
- Total Estimated Sonic Drive-In Franchise Costs (excluding free-standing real estate costs): $1,485,200 to $2,522,900
Section II – Sonic Drive-In’s Initial Franchise Fee, Royalty Fee, and Marketing Fee
- Sonic Drive-In’s initial franchise fee, royalty fee, and marketing fee, based on Items 5 and 6 of the company’s 2026 FDD:
- Initial License Fee: $15,000
- Royalty Fee: 5% of Gross Sales
- Brand Fee/Sonic Brand Fund Contribution: 0.90% of Gross Sales
- Advertising Cooperative Fee/System Marketing Fund Contribution: 1.625% (Minimum) of Gross Sales for Non-Traditional Locations and Non-Drive-In Locations that are C-Stores; otherwise, 3.25% (Minimum) of Gross Sales
Section III – Number of Franchised and Company-Owned Sonic Drive-In Outlets
Franchised
2023
- Outlets at the Start of the Year: 3,220
- Outlets at the End of the Year: 3,194
- Net Change: -26
2024
- Outlets at the Start of the Year: 3,194
- Outlets at the End of the Year: 3,144
- Net Change: -50
2025
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When I owned a UPS Store, I learned firsthand how much your ZIP code shapes your outcome. I sold my store at a premium because my territory was in a high-value area. The best areas go first, and once they're gone, they're gone. Enter your ZIP code, and a territory specialist will walk you through the franchises still available near you, drawing on information that isn't publicly accessible, saving you months of wasted research.📈Dreaming of Multi‑Unit Success? Lock In Prime Territories Before They're Gone.
Colin started as a team member at 21 and now owns 6 locations in Tampa Bay. Lisa came from marketing and built 21 in San Diego. The most successful multi-unit owners move early and secure markets with room to grow. Use our free tool to search multiple ZIP codes and find franchises where you can still stack locations, before someone else does. A franchise specialist will be in touch to present what's available.- Outlets at the Start of the Year: 3,144
- Outlets at the End of the Year: 3,120
- Net Change: -24
Company-Owned
2023
- Outlets at the Start of the Year: 326
- Outlets at the End of the Year: 327
- Net Change: +1
2024
- Outlets at the Start of the Year: 327
- Outlets at the End of the Year: 317
- Net Change: -10
2025
- Outlets at the Start of the Year: 317
- Outlets at the End of the Year: 292
- Net Change: -25
Section IV – News Updates on the Sonic Drive-In Franchise
Section V – Financial Performance Representations (Average Revenues and/or Profits) for the Sonic Drive-In Franchise (Item 19, 2026 FDD)
- These financial performance representations provide actual, historical “AUVs,” or “Annual Unit Volumes,” for specific groups of franchised Sonic Restaurants. “Unit Volume” has the same meaning as Gross Sales,.
- This Item 19 includes financial information for Sonic’s 2025 fiscal year (which it will call simply “2025” in this Item 19), which is the period from December 30, 2024 until December 28, 2025.
- There were 3,120 franchised Sonic Restaurants operating in the United States at the end of 2025, 91 of which operate at Non-Drive-In Locations, including C-Stores.
- Sonic excluded from these financial performance representations:
- (a) all 29 of the franchised Sonic Restaurants that first opened for business during 2025 and did not operate for the full year;
- (b) all 23 of the franchised Sonic Restaurants that were closed and reported no sales for extended periods during 2025, often for more than a month, either as part of remodeling or rebuilding the Sonic Restaurant, due to a hurricane or weather-related casualty or fire/water damage, or because of a relocation or planned transfer;
- (c) the one franchised Sonic Restaurant that operated at a Multi-Brand Location;
- (d) all 10 of the franchised Sonic Restaurants that operated at Non-Traditional Locations and had results that may not be typical for Traditional Drive-Ins (including 3 franchised Sonic Restaurants operating at Non-Traditional Locations first opened for business during 2025 and are therefore excluded under (a) above); and
- (d) all 3 of the Traditional Restaurants that Sonic transferred to franchisees in December 2025 because those Sonic Restaurants were company-owned for a significant portion of the year.
- The financial performance representations in this Item 19 provide AUVs during 2025 for the remaining 3,057 franchised Traditional Restaurants (called the “2025 Franchised Restaurants”) or an identified portion of those 2025 Franchised Restaurants.
- Sonic also excluded from these financial performance representations (a) the 56 franchised Sonic Restaurants that closed in 2025, all of which were open for at least 12 months before they closed, and (b) all company-owned Sonic Restaurants that Sonic or its affiliates operated as of the end of 2025.
- Most 2025 Franchised Restaurants, other than the C-Store Locations, are free-standing buildings and include a drive-thru lane and a patio, and sometimes also an enclosed patio or indoor seating.
- The 2025 Franchised Restaurants are located across the country and in a variety of urban, suburban, and rural locations and in varied markets with wide-ranging levels of competition.
- The 2025 Franchised Restaurants without inside seating (other than those in C-Stores) typically range in size from 1,100 to 1,700 square feet, including stalls and drive-thru, although there are some atypical 2024 Franchised Restaurants whose size falls outside this range.
- The 2025 Franchised Restaurants with inside seating (other than those in C-Stores) typically range in size from 2,000 to 4,000 square feet.
- The size of 2025 Franchised Restaurants that are C-Store locations varies with the type of location and ranges from 1,000 to 3,000 square feet.
- 2,093 of the 2025 Franchised Restaurants operate with drive-thru windows and the remaining 1,027 do not.
- The 2025 Franchised Restaurants have operated for an average of 28 years.
Part 1 – Annual Unit Volumes for 2025 Franchised Traditional Restaurants
1st Quartile
- Number of Restaurants: 764
- Highest AUV: $4,800,647
- Median AUV: $2,228,716
- Lowest AUV: $1,886,236
- Average AUV: $2,332,093
- Number and Percentage Above Average: 294 / 38%
2nd Quartile
- Number of Restaurants: 764
- Highest AUV: $1,886,035
- Median AUV: $1,653,634
- Lowest AUV: $1,465,475
- Average AUV: $1,659,107
- Number and Percentage Above Average: 362 / 47%
3rd Quartile
- Number of Restaurants: 764
- Highest AUV: $1,465,090
- Median AUV: $1,301,671
- Lowest AUV: $1,123,556
- Average AUV: $1,298,578
- Number and Percentage Above Average: 387 / 51%
4th Quartile
- Number of Restaurants: 765
- Highest AUV: $1,123,408
- Median AUV: $958,893
- Lowest AUV: $225,308
- Average AUV: $919,629
- Number and Percentage Above Average: 449 / 59%
All Restaurants
- Number of Restaurants: 3,057
- Highest AUV: $4,800,647
- Median AUV: $1,465,090
- Lowest AUV: $255,308
- Average AUV: $1,552,145
- Number and Percentage Above Average: 1,338 / 44%
Part 2 – Annual Unit Volumes for 2025 Franchised Traditional Restaurants by Venue Type
Free-Standing and Urban Storefront
- Number of Restaurants: 2,988
- Highest AUV: $4,800,647
- Median AUV: $1,472,566
- Lowest AUV: $317,214
- Average AUV: $1,562,839
- Number and Percentage Above Average: 1,303 / 44%
Gas/C-Store
- Number of Restaurants: 69
- Highest AUV: $2,230,220
- Median AUV: $1,049,767
- Lowest AUV: $255,308
- Average AUV: $1,089,017
- Number and Percentage Above Average: 34 / 49%
- A free-standing location is generally a stand-alone building on a pad or outlot. An urban storefront is generally a ground-level, street-facing commercial space in a densely populated area. A Gas/C-Store location is generally a Drive-Thru Only Location, convenience store, gas filling station, or travel plaza.
- These financial performance representations do not reflect the costs of sales, operating expenses, or other costs or expenses that must be deducted from the AUV figures to obtain your net income or profit.
- Some outlets have sold this amount. Your individual results may differ. There is no assurance that you’ll sell as much.
Section VI – Sonic Drive-In Franchise Ratios, Comparables, Computations, and Analyses (Exclusive Content for Platinum Subscribers) ⬇️
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