Panda Express Franchise Review 2026: Costs, Fees, News, Average Revenues and/or Profits

Ambrosio’s Take

Panda Express is one of the few major restaurant brands that remains overwhelmingly company-operated, with 2,423 company-owned outlets against 184 franchised ones, and its Item 19 focuses on licensed restaurants in captive venues such as airports, military facilities, universities, and travel plazas. Average gross sales across the 167 reporting restaurants rose 8.3% to $1,715,919 in 2025, following a 12.1% increase the year before, though the venue type shapes results more than anything else here, with airport units averaging $4,157,008 and hospital units $624,396. The 0.9:1 sales-to-investment ratio reflects an initial investment range stretching from $514,500 to $3,275,500, so the more useful math is the one built around the specific venue under consideration. With an 8% royalty above the restaurant franchise average of around 5% to 6% and no required marketing fund contribution, the fee structure is worth weighing alongside that venue’s sales potential.

Ambrosio’s Take appears on all Franchise Chatter FDD Talk posts based on the 2026 FDD.

In this exclusive Franchise Chatter FDD Talk post, you’ll learn the following:

Section I – Estimated initial investment (franchise costs) for a Panda Express franchise, based on Item 7 of the company’s 2026 FDD

Section II – Initial franchise fee, royalty fee, and marketing fee for a Panda Express franchise, based on Items 5 and 6 of the company’s 2026 FDD

Section III – Number of franchised and company-owned Panda Express 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 Panda Express franchise opportunity

Section V – Presentation and analysis of Panda Express’s financial performance representations (average revenues and/or profits), based on Item 19 of the company’s 2026 FDD, including information on the:

• 2025 total, average, median, maximum, and minimum gross sales; and average and median age of units in years for licensed Panda Express restaurants located in airports, hospitals, military facilities, universities, casinos, and travel plazas, separately stated, that were open for a minimum of 52 weeks (although some were subject to seasonal closures specific to the venue, such as for universities)

Section VI – Key ratios, comparables, computations, and analyses for the Panda Express franchise opportunity (exclusive content for Platinum subscribers)

Section I – Panda Express Franchise Costs

• Panda Express franchise costs, based on Item 7 of the company’s 2026 FDD:

• Initial License Fee:  $25,000
• Lease of Premises (Initial 3 Months’ Rent):  $10,000 to $425,000
• Leasehold Improvements:  $100,000 to $1,500,000
• Furniture, Fixtures, Equipment, and Supplies:  $120,000 to $650,000
• Initial Inventory:  $11,000 to $18,000
• Computer Hardware and Software:  $16,500 to $27,000
• Non-resettable Cash Register(s):  $6,000 to $8,000
• Insurance (Annual Premium):  $94,500 to $157,500
• Expenses Incurred During Initial Training:  $13,000 to $29,000
• Architectural and Design Fees:  $35,000 to $120,000
• Construction Supervision:  $20,000 to $150,000
• Sales Tax Deposits:  $4,500 to $10,000
• Telephone, Fax, and Other Communication Related Fees:  $500 to $1,000
• Licenses and Permits:  $1,500 to $60,000
• Payroll and Related Taxes:  $39,000 to $65,000
• Additional Funds (3 Months):  $18,000 to $30,000
• Total Estimated Panda Express Franchise Costs:  $514,500 to $3,275,500

Section II – Panda Express’s Initial Franchise Fee, Royalty Fee, and Marketing Fee

• Panda Express’s initial franchise fee, royalty fee, and marketing fee, based on Items 5 and 6 of the company’s 2026 FDD:

• Initial License Fee:  $25,000

• Royalty:  each Royalty Period you pay Panda Express 8% of gross sales or as otherwise established, unless it is less than the minimum Royalty amount, which is currently $4,000 per month. If the percentage Royalty amount is less, then you must pay the minimum Royalty amount for that Restaurant for that Royalty Period, unless otherwise negotiated between you and Panda Express.

• Quarterly Promotional and Marketing Campaign Materials:  $300 to $1,000 per year

Section III – Number of Franchised and Company-Owned Panda Express Outlets

Franchised

2023

• Outlets at the Start of the Year:  157
• Outlets at the End of the Year:  165
• Net Change:  +8

2024

• Outlets at the Start of the Year:  165
• Outlets at the End of the Year:  173
• Net Change:  +8

2025

• Outlets at the Start of the Year:  173
• Outlets at the End of the Year:  184
• Net Change:  +11

Company-Owned

2023

• Outlets at the Start of the Year:  2,195
• Outlets at the End of the Year:  2,248
• Net Change:  +54

2024

• Outlets at the Start of the Year:  2,248
• Outlets at the End of the Year:  2,329
• Net Change:  +81

2025

• Outlets at the Start of the Year:  2,329
• Outlets at the End of the Year:  2,423
• Net Change:  +94

Section IV – News Updates on the Panda Express Franchise

• Panda Express Continues to Ramp Up Growth

• Panda Express, Off Another Solid Growth Year, Appears Ready for More

• Panda Express Plans to Open More Than 130 Locations in 2025

• Panda Express Taps Tech, Distribution Network to Keep Menu Fresh

• Backed by Social Media Demand, Panda Express Returns Hot Orange Chicken

• Panda Express Did Not Rank on Entrepreneur’s 2026 Franchise 500 List

Section V – Financial Performance Representations (Average Revenues and/or Profits) for the Panda Express Franchise (Item 19, 2026 FDD)

Captive Venues – Licensed Panda Express Restaurants Only (Financial Performance Representations for the Full Fiscal Year 2025 Occurring December 29, 2024 to December 27, 2025)

• The chart below contains unaudited historical gross sales data for calendar year 2025 reported by Panda Express Restaurants operated by Licensees and located exclusively in airports, military facilities, hospitals, universities, casinos, and travel plazas (“captive venues”).

• The information relates only to 167 Panda Express Restaurants operating in captive venue locations for a minimum of 52 weeks (although some were subject to seasonal closures specific to the venue, such as for universities and theme parks).

• 59 of these Panda Express Restaurants are licensed as joint ventures in which an Affiliate of the franchisor is a minority owner.

• Excluded from this chart is data for 11 licensed Panda Express Restaurants that were open less than a year in 2025 and which had been operating more than a year before closing.

• The franchisor also excluded data for 2 Panda Express Restaurants located in a theme park and a corporate campus, respectively, due to privacy considerations because they are the only licensed Panda Express Restaurants in these kinds of venues and their data could not be cumulated with other similarly situated Licensees.

• “Gross Sales” is defined as all charges and/or revenues that are received or earned by you (and/or any Affiliate of yours):

• a. by, at, or in connection with any Panda Express Restaurant operated by you including beverage sales, whether they are (i) part of a Panda Express combination plate offering, or (ii) being purchased through a Panda Express register and sold under Panda Express Marks or Trade Dress;
• b. from sales of Panda Express Products in contravention of the Franchise Agreement at locations outside a Restaurant;
• c. from proceeds of any business interruption insurance, less the deductible amount;
• d. from mail, fax, and telephone orders and/or any orders received through other electronic or other means and filled on or from a Restaurant;
• e. from all deposits not refunded to purchasers;
• f. from orders sold under Panda Express Marks or Trade Dress though filled outside a Restaurant;
• g. in connection with any Similar Business operated in violation of the Franchise Agreement.

• All sales and/or billings, whether collected or not, will be included in Gross Sales, with no deduction for credit card or other charges.

• Gross Sales does not include sales tax collected and paid when due to the appropriate taxing authority and actual customer refunds, adjustments, credits, and employee discounts actually given.

• Panda Express Restaurants located in geographical areas with multiple operating Panda Express Restaurants and stronger brand recognition tend to outperform Panda Express Restaurants located in less developed areas.

• Panda Express Restaurants for which results are reported here have limited geographic diversity, with captive venue Panda Express Restaurants being located in 38 states. Climate, local demographics, cultural, and other differences in geographical areas can significantly affect results.

• A new Licensee’s results may be materially different from those described here due to factors such as operating experience.

• The financial performance figures shown do not reflect costs of sales, operating expenses, or other costs or expenses that must be deducted from the gross revenue or gross sales figures to obtain your net income or profit.

• The franchisor used information reported to it by its Licensees to prepare this document. The franchisor assumes the information as supplied by its Licensees and their respective operations and Panda Express Restaurant managers to be accurate. The information has not been audited. The information presented is not presented in accordance with generally accepted accounting principles.

Airport

• Total Gross Sales:  $95,611,179
• Average Gross Sales:  $4,157,008
• Minimum Gross Sales:  $1,799,101
• Median Gross Sales:  $4,064,585
• Maximum Gross Sales:  $10,748,193
• Number of Units Exceeding Average Gross Sales:  9
• Percent of Units Exceeding Average Gross Sales:  39%
• Average Age of Units in Years:  6.64
• Number of Units Exceeding Average Age in Years:  10
• Percent of Units Exceeding Average Age in Years:  43%
• Median Age of Units in Years:  6.19
• Total Number of Units:  23

Hospital

• Total Gross Sales:  $1,873,189
• Average Gross Sales:  $624,396
• Minimum Gross Sales:  $503,688
• Median Gross Sales:  $539,339
• Maximum Gross Sales:  $830,162
• Number of Units Exceeding Average Gross Sales:  1
• Percent of Units Exceeding Average Gross Sales:  33%
• Average Age of Units in Years:  9.87
• Number of Units Exceeding Average Age in Years:  2
• Percent of Units Exceeding Average Age in Years:  67%
• Median Age of Units in Years:  10.86
• Total Number of Units:  3

Military

• Total Gross Sales:  $90,823,106
• Average Gross Sales:  $1,651,329
• Minimum Gross Sales:  $343,737
• Median Gross Sales:  $1,550,464
• Maximum Gross Sales:  $2,967,967
• Number of Units Exceeding Average Gross Sales:  26
• Percent of Units Exceeding Average Gross Sales:  47%
• Average Age of Units in Years:  7.78
• Number of Units Exceeding Average Age in Years:  26
• Percent of Units Exceeding Average Age in Years:  47%
• Median Age of Units in Years:  7.47
• Total Number of Units:  55

University

• Total Gross Sales:  $70,474,165
• Average Gross Sales:  $952,354
• Minimum Gross Sales:  $216,661
• Median Gross Sales:  $877,833
• Maximum Gross Sales:  $2,921,293
• Number of Units Exceeding Average Gross Sales:  33
• Percent of Units Exceeding Average Gross Sales:  45%
• Average Age of Units in Years:  7.47
• Number of Units Exceeding Average Age in Years:  32
• Percent of Units Exceeding Average Age in Years:  43%
• Median Age of Units in Years:  7.34
• Total Number of Units:  74

Casino

• Total Gross Sales:  $7,999,329
• Average Gross Sales:  $1,999,832
• Minimum Gross Sales:  $1,218,729
• Median Gross Sales:  $1,881,242
• Maximum Gross Sales:  $3,018,116
• Number of Units Exceeding Average Gross Sales:  1
• Percent of Units Exceeding Average Gross Sales:  25%
• Average Age of Units in Years:  7.56
• Number of Units Exceeding Average Age in Years:  1
• Percent of Units Exceeding Average Age in Years:  25%
• Median Age of Units in Years:  6.83
• Total Number of Units:  4

Travel Plaza

• Total Gross Sales:  $19,777,443
• Average Gross Sales:  $2,472,180
• Minimum Gross Sales:  $1,693,924
• Median Gross Sales:  $2,278,489
• Maximum Gross Sales:  $3,936,050
• Number of Units Exceeding Average Gross Sales:  4
• Percent of Units Exceeding Average Gross Sales:  50%
• Average Age of Units in Years:  2.66
• Number of Units Exceeding Average Age in Years:  4
• Percent of Units Exceeding Average Age in Years:  50%
• Median Age of Units in Years:  2.62
• Total Number of Units:  8

Total

• Total Gross Sales:  $286,558,411
• Average Gross Sales:  $1,715,919
• Minimum Gross Sales:  $216,661
• Median Gross Sales:  $1,328,594
• Maximum Gross Sales:  $10,748,193
• Number of Units Exceeding Average Gross Sales:  63
• Percent of Units Exceeding Average Gross Sales:  38%
• Average Age of Units in Years:  7.27
• Number of Units Exceeding Average Age in Years:  81
• Percent of Units Exceeding Average Age in Years:  49%
• Median Age of Units in Years:  7.19
• Total Number of Units:  167

Section VI – Panda Express Franchise Ratios, Comparables, Computations, and Analyses (Exclusive Content for Platinum Subscribers) ⬇️

The Best of Franchise Chatter

🥇The Most Profitable Franchises of 2026

🥈Franchises Ranked by Average Revenues

🥉Franchises Ranked by Average Profits

🏆Franchise Winners, Survivors & Losers

Subscribe Now or Log In

Franchise Chatter is reader-supported. We may receive a commission for leads generated from affiliate links and banners on our site.