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The Database/SANDWICH

Subway

EST. 1965 · Milford, Connecticut

+ CompareFDD notes
US UNITS19,223−4.3% YOY
GLOBAL UNITS37,000
AUV (US)$440K
INVESTMENT RANGE$265K–$583K
FRANCHISED %100%

01The Read

Sandwich chain offering customizable subs and salads

FIG 1 — US UNIT COUNT, 2019–2025
23,780
2019
22,948
2020
22,212
2021
20,812
2022
20,663
2023
20,080
2024
19,223
2025

SOURCE: QSR PRO ESTIMATES

02Our Coverage

6 STORIES
Beyond Meat Faces Delisting as QSR Partners Quietly Exit Plant-Based MenusMAR 25, 2026Counter Service Is Steve Ells' Second Act. This Time, the Tech Is the Point.MAR 25, 2026GLP-1 Weight Loss Drugs Are Quietly Rewriting QSR Menus in 2026MAR 24, 2026OneRyan Global Acquires Mr. Gatti's Pizza: A Dallas Family Office Bets on the Pizza Buffet's Second ActMAR 24, 2026Chipotle Opens Its First Restaurant in Mexico: A Calculated Gamble on the Country That Inspired ItMAR 24, 2026The 2026 Chicken Sandwich Wars: Why Every Major QSR Chain Is Doubling Down on PoultryMAR 24, 2026
FDD Fact Sheet · 2025
FRANCHISE FEE
$15K
ROYALTY
6%
AD FUND
—
TERM
10 YRS
LIQUIDITY
—
NET WORTH
—
Full cost breakdown →

Segment Peers

Arby'sJimmy John'sJersey Mike's SubsMcAlister's DeliFirehouse Subs

QSR Pro Take

Rock-bottom entry cost and maximum footprint flexibility, but per-unit volumes remain the lowest among major chains and the system is still net-closing US locations.

QSR Pro Advisory

Evaluating a Subway franchise?

Our advisory desk models unit economics, territory, and FDD terms before you sign anything.

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