Your guide to understanding FDDs in the QSR industry. Learn what to look for, where to find official filings, and explore chain profiles.
A Franchise Disclosure Document (FDD) is a legal document that franchisors are required by the Federal Trade Commission (FTC) to provide to prospective franchisees. It contains 23 items of information about the franchise system, the franchisor, and the obligations of both parties.
Initial investment estimate - the total cost range to open and operate a franchise through the initial phase.
Financial performance representations - sales, revenue, profit, or loss information. Not all franchisors disclose this.
Outlet and franchisee information - number of franchised and company-owned outlets, transfers, and closures.
Important: Before signing any franchise agreement, carefully review the FDD and consult with a franchise attorney and accountant. Learn about common FDD red flags that every buyer should know.
FDDs are filed with state regulators in franchise registration states. You can request official FDD documents from these sources:
These 14 states require franchisors to register and file FDDs with state regulators:
CA, HI, IL, IN, MD, MI, MN, ND, NY, RI, SD, VA, WA, WI
Complete breakdown of McDonald's franchise investment costs, fees, net worth requirements, expected revenue, and what it really takes to get approved in 2026.
Jersey Mike's is adding 200+ locations annually with investment ranging from $182K-$1.4M. Here's the complete breakdown of costs, AUV, and why this sub chain is crushing competitors.
Opening a Subway franchise in 2026 costs between $199,135 and $536,745. This complete breakdown covers every dollar required, from the $15,000 franchise fee through ongoing costs, with honest analysis of unit economics and profit expectations.
Opening a Dunkin franchise costs $437,500 to $1,787,700. This breakdown covers franchise fees, real estate, equipment, ongoing costs, financial requirements, and realistic revenue expectations.
Jack in the Box franchise investment ranges from $1.2M-$2.8M. Here's what the Del Taco merger means for franchisees, plus unit economics and 24-hour operations analysis.
Western QSR giants are betting billions on emerging markets where rising middle classes and urbanization create massive growth runways.
Browse chain profiles for coverage, analysis, and franchise information. For official FDD data including Item 7, 19, and 20, obtain the current FDD directly from the franchisor or through state registration databases above.