Fenton, Missouri · Founded 1993 · Franchising since 1993
The Panera Bread franchise charges a 5.0% royalty fee in the Fast Casual category. This report analyzes the full Franchise Disclosure Document including unit economics, fee structure, growth trends, and risk indicators to help you evaluate the cost of investing in Panera Bread.
Critical issues identified from FDD analysis that warrant serious consideration before investing.
Composite quality score based on growth, stability, efficiency, fees, transparency, and system size.
Financial performance data as disclosed in FDD Item 19.
| Metric | Value | Unit | Cohort | Period |
|---|---|---|---|---|
| Number of company-owned Bakery-Cafes used for calculating Average Net Profit and EBITDA | 1050.0 | COUNT | -- | Fiscal Year Ending December 31, 2024 |
| Number of delivery and carryout locations included | 17.0 | COUNT | -- | Fiscal Year Ending December 31, 2024 |
| Number of delivery only locations excluded | 3.0 | COUNT | -- | Fiscal Year Ending December 31, 2024 |
| Median Gross Revenue | $2,933,366 | USD | -- | Fiscal Year Ending December 31, 2024 |
| High Gross Revenue | $5,970,609 | USD | -- | Fiscal Year Ending December 31, 2024 |
| Low Gross Revenue | $559,448 | USD | -- | Fiscal Year Ending December 31, 2024 |
| Metric | Value | Unit | Cohort | Period |
|---|---|---|---|---|
| Number of company-owned Bakery-Cafes used for calculating Average Net Sales | 1050.0 | COUNT | -- | Fiscal Year Ending December 31, 2024 |
| Number of Franchisee-owned Bakery-Cafes used for calculating Average Net Sales | 1084.0 | COUNT | -- | Fiscal Year Ending December 31, 2024 |
| Median Net Sales for company-owned Bakery-Cafes | $0 | USD | -- | Fiscal Year Ending December 31, 2024 |
| Company-owned Bakery-Cafes attaining or surpassing average Net Sales | 490.0 | COUNT | -- | Fiscal Year Ending December 31, 2024 |
| Company-owned Bakery-Cafes attaining or surpassing average Net Sales | 46.7% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| Median Net Sales for Franchisee-owned Bakery-Cafes | $0 | USD | -- | Fiscal Year Ending December 31, 2024 |
| Franchisee-owned Bakery-Cafes attaining or surpassing average Net Sales | 497.0 | COUNT | -- | Fiscal Year Ending December 31, 2024 |
| Franchisee-owned Bakery-Cafes attaining or surpassing average Net Sales | 45.8% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| Metric | Value | Unit | Cohort | Period |
|---|---|---|---|---|
| Gross Revenues | $2,997,048 | USD | -- | Fiscal Year Ending December 31, 2024 |
| Gross Revenues | 100.0% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| No. Attaining or Surpassing the Respective Average Amount (Gross Revenues) | 490.0 | COUNT | -- | Fiscal Year Ending December 31, 2024 |
| % Attaining or Surpassing the Respective Average Amount (Gross Revenues) | 46.7% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| Discounts | $171,663 | USD | -- | Fiscal Year Ending December 31, 2024 |
| Discounts | 5.7% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| No. Attaining or Surpassing the Respective Average Amount (Discounts) | 502.0 | COUNT | -- | Fiscal Year Ending December 31, 2024 |
| % Attaining or Surpassing the Respective Average Amount (Discounts) | 47.8% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| Net Sales | $2,825,385 | USD | -- | Fiscal Year Ending December 31, 2024 |
| Net Sales | 94.3% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| No. Attaining or Surpassing the Respective Average Amount (Net Sales) | 490.0 | COUNT | -- | Fiscal Year Ending December 31, 2024 |
| % Attaining or Surpassing the Respective Average Amount (Net Sales) | 46.7% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| Cost of Sales | $885,583 | USD | -- | Fiscal Year Ending December 31, 2024 |
| Cost of Sales | 29.5% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| No. Attaining or Surpassing the Respective Average Amount (Cost of Sales) | 498.0 | COUNT | -- | Fiscal Year Ending December 31, 2024 |
| % Attaining or Surpassing the Respective Average Amount (Cost of Sales) | 47.4% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| Gross Profit | $1,939,802 | USD | -- | Fiscal Year Ending December 31, 2024 |
| Gross Profit | 64.7% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| No. Attaining or Surpassing the Respective Average Amount (Gross Profit) | 485.0 | COUNT | -- | Fiscal Year Ending December 31, 2024 |
| % Attaining or Surpassing the Respective Average Amount (Gross Profit) | 46.2% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| Labor | $880,006 | USD | -- | Fiscal Year Ending December 31, 2024 |
| Labor | 29.4% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| No. Attaining or Surpassing the Respective Average Amount (Labor) | 461.0 | COUNT | -- | Fiscal Year Ending December 31, 2024 |
| % Attaining or Surpassing the Respective Average Amount (Labor) | 43.9% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| Operating Expenses | $247,034 | USD | -- | Fiscal Year Ending December 31, 2024 |
| Operating Expenses | 8.2% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| No. Attaining or Surpassing the Respective Average Amount (Operating Expenses) | 485.0 | COUNT | -- | Fiscal Year Ending December 31, 2024 |
| % Attaining or Surpassing the Respective Average Amount (Operating Expenses) | 46.2% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| Advertising Expenses | $79,970 | USD | -- | Fiscal Year Ending December 31, 2024 |
| Advertising Expenses | 2.7% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| No. Attaining or Surpassing the Respective Average Amount (Advertising Expenses) | 494.0 | COUNT | -- | Fiscal Year Ending December 31, 2024 |
| % Attaining or Surpassing the Respective Average Amount (Advertising Expenses) | 47.0% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| Fixed Expenses | $134,361 | USD | -- | Fiscal Year Ending December 31, 2024 |
| Fixed Expenses | 4.5% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| No. Attaining or Surpassing the Respective Average Amount (Fixed Expenses) | 443.0 | COUNT | -- | Fiscal Year Ending December 31, 2024 |
| % Attaining or Surpassing the Respective Average Amount (Fixed Expenses) | 42.2% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| Occupancy Expenses | $216,728 | USD | -- | Fiscal Year Ending December 31, 2024 |
| Occupancy Expenses | 7.2% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| No. Attaining or Surpassing the Respective Average Amount (Occupancy Expenses) | 472.0 | COUNT | -- | Fiscal Year Ending December 31, 2024 |
| % Attaining or Surpassing the Respective Average Amount (Occupancy Expenses) | 45.0% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| Net Profit | $381,703 | USD | -- | Fiscal Year Ending December 31, 2024 |
| Net Profit | 12.7% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| No. Attaining or Surpassing the Respective Average Amount (Net Profit) | 512.0 | COUNT | -- | Fiscal Year Ending December 31, 2024 |
| % Attaining or Surpassing the Respective Average Amount (Net Profit) | 48.8% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| Depreciation & Amortization | $110,453 | USD | -- | Fiscal Year Ending December 31, 2024 |
| Depreciation & Amortization | 3.7% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| No. Attaining or Surpassing the Respective Average Amount (Depreciation & Amortization) | 444.0 | COUNT | -- | Fiscal Year Ending December 31, 2024 |
| % Attaining or Surpassing the Respective Average Amount (Depreciation & Amortization) | 42.3% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| EBITDA | $492,156 | USD | -- | Fiscal Year Ending December 31, 2024 |
| EBITDA | 16.4% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| No. Attaining or Surpassing the Respective Average Amount (EBITDA) | 501.0 | COUNT | -- | Fiscal Year Ending December 31, 2024 |
| % Attaining or Surpassing the Respective Average Amount (EBITDA) | 47.7% | PCT | -- | Fiscal Year Ending December 31, 2024 |
| Metric | Value | Unit | Cohort | Period |
|---|---|---|---|---|
| Company-owned Bakery-Cafes | $2,825,385 | USD | -- | 52-week Fiscal Year Ending December 31, 2024 |
| Franchisee-owned Bakery-Cafes | $2,595,936 | USD | -- | 52-week Fiscal Year Ending December 31, 2024 |
| Company-owned and Franchisee-owned Bakery-Cafes | $2,708,833 | USD | -- | 52-week Fiscal Year Ending December 31, 2024 |
Based on financial performance data disclosed in Item 19 of the FDD.
| Line Item | Amount | % of Revenue |
|---|---|---|
| Gross Revenue | $2,913,383 | 100% |
| COGS | $-859,448 | 29.5% |
| Labor | $-856,535 | 29.4% |
| Occupancy | $-209,764 | 7.2% |
| Marketing | $-78,661 | 2.7% |
| Other Costs | $-431,181 | 14.8% |
| Owner's Profit | $477,795 | 16.4% |
Automated risk indicators based on FDD data analysis.
Franchise unit trajectory based on FDD Item 20 data.
| Year | Start | Opened | Closed | Transferred | End | Closure Rate | Net Growth |
|---|---|---|---|---|---|---|---|
| 2022 | 1117 | -- | -- | -- | 1089 | -- | -- |
| 2023 | 1089 | -- | -- | -- | 1113 | -- | -- |
| 2024 | 1113 | -- | -- | -- | 1105 | -- | -- |
| 2025 | -- | +20 | -- | -- | -- | -- | -- |
How Panera Bread compares to peer brands in the Fast Casual category.
Ratio = Investment midpoint ÷ median annual revenue. Lower is better. A 0.5x ratio means the initial investment equals half of one year's gross revenue. Does not account for operating costs, margins, or time value of money.
| Brand | Total Units | Investment Range | Median Revenue | Royalty | Inv/Rev Ratio |
|---|---|---|---|---|---|
| Tropical Smoothie Cafe | 1400 | $341K – $814K | $1.74M | 6.0% | 0.3x |
| Five Guys | 945 | $978K – $1.38M | No Item 19 | 6.0% | -- |
| Jamba | 726 | $263K – $615K | $1.18M | 6.0% | 0.4x |
| Moe's Southwest Grill | 596 | $566K – $1.59M | $1.82M | 5.0% | 0.6x |
| Captain D's | -- | $206K – $1.26M | $1.56M | 4.5% | 0.5x |
| Schlotzsky's | -- | $648K – $1.95M | $1.70M | 6.0% | 0.8x |
| Fazoli's | -- | $1.64M – $2.64M | $1.36M | 5.0% | 1.6x |
| MOD Pizza | -- | $1.00M – $1.30M | $8K | 5.0% | 151.9x |
| Blaze Pizza | -- | $667K – $1.14M | $1.28M | 5.0% | 0.7x |
| Pieology | -- | $304K – $808K | No Item 19 | 5.0% | -- |
Other franchise brands with similar characteristics you may want to consider.
See how Panera Bread stacks up against similar franchise brands side by side.
Leave your details and we'll notify you when we add new data for Panera Bread — including updated FDD extractions, revenue comparisons, and market analysis.
You're on the list.
We'll be in touch when new data is available.