How much does a Carvel franchise cost?
Opening a Carvel franchise takes a total initial investment of $428,405 to $1,051,200, according to the brand's 2026 Franchise Disclosure Document. The FDD's Item 19 reports median net sales of $469,711 across 104 outlets.
Carvel franchises Full Shoppes, Express Shoppes, Hosted Express Shoppes, Ice Cream Trucks, and Cinnabon Co-Branded Shoppes. Category: Food & Beverage.
Item 7
What it costs to open a Carvel franchise
The franchisor's own estimated initial investment, as disclosed in its 2026 FDD. The total is $428,405 to $1,051,200. Each line below carries the FDD page it was read from.
Where the money goes
The largest costs are Construction and Build Out Costs ($136,400 to $450,500), Equipment Package ($134,000 to $225,000), and Additional Funds - 3 Months ($32,500 to $50,000). Together they make up about 69% of the high-end estimate.
The initial franchise fee is $35,500, about 8.3% of the low-end total.
Our arithmetic from the Item 7 table below.
| Expenditure | Low | High | Source |
|---|---|---|---|
| Initial Franchise Fee2026 FDD, Item 7, p. 35 | $35,500 | $35,500 | 2026 FDD, Item 7, p. 35 |
| Construction and Build Out Costs2026 FDD, Item 7, p. 35 | $136,400 | $450,500 | 2026 FDD, Item 7, p. 35 |
| Permitting2026 FDD, Item 7, p. 35 | $550 | $8,000 | 2026 FDD, Item 7, p. 35 |
| Equipment Package2026 FDD, Item 7, p. 35 | $134,000 | $225,000 | 2026 FDD, Item 7, p. 35 |
| Millwork2026 FDD, Item 7, p. 35 | $20,000 | $40,000 | 2026 FDD, Item 7, p. 35 |
| Furniture2026 FDD, Item 7, p. 35 | $3,800 | $4,300 | 2026 FDD, Item 7, p. 35 |
| Menu Board, Graphics and Interior Signage2026 FDD, Item 7, p. 35 | $6,100 | $21,600 | 2026 FDD, Item 7, p. 35 |
| Exterior Signage2026 FDD, Item 7, p. 35 | $5,400 | $40,800 | 2026 FDD, Item 7, p. 35 |
| Computer System2026 FDD, Item 7, p. 35 | $10,500 | $32,000 | 2026 FDD, Item 7, p. 35 |
| Smallwares2026 FDD, Item 7, p. 35 | $7,800 | $18,000 | 2026 FDD, Item 7, p. 35 |
| TV/ | $1,100 | $4,300 | 2026 FDD, Item 7, p. 35 |
| Architect/ | $12,730 | $33,100 | 2026 FDD, Item 7, p. 35 |
| Rent2026 FDD, Item 7, p. 35 | $2,000 | $10,000 | 2026 FDD, Item 7, p. 35 |
| Grand Opening Marketing2026 FDD, Item 7, p. 35 | $3,000 | $7,500 | 2026 FDD, Item 7, p. 35 |
| Legal and Accounting Fees2026 FDD, Item 7, p. 35 | $5,000 | $10,000 | 2026 FDD, Item 7, p. 35 |
| Insurance2026 FDD, Item 7, p. 35 | $1,125 | $6,300 | 2026 FDD, Item 7, p. 35 |
| Misc. Opening Costs/ | $1,800 | $6,800 | 2026 FDD, Item 7, p. 35 |
| Security Deposits2026 FDD, Item 7, p. 35 | $0 | $15,000 | 2026 FDD, Item 7, p. 35 |
| Management Training Program Fee2026 FDD, Item 7, p. 36 | $0 | $3,000 | 2026 FDD, Item 7, p. 36 |
| Travel and Living Expenses during Training2026 FDD, Item 7, p. 36 | $4,100 | $6,300 | 2026 FDD, Item 7, p. 36 |
| On-Site Training Fee2026 FDD, Item 7, p. 36 | $0 | $6,500 | 2026 FDD, Item 7, p. 36 |
| Opening Inventory2026 FDD, Item 7, p. 36 | $5,000 | $16,700 | 2026 FDD, Item 7, p. 36 |
| Additional Funds - 3 Months2026 FDD, Item 7, p. 36 | $32,500 | $50,000 | 2026 FDD, Item 7, p. 36 |
| Total estimated initial investment2026 FDD, Item 7, p. 35-36 | $428,405 | $1,051,200 | 2026 FDD, Item 7, p. 35-36 |
Source Carvel, 2026 FDD, Item 7, p. 35-36, via Public FDD bucket (storage.googleapis.com/franchiseindx_fdds) (source record). Figures read and verified 2026-09-14.
Item 19
What Carvel franchisees actually report earning
Median Net Sales
$469,711
Carvel's 2026 FDD, Item 19, for the Fiscal Year 2025 (the fiscal year ended December 28, 2025). Basis: Eligible Streetside Franchises.
Sample size: 104 outlets. The FDD also reports average net sales of $496,287. We lead with the median because an average is pulled upward by the strongest outlets; the median is the middle outlet.
What the franchisor excluded from this figure
- Shoppes in Other Locations.
- Co-Branded Shoppes.
- Express Shoppes.
- Single-Branded Streetside Franchises that do not use our designated POS System.
- Single-Branded Streetside Franchises that did not report sales in all 52 weeks of Fiscal Year 2025.
This is a disclosure of what some existing outlets reported, not a projection of what a new Carvel outlet would earn. Your results will differ.
Source Carvel, 2026 FDD, Item 19, p. 84, via Public FDD bucket (storage.googleapis.com/franchiseindx_fdds) (source record). Figures read and verified 2026-09-14.
Item 20
How many Carvel outlets there are, and how many closed
Carvel ended 2025 with 359 franchised outlets and 1 company-owned outlet. In that year 35 franchised outlets opened and 12 left the system.
Three years at a glance
From 2023 through 2025, Carvel opened 62 franchised outlets and 31 outlets left the system. That is a net gain of 31, from 328 to 359 franchised outlets. Of the outlets that left, 26 were terminated and 5 were not renewed.
On average, about 3.1% of franchised outlets left the system each year, roughly 1 in 32.
Our arithmetic from the FDD's Item 20 table below. "Left the system" counts every outlet the franchisor reports as terminated, not renewed, bought back, or closed for other reasons.
| Year | Start | Opened | Terminated | Non-renewed | Reacquired | Ceased, other | End | Source |
|---|---|---|---|---|---|---|---|---|
| 2025 | 336 | 35 | 8 | 4 | 0 | 0 | 359 | 2026 FDD, Item 20, p. 88 |
| 2024 | 326 | 15 | 4 | 1 | 0 | 0 | 336 | 2026 FDD, Item 20, p. 88 |
| 2023 | 328 | 12 | 14 | 0 | 0 | 0 | 326 | 2026 FDD, Item 20, p. 88 |
Source Carvel, 2026 FDD, Item 20, p. 88, via Public FDD bucket (storage.googleapis.com/franchiseindx_fdds) (source record). Figures read and verified 2026-09-14.
Compare
How Carvel compares with other Food & Beverage franchises
Measured against the 256 Food & Beverage franchises on this site, using each brand's own FDD.
- Cost to open. The middle of Carvel's estimated range is $739,803. It costs more to open than 63% of Food & Beverage franchises here.
- Outlets leaving each year. 3.1% for Carvel. That is lower than 71% of the 165 Food & Beverage franchises with at least 10 outlets.
- Three-year growth. Carvel's franchised system grew 9.5%. The typical Food & Beverage franchise here grew 4.4%.
- Earnings disclosure. 152 of the 256 Food & Beverage franchises here publish earnings figures in Item 19. Carvel is one of them.
Our arithmetic from each brand's Item 7 and Item 20. Growth and departure comparisons leave out brands with fewer than 10 outlets, where one opening or closure distorts the figures. See every Food & Beverage franchise side by side.
Alert me when Carvel files a new FDD
Franchisors reissue their FDD at least once a year, and the Item 7 and Item 19 figures move. Leave an email and we will send you Carvel's updated numbers when the next document is published, plus the brand-comparison worksheet.
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