How much does a Five Guys franchise cost?
Opening a Five Guys franchise takes a total initial investment of $256,200 to $591,250, according to the brand's 2023 Franchise Disclosure Document. That FDD makes no Item 19 financial performance representation, so it discloses no earnings figures at all.
Five Guys franchises FIVE GUYS Restaurants. Category: Food & Beverage.
Item 7
What it costs to open a Five Guys franchise
The franchisor's own estimated initial investment, as disclosed in its 2023 FDD. The total is $256,200 to $591,250. Each line below carries the FDD page it was read from.
Where the money goes
The largest costs are Leasehold Improvements ($100,000 to $300,000), Equipment ($55,000 to $105,000), and Additional Funds for first 3 months ($20,000 to $25,000). Together they make up about 73% of the high-end estimate.
The initial franchise fee is $25,000, about 9.8% of the low-end total.
Our arithmetic from the Item 7 table below.
| Expenditure | Low | High | Source |
|---|---|---|---|
| Initial Franchise Fee2023 FDD, Item 7, p. 12 | $25,000 | $25,000 | 2023 FDD, Item 7, p. 12 |
| Leasehold Improvements2023 FDD, Item 7, p. 12 | $100,000 | $300,000 | 2023 FDD, Item 7, p. 12 |
| Lease Payments and other rental expenses2023 FDD, Item 7, p. 12 | $7,500 | $20,000 | 2023 FDD, Item 7, p. 12 |
| Equipment2023 FDD, Item 7, p. 12 | $55,000 | $105,000 | 2023 FDD, Item 7, p. 12 |
| Signage2023 FDD, Item 7, p. 12 | $6,500 | $20,000 | 2023 FDD, Item 7, p. 12 |
| Initial Inventory2023 FDD, Item 7, p. 12 | $10,000 | $15,000 | 2023 FDD, Item 7, p. 12 |
| Architectural/ | $7,000 | $25,000 | 2023 FDD, Item 7, p. 12 |
| Electronic Cash Register System with Modem2023 FDD, Item 7, p. 12 | $15,000 | $25,000 | 2023 FDD, Item 7, p. 12 |
| Facsimile Machine2023 FDD, Item 7, p. 12 | $350 | $500 | 2023 FDD, Item 7, p. 12 |
| Travel, lodging and meals for initial training2023 FDD, Item 7, p. 12 | $100 | $5,000 | 2023 FDD, Item 7, p. 12 |
| Business Supplies (stationery, business cards, menus, gift cards, paper and other materials)2023 FDD, Item 7, p. 12 | $4,000 | $8,500 | 2023 FDD, Item 7, p. 12 |
| Business licenses, permits, utility deposits, etc. (for first year)2023 FDD, Item 7, p. 12 | $5,000 | $15,000 | 2023 FDD, Item 7, p. 12 |
| Delivery and catering expenses2023 FDD, Item 7, p. 12 | $0 | $1,000 | 2023 FDD, Item 7, p. 12 |
| Insurance deposits and premiums2023 FDD, Item 7, p. 12 | $750 | $1,250 | 2023 FDD, Item 7, p. 12 |
| Additional Funds for first 3 months2023 FDD, Item 7, p. 12 | $20,000 | $25,000 | 2023 FDD, Item 7, p. 12 |
| Total estimated initial investment2023 FDD, Item 7, p. 12 | $256,200 | $591,250 | 2023 FDD, Item 7, p. 12 |
Source Five Guys, 2023 FDD, Item 7, p. 12, via Public FDD bucket (storage.googleapis.com/franchiseindx_fdds) (source record). Figures read and verified 2026-09-14.
Item 19
What Five Guys franchisees actually report earning
This brand's FDD publishes no Item 19.
We do not make any representations about a franchisee’s future financial performance or the past financial performance of company-owned or franchised outlets. We also do not authorize our employees or representatives to make any such representations either orally or in writing. If you are purchasing an existing outlet, however, we may provide you with the actual records of that outlet. If you receive any other financial performance information or projections of your future income, you should report it to the franchisor’s management by contacting us at 10718 Richmond Highway, Lorton, Virginia 22079, Attn: Adam Aberra, Legal Department, (703) 339-9500, franchise@fiveguys.com, the Federal Trade Commission, and the appropriate state regulatory agencies.
Source Five Guys, 2023 FDD, Item 19, p. 46, via Public FDD bucket (storage.googleapis.com/franchiseindx_fdds) (source record). Figures read and verified 2026-09-14.
Item 20
How many Five Guys outlets there are, and how many closed
Five Guys ended 2022 with 899 franchised outlets and 578 company-owned outlets. In that year 38 franchised outlets opened and 118 left the system.
Three years at a glance
From 2020 through 2022, Five Guys opened 163 franchised outlets and 205 outlets left the system. That is a net loss of 42, from 941 to 899 franchised outlets. Of the outlets that left, 152 were bought back by the franchisor and 53 closed for other reasons.
On average, about 7.0% of franchised outlets left the system each year, roughly 1 in 14.
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 |
|---|---|---|---|---|---|---|---|---|
| 2022 | 979 | 38 | 0 | 0 | 106 | 12 | 899 | 2023 FDD, Item 20, p. 52 |
| 2021 | 1,008 | 30 | 0 | 0 | 45 | 14 | 979 | 2023 FDD, Item 20, p. 52 |
| 2020 | 941 | 95 | 0 | 0 | 1 | 27 | 1,008 | 2023 FDD, Item 20, p. 52 |
Source Five Guys, 2023 FDD, Item 20, p. 52, via Public FDD bucket (storage.googleapis.com/franchiseindx_fdds) (source record). Figures read and verified 2026-09-14.
Compare
How Five Guys 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 Five Guys' estimated range is $423,725. It costs less to open than 69% of Food & Beverage franchises here.
- Outlets leaving each year. 7.0% for Five Guys. That is higher than 60% of the 165 Food & Beverage franchises with at least 10 outlets.
- Three-year growth. Five Guys' franchised system shrank 4.5%. The typical Food & Beverage franchise here grew 5.0%.
- Earnings disclosure. 152 of the 256 Food & Beverage franchises here publish earnings figures in Item 19. Five Guys is not 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 Five Guys 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 Five Guys' updated numbers when the next document is published, plus the brand-comparison worksheet.
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