How much does a Panera Bread franchise cost?
Opening a Panera Bread franchise takes a total initial investment of $1,173,702 to $3,572,359, according to the brand's 2026 Franchise Disclosure Document. That FDD's Item 19 publishes no median; it reports figures for franchisee-owned bakery-cafes - average net sales: an average of $2,541,217.
Panera Bread franchises Panera Bread Bakery-Cafes. Category: Food & Beverage.
Item 7
What it costs to open a Panera Bread franchise
The franchisor's own estimated initial investment, as disclosed in its 2026 FDD. The total is $1,173,702 to $3,572,359. Each line below carries the FDD page it was read from.
Where the money goes
The largest costs are Leasehold Improvements ($559,052 to $1,963,361), Equipment ($277,000 to $348,079), and Consultant fees ($47,000 to $328,000). Together they make up about 74% of the high-end estimate.
The initial franchise fee is $50,000, about 4.3% of the low-end total.
Our arithmetic from the Item 7 table below.
| Expenditure | Low | High | Source |
|---|---|---|---|
| Franchise Fee2026 FDD, Item 7, p. 13 | $50,000 | $50,000 | 2026 FDD, Item 7, p. 13 |
| Leasehold Improvements2026 FDD, Item 7, p. 13 | $559,052 | $1,963,361 | 2026 FDD, Item 7, p. 13 |
| Equipment2026 FDD, Item 7, p. 13 | $277,000 | $348,079 | 2026 FDD, Item 7, p. 13 |
| Technology Systems2026 FDD, Item 7, p. 14 | $60,000 | $100,000 | 2026 FDD, Item 7, p. 14 |
| Fixtures2026 FDD, Item 7, p. 14 | $44,683 | $77,800 | 2026 FDD, Item 7, p. 14 |
| Furniture2026 FDD, Item 7, p. 14 | $17,471 | $67,929 | 2026 FDD, Item 7, p. 14 |
| Consultant fees2026 FDD, Item 7, p. 14 | $47,000 | $328,000 | 2026 FDD, Item 7, p. 14 |
| Supplies & Inventory2026 FDD, Item 7, p. 14 | $21,500 | $29,500 | 2026 FDD, Item 7, p. 14 |
| Smallwares2026 FDD, Item 7, p. 14 | $9,600 | $48,000 | 2026 FDD, Item 7, p. 14 |
| Signage2026 FDD, Item 7, p. 14 | $20,891 | $109,540 | 2026 FDD, Item 7, p. 14 |
| Development Services2026 FDD, Item 7, p. 14 | $0 | $150,000 | 2026 FDD, Item 7, p. 14 |
| Real Estate Selection and Construction Management Services2026 FDD, Item 7, p. 14 | $0 | $150,000 | 2026 FDD, Item 7, p. 14 |
| Additional Funds (3 months)2026 FDD, Item 7, p. 14 | $66,505 | $150,150 | 2026 FDD, Item 7, p. 14 |
| Total estimated initial investment2026 FDD, Item 7, p. 14 | $1,173,702 | $3,572,359 | 2026 FDD, Item 7, p. 14 |
Source Panera Bread, 2026 FDD, Item 7, p. 14, via Public FDD bucket (storage.googleapis.com/franchiseindx_fdds) (source record). Figures read and verified 2026-09-27. Read from a scanned copy of this FDD; figures and page citations were transcribed from the page images.
Item 19
What Panera Bread franchisees actually report earning
Panera Bread's 2026 FDD publishes no median in its Item 19. What it publishes instead is set out below, in the document's own terms. An average is not a median: it is pulled upward by the strongest outlets, and it does not tell you what the middle outlet made. We do not calculate a median the document does not state.
The Statement of Average Net Sales consists of the mean averages of the reported annual Net Sales of 1,087 company-owned Bakery-Cafes and 1,073 Franchisee-owned Bakery-Cafes open during the entire fiscal year ending December 30, 2025.
What the FDD does publish
| Measure | Average | Low | High | Outlets | Source |
|---|---|---|---|---|---|
| Franchisee-owned Bakery-Cafes - Average Net Sales | $2,541,217 | – | – | 1,073 | 2026 FDD, Item 19, p. 55 |
| Company-owned Bakery-Cafes - Average Net Sales | $2,680,192 | – | – | 1,087 | 2026 FDD, Item 19, p. 55 |
| Company-owned and Franchisee-owned Bakery-Cafes - Average Net Sales | $2,611,155 | – | – | 2,160 | 2026 FDD, Item 19, p. 55 |
| Gross Revenues - Average Amount | $2,817,493 | – | – | 1,087 | 2026 FDD, Item 19, p. 56 |
| Discounts - Average Amount | $137,301 | – | – | 1,087 | 2026 FDD, Item 19, p. 56 |
| Net Sales - Average Amount | $2,680,192 | – | – | 1,087 | 2026 FDD, Item 19, p. 56 |
| Cost of Sales - Average Amount | $751,223 | – | – | 1,087 | 2026 FDD, Item 19, p. 56 |
| Gross Profit - Average Amount | $1,928,969 | – | – | 1,087 | 2026 FDD, Item 19, p. 56 |
| EBITDA - Average Amount | $543,080 | – | – | 1,087 | 2026 FDD, Item 19, p. 56 |
A dash means the FDD does not print that figure. Panera Bread's Item 19 covers the 52-week fiscal year ending December 30, 2025. Basis: Company-owned and Franchisee-owned Panera Bread Bakery-Cafes open during the entire fiscal year ending December 30, 2025. Sample size: 1,073 outlets.
What the franchisor excluded from these figures
- The company-owned Bakery-Cafe count excludes two delivery only locations.
- The FDD states that the figures are averages of specific Panera Bread Bakery-Cafes; it does not state an exclusion for franchisee-owned Bakery-Cafes.
This is a disclosure of what some existing outlets reported, not a projection of what a new Panera Bread outlet would earn. Your results will differ.
Source Panera Bread, 2026 FDD, Item 19, p. 55, via Public FDD bucket (storage.googleapis.com/franchiseindx_fdds) (source record). Figures read and verified 2026-09-27. Read from a scanned copy of this FDD; figures and page citations were transcribed from the page images.
Item 20
How many Panera Bread outlets there are, and how many closed
Panera Bread ended 2025 with 1,106 franchised outlets and 1,108 company-owned outlets. In that year 33 franchised outlets opened and 32 left the system.
Three years at a glance
From 2023 through 2025, Panera Bread opened 104 franchised outlets and 87 outlets left the system. That is a net gain of 17, from 1,089 to 1,106 franchised outlets. Of the outlets that left, 62 were terminated, 11 were bought back by the franchisor, and 14 closed for other reasons.
On average, about 2.6% of franchised outlets left the system each year, roughly 1 in 38.
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 | 1,105 | 33 | 32 | 0 | 0 | 0 | 1,106 | 2026 FDD, Item 20, p. 63 |
| 2024 | 1,113 | 24 | 18 | 0 | 11 | 3 | 1,105 | 2026 FDD, Item 20, p. 63 |
| 2023 | 1,089 | 47 | 12 | 0 | 0 | 11 | 1,113 | 2026 FDD, Item 20, p. 63 |
Source Panera Bread, 2026 FDD, Item 20, p. 63, via Public FDD bucket (storage.googleapis.com/franchiseindx_fdds) (source record). Figures read and verified 2026-09-27. Read from a scanned copy of this FDD; figures and page citations were transcribed from the page images.
Compare
How Panera Bread 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 Panera Bread's estimated range is $2,373,031. It costs more to open than 94% of Food & Beverage franchises here.
- Outlets leaving each year. 2.6% for Panera Bread. That is lower than 78% of the 165 Food & Beverage franchises with at least 10 outlets.
- Three-year growth. Panera Bread's franchised system grew 1.6%. 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. Panera Bread 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 Panera Bread 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 Panera Bread's updated numbers when the next document is published, plus the brand-comparison worksheet.
You get a confirmation email right away, then one email per new filing for the brands you ask about, and nothing else. No sharing, no selling, unsubscribe any time.