How much does a Papa Ray's franchise cost?
Opening a Papa Ray's franchise takes a total initial investment of $213,730 to $464,080, according to the brand's 2026 Franchise Disclosure Document. That FDD makes no Item 19 financial performance representation, so it discloses no earnings figures at all.
The brand franchises Papa Ray’s Pizza Restaurants. Category: Food & Beverage.
Item 7
What it costs to open a Papa Ray's franchise
The franchisor's own estimated initial investment, as disclosed in its 2026 FDD. The total is $213,730 to $464,080. Each line below carries the FDD page it was read from.
Where the money goes
The largest costs are Equipment/ Signage/ Furniture/Fixtures ($57,500 to $143,750), Additional Funds (1st 3 months) ($40,000 to $80,000), and Leasehold Improvements ($30,000 to $60,000). Together they make up about 61% of the high-end estimate.
The initial franchise fee is $30,000, about 14% of the low-end total.
Our arithmetic from the Item 7 table below.
| Expenditure | Low | High | Source |
|---|---|---|---|
| Initial Franchise Fee2026 FDD, Item 7, p. 7 | $30,000 | $30,000 | 2026 FDD, Item 7, p. 7 |
| Travel and Living Costs while Training2026 FDD, Item 7, p. 7 | $2,000 | $10,000 | 2026 FDD, Item 7, p. 7 |
| Lease Security Deposit and Rent (1st 3 months)2026 FDD, Item 7, p. 7 | $4,000 | $16,000 | 2026 FDD, Item 7, p. 7 |
| Leasehold Improvements2026 FDD, Item 7, p. 7 | $30,000 | $60,000 | 2026 FDD, Item 7, p. 7 |
| Equipment/ | $57,500 | $143,750 | 2026 FDD, Item 7, p. 7 |
| POS Computer Systems2026 FDD, Item 7, p. 7 | $12,330 | $25,330 | 2026 FDD, Item 7, p. 7 |
| Initial Inventory and Supplies2026 FDD, Item 7, p. 7 | $10,000 | $19,000 | 2026 FDD, Item 7, p. 7 |
| Utility Deposits2026 FDD, Item 7, p. 7 | $2,000 | $4,000 | 2026 FDD, Item 7, p. 7 |
| Insurance2026 FDD, Item 7, p. 7 | $900 | $16,000 | 2026 FDD, Item 7, p. 7 |
| Miscellaneous Pre – Opening Expenses2026 FDD, Item 7, p. 7 | $10,000 | $30,000 | 2026 FDD, Item 7, p. 7 |
| Grand Opening Advertising2026 FDD, Item 7, p. 7 | $15,000 | $30,000 | 2026 FDD, Item 7, p. 7 |
| Additional Funds (1st 3 months)2026 FDD, Item 7, p. 7 | $40,000 | $80,000 | 2026 FDD, Item 7, p. 7 |
| Total estimated initial investment2026 FDD, Item 7, p. 7 | $213,730 | $464,080 | 2026 FDD, Item 7, p. 7 |
Source Papa Ray's, 2026 FDD, Item 7, p. 7, via Public FDD bucket (storage.googleapis.com/franchiseindx_fdds) (source record). Figures read and verified 2026-09-14.
Item 19
What Papa Ray's 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.
Source Papa Ray's, 2026 FDD, Item 19, p. 28, via Public FDD bucket (storage.googleapis.com/franchiseindx_fdds) (source record). Figures read and verified 2026-09-14.
Item 20
How many Papa Ray's outlets there are, and how many closed
Papa Ray's ended 2025 with 4 franchised outlets and no company-owned outlets. No franchised outlets opened or left the system that year.
Three years at a glance
From 2023 through 2025, Papa Ray's opened 0 franchised outlets and 2 outlets left the system. That is a net loss of 2, from 6 to 4 franchised outlets. Of the outlets that left, 2 closed for other reasons.
With fewer than 10 outlets, one closure moves the numbers a lot, so we do not calculate a yearly rate.
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 | 4 | 0 | 0 | 0 | 0 | 0 | 4 | 2026 FDD, Item 20, p. 29 |
| 2024 | 6 | 0 | 0 | 0 | 0 | 2 | 4 | 2026 FDD, Item 20, p. 29 |
| 2023 | 6 | 0 | 0 | 0 | 0 | 0 | 6 | 2026 FDD, Item 20, p. 29 |
Source Papa Ray's, 2026 FDD, Item 20, p. 29, via Public FDD bucket (storage.googleapis.com/franchiseindx_fdds) (source record). Figures read and verified 2026-09-14.
Compare
How Papa Ray's 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 Papa Ray's' estimated range is $338,905. It costs less to open than 81% of Food & Beverage franchises here.
- Earnings disclosure. 152 of the 256 Food & Beverage franchises here publish earnings figures in Item 19. Papa Ray's 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 Papa Ray's 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 Papa Ray's' updated numbers when the next document is published, plus the brand-comparison worksheet.
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