Popeyes

Popeyes, a Restaurant Brands Intl franchise, has been franchising since 1976 — 4 years after the concept was founded in 1972 , currently with 3,925 total locations (3,807 franchised, 118 company-owned — a 97% franchise-to-corporate ratio that signals the operator's reliance on independent owners) in the food & beverage sector, headquartered in FL. According to the 2024 FDD, the total initial investment ranges from $383K to $3.6M — a 834% spread between the low and high end that reflects how site size, market, and buildout scope change the capital requirement. This figure includes the franchise fee of $50K, equipment, leasehold improvements, and initial working capital through the ramp-up period.

Ongoing royalties run 5.0% of gross sales with an additional 4.0% national advertising fund contribution, bringing the combined ongoing cost to 9.0% of every dollar in sales. Critically, Popeyes does disclose financial performance data in Item 19, a voluntary disclosure that only about a third of U.S. franchisors make. The reported average gross revenue per location is $1.8M, meaning the typical unit pays roughly $90K per year in royalty alone. Revenue is not profit — actual franchisee take-home depends on rent, labor, cost of goods, and local demand.

Network momentum is currently positive: Popeyes added units at a 3.8% net rate year-over-year (300 openings, 150 closures). Sustained positive growth is a signal that the unit-economics are working well enough to attract new operators, though late-stage growth can also reflect aggressive sales push rather than operational health. Before committing capital, triangulate this summary against the full FDD, a franchise attorney's review, and direct conversations with five or more current and former franchisees from Item 20.