OFFICIAL FILING · MN · 2026
PANDA EXPRESS FDD (Franchise Disclosure Document) — 2026
The FDD is the 23-item legal disclosure every U.S. franchisor must hand you at least 14 days before you sign or pay anything (FTC Franchise Rule, 16 CFR 436). PANDA EXPRESS's most recent FDD tracked here was filed in 2026 as a multistate filing — and because registration-state filings are public records, you can read it free, without giving a broker your phone number.
THE SAME DOCUMENT SITES SELL OR GATE BEHIND LEAD FORMS. FILED 2026 · SOURCE STATE MN
| ITEM 5 | Initial franchise fee | $25K |
| ITEM 6 | Ongoing royalty | 8.0% of gross sales |
| ITEM 7 | Total initial investment | $515K–$3.3M |
| ITEM 3 | Disclosed litigation matters | 27 |
| ITEM 19 | Earnings disclosure (FPR) | Yes — median unit volume $1.3M (Captive Venues – Licensed Panda Express Restaurants Only; unaudited gross sales for Full Fiscal Year 2025 (Dec 29, 2024–Dec 27, 2025). n=167 licensed units in captive venues (airport, hospital, military, university, casino, travel plaza) operating a minimum of 52 weeks; 59 of the 167 are joint-venture licensed. Excludes 11 units open <1 year and 2 units (theme park + corporate campus) omitted for privacy. Total-column: Average Gross Sales $1,715,919 (38% of units exceeded average), Median $1,328,594, Min $216,661, Max $10,748,193. Figures reported by venue type; no quartiles disclosed.) |
| ITEM 20 | Outlets (fiscal 2025) | 184 franchised at year end · 0 exits (0.0% annualized) |
| ITEM 21 | Franchisor financial statements | clean (unqualified) audit opinion — CliftonLarsonAllen LLP |
Citation discipline: every figure above is extracted from the 2026 PANDA EXPRESS FDD as filed and links back to that document. Fields the filing did not state are omitted — nothing here is estimated, surveyed, or filled in from marketing material. FDDs are reissued annually; verify against the current issuance before relying on any number.
PANDA EXPRESS FDD questions, answered
Where can I download the PANDA EXPRESS FDD for free?
PANDA EXPRESS's 2026 Franchise Disclosure Document is a public record. It can be downloaded free from the source link on this page — no broker form, no email signup required.
What year is PANDA EXPRESS's most recent FDD on file?
The most recent PANDA EXPRESS FDD tracked here was filed in 2026. Franchisors must update their FDD annually, so confirm you are reading the current issuance before signing.
Does PANDA EXPRESS's FDD disclose earnings (Item 19)?
Yes — PANDA EXPRESS makes a financial performance representation in Item 19 of its 2026 FDD, reporting a median unit volume of $1.3M. Read the basis fine print: franchisors choose which units and metrics to include.
What does PANDA EXPRESS's FDD Item 20 show?
In fiscal 2025, PANDA EXPRESS ended with 184 franchised outlets; 0 of 173 open at the start of the year left the system — an annualized exit rate of 0.0% (terminations, non-renewals, and "ceased operations — other reasons").
A broker is paid by the franchisor to place you. An independent CPA is paid by you — and the job is pressure-testing PANDA EXPRESS's numbers, including talking you out of a bad deal.
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