Dairy Queen
Food & Beverage · Quick-Service Restaurants
- Active units
- 748
Franchised, year-end 2023
About Dairy Queen
Dairy Queen® is a beloved brand that has been creating positive memories for all who visit since 1940, when their first restaurant opened in Joliet, Illinois. Originally starting with delicious soft-serve ice cream, they quickly expanded their menu to include a variety of treats that have become fan favorites. Did you know that the iconic Blizzard® Treat wasn't always on the menu? It was introduced in 1985 and has been delighting customers ever since. With over 7,000 locations in more than 20 countries, Dairy Queen® is a global quick-service restaurant that aims to be everyone's favorite. They believe in collaboration, forward thinking, inclusivity, and empowerment. As a brand, they are committed to creating an environment where everyone feels welcome and valued. In addition to their delicious ice cream treats, Dairy Queen® also offers a range of other menu items, including cakes, burgers, and Chicken Strip Baskets. They are also proud to partner with Children's Miracle Network Hospitals and offer the Non-Dairy Dilly® Bar for those with dietary restrictions. Whether you're craving a Blizzard® Treat or a juicy burger, Dairy Queen® is the place to go for a delightful and memorable dining experience.
Key terms
Brand Percentile Rankings
Rankings compare brands in the same operating year. Fee and investment figures come from the FDD (2026 filing); filings on file: 2024, 2025, 2026.
Growth
- Total locations1970
Franchised units open at year-end
- New openings30
Gross new units opened during the calendar year
- 1-year unit growth rate0.1%
Net unit growth versus prior year
- 3-year unit CAGR0.4%
Compound annual growth rate of unit count over the trailing 3 years
- Unit growth ratio1.1×
Cumulative opens / closures through year-end
Unit economics
- Annual unit volume (Median)—
Per FDD Item 19 disclosure
- Annual unit volume (25th percentile)—
Per FDD Item 19 disclosure
- Annual unit volume (75th percentile)—
Per FDD Item 19 disclosure
- 1-year Median AUV growth rate—
Year-over-year change in median AUV
- Store-level EBITDA Margin—
Median unit-level EBITDA / AUV
Investment profile
- Estimated initial investment$2.0M
Midpoint of estimated initial investment range
↓ Lower is better - Time to open—
Midpoint of average time from agreement to opening
- Royalty rate4.0%
Percent of net sales paid to the franchisor
↓ Lower is better - Sales-to-investment ratio—
Median AUV / estimated initial investment midpoint
- Cash-on-cash returns—
Median unit-level EBITDA / estimated initial investment midpoint. Steady-state estimate; year 1 returns will be lower as the unit ramps to median volumes.
Franchisee healthLocked
- Unit closure ratio
- Transfer vs. closure ratio
- Percent multi-unit franchisees
- Litigation rate
- EBITDA multiple on sales & transfers
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Sources
Financial and operating figures are sourced from the brand's Franchise Disclosure Documents. Brand percentile rankings are based on comparisons to other brands that include the same metrics in their Franchise Disclosure Documents.