Panda Express
Food & Beverage · Quick-Service Restaurants
- Active units
- 173
- Avg unit volume
- $1.6M
- Royalty
- 8.0%
Franchised, year-end 2024
of weekly Net Sales
About Panda Express
Panda Express is an American Chinese restaurant that brings you the best of both worlds. With a focus on fresh, flavorful dishes, they prepare authentic Chinese food with an American twist, all cooked to perfection in the wok. From their famous Orange Chicken to unique limited-time offerings, their menu is packed with bold flavors that will satisfy any craving. At Panda Express, they value more than just great food. Their philosophy is rooted in innovation, family, and community. They believe in giving back through initiatives like the Panda Cares and Panda CommUnity Fund. You can even show your support by shopping for their swag or purchasing a gift card. Joining their rewards program allows you to earn Panda Points with every purchase, giving you access to exclusive offers and rewards. Whether you prefer to order online for delivery or visit one of their stores, Panda Express is ready to serve you a delicious and convenient meal. So why wait? Start your order today and experience the perfect blend of Chinese flavors and American tastes.
Key terms
- Franchise fee
$25k
- Brand fund
0.0% of Net Sales
- Local advertising
0.0% of Net Sales
- Footprint
500 – 1,500 sq ft
- Veteran discount
Not offered
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 locations184
Franchised units open at year-end
- New openings11
Gross new units opened during the calendar year
- 1-year unit growth rate6.4%
Net unit growth versus prior year
- 3-year unit CAGR5.6%
Compound annual growth rate of unit count over the trailing 3 years
- Unit growth ratio11.0×
Cumulative opens / closures through year-end
Unit economics
- Annual unit volume (Median)$1.7M
Average Gross Sales (Total) for Captive Venues - Licensed Panda Express Restaurants, fiscal year 2025
- 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 rate8.3%
Year-over-year change in median AUV
- Store-level EBITDA Margin—
Median unit-level EBITDA / AUV
Investment profile
- Estimated initial investment$1.9M
Midpoint of estimated initial investment range
↓ Lower is better - Time to open365 months
Midpoint of average time from agreement to opening
↓ Lower is better - Royalty rate8.0%
Percent of net sales paid to the franchisor
↓ Lower is better - Sales-to-investment ratio0.9×
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.