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The real numbers on owning a Subway franchise
Quick Service Restaurant (Sandwich) · FDD 2025 · from public state filings
FDisclosure honesty
This franchisor discloses little to no earnings data (Item 19).
Investment
—
Total fees
—
Outlets
19,502
Closure signals
881 ceased, 4 terminated
Lawsuits
84
What their own earnings claim actually says
No financial performance representations made. Subway explicitly declines to disclose any revenue, sales, or income data. No averages, medians, or ranges provided. Complete omission of all earnings information.
Honesty grade F: the disclosed numbers are incomplete or framed to look better than an owner's real take-home.
Failure & turnover reality (Item 20)
Net loss of 631 US locations in 2024; 881 ceased operations; system shrinking three consecutive years.
Legal history (Item 3)
84 matters disclosed.
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The franchisor won't put real owner profit in writing. We do — reconstructed from their own FDD.
Franchisor's framing: No financial performance representations made. Subway explicitly declines to disclose any reven…
🔒 Real estimated owner take-home (low / median / high) — unlocked in the report
Reconstructed owner P&L — net take-home after royalty, ad fund, rent, labor & debt
Break-even timeline + cash-on-cash ROI on your investment
Full fee stack + required-purchase markups
Decoded real failure / closure rate
How it ranks vs comparable franchises
Validation-call playbook — who to call + the exact questions
Subway's current FDD excerpt doesn't clearly state a total investment range — ask for Item 7 directly.
How much do Subway franchise owners make?
Subway discloses little or no earnings data (Item 19) — meaning the franchisor won't put real owner profit in writing. That's a red flag worth questioning.
What is the Subway franchise failure rate?
Net loss of 631 US locations in 2024; 881 ceased operations; system shrinking three consecutive years.
Is a Subway franchise worth it?
It depends on the numbers, not the pitch. Subway scores F on disclosure honesty, and discloses 84 legal matters. Get the real owner take-home before you sign.
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Source: MN CARDS 34006-202504-06 (Clean FDD 2025). FranchiseValidate is independent and not affiliated with Subway or its franchisor. Figures are extracted from the franchisor's own public disclosure document; verify against the current FDD before any decision.