No Waffle House franchise is offered to the public as of November 2026: we found no FDD in Minnesota’s registry, no current SBA Franchise Directory row and no franchising page on wafflehouse.com.
The records do show franchisees. Waffle House’s own archived page said about 50% of its units were franchised in 2001 to 2005, and SBA loan files carry the Waffle House franchise name as recently as May 2024.
Key takeaways
- Waffle House’s franchise page, archived from March 6, 2001 to February 17, 2005, said “Approximately 50% of the units are franchised” in a chain of 1,300 units in 26 states (Internet Archive capture of wafflehouse.com).
- The same page set two programs: Franchise I required a “$1 million net worth with $410,000 in cash” for the first two restaurants, and Franchise II required at least $10,000 toward the sign and equipment package.
- The SBA Franchise Directory effective March 31, 2022 listed Waffle House as code S5182, marked as meeting the FTC franchise definition, for Paycheck Protection Program loans only; the SBA file dated October 28, 2026 has no Waffle House row.
- SBA loan files hold 15 SBA 7(a) approvals from FY1997 to FY2024 and 20 PPP loans carrying the Waffle House franchise name (SBA 7(a) FOIA data).
- A Minnesota CARDS search on November 2, 2026 returned no Clean FDD rows, but Minnesota has no Waffle House restaurants; the brand operates in 4 registration states: Illinois, Indiana, Maryland and Virginia (GAO-23-105338).
- Anyone offered a Waffle House unit without a disclosure document should ask which exemption in 16 CFR 436.8 the seller relies on before paying anything.
Which public records say whether Waffle House franchises?
Twelve dated records answer this better than any cost estimate. Waffle House, Inc. described franchise programs on its own site from at least 2001 to 2005, SBA files carry the Waffle House franchise name from FY1997 to FY2024, and EEOC releases from 2009 and 2013 name operating companies. The company story page captured October 10, 2026 calls Waffle House a “system” of more than 2,000 locations but offers no franchise.
| Record | Date | What it shows | What it does not show | Source |
|---|---|---|---|---|
| Waffle House franchise page (archived) | Mar 6, 2001 to Feb 17, 2005 | Two multi-unit franchise programs; about 50% of 1,300 units franchised | Any fee, royalty or Item 7 total | Internet Archive |
| Request For Consideration form (archived PDF) | Form dated 09/23/1999 | Waffle House, Inc. Franchise Development asks for net worth and “Unencumbered Liquid Assets Available” | A price; the form says “THIS IS NOT AN APPLICATION” | Internet Archive |
| EEOC v. Waffle House, Inc., 534 U.S. 279 | Jan 15, 2002 | Job application clause covers “any subsidiary or Franchisee of Waffle House, Inc.” | Whether that restaurant was franchised | Cornell LII |
| SBA 7(a) loan file | FY1997 to FY2024 | 15 approvals under the franchise name Waffle House (codes 87347, 14216, S5182) | Whether each borrower held a current agreement | SBA FOIA |
| EEOC release, Civil Action No. 3:07-cv-00690 | Mar 16, 2009 | SouthEast Waffles, LLC ran a Waffle House restaurant in Nashville | Unit count or franchise status | EEOC |
| EEOC release, Case No. 8:13-cv-00525 | Mar 28, 2013 | East Coast Waffles, Inc. “owns and operates more than 100 Waffle House restaurants in Florida and Virginia” | Whether it is a franchisee or an affiliate | EEOC |
| SBA Franchise Directory | Effective Mar 31, 2022 | Code S5182, “Meets FTC definition of a franchise” Y, PPP loans only | Eligibility for 7(a) or 504 loans | SBA via Internet Archive |
| PPP loan file | Apr 6, 2020 to Mar 24, 2021 | 20 loans with the franchise name Waffle House | Unit counts per borrower | SBA FOIA |
| Company FAQ (archived) | Oct 10, 2026 | 9 questions; stock only through employment; no franchise question | Company versus franchised split | Internet Archive |
| SBA Franchise Directory file | Oct 28, 2026 | 3,590 rows, none for Waffle House | Why the S5182 code ended | SBA |
| Minnesota CARDS search | Nov 2, 2026 | No Clean FDD rows for “Waffle House” | Filings in other states | Minnesota Department of Commerce |
The company’s own numbers moved in the same 21 years. The comparison below uses only wording printed on wafflehouse.com, read through Internet Archive captures because the live site returned HTTP 403 to our requests on November 2, 2026.
| Measure | Franchise page, 2001 to 2005 | Company pages, October 2026 | Source |
|---|---|---|---|
| Restaurants | “a 1,300 unit” chain | “more than 2,000 locations” | 2005 capture; Our Story |
| States | 26 | 25 (Alabama to West Virginia in the locator) | Locator, Oct 23, 2026 capture |
| Franchised share | “Approximately 50%” | Not stated | Same pages |
| Associates | Not stated | “more than 45,000” | Our Story |
| Route in for outsiders | “Request for Consideration” form | “the only way you can invest in the company is to work with us” | FAQ, question 4 |
What did Waffle House require from franchisees when it recruited them?
The archived franchise page reads the same in its first capture (March 6, 2001) and its last (February 17, 2005). It offered two multi-unit programs. Franchise I put land, building and equipment on the franchisee and required a $1 million net worth with $410,000 in cash. Franchise II, “traditionally filled by experienced multi-unit operators from within the WAFFLE HOUSE system,” required at least $10,000 toward equipment.
| Term | Franchise I | Franchise II | Source |
|---|---|---|---|
| Territory | Reserved territory, kept by meeting a minimum growth rate | No reserved territory or minimum growth rate | Archived page, 2005 |
| Land and building | Owned by the franchise or leased from a third party; “WAFFLE HOUSE will not landlord the assets” | Waffle House develops and owns them, then leases them to the franchisee | Archived page, 2005 |
| Money stated | $1 million net worth; $410,000 cash for working capital and the sign and equipment packages for the first two restaurants | Minimum $10,000 toward the sign and equipment package for the initial restaurant(s) | Archived page, 2005 |
| Candidates | An individual or partners, with one designated Franchise Principal | Mostly operators from inside the system; outside candidates “will be considered” | Archived page, 2005 |
| Growth | Minimum growth rate keeps exclusivity | “at the discretion of WAFFLE HOUSE” | Archived page, 2005 |
Both programs required the Franchise Principal to run the restaurants daily, be in them “during most high volume times, including weekends and holidays,” and live in the market. The page states that “failure to adhere to this discipline of personal involvement is an event of default in the Franchise Agreement.” Candidates sent a 3-page Request For Consideration form to Franchise Development at P.O. Box 6450, Norcross, GA 30091-6450.
What the page leaves out matters as much. It names no initial franchise fee, no royalty rate and no total investment, and it opens and closes with the line “This is not intended as an offer of sale for a Waffle House franchise.” The $1 million and $410,000 figures are qualification rules from 2001 to 2005, not a 2026 price.
Why did the SBA list Waffle House as a franchise in 2022?
For pandemic lending only. The SBA Franchise Directory effective March 31, 2022 lists “S5182 Waffle House” with a start date of 4/14/2020, a “Y” under “Meets FTC definition of a franchise,” and a note that the brand “is only eligible for loans under the Paycheck Protection Program.” The directory file the SBA posted on October 28, 2026 has 3,590 rows and no Waffle House entry.
The SBA’s 7(a) loan-level files (as of September 30, 2026) go back further. They hold 15 approvals with the franchise name Waffle House: 13 under code 87347 from FY1997 to FY2008, 1 under code 14216 in FY2014 and 1 under S5182 in FY2024. The counts include 3 approvals that were later cancelled. The 504 file for FY2010 onward has none.
| Fiscal year | 7(a) approvals | Project state | SBA franchise code |
|---|---|---|---|
| FY1997 | 2 | Missouri (2) | 87347 |
| FY1999 | 1 | Indiana | 87347 |
| FY2003 | 1 | Oklahoma | 87347 |
| FY2004 | 4 | Missouri (3), West Virginia (1) | 87347 |
| FY2005 | 2 | Texas (2) | 87347 |
| FY2006 | 1 | West Virginia | 87347 |
| FY2007 | 1 | Missouri | 87347 |
| FY2008 | 1 | West Virginia | 87347 |
| FY2014 | 1 | Kentucky | 14216 |
| FY2024 | 1 | Illinois | S5182 |
| Total | 15 | 7 states | 3 codes |
SBA 7(a) loan files hold 15 approvals under the Waffle House franchise name, 13 of them from FY1997 to FY2008 and 1 each in FY2014 and FY2024. SBA FOIA data as of September 30, 2026.
The FY2024 row is the odd one. Approved May 8, 2024 in Illinois, it is a $250,000 SBA Express loan to a corporation listed as a startup, coded S5182 even though the 2022 directory limited that code to PPP loans. The record does not say whether Waffle House, Inc. approved the business. Our SBA franchise directory tracker follows other loans made under codes that no longer appear in the directory.
Every row above names a corporation as the borrower, and this page leaves borrower names out under site policy. Six other 7(a) rows contain “waffle house” only in a borrower name with no franchise code, four of them in New York (2), Washington and California, where Waffle House has no restaurants; all six are excluded. For franchise-coded lending across all brands since FY1991, see our SBA franchise loan data report.
How many Waffle House operators took Paycheck Protection Program loans?
The SBA’s PPP loan-level file (dated September 30, 2024) holds 20 loans whose franchise-name field reads “Waffle House.” Seventeen carry the full-service restaurant code NAICS 722511 and belong to 15 distinct borrowers in 10 states, led by Georgia with 6 loans. Three of the 17 were first-draw loans from April 2020; 14 were second-draw loans approved from January 20 to March 24, 2021.
| Project state | PPP loans, NAICS 722511 | Waffle House restaurants in state (Oct 2026 locator) |
|---|---|---|
| Georgia | 6 | Yes |
| Ohio | 2 | Yes |
| Texas | 2 | Yes |
| Alabama | 1 | Yes |
| Kentucky | 1 | Yes |
| New Mexico | 1 | Yes |
| Oklahoma | 1 | Yes |
| Pennsylvania | 1 | Yes |
| Tennessee | 1 | Yes |
| West Virginia | 1 | Yes |
| Total | 17 loans, 15 borrowers | 10 of 25 states |
Seventeen restaurant-coded PPP loans carried the franchise name Waffle House, going to 15 borrowers in 10 states; Georgia had 6. SBA PPP FOIA data dated September 30, 2024.
The other 3 franchise-named loans sit in California, Delaware and Florida under car rental and lodging industry codes (NAICS 532111, 721110 and 721199). California has no Waffle House restaurant, so those rows look miscoded and are left out of the state count. All 17 restaurant-coded borrowers reported being in business for more than 2 years, which fits operators of existing restaurants rather than new openings.
The file cannot say how many restaurants each borrower runs or what agreement it holds with Waffle House, Inc. It does show that lenders recorded at least 15 separately organized restaurant companies under the Waffle House franchise name in 2020 and 2021, which matches the SBA’s 2022 finding that the relationship meets the FTC definition of a franchise.
Which companies run Waffle House restaurants other than Waffle House, Inc.?
Public filings name two operating companies. A March 28, 2013 EEOC release describes East Coast Waffles, Inc. as “an Atlanta-based company which owns and operates more than 100 Waffle House restaurants in Florida and Virginia.” A March 16, 2009 release names SouthEast Waffles, LLC as the operator of a Nashville Waffle House. Neither release says whether the company was a franchisee or an affiliate.
| Company or party | Record and date | What the record says | Source |
|---|---|---|---|
| East Coast Waffles, Inc. | EEOC release, Mar 28, 2013; M.D. Fla. Case No. 8:13-cv-00525 | Atlanta-based; owns and operates more than 100 Waffle House restaurants in Florida and Virginia; $25,000 settlement | EEOC |
| SouthEast Waffles, LLC | EEOC release, Mar 16, 2009; M.D. Tenn. Civil Action No. 3:07-cv-00690 | Operated a Waffle House restaurant in Nashville | EEOC |
| Unnamed “Franchisee of Waffle House, Inc.” | Supreme Court, No. 99-1823, decided Jan 15, 2002 | Job application arbitration clause covers employment with Waffle House, Inc. “or any subsidiary or Franchisee” | Cornell LII |
| WH Intellectual, LLC | Site footer, Oct 10, 2026 capture | Owns all trademarks and licenses them to Waffle House, Inc. | Internet Archive |
The arbitration clause matters because Waffle House, Inc. wrote it: the application behind the 2002 case, from an employee who started work on August 10, 1994, already anticipated employment by a franchisee. News reports from 2008 describe Chapter 11 filings by two large Waffle House operators, but we could not open the court files, so this page does not rely on them. Waffle House is private and files no 10-K, which is why this page relies on SBA, court and archived records; for a brand that licenses stores instead of franchising, compare our Starbucks franchise records review.
Would a Waffle House franchise offer have to be registered with a state?
In 4 of its 25 states, generally yes. GAO report GAO-23-105338 (note 18) lists 14 states that require franchisors to register an FDD before offering or selling, absent an exemption. Waffle House operates in four of them: Illinois, Indiana, Maryland and Virginia. Minnesota, the registry searched here, has no Waffle House restaurant, so its empty result proves little alone.
| State | Waffle House restaurants (Oct 23, 2026 locator) | Registration state (GAO) | Public FDD database (FTC staff) | Our check, Nov 2, 2026 |
|---|---|---|---|---|
| Illinois | Yes | Yes | No | Not searched online |
| Indiana | Yes | Yes | Yes | Securities Division search returned HTTP 403; not bypassed |
| Maryland | Yes | Yes | No | Not searched online |
| Virginia | Yes | Yes | No | SCC registration page returned HTTP 403 |
| Minnesota | No | Yes | Yes | CARDS: no Clean FDD rows for “Waffle House” |
| Wisconsin | No | Yes | Yes | DFI search returned HTTP 403 |
| Georgia | Yes | No | No | No state FDD registration to search |
The public-database column comes from the FTC staff Issue Spotlight (p. 15, notes 113 and 114), which names California, Indiana, Minnesota and Wisconsin. Our franchise registration states report sets out each state’s rules, and our franchise disclosure database of 259 Minnesota-filed FDDs contains no Waffle House filing.
The federal rule applies everywhere. 16 CFR 436.2(a) requires a disclosure document at least 14 calendar days before a buyer signs or pays, unless 16 CFR 436.8 exempts the deal. One exemption, 436.8(a)(6), covers buyers of at least 50% who were officers or managers of the franchisor for at least 2 years, which resembles the Franchise II pool of operators “from within the WAFFLE HOUSE system.” We found no record saying which exemption, if any, Waffle House uses.
Where do the online Waffle House franchise cost figures come from?
Not from any Waffle House document we could find. The ranges that rank for “waffle house franchise cost” cite “industry standards” or nothing, and none quotes an FDD item, because no Waffle House FDD turned up. The only dollar amounts Waffle House itself published are the 2001 to 2005 qualification rules: a $1 million net worth and $410,000 cash, or $10,000 toward equipment.
| Claim in a top-ranking guide | Guide date | What the primary record shows | Record |
|---|---|---|---|
| Franchise fee of $200,000 to $300,000; total cost $600,000 to $1 million | First published 2019, modified October 2026 | No FDD, so no Item 5 fee or Item 7 range exists; the guide itself calls the numbers unofficial | Minnesota CARDS, Nov 2, 2026 |
| Investment of $600,000 to $1,500,000; net worth of $1,000,000 to $2,000,000; liquidity of $250,000 to $500,000 | Published August 7, 2026 | The last published Waffle House rule: $1 million net worth and $410,000 cash for two restaurants (Franchise I) | Archived franchise page |
| Waffle House is “wholly corporate-owned” | Published August 7, 2026 | SBA marked the brand as meeting the FTC franchise definition in 2022; 20 PPP loans carry its franchise name | SBA directory, 2022 |
| About 1,900 restaurants in 25 states | Several guides, 2019 to 2026 | “more than 2,000 locations in 25 states” | Our Story, Oct 10, 2026 |
| Initial franchise fee of $68,000 | Directory listing seen in search results, Nov 2026 | No record found in any source listed on this page | All sources below |
Questions about what a Waffle House owner earns have no public answer either. Without an FDD there is no Item 19, and this site does not publish unit income figures from any source. The 2001 to 2005 terms show the levers instead: under Franchise II, Waffle House owned the land and building and leased them to the operator, so rent, any fees in the agreement and labor for a 24-hour, 7-day schedule set the margin.
What should you verify before paying for a Waffle House unit?
Start from the FTC rule, not a price list. A seller offering a Waffle House restaurant should hand you a disclosure document at least 14 calendar days before you sign or pay, or name the exemption in 16 CFR 436.8 that excuses it. If the deal is a resale, 16 CFR 436.1(t) takes it outside the rule only when the franchisor has had no significant involvement with you.
- Ask for the FDD and its issuance date. Under 16 CFR 436.2(a) it arrives at least 14 calendar days before you sign anything or pay the franchisor or an affiliate; if the franchisor alters the agreement on its own, 436.2(b) requires the revised copy at least 7 calendar days before you sign.
- If no FDD comes, ask in writing which exemption applies and test it: under $735 in required payments through the first 6 months of operation (436.8(a)(1)); an investment of at least $1,469,600, excluding unimproved land and franchisor financing, with a signed acknowledgment (436.8(a)(5)(i)); a buyer with at least $7,348,000 net worth and 5 years in business (436.8(a)(5)(ii)); or 2 years as an officer or manager of the franchisor (436.8(a)(6)).
- Confirm the offer with Waffle House, Inc. directly, using contact details from wafflehouse.com rather than any supplied by the seller.
- Get the franchise or license agreement and the lease. The 2001 to 2005 Franchise II terms had Waffle House own and lease the land and building, so the lease may decide your costs.
- For a resale, get the franchisor’s written transfer approval and the seller’s current agreement. Under 436.1(t), approval alone is not “significant involvement,” so a resale can come with no FDD; our franchise resale research compares resale and startup loans and the transfer fees FDDs disclose.
- Ask your lender how an SBA loan would be coded, since the October 28, 2026 SBA Franchise Directory has no Waffle House row.
- If any answer is missing, do not pay. Report the offer to the FTC at ReportFraud.ftc.gov or to the franchise regulator in Illinois, Indiana, Maryland or Virginia if the restaurant is there; our franchise fraud report lists red flags drawn from FTC and state regulator guidance.
| If this happens | What the record supports | What to do | Rule |
|---|---|---|---|
| You receive an FDD naming Waffle House, Inc. or an affiliate as franchisor | It would be the first we have seen; Minnesota CARDS had none on Nov 2, 2026 | Read Items 5, 6, 7, 19, 20 and 21, check the issuance date, wait the full 14 calendar days | 16 CFR 436.2(a) |
| The seller says you qualify as an insider | Franchise II was “traditionally filled” from inside the system in 2001 to 2005 | Confirm buyers holding 50% or more served 2+ years as franchisor officers or managers | 16 CFR 436.8(a)(6) |
| The seller says the deal is too large for disclosure | Exemption needs $1,469,600+ invested (excluding unimproved land and franchisor financing) or $7,348,000 net worth plus 5 years in business | Get the acknowledgment wording from 436.8(a)(5)(i) in writing before signing | 16 CFR 436.8(a)(5) |
| An existing operator wants to sell you its restaurants | A transfer without significant franchisor involvement is not a franchise sale | Get written transfer approval, the current agreement and the lease | 16 CFR 436.1(t) |
| Someone charges a fee for a “Waffle House franchise package” or leads | No public offer appears in any record we opened, Nov 2, 2026 | Do not pay; report to the FTC or your state regulator | 16 CFR 436.2 |
| You want into the system with no insider history | The October 2026 FAQ points to employment; stock is for associates only | Start with management roles, or compare brands that file an FDD | FAQ, questions 3 and 4 |
If you would rather buy into a breakfast or diner brand that does file an FDD, the steps in our guide to buying a franchise apply, and our FDD explainer shows which of the 23 Items to read first. This page is general information, not legal, financial or investment advice.
How we compiled this
On November 2, 2026 we opened the 16 primary sources listed below, including 18 SBA loan-level data files for 7(a), 504 and PPP loans, and counted rows by franchise name and code. Waffle House pages were read through Internet Archive captures because the live site returned HTTP 403; state registries that blocked us were not bypassed and are marked as unchecked. We excluded competitor cost estimates, 2008 bankruptcy news we could not confirm in court records, SBA borrower names and any earnings figures.
Frequently asked questions
Is Waffle House a franchise?
Partly, on the record. Waffle House’s archived franchise page (2001 to 2005) said about 50% of its 1,300 units were franchised, and the SBA’s March 31, 2022 directory marked the brand as meeting the FTC franchise definition. As of November 2026, though, it sells no franchises publicly: its FAQ has no franchise question and Minnesota CARDS showed no Waffle House FDD.
How much does a Waffle House franchise cost?
There is no published price. No Waffle House FDD turned up, so no Item 5 fee or Item 7 investment range exists to quote. The last terms Waffle House published, on a page archived from 2001 to 2005, required a $1 million net worth and $410,000 in cash for two restaurants, or at least $10,000 toward equipment under its Franchise II program.
How much does a Waffle House franchise owner make?
No public figure exists, and this site does not publish unit income figures from any source. Without an FDD there is no Item 19 to read. The old terms show what drives an operator’s margin: under Franchise II, Waffle House owned the land and building and leased them to the operator, so rent, the agreement’s fees and labor for a 24-hour schedule decide the result.
How do you open a Waffle House?
The company points outsiders to jobs. Its October 2026 FAQ sends career questions to whcareers.com and says the only way to invest in the company is to work there. The archived 2001 to 2005 page said Franchise II was “traditionally filled by experienced multi-unit operators from within the WAFFLE HOUSE system,” though outside candidates with experience “will be considered.”
Can you buy Waffle House stock?
Not on a stock exchange. Waffle House’s FAQ, captured October 10, 2026, says associates of Waffle House, Inc. and its subsidiaries can own and be rewarded with company stock, and adds: “As a private company, the only way you can invest in the company is to work with us.” It sends readers to whcareers.com for those roles.
Who owns the Waffle House trademarks?
The October 2026 site footer says “All trademarks are owned by WH Intellectual, LLC and licensed to Waffle House, Inc.” Anyone offering a Waffle House license or franchise therefore needs rights that trace back to those two companies. Ask for the agreement granting them, and confirm it with Waffle House, Inc. directly before signing or paying anything.
Sources
- Waffle House Franchise Opportunities (franchise.htm), Internet Archive capture of Feb 17, 2005 (first capture Mar 6, 2001). Waffle House, Inc.. Accessed November 2, 2026.
- Franchise Development Request For Consideration Form (PDF), Internet Archive capture of Jun 30, 2004. Waffle House, Inc.. Accessed November 2, 2026.
- Our Story, Internet Archive capture of Oct 10, 2026. Waffle House, Inc.. Accessed November 2, 2026.
- FAQ, Internet Archive capture of Oct 10, 2026. Waffle House, Inc.. Accessed November 2, 2026.
- Waffle House Locator (state list), Internet Archive capture of Oct 23, 2026. Waffle House, Inc.. Accessed November 2, 2026.
- SBA Franchise Directory, effective March 31, 2022 (PDF, p. 180), Internet Archive capture. U.S. Small Business Administration. Accessed November 2, 2026.
- SBA Franchise Directory (document page and file dated Oct 28, 2026). U.S. Small Business Administration. Accessed November 2, 2026.
- 7(a) and 504 FOIA loan-level data, files as of Sep 30, 2026. U.S. Small Business Administration. Accessed November 2, 2026.
- Paycheck Protection Program FOIA loan-level data, files dated Sep 30, 2024. U.S. Small Business Administration. Accessed November 2, 2026.
- EEOC v. Waffle House, Inc., 534 U.S. 279 (2002), No. 99-1823. Supreme Court of the United States, via Legal Information Institute. Accessed November 2, 2026.
- East Coast Waffles Settles EEOC Lawsuit for Retaliation (Mar 28, 2013). U.S. Equal Employment Opportunity Commission. Accessed November 2, 2026.
- Nashville Waffle House Settles EEOC Sexual Harassment Lawsuit (Mar 16, 2009). U.S. Equal Employment Opportunity Commission. Accessed November 2, 2026.
- 16 CFR Part 436, Disclosure Requirements and Prohibitions Concerning Franchising (436.1, 436.2, 436.8). Federal Trade Commission, eCFR. Accessed November 2, 2026.
- GAO-23-105338, FTC: Actions Needed to Improve Education Efforts (note 18). U.S. Government Accountability Office. Accessed November 2, 2026.
- Issue Spotlight: Risks to Small Business Success in Franchising (p. 15, notes 113 and 114). Federal Trade Commission staff. Accessed November 2, 2026.
- CARDS franchise registration search for “Waffle House” (Nov 2, 2026). Minnesota Department of Commerce. Accessed November 2, 2026.