The Popeyes franchise cost is $504,545 to $1,968,245 for an in-line restaurant and $1,222,045 to $3,923,245 for a free-standing one, before real estate, per the Popeyes FDD issued March 20, 2026.
Key takeaways
- Two budgets, no real estate: Item 7 of the Popeyes Louisiana Kitchen Franchise Disclosure Document, issued March 20, 2026, prints $1,222,045 to $3,923,245 for a free-standing restaurant and $504,545 to $1,968,245 for an in-line one; land and rent are listed as “Variable”.
- Not one Item 7 dollar moved: all 12 lines in both formats match the FDD issued March 21, 2025, yet the 2026 FDD added a $5,000 per-participant training course fee and raised the kiosk package to $17,000 to $26,000 (2026 FDD, Item 11).
- $54,755 to $149,545 goes to Popeyes or its affiliates before opening (cover page); our rebuild ties it to the $50,000 fee, the $4,545 Sitewise license, background checks and a $20,000 to $80,000 construction review.
- Weekly fees start at 10% of Gross Sales for a new franchisee: a 5% royalty plus a 5.0% Advertising Contribution under the Ad Fund Test Program, before any co-op rate of 0.5% to 1.75% (2026 FDD, Item 6).
- No net worth or liquidity minimum is printed in the 2026 FDD; the Exhibit B application only asks for your net worth and liquid funds, and Item 1 requires you to meet “then-current” financial criteria.
- 3,229 U.S. restaurants at December 31, 2025, of which 3,134 were franchised; 104 franchised restaurants opened and 49 left the franchised count in 2025 (2026 FDD, Item 20).
| Measure | Figure as printed | Where in the 2026 FDD |
|---|---|---|
| Initial investment, free-standing | $1,222,045 to $3,923,245 | Cover; Item 7 |
| Initial investment, in-line | $504,545 to $1,968,245 | Cover; Item 7 |
| Paid to Popeyes or affiliates | $54,755 to $149,545 | Cover |
| Initial franchise fee | $50,000 ($27,500 veterans; $12,500 college and airport) | Item 5 |
| Royalty | 5% of Gross Sales, weekly | Item 6 |
| Advertising Contribution | 4.6% to 5.0% of Gross Sales (5% for new franchisees) | Item 6, Note 4 |
| Franchise term | 20 years, one 10-year renewal | Item 17 |
| Restaurant size | 1,600 to 3,500 square feet | Item 7, Note 4 |
| U.S. restaurants, December 31, 2025 | 3,229 (3,134 franchised, 95 company-owned) | Item 20, Table 1 |
Why does a free-standing Popeyes cost up to $1,955,000 more than an in-line one?
A free-standing Popeyes needs its own building and site work, and those two lines alone run $740,000 to $2,400,000 in Item 7 of the 2026 FDD. An in-line restaurant in a strip center, travel plaza or food court usually needs no site work, so its total starts $717,500 lower and tops out $1,955,000 lower than the free-standing estimate. Both Popeyes totals exclude buying or leasing the land, which Item 7 lists as Variable.
Item 7 Note 1 defines free-standing as a single-purpose, single-tenant building and says a Build to Suit deal, where a landlord delivers a finished shell, can lower the investment. Note 4 sets the footprint: 1,600 to 3,500 square feet, and 28,000 to 38,000 square feet of land with 25 to 30 parking spaces for a suburban free-standing site.
| Item 7 line | Free-standing low | Free-standing high | In-line low | In-line high | Source |
|---|---|---|---|---|---|
| Initial franchise fee | $50,000 | $50,000 | $50,000 | $50,000 | Item 7, Note 3 |
| Real estate | Variable | Variable | Variable | Variable | Item 7, Note 4 |
| Soft costs (legal, design, permits, studies) | $10,000 | $420,000 | $8,000 | $140,000 | Item 7, Note 5 |
| Site work | $40,000 | $800,000 | Typically not required | Typically not required | Item 7, Note 6 |
| Building | $700,000 | $1,600,000 | $100,000 | $800,000 | Item 7, Note 7 |
| FF&E, signage and technology | $340,000 | $865,000 | $265,000 | $815,000 | Item 7, Note 8 |
| Initial training (travel, wages) | $17,200 | $24,200 | $17,200 | $24,200 | Item 7, Note 9 |
| Opening supplies (1 to 2 weeks) | $13,000 | $26,000 | $13,000 | $26,000 | Item 7, Note 10 |
| Insurance before opening | $23,000 | $47,000 | $23,000 | $47,000 | Item 7, Note 11 |
| Utility deposits | $3,000 | $50,000 | $2,500 | $25,000 | Item 7, Note 12 |
| Business licenses | $1,300 | $6,500 | $1,300 | $6,500 | Item 7, Note 13 |
| Sitewise software | $4,545 | $4,545 | $4,545 | $4,545 | Item 7, Note 14 |
| Additional funds, 3 months | $20,000 | $30,000 | $20,000 | $30,000 | Item 7, Note 15 |
| Total (excludes real estate) | $1,222,045 | $3,923,245 | $504,545 | $1,968,245 | Item 7, Note 16 |
Which Popeyes Item 7 lines drive the free-standing range?
Four lines explain $2,595,000, or 96.1%, of the $2,701,200 gap between the free-standing low and high totals: building ($900,000 swing), site work ($760,000), FF&E, signage and technology ($525,000) and soft costs ($410,000). The other eight lines move by $106,200 combined. Item 7 Note 16 adds that high local labor costs and a remote site can push actual costs above the printed estimate.
Building, site work, FF&E and soft costs account for $2,595,000 of the $2,701,200 free-standing range. Source: Popeyes FDD issued March 20, 2026, Item 7; our arithmetic.
- Soft costs high end: includes a $20,000 expense reimbursement under a Development Agreement or MTRA and the $20,000 to $80,000 construction review fee charged when your construction manager is not on the Popeyes Qualified Partners list (Item 7, Note 5).
- Building: masonry or frame construction for free-standing units, built by a licensed general contractor from MEP drawings; historical or preservation rules can raise it further (Item 7, Note 7).
- FF&E and technology: furniture, kitchen equipment, signage, smallwares, point-of-sale, back-of-house computers and a firewall, from the list in the Manual (Item 7, Note 8).
Do the printed Popeyes totals add up, and what is the $54,755 to $149,545 paid to Popeyes?
Yes. Re-adding the 12 priced lines in each of the four Item 7 columns reproduces every printed total in the 2026 Popeyes FDD to the dollar, counting in-line site work as $0 because Item 7 lists it as typically not required. The cover page also states that $54,755 to $149,545 of the total is paid to Popeyes or its affiliates, a figure the FDD does not itemize anywhere.
| Column | Sum of the 12 priced lines | Printed total | Check |
|---|---|---|---|
| Free-standing low | $1,222,045 | $1,222,045 | Matches |
| Free-standing high | $3,923,245 | $3,923,245 | Matches |
| In-line low (site work at $0) | $504,545 | $504,545 | Matches |
| In-line high (site work at $0) | $1,968,245 | $1,968,245 | Matches |
The paid-to-Popeyes range can be rebuilt from fees printed in Items 5 and 7. The low end equals the $50,000 fee, the $4,545 Sitewise license and the $210 U.S. background check. The high end equals the fee, Sitewise, the $80,000 top of the construction review and the $15,000 top of the international background check. This is our reconstruction from the printed fees; Popeyes does not publish the breakdown.
| Fee paid to Popeyes before opening | Low build | High build | Source |
|---|---|---|---|
| Initial franchise fee | $50,000 | $50,000 | Item 5 |
| Sitewise mapping and analytics license | $4,545 | $4,545 | Item 5; Item 7, Note 14 |
| Background check | $210 (U.S.) | $15,000 (international, top of $1,000 to $15,000) | Item 5 |
| Construction review, non-Qualified Partner manager | $0 | $80,000 (top of $20,000 to $80,000) | Item 5; Item 7, Note 5 |
| Total | $54,755 | $149,545 | Cover page (our rebuild) |
One more check does not reconcile cleanly. The 2026 Item 11 adds a fee of $5,000 per participant for initial training, and a first Popeyes restaurant must send at least 5 designated managers, which is $25,000 if each pays the full fee. The Item 7 Initial Training line still reads $17,200 to $24,200, the same as in 2025, and the FDD does not say whether that line covers the new course fee.
What changed between the March 2025 and March 2026 Popeyes FDDs?
The Item 7 totals are identical in the Popeyes FDD issued March 21, 2025 and the March 20, 2026 filing, line for line and in both formats. The changes sit in Items 5, 6, 10 and 11: a narrower set of incentive programs, a new standard Advertising Contribution of 4.6%, the $5,000 training course fee, higher kiosk and firewall costs, and different equipment loan rates from the two lenders Popeyes works with.
| What changed | 2025 FDD (issued March 21, 2025) | 2026 FDD (issued March 20, 2026) | Item |
|---|---|---|---|
| Item 7 totals and all 12 lines | $1,222,045 to $3,923,245; $504,545 to $1,968,245 | Unchanged | 7 |
| Advertising Contribution range | 4% to 5.5%; standard rate 4% | 4.6% to 5.0%; standard rate 4.6% | 6, Note 4 |
| Initial training course fee | Not stated | $5,000 per participant | 11 |
| Kiosk package, purchase and install | $9,000 to $15,000 | $17,000 to $26,000 | 11 |
| Kiosk service, per screen per year | $800 to $1,000 | $1,000 to $1,200 | 11 |
| Managed firewall | $0 to $1,000 initial; about $2,500 a year | $0 to $1500 initial; about $3,000 a year | 11 |
| POS and BOH support, each, per year | $3,500 to $6,500 | $3,000 to $6,500 | 11 |
| Guest recovery fee cap / annual estimate | $125 a month / $750 | $150 a month / $1,200 | 6, Note 7 |
| Returned payment fee | $35 | $75 | 6 |
| Miscellaneous reimbursements cap | $5,000 | $10,000 | 6 |
| Ascentium equipment loan rate | About 8.25% | About 7.25% | 10 |
| LEAF equipment loan rate | 8.60% to 10.10% | 8.25% to 12.50% | 10 |
| Incentive programs | Veterans; 2023 to 2025 Top Operators; 2025 College and Airport; 2025 Pop-In | Veterans; College; Airport | 5 |
The 2025 College and Airport program gave a $12,500 fee, 0% Advertising Contribution for years 1 and 2 and a 1% cut in year 3. The 2026 FDD splits it in two and makes the 0% Advertising Contribution last for the full term, with a reduced royalty of 3% for 2026 campus openings and 4% for airport terminals (Item 5).
TRA, MTRA or Development Agreement: what does Popeyes collect at signing?
Every new Popeyes starts with one of three agreements, and each asks for different money up front. A Target Reservation Agreement (TRA) for one restaurant takes no deposit. A Multiple Target Reservation Agreement (MTRA) takes $25,000 per committed restaurant. A Development Agreement, which Item 5 says is typically granted only to sophisticated, highly experienced franchisees, prepays the $50,000 fee for every restaurant in installments.
- Apply: submit the Exhibit B application and pass a background check ($210 for U.S. applicants, Item 5).
- Sign the reservation: a TRA names the approved site; an MTRA names Target Areas with no exclusivity and charges $25,000 per restaurant plus $0 to $2,500 per restaurant in onboarding costs (Items 5 and 12).
- Get site approval: Popeyes may require a $3,500 impact study if the site could affect nearby franchised restaurants (Item 6).
- Sign the Franchise Agreement: the $50,000 fee is due at signing unless an incentive program applies; under an MTRA, $25,000 of the deposit is credited at each opening (Item 5).
- Open within 18 months of site approval, or the TRA, MTRA or Development Agreement can be terminated (Item 11).
Worked example: cash committed by the first opening
The table below uses only amounts printed in the 2026 Popeyes FDD. For a 3-restaurant MTRA, the deposit is $75,000, of which $25,000 is credited against restaurant 1’s fee, so $50,000 stays committed for restaurants 2 and 3. Onboarding costs of $0 to $7,500 are left out because Item 7 Note 5 already places a $20,000 MTRA expense reimbursement in the high soft-cost estimate.
| Path (first restaurant) | Paid at signing | Item 7 for restaurant 1 | Cash committed by first opening | Source |
|---|---|---|---|---|
| TRA, one in-line restaurant | $0 deposit | $504,545 to $1,968,245 | $504,545 to $1,968,245 | Items 5, 7 |
| TRA, one free-standing restaurant | $0 deposit | $1,222,045 to $3,923,245 | $1,222,045 to $3,923,245 | Items 5, 7 |
| TRA, veteran program, in-line ($27,500 fee) | $0 deposit | $482,045 to $1,945,745 | $482,045 to $1,945,745 | Items 5, 7 (fee swapped) |
| 3-restaurant MTRA, first one in-line | $75,000 deposit | $504,545 to $1,968,245 | $554,545 to $2,018,245 | Items 5, 7 |
| 3-restaurant MTRA, first one free-standing | $75,000 deposit | $1,222,045 to $3,923,245 | $1,272,045 to $3,973,245 | Items 5, 7 |
| 3-restaurant Development Agreement | First installment of $150,000 prepaid fees (amount negotiated) | Same as format | Not computable: installments are negotiated | Items 5, 12 |
For how other franchisors price multi-unit rights, our area development agreement study of 259 FDDs compares development fees and schedules. Under a Popeyes Development Agreement, a missed opening target can trigger a shortfall fee of up to $10,000 per month per unopened restaurant (Item 6).
Who pays less than the $50,000 Popeyes franchise fee?
Three programs in the 2026 Item 5 cut the fee, and a restaurant can use only one. Fees actually paid for new franchises in 2025 ranged from $0 to $50,000, which Item 5 attributes to alternative venues, older agreements, limited-time incentives and a reallocation between the initial fee and the former development fee.
| Program | Initial fee | Royalty | Advertising Contribution | Main condition (Item 5) |
|---|---|---|---|---|
| Standard | $50,000 | 5% | 4.6% to 5.0% | None |
| Veterans Development Incentive | $27,500 | 2% for 6 months, then 5% | Standard | New franchisee; 51% owner with DD Form 214; open within 18 months of site approval |
| College Incentive | $12,500 | 3% (2026 openings), 4% (2027), 5% (2028) | 0% for the term | On a U.S. campus; term of at least 10 years |
| Airport Incentive | $12,500 | 4% for the term | 0% for the term | Inside a U.S. airport terminal; term of at least 10 years |
The veteran discount is $22,500 off the standard fee; our veteran franchise discount research sets it against other brands. A veteran who transfers the restaurant before its first anniversary must repay the waived $22,500 (Item 5).
What does a Popeyes restaurant owe each week and each year after opening?
A new Popeyes franchisee pays a 5% royalty and a 5.0% Advertising Contribution on weekly Gross Sales, by electronic draft, plus any local co-op rate, currently 0.5% to 1.75%. On top of the percentage fees sit fixed charges: $200 a month for consumer ordering technology, $720 a year for the training platform, $1,000 a year to the PLK Foundation and vendor fees for POS, back-of-house and firewall systems.
| Fee | Rate or formula as printed | Due | Source |
|---|---|---|---|
| Royalty | 5% of Gross Sales (Gross Sales = all revenue less sales taxes) | Weekly | Item 6 |
| Advertising Contribution | 4.6% to 5.0% of Gross Sales; 5% for new franchisees from April 1, 2025 | Weekly | Item 6, Note 4 |
| Advertising co-op | Currently 0.5% to 1.75% of Gross Sales; 2% cap unless unanimous | Weekly | Item 6, Note 5 |
| Consumer Ordering Technology Fee | $200 per month plus 1% of Digital Sales, capped at $6,500 per calendar year | Monthly and weekly | Item 6 |
| Gift card transactions | Estimated 1.8% of redeemed sales | Via vendor | Item 6 |
| Royalty actually paid in 2025, all franchisees | 2% to 10% of Gross Sales | Reported | Item 6, Note 3 |
For a new franchisee the percentage stack is therefore 10.5% to 11.75% of Gross Sales where a co-op exists, before digital and gift card charges. Item 8 adds that some supplier rebates go into the Ad Fund, about 4.8% of consolidated fund revenue in 2025; our franchise advertising fund research explains what Item 11 must disclose about these funds.
How can the Popeyes Advertising Contribution climb to 5.50%?
All new franchisees must join the Ad Fund Test Program by signing the Advertising Fund and Remodel Amendment (Exhibit G4). In return for a remodel timeline of 10 years instead of 6, the restaurant pays 5.0% from April 1, 2025, and Popeyes may test 5.25% from May 1, 2026 and 5.50% from May 1, 2027 if a restaurant-level 4-Wall EBITDA test in the amendment is met.
- Standard rate: 4.6% of Gross Sales for restaurants outside the program.
- April 1, 2025: 5.0% for program restaurants, including every new franchisee.
- As early as May 1, 2026: test 5.25% if the 5.0% year passes the amendment’s test.
- As early as May 1, 2027: test 5.50%; if it passes, 5.50% applies for the rest of the term.
- If a higher test rate fails: the Popeyes rate reverts to the last rate that tested successfully.
- If the 5.0% rate fails: the rate drops to 4.6%, unless a simple majority of participating restaurants votes to keep 5%.
Worked example: fixed-dollar fees every Popeyes pays each year
These charges do not depend on sales, so they can be added without any sales assumption. The five that apply to every restaurant total $13,120 to $20,120 a year using the 2026 FDD’s own figures; conditional charges are listed below that total and are not added in.
| Annual fixed charge | Amount | Applies to | Source |
|---|---|---|---|
| Consumer ordering fixed fee ($200 x 12) | $2,400 | Every restaurant | Item 6 |
| Training platform ($60 x 12) | $720 | Every restaurant | Item 6 |
| PLK Foundation | $1,000 | Every restaurant | Item 6 |
| Managed firewall vendor | About $3,000 | Every restaurant | Item 11 |
| POS and BOH systems ($3,000 to $6,500 each) | $6,000 to $13,000 | Every restaurant | Item 11 |
| Subtotal | $13,120 to $20,120 | Our arithmetic | |
| Sitewise license | $4,545 | First year in the system, or under a TRA, MTRA or Development Agreement | Item 6 |
| POP I.T. support desk | Up to $1,980 | Easy to Run Kitchen without the required POS | Item 6 |
| Static menu board kit ($200 to $300 x 12) | $2,400 to $3,600 | No outdoor digital menu board | Item 6 |
| Kiosk service | $1,000 to $1,200 per screen | Restaurants with kiosks | Item 11 |
| Guest recovery | About $1,200 estimated; cap $150 a month | Based on complaint volume | Item 6, Note 7 |
What does Popeyes charge when it is your landlord?
If Popeyes leases you land and building it calls the deal a PL; land only is a PGL; your own or third-party premises is a DTL (Item 6, Note 6). Item 10 says the lease does not cover equipment, build-out or the franchise fee. The rent formulas below are printed as typical, not fixed, and the PL term is 20 years for a free-standing franchise (Item 17).
| Lease situation | Minimum annual rent (typical) | Percentage rent (typical) | Source |
|---|---|---|---|
| Popeyes owns the property | 10% of capitalized site acquisition and construction costs; rises 12% every 5 years | 8.5% of monthly Gross Sales up to $133,333.33; 10% above that, in excess of the minimum rent installment | Item 6, Note 6 |
| Popeyes leases the property | 125% of the rent Popeyes pays plus 10% of capitalized costs; escalations passed through at 125% | Same as above | Item 6, Note 6 |
| Popeyes sells you a restaurant it owns (PL) | Higher of 10% of capitalized costs or 8.5% of trailing 12 months’ Gross Sales | Same as above | Item 6, Note 6 |
Does Popeyes publish a net worth or liquid capital minimum?
Not in its disclosure document. A search of the full 2026 Popeyes FDD finds no net worth or liquidity threshold; the words appear only as blank questions 7.3 and 7.4 on the Exhibit B application. Item 1 instead requires Popeyes’ then-current operational, financial, credit and legal criteria before you sign a TRA, MTRA or Development Agreement. Popeyes’ franchise page redirected to its consumer homepage when we tried it on October 26, 2026.
Item 17 adds a financial test at renewal: you must meet the then-current financial ratios Popeyes uses to evaluate new franchisees. Item 15 requires every owner of 10% or more to sign a personal guaranty, and Item 7 states that no part of the investment paid to Popeyes is refundable and that Popeyes does not finance any of it.
Popeyes is therefore one of the brands with no printed figure; brands that do print one are covered in the franchise cost guide on liquid capital and net worth.
Can you finance a Popeyes restaurant?
Popeyes offers no direct financing, but Item 10 of the 2026 FDD names two equipment lenders. Ascentium Capital, a division of Regions Bank, lends $5,000 to $2,000,000 at about 7.25%, typically over 3 to 6 years, with a 1% prepayment premium per remaining year. LEAF Capital Funding lends the same range at 8.25% to 12.50% over 2 to 7 years and allows no prepayment.
For bank debt, the SBA Franchise Directory effective September 29, 2026 lists Popeyes Louisiana Kitchen under code S1334, dated October 1, 2017, with franchisor certification received and no lender note. Our SBA Franchise Directory tracker follows listings, removals and SBA loan counts by brand, Popeyes included.
How long from signing to a Popeyes opening, and what does the Protected Area cover?
Item 11 of the 2026 Popeyes FDD gives 12 to 24 months from site approval to opening and a hard limit of 18 months, after which the reservation or development agreement can be terminated. The Franchise Agreement itself is usually signed about 30 days before opening. Once signed, a non-Alternative Venue restaurant gets a Protected Area: the lesser of a 1-mile radius or an area holding 50,000 residents and workers.
| Requirement | What the 2026 FDD says | Item |
|---|---|---|
| Site approval to opening | Typically 12 to 24 months; must open within 18 months | 11 |
| Franchise Agreement to opening | Typically 30 days | 11 |
| Popeyes Training Program | Up to 6 to 10 weeks; first 2 to 4 weeks station training | 11 |
| Managers trained, first restaurant | At least 5 (at least 4 for later restaurants) | 11 |
| Protected Area | Lesser of a 1-mile radius or 50,000 population; none under a TRA or MTRA | 12 |
| Managing Owner | Approved by Popeyes; at least 10% ownership | 15 |
| Managing Director | Full-time; at least 2.5% ownership if not the Managing Owner; lives within driving distance | 15 |
| Multi-unit supervision | Supervisor required; another at the 8th restaurant and every 7 to 10 after | 15 |
| Term and renewal | 20 years; one 10-year renewal plus an option on 1 supplemental 10-year term | 17 |
| Disputes | Litigation in Florida | Special risks page |
The Protected Area does not cover wholesale and retail sales of Popeyes-branded products, Alternative Venues such as airports, campuses, casinos and ghost kitchens, or a closed Popeyes that reopens within 3 years, and Popeyes may shrink it for population shifts while keeping at least 50,000 people (Item 12). Our franchise territory rights study shows how 1-mile and population-based territories compare across FDDs.
How many Popeyes franchises opened, left or changed hands from 2023 to 2025?
Franchised Popeyes restaurants in the U.S. grew from 2,905 to 3,134 between January 2023 and December 2025, per Item 20 of the 2026 FDD. Openings fell from 165 in 2023 to 104 in 2025, while exits (terminations, non-renewals, reacquisitions and other closures) were 35, 92 and 49. The 2024 spike reflects 58 franchised restaurants that Popeyes bought back, which took company-owned units from 41 to 98.
| Franchised outlets | 2023 | 2024 | 2025 |
|---|---|---|---|
| Start of year | 2,905 | 3,035 | 3,079 |
| Opened | 165 | 136 | 104 |
| Terminated | 0 | 0 | 14 |
| Not renewed | 4 | 8 | 2 |
| Reacquired by Popeyes | 0 | 58 | 0 |
| Ceased for other reasons | 31 | 26 | 33 |
| End of year | 3,035 | 3,079 | 3,134 |
| Transfers to new owners | 128 | 125 | 229 |
Franchised openings fell from 165 in 2023 to 104 in 2025; 2024 exits include 58 restaurants Popeyes reacquired. Source: Popeyes FDD issued March 20, 2026, Item 20, Table 3.
The 49 exits in 2025 equal 1.6% of the 3,079 franchised restaurants open at the start of the year; our franchise closure rate research uses the same Item 20 method across brands. Table 5 projects 104 new franchised openings in the next fiscal year, with 12 franchise agreements signed but not yet open.
Can you buy an existing Popeyes instead?
Yes, with approval from Popeyes. The 229 transfers in 2025 were changes of 50% or more of ownership (Item 20, Table 2), and each costs a $7,500 transfer fee with $1,000 due when you apply (Item 6, Note 8). If Popeyes grants extra term, you also pay a prorated initial fee (Item 5).
Item 20 notes that some current and former franchisees signed confidentiality clauses, and Exhibit J3 lists 278 who left or did not respond. Our franchise transfer fee research compares the $7,500 charge with other brands.
What sits behind the Popeyes offer: Items 3, 8, 19 and 21?
The franchisor, Popeyes Louisiana Kitchen, Inc., is an indirect subsidiary of Restaurant Brands International, whose affiliates also franchise Burger King, Tim Hortons and Firehouse Subs (Item 1). Item 21 attaches audited statements for Restaurant Brands International Inc. (RBI) and Restaurant Brands International Limited Partnership (RBILP) rather than for Popeyes alone, and one of them guarantees Popeyes’ obligations to you.
| FDD item | What it shows for Popeyes (2026 FDD) |
|---|---|
| Item 3 | Includes a February 2020 no-poach settlement with 12 states (including Iowa) and the District of Columbia; no money was paid |
| Item 8 | About 95% of purchases to open and to operate come from approved or designated suppliers; membership in the Supply Management Services, Inc. cooperative is required; Popeyes’ revenue from required purchases was about $13.7 million, about 1.7% of its roughly $799 million in 2025 revenue |
| Item 19 | Contains tables of 2025 annual sales and 4-Wall EBITDA for U.S. restaurants open all year: free-standing, in-line, food court, by sales level and by operational tier (Tables I to V) |
| Item 21 | RBI 2025 total revenues of $9,434 million and net income of $1,075 million (Exhibit L); RBILP guarantees for CA, IL, MD, ND, RI, VA and WA franchises, RBI elsewhere |
We do not reproduce Item 19 figures on this site. Read Item 19 in the filed FDD itself and ask current owners listed in Exhibit J2 how their results compare; our Item 19 research explains how to read sales and EBITDA tables and what they leave out.
Which Popeyes cost figures in other guides do not match the FDD?
Several top-ranking Popeyes cost guides updated in 2026 still quote totals that match neither the 2025 nor the 2026 FDD, and three repeat a net worth and liquidity minimum the FDD does not contain. Each claim below was taken from the guide’s own page in October 2026 and compared with the filed Popeyes disclosure documents.
| What a guide says | What the 2026 Popeyes FDD says | Source |
|---|---|---|
| A guide updated February 2026: total investment $383,500 to $3,545,800 from the “most recent” FDD | $504,545 to $1,968,245 in-line and $1,222,045 to $3,923,245 free-standing, unchanged from 2025 | Item 7 |
| A guide updated February 2026, citing franchise directories: $383,000 to $2,600,000 | Same as above; neither end matches | Item 7 |
| A guide updated February 2026: advertising fee of 4% of gross sales | 4.6% to 5.0%; new franchisees pay 5.0% under the Ad Fund Test Program | Item 6 |
| A guide updated February 2026, citing directories: a 1% advertising fee | Same as above | Item 6 |
| One guide’s start-up list: initial franchise fee $40,000 | $50,000; $27,500 for veterans; $12,500 for college and airport sites | Item 5 |
| Several guides: $1,000,000 net worth and $500,000 liquid capital | No net worth or liquidity figure printed; the application asks for both | Exhibit B; Item 1 |
| A guide updated February 2026: training typically lasts 6 to 8 weeks | The Popeyes Training Program can last up to 6 to 10 weeks | Item 11 |
Which Popeyes path fits your situation?
Choosing among the Popeyes paths comes down to how many restaurants you will commit to, whether you qualify for a fee program and whether you will build or buy. Each row below states the trigger from the 2026 FDD and what it changes in cost, so you can read across to the figures that apply before you ask Popeyes for a site review.
| If | Then | Cost effect | Source |
|---|---|---|---|
| You want one new restaurant | Sign a TRA for an approved site | $0 deposit; $50,000 fee at the Franchise Agreement | Item 5 |
| You want 2 or more and are not offered a Development Agreement | Sign an MTRA | $25,000 x restaurants at signing, plus $0 to $2,500 each | Item 5 |
| You hold a DD Form 214 and own 51% or more | Ask for the Veterans Development Incentive | Fee $27,500; royalty 2% for 6 months | Item 5 |
| Your site is on a U.S. campus or in an airport terminal | Ask for the College or Airport addendum | Fee $12,500; 0% Advertising Contribution for the term | Item 5 |
| Your construction manager is not a Qualified Partner | Budget the review fee | $20,000 to $80,000 to Popeyes | Item 5 |
| You find an in-line or food court site | Use the in-line Item 7 column | $504,545 to $1,968,245 | Item 7 |
| You are buying an existing restaurant | Apply for a transfer | $7,500 transfer fee; prorated fee for added term | Items 5, 6 |
| You will own 8 or more restaurants | Plan supervisor hires | A second supervisor at the 8th restaurant | Item 15 |
This page compiles disclosure documents and is not legal, financial or investment advice; have a franchise lawyer read the Franchise Agreement and Exhibit G4 before you sign. A franchise consultant can compare Popeyes with other systems, and our guide to what a franchise consultant does explains how that works and who pays.
How we compiled this
We read the Popeyes Franchise Disclosure Documents issued March 20, 2026 and March 21, 2025 from the Minnesota Department of Commerce CARDS database, the SBA Franchise Directory file effective September 29, 2026 and 16 CFR 436.2, which requires delivery of the FDD at least 14 calendar-days before you sign or pay. That is 4 primary documents, accessed in October 2026. We excluded every Item 19 figure, and the arithmetic in the tables is ours.
Frequently asked questions
Is Popeyes a franchise?
Yes. Popeyes Louisiana Kitchen, Inc. has franchised Popeyes restaurants since November 5, 1992, and its predecessors began in 1976. At December 31, 2025, 3,134 of the 3,229 U.S. restaurants in Item 20 of the 2026 FDD were franchised and 95 were company-owned. Popeyes is an indirect subsidiary of Restaurant Brands International.
How much is the Popeyes franchise fee?
The standard initial franchise fee is $50,000 per restaurant, due when you sign the Franchise Agreement, non-refundable and not credited against other fees (2026 FDD, Item 5). Qualifying veterans pay $27,500, and restaurants on a U.S. college campus or inside an airport terminal pay $12,500. Fees actually paid in 2025 ranged from $0 to $50,000.
What are the Popeyes franchise requirements?
The 2026 FDD prints no net worth or liquidity minimum. You must meet Popeyes’ then-current operational, financial, credit and legal criteria (Item 1), pass a background check ($210 in the U.S.), name an approved Managing Owner with at least 10% ownership and a full-time Managing Director (Item 15), and have owners of 10% or more sign a personal guaranty.
Can you buy a Popeyes franchise for sale instead of building one?
Yes, with Popeyes’ approval. Item 20 of the 2026 FDD counts 229 transfers of 50% or more of ownership in 2025, up from 125 in 2024. A transfer costs $7,500, with $1,000 due when you apply, and Popeyes charges a prorated initial fee if it grants you additional term (Items 5 and 6).
Does Popeyes offer financing?
Not directly. Item 10 of the 2026 FDD lists two equipment lenders: Ascentium Capital, at about 7.25% for $5,000 to $2,000,000, and LEAF Capital Funding, at 8.25% to 12.50%. Popeyes Louisiana Kitchen is listed in the SBA Franchise Directory effective September 29, 2026 under code S1334, with franchisor certification received and no lender note.
How long does it take to open a Popeyes?
Item 11 of the 2026 FDD puts the typical time from site approval to opening at 12 to 24 months, and you must open within 18 months of site approval or risk termination of your TRA, MTRA or Development Agreement. The Franchise Agreement is typically signed about 30 days before opening, and training can take up to 6 to 10 weeks.
Does the Popeyes FDD disclose an Iowa tax case?
No. Item 3 of the 2026 Popeyes FDD lists no Iowa tax matter. Iowa appears in Item 3 only as one of 12 states, with the District of Columbia, in a February 2020 settlement over no-poach clauses in franchise agreements, in which Popeyes denied the allegations and paid no money.
Sources
- Popeyes Louisiana Kitchen, Inc. Franchise Disclosure Document, issued March 20, 2026 (Items 1 to 21, Exhibits B and L), Minnesota Department of Commerce CARDS, accessed October 20, 2026.
- Popeyes Louisiana Kitchen, Inc. Franchise Disclosure Document, issued March 21, 2025 (Items 5, 6, 7, 10 and 11), Minnesota Department of Commerce CARDS, accessed October 26, 2026.
- SBA Franchise Directory, effective September 29, 2026, U.S. Small Business Administration, accessed October 26, 2026.
- 16 CFR 436.2, Obligation to furnish documents, Electronic Code of Federal Regulations, accessed October 26, 2026.