FDD Year-over-Year Comparison
A&W FDD: What Changed from 2025 to 2026
The 2026 A&W FDD moves the Item 7 estimated initial investment range from $298,899–$1,639,906 to $301,095–$1,640,034, and the system contracts from 429 to 409 outlets year-over-year. Both filings include an Item 19 financial performance representation.
Item 7 — Estimated Initial Investment
| 2025 FDD | 2026 FDD | Change | |
|---|---|---|---|
| Low end of range | $298,899 | $301,095 | +$2,196 (+0.7%) |
| High end of range | $1,639,906 | $1,640,034 | +$128 (+0.0%) |
| Full range | $298,899–$1,639,906 | $301,095–$1,640,034 |
The 2026 filing puts the Item 7 estimated initial investment at $301,095–$1,640,034, versus $298,899–$1,639,906 in the 2025 filing. The low end moves by +$2,196 (+0.7%) and the high end moves by +$128 (+0.0%).
Item 20 — System Size (Outlet Count)
| 2025 FDD | 2026 FDD | Change | |
|---|---|---|---|
| Total outlets (Item 20) | 429 | 409 | −20 (−4.7%) |
A&W reports 409 outlets in the 2026 FDD, versus 429 in the 2025 filing (−20 (−4.7%)).
Item 19 — Financial Performance Representations
A&W included an Item 19 financial performance representation in both the 2025 and 2026 filings.
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