The 2026 Burger King FDD moves the Item 7 estimated initial investment range from $348,400–$4,705,600 to $348,400–$3,320,600, and the system contracts from 6,701 to 6,650 outlets (−0.8%) year-over-year. Both filings include an Item 19 financial performance representation.
| 2025 FDD | 2026 FDD | Change | |
|---|---|---|---|
| Low end of range | $348,400 | $348,400 | unchanged |
| High end of range | $4,705,600 | $3,320,600 | −$1,385,000 (−29.4%) |
| Full range | $348,400–$4,705,600 | $348,400–$3,320,600 |
The 2026 filing puts the Item 7 estimated initial investment at $348,400–$3,320,600, against $348,400–$4,705,600 in the 2025 filing. The low end is unchanged and the high end moves by −$1,385,000 (−29.4%), narrowing the band from $4,357,200 to $2,972,200.
2025 filing: The Item 7 total investment range is stated as excluding real estate; Item 5 describes deposits under TRA/MTRA and other programs that may be credited toward franchise fees. 2026 filing: The cover page states the total investment is between $348,400 and $3,320,600 (excluding real estate). Item 7 provides totals by facility type; the lowest total shown is for an Indoor MRS and the highest total is for a freestanding Traditional facility.
| 2025 FDD | 2026 FDD | Change | |
|---|---|---|---|
| Total outlets (Item 20) | 6,701 | 6,650 | −51 (−0.8%) |
| Franchised outlets | 5,524 | 5,518 | −6 (−0.1%) |
| Company-owned outlets | 1,177 | 1,132 | −45 |
| Openings during the year | 64 | 87 | +23 |
| Closures during the year | 12 | Not disclosed |
Burger King reports 6,650 outlets in the 2026 FDD, against 6,701 in the 2025 filing — a change of −51 (−0.8%).
Outlet counts as each filing states them — 2025: December 31, 2024; 2026: As of December 31, 2025. From Table 1 (systemwide) for 2025: franchised net change -6; company-owned net change -45. Table 3 totals for 2025 show franchised outlets opened (83), terminations (7), non-renewals (33), reacquired by franchisor (13), and ceased operations (36).
Burger King included an Item 19 financial performance representation in both the 2025 and 2026 filings. The 2026 filing discloses annual sales, sales uplift %, traffic uplift % and cumulative sales uplift %, broken out across 9 outlet segments for 12-month period ended December 31, 2025.
Item 19 states sales figures are Gross Sales as defined in the Franchise Agreement and exclude sales taxes. Item 19 states the figures do not reflect costs, operating expenses, or profit.
| 2025 FDD | 2026 FDD | Change | |
|---|---|---|---|
| Standard royalty rate | 4.5% | 4.5% | unchanged |
The standard royalty rate holds at 4.5% of Gross Sales across both filings.
2025 filing: Item 6 notes that reduced royalty rates may apply under certain incentive or remodel programs; the table lists the standard royalty rate. 2026 filing: Item 6 lists the standard royalty as 4.5% of monthly Gross Sales, due on the 10th day of the next month; Item 6 footnotes describe reduced royalty programs and certain increased royalty provisions tied to remodel/default circumstances.