The 2026 Dq FDD moves the Item 7 estimated initial investment range from $549,100–$1,604,700 to $548,700–$1,595,350, and the system grows from 727 to 743 outlets (+2.2%) year-over-year. Neither filing includes an Item 19 financial performance representation.
| 2025 FDD | 2026 FDD | Change | |
|---|---|---|---|
| Low end of range | $549,100 | $548,700 | −$400 (−0.1%) |
| High end of range | $1,604,700 | $1,595,350 | −$9,350 (−0.6%) |
| Full range | $549,100–$1,604,700 | $548,700–$1,595,350 |
The 2026 filing puts the Item 7 estimated initial investment at $548,700–$1,595,350, against $549,100–$1,604,700 in the 2025 filing. The low end moves by −$400 (−0.1%) and the high end moves by −$9,350 (−0.6%), narrowing the band from $1,055,600 to $1,046,650.
2025 filing: Item 7 provides separate totals for Captive-venue and Street locations; the overall range shown on the cover page aligns with the Street-location total high end and Captive-venue total low end. 2026 filing: Initial investment totals differ by location type (Captive-venue vs. Street) in Item 7.
| 2025 FDD | 2026 FDD | Change | |
|---|---|---|---|
| Total outlets (Item 20) | 727 | 743 | +16 (+2.2%) |
| Franchised outlets | 727 | 745 | +18 (+2.5%) |
| Company-owned outlets | 0 | 0 | unchanged |
| Openings during the year | 0 | 2 | +2 |
| Closures during the year | 21 | 31 | +10 |
Dq reports 743 outlets in the 2026 FDD, against 727 in the 2025 filing — a change of +16 (+2.2%).
Outlet counts as each filing states them — 2025: As of December 31, 2024; 2026: Year ended December 31, 2025. Item 20 includes direct-licensed outlet tables (which combine DQ® Treat, Dairy Queen®/Limited Brazier®, and soft-serve only) and separately provides subfranchised territory-operator outlet tables that are not independently verified by ADQ.
Neither the 2025 nor the 2026 Dq filing includes an Item 19 financial performance representation.
| 2025 FDD | 2026 FDD | Change | |
|---|---|---|---|
| Standard royalty rate | 5% | 5% | unchanged |
The standard royalty rate holds at 5% of Gross Sales across both filings.
2025 filing: Defined in Item 6; due on or before the 10th day of each month for the previous month. 2026 filing: Defined in Item 6; conversions and renewals have special rules per footnotes.