The 2026 Hardee's FDD moves the Item 7 estimated initial investment range from $688,000–$1,143,000 to $1,375,000–$2,637,395, and the system holds at 1,571 outlets year-over-year. Both filings include an Item 19 financial performance representation.
| 2025 FDD | 2026 FDD | Change | |
|---|---|---|---|
| Low end of range | $688,000 | $1,375,000 | +$687,000 (+99.9%) |
| High end of range | $1,143,000 | $2,637,395 | +$1,494,395 (+130.7%) |
| Full range | $688,000–$1,143,000 | $1,375,000–$2,637,395 |
The 2026 filing puts the Item 7 estimated initial investment at $1,375,000–$2,637,395, against $688,000–$1,143,000 in the 2025 filing. The low end moves by +$687,000 (+99.9%) and the high end moves by +$1,494,395 (+130.7%), widening the band from $455,000 to $1,262,395.
2026 filing: Item 6 describes multiple required periodic fees, including POS support, digital technology, and training, in addition to ongoing advertising, local, and royalty payments. The initial investment range in Item 7 does not include land/lease costs.
| 2025 FDD | 2026 FDD | Change | |
|---|---|---|---|
| Total outlets (Item 20) | 1,571 | 1,571 | unchanged |
| Franchised outlets | 1,369 | 1,369 | unchanged |
| Company-owned outlets | 202 | 202 | unchanged |
| Openings during the year | 8 | 8 | unchanged |
| Closures during the year | 26 | 33 | +7 |
Hardee's reports 1,571 outlets in both filings: system size is unchanged year-over-year.
Outlet counts as each filing states them — 2025: Fiscal year ended January 27, 2025; 2026: Fiscal year ended January 27, 2025. Item 20 outlet tables separate franchised, company-operated, and dual concept locations, showing both opening and closing activity for the most recent three years. Some restaurants are classified as dual concept but are also included in overall counts.
Hardee's included an Item 19 financial performance representation in both the 2025 and 2026 filings. The 2026 filing discloses financial performance, broken out across 2 outlet segments for 53 week period of January 30, 2024 to January 27, 2025 (the “FY25 Period”).
| 2025 FDD | 2026 FDD | Change | |
|---|---|---|---|
| Standard royalty rate | 5% | 4% | unchanged |
The standard royalty rate holds at 4% of Gross Sales across both filings.
2025 filing: Royalty stated as 4%–5% of Gross Sales; if a range is stated, schema uses the higher value. 2026 filing: Royalty fees may be temporarily reduced or increased based on incentive programs or negotiated circumstances, as specified in Item 6. If purchasing a company-operated restaurant, royalty can be up to 6% of Gross Sales.