FDD Year-over-Year Comparison
Panera Bread FDD: What Changed from 2025 to 2026
The 2026 Panera Bread FDD moves the Item 7 estimated initial investment range from $1,266,805–$4,651,324 to $498,306–$4,569,880, and the system grows from 2,206 to 2,214 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 | $1,266,805 | $498,306 | −$768,499 (−60.7%) |
| High end of range | $4,651,324 | $4,569,880 | −$81,444 (−1.8%) |
| Full range | $1,266,805–$4,651,324 | $498,306–$4,569,880 |
The 2026 filing puts the Item 7 estimated initial investment at $498,306–$4,569,880, versus $1,266,805–$4,651,324 in the 2025 filing. The low end moves by −$768,499 (−60.7%) and the high end moves by −$81,444 (−1.8%).
Item 20 — System Size (Outlet Count)
| 2025 FDD | 2026 FDD | Change | |
|---|---|---|---|
| Total outlets (Item 20) | 2,206 | 2,214 | +8 (+0.4%) |
Panera Bread reports 2,214 outlets in the 2026 FDD, versus 2,206 in the 2025 filing (+8 (+0.4%)).
Item 19 — Financial Performance Representations
Panera Bread included an Item 19 financial performance representation in both the 2025 and 2026 filings.
Unlock this Workspace
- Clearly Report + Workspace
- Full FDD breakdown with citations
- Ask Clara anything — unlimited for 30 days
- Saved to your Clearly Library, organized by brand