Sonic FDD: What Changed from 2025 to 2026
The 2026 Sonic FDD reduces the high end of the Item 7 estimated initial investment from $3,140,900 to $2,522,900 (−$618,000, −19.7%) while the low end holds near $670,000; the system contracts by 49 outlets to 3,412 drive-ins.
Item 7 — Estimated Initial Investment
| 2025 FDD | 2026 FDD | Change | |
|---|---|---|---|
| Low end of range | $669,200 | $670,200 | +$1,000 |
| High end of range | $3,140,900 | $2,522,900 | −$618,000 |
| Full range | $669,200–$3,140,900 | $670,200–$2,522,900 |
The Item 7 ceiling drops by $618,000 between filings while the floor moves up only $1,000, narrowing the overall investment band from $2,471,700 to $1,852,700.
Item 20 — System Size (Outlet Count)
| 2025 FDD | 2026 FDD | Change | |
|---|---|---|---|
| Total outlets (Item 20) | 3,461 | 3,412 | −49 (−1.4%) |
Sonic reports 3,412 drive-ins in the 2026 FDD, down 49 from 3,461 in the 2025 filing.
Item 19 — Financial Performance Representations
Sonic included an Item 19 financial performance representation in both the 2025 and 2026 filings.
Item 6 — Ongoing Fees
| 2025 FDD | 2026 FDD | Change | |
|---|---|---|---|
| Royalty rate | 5% | 5% | unchanged |
The ongoing royalty rate remains 5% of Gross Sales between filings.
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