The 2026 Sonic FDD moves the Item 7 estimated initial investment range from $1,676,000–$3,140,900 to $1,485,200–$2,522,900, and the system contracts from 3,461 to 3,412 outlets (−1.4%) year-over-year. Both filings include an Item 19 financial performance representation.
| 2025 FDD | 2026 FDD | Change | |
|---|---|---|---|
| Low end of range | $1,676,000 | $1,485,200 | −$190,800 (−11.4%) |
| High end of range | $3,140,900 | $2,522,900 | −$618,000 (−19.7%) |
| Full range | $1,676,000–$3,140,900 | $1,485,200–$2,522,900 |
The 2026 filing puts the Item 7 estimated initial investment at $1,485,200–$2,522,900, against $1,676,000–$3,140,900 in the 2025 filing. The low end moves by −$190,800 (−11.4%) and the high end moves by −$618,000 (−19.7%), narrowing the band from $1,464,900 to $1,037,700.
2025 filing: Initial investment range reflects the TOTAL row for Free-Standing Leased (Traditional Free-Standing) in Item 7; Item 7 also provides separate totals for C-Store leased and Drive-Thru Only leased formats. 2026 filing: Item 7 provides separate total estimated initial investment ranges by format (Free-standing leased, C-Store leased, and Urban in-line leased); the total shown here is for the Free-standing leased format (excluding free-standing real estate costs).
| 2025 FDD | 2026 FDD | Change | |
|---|---|---|---|
| Total outlets (Item 20) | 3,461 | 3,412 | −49 (−1.4%) |
| Franchised outlets | 3,144 | 3,120 | −24 (−0.8%) |
| Company-owned outlets | 317 | 292 | −25 |
| Openings during the year | Not disclosed | 32 | |
| Closures during the year | Not disclosed | 75 |
Sonic reports 3,412 outlets in the 2026 FDD, against 3,461 in the 2025 filing — a change of −49 (−1.4%).
Outlet counts as each filing states them — 2025: Year end 2024 (end of 2024 fiscal year); 2026: End of fiscal year 2025 (December 28, 2025). Openings and closures reflect 2025 franchised openings (Table 3: Restaurants Opened) and total closures in 2025 (franchised ceased operations plus company restaurants closed). Transfers reflect transfers from franchisees to new owners (other than franchisor/affiliate) in 2025 (Table 2).
Sonic included an Item 19 financial performance representation in both the 2025 and 2026 filings. The 2026 filing discloses financial performance, broken out across 7 outlet segments for 2025 fiscal year (December 30, 2024 to December 28, 2025).
| 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: Item 6 notes describe incentive programs that may reduce the royalty rate for qualifying restaurants. 2026 filing: Royalty is payable monthly on the 10th day of the next month; reduced royalty rates may apply under certain incentive programs.