Subway's 2026 FDD lists an Item 7 estimated initial investment of $263,000–$630,000, against $263,000–$630,000 in the 2025 filing.
| 2025 FDD | 2026 FDD | Change | |
|---|---|---|---|
| Low end of range | $263,000 | $263,000 | unchanged |
| High end of range | $630,000 | $630,000 | unchanged |
| Full range | $263,000–$630,000 | $263,000–$630,000 |
The Item 7 estimated initial investment range matches across both filings at $263,000–$630,000.
2026 filing: The total initial investment amounts listed in Item 7 correspond to a single traditional restaurant; non-traditional sites and special programs may have different estimated ranges. Item 6 details a variety of other ongoing and technology-related fees.
| 2025 FDD | 2026 FDD | Change | |
|---|---|---|---|
| Total outlets (Item 20) | 19,502 | 18,773 | −729 (−3.7%) |
| Franchised outlets | 19,502 | 18,773 | −729 (−3.7%) |
| Company-owned outlets | 0 | 0 | unchanged |
| Openings during the year | 435 | 499 | +64 |
| Closures during the year | 885 | 1,076 | +191 |
Subway reports 18,773 outlets in the 2026 FDD, against 19,502 in the 2025 filing — a change of −729 (−3.7%).
Outlet counts as each filing states them — 2025: Year ended 2024; 2026: As of December 31, 2025. All U.S. outlets are franchised; there are no company-owned units as shown in Item 20. Openings, closures, and transfers are reported for the most recent fiscal year in the provided tables.
Neither the 2025 nor the 2026 Subway filing includes an Item 19 financial performance representation.
| 2025 FDD | 2026 FDD | Change | |
|---|---|---|---|
| Standard royalty rate | 8% | 8% | unchanged |
The standard royalty rate holds at 8% of Gross Sales across both filings.
2025 filing: Gross sales includes all sales of every kind made from your restaurant; excludes amounts collected for state or local sales taxes. Royalty due on or before the Friday following the close of the business week (usually Tuesday). 2026 filing: Royalty rate is based on gross sales and is subject to limited exceptions or reductions for certain non-traditional locations and under select multi-unit arrangements as described in Item 6.