Tim Hortons FDD: What Changed from 2025 to 2026
The 2026 Tim Hortons FDD lowers the Item 7 estimated initial investment floor from $988,000 to $148,000 (−$840,000, −85.0%) while the ceiling holds at $3,312,500; the drop reflects the 2026 filing incorporating lower-cost non-traditional restaurant formats. System size remains at 693 US restaurants.
Item 7 — Estimated Initial Investment
| 2025 FDD | 2026 FDD | Change | |
|---|---|---|---|
| Low end of range | $988,000 | $148,000 | −$840,000 |
| High end of range | $3,312,500 | $3,312,500 | unchanged |
| Full range | $988,000–$3,312,500 | $148,000–$3,312,500 |
The Item 7 floor drops by $840,000 between filings while the ceiling stays at $3,312,500, widening the overall investment band from $2,324,500 to $3,164,500.
Item 20 — System Size (Outlet Count)
| 2025 FDD | 2026 FDD | Change | |
|---|---|---|---|
| Total outlets (Item 20) | 693 | 693 | unchanged |
Tim Hortons reports 693 US restaurants in both the 2025 and 2026 filings — system size is unchanged year-over-year.
Item 19 — Financial Performance Representations
Tim Hortons 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 | 6% | 6% | unchanged |
The ongoing royalty rate remains 6% of Gross Sales between filings; the initial franchise fee structure moves from a $25,000–$50,000 range in 2025 to a flat $50,000 in 2026.
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