Bonefish Grill Franchise Cost, Revenue & Review 2026
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Bonefish Grill is an upscale-casual seafood franchise serving wood-grilled fish, steaks, and craft cocktails. Franchisees run full-service restaurants managing kitchen, bar, and a large service staff.
FranchiseVerdict summary · 2026
A Bonefish Grill franchise requires a total initial investment of $4.3M – $9.0M, including a $40K franchise fee and an ongoing 5.0% royalty[2]. The 2025 FDD does not disclose unit-level revenue (no Item 19). FranchiseVerdict grade: D (Below average), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2025 FDD issuance
Overview
- Investment
- $4.3M – $9.0M
- 40th pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 5.0%
- 7th pct Service Resta…
- Units
- 166
- 34th pct Service Resta…
- SBA charge-off
- N/A
Quick verdict · Full-Service Restaurants · color = vs category peers
Green = favorable by >10% vs Full-Service Restaurants avg · No shading = within ±10% · Red = unfavorable by >10% · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Bottom line
- COSTTotal investment $4.3M – $9.0M including a $40K franchise fee, 5.0% ongoing royalty.
- RETURNSAudited financial statements in Item 21 are the consolidated financials of the ultimate parent, Bloomin' Brands, Inc. (Nasdaq: BLMN), not of the franchisor entity Bonefish Grill, LLC. FY2024 ended December 29, 2024. Figures originally in thousands. 2024 reflects a net loss including discontinued operations; income from continuing operations was a net loss of $46,673K. Total revenues: restaurant sales $3,866,344K + franchise and other revenues $84,131K.
- RISKVerdict D (Below average), verdict score 35/100 (higher is better).
- DECLINESystem contracting at -42.9% CAGR over 3 years. Investigate whether closures are franchisor-driven (consolidation) or franchisee-driven (economics).
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Bonefish Grill, LLC
- Parent company
- OSI Restaurant Partners, LLC
- Ultimate parent
- Bloomin' Brands, Inc.
- CEO title
- Senior Vice President, President of Bonefish Grill
- John Bettin
- Incorporated in
- FL
- HQ
- 2202 North West Shore Boulevard, 5th Floor, Tampa, Florida 33607
- Auditor
- Deloitte & Touche LLP
- Audited financials
- Franchisor revenue
- $4.0B
- vs $4.2B prior year
Overview
About
- CEO
- John Bettin
- Headquarters
- FL
- Founded
- 2001
- FDD year
- 2025
- States available
- 2
Can you afford it, and what does the money buy?
Entry cost runs 470% above the typical full-service restaurants franchise.
Source: FDD 2025 · Items 5–7
FDD Item 7 · 2025 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $40K | $40K |
| Working capital (3–6 mo) | $71K | $156K |
| Equipment, build-out, other | $4.1M | $8.8M |
| Total initial investment | $4.3M | $9.0M |
Source: Bonefish Grill 2025 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $4.3M – $9.0M
- Middle of category vs category
- Liquid capital req'd
- $71K – $156K
- Top 40% of category vs category
- Franchise fee
- $40K – $40K
- Top 40% of category vs category
- Royalty
- 5.0%
- percentage · typical 6–8%
- Ad fund
- 2.1%
- typical 3–5%
- Total fee load
- 7.1%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of gross sales |
| Marketing / ad fund | 2.1% of gross sales |
| Technology fee | $130 |
| Training fee | $40K |
| Transfer fee | $1K |
| Renewal fee | $20K |
| Inventory (initial) | $247K – $708K |
| Total fee load | 7.1% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Bonefish Grill did not disclose financial performance in FDD Item 19. The ROIC and return models require Item 19 revenue. Without it all inputs are estimates. You can still run the calculator with your own assumptions by entering an expected revenue figure.
Returns model · single-unit ROIC
What would one Bonefish Grill unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
1%
Below the 30–60% attractive-franchise band
These models are for research and scenario planning only. Not investment advice. Actual results depend on your specific location, management, and market conditions. Consult a franchise attorney and accountant before signing any franchise agreement.
Item 19 · Source: 2025 FDD
Financial Performance
Audited financial statements in Item 21 are the consolidated financials of the ultimate parent, Bloomin' Brands, Inc. (Nasdaq: BLMN), not of the franchisor entity Bonefish Grill, LLC. FY2024 ended December 29, 2024. Figures originally in thousands. 2024 reflects a net loss including discontinued operations; income from continuing operations was a net loss of $46,673K. Total revenues: restaurant sales $3,866,344K + franchise and other revenues $84,131K.
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Fee burden
Total ongoing fee load of 7.1% (near the Full-Service Restaurants average).
Disclosure
Franchisor chose not to disclose financial performance representations. You will need to gather unit economics directly from existing franchisees.
Operator retention
System contracting at -42.9% CAGR over 3 years. Investigate whether closures are franchisor-driven consolidation or franchisee exits.
Source: FDD Item 19 financial performance representations and publicly filed FDD data. Past performance is not indicative of future results. Verify all figures with the franchisor and current franchisees before making any investment decision.
vs Full-Service Restaurants averages
How Bonefish Grill Compares
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 166
- Opened
- 0
- Last reporting year
- Closed
- 1
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 1
- Term expired, not renewed (per Item 20)
- Turnover rate
- 50.0%
- Company-owned
- 162
- Corporate units in the system
- % franchised
- 2%
- vs corporate-owned
- Net growth (3-yr)
- -42.9%
- Net unit change over 3 years
- 3-yr CAGR
- -42.9%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 0
- Closed (3yr)
- 1
- Terminated (3yr)
- 0
- Non-renewed (3yr)
- 1
- Transfers (3yr)
- 0
- Reacquired (3yr)
- 0
- Franchisor bought back
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 3 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
A system losing more than 10% of its units year-over-year is a red flag. Check whether closures are concentrated in specific regions.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
No SBA loan data available for this brand.
What could kill this investment?
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Bonefish Grill presents HIGH RISK due to steep unit decline, regulatory history, missing financial disclosures, and high capital requirements with no transparent path to profitability.
Litigation (Item 3)
One regulatory matter: Washington State DFI consent order (2015) regarding unregistered franchise sales in WA in 2004 and 2006; BFG paid $2,000 in investigative costs and agreed to cease and desist without admitting violations.
Largest disclosed settlement: $2,000
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Deloitte & Touche LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
ⓘ These are the parent company's consolidated financials (the parent guarantees the franchisor), not this brand's standalone results — the figure reflects the whole corporate group, not this brand alone.
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: Yes
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 35 / 100 verdict
- 01MEDUnit count declined 33.3% year-over-year (166 units), indicating significant system contraction and potential franchisee struggles
- 02MINORNo Item 19 financial performance disclosure despite high investment range ($4.26M-$9.04M), making ROI assessment impossible
- 03MINOR2015 SEC consent order for unregistered franchise sales demonstrates prior regulatory non-compliance and franchise disclosure violations
- 04MEDHigh initial investment relative to undisclosed unit economics creates misalignment of risk/reward transparency
- 05MINORRestaurant sector fundamentals challenged by labor costs, food inflation, and consumer traffic volatility post-2015
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 7.1% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2025 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 20 years |
|---|---|
| Renewal term | 20 years |
| Allowed renewalsℹ | 1 |
| Territory type | protected |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory radius | 3 mi |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 10 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 0 days |
| Termination groundsℹ | 14 |
| Curable defaultsℹ | 1 |
| Mandatory arbitration | No |
| Arbitration location | Tampa, FL |
| Jury trial waiver | No |
| Governing law | FL |
| Litigation count | 1 |
View Item 3 litigation summary
One regulatory matter: Washington State DFI consent order (2015) regarding unregistered franchise sales in WA in 2004 and 2006; BFG paid $2,000 in investigative costs and agreed to cease and desist without admitting violations.
Items 10, 11
Training & Operations
- Classroom training
- 59 hrs
- On-the-job training
- 465 hrs
- Training location
- Designated Bonefish Grill certified training restaurants (generally east/southeast United States)
- Ongoing training
- Required
- Time to open
- 24 mo
- From signing to launch
- Site selection
- Franchisee selects; franchisor must approve
- Franchisor financing
- Not offered
- Item 10
- POS system
- POSitouch
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: POSitouch
Item 20 · call current owners
Franchisee Contacts
6 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Bonefish Grill · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Bonefish Grill franchise?
The total investment to open a Bonefish Grill franchise ranges from $4.3M – $9.0M, with an initial franchise fee of $40K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Bonefish Grill franchise owners earn?
Bonefish Grill does not disclose average franchise owner earnings in their FDD Item 19. Not all franchisors are required to make financial performance representations. We recommend asking existing franchisees directly about their financial experience.
What is Item 19 in the Bonefish Grill FDD?
The FDD section where a franchisor may disclose financial performance of its outlets. Disclosure is optional and formats vary; figures are typically gross sales, which is revenue before expenses, not profit. FranchiseVerdict extracts these figures directly from the Bonefish Grill FDD and qualifies whose outlets they describe.
What is Bonefish Grill's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Bonefish Grill (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many Bonefish Grill franchise locations are there?
As of their most recent FDD filing, Bonefish Grill has 166 total units in the United States, including 4 franchised units and 162 company-owned units.
Is Bonefish Grill a good franchise to buy?
FranchiseVerdict rates Bonefish Grill as a D-grade franchise with a verdict score of 35 out of 100 (higher is better), based on our analysis of investment costs, revenue data, SBA loan performance, and growth trends. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
For franchisors
Are you the franchisor?
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.