Bonefish GrillFranchise Cost, Revenue & Review 2026
Data from FDD filing
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 2026 FDD does not disclose unit-level revenue (no Item 19). Verdict grade: D. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2026 FDD issuance
Overview
- Investment
- $4.3M – $9.0M
- 49th pct Service Resta…
- Avg gross sales
- N/A
- 28th pct Service Resta…
- Royalty
- 5.0%
- 7th pct Service Resta…
- Units
- 166
- 44th pct Service Resta…
- SBA default
- N/A
Quick verdict · Full-Service Restaurants · color = vs category peers
Green = >15% above Full-Service Restaurants avg · No shading = within ±15% · Red = >15% below avg · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Franchised units fell from 7 to 4 over 3 years. Investigate why operators are leaving.
Bottom line
- Total investment $4.3M – $9.0M including a $40K franchise fee, 5.0% ongoing royalty.
- No Item 19 financial performance data disclosed. The franchisor chose not to publish revenue figures.
- Verdict D (Below Average) with a risk score of 70/100.
- System 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
- Legal entity
- Bonefish Grill, LLC
- Parent company
- Bloomin’ Brands, Inc.
- Incorporated in
- FL
- HQ
- 2202 North West Shore Boulevard, 5th Floor, Tampa, Florida 33607
- Auditor
- PricewaterhouseCoopers LLP
- Audited financials
- Franchisor revenue
- $4.2M
- vs $4.0M prior year
Overview
About
Franchisees operate upscale casual seafood restaurants featuring grilled fish, wood-grilled steaks, and craft cocktails. Day-to-day operations include managing 80-150 employees, maintaining food quality/seafood sourcing, executing table service during lunch and dinner shifts, and driving local marketing to compete with casual dining chains.
- CEO
- John Bettin
- Headquarters
- FL
- Founded
- 2001
- FDD year
- 2026
- States available
- 2
FDD Item 7 · 2026 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 2026 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
- Near category avg vs category
- Liquid capital req'd
- $71K – $156K
- Near category avg vs category
- Franchise fee
- $40K – $40K
- Better than avg 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 |
| Transfer fee | $1K |
| Renewal fee | $50 |
| Total fee load | 7.1% of rev |
Financial Performance
This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.
vs Full-Service Restaurants averages
How Bonefish Grill Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 166
- Opened
- 0
- Last reporting year
- Closed
- 2
- Turnover rate
- 1.2%
- Company-owned
- 162
- Corporate units in the system
- % franchised
- 2%
- vs corporate-owned
- Net growth (yr3)
- -33.3%
- Net unit change last year
- 3-yr CAGR
- -42.9%
- Compounded over last 3 years
3-year detail · Item 20
- Transfers (3yr)
- 0
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 19 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.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
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.
Audited financials (Item 21)
Yes · PricewaterhouseCoopers LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Score breakdown · what drove the 70 / 100 rating
- 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
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 20 years |
|---|---|
| Renewal term | 20 years |
| Allowed renewalsℹ | 1 |
| Territory type | Radius |
| Protected territory | Yes |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Right of first refusalℹ | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | No |
| Jury trial waiver | Yes |
| Governing law | Florida |
| Litigation count | 1 |
Items 10, 11
Training & Operations
- Classroom training
- 59 hrs
- On-the-job training
- 465 hrs
- POS system
- POSitouch
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: POSitouch
Item 20 · call current owners
Franchisee Contacts
25 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Bonefish Grill · FDD (2026) 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 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 7 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 risk score of 70 out of 100, 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
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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.