Crispy Cones Franchise Cost, Revenue & Review 2026
- Investment
- $374K – $582K
- Disclosed sales
- partial, no system average
- SBA charge-off
- 0.0%
- on 14 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Crispy Cones is a dessert franchise serving soft-serve ice cream and toppings in fresh-baked chimney-style cones. Franchisees run the shops, managing product prep, staffing, and counter service.
FranchiseVerdict summary · 2026
A Crispy Cones franchise requires a total initial investment of $374K – $582K, including a $35K franchise fee and an ongoing 5.0% royalty[2]. The 2026 FDD on file does not yield a unit-revenue figure we can publish. SBA 7(a) loans show a 0.0% charge-off rate across 14 loans[1]. FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: low - issued within the last 12 months
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✓ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored5 of 5 headline figures on this page cite a page of the filing.
Overview
- Investment
- $374K – $582K
- 60th pct Service Resta…
- Avg gross sales
- N/A
- Partial period
- Royalty
- 5.0%
- 12th pct Service Resta…
- Units
- 21
- 49th pct Service Resta…
- SBA charge-off
- 0.0%
- % of SBA 7(a) loans not repaid · median varies by category
Quick verdict · Quick-Service Restaurants · color = vs category peers
Green = favorable by >10% vs Quick-Service Restaurants median · 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 $374K – $582K including a $35K franchise fee, 5.0% ongoing royalty.
- RETURNSItem 19 reports monthly gross sales by quartile rather than annual gross sales, so unit revenue is not directly comparable.
- RISKVerdict B (Above average), verdict score 65/100 (higher is better). SBA loan charge-off rate of 0.0% across 14 loans (well below the franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- GROWTHNegative, pipeline stalled: 42 agreements signed but not yet open against 21 open outlets (Item 20).
- GROWTHSystem growing at 500.0% CAGR over 3 years with 21 total units. Strong expansion trajectory.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Crispy Cones Franchising, LLC
- Parent company
- Crispy Cones Holdings, LLC
- FDD Item 1, page 7 of the 2026 FDD
- CEO title
- CEO and President
- Jeremy Carlson
- Incorporated in
- ID
- HQ
- 3878 Jake Way, Suite 101, Rexburg, ID 83440
- Auditor
- Cooper Norman
- Audited financials
- Franchisor revenue
- $2.4M
- vs $2.0M prior year
Overview
About
- CEO
- Jeremy Carlson
- Headquarters
- ID
- Founded
- 2021
- FDD year
- 2026
- States available
- 13
Can you afford it, and what does the money buy?
Entry cost is about typical for a quick-service restaurants franchise (near the category median).
Source: FDD 2026 · Items 5–7
FDD Item 7 · 2026 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $35K | $35K |
| Working capital (3–6 mo) | $3K | $15K |
| Equipment, build-out, other | $336K | $532K |
| Total initial investment | $374K | $582K |
Source: Crispy Cones 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
- $374K – $582K
- Middle of category vs category
- Liquid capital req'd
- $3K – $15K
- Top 40% of category vs category
- Franchise fee
- $35K – $35K
- Middle of category vs category
- Royalty
- 5.0%
- typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 8.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $0 |
| Training fee | $4K |
| Transfer fee | $4K |
| Renewal fee | $4K |
| Inventory (initial) | $6K – $10K |
| Total fee load | 8.0% of rev |
What do units actually make?
Source: FDD 2026 · Item 19
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
No Item 19 revenue figure for Crispy Cones is on file. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one Crispy Cones unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for annual revenue, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
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: 2026 FDD
Financial Performance
Item 19 reports monthly gross sales by quartile rather than annual gross sales, so unit revenue is not directly comparable. We omit it from rankings.
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 8.0% (near the Quick-Service Restaurants median).
Disclosure
Item 19 reports monthly gross sales by quartile rather than annual gross sales, so unit revenue is not directly comparable.
Operator retention
System expanding at 500.0% CAGR over 3 years across 21 units — operators are staying and new ones are joining.
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 Quick-Service Restaurants medians
How Crispy Cones Compares
Category median of published Quick-Service Restaurants brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
Is the system healthy?
Source: FDD 2026 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 21
- Opened
- 14
- Last reporting year
- Closed
- 1
- Terminated
- 1
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 4.8%
- Company-owned
- 3
- Corporate units in the system
- % franchised
- 86%
- vs corporate-owned
Last fiscal year · Item 20 exits and transfers
- Terminated
- 1
- Not renewed
- 0
- Transferred
- 2
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 42
- 2.00 per open outlet · Item 20 Table 5
- Projected new
- 35
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 14 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.
Where the owners are · Item 20 owner list
18 current owners across 14 states.
- FL 2
- TN 2
- TX 2
- UT 2
- AR 1
- AZ 1
- ID 1
- IN 1
- NC 1
- NJ 1
- NV 1
- PA 1
- +2 more states
Counts only, from the list the franchisor prints in Item 20. Names and phone numbers are for your own due diligence and are not shown here.
Fast growth in a small system. Newer franchisors expanding quickly may not yet have the support infrastructure of larger systems.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 14
- Loan volume
- $3.7M
- Median loan
- $350K
- 50th percentile
- Charge-off rate
- 0.0%
- on 14 loans · rates vary by category · see methodology
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- 100.0%
- 5-yr charge-off
- 0.0%
- Loans approved 2021+
- Active lenders
- 6
- Defaults
- 0
- Typical loan rate
- 9.9%
- avg rate to borrowers
- Franchised industry avg
- 10.6%
- brand beats franchise avg ↓
- Jobs supported
- 139
- 3.8 per loan
- Lender concentration
- 57%
- top lender's share
Borrower mix: 100% went to startups / new businesses, 0% to established operators
Franchise vs independent — in snack and nonalcoholic beverage bars, franchised businesses charge off at 10.6% vs 8.9% for independents — franchising is associated with 19% higher SBA default risk in this category.
Top lenders financing Crispy Cones franchisees
Showing 3 of 6 lenders. The full breakdown — every lender, state distribution, interest rates & risk ratings — is in the SBA Lending Report below.
Explore lender portfolios on Bank Reports or regional data on State Reports.
Lender network · 7(a) + 504
SBA Lending Report
Full lending analysis for Crispy Cones from SBA 7(a) FOIA data.
- Principal loss rate
- 0.0%
- Avg SBA guarantee
- 66%
- Avg interest rate
- 9.91%
- Lender concentration
- 57.1%
- Job velocity
- 3.8 per $100K
- NAICS benchmark
- 7.0%
- NAICS 722515
- Jobs supported
- 139
Top SBA lendersTop lender holds 57% of loans
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | The Huntington National Bank | 8 | $1.7M | N/A |
| 2 | First Merchants Bank | 2 | $385K | N/A |
| 3 | Newtek Bank, National Association | 1 | $350K | N/A |
| 4 | Cadence Bank | 1 | $460K | N/A |
| 5 | Bank of Central Florida | 1 | $286K | 0.0% |
| 6 | Citizens Bank | 1 | $500K | N/A |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| FLFlorida | 4 | 0 | 0.0% |
| INIndiana | 2 | 0 | -- |
| NCNorth Carolina | 2 | 0 | -- |
| TXTexas | 2 | 0 | -- |
| WAWashington | 2 | 0 | -- |
| COColorado | 1 | 0 | -- |
| IDIdaho | 1 | 0 | -- |
SBA 7(a) lending trend
Borrower profile
Source: SBA 7(a) + 504 FOIA loan-level data, matched by FranchiseVerdict
With a 0.0% charge-off rate across 14 loans, banks have historically viewed this brand favorably for lending.
What could kill this investment?
SBA loans charge off at 0.0% — 100% below the 16.0% national norm, i.e. lower lender-observed risk.
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Hypergrowth franchise with minimal operational track record and zero financial performance transparency creates elevated risk despite protected territory and no litigation.
Why this reads harsher than the B grade: the grade weighs financial health, unit economics, unit growth, scale, legal, and transparency across the whole filing, while this summary lists individual flags without that weighting. The flags are worth checking with current owners; neither is investment advice.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Cooper Norman
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Franchisor total revenue from all sources in last fiscal year was $2,312,285 (disclosed in Item 8 narrative); required-purchase revenue from franchisees was $170,994 (7.4% of total). The audited financial statements in Exhibit F are image-only in the source text, so balance-sheet figures (assets, liabilities, equity, net income) and the auditor name could not be extracted.
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
Score breakdown · what drove the 65 / 100 verdict
- 01MINORExtreme unit growth of 260% YoY suggests either aggressive expansion, acquisition of existing operators, or unsustainable recruitment — sustainability unclear
- 02MINORSmall base of only 21 units creates statistical volatility and limits franchisee reference pool
- 03MEDHigh initial investment ($373,650–$581,900) paired with undisclosed profitability creates significant financial risk
- 04MINOR5% royalty on gross sales (not net) means franchisees pay royalties even in loss periods
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 8.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2026 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 1 |
| Territory type | Protected territory |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 25 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 30 days |
| Transfer requires consent | Yes |
| Termination notice | 60 days |
| Curable defaultsℹ | 9 |
| Mandatory arbitration | Yes |
| Arbitration location | Madison County, Idaho |
| Jury trial waiver | Yes |
| Governing law | ID |
| Litigation count | 0 |
Items 10, 11
Training & Operations
- Classroom training
- 34 hrs
- On-the-job training
- 33 hrs
- Training location
- Designated training facility in the Rexburg, Idaho area and/or at an operating Store
- Ongoing training
- Required
- Time to open
- 8 mo
- From signing to launch
- Site selection
- Franchisee selects; franchisor must approve within 90 days
- Franchisor financing
- Not offered
- Item 10
- POS system
- designated point of sale (“POS”) system
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: designated point of sale (“POS”) system
Item 20 · call current owners
Franchisee Contacts
18 owners to call
Name · phone · city · state. Extracted from FDD Item 20
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Crispy Cones franchise?
The total investment to open a Crispy Cones franchise ranges from $374K – $582K, with an initial franchise fee of $35K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Crispy Cones franchise owners earn?
Item 19 of the Crispy Cones FDD discloses figures for part of the system but no single average across all outlets. These are gross sales figures, not profit; the Revenue section shows what the filing reports and on what basis. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns Crispy Cones?
Crispy Cones is franchised by Crispy Cones Franchising, LLC. Its parent company is Crispy Cones Holdings, LLC. Source: FDD Item 1, 2026 filing.
What is Item 19 in the Crispy Cones 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 Crispy Cones FDD and qualifies whose outlets they describe.
What is Crispy Cones's franchise failure rate?
Based on SBA 7(a) loan data, Crispy Cones has a charge-off rate of 0.0% across 14 loans, meaning 0.0% of franchise loans were charged off. Charge-off rates are one proxy for franchise risk, though they do not capture all closures. This data comes from FOIA-sourced SBA lending records.
How many Crispy Cones franchise locations are there?
As of their most recent FDD filing, Crispy Cones has 21 total units in the United States, including 18 franchised units and 3 company-owned units. 14 new units were opened in the latest reporting year.
Is Crispy Cones a good franchise to buy?
FranchiseVerdict rates Crispy Cones as a B-grade franchise with a verdict score of 65 out of 100 (higher is better). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. 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.