Crumbl Cookies Franchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Crumbl Cookies is a dessert franchise known for its rotating weekly menu of oversized, gourmet cookies served in pink boxes. Franchisees run bakeries managing cookie production, takeout and delivery, and a heavily social-media-driven brand.
FranchiseVerdict summary · 2026
A Crumbl Cookies franchise requires a total initial investment of $849K – $1.5M, including a $50K franchise fee and an ongoing 8.0% royalty[2]. Per the 2026 FDD, average unit revenue was $1.1M[2]. SBA 7(a) loans show a 0.0% charge-off rate across 292 loans[1]. FranchiseVerdict grade: A (Strongest tier), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2026 FDD issuance
Overview
- Investment
- $849K – $1.5M
- 91st pct Service Resta…
- Avg gross sales
- $1.1M
- 19th pct Service Resta…
- Royalty
- 8.0%
- 89th pct Service Resta…
- Units
- 1,101
- 93rd 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 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 $849K – $1.5M including a $50K franchise fee, 8.0% ongoing royalty.
- RETURNSAverage unit revenue of $1.1M/year (median $1.1M).
- RISKVerdict A (Strongest tier), verdict score 81/100 (higher is better). SBA loan charge-off rate of 0.0% across 292 loans (well below the franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- TERMSNo protected territory and the franchisor reserves the right to compete in your area. Clarify territorial boundaries before signing.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Crumbl Franchising, LLC
- Parent company
- Crumbl Enterprises LLC (immediate parent); ultimate parent Crumbl Holdings Parent LLC
- Ultimate parent
- Crumbl Holdings Parent LLC
- CEO title
- Founder/Chief Executive Officer
- Jason McGowan
- Incorporated in
- Utah
- HQ
- 1712 South East Bay Boulevard, Suite 200, Provo, Utah 84060
- Auditor
- Squire & Company, P.C.
- Audited financials
- Franchisor revenue
- $46.6M
- vs $13.4M prior year
Overview
About
- CEO
- Jason McGowan
- Headquarters
- Utah
- Founded
- 2018
- FDD year
- 2026
- States available
- 43
Can you afford it, and what does the money buy?
Entry cost runs 76% above the typical quick-service restaurants franchise.
Source: FDD 2026 · Items 5–7
FDD Item 7 · 2026 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $50K | $50K |
| Working capital (3–6 mo) | $61K | $100K |
| Equipment, build-out, other | $737K | $1.3M |
| Total initial investment | $849K | $1.5M |
Source: Crumbl Cookies 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
- $849K – $1.5M
- Bottom third — review vs category
- Liquid capital req'd
- $61K – $100K
- Bottom third — review vs category
- Franchise fee
- $50K – $50K
- Bottom third — review vs category
- Royalty
- 8.0%
- percentage · typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 10.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 8.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $650 |
| Training fee | $8K |
| Transfer fee | $10K |
| Renewal fee | $3K |
| Inventory (initial) | $12K – $22K |
| Total fee load | 10.0% of rev |
What do units actually make?
Average unit sales land near the quick-service restaurants norm.
Source: FDD 2026 · Item 19
Single-unit · estimated
Returns at a glance
Indicative numbers using FDD Item 7 / Item 19 inputs and category-benchmarked cost ratios. Full single-unit, 25-unit portfolio, and LBO models (with every input editable to stress-test your own scenario) live on the financials page.
Store EBITDA · annual
$137K
12.0% margin
Unlevered ROIC
11%
EBITDA / total invested capital
Payback
9.1 yrs
cash-on-cash, unlevered
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
What one unit earns on your invested capital
Model A · Single-Unit Return
Computes unlevered return on invested capital (ROIC) for a single franchise unit. The target band for an attractive franchise is 30–60% ROIC. Below that and a passive index fund likely outperforms; above that and the franchisor has pricing power you're subsidizing.
Note: Item 19 revenue is what the franchisor discloses. It's the top line only. Operating costs below are category estimates. Override them to match your real lease quote, labor market, and build-out budget.
Returns model · single-unit ROIC
What would one Crumbl Cookies unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
11%
Below the 30–60% attractive-franchise band
What 25 units return when you use SBA financing
Model B · Return on Equity: Debt-Financed Acquisition
Models a 25-unit portfolio acquisition financed with an SBA 7(a) loan. Shows equity IRR (your return on cash invested), DSCR (how safely the cash flow covers debt service), and the capital stack (SBA + seller + equity breakdown).
This is the “search fund” or “entrepreneurship through acquisition” scenario: you buy an existing multi-unit operator, use leverage to amplify returns, and either operate or hire management. The 25-unit size is the typical minimum for an SBA-backed franchise portfolio acquisition to pencil as a full-time income.
What “return on equity” means here: if you put in $500K of your own cash and the business generates enough EBITDA to pay down debt and grow, your equity IRR is the annual return on that $500K, including the value created when you eventually sell. Target IRR for a search fund is typically 25–35%.
Levered LBO scenario · Yale Crease Capital framing
What would 25 Crumbl Cookies units return on equity?
Equity IRR · 5-yr
49.9%
7.57× MOIC
Year-1 DSCR
1.88×
EBITDA ÷ debt service
Equity required
$1.1M
on $5.7M purchase
Total debt
$4.6M
SBA $2.8M + senior + seller note
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
- Avg gross sales
- $1.1M
- Per unit, per year
- Median gross sales
- $1.1M
Gross sales are revenue before expenses — not profit. Actual owner earnings depend on rent, labor, royalties, marketing fees, and debt service.
- Item 19 type
- historical average
- Sample size
- 776 outlets
- vs category median 20 · large
- Range (low → high)
- $365K→$3.4M
- Cohort dispersion (min → max)
- Reporting year
- 2025
- Fiscal year the figures cover
- Source filing
- FDD 2026
- Disclosed in the 2026 filing, covering 2025
- Transparency
- 7 / 10
- vs category median 4 / 10 · above
Compared against 782 Quick-Service Restaurants brands
Revenue is only 1.0x the investment. This means each unit may take 5+ years to recoup the initial outlay at typical margins.
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Unit economics
Average unit generates $1.1M/year in gross sales. Revenue-to-investment ratio: 1.0x.
Fee burden
Total ongoing fee load of 10.0% — above the Quick-Service Restaurants average of 7.9%.
Disclosure
Transparency score 7/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence.
Operator retention
System expanding at 13.5% CAGR over 3 years across 1,101 units — operators are staying and new ones are joining.
Multi-unit rate
Only 1% of franchisees own multiple units. Could indicate challenging economics or a young system where operators haven't had time to expand.
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 averages
How Crumbl Cookies Compares
Is the system healthy?
Source: FDD 2026 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 1,101
- Opened
- 52
- Last reporting year
- Closed
- 0
- Terminated
- 8
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 1
- Term expired, not renewed (per Item 20)
- Turnover rate
- 0.8%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Multi-unit owners
- 1.0%
- Net growth (3-yr)
- +13.5%
- Net unit change over 3 years
- 3-yr CAGR
- +13.5%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 52
- Closed (3yr)
- 0
- Terminated (3yr)
- 8
- Non-renewed (3yr)
- 1
- Transfers (3yr)
- 8
- Reacquired (3yr)
- 0
- Franchisor bought back
- Transfer rate
- 2.4%
- Owners selling to other franchisees
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 5 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.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 292
- Loan volume
- $167.7M
- Median loan
- $574K
- average
- Charge-off rate
- 0.0%
- 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)
- N/A
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 90
- Defaults
- 0
Vintage analysis
Crumbl Cookies charge-off rate by loan vintage
Shaded area: recent vintages with few resolved loans; rates may change as loans mature.
Top lenders financing Crumbl Cookies franchisees
Showing 3 of 90 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.
Premium insight
SBA Lending Report
Deep-dive into Crumbl Cookies's SBA lending history: lender network, geographic footprint, interest rates, and more.
SBA Lending Report
- Principal loss rate and NAICS industry benchmark
- 10 lenders with concentration factor
- Per-state charge-off rates across 20 states
- Startup risk premium and job creation velocity
Instant access. No subscription.
With a 0.0% charge-off rate across 292 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
Crumbl presents a high-growth but structurally risky opportunity marked by explosive expansion without territorial protection, unverified income claims, and concerning unit velocity that may indicate market saturation ahead.
Litigation (Item 3)
Customer class action (Lisa Watson and Angela Keers v. Crumbl LLC, Crumbl IP, LLC, Crumbl Franchising, LLC, and Crumbl Enterprises, LLC; E.D. Cal. Case No. 2:23-cv-01770-DJC-CKD, filed Aug 21, 2023) alleging Crumbl's service fee display/charging practices were fraudulent and misleading; case pending with trial scheduled later in 2026. Additionally, Item 13 discloses several trademark-infringement suits Crumbl filed against third parties (Crumbles Cookies, Crumble Coffee and Bakery, Crush Cookie Bar, Crave Cookies, Dirty Dough), most resolved via settlement or default judgment.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Squire & Company, P.C.
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
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 81 / 100 verdict
- 01MINORExplosive unit growth (131.2% YoY) suggests potential market saturation and cannibalization risk — unsustainable expansion pace raises sustainability concerns
- 02MINORZero territorial protection despite rapid multi-unit development creates direct competition between franchisees and company-owned locations
- 03MINORHigh initial investment ($347k-$691k) paired with 8% royalty requires $135k+ annual sales just to break even on fees, limiting margin flexibility
- 04MINORItem 19 Financial Performance Representations absent — unable to independently verify claimed $357k average net income across franchise system
- 05MINORHypergrowth trajectory (131% YoY) indicates classic bubble dynamics; historical data needed to assess whether growth is sustainable or driven by unsustainable unit expansion
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 10.0% 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 | 2 |
| Territory type | none |
| Protected territory | No |
| Exclusive territoryℹ | No |
| Territory radius | 1 mi |
| Territory population | 100,000 |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 3 years |
| Non-compete (miles)ℹ | 25 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 60 days |
| Transfer requires consent | Yes |
| Termination notice | 90 days |
| Mandatory arbitration | Yes |
| Arbitration location | Salt Lake County, Utah (or county where then-current headquarters is located) |
| Jury trial waiver | No |
| Governing law | UT |
| Litigation count | 1 |
View Item 3 litigation summary
Customer class action (Lisa Watson and Angela Keers v. Crumbl LLC, Crumbl IP, LLC, Crumbl Franchising, LLC, and Crumbl Enterprises, LLC; E.D. Cal. Case No. 2:23-cv-01770-DJC-CKD, filed Aug 21, 2023) alleging Crumbl's service fee display/charging practices were fraudulent and misleading; case pending with trial scheduled later in 2026. Additionally, Item 13 discloses several trademark-infringement suits Crumbl filed against third parties (Crumbles Cookies, Crumble Coffee and Bakery, Crush Cookie Bar, Crave Cookies, Dirty Dough), most resolved via settlement or default judgment.
Items 10, 11
Training & Operations
- Classroom training
- 24 hrs
- On-the-job training
- 106 hrs
- Training location
- Online/self-guided, franchisor headquarters (Lindon/Provo, Utah), and franchisee's premises
- Ongoing training
- Required
- Time to open
- 6 mo
- From signing to launch
- Site selection
- franchisee (with franchisor approval; franchisee must hire a local real estate broker)
- Franchisor financing
- Not offered
- Item 10
- POS system
- Stripe POS
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Stripe POS
Item 20 · call current owners
Franchisee Contacts
8 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Crumbl Cookies · FDD (2026) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Crumbl Cookies franchise?
The total investment to open a Crumbl Cookies franchise ranges from $849K – $1.5M, with an initial franchise fee of $50K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Crumbl Cookies franchise owners earn?
According to Item 19 of the Crumbl Cookies FDD, the average gross sales per unit is $1.1M. The median is $1.1M. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Item 19 in the Crumbl Cookies 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 Crumbl Cookies FDD and qualifies whose outlets they describe.
What is Crumbl Cookies's franchise failure rate?
Based on SBA 7(a) loan data, Crumbl Cookies has a charge-off rate of 0.0% across 292 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 Crumbl Cookies franchise locations are there?
As of their most recent FDD filing, Crumbl Cookies has 1,101 total units in the United States, including 1,101 franchised units and 0 company-owned units. 52 new units were opened in the latest reporting year.
Is Crumbl Cookies a good franchise to buy?
FranchiseVerdict rates Crumbl Cookies as a A-grade franchise with a verdict score of 81 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
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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.