Crumbl Cookies Franchise Cost, Revenue & Review 2026
- Investment
- $849K – $1.5M
- Disclosed sales
- $1.1M
- gross sales, not profit
- SBA charge-off
- Limited · 292 loans
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]. FranchiseVerdict grade: A (Strongest tier), 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 scored8 of 8 headline figures on this page cite a page of the filing.
Overview
- Investment
- $849K – $1.5M
- 90th pct Service Resta…
- Avg gross sales
- $1.1M
- 22nd pct Service Resta…
- Royalty
- 8.0%
- 93rd pct Service Resta…
- Units
- 1,101
- 93rd pct Service Resta…
- SBA charge-off
- N/A
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 $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 71/100 (higher is better).
- GROWTHPositive: net +43 franchised outlets in the latest year (52 opened, 9 closed); 207 signed but not yet open (Item 20).
- 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
- FDD Item 1, page 10 of the 2026 FDD
- Ultimate parent
- Crumbl Holdings Parent LLC
- FDD Item 1, page 10 of the 2026 FDD
- 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
- $155.7M
- vs $158.3M 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 139% 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%
- 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 run 17% above the quick-service restaurants norm.
Source: FDD 2026 · Item 19
Single-unit · not modelled
Returns at a glance
An FDD discloses gross sales, not profit, and the operating costs that turn one into the other are in no filing. We publish no modelled return for Crumbl Cookies until someone supplies them — yours, in the models below.
—
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for 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.
Total invested capital · disclosed
$1.2M
Item 7 initial investment plus working capital, as filed — the one figure here that needs no assumption.
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, read against the 30–60% reference band · Yale SOM, Post-MBA Path Exhibit 2 (2023). Below that band a passive index fund likely outperforms; above it the franchisor has pricing power you're subsidizing.
Note: Item 19 revenue is what the franchisor discloses, and it is the top line only — gross sales are not profit. No FDD discloses the operating costs that turn one into the other, so those fields start empty and nothing is modelled until you supply them from your own 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?
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 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.
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%.
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for 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.
A 25-unit return is built on a per-unit EBITDA. Fill in the operating costs in Model A above and this model runs on that figure, or take the whole scenario to the full ROI workbench, where the portfolio and LBO models accept your own per-unit economics directly.
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
- gross sales
- Sample size
- 776 outlets
- vs category median 19 · large
- Range (low → high)
- $365K→$3.4MCited, not corroborated — printed on page 70 of the 2026 FDD. Nothing else in our record independently restates or re-derives it.
- 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 781 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 median of 7.5%.
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 medians
How Crumbl Cookies 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
- 1,101
- Opened
- 52
- Last reporting year
- Closed
- 9
- 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
Last fiscal year · Item 20 exits and transfers
- Terminated
- 8
- Not renewed
- 1
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 207
- 0.19 per open outlet · Item 20 Table 5
- Projected new
- 98
- Franchisor's next-year forecast
- 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.
Where the owners are · Item 20 owner list
8 current owners across 5 states.
- UT 3
- CA 2
- ID 1
- MO 1
- NC 1
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.
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
- Limited · 292 loans
- Limited SBA coverage: 292 loans, rate hidden until 10 have resolved and loans reach 2% of franchised units
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- Limited · 292 loans
- 5-yr charge-off
- Limited · 292 loans
- 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.
Lender network · 7(a) + 504
SBA Lending Report
Full lending analysis for Crumbl Cookies from SBA 7(a) FOIA data.
Top SBA lenders
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | The Huntington National Bank | 24 | $6.4M | 0.0% |
| 2 | Cache Valley Bank | 16 | $5.4M | 0.0% |
| 3 | Citizens Bank | 13 | $6.9M | 0.0% |
| 4 | First Internet Bank of Indiana | 12 | $8.5M | 0.0% |
| 5 | United Community Bank | 12 | $8.5M | 0.0% |
| 6 | First Savings Bank | 11 | $5.7M | 0.0% |
| 7 | Live Oak Banking Company | 10 | $9.6M | 0.0% |
| 8 | BayFirst National Bank | 9 | $4.2M | 0.0% |
| 9 | Five Star Bank | 8 | $3.8M | 0.0% |
| 10 | Byline Bank | 6 | $3.7M | 0.0% |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| CACalifornia | 33 | 0 | 0.0% |
| TXTexas | 33 | 0 | 0.0% |
| FLFlorida | 28 | 0 | 0.0% |
| OHOhio | 28 | 0 | 0.0% |
| GAGeorgia | 19 | 0 | 0.0% |
| MAMassachusetts | 10 | 0 | 0.0% |
| NCNorth Carolina | 9 | 0 | 0.0% |
| WAWashington | 9 | 0 | 0.0% |
| MIMichigan | 8 | 0 | 0.0% |
| INIndiana | 7 | 0 | -- |
Source: SBA 7(a) + 504 FOIA loan-level data, matched by FranchiseVerdict
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
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)
Subject: the franchisor is a named party (defendant).
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 71 / 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
- 04MINORHypergrowth 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 | No territory protection |
| 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
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.
Who owns Crumbl Cookies?
Crumbl Cookies is franchised by Crumbl Franchising, LLC. Its parent company is Crumbl Enterprises LLC (immediate parent); ultimate parent Crumbl Holdings Parent LLC. The ultimate parent named in the FDD is Crumbl Holdings Parent LLC. Source: FDD Item 1, 2026 filing.
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?
SBA 7(a) loan charge-off data is not available for Crumbl Cookies (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 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 71 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
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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.