QuiznosFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A Quiznos franchise requires a total initial investment of $214K – $649K, including a $5K franchise fee and an ongoing 5.0% royalty[2]. Per the 2025 FDD, average unit revenue was $394K[2]. SBA 7(a) loans show a 28.1% charge-off rate across 2,220 loans[1]. Verdict grade: F. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2025 FDD issuance
Overview
- Investment
- $214K – $649K
- 11th pct Service Resta…
- Avg gross sales
- $394K
- 1st pct Service Resta…
- Royalty
- 5.0%
- 7th pct Service Resta…
- Units
- 152
- 44th pct Service Resta…
- SBA default
- 28.1%
- system-wide median varies by category
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
28.1% of SBA loans charged off across 2,220 loans, above the 16% franchise average.
Franchised units fell from 201 to 151 over 3 years. Investigate why operators are leaving.
The franchisor's auditor raised doubt about continued operations. This is a serious risk signal.
Bottom line
- Total investment $214K – $649K including a $5K franchise fee, 5.0% ongoing royalty.
- Average unit revenue of $394K/year (median $369K).
- Verdict F (Bottom Quintile) with a risk score of 99/100. SBA loan charge-off rate of 28.1% across 2220 loans (well above the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2024).
- Auditor disclosed a going-concern note, which flagged doubt about the franchisor's ability to continue operations. Verify against the latest FDD.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- Quiz Holdings, LLC
- Parent company
- Quiz Franchisor, LLC
- Incorporated in
- DE
- HQ
- 4700 S. Syracuse St., Suite 225, Denver, Colorado 80237
- Auditor
- Ernst & Young LLP
- Audited financials
- Franchisor revenue
- $32.3M
- vs $39.2M prior year
- ⚠ Going-concern note
- Disclosed in FDD 2025
- Auditor flagged doubt about continued operations. Verify against the latest FDD before deciding.
Overview
About
Franchisees operate quick-service submarine sandwich restaurants where customers order freshly made toasted subs with customizable toppings. Day-to-day operations include food preparation, inventory management, staffing, cash handling, and customer service during lunch and dinner rushes.
- CEO
- Neel Mahendra Patel
- Headquarters
- CO
- Founded
- 2018
- FDD year
- 2025
- States available
- 34
FDD Item 7 · 2025 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $5K | $5K |
| Working capital (3–6 mo) | $35K | $40K |
| Equipment, build-out, other | $174K | $604K |
| Total initial investment | $214K | $649K |
Source: Quiznos 2025 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
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
$35K
9.0% margin
Unlevered ROIC
8%
EBITDA / total invested capital
Payback
13.2 yrs
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $214K – $649K
- Better than avg vs category
- Liquid capital req'd
- $35K – $40K
- Better than avg vs category
- Franchise fee
- $5K – $5K
- Better than avg vs category
- Royalty
- 5.0%
- Gross Sales · typical 6–8%
- Ad fund
- 4.0%
- typical 3–5%
- Total fee load
- 9.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of gross sales |
| Marketing / ad fund | 4.0% of gross sales |
| Technology fee | $400 |
| Transfer fee | $5K |
| Renewal fee | $5K |
| Total fee load | 9.0% of rev |
Financial Performance
- Avg gross sales
- $394K
- Per unit, per year
- Median gross sales
- $369K
- Item 19 type
- gross_sales
- Sample size
- 95 units
- vs category median 13 · large
- Range (low → high)
- $86K→$790K
- Cohort dispersion (min → max)
- Transparency
- 4 / 5
- vs category median 4 / 5 · typical
Compared against 1264 Full-Service Restaurants brands
Revenue is only 0.9x the investment. This means each unit may take 5+ years to recoup the initial outlay at typical margins.
vs Full-Service Restaurants averages
How Quiznos Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 152
- Opened
- 7
- Last reporting year
- Closed
- 11
- Turnover rate
- 7.2%
- Company-owned
- 1
- Corporate units in the system
- % franchised
- 99%
- vs corporate-owned
- Net growth (yr3)
- -1.9%
- Net unit change last year
- 3-yr CAGR
- -9.0%
- Compounded over last 3 years
3-year detail · Item 20
- Transfers (3yr)
- 2
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 32 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
- 2,220
- Loan volume
- $331.9M
- Median loan
- $150K
- 50th percentile
- Charge-off rate
- 28.1%
- 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)
- 71.9%
- 5-yr charge-off
- 0.0%
- Loans approved 2021+
- Active lenders
- 323
- Defaults
- 620
Vintage analysis
Quiznos charge-off rate by loan vintage
Shaded area: recent vintages with few resolved loans; rates may change as loans mature.
Explore lender portfolios on Bank Reports or regional data on State Reports.
Premium insight
SBA Lending Report
Deep-dive into Quiznos'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 15 states
- Startup risk premium and job creation velocity
- 27-year lending trend
- SBA 504 real estate/equipment data
Instant access. No subscription.
A 28.1% charge-off rate means roughly 1 in 4 franchisees failed to repay their SBA loan. Investigate what changed.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Quiznos presents elevated risk due to system contraction, historical fraud litigation, undisclosed profitability data, and unprotected territory in a declining sandwich category.
Audited financials (Item 21)
Yes · Ernst & Young LLP⚠ Going-concern note flagged
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Score breakdown · what drove the 99 / 100 rating
- 01MINORDeclining unit count (-1.9% YoY) indicates system contraction and possible franchisee struggles
- 02MEDNo disclosed net income data prevents accurate ROI assessment despite $393,944 average revenue
- 03HIGHCompleted litigation (2014-2015) for fraudulent schemes and racketeering raises historical trust concerns
- 04MINORUnprotected territory creates direct competition risk from other Quiznos locations
- 05MINORWide investment range ($213,900–$648,800) with vague cost breakdown suggests inconsistent unit economics
- 06MINOROnly 152 units remaining suggests significant attrition from peak system size
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 | 10 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 1 |
| Protected territory | No |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Right of first refusalℹ | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Jury trial waiver | Yes |
| Governing law | Colorado |
| Litigation count | 1 |
Items 10, 11
Training & Operations
- Classroom training
- 60 hrs
- On-the-job training
- 88 hrs
- POS system
- authorized point-of-sale system
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: authorized point-of-sale system
Item 20 · call current owners
Franchisee Contacts
121 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Quiznos · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Quiznos franchise?
The total investment to open a Quiznos franchise ranges from $214K – $649K, with an initial franchise fee of $5K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Quiznos franchise owners earn?
According to Item 19 of the Quiznos FDD, the average gross sales per unit is $394K. The median is $369K. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Quiznos's franchise failure rate?
Based on SBA 7(a) loan data, Quiznos has a charge-off rate of 28.1% across 2,220 loans, meaning 28.1% 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 Quiznos franchise locations are there?
As of their most recent FDD filing, Quiznos has 152 total units in the United States, including 201 franchised units and 1 company-owned units. 7 new units were opened in the latest reporting year.
Is Quiznos a good franchise to buy?
FranchiseVerdict rates Quiznos as a F-grade franchise with a risk score of 99 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.
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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.