Quiznos Franchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Quiznos is a quick-service franchise known for its toasted submarine sandwiches. Franchisees run shops managing made-to-order subs, counter service, and staffing.
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]. The 2025 FDD does not disclose unit-level revenue (no Item 19). SBA 7(a) loans show a 28.1% charge-off rate across 2,220 loans[1]. FranchiseVerdict grade: F (Weakest tier), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2025 FDD issuance
Overview
- Investment
- $214K – $649K
- 28th pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 5.0%
- 11th pct Service Resta…
- Units
- 152
- 81st pct Service Resta…
- SBA charge-off
- 28.1%
- % 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 $214K – $649K including a $5K franchise fee, 5.0% ongoing royalty.
- RETURNSItem 19 reports outlet revenue, but not in a form that yields a per-outlet average we can compare across brands.
- RISKVerdict F (Weakest tier), verdict score 16/100 (higher is better). 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, 2010–2025).
- FLAGAuditor 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
Corporate structure & franchisor financials
- Legal entity
- Quiz Holdings, LLC
- Parent company
- Quiz Franchisor, LLC (immediate parent); REGO Intermediate Holding Company, LLC; REGO Restaurant Holdings, LLC; REGO Restaurant Holdings IV, LLC; Super REGO, LLC; High Bluff Capital Partners, LLC
- Ultimate parent
- REGO Restaurant Holdings, LLC / High Bluff Capital Partners, LLC
- Predecessor
- QFA Royalties LLC (offered QUIZNOS franchises March 2008-June 2018); original predecessors began franchising QUIZNOS in 1991
- Prior franchisor entity
- CEO title
- Chief Executive Officer
- Neel Mahendra Patel
- Incorporated in
- Delaware
- 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
- CEO
- Neel Mahendra Patel
- Headquarters
- CO
- FDD year
- 2025
- States available
- 34
Can you afford it, and what does the money buy?
Entry cost runs 34% below the typical quick-service restaurants franchise.
Source: FDD 2025 · Items 5–7
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.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $214K – $649K
- Top 40% of category vs category
- Liquid capital req'd
- $35K – $40K
- Bottom third — review vs category
- Franchise fee
- $5K – $5K
- Top 40% of category 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 |
What do units actually make?
Source: FDD 2025 · Item 19
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Quiznos did not disclose financial performance in FDD Item 19. The ROIC and return models require Item 19 revenue. Without it all inputs are estimates. You can still run the calculator with your own assumptions by entering an expected revenue figure.
Returns model · single-unit ROIC
What would one Quiznos unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
21%
Below the 30–60% attractive-franchise band
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: 2025 FDD
Financial Performance
- Item 19 type
- gross sales
- Sample size
- 118
- vs category median 20 · large
- Range (low → high)
- $12K→$790K
- Cohort dispersion (min → max)
- Source filing
- FDD 2025
- The FDD edition these figures were read from
- Transparency
- 4 / 10
- vs category median 4 / 10 · typical
Compared against 782 Quick-Service Restaurants brands
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 9.0% (near the Quick-Service Restaurants average).
Disclosure
Item 19 reports outlet revenue, but not in a form that yields a per-outlet average we can compare across brands.
Operator retention
System contracting at -9.0% CAGR over 3 years. Investigate whether closures are franchisor-driven consolidation or franchisee exits.
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 Quiznos Compares
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 152
- Opened
- 7
- Last reporting year
- Closed
- 7
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 4
- Term expired, not renewed (per Item 20)
- Turnover rate
- 24.5%
- Company-owned
- 1
- Corporate units in the system
- % franchised
- 99%
- vs corporate-owned
- Net growth (3-yr)
- -9.0%
- Net unit change over 3 years
- 3-yr CAGR
- -9.0%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 2
- Closed (3yr)
- 21
- Terminated (3yr)
- 1
- Non-renewed (3yr)
- 15
- Transfers (3yr)
- 4
- Reacquired (3yr)
- 0
- Franchisor bought back
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
- Typical loan rate
- 6.8%
- avg rate to borrowers
- Franchised industry avg
- 21.5%
- brand above franchise avg ↑
- Jobs supported
- 17,678
- 5.3 per loan
- Lender concentration
- 7%
- top lender's share
Borrower mix: 50% went to startups / new businesses, 50% to established operators
Franchise vs independent — in limited-service restaurants, franchised businesses charge off at 21.5% vs 25.0% for independents — franchising is associated with 14% lower SBA default risk in this category.
Vintage analysis
Quiznos charge-off rate by loan vintage
Shaded area: recent vintages with few resolved loans; rates may change as loans mature.
Top lenders financing Quiznos franchisees
Showing 3 of 323 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 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.
What could kill this investment?
The auditor flagged going-concern doubt (Item 21) — the single biggest risk here.
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Serious concerns stacked: going-concern note flagged with negative franchisor net worth of -$3,836,577 and net loss of -$1,578,478. Franchisor equity is deeply negative and the system is shrinking (-9.0% net growth, 24.5% turnover). Predecessor QFA Chapter 11 (2014) is old and low-weight, but current financial distress is genuine.
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 16 / 100 verdict
- 01MINORGoing-concern note = true
- 02MINORNegative net worth -$3,836,577
- 03MINORSystem contracting -9.0%, turnover 24.5%
- 04HIGHOld predecessor bankruptcy (2014, closed 2015) - low weight
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 9.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2025 · 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 |
| 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?
Quiznos 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 Item 19 in the Quiznos 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 Quiznos FDD and qualifies whose outlets they describe.
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 151 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 verdict score of 16 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
Are you the franchisor?
If you represent Quiznos, you can request corrections or provide updated information.
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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.