Toppers Pizza Franchise Cost, Revenue & Review 2026
- Investment
- $421K – $733K
- Disclosed sales
- $959K
- gross sales, not profit
- SBA charge-off
- 0.0%
- on 79 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Toppers Pizza is a quick-service pizza franchise offering handmade pizzas, Topperstix, and delivery, carryout, and dine-in. Franchisees run the restaurants, managing food prep, delivery, and staffing.
FranchiseVerdict summary · 2026
A Toppers Pizza franchise requires a total initial investment of $421K – $733K, including a $15K – $30K franchise fee and an ongoing 5.5% royalty[2]. Per the 2026 FDD, average unit revenue was $959K[2]. SBA 7(a) loans show a 0.0% charge-off rate across 79 loans[1]. 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
- $421K – $733K
- 67th pct Service Resta…
- Avg gross sales
- $959K
- 18th pct Service Resta…
- Royalty
- 5.5%
- 44th pct Service Resta…
- Units
- 68
- 71st 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 $421K – $733K including a $30K franchise fee, 5.5% ongoing royalty.
- RETURNSAverage unit revenue of $959K/year (median $869K). Note: this is gross profit, not take-home income.
- RISKVerdict A (Strongest tier), verdict score 80/100 (higher is better). SBA loan charge-off rate of 0.0% across 79 loans (well below the franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- GROWTHNegative: net -1 franchised outlets in the latest year (5 opened, 2 closed); 4 signed but not yet open (Item 20).
- FLAG4 units terminated last reporting year (5.9% of the system). Ask existing franchisees why.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Toppers Pizza LLC
- Parent company
- Toppers Pizza Holdings LLC (subsidiary of GITCO Holdings Inc.)
- FDD Item 1, page 9 of the 2026 FDD
- Ultimate parent
- GITCO Holdings Inc.
- FDD Item 1, page 9 of the 2026 FDD
- CEO title
- Chief Executive Officer
- Adam Oldenburg
- Incorporated in
- Wisconsin
- HQ
- 333 West Center Street, Whitewater, Wisconsin 53190
- Auditor
- QBCo Assurance, LLC
- Audited financials
- Franchisor revenue
- $8.1M
- vs $9.1M prior year
Independent franchisee associations
- Franchise Advisory Council (FAC)
Franchisee-led councils or alliances disclosed in Item 20. Indicates operator voice.
Affiliated brands
- Pizza People
- develops
Other brands the franchisor or its parent operates (Item 1).
Overview
About
- CEO
- Adam Oldenburg
- Headquarters
- Wisconsin
- Founded
- 1992
- FDD year
- 2026
- States available
- 11
Can you afford it, and what does the money buy?
Entry cost runs 19% above the typical quick-service restaurants franchise.
Source: FDD 2026 · Items 5–7
Full Item 7 breakdown19 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Fee | $30K | $30K | |
| Travel & Living Expenses for Your Initial Training | $3K | $17K | |
| Travel & Living Expenses for Our Training Team | $1K | $15K | |
| Equipment & Smallwares | $125K | $155K | |
| Construction & Leasehold Improvements | $177K | $339K | |
| Indoor & Outdoor Signage | $8K | $11K | |
| Pre-opening Salaries & Payroll | $5K | $11K | |
| Pre-opening Rent | $0 | $12K | |
| Utility & Insurance Deposits | $2K | $6K | |
| Initial Marketing Program | $4K | $13K | |
| Opening Inventory | $6K | $11K | |
| Architectural Fees | $13K | $20K | |
| Permits and Professional Fees | $2K | $5K | |
| POS System Hardware | $16K | $18K | |
| POS System Software Licenses | $3K | $3K | |
| POS System Installation | $2K | $5K | |
| Project Management | $0 | $8K | |
| Opening Extension Fee | $0 | $5K | |
| Additional Funds (3 months) | $25K | $50K | |
| Total initial investment | $421K | $733K |
Line items extracted from FDD Item 7. Ranges reflect the franchisor's stated low and high per line. Total is the sum of line-item lows / highs — actual costs may fall outside this range depending on market and build-out scope.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $421K – $733K
- Middle of category vs category
- Liquid capital req'd
- $25K – $50K
- Middle of category vs category
- Franchise fee
- $15K – $30K
- Top 40% of category vs category
- Royalty
- 5.5%
- typical 6–8%
- Ad fund
- 3.0%
- typical 3–5%
- Total fee load
- 0.1%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.5% of gross sales |
| Marketing / ad fund | 3.0% of gross sales |
| Transfer fee | $10K |
| Renewal fee | $0 |
| Inventory (initial) | $6K – $11K |
| Total fee load | 0.1% of rev |
A 0.1% total fee load is unusually lean. More of each revenue dollar stays with the franchisee.
What do units actually make?
Average unit sales land near 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 Toppers Pizza 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
$614K
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 Toppers Pizza 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
- $959K
- Per unit, per year
- Median gross sales
- $869K
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
- 49 outlets
- vs category median 19 · large
- Range (low → high)
- $400K→$2.0MCited, not corroborated — printed on page 58 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
- 9 / 10
- vs category median 4 / 10 · above
Compared against 781 Quick-Service Restaurants brands
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 $959K/year in gross sales. Revenue-to-investment ratio: 1.7x.
Fee burden
Total ongoing fee load of 0.1% — below the Quick-Service Restaurants median of 7.5%.
Disclosure
Transparency score 9/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence.
Operator retention
System expanding at 22.7% CAGR over 3 years across 68 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 Toppers Pizza 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
- 68
- Opened
- 5
- Last reporting year
- Closed
- 2
- Terminated
- 4
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 4.5%
- Company-owned
- 14
- Corporate units in the system
- % franchised
- 1%
- vs corporate-owned
- Net growth (3-yr)
- -1.8%
- Net unit change over 3 years
- 3-yr CAGR
- +22.7%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 4
- Not renewed
- 0
- Transferred
- 1
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 4
- 0.06 per open outlet · Item 20 Table 5
- Projected new
- 5
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 10 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
44 current owners across 10 states.
- WI 16
- MN 13
- KS 3
- NE 3
- NC 2
- SC 2
- TX 2
- IL 1
- MI 1
- SD 1
Counts only, from the list the franchisor prints in Item 20; 10 entries carry no state. 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
- 79
- Loan volume
- $32.9M
- Median loan
- $325K
- 50th percentile
- Charge-off rate
- 0.0%
- on 79 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
- 26
- Defaults
- 0
- Typical loan rate
- 6.1%
- avg rate to borrowers
- Franchised industry avg
- 10.8%
- brand beats franchise avg ↓
- Jobs supported
- 3,545
- 10.8 per loan
- Lender concentration
- 23%
- top lender's share
Borrower mix: 47% went to startups / new businesses, 53% to established operators
Franchise vs independent — in limited-service restaurants, franchised businesses charge off at 10.8% vs 10.0% for independents — franchising is associated with 8% higher SBA default risk in this category.
Vintage analysis
Toppers Pizza charge-off rate by loan vintage
Top lenders financing Toppers Pizza franchisees
Showing 3 of 26 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 Toppers Pizza from SBA 7(a) FOIA data.
- Principal loss rate
- 0.0%
- Avg SBA guarantee
- 73%
- Avg interest rate
- 6.11%
- Lender concentration
- 22.8%
- Job velocity
- 10.8 per $100K
- Startup risk premium
- 0.0pp
- NAICS benchmark
- 8.7%
- NAICS 722513
- Jobs supported
- 3,545
Top SBA lendersTop lender holds 23% of loans
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | First Citizens State Bank | 18 | $11.2M | 0.0% |
| 2 | Bank Five Nine | 13 | $4.6M | 0.0% |
| 3 | UMB Bank, National Association | 5 | $912K | 0.0% |
| 4 | Byline Bank | 5 | $3.8M | 0.0% |
| 5 | Mid America Bank | 4 | $1.2M | 0.0% |
| 6 | National Exchange Bank and Trust | 4 | $1.6M | 0.0% |
| 7 | Citizens State Bank of La Crosse | 3 | $933K | 0.0% |
| 8 | Eagle Rock Bank | 3 | $1.0M | 0.0% |
| 9 | Associated Bank, National Association | 3 | $734K | 0.0% |
| 10 | CorTrust Bank National Association | 2 | $630K | 0.0% |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| WIWisconsin | 49 | 0 | 0.0% |
| MNMinnesota | 13 | 0 | 0.0% |
| NCNorth Carolina | 6 | 0 | 0.0% |
| ILIllinois | 2 | 0 | 0.0% |
| KSKansas | 2 | 0 | -- |
| MIMichigan | 2 | 0 | 0.0% |
| NENebraska | 2 | 0 | 0.0% |
| VAVirginia | 2 | 0 | 0.0% |
| TXTexas | 1 | 0 | 0.0% |
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 79 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
Clean profile: no litigation, no bankruptcy, no going-concern. Positive net worth of $6.0M, net income of $1.2M, audited financials, and Item 19 disclosed across 71 units.
Litigation (Item 3)
Subject: officers or affiliates. The franchisor is not a named party in these cases.
No litigation is required to be disclosed in Item 3.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · QBCo Assurance, LLC
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 80 / 100 verdict
- 01MINORPositive net worth $6,015,065
- 02MINORPositive net income $1,223,266
- 03MEDNo litigation, audited, Item 19 disclosed
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 0.1% 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 | 5 years |
| Allowed renewalsℹ | 2 |
| Territory type | Protected territory |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Online sales rightsℹ | Granted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 10 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 20 days |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Termination groundsℹ | 1 |
| Mandatory arbitration | Yes |
| Arbitration location | Within 50 miles of franchisor's principal place of business (Whitewater, Wisconsin) |
| Jury trial waiver | Yes |
| Governing law | Wisconsin |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation is required to be disclosed in Item 3.
Items 10, 11
Training & Operations
- Classroom training
- 78 hrs
- On-the-job training
- 306 hrs
- Training location
- Toppers Pizza headquarters (Whitewater, Wisconsin) and/or designated training restaurant, partially virtual
- Ongoing training
- Required
- Time to open
- 9 mo
- From signing to launch
- Site selection
- franchisor approves franchisee-identified location within a designated Search Area
- Franchisor financing
- Offered
- Item 10
- POS system
- PiZMET
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: PiZMET
Item 20 · call current owners
Franchisee Contacts
54 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 Toppers Pizza franchise?
The total investment to open a Toppers Pizza franchise ranges from $421K – $733K, with an initial franchise fee of $30K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Toppers Pizza franchise owners earn?
According to Item 19 of the Toppers Pizza FDD, the average gross sales per unit is $959K. The median is $869K. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
Who owns Toppers Pizza?
Toppers Pizza is franchised by Toppers Pizza LLC. Its parent company is Toppers Pizza Holdings LLC (subsidiary of GITCO Holdings Inc.). The ultimate parent named in the FDD is GITCO Holdings Inc.. Source: FDD Item 1, 2026 filing.
What is Item 19 in the Toppers Pizza 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 Toppers Pizza FDD and qualifies whose outlets they describe.
What is Toppers Pizza's franchise failure rate?
Based on SBA 7(a) loan data, Toppers Pizza has a charge-off rate of 0.0% across 79 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 Toppers Pizza franchise locations are there?
As of their most recent FDD filing, Toppers Pizza has 68 total units in the United States, including 54 franchised units and 14 company-owned units. 5 new units were opened in the latest reporting year.
Is Toppers Pizza a good franchise to buy?
FranchiseVerdict rates Toppers Pizza as a A-grade franchise with a verdict score of 80 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.