Wahoo's Fish Taco Franchise Cost, Revenue & Review 2026
- Investment
- $547K – $793K
- Disclosed sales
- not disclosed
- SBA charge-off
- Under 10 loans (2)
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Wahoo's Fish Taco is a fast-casual franchise serving Mexican and Hawaiian-inspired fish tacos, burritos, and bowls with a surf vibe. Franchisees run the restaurants, managing food prep, staffing, and counter service.
FranchiseVerdict summary · 2026
A Wahoo's Fish Taco franchise requires a total initial investment of $547K – $793K, including a $40K franchise fee and an ongoing 5.0% royalty[2]. This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: 2024 filing · Data extracted: · Last cited check: · Staleness risk: high - figures are from a filing two or more years old
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 scored5 of 5 headline figures on this page cite a page of the filing.
Overview
- Investment
- $547K – $793K
- 79th pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 5.0%
- 12th pct Service Resta…
- Units
- 42
- 63rd 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 $547K – $793K including a $40K franchise fee, 5.0% ongoing royalty.
- RETURNSThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
- RISKVerdict B (Above average), verdict score 48/100 (higher is better).
- GROWTHNegative: net -2 franchised outlets in the latest year (0 opened, 2 closed); 2 signed but not yet open (Item 20).
- DECLINESystem contracting at -14.8% CAGR over 3 years. Investigate whether closures are franchisor-driven (consolidation) or franchisee-driven (economics).
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- WAHOO'S FISH TACO, LLC
- Parent company
- Lamkone Restaurants, Inc.
- FDD Item 1, page 6 of the 2024 FDD
- CEO title
- President
- Renato Lee
- CEO experience
- 1988 yrs
- Years in role or industry
- Incorporated in
- California
- HQ
- 1185 Warner Avenue, Tustin, California 92780
- Auditor
- R.M. White & Associates
- Audited financials
- Franchisor revenue
- $1.0M
- vs $958K prior year
- Management churn noted
- Frequent turnover
- Item 2 disclosed frequent executive changes
Overview
About
- CEO
- Renato Lee
- Headquarters
- CA
- Founded
- 1998
- FDD year
- 2024
- States available
- 4
Can you afford it, and what does the money buy?
Entry cost runs 38% above the typical quick-service restaurants franchise.
Source: FDD 2024 · Items 5–7
FDD Item 7 · 2024 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $40K | $40K |
| Working capital (3–6 mo) | $60K | $100K |
| Equipment, build-out, other | $447K | $653K |
| Total initial investment | $547K | $793K |
Source: Wahoo's Fish Taco 2024 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
- $547K – $793K
- Bottom third — review vs category
- Liquid capital req'd
- $60K – $100K
- Bottom third — review vs category
- Franchise fee
- $40K – $40K
- Middle of category vs category
- Royalty
- 5.0%
- typical 6–8%
- Ad fund
- 1.0%
- typical 3–5%
- Total fee load
- 6.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of gross sales |
| Marketing / ad fund | 1.0% of net sales |
| Transfer fee | $20K |
| Renewal fee | $5K |
| Total fee load | 6.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Wahoo's Fish Taco makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one Wahoo's Fish Taco 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 annual revenue, 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.
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: 2024 FDD
Financial Performance
No financial performance representation
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
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 6.0% — below the Quick-Service Restaurants median of 7.5%.
Disclosure
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator retention
System contracting at -14.8% CAGR over 3 years. Investigate whether closures are franchisor-driven consolidation or franchisee exits.
Multi-unit rate
Only 14% 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 Wahoo's Fish Taco 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 2024 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 42
- Opened
- 0
- Last reporting year
- Closed
- 2
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 1
- Term expired, not renewed (per Item 20)
- Turnover rate
- 4.8%
- Company-owned
- 19
- Corporate units in the system
- % franchised
- 55%
- vs corporate-owned
- Multi-unit owners
- 14.3%
- Net growth (3-yr)
- -14.8%
- Net unit change over 3 years
- 3-yr CAGR
- -14.8%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 0
- Not renewed
- 1
- Transferred
- 0
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 2
- 0.05 per open outlet · Item 20 Table 5
- Projected new
- 1
- Franchisor's next-year forecast
- Continuity rate
- 92.0%
- Units that stayed open
- Termination rate
- 2.4%
- Franchisor-initiated terminations
- Ceased ops
- 4.8%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 4 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.
Available to sell in · Item 12
- California
States where the franchisor is registered to sell new franchises (FDD registration filings).
Where the owners are · Item 20 owner list
26 current owners across 5 states.
- CA 11
- CO 7
- NV 6
- LP 1
- TX 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 loan disclosures. This brand has only 2 7(a) loans on file; statistical reliability is limited below 10 loans.
- Total loans
- 2
- Loan volume
- $850K
- Median loan
- $425K
- 50th percentile
- Charge-off rate
- Under 10 loans (2)
- Insufficient SBA coverage: 2 loans, rate hidden below 10
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- Under 10 loans (2)
- 5-yr charge-off
- Under 10 loans (2)
- Loans approved 2021+
- Active lenders
- 2
- Defaults
- N/A
Explore lender portfolios on Bank Reports or regional data on State Reports.
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
Wahoo's is profitable (net income $546,390) with net worth of $2,559,364, but shows a -14.8% net unit decline across 42 units. Two litigation matters exist (a settled arbitration and a patron personal-injury suit), neither systemic, and Item 19 is not disclosed. Modest concerns keep it low.
Litigation (Item 3)
Subject: the franchisor is a named party (defendant).
Two cases disclosed: (1) Double Overtime, LLC v. Wahoo's Fish Taco, LLC arbitration (Case No. 01-14-0000-3205 JIG) filed May 2, 2014, alleging violations of California Franchise Investment Law, negligent misrepresentation, unfair competition, breach of contract, and breach of implied covenant of good faith and fair dealing. Settled December 31, 2014 with franchise agreement termination. (2) Theodore Smith v. Wahoo's Fish Tacos et al. (Case No. A-21-845023-C, District Court, Clark County, Nevada) filed December 6, 2021, alleging negligence, negligent hiring/supervision/retention, joint venturer liability, intentional infliction of emotional distress, and battery arising from patron altercation on December 21, 2019. Settled April 12, 2023 for $90,000 with dismissal with prejudice filed May 17, 2023.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · R.M. White & Associates
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Royalty and franchise revenue for FY2022 (most recent audited year) was $1,017,644, up from $739,570 in FY2021.
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- 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 48 / 100 verdict
- 01MINORPositive net income $546,390, net worth $2,559,364
- 02HIGH2 litigation matters (settled arbitration + patron injury claim, not systemic)
- 03MEDNet unit decline -14.8%
- 04MINORNo Item 19 disclosure
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 6.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2024 · 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 | 4 |
| Territory type | Protected territory |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory radius | 1.5 mi |
| Territory population | 150,000 |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 1 year |
| Non-compete (miles)ℹ | 10 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 30 days |
| Termination notice | 30 days |
| Termination groundsℹ | 15 |
| Curable defaultsℹ | 2 |
| Mandatory arbitration | Yes |
| Arbitration location | Orange County, California |
| Jury trial waiver | Yes |
| Governing law | California |
| Litigation count | 2 |
View Item 3 litigation summary
Two cases disclosed: (1) Double Overtime, LLC v. Wahoo's Fish Taco, LLC arbitration (Case No. 01-14-0000-3205 JIG) filed May 2, 2014, alleging violations of California Franchise Investment Law, negligent misrepresentation, unfair competition, breach of contract, and breach of implied covenant of good faith and fair dealing. Settled December 31, 2014 with franchise agreement termination. (2) Theodore Smith v. Wahoo's Fish Tacos et al. (Case No. A-21-845023-C, District Court, Clark County, Nevada) filed December 6, 2021, alleging negligence, negligent hiring/supervision/retention, joint venturer liability, intentional infliction of emotional distress, and battery arising from patron altercation on December 21, 2019. Settled April 12, 2023 for $90,000 with dismissal with prejudice filed May 17, 2023.
Items 10, 11
Training & Operations
- Classroom training
- 78 hrs
- On-the-job training
- 242 hrs
- Training location
- Company's headquarters or at a location Company designates
- Ongoing training
- Required
- Field support
- 160 hrs/yr
- On-site visits per year
- Time to open
- 6 mo
- From signing to launch
- Site selection
- Franchisee, subject to Company approval
- Franchisor financing
- Not offered
- Item 10
- POS system
- Positouch
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Positouch
Item 20 · call current owners
Franchisee Contacts
26 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 Wahoo's Fish Taco franchise?
The total investment to open a Wahoo's Fish Taco franchise ranges from $547K – $793K, with an initial franchise fee of $40K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Wahoo's Fish Taco franchise owners earn?
Wahoo's Fish Taco makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns Wahoo's Fish Taco?
Wahoo's Fish Taco is franchised by WAHOO'S FISH TACO, LLC. Its parent company is Lamkone Restaurants, Inc.. Source: FDD Item 1, 2024 filing.
What is Item 19 in the Wahoo's Fish Taco 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 Wahoo's Fish Taco FDD and qualifies whose outlets they describe.
What is Wahoo's Fish Taco's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Wahoo's Fish Taco (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 Wahoo's Fish Taco franchise locations are there?
As of their most recent FDD filing, Wahoo's Fish Taco has 42 total units in the United States, including 23 franchised units and 19 company-owned units.
Is Wahoo's Fish Taco a good franchise to buy?
FranchiseVerdict rates Wahoo's Fish Taco as a B-grade franchise with a verdict score of 48 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.