Panda Express franchise
Panda Express is a fast-casual chain serving American Chinese dishes such as orange chicken from a steam-table counter. It doesn't sell traditional franchises: it licenses restaurants mainly in captive venues such as airports, campuses and military bases. At the end of 2025 there were 2,607 Panda Express locations in the US, 184 franchised and 2,423 company-owned, so most are run by the company itself.
- Cost to open
- $515K–$3.28M
- Franchise fee
- $25,000
- Royalty
- 8%
- Locations, 2025
- 2,607+27 in 3 yrs
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Company snapshot
- First location
- 1983
- Franchisor based in
- Rosemead, California
- Time to open
- Up to 365 days after site approval
- Agreement length
- No fixed end
- Financing
- Some financing offered
From Citadel Panda Express, Inc’s 2026 filing.
How much a Panda Express franchise costs
Opening one licensed Panda Express restaurant costs an estimated $514,500 to $3,275,500. That covers the franchise fee and everything else needed to open, through the first months of working capital.
Source: Citadel Panda Express, Inc, 2026 filing, page 29
Panda Express franchise fee
The franchise fee is $25,000, charged as an initial license fee, including for captive venue locations. You pay it when you sign the franchise agreement.
Source: Citadel Panda Express, Inc, 2026 filing, page 21
Royalty and ongoing fees
| Royalty | 8% of gross sales each royalty period, with a minimum (currently $4,000), paid monthly. |
|---|
Source: Citadel Panda Express, Inc, 2026 filing, page 22
Sales and earnings
Shares figures Panda Express publishes sales or earnings figures for its locations. The full tables, with notes on which locations are counted, are in its filing.
Source: Citadel Panda Express, Inc, 2026 filing, page 82
Locations opened and closed
| Year | Franchised | Company-owned | Closed |
|---|---|---|---|
| 2023 | 165 (+8) | 2,248 | 1 |
| 2024 | 173 (+8) | 2,329 | 3 |
| 2025 | 184 (+11) | 2,423 | 0 |
Closed or left counts terminations, non-renewals, locations bought back by the franchisor and locations that stopped operating.
Source: Citadel Panda Express, Inc, 2026 filing, page 86
How Panda Express compares
Of the 46 fast food franchises on this site, Panda Express is the 18th cheapest to open and the 18th largest by number of locations.
| Measure | Panda Express | Typical fast food |
|---|---|---|
| Cost to open, low end | $515K | $701K |
| Royalty | 8% | 5% |
| Closed or left per year | 0.8% | 2% |
| Change in franchised locations, 3 yrs | +17.2% | +6.3% |
| Shares earnings figures | Yes | 39 of 46 |
Typical is the median across the 46 brands in fast food franchises.
Other fast food franchises
Panda Express franchise questions
How long does it take to open a Panda Express?
Up to 365 days after site approval, according to Panda Express's 2026 filing. Finding a site, permits and build-out are what usually stretch it.
Does Panda Express help with financing?
Yes, in some cases. Panda Express may finance part of the cost, such as the franchise fee, for qualified buyers; terms are in its filing.
How long is a Panda Express franchise agreement?
The initial term is no fixed end. Renewal is usually possible if you're in good standing, often for a fee and a remodel.
Is Panda Express growing or shrinking?
Over the last 3 years 31 franchised locations opened and 4 closed or left, a net change of +17.2%. About 0.8% of locations closed or left each year. That is below the 2% typical for fast food franchises.
How does Panda Express compare with other fast food franchises?
Of the 46 fast food franchises here, Panda Express is the 18th cheapest to open (low end $515K against a $701K median) and the 18th largest by number of locations. Its 8% royalty is above the 5% median.
Does Panda Express say how much franchisees make?
Yes. Your results can differ; the filing explains which locations are counted.
Where is Panda Express based?
Citadel Panda Express, Inc is based in Rosemead, California; the first location opened in 1983.