FILING · MN · 2026 FDD
IHOP FDD (Franchise Disclosure Document) — 2026
The FDD is the 23-item legal disclosure every U.S. franchisor must hand you at least 14 days before you sign or pay anything (FTC Franchise Rule, 16 CFR 436). IHOP's most recent FDD tracked here is the 2026 FDD, filed with the Minnesota Department of Commerce (public CARDS portal). Registration-state filings are public records, so you can read it free, with no sign-up.
PUBLIC RECORD · FILED 2026 · SOURCE STATE MN
| ITEM 5 | Initial franchise fee | $25,000 |
| ITEM 6 | Ongoing royalty | 4.5% of gross sales |
| ITEM 7 | Total initial investment | $784K–$4.1M |
| ITEM 3 | Disclosed litigation matters | 22 |
| ITEM 4 | Item 4 bankruptcy disclosure (franchisor, predecessor, affiliate or officer — see filing) | Yes |
| ITEM 19 | Earnings disclosure (FPR) | Yes — financial performance representation made |
| ITEM 20 | Outlets (fiscal 2025) | 1,630 franchised at year end · 48 exits (exit rate 2.9%, fiscal 2025) |
| ITEM 21 | Franchisor financial statements | Unmodified (clean) opinion — KPMG LLP |
This filing makes an Item 19 earnings claim; we have not yet read how it is built. Open Item 19 and check which units it covers, which it leaves out, and whether it shows costs.
KPMG LLP gave an unmodified (clean) opinion on the statements in the 2026 FDD; revenue rose 13% from FY2023 to FY2025.
Revenue · FY2025
$182.5M
p. 122 · matched to statement
Net income · FY2025
$77.3M
p. 122 · matched to statement
Where FY2025 revenue came from
54% royalties
initial-fee share not extracted
- Fiscal years covered: FY2023, FY2024, FY2025 (2026 FDD, statements from p. 122)
- Statements are for: IHOP Franchisor LLC
- Parent / owner: not identified in the statements
| Fiscal year | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total revenue | $161.8Mp. 137 · matched to statement | $171.7Mp. 122 · matched to statement | $182.5Mp. 122 · matched to statement |
| Royalty revenue | not extracted | $92.8Mp. 122 · matched to statement | $99.2Mp. 122 · matched to statement |
| Net income (loss) | $67.0Mp. 137 · matched to statement | $74.8Mp. 122 · matched to statement | $77.3Mp. 122 · matched to statement |
| Equity (deficit) at year end | not extracted | $38.0Mp. 121 | $41.1Mp. 121 |
| Cash at year end | not extracted | $1.2Mp. 121 | $897Kp. 121 |
How to read this: royalties recur as long as franchisees trade; initial and development fees arrive only when new franchises are sold. A franchisor whose revenue leans on initial fees is funding itself by selling territories, and that revenue stops when sales slow. Under ASC 606 most franchisors recognize initial fees over the agreement term, so the line understates the cash collected in a strong selling year. Ad-fund revenue, where reported, is included in total revenue as the statements present it.
Each figure links to its page in the filed PDF. “Matched to statement” means our extraction and a second, rule-based read of the statement page agree; “extracted · not cross-checked” means the statement page is a scanned image or could not be read as text. Figures we could not place on a consistent scale are withheld, not guessed. Spotted an error? Report a correction.
Every figure above was extracted by software from the 2026 IHOP FDD as filed (figures are not individually checked by a person) and links back to that document. Fields that could not be extracted are omitted; no figure here is estimated. Extraction errors are possible: the filing controls, and FDDs are reissued annually; verify against the current issuance before relying on any number. Spotted an error? Franchisors and owners can report it via the contact on our Terms page.
IHOP FDD questions, answered
Where can I download the IHOP FDD for free?
IHOP's 2026 Franchise Disclosure Document is a public record, filed with the Minnesota Department of Commerce (public CARDS portal). It can be downloaded free from the source link on this page — no broker form, no email signup required.
What year is IHOP's most recent FDD on file?
The most recent IHOP FDD tracked here is the 2026 FDD, filed with the Minnesota Department of Commerce (public CARDS portal). Franchisors must update their FDD annually; confirm you are reading the current issuance before signing.
Does IHOP's FDD disclose earnings (Item 19)?
Yes — IHOP makes a financial performance representation in Item 19 of its 2026 FDD. Read the basis fine print: franchisors choose which units and metrics to include.
What does IHOP's FDD Item 20 show?
In fiscal 2025, IHOP ended with 1,630 franchised outlets; 48 of 1,655 open at the start of the year left the system (exit rate 2.9%, fiscal 2025) through terminations, non-renewals, and "ceased operations — other reasons".
The IHOP validation checklist
questions built from this brand's own filings · read them all on the profile
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