FDD ITEM 20 · FISCAL 2023–2025
PANDA EXPRESS Item 20: outlets, closures & growth
In its latest FDD Item 20 (fiscal 2025), PANDA EXPRESS reported 184 franchised outlets at year end. 0 of 173 franchised outlets open at the start of the year left the system — an annualized exit rate of 0.0%— while 11 new outlets opened. Systemwide units moved +8.0% over 2023–2025.
| Status (FTC) | 2023 | 2024 | 2025 |
|---|---|---|---|
| Outlets at start | 2,352 | 2,413 | 2,502 |
| Opened | 9 | 11 | 11 |
| Transfers | 5 | 3 | 2 |
| Terminations | 0 | 2 | 0 |
| Non-renewals | 0 | 0 | 0 |
| Reacquired by franchisor | 0 | 1 | 0 |
| Ceased — other reasons | 1 | 0 | 0 |
| Outlets at end | 2,413 | 2,502 | 2,607 |
| Net change | +61 | +89 | +105 |
0 terminations + 0 non-renewals + 0 ceased (other) = 0 exits ÷ 173 at start = 0.0%
These are the three FTC Item 20 statuses in which a franchisee involuntarily or terminally leaves the system. Transfers (2) are resales, not exits; reacquisitions by the franchisor (0) are tracked separately. There is no official “failure rate” — this annualized exit rate is the disclosed, measurable floor.
| State | Franchised | Company-owned |
|---|---|---|
| CA | 23 | 603 |
| TX | 22 | 313 |
| FL | 14 | 126 |
| NC | 13 | 23 |
| VA | 12 | 49 |
| GA | 8 | 71 |
| MD | 6 | 37 |
| NY | 6 | 19 |
| HI | 5 | 32 |
| KY | 5 | 15 |
| MN | 5 | 22 |
| NJ | 5 | 23 |
| OH | 5 | 56 |
| AZ | 4 | 116 |
| IL | 4 | 115 |
| LA | 4 | 16 |
| MI | 4 | 46 |
| SC | 4 | 18 |
| TN | 4 | 49 |
| DC | 3 | 3 |
| MO | 3 | 43 |
| WA | 3 | 73 |
| AL | 2 | 27 |
| AR | 2 | 13 |
| CO | 2 | 57 |
| IN | 2 | 46 |
| KS | 2 | 23 |
| MS | 2 | 6 |
| NM | 2 | 23 |
| CT | 1 | 1 |
| DE | 1 | 5 |
| GU | 1 | 3 |
| ID | 1 | 24 |
| MA | 1 | 4 |
| ND | 1 | 4 |
| PA | 1 | 19 |
| UT | 1 | 47 |
| WY | 1 | 1 |
| AK | 0 | 6 |
| IA | 0 | 17 |
| ME | 0 | 1 |
| MT | 0 | 9 |
| NE | 0 | 14 |
| NH | 0 | 1 |
| NV | 0 | 71 |
| OK | 0 | 34 |
| OR | 0 | 50 |
| PR | 0 | 17 |
| RI | 0 | 1 |
| SD | 0 | 2 |
| WI | 0 | 26 |
| WV | 0 | 3 |
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