FILING · MN · 2025 FDD
Perkins Restaurants FDD (Franchise Disclosure Document) — 2025
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). Perkins Restaurants's most recent FDD tracked here is the 2025 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 2025 · SOURCE STATE MN
| ITEM 5 | Initial franchise fee | $40,000 |
| ITEM 6 | Ongoing royalty | 4.0% of gross sales |
| ITEM 7 | Total initial investment | $1.3M–$3.6M |
| ITEM 3 | Disclosed litigation matters | 4 |
| ITEM 4 | Item 4 bankruptcy disclosure (franchisor, predecessor, affiliate or officer — see filing) | Yes |
| ITEM 19 | Earnings disclosure (FPR) | Yes — median unit volume $1.9M (population and period as defined in the filing's Item 19) |
| ITEM 20 | Outlets (fiscal 2024) | 175 franchised at year end · 7 exits (exit rate 3.8%, fiscal 2024) |
| ITEM 21 | Franchisor financial statements | Unmodified (clean) opinion — Frazier & Deeter, LLC |
The headline figure is Average Net Sales per Unit for Calendar year 2024, for 168 of 175 outlets open at year end, leaving out closed during the year, open < 50% of the year, closed before Apr 29, 2025 and others. It shows no costs, so it says nothing about what an owner keeps.
Graded on three things the filing states: coverage (2 points if the figure covers at least 75% of the units it is compared with, 1 point for 50–75%), centre (2 points if it prints both a median and a mean, 1 for one of them), and costs (2 points for costs through a profit line or full cost detail, 1 for some cost items). 5–6 points = More complete, 3–4 = Partial, 0–2 = Limited. The grade describes the disclosure, not the business.
| What is measured | Average Net Sales per Unit (net sales) |
| Period | Calendar year 2024 |
| Whose results | Franchised outlets |
| Units included | 168 of 175 franchised outlets at the end of FY2024 (Item 20) |
| Left out |
|
| Average (mean) | $1.9M |
| Median | $1.9M |
| Mean vs median | mean 0.2% above median |
| Met or beat the average | 82 / 49% |
| Costs shown | None — sales only |
| Where | p. 78 (Item 19 runs pp. 77–83) |
Frazier & Deeter, LLC gave an unmodified (clean) opinion on the statements in the 2025 FDD; revenue fell 4% from FY2024 to FY2025 and it reported a net loss in FY2025.
Revenue · FY2025
$191.5M
p. 299 · matched to statement
Net income · FY2025
−$487K
p. 299 · matched to statement
Where FY2025 revenue came from
0% royalties
initial-fee share not extracted
- Fiscal years covered: FY2024, FY2025 (2025 FDD, statements from p. 299)
- Statements are for: Perkins 2025 Amended FDD (January 2026) (299)
- Parent / owner: not identified in the statements
| Fiscal year | FY2024 | FY2025 |
|---|---|---|
| Total revenue | $200.2Mp. 299 · matched to statement | $191.5Mp. 299 · matched to statement |
| Royalty revenue | $118Kextracted · not cross-checked | $163Kextracted · not cross-checked |
| Net income (loss) | $7.6Mp. 299 · matched to statement | −$487Kp. 299 · matched to statement |
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 2025 Perkins Restaurants 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.
Perkins Restaurants FDD questions, answered
Where can I download the Perkins Restaurants FDD for free?
Perkins Restaurants's 2025 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 Perkins Restaurants's most recent FDD on file?
The most recent Perkins Restaurants FDD tracked here is the 2025 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 Perkins Restaurants's FDD disclose earnings (Item 19)?
Yes — Perkins Restaurants makes a financial performance representation in Item 19 of its 2025 FDD, reporting a median unit volume of $1.9M. Read the basis fine print: franchisors choose which units and metrics to include.
What does Perkins Restaurants's FDD Item 20 show?
In fiscal 2024, Perkins Restaurants ended with 175 franchised outlets; 7 of 183 open at the start of the year left the system (exit rate 3.8%, fiscal 2024) through terminations, non-renewals, and "ceased operations — other reasons".
The Perkins Restaurants validation checklist
questions built from this brand's own filings · read them all on the profile
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