FILING · MN · 2026 FDD
Waterloo Turf 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). Waterloo Turf's most recent FDD tracked here is the 2026 FDD, a multistate filing. 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 | $59,000 |
| ITEM 6 | Ongoing royalty | 6.0% of gross sales |
| ITEM 7 | Total initial investment | $121K–$163K |
| ITEM 3 | Disclosed litigation matters | 0 |
| ITEM 19 | Earnings disclosure (FPR) | Yes — financial performance representation made |
| ITEM 20 | Outlets (fiscal 2025) | 26 franchised at year end |
| ITEM 21 | Franchisor financial statements | Unmodified (clean) opinion — Alice.CPA LLC |
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.
Alice.CPA LLC gave an unmodified (clean) opinion on the statements in the 2026 FDD; it reported a net loss in FY2025.
Audit opinion
Unmodified (clean) opinion
Alice.CPA LLC
Revenue · FY2025
$329K
extracted · not cross-checked
Net income · FY2025
−$1.3M
extracted · not cross-checked
Where FY2025 revenue came from
26% royalties
initial-fee share not extracted
- Fiscal years covered: FY2025 (2026 FDD)
- Statements are for: not extracted
- Parent / owner: not identified in the statements
| Fiscal year | FY2025 |
|---|---|
| Total revenue | $329Kextracted · not cross-checked |
| Royalty revenue | $84Kextracted · not cross-checked |
| Net income (loss) | −$1.3Mextracted · not cross-checked |
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 Waterloo Turf 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.
Waterloo Turf FDD questions, answered
Where can I download the Waterloo Turf FDD for free?
Waterloo Turf's 2026 Franchise Disclosure Document is a public record. It can be downloaded free from the source link on this page — no broker form, no email signup required.
What year is Waterloo Turf's most recent FDD on file?
The most recent Waterloo Turf FDD tracked here is the 2026 FDD. Franchisors must update their FDD annually; confirm you are reading the current issuance before signing.
Does Waterloo Turf's FDD disclose earnings (Item 19)?
Yes — Waterloo Turf 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 Waterloo Turf's FDD Item 20 show?
In fiscal 2025, Waterloo Turf ended with 26 franchised outlets and opened 26.
The Waterloo Turf validation checklist
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