RANKINGS · 15 LISTS · REAL FILINGS & FEDERAL LOAN DATA ONLY
Franchise rankings, from the filings
Every list below is computed from figures extracted from filed FDDs (automated; may contain errors) — Items 5–7 for costs, Item 19 for earnings disclosure, Item 20 for openings and exits — using each brand's latest filing, and only filings no more than two years old. No surveys, no pay-to-rank, no sample data. Each list states its inclusion rules and links every row to the brand's sourced profile.
Which franchisors' own audits carry going-concern language?
As of October 29, 2026, 9 of the 532 franchisors whose audit opinion we have read in a current FDD carry going-concern language in Item 21 (6 in the auditor's report itself, 1 where the auditor's report points to the parent company's doubt, 1 only in management's notes, 1 only on the state cover page).
Plus the franchisors whose revenue leans on selling new franchises, and those reporting a loss every year shown.
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Which earnings claims are built from a subset of units?
How many units each headline average includes, how many the system has, and which groups the filing leaves out — with a completeness grade and the page.
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Which franchises offer veteran discounts?
Every system that names a veteran discount in its own FDD, which ones disclose collecting below list — and each brand's SBA charge-off record alongside, so a fee discount is never read in isolation.
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Which franchises offer multi-unit discounts?
The discount ground franchisors honor most — more systems name a multi-unit break than any other reason. Every one that put it in Item 5, with the loan record alongside.
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Which franchises show two or more independent warning signs?
Brands rated Weaker or worse whose current FDD and federal loan record show at least two separate warning signs — each one named on its row, with the methodology and a corrections link.
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Which franchises have the lowest royalties?
Ranked by ongoing royalty — the cut of gross sales you pay the franchisor forever — lowest first, from Item 6 of each brand's latest FDD.
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Which franchises don't disclose earnings in Item 19?
Franchises that make no financial performance representation in Item 19 of their latest FDD — meaning the franchisor publishes no earnings claim at all. Legal and common, but it moves the burden of proof onto you.
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What are the fastest-growing franchises?
Ranked by opening rate in the latest fiscal year — new franchised outlets opened divided by franchised outlets at the start of that year — from each brand's latest FDD Item 20. Minimum 50 franchised units to qualify.
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Which franchises disclosed the highest Item 20 exit rates?
Ranked by exit rate — terminations, non-renewals, and "ceased operations — other reasons" divided by franchised outlets at the start of the year — as each franchisor reported them in its latest FDD Item 20. Exits are not the same as failures: they include non-renewals, conversions, relocations and system restructurings, and the FDD does not say why each outlet left.
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Which franchise systems we track are the largest?
Ranked by franchised outlets at the latest fiscal year end, from Table 1 of each brand's latest FDD Item 20 — system size as the franchisor itself discloses it. Covers only the systems whose current FDD we hold, not every franchise in the U.S.
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What are the cheapest franchises to open?
Ranked by the low end of the total initial investment range in Item 7 of each brand's latest FDD — the smallest all-in figure the franchisor itself will put on paper.
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From the federal loan record
Every SBA 7(a) and 504 loan to a franchisee since fiscal 1991, and how each one ended — the lender's-eye view of franchisee outcomes, independent of anything the franchisor discloses. Default lists compare each brand with franchise loans approved in the same years, so the 2006–08 recession vintages don't decide the ranking.
Which franchises' SBA loans defaulted most, compared with loans made in the same years?
Ranked by how many more SBA-backed franchisee loans charged off than franchise loans approved in the same years would predict — highest first. Comparing like with like removes the 2006–08 recession vintages that dominate any raw default-rate ranking.
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Which franchises' SBA loans defaulted least, compared with loans made in the same years?
Ranked by how far fewer SBA-backed franchisee loans charged off than franchise loans approved in the same years would predict — lowest first. Young loans are left out, so a brand can't top this list just because its loans haven't had time to fail.
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Which franchises show the largest drop in distinct SBA lenders?
Ranked by the steepest drop in the number of distinct banks making SBA loans to the brand's franchisees — fiscal 2021-and-later approvals against 2016–2020. A drop can mean fewer franchise sales, buyers using conventional financing, a change in how the SBA codes the brand, or lender caution; this list does not tell you which.
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Which franchises see SBA loans default the fastest?
Ranked by the median months from approval to charge-off for SBA loans that charged off — shortest first. Timing reflects the loan era, the lender and the borrower's capitalization as well as the brand; it is a question to ask, not a diagnosis.
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SOURCES: LATEST REAL FDD FILING PER BRAND (STATE REGULATOR PORTALS) · SBA 7(a)/504 FOIA FILES, DATA.SBA.GOV · SEE EACH LIST'S METHODOLOGY NOTE