Subway / the report
Subway
Everything in the 2026 Franchise Disclosure Document, in plain English, cited to the page. $49.
Buy the report Delivered the moment you pay. Thirty-day refund, no questions.
These five are free, on the brand page. The report is the other 923 pages.
What's inside
- The one-paragraph readwhat you buy, what it costs, what the count did
- Every fee, Items 5 and 659 rows
- What it costs to open, Item 7totals, biggest lines, what's excluded
- Item 19, decodedno representation, and what that means
- Three years of units, Item 20openings, closures, transfers, by year
- Litigation and bankruptcy, Items 3 and 4one line per matter
- Territory, renewal, transfer, termination, Items 12 and 17the clauses that bind you
- Questions to ask existing franchiseesraised by this filing's own numbers
- Provenancestate, filing, date, method
About 4000 words. Web page and PDF, link good for 30 days.
Two pages from it
Every fee · the first 7 of 59
| Standard initial franchise fee | $15,000 | p. 29 |
| Short-term satellite fee | $1,000 | p. 30 |
| Additional fee for non-compliance | $7,500 | p. 30 |
| Lease recording fee | $50 plus recording costs of $50–$2,500 | p. 32 |
| Security deposit / first month rent | $2,000–$12,000 | p. 32 |
| Digital menu boards (purchase) | $8,000–$14,000 | p. 33 |
| Digital menu board hardware-as-a-service | $155 per month | p. 41 |
Three years of units · system totals
| Year | Start | Opened | Closed | End |
|---|---|---|---|---|
| 2023 | 20,576 | 455 | 853 | 20,133 |
| 2024 | 20,133 | 453 | 1,005 | 19,502 |
| 2025 | 19,502 | 499 | 1,224 | 18,773 |
Net loss of 1,803 outlets, 2023 to 2025.p.94
Where the numbers come from
The Wisconsin Department of Financial Institutions registry, filing 641453, effective 4/30/2026. Read line by line by two independent models, one of them blind to the other; a figure is published only when both agree and the quoted words are on the cited page. Nothing is estimated. The method, in full.
Who it's for
- Someone about to sign a Subway franchise agreement who wants to know what the document says before the attorney's meter starts.
- An operator comparing Subway against two or three other brands on the same terms.
- A lender, landlord or partner who needs the figures with page numbers, not a brochure.
$49
Card, Apple Pay or Google Pay through Stripe. Delivered instantly. Thirty-day refund on request, no questions. Sales tax added at checkout where it applies.
Questions
- Is this the filing itself?
- No. The filing is public and you can get it from the state. This is the filing read for you: every figure with the page it came from, in plain English.
- Is it legal advice?
- This is a summary of a public filing, not legal advice. Take the filing to a franchise attorney before signing. The report makes that meeting shorter and cheaper.
- How current is it?
- It is read from the 2026 filing, effective 4/30/2026. When the franchisor files again the report is re-read, and buyers get the new one.
- What if it isn't what I needed?
- Reply to your receipt within thirty days and the charge is refunded. No questions.