Subway

$SBWYF500 #188

CategoryFood: Quick-Service Restaurants

SubcategorySandwiches: Submarine

Locations18,773

Franchisee Count18,756

Franchise Fee$15,000

Item 7 Low$227,000

Item 7 Midpoint$428,500

Item 7 High$630,000

Royalty Fees8% of total gross sales

Ad / Brand Fund4.5%

Sold Not Open93

ParentUnderground Purchaser, LLC

PE / InvestorRoark Capital Management, LLC

Founded1965

Completeness34/34 (100%)

Years in Business60

Began Franchising1965

HQShelton, CT

Executives7

LinksWeb

Main Phone1-800-888-4848

Emailfranchise@subway.com

FDD IssuedApril 30, 2026

Last UpdatedJul 28, 2026

FDDs2026 · 2025 · 2022 🔒

Franchisor

Doctor's Associates LLC, doing business as Subway, offers franchises for the establishment and operation of Subway® restaurants serving submarine sandwiches and related food products.

Doctor’s Associates LLC is a Delaware limited liability company, wholly owned by Subway Funding LLC, which is part of Subway US Holdings, LLC. Key executives include CEO Jonathan Fitzpatrick and CFO Benjamin Selden, with a significant management team based in Shelton, Connecticut.

Doctor's Associates LLC, doing business as Subway, offers franchises for the establishment and operation of Subway® restaurants serving submarine sandwiches and related food products.

Read Subway’s complete April 30, 2026 Franchise Disclosure Document — plus 2 prior years on file. Founder level — $19/mo — also unlocks Item 19 revenue, financial strength and unit trajectory across all 3,850 brands on FranDeals.