Brand Shoutouts
1,700+ locations globally. Family-owned by the Murrell family since 1986. $3.6B in system sales. AUV down 10.6% in 2024. Five Guys bought back 106 franchise locations from its largest U.S. franchisee for $200 million. Complete 2026 data across 29 primary sources — no spin, no fluff.
By Justin K. Sellers · 25 min read · March 4, 2026
Jerry and Janie Murrell didn't franchise Five Guys until they'd spent 15 years perfecting it.
First location opened in 1986 in Arlington, Virginia. Named after their five sons: Jim, Matt, Chad, Ben, and Tyler. The sons told their parents they'd rather start a business than go to college. The Murrells used the college fund to open a burger restaurant.
The strategy was simple: build a cult following first. Franchise second.
From 1986 to 2001, they operated exactly five locations in the DC metro area. Fifteen years with zero franchising, zero expansion outside DC, zero shortcuts.
In 2002, they engaged Fransmart to help them expand. Former NFL player Mark Moseley joined the effort and later became director of franchise development. Started franchising in 2003. Sold out of territory in 18 months. Over 300 franchise permits sold in a year and a half.
By 2012: 1,000+ locations across U.S. and Canada. By 2016: 1,700+ locations open worldwide with 1,300 under development.
All five Murrell sons remain involved today: Matt and Jim travel visiting stores, Chad oversees training, Ben selects franchisees, Tyler runs the bakery.
Jerry Murrell's philosophy:
"We raise our prices to reflect the cost we're paying for food." — Jerry Murrell
That philosophy built a $2.3 billion brand. It's also why a burger, fries, and drink now costs $20+.
Fifteen years building the model before franchising. That's the same kind of patience that shaped Chick-fil-A into a $22.7 billion brand — and the same philosophy Layne's Chicken Fingers followed with 30 years of operation before aggressive expansion.
[FAQ_SECTION]
This is a deep dive into every number, every risk, and every opportunity — with 30 sources and zero spin.
- Hamburgers (regular: two patties, little: one patty) with 15 free toppings - Kosher-style hot dogs (Hebrew National all-beef) - Hand-cut fries (Five Guys style or Cajun style, extra scoop for free) - Grilled cheese, BLT, vegetable sandwiches - Milkshakes (100% real ice cream)
The No-Freezer Commitment:Every Five Guys location has coolers, never freezers. Fresh beef delivered multiple times per week. Bags of potatoes stacked in dining areas because there's no freezer storage.
Most fast food chains use frozen patties stored for months. Five Guys gets fresh deliveries 2-3 times weekly. More frequent deliveries mean higher costs. More food waste during slow periods means margin pressure. Can't bulk-buy frozen meat when prices drop means limited hedging ability.
What It Costs:Average Five Guys meal: $20.84 in 2024. Compare to: McDonald's ($13.75), Burger King ($13.50), Wendy's ($13.25), Jack in the Box ($13.00).
Preply survey: Five Guys ranked among the three most overpriced chains (alongside Shake Shack and Sugar Factory).
The $24 Receipt That Went Viral (March 2024):One bacon cheeseburger, fries, soda = $21.91 + $2.19 tip = $24.10 total. Post viewed 25.2 million times on X.
Prices increased by as much as 40% between 2021 and 2022.
Beef prices up 7% year-over-year, steak up 10%. California $20 minimum wage effective April 2024 hit labor costs. Fresh delivery model means zero cost flexibility when commodity prices spike.
Five Guys recently tested a "Classic Combo" (smaller burger, fries, drink) for $12.99 — their first real concession to pricing pressure.
In our view, that discipline — refusing to chase trends while competitors cycle through menu innovations — is what keeps the brand identity intact. But the pricing pressure is real, and it shows up in the numbers below.
- 1986: First location opens (Arlington, VA) - 2001: 5 locations (DC metro area) - 2003: Begin franchising - 2012: 1,000+ locations (U.S. and Canada) - 2013: First international location (London, Covent Garden) - 2024: 1,558 U.S. restaurants (613 corporate, 945 franchised) - 2024: 450 international locations across 29 countries
International Growth Engine:- $1.1 billion in international systemwide sales - System sales grown 1,000% since 2014 - 10% unit growth year-over-year - Named 2025 Global Restaurant Leader of the Year
Key markets: UK (170+ restaurants), Germany (since 2017), South Korea (since 2023), Australia (since 2021), Denmark (announced 2025).
Joint Venture Restaurants (UK, France, Germany, Spain):2022: 242 locations → 2024: 281 locations (+16.1% growth). 28 openings in 2024 vs 3 closures.
International Franchise:2022: 48 locations → 2024: 71 locations (+47.9% growth). 18 openings in 2024 vs 5 closures.
The Domestic vs International Gap:U.S. systemwide sales: $2.270B across 1,558 locations = $1.456M AUV International sales: $1.1B across 450 locations = $2.444M AUV
In our view, international locations outperforming domestic by 68% explains why North America is sold out while international expansion continues aggressively.
The 2022 Buyback:In March, May, June, and August 2022, Five Guys acquired 106 locations from Encore Restaurants — its largest U.S. franchisee — for approximately $200 million.
Encore operated 109 locations across California, Colorado, Massachusetts, Oklahoma, and Texas. They weren't failing — they were diversifying into other brands, including 7 Brew coffee.
Five Guys' franchise fleet declined from 979 (end of 2022) to 924 (heading into 2025). Corporate-owned locations increased from 597 to 613.
361 franchise agreements remain signed without restaurants opened (as of year-end 2024). 307 of those are U.S.-based. Projected 2025 openings: 46 U.S. franchised, 22 company-owned.
For a deeper look at what that buyback signals about the industry, see our PE acquisitions analysis.
Franchise vs. Corporate Split Analysis:Five Guys operates at a 39%/61% corporate-to-franchise ratio in the U.S. — 613 corporate-owned locations versus 945 franchised, out of 1,558 total domestic restaurants. This is a dramatically higher corporate ownership percentage than most QSR brands, and it is intentional. The 2022 Encore buyback — acquiring 106 locations for $200 million when its largest franchisee exited — increased the corporate percentage and reduced the franchise count. The Murrells have been explicit about their philosophy: quality control matters more than franchise fee revenue, and the fresh-daily model requires operational standards they can only guarantee through direct ownership.
In our view, this creates a fundamentally different experience for the remaining 945 franchisees than what most franchise systems provide. When a brand is 39% corporate-owned, the franchisor is also a direct operator — facing the same supply chain complexities, the same labor dynamics, and the same customer review scrutiny that franchisees face. That shared operational reality means the Murrells understand what they're asking franchisees to execute because their own teams are executing it in 613 locations. The trade-off is that the corporate entity has less financial incentive to maximize franchise count than a pure-franchise model — which is why North America is effectively sold out. Five Guys would rather operate corporate locations at standard than franchise territories to operators who might not maintain it.
[TABLE] Category | Range | Notes Total Investment | $977,850 - $1,375,750 | High barrier Franchise Fee | $25,000 | One-time Development Fee | $50,000 | Territory rights Royalty Fee | 6% gross sales (8% AK/HI/PR) | Industry standard Creative Fund | Up to 2% gross sales | National/regional marketing Local Advertising | Minimum 2% gross sales | Required spend Net Worth Required | $500K - $1.5M | Domestic FDD requirement Liquid Assets Required | $150K - $250K | Domestic FDD requirement [/TABLE]
Note: Corporate website claims $5M net worth and $2.5M liquid assets for international. FDD shows much lower requirements for domestic (which is sold out). This discrepancy signals international expansion requires deeper pockets than the historical domestic model.
Revenue Performance:[TABLE] Metric | 2022 | 2024 | Change AUV (Average Unit Volume) | $1.718M | $1.536M | -10.6% U.S. Systemwide Sales | $2.204B | $2.270B | +3.0% Total U.S. Locations | ~1,500 | 1,558 | +3.9% Franchise Locations | 979 | 945 | -3.5% Corporate Locations | 597 | 613 | +2.7% [/TABLE]
In our view, AUV declining 10.6% in two years is a signal worth watching. Total sales up 3% only because location count increased. Franchise count down after the $200M buyback of 106 locations from Encore Restaurants.
Estimated Franchisee Economics (QSR Research Hub analysis):[TABLE] Category | Amount | Methodology Yearly Gross Sales (Est.) | $1,536,000 | System average AUV per QSR Magazine Estimated Earnings at 15% | $230,400 | QSR Research Hub analysis (industry benchmark) Estimated Earnings at 20% | $307,200 | QSR Research Hub analysis (optimistic scenario) Payback at 15% margin | Est. 4.2 - 6.0 years | Estimated: Investment range ÷ $230,400 EBITDA Payback at 20% margin | Est. 3.2 - 4.5 years | Estimated: Investment range ÷ $307,200 EBITDA Anecdotal AUV (Podcast) | $1.15M | Wolf of Franchises (13-location owner) [/TABLE]
*Note: These are QSR Research Hub estimates using the system's publicly reported average AUV from QSR Magazine and industry-standard margin benchmarks for premium burger fast-casual concepts. Five Guys does not provide Item 19 earnings claims. All figures should be treated as directional estimates, not verified results.*
The Profitability Question:Five Guys does NOT provide Item 19 earnings claims in their FDD. Their disclosure states: "We do not make any representations about a franchisee's future financial performance or the past financial performance of company-owned or franchised outlets."
This forces prospective franchisees to either talk to existing franchisees (allowed), rely on independent estimates, or accept complete uncertainty.
Anecdotally (podcast interview with 13-location owner Lucas Mitchell): Average revenue per location "over $1 million, close to $1.15 million." Industry benchmarks suggest 15-20% EBITDA margins for well-run premium burger concepts. FranchiseVoice estimates $180K-$300K annual profit per well-run location.
In our view, if you hit the current system average of $1.536M AUV at 15% margin, that's roughly $230K in annual profit. Payback in 4.2-6.0 years assuming stable performance.
Competitor AUV Rankings (2024 Burger Chains):[TABLE] Brand | AUV | Locations In-N-Out Burger* | $5.8M | 415 Whataburger | $4.0M | 1,085 McDonald's | $3.96M | 13,600 Shake Shack | $3.87M | 373 Culver's | $3.83M | 997 Burger King | $1.63M | 6,701 Five Guys | $1.536M | 1,558 Sonic Drive-In | $1.54M | 3,461 [/TABLE]
*In-N-Out Burger is entirely company-owned; no franchise opportunities exist. AUV figures are not directly comparable to franchised system unit economics — In-N-Out pays no royalty fees, no franchise development fees, and no national advertising fund contributions that reduce franchisee earnings.
Five Guys' AUV ranks behind Burger King and just ahead of Sonic. In-N-Out does 3.8x Five Guys' volume per location. Shake Shack does 2.5x.
The gap raises a question: Shake Shack charges premium prices ($11-15 burgers) and gets $3.87M AUV. Five Guys charges premium prices ($12-18 burgers) and gets $1.536M AUV. In-N-Out does $5.8M AUV with same fresh-never-frozen commitment, simpler menu, and lower prices (Double-Double $5.40 vs Five Guys Double $10+).
"Bath 5 Guys was a pleasant surprise. Not only were the staff helpful and patient with our dietary needs (1 type 1 Diabetes, 1 gluten free) but the quality of the food was excellent (100% beef, fresh cuts, no freezers)." — Simon, Trustpilot (June 2024)
"For my part the best burgers, of the other brands tested, they are my favorites. The fries are delicious, burgers and hot dogs also and much less fat than elsewhere." — Grego G., Tripadvisor (December 2024)
"One of the best places for a quick burger. A pretty good rival to McDonalds/ChickfilA. If you are looking for a juicy burger, get to Five Guys asap." — James B., Sitejabber (March 2024)
"Visited Sheffield The Moor today. Staff and service was excellent. Nothing was too much trouble. Liam was particularly helpful. Shop was sparking clean and staff were all very busy working hard. Food was great." — Lindy Elliott, Trustpilot (November 2025)
THE CHALLENGING On Pricing:"I get that they are expensive but decent quality and get to choose exactly what you want." — Trustpilot (2024)
"We visited Rushden Lakes yesterday and thought we'd try 5 Guys... For a simple burger, fries and a soft drink, it would have worked out at £20+ per person! Needless to say, we laughed and went next door to try a Popeye's instead (busy) and had a fantastic meal at a very reasonable cost." — Jim S., Trustpilot (December 2024)
On Food Quality Issues:"This food is awesome but the prices give me cancer. A small cheeseburger is almost 9 dollars, which really is a kick in the $#*! (not to sound like a cheapskate)." — Logan S., Sitejabber (September 2023)
"Frozen inside bun, cold food and dripping with goo. Returned the uneaten food, manager apologised and agreed poor standards, refunded and replaced the order. Same again; centre of the bun was pure dough." — Jim S., Trustpilot (November 2023)
On Delivery and Service:"Long wait, food cold, fries over cooked and tasteless. So overpriced for a burger and fries. Burger King and McDonalds 100 times better and cheaper. First and last time at Five Guys." — Trustpilot
"Ordered a burger via Deliveroo. With fees it was nearly £13. It was absolutely tiny. What a complete ripoff. I will never use either company again." — Trustpilot
Pattern: Pricing complaints dominate negative reviews. Quality execution varies widely by location — some execute perfectly, others serve cold or undercooked food. Third-party delivery exacerbates the pricing perception ($13-20 for a burger delivered). When execution is right, customers recognize the fresh quality and generous portions. When it's wrong, the premium price makes the disappointment worse."Wish I would have read the reviews before I went. My First time. Yonge & Sheppard local. Burger was thin dry and tasted like sawdust. Toppings were meagre fries were all broken in pieces... all for $18." — Trustpilot
Named 2025 Global Restaurant Leader of the Year. 10% unit growth in international markets. $1.1 billion in international sales growing 1,000% since 2014.
The simple menu (burgers, dogs, fries) translates globally. No freezers creates premium positioning that works internationally. 450 locations across 29 countries proves the concept scales.
2. The 2022 Buyback Shows Commitment to ControlSpent $200M to acquire 106 locations when their largest franchisee exited. In our view, that's not a brand looking to maximize franchise fees — that's a brand protecting operational standards. Corporate ownership increased while franchise count declined.
3. No Freezers = Real Competitive MoatEvery location uses only coolers, never freezers. Fresh beef delivered 2-3 times weekly. Hand-cut fries from visible potato stacks.
In an industry built on frozen shortcuts, this creates genuine differentiation. In our view, it's also a barrier to entry — competitors can't easily replicate the supply chain complexity.
4. Cult Following Persists Through Price IncreasesFormer President Obama bought lunch at Five Guys in 2011. The brand remains one of the most talked-about burger brands in the premium fast-casual segment. Brand loyalty has persisted through 40% price increases.
5. Family Ownership After 40 YearsAll five Murrell sons remain actively involved: Matt and Jim visit stores, Chad oversees training, Ben selects franchisees, Tyler runs the bakery.
In our view, this isn't a PE flip. This isn't a SPAC exit. This is generational commitment.
What They Need To Nail As They Scale: 1. The Pricing Pressure Is Real$20.84 average meal vs $13-14 at competitors. 40% price increases from 2021-2022. The viral $24 receipt was viewed 25.2 million times. Preply survey ranked Five Guys among the three most overpriced chains.
The Classic Combo ($12.99) is a start, but in our view, it may be more tactical than structural. In our analysis, the brand may need a broader approach to value perception without killing the fresh-daily model.
2. AUV Declining While Competitors GrowFive Guys AUV: $1.718M → $1.536M (-10.6%) from 2022-2024. Shake Shack AUV: $3.87M → $4.1M (+3.8%) same period.
Premium pricing without premium volume. In our view, the AUV gap between these premium competitors raises questions about where customers perceive the best value.
3. Quality Execution Varies Wildly by LocationSome locations: "Staff excellent, food great, sparking clean." Other locations: "Cold food, inedible burger, staff didn't give a toss."
Fresh-daily model requires operational excellence at every location. One bad location can damage brand perception for an entire city. This is why they bought back 106 locations — more corporate ownership means more control. In our analysis, the remaining 945 franchise locations may benefit from more frequent quality audits and franchisee training intensification.
4. No Item 19 Earnings Claims Creates Information AsymmetryFive Guys' FDD explicitly states: "We do not make any representations about a franchisee's future financial performance."
Compare to: Chick-fil-A provides detailed Item 19 with actual franchisee performance data. Shake Shack is a public company with full financial transparency. McDonald's provides detailed Item 19 plus decades of franchisee case studies.
In our view, the absence of Item 19 earnings claims creates an information gap for prospective franchisees making $1M+ investment decisions.
[LOCKIN] Five Guys does not disclose Item 19 earnings claims in its FDD — which means you are making a $977K–$1.375M investment decision without the financial performance data most franchise systems provide. Before signing any development agreement, request unit-level financial data from existing franchisees in your target market directly. Ask specifically: What is the actual net operating margin (not AUV) at your location? What are the fresh supply chain costs in this geography? Has AUV grown, been flat, or declined since you opened? Those conversations will tell you more than any FDD. [/LOCKIN]
5. Third-Party Delivery Amplifies the Pricing ProblemFive Guys burger: $12-15 + DoorDash/Deliveroo fees (30%) + tip = $20-25 delivered. Customer gets cold fries (hand-cut fries don't travel well). Portion looks small in a delivery container vs the in-store experience.
In-N-Out chose to exit third-party delivery entirely — no DoorDash, no Uber Eats, drive-thru only. In our view, that protects quality and keeps prices low. Five Guys appears to face a strategic choice: optimize packaging, create a delivery-specific menu, or exit third-party delivery.
6. Legal Disclosures in FDD Item 3Five Guys settled with 14 state attorneys general in 2018 over "no-poach" clauses in franchise agreements. The no-poach provisions were removed and notices posted. Prospective franchisees should read FDD Item 3 carefully.
Jerry Murrell opened the first Five Guys location in Arlington, Virginia in 1986 with his then-teenage sons after deciding they needed to either go to college or start a business. The family chose the business — and the five sons' college tuition money became the seed capital for what would become one of the fastest-scaling burger brands in history. Murrell built the concept around two principles that remain intact four decades later: fresh beef only, never frozen; and a menu focused on what they do best rather than what would chase trends.
The brand's name — Five Guys — refers to Jerry and his sons: Matt, Jim, Chad, Ben, and Tyler. All five remain actively involved in the business today, which is unusual for a brand at this scale.
"We raise our prices to reflect the cost we're paying for food." — Jerry Murrell
That's the philosophy: quality first, price second. The 40% price increases from 2021-2022 were driven by genuine input cost increases, not margin expansion. Whether that transparency holds as a brand positioning strategy into 2025 and beyond is the central leadership question.
The Five Sons:The Murrell sons represent the next generation of leadership: Matt and Jim focus on store operations and quality control (visiting locations); Chad oversees training programs; Ben manages franchisee selection and relationships; Tyler oversees the company's bakery operations. This division of responsibility creates a checks-and-balances structure that protects the brand from single-point-of-failure leadership risk. It also creates the complexity that comes with five family members sharing leadership of a $2.3 billion revenue brand.
Succession Planning:Five Guys is privately held with no public succession plan. Jerry Murrell is in his late 70s. Whether the next generation continues the family ownership model, brings in professional management, sells to PE, or explores a public offering will define the brand's next chapter. This uncertainty is both a risk (no disclosed plan) and a strength (no PE pressure forcing short-term decisions). Operators evaluating a Five Guys partnership — particularly international franchisees considering a 10-year territory commitment — should ask specifically about succession planning and long-term corporate ownership intent.
Leadership Assessment:In our view, the Murrell family's ownership model is the brand's most underappreciated asset and its most legitimate risk simultaneously. The fresh-daily, quality-over-speed philosophy only works if the leadership making those decisions is committed to them long-term. A PE acquisition or public offering that introduces margin pressure would challenge the no-freezer model directly — because the easiest way to improve restaurant margins is to move to centralized commissary preparation, frozen protein, or reduced fresh ingredient cycles. The Murrell family's resistance to that logic is what gives the concept its differentiation. The question operators need to ask is: will that resistance survive the ownership transition that is inevitable at some point?
- Owns 3-5 QSR locations - $5M+ net worth, $2.5M+ liquid - Wants premium brand with international growth potential - Understands fresh supply chain complexity
You're getting:
- ✅ Sold-out North America = proven demand - ✅ International AUV 68% higher than domestic = opportunity - ✅ $5M+ net worth requirement for international = less competition - ✅ Family ownership = stable long-term partner - ✅ Simple menu = operational efficiency at scale
You're accepting:
- ❌ AUV declining in U.S. (could signal international saturation ahead) - ❌ Pricing backlash could spread globally - ❌ 4.2-6.0 year payback (at 15% margin) is long for fast-casual - ❌ Fresh-daily supply chain = higher operational complexity than frozen models
Recommendation: If targeting international markets (Europe, APAC, Middle East) with $5M+ net worth, Five Guys is worth serious consideration. But request Item 19 data for your specific target country and speak to 5-10 existing international franchisees before committing.- Corporate professional with $500K savings - Wants to own a business, willing to work 60+ hours/week - No restaurant experience - Attracted to Five Guys brand recognition
In our view, not recommended for first-time franchisees.
Five Guys requires either multi-unit restaurant experience or international market access. The fresh-daily model has zero margin for operational error. $977K-$1.375M total investment is high for a first franchise. And it's sold out in North America — no domestic territories available.
First-time franchisees should consider systems with lower investment requirements ($300K-500K range), longer franchisee support windows, domestic availability, and shorter payback periods (3-4 years).
Scenario C: The Brand Converter (Existing Restaurant Owner)- Owns independent burger restaurant or struggling franchise - Prime location with existing infrastructure - $1M+ net worth, $250K+ liquid
Not possible in North America (sold out). For international converters: this could work IF your current location does $1.5M+ annually AND your market supports $15-18 burgers AND you're comfortable with 10% gross sales going to fees (6% royalty + 2% creative fund + 2% local advertising).
In an era when private equity is reshaping QSR ownership, a family-owned brand spending $200 million to buy back franchise locations instead of selling more deserves attention.
The Opportunity:- Sold-out domestic market proves demand — all U.S. and Canada territories sold - International growth engine — 10% unit growth, $1.1B in sales, 29 countries - No-freezer model creates supply chain moat — competitors can't easily replicate - Family ownership means long-term stability — not a PE flip, not a SPAC exit
The Challenge:- AUV declining 10.6% while competitors grow - $20.84 average meal is 50% more than the next premium competitor - Quality execution varies enough to damage brand perception in key markets - No Item 19 transparency forces $1M+ investment decisions based on third-party estimates
The 5-Year Outlook:Domestic: Sold out means no new franchise opportunities. Existing franchisees face pricing pressure plus AUV decline. In our view, corporate ownership likely increases through additional buybacks. Classic Combo rollout could stabilize traffic. Comp sales will be the key metric — currently unavailable publicly.
International: Strong growth trajectory (10% annual unit growth). $1.1B sales base with room to 3-5x. Higher AUVs than domestic ($2.44M vs $1.456M). Target markets: Southeast Asia, Latin America, Eastern Europe.
The Wild Card: What happens when Jerry Murrell retires? All five sons are involved, but is there a formal succession plan? Family ownership is both a strength (long-term thinking) and a risk (succession planning, capital constraints). Whether they sell to PE, go public, or maintain family control will define the next chapter."We raise our prices to reflect the cost we're paying for food." — Jerry Murrell
Five Guys is NOT accepting new franchise applications in the United States or Canada.
International Expansion Available:Europe, Middle East, and APAC — active international franchise opportunities.
Financial Requirements (International):- Minimum net worth: $5 million - Liquid assets: $2.5 million - Franchise fee: $25,000 - Development fee: $50,000
Visit Franchise PageWe never ask brands for permission before publishing. Our job is independent analysis, not marketing material. If something in this piece doesn't match your experience — good or bad — that's valuable information for the operator community.
Sponsors get placement, not editorial control. We write what the research shows.
This article draws on 29 publicly available sources, franchise industry data, customer reviews, and third-party financial estimates about Five Guys.
Key limitations remain:
We don't know actual franchisee earnings.Five Guys does not provide Item 19 financial performance representations. All profit estimates in this article represent QSR Research Hub analysis based on publicly available AUV data from QSR Magazine and industry margin benchmarks, supplemented by trade press reporting (FranchiseVoice, Wolf of Franchises podcast). All figures should be treated as estimates, not verified results.
We don't know franchisee failure rates.FDD Item 20 shows openings and closures but not the reasons behind them. Average franchisee tenure, refranchising plans, and whether they're planning additional buybacks are not publicly disclosed.
We don't know same-store sales trends.Only AUV data is publicly available — not comparable-store sales growth. The AUV decline from $1.718M to $1.536M could reflect new locations in lower-volume markets, pricing elasticity effects, or genuine demand decline. Without comp sales data, we can't determine which.
We don't know international profitability by market.The 68% AUV premium in international markets is encouraging, but which specific countries are profitable? What are the unit-level economics in the UK (170+ locations) vs South Korea (4 locations)? This data is not publicly available.
We don't know the supply chain cost breakdown.What percentage of COGS is fresh beef delivery? How much does the no-freezer model cost per location versus a frozen model? What are the real estate requirements and buildout costs by market? These operational details are not publicly disclosed.
For a high-growth franchise with a completely different product category and highly variable unit economics, our Crumbl Cookie deep dive profiles the largest cookie brand in America and what the gap between a $251,706 average net profit and a $77,359 median means for operators evaluating the investment.
This article was produced independently. The brand profiled did not participate in, review, or approve this research prior to publication. All claims are sourced from publicly available materials and cited accordingly.
QSR Research Hub is an independent publication. We receive no compensation from any brand featured in our Brand Shoutouts.
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1. Five Guys Corporate Website. "Our Story." Accessed March 2026. https://www.fiveguys.com/about-five-guys/
2. Restaurant Business. "Five Guys is the 2025 Global Restaurant Leader of the Year." September 30, 2025. https://www.restaurantbusinessonline.com/operations/five-guys-2025-global-restaurant-leader-year
3. Nation's Restaurant News. "Five Guys Strengthens Support, Infrastructure to Keep Up With Rapid Growth Rate." Paul Frumkin, August 9, 2010. https://www.nrn.com/marketing-branding/five-guys-strengthens-support-infrastructure-to-keep-up-with-rapid-growth-rate
4. Chowhound. "Five Guys Commitment To Fresh Ingredients May Be Why Its Pricier Fast Food." January 22, 2025. https://www.chowhound.com/1762398/why-five-guys-is-expensive/
5. Franchise Times. "35. Five Guys | Top-400-2025." September 29, 2025. https://www.franchisetimes.com/top-400-2025/35-five-guys/article_aff45d7a-a638-43c5-9c22-7bd4af16fb2b.html
6. Fox Business. "Five Guys' prices spark outrage after $24 receipt goes viral: 'Highway robbery'." March 7, 2024. https://www.foxbusiness.com/lifestyle/five-guys-prices-sparks-outrage-24-receipt-viral-highway-robbery
7. The Chef Recipe. "This Is Why Five Guys Prices Keep Going Up." May 12, 2025. https://thechefrecipe.com/2025/05/this-is-why-five-guys-prices-keep-going-up/
8. Preply. "The Most Overpriced Fast Food Chains in America." Accessed March 2026. https://preply.com/en/blog/most-overpriced-fast-food-chains/
9. WPDE. "Andrew Zimmern explains why your Five Guys order is $24." March 7, 2024. https://wpde.com/news/nation-world/andrew-zimmern-five-guys-prices-24-receipt-viral
10. Five Guys Corporate Website. "Franchising." Accessed March 2026. https://www.fiveguys.com/support-hub/franchise/
11. QSR Magazine. "Here's How Many Restaurants Five Guys Opened in 2024." September 10, 2025. https://www.qsrmagazine.com/story/heres-how-many-restaurants-five-guys-opened-in-2024/
12. Restaurant Business. "Five Guys | 2024." October 3, 2025. https://www.restaurantbusinessonline.com/franchise/five-guys
13. Restaurant Business. "Five Guys | 2025." December 4, 2025. https://www.restaurantbusinessonline.com/franchise/five-guys-2025
14. FranchiseVoice. "Five Guys Franchise Cost & Profit Margins Explained." Accessed March 2026. https://franchisevoice.com/five-guys-franchise-cost/
15. FranChimp. "2020 Franchise Disclosure Document for Five Guys Burgers and Fries." Accessed March 2026. https://franchimp.com/fdd/five-guys-burgers-and-fries/ *Note: This is a 2020 FDD filing (2019 operating data). Item 19 non-disclosure language cited in this article reflects the 2020 document; prospective franchisees must obtain the current FDD directly from Five Guys Franchising LLC to verify whether this language has changed.*
16. Wolf of Franchises. "Five Guys Franchise | Costs, Fees & Earning Stats (2025)." July 1, 2022. https://www.wolfoffranchises.com/five-guys-franchise/
17. BizBuySell. "Largest US Five Guys Franchisee Looks for New Deals, Expands Texas Holdings." November 9, 2020. https://www.bizbuysell.com/learning-center/franchise-news/largest-us-five-guys-franchisee-looks-for-new-deals/
18. Fast Casual. "Encore Restaurants purchases eight Five Guys units, plans to develop 45 more." July 11, 2020. https://www.fastcasual.com/news/encore-restaurants-purchases-eight-five-guys-units/
19. Nation's Restaurant News. "Here are the burger chains with the highest average unit volumes." June 24, 2025. https://www.nrn.com/burger-chains-highest-auv
20. QSR Magazine. "Shake Shack's Premium Position Pays Off." April 8, 2025. https://www.qsrmagazine.com/story/shake-shack-premium-position/
21. San Diego Magazine. "Shake Shack vs. In-N-Out: Which Burger is Better?" September 19, 2023. https://www.sandiegomagazine.com/food/shake-shack-vs-in-n-out/
22. Eat This, Not That. "In-N-Out vs Shake Shack Taste Test." June 8, 2023. https://www.eatthis.com/in-n-out-vs-shake-shack/
23. Tasting Table. "In-N-Out Is Better Than Shake Shack In Every Way." April 10, 2023. https://www.tastingtable.com/in-n-out-vs-shake-shack/
24. Medium. "Shake Shack vs. In-n-Out." January 23, 2018. https://medium.com/shake-shack-vs-in-n-out
25. Trustpilot. "Five Guys Reviews." Accessed March 2026. https://www.trustpilot.com/review/5guys.com
26. Tripadvisor. "Five Guys, New York City Reviews." Accessed March 2026. https://www.tripadvisor.com/Restaurant_Review-g60763-d1887496-Reviews-Five_Guys-New_York_City_New_York.html
27. Sitejabber. "Five Guys Reviews." Accessed March 2026. https://www.sitejabber.com/reviews/fiveguys.com
28. Trustpilot. "5 Guys Burgers and Fries Reviews." January 17, 2026. https://www.trustpilot.com/review/fiveguys.com
29. National Association of Attorneys General. "Settlement Agreement Between States and Five Guys Franchisor LLC." May 18, 2021. https://www.naag.org/issues/antitrust/five-guys-settlement/