⛫ Potbelly Financials

We just completed a successful sale of the largest Aussie Pet Mobile franchisee. Our team has deep experience helping franchise owners sell their business, which is why we’re the trusted partner for current engagements as large as a 41 unit QSR group.

Potbelly had a busy 2025.

They ended the year with 470 locations open (+26 YoY), 122 of which were franchised.

It was a year that included record-breaking franchise growth (in Q2 alone, they added 54 new franchise commitments). And a the franchisor level, the brand was acquired by RaceTrac for roughly $565 million.

Here is what their average revenue per store came out to, broken down by unit type.

All this data is from the recent 2025 FDD which is based on 97 locations:

• 60 of which are suburban units

• 22 of which are CBD - which I believe stands for “Central Business District” locations

With an investment midpoint of about $815k, Potbelly is proving to be a strong competitor in the sandwich sector.

Here is how they compare on AUV to other sub giants:

• Potbelly: ~$1.33M

• Firehouse Subs: ~$1.03M

From a brand level, they still have far less unit penetration and recognition than the big 4, but their franchising efforts are paying off thus far!

Oren studied the space before launching Area 2, and ultimately built it in a way that he thinks can actually drive unit economics and staying power.

Former startups have tried to build big farms and then move the food they produced to distribution points (grocery stores & such).

Jersey Mike’s is Going Public Jersey Mike’s has submitted a confidential S-1 filing to the U.S. Securities and Exchange Commission, according to a Monday press release.

White Castle is Launching Kiosks The chain will work with Automated Retail Technologies to bring the robotic technology to areas off-limits to traditional QSRs.

Restaurant Chain Sales Slowed The bulk of the Top 500 chain restaurants’ growth came in just three categories: coffee, beverages and chicken.

OpenTable has New Terms The reservation platform said its partners must agree to make OpenTable their primary table management system, leading to confusion and concern over exclusivity.

Yesway Goes Public Chairman and CEO Tom Trkla rang the opening bell Wednesday morning at the Nasdaq MarketSite in New York City to commence the long-awaited offering

7-Eleven is Remodeling 7,000+ stores The retailer also plans to convert 2,600 company-operated locations to its franchise model as its growth strategy continues to evolve. Amazon Controversy The e-commerce giant allegedly pushed vendors to set higher prices at Target & Walmart.