Review Material Changes Across This Disclosure Pair
This report surfaces material year-over-year changes between two disclosed FDD editions so operators, investors, attorneys, and advisors can identify what changed before moving into source language review and full item-by-item analysis.
Latest FDD on file: 2026-03-20
Change Window
2025-2026
2025 (2025-03-24) vs 2026 (2026-03-20)
Tracked Delta Facts
195
195 logged delta facts grounded in source comparisons
This report focuses on year-over-year changes across Items 1 through 18. Item 19 financial performance representations should be reviewed directly in the FDD. Item 20 outlet count changes are better reviewed on the brand profile page. Items 21 through 23 should be reviewed directly in the FDD.
FAQs
This report focuses on year-over-year changes across Items 1 through 18. Item 19 financial performance representations should be reviewed directly in the FDD. Item 20 outlet count changes are better reviewed on the brand profile page. Items 21 through 23 should be reviewed directly in the FDD.
Start with the executive summary to understand the biggest edits quickly. Then use source review to inspect the actual language behind a change. Use all changes when you want fuller coverage across the report, not just the top summarized edits.
Item 5 Initial Fees text was added stating an Initial Franchise Fee of $50,000 payable before opening the Franchised Restaurant, with an exception referenced for Development Incentive Programs.
Item 5
The statement of Initial Franchise Fees paid for new franchises changed from referring to the fiscal year ended December 31, 2024 to the fiscal year ended December 31, 2025, with the stated range remaining $0 to $50,000 per Popeyes Restaurant.
Item 5
Item 5 Initial Franchise Fee clause text was revised from referring to a "Popeye's Restaurant" without page/date notation to referring to a "Popeyes Restaurant" and adding "03/2026 Page 17" formatting, while stating the same $50,000 initial franchise fee before opening.
Item 4Item 53 delta facts available.
Item 51 delta facts available.
Item 51 delta facts available.
Item 64 delta facts available.
Item 175 delta facts available.
Item 1Item 32 delta facts available.
Item 82 delta facts available.
Item 102 delta facts available.
Item 112 delta facts available.
Item 122 delta facts available.
Key Insights
This page compares the 2025 and 2026 FDD editions for this brand.
Use the executive summary first to understand the biggest changes quickly.
Use source review when a specific clause, fee, term, or obligation needs closer inspection.
Use all changes when you want broader coverage beyond the top summarized edits.
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All Delta Facts
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Summary:Item 2 reflects updates to senior leadership and board composition. The President for U.S. and Canada changed, and director-level disclosures were updated, including a new named director and removal of a prior board role description. These changes affect system leadership, governance context, and operator-facing oversight.
Item 24 delta facts available.
Summary:Item 3 updates the status and procedural posture of disclosed litigation, primarily by refreshing timelines and court actions in pending matters involving Restaurant Brands International and related defendants. The changes clarify how certain cases have progressed, including consolidation details and outcomes of motions, without introducing new categories of litigation.
Item 38 delta facts available.
Summary:Item 4 adds explicit disclosure of the Initial Franchise Fee for a Popeyes Restaurant, specifying the dollar amount payable before opening. Other detected edits are page or item labeling insertions without operator-level impact.
Item 42 delta facts available.
Summary:Item 5 reflects two operator-relevant updates. The incentive program language was revised to focus on a College Incentive Program rather than a combined college and airport program. Separately, construction oversight requirements were tightened when using non-qualified vendors, adding a staffing requirement while maintaining franchisor review involvement. Other changes were formatting-only.
Item 59 delta facts available.
Summary:Item 6 includes a fee change affecting operators, specifically an increase to the returned payment fee. Other observed edits appear to be formatting or carryforward language without a clear substantive change to operator obligations.
Item 640 delta facts available.
Summary:Item 7 includes a clarifying update to who receives payment for initial training costs, indicating that Popeyes is now listed alongside employees and vendors as a payee. Other detected edits are page labeling or formatting updates without substantive operator impact.
Item 77 delta facts available.
Summary:Item 8 adds explicit insurance requirements, including specified coverage types and minimum limits, formalizing operator insurance obligations. Other updates in this item appear to be routine disclosure year updates or formatting artifacts without substantive operational impact.
Summary:Item 10 reflects changes to disclosed franchisee financing terms. The update removes a stated non-refundable rebate compensation tied to loan funding and revises the disclosed standard interest rate under a referenced equipment finance agreement.
Item 106 delta facts available.
Summary:Item 11 reflects updated disclosures on Ad Fund spending for the most recent fiscal year and a substantive change to training provisions that expands the franchisor's authority to require training and charge certain fees. These changes affect ongoing marketing transparency and operator obligations related to training participation and costs.
Item 1123 delta facts available.
Summary:Item 12 reflects administrative updates related to the FOA FRG entity, including a change to the listed address and removal of a table row. These updates affect where operator-facing correspondence or records may be directed, but no substantive operating terms are shown as changed.
Summary:Item 14 was updated to clarify the obligation to participate in the actual operation of the franchise business, including explicit language about designating and retaining a managing individual. Other detected edits appear to be structural or tabular and do not clearly change operator-facing obligations.
Summary:Item 17 reflects targeted substantive updates to termination and transfer mechanics. The curable defaults table now includes an additional cure period tied to bankruptcy status, and a new defined row addressing transfers by the franchisee has been added. Other observed edits are formatting or header related and do not change operator obligations.