The Franchise Signal Disclosure Score applied to 219 FDD filings from 138 brands, filing years 2024 to 2026. 164 filings met the standard Scored classification and 8 more produced a measured 0%; the median across the 171 measured results is 79%. 48 filings are n/a. Across all 219 filings, 141,686 of 245,687 operated franchised outlet-years have disclosed per-outlet revenue: 58%.
Research Report
The State of Item 19 Disclosure: 219 Filings Scored
The Franchise Signal Disclosure Score applied to 219 FDD filings from 138 brands, filing years 2024 to 2026.
Executive Summary
219 FDD filings across 138 brands, filing years 2024 to 2026. All figures are computed from Item 19 and Item 20 of the source FDDs. The score definition is on the Disclosure Score guide.
Run Totals
164 of 219 filings met the standard Scored classification. The median of the 171 measured results is 79%.
Within the 164 scored filings, 141,686 of 179,804 operated franchised outlet-years appear in per-outlet revenue figures: 79%. Seven additional affiliate-only filings produced a measured 0%, so 171 of 219 filings display a numeric percentage. The remaining 48 filings are reported as n/a; the reasons are classified below.
Portfolio Coverage
Across all 219 filings, 58% of operated franchised outlet-years have disclosed per-outlet revenue.
Outlet-years with disclosed per-outlet revenue: 141,686. Franchised outlet-years that operated during their reporting periods, across every filing in the run including those with no Item 19: 245,687. 141,686 / 245,687 = 58%. These are outlet-year observations, not distinct locations: 62 brands appear in more than one filing year, so an outlet can be counted once per filing year. The total is also size-weighted. Subway alone contributes 41,540 outlet-years (16.9% of the denominator) with no disclosed revenue; excluding Subway as a sensitivity test raises the pooled rate to 69%.
No Item 19
29 filings contain no Item 19 financial performance representation. These filings account for 61,300 operated franchised outlet-years.
The largest is Subway: 20,972 operating US franchised outlets in the 2024 filing and 20,568 in the 2025 filing, with no Item 19 representation in either.
Operator Grain
14 filings disclose franchised revenue at the operator level, which cannot be mapped to individual outlets. These report n/a, not 0%. They account for 4,460 operated outlet-years.
The largest is Budget Blinds, with 1,397 operating franchised outlets. These filings disclose revenue, but no individual outlet's revenue can be reconstructed from the tables, so no percentage is computed.
Measured Zero
8 filings scored a measured 0% while a franchised base operated.
Seven filings show revenue only for affiliate or company-owned units (123 operated franchised outlet-years combined). The eighth is Mr. Appliance's 2025 filing: it contains an Item 19, but no per-outlet revenue figure for any of its 334 operating franchised outlets. The metrics disclosed are per-job measures.
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Key Insights
- 164 of 219 filings met the standard Scored classification. The median of the 171 measured results is 79%.
- 171 of 219 filings display a numeric coverage percentage: 164 scored results and 7 measured 0% results. The other 48 are n/a.
- Across all 219 filings, 141,686 of 245,687 operated franchised outlet-years have disclosed per-outlet revenue: 58%.
- 29 filings contain no Item 19 representation. These filings account for 61,300 operated franchised outlet-years.
- 8 filings scored a measured 0% while a franchised base operated.
Disclosure
Franchise Signal is an independent research platform and is not affiliated with or endorsed by any franchisor or franchise system.
We do not provide lead generation and we are not brokers, agents, or investment or legal advisors.
If data looks incorrect or you have questions, please contact info@franchisesignal.com.
We do not provide lead generation and we are not brokers, agents, or investment or legal advisors.
If data looks incorrect or you have questions, please contact info@franchisesignal.com.
What We Scored
219 filings, 138 brands, filing years 2024 to 2026.
This report applies the Franchise Signal Disclosure Score to 219 FDD filings from 138 brands: 59 filings from 2024 editions, 126 from 2025, and 34 from 2026. The score definition is on the Disclosure Score guide. For each filing, the numerator is the count of franchised outlets whose per-outlet revenue is represented in Item 19, and the denominator is the count of franchised outlets that operated at any point during the year, from Item 20. The 138 brands are the brands included in this scoring run; they are not a random sample and not a census of all franchise systems, and portfolio totals describe this run only.
219
FDD Filings Scored
138
Distinct Brands
79%
Median Coverage Among the 171 Filings with a Measured Percentage
58%
Total Coverage Across All 219 Filings (141,686 / 245,687 Outlet-Years)
Two totals are reported. Within the 164 filings with a standard scored percentage: 141,686 outlet-years disclosed / 179,804 outlet-years operated = 79%. Across all 219 filings, adding the operated outlet-years of every other outcome (no Item 19, operator-grain, affiliate-only, first-year): 141,686 / 245,687 = 58%. Because 62 brands appear in more than one filing year, both totals count outlet-year observations rather than distinct outlets.
Franchise Signal Disclosure Score Distribution
214 of 219 filings scores shown. Left of the divider: 29 filings with no Item 19 representation (n/a) and 14 filings with franchised revenue not mappable to outlets (n/a). Right of the divider: the 171 filings with a measured percentage (the 164 scored filings plus the 7 affiliate-only filings at a measured 0%, which sit in the 0-10 bar) by coverage decile. Buckets are lower-inclusive, so a filing at exactly 90% counts in the 90-100 bar. 41 are below 60%, 47 are between 60% and 80%, and 83 are at 80% or above. The median measured filing is 79%. Not shown: 5 first-year filings (n/a).
29
14
No Item 19 FPR
Not mappable
10
5
5
5
5
11
18
29
47
36
0%20%40%60%80%100%
Limited (0-60%): 41 filingsPartial (60-80%): 47 filingsBroad (80-100%): 83 filings
Each percentage reproduces from two numbers in the source FDD: the outlet count behind Item 19's revenue figures, and the operated-during-period outlet count from Item 20.
Key Insights
- The score definition and worked examples are on the Disclosure Score guide.
- Each brand score page shows the numerator, denominator, and the Item 20 movement behind them.
- If a brand is not in this run, unlocking it computes the score from its latest filing.
The Five Outcomes
Each filing is classified into one of five outcomes.
Each filing is classified into one of five outcomes. One produces a scored percentage, one produces a measured 0%, and three produce n/a. In total, 171 of the 219 filings display a numeric percentage and 48 display n/a. The counts and the operated outlet-years in each outcome:
Filings by outcome
219 filings. A measured 0% and an n/a are reported as different outcomes. In total, 171 filings display a numeric percentage (164 scored plus 8 measured 0%) and 48 display n/a.
Scored - a coverage percentage - displays 0% - 100%164 filings (75%)
No Item 19 representation - displays n/a29 filings (13%)
Franchised revenue disclosed, not unit-mappable - displays n/a14 filings (6%)
Only affiliate or company revenue shown - displays 0%7 filings (3%)
First-year system, no franchised outlets operated - displays n/a5 filings (2%)
Scored: 164 filings (75%). A franchised revenue population maps to the outlet base and a percentage is computed. Range: 0% to 100%. These filings account for 179,804 operated franchised outlet-years, of which 141,686 (79%) have disclosed per-outlet revenue.
No Item 19 representation: 29 filings (13%). The FDD makes no financial performance representation. An Item 19 representation is optional under the FTC Franchise Rule. These filings account for 61,300 operated franchised outlet-years with no disclosed performance data. The largest system in this outcome is Subway (20,972 operating US franchised outlets in the 2024 filing).
Franchised revenue disclosed, not unit-mappable: 14 filings (6%). Item 19 reports franchised revenue averaged by operator, where one operator may run one outlet or several. No individual outlet's revenue can be reconstructed, so the population cannot be reconciled to the Item 20 outlet base and no percentage is computed. These filings report n/a, not 0%, and account for 4,460 operated outlet-years. The largest is Budget Blinds (1,397).
Only affiliate or company revenue shown: 7 filings (3%). A franchised base operated during the year and the revenue figures shown cover only affiliate or company-owned units. The franchised coverage was measured and is 0%. These filings account for 123 operated franchised outlet-years.
First-year systems: 5 filings (2%). No franchised outlet operated during the reporting year. There is nothing to measure, and the result is n/a. One brand in the run moved from this outcome to the affiliate-only 0% outcome the following year, after 26 franchised outlets began operating.
Key Insights
- A measured 0% and an n/a are different outcomes and are reported separately.
- An unscoreable filing did not score zero. It disclosed revenue that cannot be verified per outlet.
- Each brand score page states which outcome applies and why.
The Low End of the Scored List
Filings at or below 20% coverage.
Seven scores below 20% coverage are shown below. A low score only states how much of the operating base the figures describe.
0%
Mr. Appliance 2025: 0 of 334 Operating Outlets
14%
Ace Hardware 2025: 689 of 4,969 Operating Outlets
16%
DQ Grill & Chill 2025: 321 of 1,997 Operating Outlets
18%
Massage Envy 2025: 187 of 1,054 Operating Outlets
| Brand | Filing Year | Coverage | Outlets Included | Outlets Operated | Note |
|---|---|---|---|---|---|
| Mr. Appliance | 2025 | 0% | 0 | 334 | Item 19 contains no per-outlet revenue figure |
| Rolling Suds | 2025 | 8% | 5 | 64 | 19% in the 2026 filing |
| Ace Hardware | 2025 | 14% | 689 | 4,969 | |
| Ace Hardware | 2024 | 14% | 698 | 4,835 | |
| DQ Grill & Chill | 2025 | 16% | 321 | 1,997 | |
| Massage Envy | 2025 | 18% | 187 | 1,054 | |
| Rolling Suds | 2026 | 19% | 25 | 134 |
Mr. Appliance is one measured 0% among the scored filings. Its 2025 FDD contains an Item 19, and the metrics in it are per-job measures rather than annual per-outlet revenue. The full disclosure was read; the per-outlet revenue coverage is 0 of 334 operating franchised outlets.
The exclusion reasons stated in these filings' footnotes include outlets open less than a full year, outlets that left the system mid-year, late or incomplete reporting, and carved-out formats. The excluded outlets' revenue is not disclosed.
Key Insights
- A low score means the Item 19 figures describe a subset of the operating base.
- The exclusion reasons are stated in each filing's Item 19 footnotes.
- Each brand score page decomposes the gap into named exclusion buckets.
The High End of the Scored List
36 scored filings are at 90% coverage or above.
36 of the 164 scored filings are at 90% coverage or above, at system sizes from 2 to 8,431 operating outlets. Five examples, across system sizes from 216 to 3,224 operating outlets:
| Brand | Filing Year | Coverage | Outlets Included | Outlets Operated |
|---|---|---|---|---|
| Stanley Steemer | 2024 | 97% | 209 | 216 |
| Sonic Drive-In | 2025 | 96% | 3,086 | 3,224 |
| Planet Fitness | 2025 | 95% | 2,197 | 2,301 |
| Arby's | 2024 | 95% | 2,252 | 2,360 |
| Popeyes Louisiana Kitchen | 2026 | 92% | 2,931 | 3,183 |
Key Insights
- The 90-100% decile contains 36 of the 164 scored filings.
- Filings at 90% or above occur at system sizes from 2 to 8,431 operating outlets.
Multi-Year Results
62 brands have more than one filing year in the run.
62 of the 138 brands have two or three filing years in the run. Two brands whose outcome changed between filings:
Rolling Suds
0%
2024
affiliate only
8%
2025
5 of 64
19%
2026
25 of 134
The 2024 filing shows affiliate revenue only. Franchised per-outlet revenue appears in the 2025 filing. The operating base grew from 7 to 134 outlets over the three filings.
Pink's Window Services
0%
2024
affiliate only
0%
2025
affiliate only
n/a
2026
operator grain
Two affiliate-only filings, then a 2026 filing that reports franchised revenue grouped by operator. The operating base grew from 1 to 165 outlets. No filing year produces a per-outlet percentage.
For readers of the Crumbl report: Crumbl's 2026 filing scores 70% here, computed as 776 outlets with disclosed revenue / 1,112 franchised outlets that operated at any point during 2025. The Crumbl report quotes 74%, computed against the 1,048 outlets that operated the full year. Same filing, two denominators; the Disclosure Score uses the operated-during-period denominator, which includes outlets that opened or left mid-year.
Key Insights
- Each brand score page shows every scored filing year, not one snapshot.
- A change in disclosure format changes the outcome classification, not just the percentage.
Methodology Notes and Limits
How the figures are computed and what this report does not claim.
The score definition is on the Disclosure Score guide. The numerator counts franchised outlets whose per-outlet revenue is represented in Item 19. The denominator counts franchised outlets that operated at any point during the year, from Item 20. Activity metrics (per-job sales, jobs per day, recurring-customer rates) do not count toward coverage. Affiliate and company-owned units are recorded as context and are not counted. Percentages in this report are rounded to the nearest whole number from the exact numerator-to-denominator ratio, not from intermediate one-decimal displays. Decile buckets in the distribution chart are lower-inclusive: [80, 90) and [90, 100], so a filing at exactly 90.0% counts in the 90-100 bucket.
Portfolio totals sum across brand-year filings, so they count outlet-year observations. The 138 brands are not a random sample and not a census of all franchise systems.
This report measures disclosure breadth only. It is not a measure of business quality, profitability, or investment merit. Figures are computed from each brand's FDD as filed and should be verified against the current source document. Franchise Signal is an independent research platform, is not affiliated with or endorsed by any franchisor, and does not provide legal, financial, tax, or investment advice. Franchise Signal can make mistakes. Verify against the FDD and consult qualified professionals before making any franchise investment decision.
Key Insights
- The denominator counts every outlet that operated at any point in the year, not the year-end count.
- Only per-outlet revenue counts toward coverage. Activity or job based metrics do not.
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This report covers 138 brands. The scoring pipeline runs on any brand's latest filing.
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Book an Intro CallAll data in this report is computed from the Item 19 and Item 20 disclosures of each brand's Franchise Disclosure Document as scored by Franchise Signal. This report is for informational purposes only and does not constitute legal, financial, or investment advice. All figures should be verified against the source documents.
The 138 brands scored in this run: 1-800-GOT-JUNK?, 1-800-Radiator & A/C, 1-800-STRIPER, 101 Mobility, A-1 Concrete Leveling, Abra Auto Body & Glass Repair, Ace Hardware, Aire Serv, American Family Care, Anytime Fitness, Aqua-Tots Swim Schools, Arby's, Augusta Lawn Care, Auntie Anne's, Avis, Baskin-Robbins, bb.q Chicken, Bloomin' Blinds, bluefrog Plumbing + Drain, BODYBAR Pilates, Bonchon, Budget Blinds, Buffalo Wild Wings, Bumble Roofing, Burger King, Carl's Jr., CARSTAR, Carvel, Charleys Philly Steaks, Cinnabon, Clothes Mentor, Cruise Planners, Crumbl, Culver's, CycleBar, D1 Sports Training, Dave's Hot Chicken, Degree Wellness, Dickey's Barbecue Pit, Dogtopia, DQ Grill & Chill, DryJect, Dunkin', Eggs Up Grill, Einstein Bros. Bagels, Ellie Mental Health, EverLine Coatings and Services, FCI, Fix Auto, Garage Living, Glo Tanning, GoGlow, Gold's Gym, Great Clips, i9 Sports, IHOP, Jamba, Jersey Mike's, Jimmy John's, Koala Insulation, Kommunity Fitness, Kona Ice, Kumon, Liftology, Little Diggers, MADabolic, Marco's Pizza, Massage Envy, McAlister's Deli, Meineke, Merry Maids, Mighty Dog Roofing, Minuteman Press, MOD Pizza, Molly Tea, Motto Mortgage, Mr. Appliance, Mr. Handyman, Mr. Rooter, Music Go Round, Nan Xiang Xiao Long Bao, Nothing Bundt Cakes, Once Upon A Child, Orangetheory Fitness, Papa John's, Paris Baguette, Pearle Vision, Pet Supplies Plus, Pink's Window Services, Pizza Hut, Planet Fitness, Plato's Closet, Play It Again Sports, Popeyes Louisiana Kitchen, Portal Thermaculture, Prime IV Hydration, Primrose Schools, PuroClean, QC Kinetix, Real Property Management, RealClean, Red Robin, Rita's Italian Ice, RobotLAB, Rolling Suds, SafeSplash Swim School, Schlotzsky's, School of Rock, Scooter's Coffee, SERVPRO, Shine Window Care and Holiday Lighting, Signal 88 Security, Smoothie King, Snap-on Tools, Sonic Drive-In, Stanley Steemer, Stratus Building Solutions, Style Encore, Subway, Sylvan Learning, Take 5 Oil Change, The Back Nine, The Entrepreneur's Source, The Flying Locksmiths, The Learning Experience, The Yard Gym, Tommy's Express Car Wash, Transworld Business Advisors, Tropical Smoothie Cafe, Two Men and a Truck, Uptown Cheapskate, Valvoline Instant Oil Change, VR Business Brokers, Waterloo Turf, Waxing the City, Wendy's, Window Hero, Wingstop.