Franchises · 2026 FDD · Wisconsin DFI filing 640464
Papa Murphy's franchise cost, unit revenue and closures
Opening a Papa Murphy's cost $450,330 to $693,450 in the 2026 FDD; the median unit sold $617,941 in the franchisor's fiscal 2025 (2024-12-01 to 2025-11-30) figures; 15.9% of franchised units closed over three years.
Franchisor: Papa Murphy's International LLC. FDD issued 2026-03-27, amended 2026-07-17. Fiscal year end 2025-11-30. Figures re-found on the cited page 2026-11-03.
What a unit costs to open
What a unit pays the franchisor
| Initial franchise fee | $25,000 | Item 5, p. 27 |
|---|---|---|
| Royalty | 5% of weekly Net Sales | Item 6, p. 29 |
| Advertising fund | Brand Marketing Fee 2% of Net Sales, plus local and cooperative marketing of at least 5% or $2,000 a month | Item 6, p. 29 |
first store; $15,000 for additional stores; fees paid in the last fiscal year ranged $0 to $25,000.
What a unit sells
Item 19 is optional and is the franchisor's own representation. It is shown here as filed, with the franchisor's measure, sample and period, and nothing is estimated where it is missing.
| Measure | Net Sales, fiscal 2025 (ended 2025-11-30), Franchise Stores; fiscal 2024 and 2023 printed beside it | |
|---|---|---|
| Sample | 948 units: the 2025 Franchise Stores (count implied by 384 stores at 40.5%); top and bottom 10% averages $1,377,369 and $314,030 | |
| Period | fiscal 2025 (2024-12-01 to 2025-11-30) | |
| High / low | $2,458,479 / $165,875 | |
Revenue to investment
Formula: Item 19 fiscal 2025 median / Item 7 total (midpoint, low, high). A ratio of 1.00 means one year of median unit revenue equals the investment; it says nothing about profit.
How many units open and close
| Franchised units | 2023 | 2024 | 2025 |
|---|---|---|---|
| Start of year | 1,145 | 1,119 | 1,001 |
| Opened | 19 | 8 | 4 |
| Terminated | 45 | 96 | 31 |
| Not renewed | 0 | 0 | 8 |
| Reacquired by franchisor | 0 | 28 | 1 |
| Ceased, other reasons | 0 | 2 | 0 |
| End of year | 1,119 | 1,001 | 965 |
| Company-owned, end of year | 8 | — | — |
Item 20, Table 1 p. 68; Table 3 totals p. 74.
Closures are the franchisor's Item 20 counts of units terminated, not renewed, or ceased for other reasons, summed over 2023–2025 and divided by franchised units at the start of 2023. Units the franchisor reacquired are not closures. This is an Item 20 count, not a failure rate.
2024 and 2025 company-owned and total rows not captured in this pass; franchised rows verified against Table 3.
Source and method
Every figure above comes from the Papa Murphy's Franchise Disclosure Document issued 2026-03-27 and amended 2026-07-17, as filed with the Wisconsin Department of Financial Institutions (filing 640464, registry record). The PDF is the franchisor's and is not hosted here; the item and page beside each figure is where to check it. Item 7 and Item 20 tables were read cell by cell; Item 19 was read by hand; each Item 20 year was checked to sum (start + opened − exits = end) before it was recorded.
Informational only, not professional, legal or investment advice. Unitnomics computes from the filing and does not advise on, rank, or refer to any franchise. Last reviewed: November 2026.