[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"blog-article-en-subway-france-analyse-financiere":3,"blog-related-en-subway-france-analyse-financiere":19,"blog-neighbors-en-subway-france-analyse-financiere":59},{"id":4,"groupId":5,"locale":6,"slug":7,"title":8,"excerpt":9,"contentMd":10,"readTime":11,"publishedAt":12,"updatedAt":13,"categoryGroupId":14,"categorySlug":15,"categoryColor":16,"categoryLabel":17,"html":18},7026,637,"en","subway-france-analyse-financiere","Subway France: financial analysis, the mono-restaurant model resilient","Our Subway sample shows modest unit sales (~600-700 k€), thin but positive net margins. Analysis of the dynamics of a highly fragmented franchise model.","# Subway France : the profitability of the mono-restaurant model\n\nSubway is one of the few fast-food players where the **mono-restaurant** model is the dominant one. Unlike McDonald's, Burger King, or KFC, which often have franchisees operating multiple sites, a typical Subway franchisee operates **one restaurant**. This particularity structures its economy.\n\n## Our Sample\n\nOut of the 35 franchised companies indexed in our database, few deposit complete and usable accounts. The analyzable sample is limited:\n\n| Year | No. of Balance Sheets | Cumulative Revenue | Net Profit |\n|---|---:|---:|---:|\n| 2024 | 1 | 656 k€ | +3 k€ |\n| 2023 | 1 | 672 k€ | +23 k€ |\n| 2022 | 1 | 612 k€ | +20 k€ |\n| 2021 | 1 | 556 k€ | +36 k€ |\n\n## What we deduce from this\n\n**1. The unit revenue is low** — A Subway typically generates **600 to 700 k€ of annual revenue**, which is 3 to 4 times less than a McDonald's on average. This difference is explained by a lower average ticket (10-12 € vs 12-15 €), the absence of drive-thrus, and less developed delivery.\n\n**2. Margins are positive but narrow** — Net profit fluctuates around 3-5% of revenue. This is correct for a mono-restaurant, but it means an annual net income of **20 to 35 k€ per site**, equivalent to a minimum wage for a franchisee who invests their own work.\n\n**3. The model requires multi-site to truly compensate** — At 25 k€ of net profit per year, a mono-site Subway franchisee is, in practice, an employee of their own company. To generate a comfortable income, you need to operate **3 to 5 Subways**, representing a total investment of 1 to 2 M€.\n\n## Sectoral Comparison\n\n| Unit Indicator | Subway | KFC | McDonald's |\n|---|---:|---:|---:|\n| Average Revenue / Restaurant | 600-700 k€ | 1,5-2 M€ | 2-3 M€ |\n| Initial Investment | 150-250 k€ | 800 k€-1,5 M€ | 1,5-2,5 M€ |\n| Personal Contribution Required | 50-100 k€ | 300-500 k€ | 500 k€+ |\n| Typical Net Margin | 3-5 % | 3-6 % | 1-3 % |\n\nSubway is therefore a **more accessible franchise** (entry ticket 5-10 times lower than McDonald's), but with a unit profitability that plateaus at a lower level.\n\n## The issue: delivery commissions\n\nLike all fast-food players, Subway relies on platforms (Uber Eats, Deliveroo, Just Eat) which capture a significant portion of the delivery revenue. For a Subway with a net margin of 4% of total revenue, **a platform commission of 30% on delivery revenue divides the margin on this channel by 2**.\n\nThis is the central issue that [Fooderise](/fr) addresses for Subway franchisees: track profitability by platform, identify disputes to pursue, and optimize the published menu.\n\n## To go further\n\n- [History of Subway in France](/fr/blog/subway-france-histoire-2001-2024)\n- [Become a Subway Franchisee](/fr/blog/subway-france-franchise-model)","4 min","2026-05-31T20:27:38.000Z","2026-06-08T00:01:33.000Z",15,"marques","bg-amber-500","Marques","\u003Ch1>Subway France : the profitability of the mono-restaurant model\u003C/h1>\n\u003Cp>Subway is one of the few fast-food players where the \u003Cstrong>mono-restaurant\u003C/strong> model is the dominant one. Unlike McDonald’s, Burger King, or KFC, which often have franchisees operating multiple sites, a typical Subway franchisee operates \u003Cstrong>one restaurant\u003C/strong>. This particularity structures its economy.\u003C/p>\n\u003Ch2>Our Sample\u003C/h2>\n\u003Cp>Out of the 35 franchised companies indexed in our database, few deposit complete and usable accounts. The analyzable sample is limited:\u003C/p>\n\u003Ctable>\n\u003Cthead>\n\u003Ctr>\n\u003Cth>Year\u003C/th>\n\u003Cth style=\"text-align:right\">No. of Balance Sheets\u003C/th>\n\u003Cth style=\"text-align:right\">Cumulative Revenue\u003C/th>\n\u003Cth style=\"text-align:right\">Net Profit\u003C/th>\n\u003C/tr>\n\u003C/thead>\n\u003Ctbody>\n\u003Ctr>\n\u003Ctd>2024\u003C/td>\n\u003Ctd style=\"text-align:right\">1\u003C/td>\n\u003Ctd style=\"text-align:right\">656 k€\u003C/td>\n\u003Ctd style=\"text-align:right\">+3 k€\u003C/td>\n\u003C/tr>\n\u003Ctr>\n\u003Ctd>2023\u003C/td>\n\u003Ctd style=\"text-align:right\">1\u003C/td>\n\u003Ctd style=\"text-align:right\">672 k€\u003C/td>\n\u003Ctd style=\"text-align:right\">+23 k€\u003C/td>\n\u003C/tr>\n\u003Ctr>\n\u003Ctd>2022\u003C/td>\n\u003Ctd style=\"text-align:right\">1\u003C/td>\n\u003Ctd style=\"text-align:right\">612 k€\u003C/td>\n\u003Ctd style=\"text-align:right\">+20 k€\u003C/td>\n\u003C/tr>\n\u003Ctr>\n\u003Ctd>2021\u003C/td>\n\u003Ctd style=\"text-align:right\">1\u003C/td>\n\u003Ctd style=\"text-align:right\">556 k€\u003C/td>\n\u003Ctd style=\"text-align:right\">+36 k€\u003C/td>\n\u003C/tr>\n\u003C/tbody>\n\u003C/table>\n\u003Ch2>What we deduce from this\u003C/h2>\n\u003Cp>\u003Cstrong>1. The unit revenue is low\u003C/strong> — A Subway typically generates \u003Cstrong>600 to 700 k€ of annual revenue\u003C/strong>, which is 3 to 4 times less than a McDonald’s on average. This difference is explained by a lower average ticket (10-12 € vs 12-15 €), the absence of drive-thrus, and less developed delivery.\u003C/p>\n\u003Cp>\u003Cstrong>2. Margins are positive but narrow\u003C/strong> — Net profit fluctuates around 3-5% of revenue. This is correct for a mono-restaurant, but it means an annual net income of \u003Cstrong>20 to 35 k€ per site\u003C/strong>, equivalent to a minimum wage for a franchisee who invests their own work.\u003C/p>\n\u003Cp>\u003Cstrong>3. The model requires multi-site to truly compensate\u003C/strong> — At 25 k€ of net profit per year, a mono-site Subway franchisee is, in practice, an employee of their own company. To generate a comfortable income, you need to operate \u003Cstrong>3 to 5 Subways\u003C/strong>, representing a total investment of 1 to 2 M€.\u003C/p>\n\u003Ch2>Sectoral Comparison\u003C/h2>\n\u003Ctable>\n\u003Cthead>\n\u003Ctr>\n\u003Cth>Unit Indicator\u003C/th>\n\u003Cth style=\"text-align:right\">Subway\u003C/th>\n\u003Cth style=\"text-align:right\">KFC\u003C/th>\n\u003Cth style=\"text-align:right\">McDonald’s\u003C/th>\n\u003C/tr>\n\u003C/thead>\n\u003Ctbody>\n\u003Ctr>\n\u003Ctd>Average Revenue / Restaurant\u003C/td>\n\u003Ctd style=\"text-align:right\">600-700 k€\u003C/td>\n\u003Ctd style=\"text-align:right\">1,5-2 M€\u003C/td>\n\u003Ctd style=\"text-align:right\">2-3 M€\u003C/td>\n\u003C/tr>\n\u003Ctr>\n\u003Ctd>Initial Investment\u003C/td>\n\u003Ctd style=\"text-align:right\">150-250 k€\u003C/td>\n\u003Ctd style=\"text-align:right\">800 k€-1,5 M€\u003C/td>\n\u003Ctd style=\"text-align:right\">1,5-2,5 M€\u003C/td>\n\u003C/tr>\n\u003Ctr>\n\u003Ctd>Personal Contribution Required\u003C/td>\n\u003Ctd style=\"text-align:right\">50-100 k€\u003C/td>\n\u003Ctd style=\"text-align:right\">300-500 k€\u003C/td>\n\u003Ctd style=\"text-align:right\">500 k€+\u003C/td>\n\u003C/tr>\n\u003Ctr>\n\u003Ctd>Typical Net Margin\u003C/td>\n\u003Ctd style=\"text-align:right\">3-5 %\u003C/td>\n\u003Ctd style=\"text-align:right\">3-6 %\u003C/td>\n\u003Ctd style=\"text-align:right\">1-3 %\u003C/td>\n\u003C/tr>\n\u003C/tbody>\n\u003C/table>\n\u003Cp>Subway is therefore a \u003Cstrong>more accessible franchise\u003C/strong> (entry ticket 5-10 times lower than McDonald’s), but with a unit profitability that plateaus at a lower level.\u003C/p>\n\u003Ch2>The issue: delivery commissions\u003C/h2>\n\u003Cp>Like all fast-food players, Subway relies on platforms (Uber Eats, Deliveroo, Just Eat) which capture a significant portion of the delivery revenue. For a Subway with a net margin of 4% of total revenue, \u003Cstrong>a platform commission of 30% on delivery revenue divides the margin on this channel by 2\u003C/strong>.\u003C/p>\n\u003Cp>This is the central issue that \u003Ca href=\"/fr\">Fooderise\u003C/a> addresses for Subway franchisees: track profitability by platform, identify disputes to pursue, and optimize the published menu.\u003C/p>\n\u003Ch2>To go further\u003C/h2>\n\u003Cul>\n\u003Cli>\u003Ca href=\"/fr/blog/subway-france-histoire-2001-2024\">History of Subway in France\u003C/a>\u003C/li>\n\u003Cli>\u003Ca href=\"/fr/blog/subway-france-franchise-model\">Become a Subway Franchisee\u003C/a>\u003C/li>\n\u003C/ul>\n",[20,27,34,40,46,52],{"slug":21,"title":22,"excerpt":23,"readTime":24,"publishedAt":25,"categorySlug":15,"categoryColor":16,"categoryLabel":17,"relevance":26},"mcdonalds-france-analyse-financiere-2024","McDonald's France : financial analysis 2024 (franchise scope)","Of the 23 identified McDonald's franchise companies in our database, the cumulative turnover for 2024 reached €99 million and the net profit margin contracted. Analysis of dynamics visible through the INPI balance sheets.","5 min","2026-05-31T20:16:53.000Z",102.23871612548828,{"slug":28,"title":29,"excerpt":30,"readTime":31,"publishedAt":32,"categorySlug":15,"categoryColor":16,"categoryLabel":17,"relevance":33},"kiosque-a-pizzas-france-analyse-financiere","The Pizza Kiosk: Financial Analysis 2024 of a 24/7 Automated Model","Analysis of the financial statements of franchised Pizza Kiosks reveals a distinctive business model: low unit sales but positive net margins due to the absence of on-site staff.","3 min","2026-05-31T20:34:55.000Z",93.27574157714844,{"slug":35,"title":36,"excerpt":37,"readTime":24,"publishedAt":38,"categorySlug":15,"categoryColor":16,"categoryLabel":17,"relevance":39},"kfc-france-analyse-financiere-2024","KFC France: financial analysis 2024 (70 M€ franchise revenue, margins under pressure)","Out of 12 franchised KFC companies filing their 2024 accounts in our database, the cumulative turnover reaches €70M. The net profit remains slightly negative. Reading of chain dynamics in full acceleration.","2026-05-31T20:16:54.000Z",87.64337921142578,{"slug":41,"title":42,"excerpt":43,"readTime":11,"publishedAt":44,"categorySlug":15,"categoryColor":16,"categoryLabel":17,"relevance":45},"otacos-france-analyse-financiere","O'Tacos France : financial analysis 2024, the profitability of a concept invented in France","On the franchised O'Tacos businesses indexed in our database, the 2024 analysis shows an economic model that operates with a cumulative turnover of €3 million and a positive net profit. Reading a growing chain.","2026-05-31T20:34:37.000Z",75.54027557373047,{"slug":47,"title":48,"excerpt":49,"readTime":11,"publishedAt":50,"categorySlug":15,"categoryColor":16,"categoryLabel":17,"relevance":51},"dominos-pizza-france-analyse-financiere","Domino's Pizza France : financial analysis 2024 (the digital model pays)","On the Domino's franchises indexed in our database, the 2024 balance sheets show remarkable operational stability. Decryption of the business model of a 100% delivery chain.","2026-05-31T20:29:54.000Z",71.54718017578125,{"slug":53,"title":54,"excerpt":55,"readTime":56,"publishedAt":57,"categorySlug":15,"categoryColor":16,"categoryLabel":17,"relevance":58},"burger-king-france-analyse-financiere-2024","Burger King France: financial analysis 2024 (338 M€ revenue, but heavy losses)","The franchised Burger King network generated a cumulative turnover of €338 million in 2024, up 8% year-on-year. However, the consolidated net result remains heavily negative (-€32 million). Decryption based on the 26 balance sheets filed with the INPI.","8 min","2026-05-31T20:07:33.000Z",69.47917938232422,{"prev":60,"next":63},{"slug":61,"title":62},"subway-france-histoire-2001-2024","Subway in France: 23 years since Paris 2001, the sandwich that knew how to establish itself",{"slug":64,"title":65},"subway-france-modele-franchise","Becoming a Subway franchisee in France: the accessible fast franchise"]