Subway
Financial Performance
Subway Revenue & Financials
Revenue
$925M (FY2025)
Net Income
$689M
Employees
2,000
What is Subway's revenue?
Subway had $925M in revenue for fiscal year 2025. Net income was $689M.
- Latest revenue
- $925M (FY2025)
- Peak revenue
- $972M (FY2023)
- Years of data
- 3
- Employees
- 2,000
- How much profit does Subway make?
- Subway reported net income of $689M for fiscal year 2025. restaurantbusinessonline.com
- How many employees does Subway have?
- Subway has about 2,000 employees.
Financial Analysis
Subway is privately owned, and its restaurants are operated by franchisees. Restaurant Business, citing Subway's 2026 franchise disclosure document, reported about $925 million of franchisor revenue and $689 million of franchisor net income for 2025, versus $972 million and $15.4 million in 2023. Restaurant Dive separately reported about $397 million of franchisor net income for 2024. These are not global restaurant sales or an individual franchisee's earnings. The linked news reports describe the filing, but the filed FDD itself was not available for direct verification in this review. Subway's franchise FAQ lists an 8% royalty and a 4.5% advertising contribution on gross sales, subject to its disclosure document. Restaurant Business reports that royalty revenue fell over 2023-2025 while vendor rebates rose, and that the acquired business had about $5.7 billion of debt at year-end 2025. Those franchisor-level figures cannot be used to calculate the sales or profit of a typical restaurant.
Revenue Trend Analysis
Peak Year
2023
Trend
Not enough comparable years
Subway has 3 full fiscal year figures on this page. Annual revenue peaked in fiscal year 2023 at $972M. There are not enough consecutive, comparable fiscal years to measure a trend.
Annual revenue history
| Fiscal Year | Revenue | Net Income | YoY Change | Source |
|---|---|---|---|---|
| FY2025 | $925M | $689M | — | Subway 2026 FDD via Restaurant Business Total corporate revenue; franchise revenue alone was $767M (FOX Business). 2024 net income was $397M; 2024 total revenue not reported in sources reviewed. |
| FY2023 | $972M | $15.4M | — | Subway FDD via Restaurant Business Total corporate revenue per franchise disclosure document. |
| FY2022unaudited | $881.1M | — | — | Subway FDD via Restaurant Business Estimated 2022 franchisor revenue implied by a reported 10.3% increase to $971.9M in 2023; not a directly disclosed amount. |
Click any row to see year details.
Keep researching Subway
Subway Revenue and Financial FAQ
What is Subway's annual global systemwide sales volume?
Subway's public newsroom says its network has more than 35,000 independently operated restaurants, but it does not give a comparable current global systemwide-sales figure there. The reported $925 million of 2025 franchisor revenue is a different measure and must not be presented as restaurant sales.
What was the valuation and financial structure of Roark Capital's 2024 buyout?
Subway announced that its sale to Roark affiliates closed on April 30, 2024. Its completion announcement did not disclose a transaction price or earn-out terms, so reported deal estimates should not be treated as figures in Subway's own financial statements.
How much corporate net revenue does Subway generate from franchise royalties?
Subway's franchise FAQ lists an 8% royalty on restaurant gross sales and a separate 4.5% advertising contribution, subject to FDD terms. Restaurant Business reports about $925 million of 2025 franchisor revenue from the FDD. Multiplying a royalty rate by an estimated systemwide-sales total would not reproduce franchisor revenue, which includes other income and varying agreements.
What is Subway's Average Unit Volume (AUV) in the United States?
A current Subway-published U.S. average unit volume or typical franchisee profit was not verified in the public company sources reviewed here. External estimates are not a financial performance representation by the franchisor; an investor should use the current FDD and a specific store's records for unit economics.
How did comparable store sales perform following the "Subway Series" launch?
Subway's April 2024 sale announcement referred to three years of sales growth, but it did not provide a current 2025 same-store-sales series. The reported fall in royalty revenue also does not, by itself, measure comparable-store sales because restaurant counts and agreements can change.
How much corporate debt did Roark Capital arrange to finance the acquisition?
Restaurant Business, citing Subway's 2026 FDD, reported about $5.7 billion of debt on the acquired business's books at the end of 2025 and said the buyout was financed partly through two whole-business securitizations. That is a year-end balance, not the same as the amount originally borrowed to close the deal.
What percentage of Subway sales now flow through digital channels?
No current, source-verified percentage of Subway's North American sales from app, web, delivery and catering channels was found in the company materials reviewed here. The share should not be inferred from app availability or individual operators' results.
Why did Subway close thousands of North American stores between 2016 and 2022?
Restaurant Dive reports, citing Subway's 2026 FDD, that the U.S. system lost a net 729 restaurants in 2025 and 3,417 since the start of 2021. Those outlet counts do not establish why each restaurant closed or whether the remaining franchisees became more profitable.
How did the DeLuca and Buck families divide the multi-billion-dollar sale proceeds?
Subway's announcement confirmed completion of the sale to Roark affiliates, but did not disclose how net proceeds were distributed among former owners, heirs or charitable entities. A transaction-value estimate alone cannot establish each recipient's proceeds after debt, fees and taxes.
What is Subway's international revenue split compared to North America?
A current, comparable geographic split of Subway's global restaurant sales was not verified in the public sources reviewed here. U.S. outlet counts and worldwide restaurant counts cannot be converted into a sales split without market-level sales data.
How does Subway's financial performance compare to rivals Jersey Mike's and Jimmy John's?
Subway has a larger worldwide restaurant network than either chain, but this page does not have franchisee sales and profit figures on the same year and definition for all three brands. Network size alone does not rank individual restaurant returns or owner profit.
What financial synergies does Roark Capital expect to realize with Subway?
Subway's sale-completion announcement did not quantify cost or procurement synergies from Roark ownership. No dollar amount for expected savings is included here without a company disclosure that defines the period and scope.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Subway Revenue & Financials." CorpDigest, https://corpdigest.com/company/subway/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Subway reported $925M in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/subway/financials" target="_blank" rel="noopener">CorpDigest — Subway financials</a></div>Related Financial Audits
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