Penn Station, Inc.
Source filing: WI · filed 2026-05-12
Item 5 — Initial franchise fee
$25,000 [p.12 · WI · 2026-05-12]
Item 6 — Recurring fees (royalty & advertising)
| Royalty* | See FDD [p.14 · WI · 2026-05-12] |
|---|---|
| Local Advertising* | See FDD [p.14 · WI · 2026-05-12] |
| Cooperative Advertising* | See FDD [p.14 · WI · 2026-05-12] |
Full Item 6 schedule (including one-time and conditional fees) is in the FDD itself.
Item 7 — Estimated initial investment (total)
$440,600 [p.22 · WI · 2026-05-12] – $819,700 [p.22 · WI · 2026-05-12]
Base single-franchise offering as stated in the FDD's total row. Multi-unit or area-development formats are not broken out here.
Item 20 — Outlets
| Franchised outlets at start of year | 321 [p.78 · WI · 2026-05-12] |
|---|---|
| Franchised outlets at end of year | 321 [p.78 · WI · 2026-05-12] |
| Net change in franchised outlets | 0 [p.78 · WI · 2026-05-12] |
| Transfers | 13 [p.79 · WI · 2026-05-12] |
| Terminations | Not disclosed |
| Non-renewals | Not disclosed |
| Ceased operations (other) | 4 [p.81 · WI · 2026-05-12] |
| Company-owned outlets at end of year | 1 [p.78 · WI · 2026-05-12] |
Item 19 — Financial performance representation
Headline cohort
All 317 franchised units open all of 2025 · calendar year 2025
| Outlets in sample | Average | Median | High | Low |
|---|---|---|---|---|
| 317 [p.68 · WI · 2026-05-12] | $819,903 [p.70 · WI · 2026-05-12] | $779,031 [p.70 · WI · 2026-05-12] | $1,882,862 [p.70 · WI · 2026-05-12] | $273,520 [p.70 · WI · 2026-05-12] |
All disclosed cohorts (6)
| Cohort | Outlets | Average | Median | High | Low |
|---|---|---|---|---|---|
| All 317 franchised units open all of 2025 calendar year 2025 |
317 [p.68 · WI · 2026-05-12] | $819,903 [p.70 · WI · 2026-05-12] | $779,031 [p.70 · WI · 2026-05-12] | $1,882,862 [p.70 · WI · 2026-05-12] | $273,520 [p.70 · WI · 2026-05-12] |
| Company-owned unit open all of 2025 calendar year 2025 |
1 [p.68 · WI · 2026-05-12] | $1,398,742 [p.71 · WI · 2026-05-12] | $1,398,742 [p.71 · WI · 2026-05-12] | $1,398,742 [p.71 · WI · 2026-05-12] | $1,398,742 [p.71 · WI · 2026-05-12] |
| All 318 units open all of 2025 (franchised and company-owned) calendar year 2025 |
318 [p.68 · WI · 2026-05-12] | $821,723 [p.72 · WI · 2026-05-12] | $781,499 [p.72 · WI · 2026-05-12] | $1,882,862 [p.72 · WI · 2026-05-12] | $273,520 [p.72 · WI · 2026-05-12] |
| Top 25 percent by average monthly net sales of 318 units open all of 2025 calendar year 2025 non-annual metric (not annualized) |
80 [p.73 · WI · 2026-05-12] | $1,231,017 [p.73 · WI · 2026-05-12] | $1,199,874 [p.73 · WI · 2026-05-12] | $1,882,862 [p.73 · WI · 2026-05-12] | $989,993 [p.73 · WI · 2026-05-12] |
| Middle 50 percent by average monthly net sales of 318 units open all of 2025 calendar year 2025 non-annual metric (not annualized) |
158 [p.74 · WI · 2026-05-12] | $780,508 [p.74 · WI · 2026-05-12] | $781,499 [p.74 · WI · 2026-05-12] | $988,616 [p.74 · WI · 2026-05-12] | $596,226 [p.74 · WI · 2026-05-12] |
| Bottom 25 percent by average monthly net sales of 318 units open all of 2025 calendar year 2025 non-annual metric (not annualized) |
80 [p.75 · WI · 2026-05-12] | $493,828 [p.75 · WI · 2026-05-12] | $515,051 [p.75 · WI · 2026-05-12] | $591,829 [p.75 · WI · 2026-05-12] | $273,520 [p.75 · WI · 2026-05-12] |
“Below are tables (referred to in this Item 19 as a "Unit Financial Data Document") of historical, financial data of 318 Penn Station Restaurants (317 franchised and one company-owned) (referred to in this disclosure document as "Units Open All Of” [p.68 · WI · 2026-05-12]
Extraction notes
- Item 7 totals were extracted with model assistance and verified against the cited page.
- A non-annual Item 19 metric was excluded from headline consideration; it is labeled, never annualized.