Panda Express Continues to Ramp Up Growth
Panda Express has reported a net addition of 105 stores in the last year, marking its largest growth since 2016-2017. The company's growth primarily stems from company-owned locations, with a notable expansion in franchised stores as well.
This growth trajectory indicates a strong market presence and financial performance, making it an attractive opportunity for potential franchise investors and operators in the QSR sector.
Panda Express has accelerated its growth, adding a net total of 105 new stores in its most recent fiscal year, as detailed in its Franchise Disclosure Document (FDD). This marked the brand's largest year-over-year increase since 2016-2017 when it opened 118 new locations. At the end of 2022, Panda Express operated 2,353 restaurants, which grew to 2,413 by 2023, with a targeted plan to reach 2,502 by the end of 2024 and 2,607 by 2025.
Over the past three years, the company's net growth has consistently increased from 61 in 2021 to 89 in 2022 and finally to 105 in 2023. Most of this growth has come from company-owned locations, which accounted for 94 of the new stores. Additionally, the company expanded its franchise operations, with 11 new franchise locations opened in 2025, bringing the total number of franchised stores to 184, including 63 joint ventures with minority ownership by company affiliates.
The total count of Panda Express stores worldwide reached 2,711, with 288 locations falling under the licensed franchise model, including 102 international locations. In terms of closures, Panda Express decreased its number of closed franchised locations from 21 in 2023 to five in 2025. The brand is looking to sustain its growth trajectory into 2026, projecting 10 new franchised openings and 132 new company-owned stores, focusing primarily on California and Texas.
Panda Express also highlighted strong financial performance in non-traditional venues, particularly airport locations, with average gross sales exceeding $4. 1 million, and one producing $10. 7 million.
In terms of overall performance, Panda Express recorded average unit volumes of $2. 592 million and achieved system-wide domestic sales of $6. 199 billion in 2024.
This positioned Panda Express above Panera Bread’s $5. 819 billion in sales, though still trailing behind Domino's, which reached $9. 5 billion.
The growth indicates a robust strategy for expansion and strengthens Panda Express’s position in the competitive fast-casual dining sector.