Overview
- A new franchise filing shows Subway closed a net 729 U.S. restaurants in 2025 as openings trailed exits, leaving the chain with fewer than 19,000 domestic locations.
- The filing lists about 800 U.S. stores as temporarily closed at year end, with the company expecting many to reopen, and more than half of 2025 openings came from reactivated sites.
- Despite the smaller footprint, Subway reported $688 million in net income for 2025 as total franchise revenue fell more than 6% to $767 million.
- Franchise documents project roughly 100 new U.S. restaurants in 2026 in a system where every location is run by a franchise owner.
- Subway says the U.S. pullback is deliberate rightsizing, paired with a new value menu of 15 items under $5 and faster growth overseas, including more than 1,000 global openings last year and development deals for over 12,000 more units.