Franchise Facts Report → compare → Steak n Shake by Biglari vs Johnny Rockets
Steak n Shake by Biglari vs Johnny Rockets
Two quick-service restaurant franchises, compared on the numbers their own Franchise Disclosure Documents put on record — investment, fees, Item 19 earnings, outlet churn, and litigation. Not marketing copy.
| Steak n Shake by Biglari | Johnny Rockets | |
|---|---|---|
| Total initial investment FDD Item 7 | $1,344,419 – $2,340,385 | $517,300 – $2,667,900 |
| Initial franchise fee FDD Item 5 | $25,000 | $50,000 |
| Royalty FDD Item 6 | 5% | 6% |
| Item 19 earnings disclosed FDD Item 19 | Yes | Yes |
| Avg unit revenue (headline) FDD Item 19 | $6,100,833 | $1,643,107 |
| Franchised outlets FDD Item 20 | 111 | 98 |
| Net outlet change (latest yr) FDD Item 20 | -20 | -2 |
| Closure rate FDD Item 20 | — | 4% |
| Franchisee lawsuits FDD Item 3 | 8 | 3 |
| Risk level our read | High | High |
| FDD year registration | 2023 | 2025 |
Are Steak n Shake by Biglari and Johnny Rockets the same company?
No — Steak n Shake by Biglari and Johnny Rockets are franchised by separate companies. Steak n Shake by Biglari's franchisor is Steak n Shake Enterprises, Inc.; Johnny Rockets's is JOHNNY ROCKETS LICENSING, LLC. Each registers and files its own Franchise Disclosure Document, and you would be signing with a different entity depending on which you chose. Note that a registry filing names the franchisor, not necessarily its ultimate parent — two brands owned by the same parent company can still have separate franchisors.
Cost to open
Johnny Rockets is the cheaper franchise to open: its FDD Item 7 puts the total initial investment at $517,300 – $2,667,900, against $1,344,419 – $2,340,385 for Steak n Shake by Biglari.
How much does each make? (Item 19)
Both franchisors make an Item 19 financial performance representation. On the headline average unit revenue each discloses, Steak n Shake by Biglari reports the higher figure ($6,100,833 vs $1,643,107). Revenue is not profit — the full report breaks out what each brand actually represents.
Closures & failure rate
Steak n Shake by Biglari reports 111 franchised outlets, net change -20 in the latest reported year (FDD Item 20). Johnny Rockets reports 98 franchised outlets, net change -2 in the latest reported year, a 4% closure rate (FDD Item 20). Outlet churn — closures, terminations, non-renewals — is the closest thing an FDD has to a failure rate; the full report puts both brands' churn against quick-service restaurant medians.
Litigation
Steak n Shake by Biglari discloses 8 franchisee-vs-franchisor proceedings in FDD Item 3. Johnny Rockets discloses 3 franchisee-vs-franchisor proceedings in FDD Item 3.
This page is the headline numbers. The Deep report compares up to three brands on the complete FDD record — every fee line, the actual Item 19 figures and what they represent, each lawsuit, and churn benchmarked against quick-service restaurant peers.
Only looking at one of them?
Steak n Shake by Biglari vs Johnny Rockets — frequently asked
Are Steak n Shake by Biglari and Johnny Rockets the same company?
No — Steak n Shake by Biglari and Johnny Rockets are franchised by separate companies. Steak n Shake by Biglari's franchisor is Steak n Shake Enterprises, Inc.; Johnny Rockets's is JOHNNY ROCKETS LICENSING, LLC. Each registers and files its own Franchise Disclosure Document, and you would be signing with a different entity depending on which you chose. Note that a registry filing names the franchisor, not necessarily its ultimate parent — two brands owned by the same parent company can still have separate franchisors.
What is the difference between Steak n Shake by Biglari and Johnny Rockets?
Steak n Shake by Biglari and Johnny Rockets are quick-service restaurant franchises from different franchisors (Steak n Shake Enterprises, Inc. and JOHNNY ROCKETS LICENSING, LLC). Johnny Rockets is the cheaper franchise to open: its FDD Item 7 puts the total initial investment at $517,300 – $2,667,900, against $1,344,419 – $2,340,385 for Steak n Shake by Biglari. Both franchisors make an Item 19 financial performance representation. On the headline average unit revenue each discloses, Steak n Shake by Biglari reports the higher figure ($6,100,833 vs $1,643,107). Revenue is not profit — the full report breaks out what each brand actually represents.
Is Steak n Shake by Biglari more profitable than Johnny Rockets?
Both franchisors make an Item 19 financial performance representation. On the headline average unit revenue each discloses, Steak n Shake by Biglari reports the higher figure ($6,100,833 vs $1,643,107). Revenue is not profit — the full report breaks out what each brand actually represents.
Which is cheaper to open — Steak n Shake by Biglari or Johnny Rockets?
Johnny Rockets is the cheaper franchise to open: its FDD Item 7 puts the total initial investment at $517,300 – $2,667,900, against $1,344,419 – $2,340,385 for Steak n Shake by Biglari.
Is Steak n Shake by Biglari or Johnny Rockets growing faster?
Steak n Shake by Biglari reports 111 franchised outlets, net change -20 in the latest reported year (FDD Item 20). Johnny Rockets reports 98 franchised outlets, net change -2 in the latest reported year, a 4% closure rate (FDD Item 20).
Go deeper on each brand
Quick-service restaurant rankings
Figures are as disclosed in each brand's most recent registered FDD (Steak n Shake by Biglari 2023, Johnny Rockets 2025). “—” means the FDD does not disclose it or the table did not parse cleanly — never an estimate.