Culver's vs Steak 'n Shake
Franchise Comparison (2026)
2026 FDD Data
Culver's ranks #7 on the Franchise 500 with significantly higher average revenue ($3.7M vs $1.5M) but requires much larger investment ($2.6M+ vs potential $10K partner program). Culver's lower royalty (4% vs 5.5%) and proven unit economics make it the premium choice, while Steak 'n Shake's Partner program offers an accessible entry point for operators willing to work in-store.
Culver's and Steak 'n Shake both serve burgers and shakes but target different market segments and require vastly different investments. Culver's, ranked #7 on the 2025 Franchise 500, is known for its ButterBurgers and frozen custard with Midwestern roots. Steak 'n Shake, founded in 1934, pioneered the premium steakburger concept and now offers an innovative $10,000 Franchise Partner program. This FDD comparison examines how these burger franchises differ in cost, earnings, and business model.
Quick Comparison
Culver's
$20,000 - $55,000
Steak 'n Shake
$25,000
Culver's
$2,642,500 - $8,573,000
Steak 'n Shake
$316,000 - $2,695,000
Culver's
4%
Steak 'n Shake
5.5%
Culver's
1,000
Steak 'n Shake
440
Culver's
$3.69M
Steak 'n Shake
$1.52M
Detailed Comparison
| Metric | Culver's | Steak 'n Shake |
|---|---|---|
| Initial Investment | ||
| Franchise Fee | $20,000 | $25,000 |
| Total Investment (Low) | $2,642,500 | $316,000 |
| Total Investment (High) | $8,573,000 | $2,695,000 |
| Net Worth Required | Not Disclosed | $1,000,000 |
| Liquid Capital Required | $500,000 | $500,000 |
| Ongoing Fees | ||
| Royalty Rate | 4% | 5.5% |
| Advertising Fund | 2.5% | 1% |
| Technology Fee | Not Disclosed | Not Disclosed |
| System Size & Growth | ||
| Total Units | 1,000 | 440 |
| Franchised Units | 950 | 350 |
| Company-Owned Units | 50 | 90 |
| 3-Year Net Growth | Not Disclosed | Not Disclosed |
| Financial Performance (Item 19) | ||
| Item 19 Disclosed | Yes | Yes |
| Average Revenue | $3,693,525 | $1,516,553 |
| Median Revenue | Not Disclosed | Not Disclosed |
| Franchise Terms | ||
| Initial Term | Not Disclosed | Not Disclosed |
| Renewal Term | Not Disclosed | Not Disclosed |
| Territory Protection | Not Disclosed | Not Disclosed |
| Requirements | ||
| Owner-Operator Required | Not Disclosed | Not Disclosed |
| Training Hours | Not Disclosed | Not Disclosed |
| Years Franchising | 42 years | 92 years |
| Risk Indicators | ||
| Litigation Matters | Not Disclosed | Not Disclosed |
| Termination Rate | Not Disclosed | Not Disclosed |
Key Differences
Average Revenue: Culver's at $3.7M vs Steak 'n Shake at $1.5M
Franchise 500: Culver's ranked #7; Steak 'n Shake not ranked
Minimum Investment: Steak 'n Shake Partner program starts at $10K; standard franchise $316K vs Culver's at $2.6M
Royalty Fee: Culver's at 4% vs Steak 'n Shake at 5.5%
Network Size: Culver's has 1,000 locations vs Steak 'n Shake at 440
Business Model: Culver's requires owner-operators; Steak 'n Shake offers profit-sharing partner program
Training: Culver's requires 16-week immersive program
Investment Fit Analysis
Who Should Consider Culver's
Culver's suits well-capitalized investors seeking a top-10 franchise with proven unit economics and strong Midwestern brand loyalty.
#7 on Franchise 500
Average revenue $3.7M
Lower royalty at 4%
16-week owner-operator training required
$10K veteran discount on franchise fee
Strong growth trajectory (1,000+ units)
Who Should Consider Steak 'n Shake
Steak 'n Shake suits operators seeking low-barrier entry through the Partner program, or investors wanting a legacy burger brand at lower investment levels.
$10K Partner program available
Partner program: 50% profit sharing
90+ year brand history (founded 1934)
15% veteran discount
Lower minimum investment ($316K standard)
Premium steakburger positioning
Frequently Asked Questions
Ready to Dive Deeper?
Download the complete FDD for each franchise to review all 23 items, exhibits, and financial statements.
Disclaimer
This comparison is provided for informational purposes only. Data has been aggregated from publicly available sources including Franchise Disclosure Documents, industry publications, and franchise analysis websites.
Prospective franchisees should review the complete FDD for each franchise, conduct their own due diligence, and consult with qualified legal and financial advisors before making any investment decisions.