A Subway sandwiches logo is displayed on a sign at a shop on June 1, 2025 in Washington, DC.(Photo by Kevin Carter/Getty Images)
Subway’s U.S. footprint is shrinking again, with the chain closing a net 729 locations in 2025 — its steepest drop in years — according to a franchise filing reviewed by FOX Business, highlighting mounting pressures on its business despite rising profits.
Dig deeper:
Subway shut a net 729 U.S. locations in 2025 — its largest decline in years — according to a franchise filing reviewed by FOX Business, bringing its total restaurant count below 19,000, down from more than 22,000 just a few years ago.
Subway opened 499 locations in 2025, but closures outpaced new additions, leading to a net decline.
By the numbers:
The filing also indicates roughly 800 locations were temporarily closed as of Dec. 31, 2025, though the company expects many to reopen. More than half of last year’s openings were previously shuttered units.
Despite its smaller footprint, Subway reported $688 million in net income in 2025, up from $397 million a year earlier and $15 million in 2023, according to the filing.
Meanwhile, total franchise revenue fell more than 6% to $767 million.
Industry data shows the average Subway location generates about $500,000 in annual sales — well below some rival sandwich chains — according to Circana’s 2026 restaurant rankings.
Subway said it has signed 93 franchise agreements and expects to open about 100 new locations in the coming year.
The Source: FOX Business contributed to this report. The information comes from a Subway franchise disclosure filing reviewed by FOX Business. This story was reported from Los Angeles.