Zaxby's
Zaxby's is a Southeast-focused chicken chain backed by Goldman Sachs Merchant Banking, with mostly franchisee-signed leases. Solid unit volumes and slow, steady growth support the credit, but landlords should vet the franchisee.
- US units
- 1,005
- FY2025
- 3Y net growth
- +9.0%
- vs. FY2022
- Credit rating
- NR
- No public rating
- Typical term
- 15–20 yr
- Franchisee-signed NNN (absolute NNN common)
- Model
- Franchised
- Private equity (Goldman Sachs stake since 2020)
Unit count
Zaxby's in the news
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Zaxby's net lease FAQ
What is Zaxby's's credit rating?
Zaxby's does not carry a public S&P issuer credit rating (NR). Landlords underwrite it on unit-level performance, the guarantor named in the lease and, for public companies, reported financials.
How many Zaxby's locations are there in the US?
Zaxby's reported about 1,005 US locations as of FY2025. That is +9.0% versus 922 in FY2022.
What does a typical Zaxby's net lease look like?
Lease type: Franchisee-signed NNN (absolute NNN common). Initial term: 15–20 yr. Rent increases: 10% every 5 yrs or 1.5% annually. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Zaxby's corporate or franchised?
Operating model: Franchised (~85% franchised). For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.