
Panda Express is owned by Panda Restaurant Group, a privately held American restaurant company founded in 1983 by Andrew Cherng and Peggy Cherng. Headquartered in Glendale, California, Panda Express is the largest Asian-American restaurant chain in the United States, with over 2,500 locations. The company is privately held and does not trade publicly. Andrew Cherng serves as co-CEO and Peggy Cherng as co-CEO. The chain is known for Orange Chicken and wok-prepared Chinese-American cuisine.
| Brand | Parent Company | Ownership Type |
|---|---|---|
| Panda Express | Panda Restaurant Group | Private company |
The Cherng family's restaurant business began in 1973, when Andrew Cherng's father, Ming-Tsai Cherng, opened a full-service Chinese restaurant called Panda Inn in Pasadena, California. The restaurant served traditional Chinese cuisine and was successful in the Los Angeles area. Andrew Cherng worked in his father's restaurant and gained experience in restaurant operations.
In 1983, Andrew Cherng and Peggy Cherng opened the first Panda Express in the Glendale Galleria mall in Glendale, California. The concept was designed as a fast-casual version of Panda Inn, offering Chinese-American dishes served quickly from a steam table. The format was modeled on American fast-food restaurants but featured wok-prepared Chinese dishes including Orange Chicken, Beijing Beef, and Kung Pao Chicken.
Orange Chicken, which became Panda Express's signature dish, was developed in 1987 by chef Andy Kao. The dish consists of crispy chicken pieces coated in a sweet and tangy orange sauce. Orange Chicken accounts for a significant portion of Panda Express's entree sales and is one of the most recognized dishes in American Chinese cuisine.
Through the 1990s, Panda Express expanded by opening locations in shopping mall food courts across the United States. The mall food court format proved ideal for the brand, as it provided high foot traffic and required relatively small restaurant footprints. By the late 1990s, Panda Express had over 300 locations.
In the 2000s, Panda Express expanded beyond mall food courts into standalone restaurants, airport locations, university campuses, and military bases. The company also began opening locations in non-traditional venues including sports arenas, theme parks, and highway rest stops. This diversification of location types helped Panda Express reach customers outside of shopping malls and drove continued growth.
Panda Express began international expansion in the 2010s, opening locations in Mexico, Canada, the Philippines, South Korea, the United Arab Emirates, Guatemala, Aruba, and Japan. The international locations feature menu adaptations to suit local tastes while maintaining the core Panda Express menu. The company has also tested plant-based menu items, including Beyond Meat-based Orange Chicken, in select markets.
In the 2020s, Panda Express invested in digital capabilities, including a mobile app, online ordering, delivery partnerships with DoorDash, Uber Eats, and Grubhub, and drive-thru locations. The COVID-19 pandemic in 2020 accelerated the shift to off-premise dining, and Panda Express adapted by expanding delivery and takeout options. The company also introduced new menu items including Wok Smart options (lower-calorie dishes) and a Plant-Based Orange Chicken made in partnership with Beyond Meat.
By 2026, Panda Express operates over 2,500 locations and continues to expand. The company remains privately held and has not indicated plans for an initial public offering. The Cherng family's private ownership structure has allowed Panda Express to take a long-term approach to growth and investment, without the quarterly earnings pressure faced by publicly traded restaurant chains.
Who owns Panda Restaurant Group?
Panda Restaurant Group is privately held by the Cherng family. Founders Andrew Cherng and Peggy Cherng maintain ownership through the Cherng Family Trust. The company has never taken outside investors or gone public, allowing the founders to maintain complete control. Andrew and Peggy Cherng serve as co-CEOs.
Is Panda Restaurant Group publicly traded?
No, Panda Restaurant Group is not publicly traded. The company remains privately held and operates as an independent entity. The Cherng family has maintained private ownership since the company's founding in 1973.
What is Panda Restaurant Group's revenue?
Panda Express reported systemwide sales of $6.7 billion in 2025, up 9 percent year over year. Forbes lists the company's revenue at $6.2 billion as of December 2025. The chain is ranked 11th among the largest 500 restaurant chains in the U.S. by Technomic.
How many Panda Express locations are there?
Panda Express operates 2,609 locations in the United States as of the end of 2025, across 49 states. Internationally, Panda Express operates in 12 countries including Mexico, Canada, South Korea, the Philippines, Dubai, Saudi Arabia, Guam, and Puerto Rico. The total global footprint is over 2,600 locations.
Who founded Panda Restaurant Group?
Panda Restaurant Group's origins date to 1973, when Andrew Cherng and his father, Master Chef Ming-Tsai Cherng, opened the first Panda Inn in Pasadena, California. Peggy Cherng, Andrew's wife, joined the business and applied her engineering expertise to build the company's operational systems. The first Panda Express opened in 1983 at the Glendale Galleria Mall.
Are Panda Express locations franchised?
Most Panda Express locations are company-owned rather than franchised. This is unusual among large U.S. restaurant chains and gives the company direct control over operations, quality, and customer experience. The average Panda Express location generates approximately $2.6 million in annual revenue.
What is Panda Rewards?
Panda Rewards is Panda Express's loyalty program, launched in 2023. The program surpassed 5 million users within its first year and has grown to more than 20 million users. Members earn points on purchases that can be redeemed for rewards.
What is Panda Cares?
Panda Cares is Panda Restaurant Group's philanthropic arm, established in 1999. The organization has raised over $455 million since inception, supporting education, disaster relief, and health initiatives. Panda Cares celebrated its 25th anniversary in 2023.
What brands does Panda Restaurant Group operate?
Panda Restaurant Group operates three brands: Panda Express (the largest, with 2,609 U.S. locations), Panda Inn (the original full-service restaurant concept, serving Mandarin and Sichuan cuisine), and Hibachi-San (a teppanyaki and sushi concept, first opened in 1992).
Panda Restaurant Group has implemented sustainability initiatives across its Panda Express locations, focusing on energy efficiency, water conservation, and waste reduction. These initiatives have been documented in industry publications as case studies for sustainable restaurant operations.
Energy-Efficient Woks: Panda Express developed custom wok ranges with burners that use approximately two-thirds less gas than traditional Chinese wok ranges. The company worked with equipment manufacturers to redesign the cooking systems, reducing gas consumption and kitchen heat while maintaining cooking performance. These energy-efficient woks have been installed across hundreds of locations since 2008 and are standard in all new restaurant construction.
Waterless Cooking Ranges: Traditional Chinese wok cooking requires a constant stream of cold water to cool the range during cooking, consuming significant water. Panda Express developed waterless Chinese ranges that use an air gap between stainless steel decks and hot cast iron components to manage heat, using water only for cleaning. This innovation dramatically reduces water consumption. The company also installed low-flow toilets, electric sink hand washers, and recirculation systems for instant hot water delivery.
Waste Reduction: Panda Express installed compaction devices in front-of-house and back-of-house areas to reduce waste volume. The company uses packing drums that compact up to seven bags of trash into the size of one. A 40-store pilot program demonstrated a 50% reduction in hauling costs. Panda Express sends all cooking oil to biodiesel companies, generating rebates of up to $400,000 annually.
LED Lighting and Smart Systems: Panda Express has converted all lighting to LED bulbs in new construction and is retrofitting older locations. Parking lot lighting was upgraded from 500-watt to 100-watt LED bulbs. The company installed smart defrost systems that use sensors to monitor evaporator temperatures and defrost only when needed, replacing older systems that ran on fixed 30-minute cycles.
Energy Management: Panda Express implemented energy management systems with remote temperature control across all restaurants. Management can control store temperatures remotely via mobile devices. The company installed demand-controlled ventilation systems that adapt to Chinese cooking patterns, which alternate between high-heat cooking and cool-down cycles.
Panda Express has received recognition for its sustainability initiatives and operational innovation. The company's energy-efficient wok technology and waterless cooking ranges have been featured in Foodservice Equipment & Supplies magazine and other industry publications as case studies for sustainable restaurant operations.
The company's partnership with GridPoint for energy management across all U.S. locations has been recognized by restaurant technology publications. Panda Express's waste management programs, including compaction systems and biodiesel recycling, have been cited as best practices in restaurant waste reduction.
As the largest Asian-American restaurant chain in the United States, Panda Express has been recognized by franchise industry organizations for its growth and operational standards. Peggy Cherng has been recognized as one of the most successful female entrepreneurs in America, and the Cherng family's philanthropic activities through Panda Cares have received recognition from charitable organizations.
Food Safety Record: Panda Express has maintained a relatively clean food safety record over its 40-plus year history. The company has not been subject to major foodborne illness outbreaks or product recalls. Like all restaurant chains, individual locations occasionally face minor health code violations, which are typically resolved through corrective actions. The company's centralized supply chain and food processing facility provide quality control that independent restaurants cannot easily replicate.
Labor and Employment: Panda Express has faced typical restaurant industry labor challenges, including occasional wage and hour disputes and workplace condition complaints. The company operates in compliance with federal and state labor regulations, including minimum wage and overtime requirements. The restaurant industry's high turnover rates and labor shortages, particularly following the COVID-19 pandemic, have affected Panda Express as they have affected all restaurant chains.
Health and Nutrition Concerns: Panda Express, like other fast-casual restaurant chains, has faced scrutiny regarding the nutritional content of its menu items. Some Panda Express dishes are high in sodium, calories, and sugar. The company has responded by introducing Wok Smart menu items with lower calorie counts and by providing nutritional information on its website and in restaurants. The introduction of plant-based options, including Beyond Meat Orange Chicken, reflects the company's response to growing consumer demand for healthier alternatives.
Cultural Authenticity Debates: Panda Express's Chinese-American cuisine has been the subject of debates about cultural authenticity. Some food critics and Chinese-American commentators have noted that Panda Express's menu, which includes dishes like Orange Chicken and Beijing Beef, is adapted for American tastes and differs from traditional Chinese cuisine. Panda Express has acknowledged that its food is Chinese-American rather than traditionally Chinese, and the company has positioned its cuisine as a distinct category that reflects the Chinese-American immigrant experience.
Private Ownership Transparency: As a privately held company, Panda Restaurant Group does not publicly disclose detailed financial information, including revenue, profit margins, or executive compensation. This limits transparency compared to publicly traded restaurant chains. Industry revenue estimates of approximately $4 billion are based on analyst projections rather than company disclosures.
These competing brands operate in the same categories and provide similar products or services. Compare key attributes to understand market positioning and competitive landscape.
| Brand | Parent Company | Country | Founded | Market Position | Primary Market | Gender Target |
|---|---|---|---|---|---|---|
| Bloomin Brands | USA | 2019 | Mass market | Global | All-ages | |
| Hormel Foods | Minnesota (grocery/Hormel) | 1975 | Mass market | United states | All Genders | |
| Cracker Barrel Old Country Store | USA | 1969 | Mass market | United states | All Genders | |
| Freddys Frozen Custard Steakburgers Inc | USA | 2002 | Mass market | United states | All-ages | |
| Yum Brands | United States | 1969 | Mass market | United states | All Genders | |
| Jersey Mikes Franchise Systems | USA | 1956 | Mass market | United states | All Genders |
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