Panda Restaurant Group

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).

The origins of Panda Restaurant Group date to 1973, when Andrew Cherng and his father, Master Chef Ming-Tsai Cherng, opened the first Panda Inn in Pasadena, California. The restaurant served Mandarin and Sichuan cuisine and was inspired by the family's culinary heritage from the Yangzhou region of China's Jiangsu province. Andrew Cherng had met Peggy Tsiang Cherng at Baker University in Baldwin City, Kansas, and the two became partners in both business and life.

In 1978, Andrew Cherng and business partner Mark Ting opened Plum Tree Inn in Los Angeles's Chinatown, and a few years later a second Panda Inn opened in nearby Glendale. These early restaurants helped Cherng understand restaurant design and operations, laying the groundwork for the Panda Express concept.

In 1983, the opportunity arose to open a quick-service version of Panda Inn at the Glendale Galleria Mall. This became the first Panda Express. Peggy Cherng, who holds a B.S. in Mathematics from Oregon State University (1971) and a Ph.D. in Electrical Engineering from the University of Missouri, applied her technical expertise to build the restaurant's operational systems, including point-of-sale systems, to ensure consistent and speedy service. The Cherngs also introduced profit sharing for store chefs and general managers from the beginning.

The company grew steadily through the 1980s. In 1985, the chain expanded from five to nine locations in a single year, demonstrating strong market demand. By 1992, Panda Express had reached 100 mall-based locations and opened the first Hibachi-San in Bloomington, Minnesota.

In 1997, the first free-standing Panda Express with a drive-thru opened, marking a shift away from mall-based locations. By 2002, the chain had reached 500 locations. In 2007, Panda Express reached 1,000 units and achieved $1 billion in revenue for the first time.

In 2011, Panda Express opened its first international location in Mexico City, Mexico. Additional international locations followed in Guam, Puerto Rico, Canada, South Korea, Dubai, Saudi Arabia, and the Philippines. The Philippines expansion was through a joint venture with Jollibee Foods Corp., operating as JBPX Foods, with the first location opening in Manila in 2019.

In 2014, the Panda Express Innovation Kitchen was launched to continue developing new menu items. In 2017, the 2,000th Panda Express opened in New York City. The Panda Expressed podcast was launched, featuring insights on leadership and personal development from Andrew and Peggy Cherng.

In 2020, Panda Express introduced the Panda Auto Wok, designed to make the labor-intensive wok cooking process easier and faster for employees. In 2023, the company launched Panda Rewards, its first loyalty program, which surpassed 5 million users within a year and grew to more than 20 million users by 2025. Also in 2023, Panda Restaurant Group celebrated its 50th anniversary and Panda Express celebrated its 40th anniversary, introducing the Apple Pie Roll as the first-ever dessert menu item.

In 2024, Panda Express deployed GridPoint Intelligence's system for controlling HVAC and lighting across its system to reduce energy consumption and carbon dioxide emissions. Panda Cares, the company's philanthropic arm, celebrated its 25th anniversary in 2023 with over $375 million raised since inception, growing to $455+ million by 2024.

At the close of 2025, Panda Express had 2,609 locations in the U.S. with $6.7 billion in systemwide sales, growing 9 percent year over year. The chain ranked 11th among the largest 500 restaurant chains in the U.S.

Panda Restaurant Group does not publish formal sustainability reports or ESG disclosures. However, the company has taken steps to reduce its environmental impact. In 2024, Panda Express deployed GridPoint Intelligence's system for controlling HVAC and lighting across its restaurant system, aimed at reducing energy consumption and carbon dioxide emissions.

The company's philanthropic arm, Panda Cares, was established in 1999 and has raised over $455 million since inception. Panda Cares supports education, disaster relief, and health initiatives. The Panda CommUnity Fund, launched to foster unity and understanding in communities, is another philanthropic initiative.

Panda Restaurant Group has been recognized by Forbes as one of the best employers in the U.S. The company's promote-from-within culture, profit sharing, and stock option programs reflect its commitment to employee development. The company's philosophy emphasizes inspiring people to better their lives.

Panda has not obtained B Corp certification and is not listed on major ESG indices. As a private company, it has limited public disclosure of environmental and social metrics.

Panda Express has faced several legal and regulatory matters in recent years.

In December 2025, Panda Express agreed to pay over $1 million to settle a lawsuit brought by the Riverside County District Attorney's Office and joined by 37 other California counties. The lawsuit alleged that Panda Express failed to properly train employees in the safe handling of carbon dioxide used in its soda fountain systems at more than 500 California restaurant locations. The settlement included $881,925 in civil penalties, $100,000 in supplemental environmental projects, and $75,000 in cost reimbursement. Carbon dioxide leaks from pressurized tanks can displace oxygen and pose serious health risks to employees and customers. Panda Express agreed to comply with California's hazardous materials safety regulations for five years and implement revised training protocols.

In March 2026, a federal lawsuit was filed in Chicago (Contreras v. Panda Express Inc., No. 1:26-cv-03109) alleging that Panda Express retained a cook accused of repeated sexual harassment while firing the female employees who reported him. The plaintiff, Esmeralda Contreras, alleged that a cook named Silverio made explicit sexual remarks, offered her money for sex, and told her he had married a 13-year-old when he was 23. Contreras reported the behavior to management four to five times over seven months, but no investigation was conducted. Silverio was transferred to another location only after a third harassment complaint, allegedly because he was considered one of the best and fastest cooks. Contreras and another female employee who had reported Silverio were both fired on the same day in May 2025, allegedly for giving away food. Panda Express had not responded to the lawsuit as of mid-2026, and no determination had been made on the merits.

As a large restaurant operator with over 500 locations in California alone, Panda Express faces routine regulatory compliance requirements related to food safety, labor standards, and environmental regulations. The company's company-owned store model means it bears direct responsibility for compliance at all locations, unlike franchise models where compliance responsibility may be shared with franchisees.