For a full-year U.S. Single Metro Market franchise, the 2026 Franchise Disclosure Document reports median EBITDA of $276,922 and average EBITDA of $341,858 for calendar 2025. That is the strongest official operating-earnings evidence available. It is a central EBITDA band—not guaranteed owner take-home pay and not the FDD’s observed low-to-high range.
Legal franchisor: Two Men and a Truck SPE LLC. Document: U.S. Franchise Disclosure Document issued April 30, 2026. Item 19 population: 145 franchised Single Metro Market businesses that operated for all 12 months of 2025; affiliate-owned businesses, Multi-Unit Metro Market portfolios, Mod Market franchises, and five 2025 openings were excluded from the single-unit expense table. Primary citation: 2026 FDD, Item 19, Table 3, pages 75–76. Supplemental benchmark: May 2025 U.S. Bureau of Labor Statistics wage data for General and Operations Managers, used only in the owner-role sensitivity. Date checked: July 19, 2026.
The midpoint for 145 full-year Single Metro Market franchises in 2025.
Only 60 of 145 units, or 41%, met or exceeded this average.
Average EBITDA divided by compatible average Gross Sales for the same population.
All operated for the full 2025 calendar year; newly opened units were excluded.
$191,140 of average Gross Sales, including royalties, national advertising, and technology fees.
What does the official EBITDA figure actually measure?
It measures a source-defined business operating result, not an owner’s salary, distribution, or after-tax income. The official figures apply to full-year 2025 Single Metro Market franchises. Item 19 defines EBITDA as Annual Gross Sales less Total Annual Expenses, with interest, taxes, and depreciation added back, and the published averages reconcile as $2,376,195 of Gross Sales less $2,034,337 of Total Annual Expenses.
- Gross Sales
- Revenue from the franchised business, including required and optional services. It is not owner income.
- Total Annual Expenses
- The disclosed expense categories: mover wages, truck costs, other moving costs, advertising, facilities, Franchise Fees, support staff, and other administration.
- EBITDA
- The FDD’s earnings measure before interest, taxes, and depreciation. It is a useful operating proxy, but not the same as free cash flow or personal take-home pay.
- Owner earnings
- The amount ultimately available to an owner depends on owner compensation accounting, manager staffing, capital spending, non-truck financing, distributions, and personal taxes—items Item 19 does not fully isolate.
The same FDD reports $2,072,481 median Gross Sales and $2,376,195 average Gross Sales for Single Metro Market franchises. Those revenue figures should not be presented as owner income. The earnings evidence is the separately disclosed EBITDA line.
How do official Metro Market EBITDA figures compare?
Single Metro figures are per franchised business. Multi-Unit Metro figures are per commonly owned operating portfolio, not per individual location.
Interpretation: The multi-unit figures are portfolio-level results for 53 owners operating 163 Single Metro Market franchises, with a median of three franchises per portfolio. They cannot be divided or multiplied into a reliable per-unit owner result without portfolio overhead and unit-maturity data.
Source: 2026 FDD, Item 19, Tables 2 and 3, pages 74–76. Values are official historic EBITDA, not projections.
Where does average Single Metro revenue go before EBITDA?
About 85.6% of average 2025 Gross Sales was absorbed by the disclosed operating expense categories, leaving 14.4% as average EBITDA. This is a derived presentation of official Item 19 averages for the same 145-unit Single Metro Market population.
Average Gross Sales allocation
Every segment is a compatible 2025 Item 19 average and the components reconcile to $2,376,195.
Interpretation: Labor is the largest disclosed cost. Support Staff Expenses are also material, which is why owner involvement can change economic benefit—but Item 19 does not isolate a general manager’s pay or state whether owner compensation is included.
Source and formula: 2026 FDD, Item 19, Table 3, pages 75–76. Trucks and moving costs = Moving Truck Expenses + Other Moving Expenses. Facility and advertising = Facility Expenses + Advertising Expenses. Percentages use unrounded averages; displayed percentages are rounded to one decimal place.
How much do recurring franchise charges affect the operating result?
The average Single Metro Market business recorded $191,140 of “Franchise Fees,” equal to 8.04% of average Gross Sales. This is an official Item 19 expense and already reduces the reported EBITDA. Item 6 separately identifies the current scheduled components for Metro Market franchises.
| Recurring obligation | Current amount | Owner-earnings treatment |
|---|---|---|
| Royalty Fee | 6% of Gross Sales | Included in Item 19 “Franchise Fees.” |
| Advertising Fund | 1% of Gross Sales | Included in Item 19 “Franchise Fees.” |
| Technology and Support Fee — Metro Market | 1% of Gross Sales; $1,200 monthly minimum | Included in Item 19 “Franchise Fees.” |
| Local and cooperative advertising | Variable | Generally appears in the separate Item 19 Advertising Expenses category, not Franchise Fees. |
Sources: 2026 FDD, Item 6, pages 18–20, and Item 19, Table 3, pages 75–76. Variable sales-support, bookkeeping, risk-management, national-account, and other fees can apply depending on services and operating circumstances.
How could owner operation change annual economic benefit?
An active owner may capture the value of a manager role in addition to residual business EBITDA, but that labor value is not passive profit. The FDD requires the owner, an approved representative, or an approved manager to supervise day-to-day operations with a full-time presence. The official franchise-owner role page says franchisees average 30–40 hours per week overseeing operations.
The owner-operator figures below are independent analytical scenarios, not an Item 19 financial performance representation by Two Men and a Truck SPE LLC. They combine the official 2025 Single Metro median EBITDA with a separately identified U.S. Bureau of Labor Statistics manager-wage benchmark and an editorial ±20% sensitivity. Actual results can differ materially by location, format, sales, labor, occupancy, financing, owner involvement, staffing structure, and execution. The adjustment applies only if the owner truly replaces a paid manager cost already embedded in the reported expense structure.
Estimated owner-operator benefit if one manager role is replaced
Official median EBITDA remains the operating baseline; only the assumed annual labor value changes.
Interpretation: The modeled range is approximately $362,000–$404,000 of annual owner-operator benefit. It combines residual operating EBITDA with compensation for the owner’s labor. It should not be described as passive business profit.
Formula and sources: $276,922 official median EBITDA + assumed manager labor value. The BLS May 2025 national wage table reports a $50.85 median hourly wage for General and Operations Managers; annualized at 2,080 hours, that is $105,768. Conservative and Upside use 80% and 120% of that amount as explicit editorial sensitivities. BLS estimates exclude self-employed workers and are not specific to moving franchises.
- Manager replacement must be real. An owner who still employs the same full-time manager should not add the manager wage to EBITDA.
- Owner compensation accounting is unresolved. Item 19 does not identify whether franchisee salary, draws, or benefits are included in Support Staff Expenses or Other Administrative Expenses.
- Labor value is not a distribution. Part of owner-operator benefit compensates the owner for 30–40 hours of weekly oversight and management work.
Why can actual owner earnings differ so widely?
The official central figures sit inside a much wider observed outcome range. For the 145 full-year Single Metro Market franchises, 2025 EBITDA ranged from a loss of $290,271 to positive EBITDA of $3,384,617, and only 41% met or exceeded the $341,858 average. Those are official historic outcomes, not a forecast for a new buyer.
Item 19 excludes five Single Metro Market franchises that opened in 2025, excludes Multi-Unit Metro portfolios and Mod Market franchises from Table 3, and uses franchisee-submitted financial reports that were not audited. Item 20 shows 350 franchised businesses at December 31, 2025, including 317 Metro Market and 33 Mod Market franchises, with 28 transfers during 2025. The expense-and-EBITDA table therefore describes a defined full-year cohort, not every current owner or every development stage.
Mod Market earnings remain uncertain. Item 19 reports Gross Sales by opening cohort for Mod Market franchises but does not disclose their expenses or EBITDA. Applying the Single Metro 14.4% average EBITDA margin to Mod Market revenue would blend materially different formats and is not defensible.
Debt and cash flow require separate review. Item 19 says Moving Truck Expenses include truck lease or loan payments, while its EBITDA definition adds back interest, taxes, and depreciation. It does not isolate truck principal, non-truck debt, replacement capital expenditures, owner distributions, or personal income taxes. A buyer should not subtract a generic financing payment or calculate after-tax take-home without deal-specific records.
What should a prospective owner verify before relying on the range?
Verify the accounting behind EBITDA and the staffing model for comparable Single Metro businesses. The figures are official historic Item 19 results for 2025, but their application to a specific territory, financing plan, and owner role remains uncertain.
- Request the written substantiation supporting Item 19, as the FDD says it will be provided on reasonable request. The FTC’s franchise buyer guide specifically recommends reviewing the source, limitations, assumptions, and substantiation behind earnings claims.
- Ask several current Single Metro Market franchisees whether owner salary, owner benefits, and general-manager compensation are included in Support Staff Expenses, Other Administrative Expenses, or outside the Item 19 statements.
- Compare local mover wages, insurance premiums, truck payments, fuel, claims, facility costs, advertising, and recruiting expense with the Table 3 averages.
- Separate recurring operating expenses from truck replacement, technology upgrades, other capital expenditures, non-truck debt service, and personal taxes.
- For a Mod Market territory, obtain actual expense and cash-flow records from comparable Mod Market owners because Item 19 does not disclose Mod Market EBITDA.
- Review Item 20 franchisee contacts and interview both current and former owners. The FTC’s financial-performance guidance emphasizes testing whether the disclosed population and assumptions fit the buyer’s planned operation.
What is the strongest defensible annual earnings range?
The strongest defensible central range is $276,922–$341,858 of official 2025 EBITDA for a full-year Single Metro Market franchise. It is an operating-earnings proxy, not an after-tax owner-income promise. The most important disclosed driver is labor: Direct Labor and Support Staff together consumed 43.6% of average Gross Sales. The largest unresolved uncertainty is how owner and general-manager compensation are classified inside the reported expenses. An active owner who truly replaces a paid manager may have a modeled owner-operator benefit of roughly $362,000–$404,000, but that incremental amount is compensation for work and carries limited scenario confidence. Before making a decision, verify Item 19 substantiation, comparable-unit accounting, local cost structure, debt and capital spending, and current and former franchisee experience.