Are the Chick Fil A financial statements audited?
Chick_Fil_A Franchise · 2025 FDDAnswer from 2025 FDD Document
Exhibit "C" to this Disclosure Document includes (i) the audited consolidated financial statements of Chick-fil-A, Inc. and its subsidiaries, which comprise the consolidated balance sheets as of December 31, 2024 and 2023 and the related consolidated statements of comprehensive earnings, of stockholders' equity and of cash flows for each of the three years (2024, 2023, and 2022) in the period ended December 31, 2024.
Report of Independent Auditors
To the Board of Directors of Chick-fil-A, Inc.:
Opinion
We have audited the accompanying consolidated financial statements of Chick-fil-A, Inc. and its subsidiaries (the "Company"), which comprise the consolidated balance sheets as of December 31, 2024 and 2023, and the related consolidated statements of comprehensive earnings, stockholders' equity and cash flows for the three years then ended, including the related notes (collectively referred to as the "consolidated financial statements").
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Source: Item 21 — Financial Statements (FDD page 102)
What This Means (2025 FDD)
According to Chick Fil A's 2025 Franchise Disclosure Document, the financial statements are indeed audited. Item 21 of the FDD includes the audited consolidated financial statements of Chick-fil-A, Inc. and its subsidiaries. These statements comprise the consolidated balance sheets as of December 31, 2024, and 2023, along with the related consolidated statements of comprehensive earnings, stockholders' equity, and cash flows for each of the three years in the period ended December 31, 2024 (2024, 2023, and 2022).
The presence of an audit report from independent auditors signifies that an external and impartial examination of Chick Fil A's financial records has been conducted. The auditors' opinion confirms that the financial statements present fairly the company's financial position, results of operations, and cash flows in accordance with accounting principles generally accepted in the United States of America. This provides potential franchisees with a higher level of confidence in the accuracy and reliability of the financial information presented.
The audit was conducted based on auditing standards generally accepted in the United States of America (US GAAS). These standards require the auditors to be independent, fulfill ethical responsibilities, and obtain sufficient and appropriate audit evidence to support their opinion. The auditors' responsibilities include assessing the risks of material misstatement, understanding internal control, evaluating accounting policies, and concluding on the company's ability to continue as a going concern. The report is dated March 21, 2025.
For a prospective franchisee, this independent audit is a crucial element of due diligence. It offers assurance that the financial data provided by Chick Fil A has been rigorously reviewed by qualified professionals. This allows for a more informed assessment of the financial health and stability of the company, which is a key factor in evaluating the overall risk and potential of investing in a Chick Fil A franchise.