Panda Express is entirely privately owned by its founders, Andrew and Peggy Cherng, who serve as co-chairs and co-CEOs of parent company Panda Restaurant Group. They’ve never franchised the business, never sold equity to outside investors, and never taken the company public — a rare feat for a chain with more than 2,600 locations.
The company is managed through the Cherng Family Trust, with daughter Andrea Cherng serving as Chief Brand Officer. As of mid-2026, the family’s estimated net worth stands at roughly $6.3 billion, built almost entirely from the Panda Express empire and its roughly 55,000 employees.
Quick Facts
| Company | Panda Restaurant Group (parent of Panda Express) |
|---|---|
| Owners | Andrew Cherng & Peggy Cherng, co-chairs/co-CEOs |
| Ownership Structure | 100% privately held via Cherng Family Trust |
| Founded | 1983, Glendale, California |
| Cherng Family Net Worth (2026) | ~$6.3 billion |
| Locations | 2,600+ |
Ownership History
| Year | Development |
|---|---|
| 1973 | Andrew Cherng and his father Ming-Tsai Cherng open Panda Inn, the sit-down restaurant that preceded Panda Express |
| 1983 | Andrew and Peggy Cherng open the first Panda Express location in Glendale, California |
| 1990s-2010s | Panda Express expands nationally without ever franchising, keeping full ownership within the Cherng family |
| 2020s | Andrea Cherng, daughter of the founders, joins in a senior brand leadership role |
| 2026 | Cherng family net worth reaches an estimated $6.3 billion, with the company remaining fully private with no outside shareholders |
Key Ownership Highlights
- Panda Express’s no-franchise model is highly unusual at its scale — most fast-casual chains with 2,600+ locations rely heavily on franchisees, but every Panda Express location is company-operated.
- The Cherng family’s decision to never go public or take outside investment has let them control brand direction, menu, and expansion pace entirely on their own terms for over four decades.
- Andrea Cherng’s role as Chief Brand Officer signals a next-generation transition is already underway within the family ownership structure.
FAQ
Who owns Panda Express?
Andrew and Peggy Cherng own Panda Express privately through Panda Restaurant Group, with no outside shareholders or franchisees.
Is Panda Express a franchise?
No. Every Panda Express location is company-owned and operated; the Cherng family has never franchised the brand.