Code Ninjas franchise unit economics
Code Ninjas franchisees run children's coding centers and smaller studios that sell coding classes by monthly subscription.
Code Ninjas in the news
- Code Ninjas Opens 20+ New Locations, Becomes First Kids STEM Franchise to Earn ISTE Seal · Webull (PR Newswire) ·
The Code Ninjas headline above is the publisher's own and links to the publisher. Averan Advisors checked this Code Ninjas link on 11 October 2026. Franchise news lists news on 95 brands, including Code Ninjas. Code Ninjas is in the STEM and Coding franchise guide.
Code Ninjas franchise at a glance
Across 224 learning centers gross sales average $237,614 on 82 monthly active students, $2,898 a student a year.
Code Ninjas franchisees averaged $236,884 of sales in 2025, with a median of $216,697, according to Item 19 of Code Ninjas’ 2026 FDD, issued 3 April 2026. The 230 in that group are 97%* of Code Ninjas’ 238 locations. Fees paid to Code Ninjas come to about 13.8%* of sales. A Code Ninjas franchise costs $73,500 to $265,750 to open.
- A Code Ninjas franchise costs $73,500 to $265,750 to open, including a $45,000 initial franchise fee, according to the brand's 2026 FDD.
- Code Ninjas charges a royalty of 8.25% of sales and a 2% brand fund contribution.
- Code Ninjas reported 238 franchised locations in its 2026 FDD.
- 50% of reporting Code Ninjas locations reached the average.
- Work out Code Ninjas's fees at your own sales with the minimum fee calculator.
These figures come from Code Ninjas's 2026 Franchise Disclosure Document, as the brand reported them, and were read by Averan Advisors.
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Talk to Averan → Move your books and accounting to Averan →- Each additional student is worth $3,267 a year. That is 124 students and $383,267 at the top quartile against 44 and $121,884 at the bottom *, about $272 a month on the subscription.
- Revenue per student holds between $2,650 and $3,091 across the quartiles. That is a 16.6% range *, against sales 3.1 times apart. Enrollment is the lever; the price is already set.
- The brand's charges take 12.4% of sales at the top quartile and 29.7% at the lowest-selling center. Fixed monthly charges of $8,400 a year are 19.5% of the lowest-selling center's entire revenue.
- A new center owes $24,000 to $30,000 of local marketing a year for its first 24 months. Then 4% of net sales, which is $9,505 at the average *. The obligation falls by two-thirds in month 25.
- Two outlets left for every one that opened across three years. That is 46 openings against 92 departures, taking franchised centers from 284 to 238.
How much does a Code Ninjas franchise make?
The average Code Ninjas unit reported $236,884 of revenue in the 2026 FDD, and the median reported $216,697. The brand’s disclosure document discloses revenue and not profit, so what an owner keeps depends on the cost structure set out below. Fees come off the top first, at about 13.8% of sales across royalty, brand fund and the rest of the stack. Revenue is not income. Rent, wages, cost of goods and the franchise fees all come out before an owner is paid. The figures for the highest-selling and lowest-selling businesses are below.
Top performers
What separates the top Code Ninjas performers
Code Ninjas splits its locations into groups instead of publishing one average. The top group averaged $383,267 a year. The lowest averaged $121,884. Both run the same brand, on the same agreement, paying the same fees. The middle location sold $216,697. The average was $236,884. More than half the system is below the number the brand quotes.
Decided before you open
- Site and trade area.The top band sells 3.1× the bottom band. Catchment, daytime population and neighboring businesses affect where a location falls.
- Capacity.Capacity is the floor space, times the hours it is open, times how full it runs. The build sets how much you can sell.
- Territory.This model sells from a territory, with no storefront. Population density sets how much driving sits between jobs.
- Opening cost range.Opening costs $73,500 to $265,750, a 3.6× range inside one brand.
Live operating levers
- Enrollment.The license sets the number of places. Track how many are filled, the price of each, and how long families stay.
- Fees.Code Ninjas’ fees run about 13.8% of sales, and Code Ninjas sets no minimum royalty.
Context you underwrite around
- Locations included.These figures cover 230 of 238 locations. Locations open less than the full year, brand-owned, or not meeting the reporting criteria are excluded.
- What the filing does not include.Item 19 publishes no profit or cost data for franchised locations. The only margin figures in the document come from the brand’s own locations.
Top performers
How far apart the locations are
Code Ninjas reports its locations in performance groups, from the highest-selling to the lowest. The group-by-group figures are in the tables on the Model and Finance tabs.
Students and sales
Sales and active students by quartile, 2025
| Group | Locations | Average sales | Median sales | Sales range | Reaching the average | Average monthly students | Student range | Revenue per student * |
|---|---|---|---|---|---|---|---|---|
| Learning centers, all | 224 | $237,614 | $217,479 | $43,091–$730,612 | 110 (49%) | 82 | 1–264 | $2,898 |
| Top 25% | 56 | $383,267 | $352,030 | $289,451–$730,612 | 19 (34%) | 124 | 18–264 | $3,091 |
| Second 25% | 56 | $254,517 | $252,412 | $217,689–$287,977 | 27 (48%) | 87 | 39–170 | $2,925 |
| Third 25% | 56 | $190,787 | $191,973 | $162,707–$217,270 | 30 (54%) | 72 | 23–141 | $2,650 |
| Bottom 25% | 56 | $121,884 | $127,214 | $43,091–$162,491 | 34 (61%) | 44 | 1–85 | $2,770 |
| Studios, all | 6 | $209,647 | $195,865 | $105,552–$321,769 | 4 (67%) | 70 | 31–110 | $2,995 |
| Everything | 230 | $236,884 | $216,697 | $43,091–$730,612 | 114 (50%) | 81 | 1–264 | $2,924 |
Sales, student counts and location counts are as the brand reported it. The closing column is marked *, dividing each group's average sales by its own average monthly active students.
Each additional student is worth $3,267 of annual revenue. * That uses the $261,383 of sales and 80 students between the top and bottom quartiles. That is about $272 a month, above the $241 the average center earns per student across its whole roll.
Revenue per student moves 16.6% where sales move 214%. That is $2,650 to $3,091 *. A center at the bottom of the table charges roughly what a center at the top charges; it teaches 80 fewer children.
The lowest-selling center averaged one active student across the year. That compares with 264 at the highest-selling ones. Gross sales run from $43,091 to $730,612, seventeen times, and both extremes sit inside a system where the median center bills $217,479.
Studios take 70 students at $2,995 each. That is more per student than the $2,898 learning-center average *, on sales of $209,647 from six locations. A studio earns 12% less than a learning center from 15% fewer students, at a slightly better price.
Under half of the system reaches its own average. That is 114 of 230. Inside the quartiles the pattern reverses as you go down, 34% of the top quartile beat their group average against 61% of the bottom. That happens because one center at $730,612 pulls the top group away from its middle.
What the fees come to
Royalty and fixed charges by sales level
| Level | Sales | Royalty | Brand fund at 2% | Advertising service | Technology | Local marketing at 4% | Paid to the brand (excludes local marketing) | Share of sales |
|---|---|---|---|---|---|---|---|---|
| Top quartile center | $383,267 | $31,620 | $7,665 | $4,200 | $4,200 | $15,331 | $47,685 | 12.4% |
| Average center | $237,614 | $19,603 | $4,752 | $4,200 | $4,200 | $9,505 | $32,755 | 13.8% |
| Bottom quartile center | $121,884 | $10,055 | $2,438 | $4,200 | $4,200 | $4,875 | $20,893 | 17.1% |
| Lowest-selling center | $43,091 | $3,555 | $862 | $4,200 | $4,200 | $1,724 | $12,816 | 29.7% |
| Average studio, royalty at 12.25% | $209,647 | $25,682 | $4,193 | $4,200 | $4,200 | $8,386 | $38,275 | 18.3% |
| Average center in its first 24 months | $237,614 | $19,603 | $4,752 | $4,200 | $4,200 | $30,000 | $32,755 | 13.8% |
We applied the published rates to filed gross sales.
The load paid to the brand rises as sales fall: 12.4%, 13.8%, 17.1%, 29.7%. * The $8,400 of fixed monthly charges is 2.2% of revenue at the top quartile and 19.5% at the lowest-selling center, the same two line items, doing very different damage.
A new center costs $30,000 of local marketing where a mature one costs $9,505. * That is at the system average. The requirement runs at a flat $2,000 to $2,500 a month for 24 months and then converts to 4% of sales. So the heaviest marketing obligation lands in the two years with the fewest students to pay for it.
The franchisor’s processor takes the royalty before the balance reaches the franchisee. Customer money flows through the franchisor's processor, which takes the royalty and the brand fund before the balance reaches the franchisee. So the fee is settled at the point of sale, and a center sees net money arriving.
A studio pays four points more royalty for the life of the agreement. That is 12.25% against 8.25%, $8,386 a year at the studio average *. Against an opening cost $100,750 lower at the low end, the studio repays its saving to the brand in about 12 years.
Center or studio
Cost to open, learning center and studio
| Item | Center low | Center high | Studio low | Studio high |
|---|---|---|---|---|
| Construction costs | $50,000 | $90,000 | $0 | $5,000 |
| Initial franchise fee | $45,000 | $45,000 | $35,000 | $35,000 |
| Furniture, fixtures and equipment | $20,000 | $30,000 | $0 | $2,500 |
| Additional funds, three months | $20,000 | $30,000 | $20,000 | $30,000 |
| Computer hardware and software | $10,000 | $20,000 | $4,000 | $7,500 |
| Grand opening marketing | $8,000 | $10,000 | $8,000 | $12,000 |
| Signage | $6,000 | $12,000 | $0 | $1,500 |
| Lease | $7,000 | $10,000 | $0 | $2,500 |
| Architect fees | $1,500 | $5,000 | n/a | n/a |
| Initial inventory | $2,500 | $5,000 | $2,500 | $5,000 |
| Business insurance | $1,000 | $2,500 | $1,000 | $2,500 |
| Professional fees | $500 | $2,500 | $500 | $2,500 |
| Expenses for initial training | $1,500 | $1,500 | $1,500 | $1,500 |
| Business licenses and permits | $250 | $1,000 | $250 | $1,000 |
| New franchisee training fee | $750 | $750 | $750 | $750 |
| Utility deposit | $250 | $500 | n/a | n/a |
| Total | $174,250 | $265,750 | $73,500 | $109,250 |
As the brand reported it, reordered here by size; all four columns add to their stated totals exactly *.
Discounts available
- Code Ninjas takes 10% off the initial franchise fee for honorably discharged U.S. veterans and active-duty personnel.
- Code Ninjas charges $25,000 for each additional Learning Center under a Development Agreement.
From Item 5 of the Code Ninjas 2026 FDD. The costs on this page use the full initial franchise fee for one unit, before any discount.
A studio opens for $100,750 less at the low end. That is $73,500 against $174,250 *. Construction, furniture and signage fall to almost zero, and the franchise fee drops $10,000. The studio is a format that fits inside space someone else has already built.
Every learning center fee collected in 2025 came in below the published $45,000. The range was $20,000 to $40,000. An owner comparing a second center against the list price is working from a number the franchisor discounted in every deal it signed last year.
Six studios against 224 centers. The studio format earns $2,995 a student *, above the $2,898 learning-center average, and pays the highest royalty at 12.25%. Six locations is too small a group to draw a rule from, and it is the only read available on the lighter format.
Working capital (cash to run the business day to day) is $20,000 to $30,000 for three months, either way. That compares with a first-24-month local marketing obligation of $2,000 to $2,500 a month. Three months of that requirement alone is $6,000 to $7,500, a quarter of the working capital at the low end.
The network of locations
Units opened and closed, 2023 to 2025
| Measure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Franchised at start | 284 | 262 | 239 |
| Opened | 14 | 18 | 14 |
| Terminations | 5 | 8 | 3 |
| Non-renewals | 7 | 20 | 8 |
| Reacquired by franchisor | 3 | 0 | 2 |
| Ceased for other reasons | 21 | 13 | 2 |
| Franchised at end | 262 | 239 | 238 |
| Company-owned at end | 7 | 5 | 7 |
| Total outlets at end | 269 | 244 | 245 |
| Transfers between franchisees | 31 | 25 | 18 |
As the brand reported it.
Ninety-two outlets left and 46 opened across three years. That is two exits for every opening. The franchised estate fell 16.2% from 284 to 238, and 2025 was the year it steadied, 14 openings against 15 departures.
Non-renewals ran 20 in 2024. That compares with eight terminations. A non-renewal is an owner reaching the end of a term and choosing to stop. Reads differently from a default. In 2024 it was the largest single category of departure.
Twenty-nine agreements are signed and waiting against 238 trading centers. Nine of them in California, where 14 centers also changed hands across the three years. That state is doing most of both the entering and the leaving.
Seventy-four centers changed hands in three years. That is roughly a third of the estate. For an existing owner, that is a supply of trading businesses to buy alongside the 29 unopened agreements the franchisor is holding.
Questions we get asked
Questions owners ask.
How much does a Code Ninjas franchise make?
Code Ninjas franchisees averaged $236,884 of sales in 2025, with a median of $216,697, according to Item 19 of Code Ninjas’ 2026 FDD, issued 3 April 2026. The 230 in that group are 97%* of Code Ninjas’ 238 locations. Fees paid to Code Ninjas come to about 13.8%* of sales. A Code Ninjas franchise costs $73,500 to $265,750 to open.
What should a Code Ninjas center be billing?
Across 224 learning centers trading all of 2025, gross sales averaged $237,614 with a median of $217,479, ranging from $43,091 to $730,612. 110 of the 224 reached the average. By quartile the averages were $383,267, $254,517, $190,787 and $121,884. Six studios averaged $209,647 with a median of $195,865. Across all 230 locations the average was $236,884 and the median $216,697.
How many students does that take at Code Ninjas?
Monthly active students averaged 82 at a learning center and 70 at a studio, ranging from 1 to 264 across the system. By sales quartile the averages were 124, 87, 72 and 44. Dividing sales by students gives $2,898 a student a year at the average center and a range of $2,650 to $3,091 across the quartiles. That is marked *, about $221 to $258 a month. Each student added between the bottom and top quartiles is worth $3,267 of annual revenue, also marked *.
What fees does Code Ninjas charge?
Code Ninjas charges a royalty of 8.25% of net sales for a learning center and 12.25% for a studio, collected inside each transaction as the customer's money passes through the franchisor's payment processor. The brand fund contribution is 2% of net sales. Code Ninjas also charges an advertising service fee of $350 a month for the franchisor's in-house agency, which franchisees must use, plus third-party placement costs. The technology fee is $350 a month, plus third-party vendor costs, and a local marketing spend of $2,000 to $2,500 a month for the first 24 months, then 4% of net sales. At the system average the charges paid to the brand come to $32,755 a year, or 13.8% of sales. That is marked *, rising to 17.1% at the bottom quartile and 29.7% at the lowest-selling center. The local marketing spend is on top.
Is a Code Ninjas studio cheaper than a center?
To open, yes: $73,500 to $109,250 against $174,250 to $265,750, because construction, furniture and signage fall to almost zero and the franchise fee is $10,000 lower. To run, the studio pays 12.25% royalty against 8.25%, four points, or $8,386 a year at the studio average of $209,647, which is marked *. At that rate the $100,750 saved at the low end goes back to the franchisor across about 12 years. Six studios sit in the figures against 224 centers, so the comparison rests on a very small group.
Who does bookkeeping for a Code Ninjas franchise?
Three things shape the close here. The royalty and brand fund are deducted inside each transaction by the franchisor's payment processor. So the bank receives a net figure and gross sales have to be reconstructed from the portal. That makes a monthly reconciliation between portal sales, processor settlements and deposits the core control. Second, monthly active students is the operating metric and the revenue metric at once. That is roughly $242 a month per Code Ninjas student, an Averan calculation marked *, so ten students lost is $29,000 of annual revenue. It shows in the roll before it shows in the bank. Third, the local marketing obligation changes shape in month 25, from a flat $2,000 to $2,500 a month to 4% of net sales. The switch needs to be in the budget before it arrives. Averan provides bookkeeping, controller, and fractional CFO support for franchise owners and has Certified QuickBooks ProAdvisors on the team.
- The filing gives no profit figure. The filing reports sales and not earnings, so what an owner keeps is not disclosed.
- The filing breaks out no cost lines. Wages, rent and cost of goods are not broken out, so margin cannot be rebuilt from the document.
Questions worth putting to Code Ninjas
The filing answers what it answers. These are the gaps an owner or a buyer should close directly.
- What do locations at the median spend on wages and rent as a share of sales? The filing reports sales only.
- Which factors does Code Ninjas see in its highest-selling locations, such as trade area, years open and size?
- How long does a new location take to reach the average you publish, and what does the build-up look like month by month?
- At what level of sales do the minimum charges stop applying and the percentage take over?
- How many Code Ninjas locations closed, were sold, or changed hands last year, and why?
Run your own numbers.
The Franchise Numbers Check runs the same checks on your own numbers. It scores where you stand and compares you with Item 19 of your brand’s FDD. It works out what one location earns and spends, and builds a 13-week cash forecast. It checks whether you are ready to open another one. It is free and it runs in your browser.
Launch the diagnostic →What is a student worth in your center at Code Ninjas?
We review your unit economics and cash forecast and build your reporting around active students tracked beside revenue, gross sales reconstructed from the portal, and the month-25 marketing switch.
Talk to AveranWhere these figures come from.
Every figure here comes from Code Ninjas, LLC’s 2026 FDD and is unaudited by us. We are unaffiliated with the brand. Calculations of our own are labeled where they appear, the figures describe past performance at other businesses and are not a projection of yours. This page is an educational summary. It is not an offer to sell a franchise, and it is not financial, legal or tax advice. Code Ninjas® is a registered trademark of its owner. How Averan reads a Franchise Disclosure Document.
These figures come from the brand's disclosure. They are not a forecast, an offer to sell a franchise or advice. Source: Code Ninjas, LLC, 2026 Franchise Disclosure Document, issued 3 April 2026.
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Code Ninjas reads against the rest of the stem and coding group: Bricks 4 Kidz · Challenge Island · Engineering For Kids · Snapology. The stem and coding guide compares all of them on the same figures.
Questions owners ask next
The figures above raise these, and each one is answered on its own page.
- At what level of sales does a minimum fee stop costing me more than the percentage?It works out the sales level where a minimum fee stops applying.
- How much cash do I fund before a new location covers its own costs?It builds a 13-week forecast for the months before break-even.
- My payroll percentage keeps climbing. Is that a payroll problem?It shows how to tell whether payroll is rising or revenue is falling.
- What should I be looking at every week?It lists the handful of numbers that move before the P&L does.
- Do I need a bookkeeper, a controller, or a CFO?It explains what each role owns and when the next hire pays for itself.