Water Wings Swim School franchise unit economics
Water Wings Swim School franchisees run year-round indoor swim schools that sell swim lessons for children and adults through a membership program, plus events and retail.
Water Wings Swim School in the news
- Water Wings Swim School Opens First Franchised Location, Accelerating National Growth with 54-Unit Pipeline · Franchising.com ·
The Water Wings Swim School headline above is the publisher's own and links to the publisher. Averan Advisors checked this Water Wings Swim School link on 11 October 2026. Franchise news lists news on 88 brands, including Water Wings Swim School. Water Wings Swim School is in the Swim Schools and Youth Sports franchise guide.
Water Wings Swim School franchise at a glance
The FDD from WW Franchise, LLC, issued April 24, 2026, reports gross sales and costs down to EBITDA for 8 schools owned by the franchisor’s affiliates.
Water Wings Swim School’s 8 reporting company schools averaged $1,592,892 of gross sales in 2025, with a median of $1,516,103, according to Item 19 of Water Wings Swim School’s 2026 FDD, issued 24 April 2026. The 8 in that group are 62%* of Water Wings Swim School’s 13 company-owned schools.
- A Water Wings Swim School franchise costs $1,033,500 to $1,469,700 to open, according to Item 7, including the $50,000 initial franchise fee.
- Water Wings Swim School charges a royalty of 6% of Gross Sales or $2,500 a month, whichever is greater, starting 180 days after grand opening.
- Water Wings Swim School sets a combined marketing obligation of up to 7% of Gross Sales: a brand fund contribution, currently 2%, and local marketing of 5% or $1,500 a month, whichever is greater.
- Water Wings Swim School’s Item 19 shows average EBITDA of $412,222 after expected franchise fees, which is 25.88%* of the average school’s gross sales.
- Water Wings Swim School had 13 company-owned schools and no franchised schools at the end of 2025.
- Water Wings Swim School reported 17 franchise agreements signed but not yet open at December 31, 2025, and projected 11 franchised openings in the next fiscal year.
These figures come from Water Wings Swim School's 2026 Franchise Disclosure Document, as the brand reported them, and were read by Averan Advisors. The 25.88% EBITDA share is an Averan calculation: $412,222 / $1,592,892.
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Talk to Averan → Averan Water Wings Swim School Conversion Package →- No franchised Water Wings school was open at the end of 2025. Item 20 shows 0 franchised outlets in 2023, 2024 and 2025 and 13 company-owned schools at the end of 2025. All of the Item 19 figures come from schools owned by the franchisor’s affiliates.
- Expected franchise fees lower the average school’s EBITDA by $119,467*. Table 2 adds advertising at 7% of Gross Sales and royalty and technology fees to the company schools’ results. Average EBITDA goes from $531,689 to $412,222, or 7.5* percentage points of the average school’s gross sales.
- Occupancy was 17.87%* of gross sales at the highest-sales school and 65.81%* at the lowest-sales school. In dollars, occupancy was $507,028 and $226,901. Gross sales at the highest school were 8.23* times those at the lowest, and occupancy was 2.23* times.
- The printed average EBITDA rate is 18.4%, and the average school’s dollars give 25.88%*. Item 19 says 7 of the 8 schools had an EBITDA rate above the 18.4% average. The lowest-sales school’s rate was -41.9%.
- Leasehold and tenant improvements are 69.8%* of the low Item 7 total and 66.3%* of the high total. The line is $721,000 to $975,000 and assumes no tenant improvement allowance from the landlord. Item 7 says the landlord may require the pool to be backfilled when the lease ends.
Revenue and EBITDA
How much does a Water Wings Swim School franchise make?
| Line | Highest-sales school | Average | Median | Lowest-sales school |
|---|---|---|---|---|
| Gross sales | $2,836,794 | $1,592,892 | $1,516,103 | $344,782 |
| Cost of goods sold | $93,625 | $48,762 | $46,184 | $9,533 |
| Occupancy | $507,028 | $320,967 | $303,523 | $226,901 |
| Advertising | $198,576 | $111,502 | $106,127 | $24,135 |
| Payroll | $988,972 | $565,051 | $561,373 | $192,097 |
| Insurance | $1,631 | $1,177 | $1,346 | −$322 |
| Royalty and technology fees | $184,392 | $103,538 | $98,547 | $22,411 |
| Other costs | $51,640 | $29,673 | $24,363 | $14,561 |
| EBITDA | $810,931 | $412,222 | $391,436 | −$144,533 |
| EBITDA as printed | 28.6% | 18.4% | 26.0% | -41.9% |
Source: Item 19, Table 2. Unaudited. The highest and lowest columns show the costs of the school with the highest and lowest gross sales. The average and median columns are calculated line by line, so the median column does not add down.
Item 19 covers 8 schools owned by the franchisor’s affiliates that were open for all of 2024 and 2025. Note 1 says one school was left out because it did not operate for all of 2025, and four because they operate inside unaffiliated retail gyms, a format this FDD does not offer.
The 8 schools averaged $1,592,892 of gross sales in 2025. The median was $1,516,103. The highest school reported $2,836,794 and the lowest $344,782. Item 19 says 4 of the 8 schools were above the average.
Average EBITDA after expected franchise fees was $412,222. That is 25.88%* of the average gross sales. The FDD prints the average EBITDA rate as 18.4%. That figure matches an average of the eight schools’ own rates more closely than the average dollars, and Item 19 says 7 of the 8 schools were above it.
Each column adds down to the printed EBITDA within $1* for the highest, average and lowest columns. Gross sales less the seven cost lines gives $810,930, $412,222 and −$144,534*.
Advertising is 7.00%* of gross sales and royalty and technology fees are 6.50%* in every column. Note 11 defines advertising as 7% of Gross Sales. Note 12 describes the royalty and technology line as the 6% royalty plus a $400 monthly technology fee, while Item 6 lists the technology fee as $750 a month.
Note 4 says there was no applicable cost of goods sold at the end of fiscal year 2025. The table still prints cost of goods sold figures in every column.
Before and after fees
Company results before and after expected franchise fees
| Line | Table 1, as reported | Table 2, with franchise fees | Change |
|---|---|---|---|
| Advertising | $95,574 | $111,502 | $15,928* |
| Royalty and technology fees | Not shown | $103,538 | $103,538* |
| EBITDA | $531,689 | $412,222 | −$119,467* |
Source: Item 19, Tables 1 and 2. Table 1 prints nine column headings over ten columns of figures. The unlabeled column after occupancy equals 6.00%* of gross sales in all four rows, and the figures under “EBITDA %” are EBITDA dollars. The change column is an Averan calculation.
Table 1 shows the 8 company schools’ results as reported, with average EBITDA of $531,689. Table 2 replaces advertising with 7% of Gross Sales and adds royalty and technology fees. Average EBITDA falls to $412,222.
The difference at the average school is $119,467*. That is $15,928* of extra advertising and $103,538 of royalty and technology fees. As a share of the average school’s gross sales it is 7.5* percentage points.
Table 1’s EBITDA at the highest-sales school was $1,023,691, and at the lowest-sales school −$118,675. In Table 2 the same schools show $810,931 and −$144,533.
School by school
Costs as a share of sales at the highest, average and lowest school, 2025
| Line | Highest-sales school | Average | Lowest-sales school |
|---|---|---|---|
| Cost of goods sold | 3.30%* | 3.06%* | 2.76%* |
| Occupancy | 17.87%* | 20.15%* | 65.81%* |
| Advertising | 7.00%* | 7.00%* | 7.00%* |
| Payroll | 34.86%* | 35.47%* | 55.72%* |
| Insurance | 0.06%* | 0.07%* | −0.09%* |
| Royalty and technology fees | 6.50%* | 6.50%* | 6.50%* |
| Other costs | 1.82%* | 1.86%* | 4.22%* |
| EBITDA | 28.59%* | 25.88%* | −41.92%* |
Source: Item 19, Table 2. Each figure is the line divided by the gross sales in the same column (Averan calculation).
Item 19 does not split the schools into quartiles or bands. It prints the highest-sales school, the lowest-sales school, the average and the median, and the number of schools above the average on each line.
Occupancy was $507,028 at the highest-sales school and $226,901 at the lowest. As a share of gross sales that is 17.87%* and 65.81%*. Gross sales at the highest school were 8.23* times those at the lowest; occupancy was 2.23* times. Note 5 defines occupancy as rent, utilities, taxes and landlord pass-through charges.
Payroll was 34.86%* of gross sales at the highest-sales school, 35.47%* at the average and 55.72%* at the lowest. Note 6 says payroll includes wages, management salaries, benefits and payroll taxes, and excludes bonuses, paid time off and payments to owners.
The lowest-sales school had EBITDA of −$144,533 on $344,782 of gross sales. Before occupancy, its gross sales less the other cost lines come to $82,368*, against occupancy of $226,901.
Brand charges
Brand charges
| Charge | As printed | At the average school, a year |
|---|---|---|
| Royalty | 6% of Gross Sales or $2,500 a month, whichever is greater, from 180 days after grand opening | $95,574* |
| NAF (brand fund) contribution | Up to 7%, currently 2% of Gross Sales | $31,858* |
| Local marketing expenditure | 5% of Gross Sales or $1,500 a month, whichever is greater | $79,645* |
| Combined marketing limit | NAF, local marketing and any cooperative together not above 7% of Gross Sales | |
| Technology fee | Currently $750 a month, up to $1,000, adjusted for CPI | $9,000* |
| Call center fee | Currently $600 a month plus $20 per lead; $1,000 at 20 leads to $3,600 at 150 leads | $7,200* plus $20 per lead |
| Initial training | None for the first 2 people; $500 a day per additional person, not above $1,000 | |
| Annual conference | $950 to $1,350 per attendee | |
| Paid to the brand: royalty, brand fund, technology and call center base | 9.02%* of the average | $143,631* plus $20 per lead |
Source: Item 6. The annual column applies the current rates to the average gross sales in Item 19, Table 2 (Averan calculation). Rows are rounded, so they add to $1 more than the total.
Royalty, brand fund, technology and the call center base fee, paid to the brand, come to 9.02%* of the average school’s gross sales. At $1,592,892 that is $143,631* a year before per-lead call center charges. Local marketing at 5% adds $79,645*. The 5% local marketing amount is spent in the franchisee’s own area, and Item 6 says the franchisor may collect some or all of it for a designated supplier.
The $2,500 monthly royalty minimum is higher than 6% of gross sales below $500,000* a year. At the lowest-sales school’s $344,782, 6% is $20,687 and twelve months of the minimum is $30,000*, a difference of $9,313*. Table 2 applies the percentage rate, not the minimum. The $1,500 local marketing minimum is higher than 5% below $360,000* a year.
The call center fee has a per-lead charge. Item 6 gives a range of $1,000 a month at 20 leads to $3,600 a month at 150 leads, which is $12,000* to $43,200* a year.
The initial franchise fee is $50,000. Under a development agreement for two schools the total fee is $95,000, and for three schools $135,500. The minimum commitment is two schools. Item 5 also lists a $25,000 project management fee, a $4,000 to $9,000 start-up equipment and inventory package, a grand opening spend of $35,000 to $75,000 and a $3,000 local marketing prepayment.
Cost to open
Cost to open
| Item | Low | High |
|---|---|---|
| Initial franchise fee | $50,000 | $50,000 |
| Lease payments (one month’s rent and security deposit) | $24,000 | $53,000 |
| Leasehold and tenant improvements | $721,000 | $975,000 |
| Project management fee | $25,000 | $25,000 |
| Architectural and construction management | $36,000 | $40,000 |
| Signage, interior and exterior | $25,000 | $30,000 |
| Start-up inventory and equipment package | $4,000 | $9,000 |
| Furniture, fixtures and equipment | $50,000 | $90,000 |
| Computer systems, A/V and security | $5,500 | $9,700 |
| Training-related expenses | $13,500 | $21,000 |
| Legal, accounting and professional fees | $3,500 | $5,000 |
| Insurance deposit and premiums | $2,000 | $5,000 |
| Business licenses and permits | $1,500 | $13,000 |
| Grand opening marketing | $35,000 | $75,000 |
| Local marketing expenditure | $3,000 | $3,000 |
| Initial supplies | $4,500 | $6,000 |
| Additional funds, 3 months | $30,000 | $60,000 |
| Total | $1,033,500 | $1,469,700 |
Source: Item 7. Both columns add to the printed totals (Averan check).
Leasehold and tenant improvements of $721,000 to $975,000 are the largest line. They are 69.8%* of the low total and 66.3%* of the high total. Note 3 says the range assumes no landlord allowance, and that a landlord may give up to $20 per square foot for a second-generation space.
The cover page says $117,400 to $162,750 of the investment is paid to the franchisor or its affiliates. The lines Item 7 marks as paid to the franchisor or its affiliate are the franchise fee, the project management fee, the start-up package, grand opening marketing (which may also go to designated suppliers) and the local marketing prepayment.
The site is 6,000 to 9,500 square feet, at $25 to $36 gross per square foot or more. Note 2 says the landlord may require the pool to be backfilled when the lease ends, which may increase the security deposit.
Item 11 puts the typical time from signing to opening at 12 to 18 months. The franchise agreement sets 18 months as the maximum.
Item 12 says there is no minimum protected area. Protected areas typically have average household income above $70,000 and about 15,000 to 20,000 children aged 0 to 9.
Locations
Locations, 2023 to 2025
| Year | Start of year | Opened | Closed | End of year |
|---|---|---|---|---|
| 2023 | 8 | 1 | 0 | 9 |
| 2024 | 9 | 3 | 0 | 12 |
| 2025 | 12 | 1 | 0 | 13 |
Source: Item 20, Tables 1 to 5. No transfers, terminations, non-renewals, reacquisitions or closures were reported.
Water Wings had 13 company-owned schools and no franchised schools at the end of 2025. At the end of 2025 there were 6 in California, 3 in Idaho, 3 in Nevada and 1 in Texas. The franchisor was formed in January 2025 and began offering franchises in April 2025.
17 franchise agreements were signed but not yet open at December 31, 2025. Texas had 5 and California 4. The franchisor projected 11 franchised openings and no company openings in the next fiscal year.
The two Item 19 notes give different school counts. Note 1 describes 8 reporting schools, 1 excluded for a partial year and 4 excluded for operating inside retail gyms, which is 13 and matches Item 20. Note 2 describes 12 schools open at December 31, 2025, with 3 excluded for retail gyms and 2 for less than 12 months of operation, which leaves 7*. The tables show 8.
Questions we get asked
Questions owners ask
How much does it cost to open a Water Wings Swim School franchise?
Item 7 estimates $1,033,500 to $1,469,700 for one school, including the $50,000 initial franchise fee. Leasehold and tenant improvements are $721,000 to $975,000 of that. The estimate includes three months of additional funds of $30,000 to $60,000.
What are the Water Wings Swim School franchise fees?
The royalty is 6% of Gross Sales or $2,500 a month, whichever is greater. The brand fund is currently 2% and local marketing is 5% or $1,500 a month, with the two capped at 7% combined. The technology fee is $750 a month and the call center fee is $600 a month plus $20 per lead. At the average school the royalty, brand fund, technology fee and call center base fee paid to the brand come to 9.02%* of gross sales before per-lead charges.
How much does a Water Wings Swim School location make?
The 8 company schools in Item 19 averaged $1,592,892 of gross sales in 2025, with a median of $1,516,103. After expected franchise fees, average EBITDA was $412,222, which is 25.88%* of the average gross sales. The FDD prints the average EBITDA rate as 18.4%.
Are the Item 19 figures from franchised schools?
No. They come from 8 schools owned by the franchisor’s affiliates that were open for all of 2024 and 2025. Table 2 adds the advertising, royalty and technology fees a franchisee would pay.
How many Water Wings Swim School locations are there?
Item 20 shows 13 company-owned schools and no franchised schools at the end of 2025. There were 17 franchise agreements signed but not yet open, and 11 franchised openings projected for the next fiscal year.
How long does it take to open a Water Wings Swim School?
Item 11 says the typical time from signing the franchise agreement to opening is 12 to 18 months, depending on whether the site is known at signing. The franchise agreement allows a maximum of 18 months.
Questions worth putting to Water Wings Swim School
These are questions the filing leaves open. An owner or a buyer can put them to the franchisor directly.
- Is the revenue in Item 19 gross sales or collected revenue, and how many locations sit below the average?
- Which factors does Water Wings Swim School see in its highest-selling locations, such as territory, years open and staffing?
- 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 Water Wings Swim School 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 also checks whether you are ready to open another one. It is free and it runs in your browser.
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Other brands in the Swim Schools guide: Aqua-Tots · Big Blue Swim School · British Swim School · Goldfish Swim School · SafeSplash Swim School.
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.
- What does this location earn on the money I put into it?It works out the payback period and cash-on-cash return for one unit.
- How much of Item 19 can I rely on?It explains what an Item 19 financial performance representation tells you and what it leaves out.
Where these figures come from
Every figure here comes from WW Franchise, 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. Water Wings Swim School is a 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: WW Franchise, LLC, 2026 Franchise Disclosure Document, issued 24 April 2026.