Panda Express is one of the most popular Asian-American fast-food chains in the United States. Many people wonder who owns Panda Express and how the brand has become a dominant force in the quick-service restaurant industry. This article explores its ownership, financials, leadership, and affiliated businesses.
Panda Express Company Profile
Panda Express is the largest Asian-American fast-food restaurant chain in the United States. It serves Americanized Chinese cuisine such as Orange Chicken, Kung Pao Chicken, and Chow Mein. The brand is known for delivering quick, consistent meals in a fast-casual setting across malls, airports, college campuses, and standalone locations. As of 2025, Panda Express operates over 2,300 locations globally.
Panda Express was founded by Andrew Cherng and Peggy Cherng, a Chinese-American husband-and-wife team.
- Andrew was born in China and raised in Taiwan before moving to the United States for college.
- Peggy, originally from Burma (Myanmar), earned her Ph.D. in electrical engineering.
They combined Andrew’s restaurant vision with Peggy’s systems and operations expertise to create a scalable, successful restaurant model.
Before starting Panda Express, Andrew opened Panda Inn in 1973—a full-service Chinese restaurant in Pasadena, California. Panda Express was later developed as a fast-food offshoot of Panda Inn, designed to offer quicker meals with broader appeal.
Major Milestones
- 1973: Panda Inn opens in Pasadena, offering traditional Chinese dining.
- 1983: The first Panda Express location opens at Glendale Galleria in Glendale, California.
- 1990s: Expansion into shopping malls and eventually standalone locations.
- 2000s: Panda Express begins national expansion, entering airports and college campuses.
- 2011: Launch of the Innovation Kitchen in Pasadena—a test kitchen for new recipes and ideas.
- 2016: Panda Express opens its 2,000th location.
- 2017-Present: International expansion into Canada, the UAE, Mexico, South Korea, and other markets.
- 2020s: Continued investment in sustainability, digital ordering, and plant-based food options.
Company Details
- Full Company Name: Panda Express, a division of Panda Restaurant Group, Inc.
- Type: Privately held company
- Headquarters: Rosemead, California, United States
- Founders: Andrew Cherng and Peggy Cherng
- Number of Locations: Over 2,300 worldwide
- Primary Cuisine: American-Chinese
- Key Products: Orange Chicken, Chow Mein, Fried Rice, Broccoli Beef
- Employees: Estimated over 40,000
- Ownership: 100% privately owned by the Cherng family through Panda Restaurant Group
Panda Express is unique in that it remains family-owned, with the founders still actively involved in operations and vision. Its blend of strong leadership, cultural identity, and operational excellence has helped it become a standout in the fast-food sector.
Who Owns Panda Express?
Panda Express is privately owned by Panda Restaurant Group, Inc. The owners of this parent company are Andrew Cherng and his wife, Peggy Cherng. They co-founded the company and remain the key stakeholders. As of 2025, the ownership structure remains concentrated within the family, with no public shareholders or external investors.
Here’s a list of the major shareholders of Panda Express:
| Shareholder | Role | Ownership Status | Estimated Ownership % | Control and Involvement |
|---|---|---|---|---|
| Andrew Cherng | Co-founder, Co-CEO, Co-Chairman | Major Shareholder (Private) | ~40% | Leads company strategy and expansion. Holds significant personal equity and decision power. |
| Peggy Cherng | Co-founder, Co-CEO, Co-Chairwoman | Major Shareholder (Private) | ~40% | Oversees operations, logistics, and tech systems. Co-equal partner in ownership. |
| Andrea Cherng | Chief Brand Officer | Family Member; Possible Stakeholder | ~5%–10% (Estimated) | Drives brand strategy. Key part of leadership succession planning. |
| Cherng Family Trust | Family Asset Management Entity | Consolidated Holding Vehicle | ~10%–15% (Estimated) | Manages long-term family wealth and corporate governance continuity. |
Andrew Cherng
Andrew Cherng is the co-founder, co-chairman, and co-CEO of Panda Restaurant Group. He holds a significant ownership stake in the company, which he co-founded in 1983. Andrew’s leadership has been instrumental in the company’s growth and success. He is actively involved in strategic decisions and oversees various aspects of the business.
Peggy Cherng
Peggy Cherng, co-founder, co-chairwoman, and co-CEO, shares equal ownership of the company with her husband, Andrew. With a background in engineering and computer science, Peggy has been pivotal in developing the company’s operational systems and infrastructure. Her contributions have been crucial in scaling the business efficiently.
Andrea Cherng
Andrea Cherng, daughter of Andrew and Peggy, serves as the Chief Brand Officer of Panda Restaurant Group. While specific ownership details are not publicly disclosed, Andrea’s role in the company signifies the family’s continued involvement in leadership and strategic direction. She focuses on brand development, marketing, and innovation.
Cherng Family Trust
The Cherng Family Trust is the primary entity through which the family’s ownership is managed. This trust structure allows for consolidated control and facilitates long-term planning and investment strategies. The trust oversees various investments and philanthropic activities, reflecting the family’s commitment to both business growth and community development.
Who is the CEO of Panda Express?
As of 2025, Panda Express continues to be led by its co-founders, Andrew and Peggy Cherng, who serve as Co-CEOs of Panda Restaurant Group, the parent company of Panda Express. Their joint leadership has been instrumental in shaping the company’s vision, culture, and sustained growth over the past four decades.
Andrew Cherng: Co-Founder and Co-CEO
Andrew Cherng, born in April 1948 in Yangzhou, China, is the visionary behind Panda Express. After immigrating to the United States, he earned a Bachelor of Science in Mathematics from Baker University and a Master of Applied Mathematics from the University of Missouri. In 1973, he opened the first Panda Inn in Pasadena, California, alongside his father, Ming-Tsai Cherng. A decade later, he co-founded Panda Express with his wife, Peggy Cherng.
Under Andrew’s leadership, Panda Express has grown into the largest Asian-American fast-food chain in the United States, with over 2,300 locations worldwide. He is actively involved in strategic decision-making and expansion initiatives, ensuring that the company’s core values and mission remain at the forefront of its operations.
Peggy Cherng: Co-Founder and Co-CEO
Peggy Cherng, born in 1947/48 in Mawlamyine, British Burma (now Myanmar), holds a Ph.D. in Electrical Engineering from the University of Missouri. Before joining Panda Restaurant Group in 1982, she worked in software development for companies like McDonnell Douglas and Comtal-3M. Her technical expertise has been pivotal in developing the systems and processes that support Panda Express’s scalability and operational efficiency.
Peggy focuses on the company’s infrastructure, technology integration, and people development. She established the University of Panda, an internal training program aimed at fostering continuous learning and leadership development among associates. Her commitment to philanthropy is evident through initiatives like Panda Cares, the company’s charitable arm that has donated millions to various causes.
Leadership Structure and Control
The Cherngs’ leadership style is characterized by a collaborative approach, combining Andrew’s strategic vision with Peggy’s operational acumen. They maintain full ownership of Panda Restaurant Group through the Cherng Family Trust, allowing them to make long-term decisions without external shareholder pressures. This structure enables them to uphold the company’s values and focus on sustainable growth.
Their daughter, Andrea Cherng, serves as the Chief Brand Officer, overseeing brand strategy, marketing, and menu innovation. Her involvement signifies the family’s ongoing commitment to the company’s legacy and future direction.
Panda Express Annual Revenue and Net Worth
As of 2025, Panda Express, under the umbrella of Panda Restaurant Group, continues to demonstrate robust financial performance, solidifying its position as a leader in the fast-casual dining sector.
In 2024, Panda Express reported U.S. sales of approximately $6.2 billion, reflecting its strong domestic presence and customer loyalty. This figure underscores the brand’s consistent growth trajectory, driven by its commitment to quality, innovation, and operational excellence.
As of June 2025, the estimated net worth of Panda Restaurant Group is around $9 billion. This valuation is based on revenue multiples typical within the restaurant industry and reflects the company’s substantial market share and profitability.
The company’s financial strength is further evidenced by its expansive footprint, with over 2,400 locations worldwide, and its strategic investments in technology and infrastructure to enhance customer experience and operational efficiency.
Here’s an overview of the historical revenue and net worth of Panda Express:
| Year | U.S. Revenue (USD) | Estimated Net Worth (USD) | Notes |
|---|---|---|---|
| 2015 | $2.55 billion | ~$3.5 billion | Continued expansion with a focus on innovation. |
| 2016 | $2.90 billion | ~$4.0 billion | Introduced new menu items and enhanced customer experience. |
| 2017 | $3.11 billion | ~$4.5 billion | Growth driven by increased unit count and sales per unit. |
| 2018 | $3.52 billion | ~$5.0 billion | Expanded presence in new markets and improved operational efficiency. |
| 2019 | $3.95 billion | ~$5.5 billion | Achieved significant sales growth and brand recognition. |
| 2020 | $3.82 billion | ~$5.2 billion | Faced challenges due to the COVID-19 pandemic, leading to a slight revenue decline. |
| 2021 | $4.58 billion | ~$6.0 billion | Rebounded from the pandemic with strong sales growth. |
| 2022 | $5.35 billion | ~$7.0 billion | Continued expansion and increased average unit volume. |
| 2023 | $5.88 billion | ~$8.0 billion | Maintained growth trajectory with a focus on digital innovation. |
| 2024 | $6.20 billion (est.) | ~$9.0 billion (est.) | Projected growth based on current trends and expansion plans. |
Companies Owned by Panda Express
Panda Express is part of Panda Restaurant Group, which owns and operates several other restaurant concepts. Though Panda Express is the flagship brand, the group has also invested in and operated the following:
Panda Inn
This is the original full-service restaurant that Andrew Cherng opened in 1973 in Pasadena, California. It serves traditional Chinese cuisine in a sit-down setting. Panda Inn helped inspire the fast-food version that became Panda Express.
Hibachi-San
A Japanese grill concept focused on teriyaki, sushi, and noodles. It is operated in select mall food courts and airports. It is a smaller brand under the same parent group.
Investments and Partnerships
The Cherng family has also invested in various restaurant and hospitality ventures, including supporting new food startups and acquiring stakes in boutique hotels and food brands. However, these are not as directly branded under Panda Express or its core restaurant identity.
Final Thoughts
Panda Express remains a privately owned, family-led business. The answer to who owns Panda Express is simple: Andrew and Peggy Cherng. Their consistent leadership and strategic vision have turned a single restaurant into a global name. Unlike many fast-food chains, Panda Express has stayed independent and focused on sustainable, values-based growth.
The company’s strong financials, unique ownership structure, and commitment to quality make it a standout in the fast-food industry.
FAQs
Who is the family behind Panda Express?
The Cherng family, consisting of Andrew Cherng, his wife Peggy Cherng, and their daughter Andrea Cherng, is the driving force behind Panda Express. Andrew and Peggy co-founded the company in 1983, with Andrea currently serving as the Chief Brand Officer. The family maintains full ownership and operates the company through Panda Restaurant Group.
How rich is the Cherng family?
As of 2025, the Cherng family, led by Andrew and Peggy Cherng, has an estimated combined net worth of approximately $3.1 billion. This wealth primarily stems from their ownership of Panda Restaurant Group, which operates over 2,500 Panda Express locations worldwide. Their fortune reflects decades of growth in the fast-casual dining industry.
What is the net worth of Panda Express?
As of June 2025, the estimated net worth of Panda Express is $9 billion.
Who is the Panda Express owner’s daughter?
Andrea Cherng, the daughter of Andrew and Peggy Cherng, serves as the Chief Brand Officer of Panda Restaurant Group. She plays a pivotal role in brand strategy, marketing, and innovation, ensuring the company’s legacy continues through the next generation.
What is Andrew Cherng’s net worth?
Andrew Cherng’s net worth is estimated to be approximately $2.9 billion as of June 2025. He co-founded Panda Express in 1983 and has been instrumental in its growth and success.
What company owns Panda Express?
Panda Express is owned by Panda Restaurant Group, Inc., a privately held company co-founded by Andrew and Peggy Cherng. The company operates all Panda Express locations without franchising, maintaining full control over its brand and operations.
Is Panda Express family-owned?
Yes, Panda Express is a family-owned business. It has been owned and operated by the Cherng family since its inception in 1983. The family continues to oversee all aspects of the company’s operations and strategic direction.
When was Panda Express founded?
Panda Express was founded in 1983. The first location opened in the Glendale Galleria mall in Glendale, California, marking the beginning of what would become the largest Asian-segment restaurant chain in the United States.
Who founded Panda Express?
Panda Express was founded by Andrew Cherng and his father, Ming-Tsai Cherng. Andrew’s wife, Peggy Cherng, joined the business shortly after and has been a key figure in its development and success.
Is Panda Express a publicly traded company?
No, Panda Express is privately owned and not listed on any stock exchange.
Does Panda Express have franchise locations?
Most Panda Express locations are company-owned. A few are licensed, particularly those in airports and college campuses.
Who owns the parent company of Panda Express?
Panda Restaurant Group, the parent company, is owned by Andrew and Peggy Cherng.
Who owns Panda Restaurant Group?
Panda Restaurant Group is owned by the Cherng family. Andrew and Peggy Cherng co-founded the company, and their daughter, Andrea Cherng, is currently involved in its leadership. The family maintains full ownership and operates the company through the Cherng Family Trust.