Panda Express reported U.S. sales of approximately $6.2 billion in 2024. (OC Business Journal)
The group operates more than 2,500 locations globally with over 55,000 associates.
Panda Restaurant Group’s estimated company valuation reached $9 billion as of June 2025.
Andrew Cherng’s net worth is estimated at $4 billion and Peggy Cherng’s at $3.7 billion as of 2025. (Wikipedia)
Panda Restaurant Group is owned by Andrew and Peggy Cherng, the married couple who co-founded the company. It is a 100% privately held, family-owned business managed through the Cherng Family Trust, with no public shareholders or outside investors.
Panda Restaurant Group is the parent company of Panda Express, the largest American Chinese restaurant chain. In 2024, the company was ranked 107 on the Forbes list of America’s Largest Private Companies. The Cherngs added 89 new restaurants that year, bringing the total to 2,502. In September 2025, the Cherng Family Trust joined the investor group purchasing the Portland Trail Blazers. The company has also expanded internationally through a joint venture with Jollibee Foods Corp. in the Philippines and supports Asian dining concepts like Uncle Tetsu and Ippudo in the American market.
Who Owns Panda Restaurant Group?
Panda Restaurant Group is entirely owned by co-founders Andrew Cherng and Peggy Cherng. The couple holds all equity through the Cherng Family Trust, a family office founded in 2001 that also manages investments in private equity, real estate, and fund opportunities.
How the Cherng family maintains control
Unlike publicly traded restaurant chains such as Yum! Brands or companies with complex shareholder structures, Panda Restaurant Group has never pursued an IPO. Andrew Cherng told The Seattle Times in 2008 that he was not interested in going public, saying the company did not need the money and citing concerns about dealing with shareholders. In the 1990s, PepsiCo made a minority investment in the company, but that arrangement ended long ago, and the Cherngs bought back full control.
Family ownership across the restaurant industry
Panda Restaurant Group’s structure is rare among restaurant businesses of its size. While competitors like Chipotle and Coca-Cola’s associated brands answer to institutional investors and quarterly earnings pressure, the Cherngs direct long-term strategy without external oversight. Growth has been financed through reinvested profits and private debt, including a $1.38 billion refinancing in March 2024.
History of Panda Restaurant Group
The company traces back to 1973, when Andrew Cherng and his father, Master Chef Ming-Tsai Cherng, opened Panda Inn in Pasadena, California, funded with family resources and a Small Business Administration loan.
From Panda Inn to Panda Express
Andrew Cherng was born in 1948 in Yangzhou, China, and immigrated to the U.S. in 1966. He earned a mathematics degree from Baker University in Kansas, where he met Peggy Tsiang, born in Myanmar and raised in Hong Kong. Peggy later earned a PhD in electrical engineering from the University of Missouri.
The first Panda Inn struggled for four years before finding its footing. In 1982, Peggy left her software development career at McDonnell Douglas to build the company’s computer systems for tracking inventory and operations. A year later, a mall developer who had eaten at Panda Inn invited the Cherngs to open a fast-service version at the Glendale Galleria. That became the first Panda Express. The chain reached 100 locations by 1993 and crossed 1,000 restaurants and $1 billion in revenue by 2007.
Largest Shareholders of Panda Restaurant Group
Because Panda Restaurant Group is privately held, there is only one shareholding entity: the Cherng family.
Andrew and Peggy Cherng — sole owners
As of February 2025, Forbes estimates Andrew Cherng’s net worth at $4 billion and Peggy Cherng’s at $3.7 billion. These figures reflect their complete ownership of the restaurant group and investments through the Cherng Family Trust. Forbes has ranked Peggy among America’s top 15 self-made women for several years.
No outside investors or franchise dilution
The Cherngs operate almost all Panda Express locations as company-owned stores. While some franchised units exist in airports, military bases, and international markets, the majority are directly controlled. In 2025, 123 of the planned 137 new restaurants will be company-owned. This approach contrasts with the franchise-heavy model at other major restaurant groups and publicly traded food and beverage companies like AB InBev, where asset-light franchising and licensing dominate expansion strategy.
Panda Express Growth: U.S. Location Count
Sources: Company reports, Forbes, Restaurant Business
Cherng Family Trust investments
Beyond the restaurant group, the Cherng Family Trust manages a portfolio with reported assets of around $3.1 billion, spanning private equity, real estate in California, Las Vegas, and Hawaii, and fund opportunities. The Cherngs are also Hawaii master franchisees for Raising Cane’s Chicken Fingers.
Who Is on the Board of Directors for Panda Restaurant Group?
As a private company, Panda Restaurant Group does not disclose board composition in the manner required of publicly traded firms. The governance structure is family-led, with the Cherngs holding both board-level and executive authority.
Co-founders and co-CEOs
Andrew Cherng has served as chairman since the company’s founding and became co-CEO in October 2009. Peggy Cherng has been a director and treasurer since inception, served as sole CEO from 1997 to 2003, and took on the co-CEO title alongside Andrew in 2009. Together, the couple handles strategic direction, operations, and philanthropic commitments.
Next-generation family leadership
Andrea Cherng, the couple’s eldest daughter, holds the position of Chief Brand Officer, overseeing brand strategy, marketing, and menu direction. A second daughter, Nicole, manages investments for the Cherng Family Trust from the Rosemead headquarters. This family succession plan keeps strategic decision-making within the founding generation and the next, distinct from the franchise-heavy publicly traded model seen at companies like Constellation Brands or Heineken.
Senior executive team
Key non-family executives include David Landsberg as CFO, James Ku as Chief Development Officer, Monte Baier as SVP and General Counsel, and Leonard Yip as SVP and CIO. Tom Davin, formerly of PepsiCo, previously served as CEO and helped double the restaurant count to 1,200 during his tenure.
Philanthropy and community governance
The Cherngs channel giving through Panda Cares, which has raised over $107 million since 1999. Major donations include $100 million to City of Hope in 2023, $30 million to Caltech, and $17 million to St. Rose Dominican Hospital in February 2025. Peggy Cherng also sits on the board of the Los Angeles branch of the Federal Reserve Bank of San Francisco.
FAQs
Is Panda Express a publicly traded company?
No. Panda Restaurant Group, which owns Panda Express, is 100% privately held by the Cherng family and has never conducted an IPO.
Who founded Panda Express?
Andrew Cherng, his wife Peggy Cherng, and his father Master Chef Ming-Tsai Cherng founded Panda Inn in 1973. The first Panda Express opened in 1983.
How much is Panda Restaurant Group worth?
Panda Restaurant Group’s estimated company valuation is approximately $9 billion as of June 2025, with annual U.S. sales of about $6.2 billion.
Does Panda Express franchise its restaurants?
Most Panda Express locations are company-owned. Limited franchising exists in airports, military bases, and select international markets like the Philippines.
Who runs Panda Express day to day?
Andrew and Peggy Cherng serve as co-chairs and co-CEOs. Their daughter Andrea Cherng is Chief Brand Officer, and a team of senior executives handles operations.