Andrew and Peggy Cherng own Panda Express through the Cherng Family Trust, which controls parent company Panda Restaurant Group. In July 2026, Nation’s Restaurant News named Panda Express its Brand Icon, and the chain plans 142 new restaurants this year.
Panda Express key statistics
- Panda Express ended last year with 2,609 U.S. restaurants, according to Technomic.
- Panda Express recorded $6.7 billion in systemwide sales last year.
- Panda Restaurant Group employs more than 55,000 associates.
- Panda Express added a net 105 restaurants last year, per its franchise disclosure document.
- Panda Express sold 148 million pounds of Orange Chicken last year.
Who Owns Panda Express?
The Cherng Family Trust controls Panda Restaurant Group
Andrew and Peggy Cherng own Panda Express. They hold the chain through the Cherng Family Trust, a family office they founded in 2001.
The trust owns Panda Restaurant Group, the Rosemead, California, parent of Panda Express, Panda Inn and Hibachi-San.
Why Panda Express has no public shareholders
Panda Restaurant Group has never listed its stock. That sets it apart from McDonald’s shareholder-owned structure.
The Cherngs still run the company as co-chairs and co-CEOs, more than 50 years after opening Panda Inn.
Largest Shareholders of Panda Express
Cherng Family Trust
Controlling owner
- Holds Panda Restaurant Group, the parent of Panda Express.
- Founded in 2001 and based in Rosemead, California.
- Joined Tom Dundon’s group that bought the Portland Trail Blazers; the NBA approved the sale in March 2026.
Andrew Cherng
Co-founder, co-chair and co-CEO
- Born in 1948 in Yangzhou, China.
- Holds a master’s degree in applied mathematics from the University of Missouri.
- Forbes put his net worth at $4 billion in February 2025.
Peggy Cherng
Co-founder, co-chair and co-CEO
- Born in Myanmar and raised in Hong Kong.
- Earned a Ph.D. in electrical engineering from the University of Missouri.
- Forbes estimated her net worth at $3.7 billion in October 2024.
Licensees and joint-venture partners
Restaurant-level stakes
- Ran 184 licensed U.S. restaurants at the end of 2025.
- In 63 of these, a Panda affiliate holds a minority stake.
- Family chains sometimes sell out, as when Whataburger’s founding family sold a majority stake in 2019.
Panda Express Origin, Founders and Early Years
Panda Inn opens in Pasadena in 1973
Andrew Cherng and his father, chef Ming-Tsai Cherng, opened Panda Inn in Pasadena on June 8, 1973. Business started slow.
Andrew had met Peggy at Baker University in Kansas in the late 1960s.
The first Panda Express opens at the Glendale Galleria
Peggy left her engineering job in 1982 to build the company’s inventory and operations systems.
A year later, a mall developer who ate at Panda Inn invited the family into the Glendale Galleria. The chain reached 100 stores by 1993 and 1,000 by 2007.
Who Is on the Board of Directors for Panda Express?
Founding leadership
Since 1973
Andrew Cherng, Co-Chair and Co-CEO
- Opened Panda Inn with his father and still sets company strategy.
- As a private firm, Panda Restaurant Group does not publish a full board roster.
Since 1982
Peggy Cherng, Co-Chair and Co-CEO
- Left McDonnell Douglas to build Panda’s first computer systems.
- Entered the National Restaurant Association Hall of Fame with Andrew.
Operations leadership
Joined in 1995
Jeff Wang, Chief Operating Officer
- Started as counter help at Store 194 in South Pasadena.
- Runs operations for every Panda Restaurant Group concept.
Finance leadership
CDO 2011 to 2014, now CFO
David Landsberg, Chief Financial Officer
- Leads finance, accounting, strategy and tax.
- Manages banking relationships and the search for investments and acquisitions.
Brand and marketing leadership
Second generation
Andrea Cherng, Chief Brand Officer
- Daughter of the founders.
- First built Panda’s digital business team, covering social media and e-commerce.
- Oversees menu development, marketing and quality assurance.
Panda Express Mission Statement
Panda Restaurant Group’s mission has two parts. It aims to deliver exceptional Asian dining and to build a company where people feel inspired to improve their lives.
Its vision is to be known as a world leader in people development.
Andrew Cherng often repeats one core value: “no best, only better.”
The mission shows up in pay and training. Store chefs and general managers share in profits, and associates can earn college credit through University of Panda, a UNLV program launched in 2013.
Starbucks took another route and rewrote its mission during a turnaround.
Panda Express Products and Services
Orange Chicken and wok entrées
- Chef Andy Kao created Orange Chicken in 1987 at a Hawaii location.
- About a third of all orders include it.
- Other staples include Beijing Beef, Broccoli Beef, Honey Walnut Shrimp and Kung Pao Chicken.
- Competes for chicken orders with KFC and its parent, Yum! Brands.
Sides and appetizers
- Chow Mein, Fried Rice, White Steamed Rice and Super Greens.
- Chicken Egg Rolls, Veggie Spring Rolls and Cream Cheese Rangoons.
Limited-time menu items
- The Innovation Kitchen opened in 2014 to test new dishes.
- Cantonese BBQ Brisket ran as a summer 2026 special.
- Panda announced Hot Orange Chicken in August 2026.
Panda Rewards and digital ordering
- The loyalty program launched in 2023.
- It now has more than 20 million users.
- The Panda Auto Wok, rolled out in 2020, speeds up kitchen prep.
Panda Inn and Hibachi-San
- Panda Inn runs four sit-down restaurants in Pasadena, Glendale, La Palma and Ontario, California.
- Hibachi-San is the group’s Japanese quick-service brand.
- Panda Inn sits in casual dining, a segment that includes Olive Garden under Darden Restaurants.
How Did Panda Express Get Its Name?
The name came before Panda Express existed. A friend of Andrew Cherng’s father suggested “Panda” for the family’s first restaurant, Panda Inn, in 1973, according to the Los Angeles Business Journal.
The choice followed President Nixon’s 1972 trip to China. Soon after, China sent two giant pandas to the National Zoo in Washington.
NBC reported that the Cherngs saw the panda as a symbol of friendship.
In 1983, the family added “Express” to set the mall outlet apart from the sit-down Panda Inn. Some fans read “Panda” as “P and A,” for Peggy and Andrew, but Nation’s Restaurant News reports the match is a coincidence.
FAQ
What is the Panda Express market cap in 2026?
Panda Express has no market cap in 2026. Its parent, Panda Restaurant Group, is private and does not trade on any stock exchange, so no share price or public valuation exists.
Is Panda Express an American company?
Yes. Panda Express is an American chain founded in Glendale, California, in 1983. Its parent, Panda Restaurant Group, has its headquarters in Rosemead, California.
Who owns Panda Express?
Andrew and Peggy Cherng own Panda Express through the Cherng Family Trust. The trust controls Panda Restaurant Group, the private parent of Panda Express, Panda Inn and Hibachi-San.
What is the net worth of Panda Express?
Panda Restaurant Group does not publish a valuation. Panda Express recorded $6.7 billion in 2025 systemwide sales, per Technomic. Forbes estimated the Cherngs’ combined fortune at $7.5 billion in 2025.
When did Panda Express come out?
The first Panda Express opened in October 1983 at the Glendale Galleria in Glendale, California. It grew out of Panda Inn, which the Cherng family opened in Pasadena in 1973.
