There is no clear answer, as the answer may depend on the specific circumstances of the case. Generally speaking, however, Subway is not owned by McDonald’s.
Subway is a privately-held company, and McDonald’s is a publicly-held company. Therefore, while McDonald’s owns a minority stake in Subway, the chain is not wholly owned by McDonald’s.
In addition, while McDonald’s and Subway share some common ownership ties, they also have significant differences. For example, Subway is a much smaller chain than McDonald’s, with approximately 36,000 locations compared to McDonald’s more than 1.
5 million restaurants.
As a result, it is not clear whether or not Subway would be profitable if it were fully owned by McDonald’s. In any event, Subway is considered to be its own separate entity.