The study analyzed business risk of fast food firms in Calabar metropolis, Cross-River State, Nigeria. Specifically, it assessed the operations of fast food businesses, analyzed rate of growth of the firms, evaluated the different risks involved and determine the effect of risk variables on their performance (profit). Both primary and secondary data were used while data obtained were analyzed using descriptive statistics, business risk model and multiple regression analytical technique. The results revealed that 75.6% of the firms source their raw materials from the markets; their mean growth rate was 5.78 with a mean coefficient of variation of 67.16%, showing that most firms were exposed to high level of risk. The regression results revealed that business risk, volume of sales, age of the firms, variable costs, business equity growth rate and total revenue were significant on profit. Consequently, the study recommended that, in setting up a fast food business, the social setting of the people particularly their food preferences should be considered, managing variable costs through bulk purchases could improve the profit of these firms and that the significant variables should be considered for optimum performance and sustainability.