Wendy's Co WEN
Wendy's is primarily engaged in the business of operating, developing and franchising a system of distinctive quick-service restaurants serving high quality food. Wendy's opened its first restaurant in Columbus, Ohio in 1969. Today, Wendy's is the second largest quick-service restaurant company in the hamburger sandwich segment in the United States (the "U.S.") based on traffic and dollar share, and the third largest globally with 7,397 restaurants in the U.S. and 38 foreign countries and U.S. territories as of December 28, 2025.
At December 28, 2025, there were 5,969 Wendy's restaurants in operation in the U.S. Of these restaurants, 423 were operated by the Company and 5,546 were operated by a total of 203 franchisees. In addition, at December 28, 2025, there were 1,428 Wendy's restaurants in operation in 38 foreign countries and U.S. territories. Of the international restaurants, 1,417 were operated by a total of 117 franchisees and 11 were operated by the Company in the United Kingdom (the "U.K.").
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- U.S.
- International
| Region | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| U.S. | $1.98B | $2.06B | $2.01B |
| International | $199.0M | $190.2M | $173.9M |
As the company reported it, from the “Geographic Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Revenue by segment
- Wendy's U.S.
- Global Real Estate & Development
- Wendy's International
| Segment | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Wendy's U.S. | $1.79B | $1.86B | $1.82B |
| Global Real Estate & Development | $238.8M | $242.1M | $235.2M |
| Wendy's International | $153.0M | $144.7M | $130.5M |
As the company reported it, from the “Disaggregation of Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.18B | $2.25B | $2.18B | $2.10B | $1.90B | $1.73B | $1.71B | $1.59B | $1.22B | $1.44B |
| Cost of revenue | $791.7M | $783.2M | $794.5M | $773.2M | $611.7M | $614.9M | $597.5M | $548.6M | $517.9M | $752.1M |
| Gross profit | $1.39B | $1.46B | $1.39B | $1.32B | $1.29B | $1.12B | $1.11B | $1.04B | $705.5M | $683.3M |
| SG&A | $252.7M | $255.2M | $250.0M | $255.0M | $243.0M | $206.9M | $200.2M | $217.5M | $203.6M | $236.8M |
| Total operating expenses | $1.83B | $1.88B | $1.80B | $1.74B | $1.53B | $1.46B | $1.45B | $1.34B | $1.01B | $1.12B |
| Operating income | $343.5M | $371.4M | $382.0M | $353.3M | $367.0M | $269.3M | $262.6M | $249.9M | $214.8M | $314.8M |
| Interest expense | $126.5M | $123.9M | $124.1M | $122.3M | $109.2M | $117.7M | $116.0M | $119.6M | $118.1M | $114.8M |
| Pre-tax income | $227.2M | $272.4M | $279.4M | $243.5M | $240.6M | $152.8M | $171.5M | $574.9M | $101.0M | $201.7M |
| Income tax | $62.2M | $78.1M | $75.0M | $66.1M | $40.2M | $35.0M | $34.5M | $114.8M | $93.0M | $72.1M |
| Net income | $165.1M | $194.4M | $204.4M | $177.4M | $200.4M | $117.8M | $136.9M | $460.1M | $194.0M | $129.6M |
| EPS, basic | 0.85 | 0.95 | 0.98 | 0.83 | 0.91 | 0.53 | 0.60 | 1.93 | 0.79 | 0.49 |
| EPS, diluted | 0.85 | 0.95 | 0.97 | 0.82 | 0.89 | 0.52 | 0.58 | 1.88 | 0.77 | 0.49 |
| Shares, diluted (wtd. avg.) | 194.0M | 205.6M | 211.5M | 215.8M | 224.4M | 228.0M | 235.1M | 245.0M | 252.3M | 266.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $300.8M | $450.5M | $516.0M | $831.8M | $367.0M | $418.2M | $358.7M | $486.5M | $212.8M | $275.9M |
| Receivables | $105.0M | $86.8M | $104.8M | $98.6M | $101.5M | $93.7M | $100.5M | — | — | — |
| Inventory | $7.4M | $6.5M | $6.7M | $7.1M | $5.9M | $4.7M | $3.9M | $3.7M | $3.2M | $2.9M |
| Total current assets | $618.0M | $736.1M | $837.7M | $1.06B | $592.8M | $687.6M | $554.0M | $665.7M | $404.4M | $452.5M |
| Property, plant and equipment | $937.8M | $907.8M | $891.1M | $895.8M | $906.9M | $915.9M | $977.0M | $1.02B | $1.06B | $1.19B |
| Goodwill | $774.1M | $771.5M | $773.7M | $773.1M | $775.3M | $751.0M | $755.9M | $747.9M | $743.3M | $741.4M |
| Other intangibles | $1.17B | $1.19B | $1.22B | $1.25B | $1.28B | $1.22B | $1.25B | $1.29B | $1.32B | $1.32B |
| Total assets | $4.96B | $5.03B | $5.18B | $5.50B | $5.10B | $5.04B | $4.99B | $4.29B | $4.10B | $3.94B |
| Accounts payable | $30.4M | $28.5M | $27.4M | $44.0M | $41.2M | $31.1M | $22.7M | $21.7M | $22.8M | $27.6M |
| Short-term debt | $29.8M | $78.2M | $29.2M | $29.2M | $24.2M | $29.0M | $22.8M | $23.2M | — | — |
| Total current liabilities | $351.1M | $397.6M | $381.9M | $388.0M | $426.9M | $413.3M | $349.7M | $284.2M | $227.2M | $230.1M |
| Long-term debt | $2.73B | $2.66B | $2.73B | $2.82B | $2.36B | $2.22B | $2.26B | $2.31B | — | — |
| Total liabilities | $4.84B | $4.78B | $4.87B | $5.03B | $4.66B | $4.49B | $4.48B | $3.64B | $3.52B | $3.41B |
| Retained earnings | $435.1M | $399.7M | $409.9M | $414.7M | $344.2M | $238.7M | $185.7M | $146.3M | -$163.3M | -$290.9M |
| Total equity | $117.4M | $259.4M | $309.8M | $465.7M | $436.4M | $549.6M | $516.4M | $648.4M | $573.2M | $527.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $344.5M | $355.3M | $345.4M | $259.9M | $345.8M | $284.4M | $288.9M | $224.2M | $238.8M | $193.8M |
| Depreciation and amortisation | $152.2M | $143.2M | $135.8M | $133.4M | $125.5M | $132.8M | $131.7M | $128.9M | $125.7M | $124.3M |
| Stock-based compensation | $14.6M | $23.0M | $23.7M | $24.5M | $22.0M | $18.9M | $18.7M | $17.9M | $20.9M | $18.1M |
| Capital expenditure | $101.9M | $94.4M | $85.0M | $85.5M | $78.0M | $69.0M | $74.5M | $69.9M | $81.7M | $150.0M |
| Investing cash flow | -$150.8M | -$129.3M | -$86.5M | -$77.8M | -$154.7M | -$68.2M | -$54.9M | $362.9M | -$92.2M | $107.1M |
| Financing cash flow | -$344.0M | -$303.1M | -$504.3M | $288.7M | -$242.7M | -$157.9M | -$365.3M | -$305.8M | -$215.8M | -$412.1M |
| Dividends paid | $129.6M | $204.4M | $209.3M | $106.8M | $94.8M | $64.9M | $96.4M | $80.5M | $68.3M | $63.8M |
| Buybacks | $200.8M | $77.4M | $189.6M | $52.0M | $268.5M | $62.2M | $217.8M | $269.8M | $126.2M | $337.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000030697-26-000009.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.44B | $1.22B | $1.59B | $1.71B | $1.73B | $1.90B | $2.10B | $2.18B | $2.25B | $2.18B |
| Gross profit | $683.3M | $705.5M | $1.04B | $1.11B | $1.12B | $1.29B | $1.32B | $1.39B | $1.46B | $1.39B |
| Net income | $129.6M | $194.0M | $460.1M | $136.9M | $117.8M | $200.4M | $177.4M | $204.4M | $194.4M | $165.1M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Item 5.02
- Officer or director change Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Officer or director change Item 5.02
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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