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
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.
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