Wingstop Inc. WING
Throughout this report, unless the context indicates otherwise, Wingstop Inc. (NASDAQ: WING) and its consolidated subsidiaries are referred to as the "Company," "Wingstop," or in the first-person notations of "we," "us," and "our."
Wingstop is the largest fast casual chicken wings-focused restaurant chain in the world, with more than 3,050 locations worldwide. The first Wingstop opened in Garland, Texas in 1994, and we began franchising Wingstop restaurants in 1997. Since 2015, Wingstop Inc.'s common stock has traded on the Nasdaq Global Select Market under the symbol "WING." We are dedicated to serving the world flavor through an unparalleled guest experience and offering of classic wings, boneless wings, tenders, and chicken sandwiches, always cooked to order, and hand-sauced-and-tossed in 12 bold, distinctive flavors.
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 | $696.9M | $625.8M | $460.1M | $357.5M | $282.5M | $248.8M | $199.7M | $153.2M | $133.3M | $103.3M |
| Cost of revenue | — | $91.6M | $70.6M | $63.4M | $57.4M | $48.6M | $41.1M | $32.1M | $28.7M | $25.3M |
| Gross profit | — | $534.2M | $389.4M | $294.1M | $225.1M | $200.2M | $158.6M | $121.1M | $104.6M | $78.0M |
| SG&A | $128.4M | $116.8M | $96.9M | $67.1M | $62.9M | $61.1M | $50.2M | $44.6M | $34.9M | $34.6M |
| Total operating expenses | — | — | — | — | — | — | — | $114.7M | $99.4M | $76.7M |
| Operating income | $179.3M | $165.6M | $112.6M | $91.9M | $73.8M | $57.4M | $42.9M | $38.5M | $33.9M | $26.6M |
| Pre-tax income | $237.2M | $147.2M | $94.3M | $69.3M | $58.9M | $26.9M | $25.8M | $26.9M | $28.7M | $22.0M |
| Income tax | $62.9M | $38.5M | $24.1M | $16.4M | $16.2M | $3.6M | $5.3M | $5.2M | $4.8M | $8.2M |
| Net income | $174.3M | $108.7M | $70.2M | $52.9M | $42.7M | $23.3M | $20.5M | $21.7M | $23.9M | $13.8M |
| EPS, basic | 6.23 | 3.72 | 2.36 | 1.77 | 1.43 | 0.79 | 0.70 | 0.74 | 0.82 | 0.48 |
| EPS, diluted | 6.21 | 3.70 | 2.35 | 1.77 | 1.42 | 0.78 | 0.69 | 0.73 | 0.82 | 0.47 |
| Shares, diluted (wtd. avg.) | $28.1M | $29.4M | $29.9M | $30.0M | $29.9M | $29.8M | $29.7M | $29.6M | $29.4M | $29.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $196.6M | $315.9M | $119.7M | $205.7M | $54.9M | $59.3M | $21.2M | $20.9M | $6.4M | $5.7M |
| Receivables | $20.8M | $19.7M | $12.4M | $9.5M | $7.0M | $4.9M | $5.2M | $5.8M | $4.6M | $3.2M |
| Inventory | — | — | $535.0K | $389.0K | $484.0K | $396.0K | $315.0K | $299.0K | $216.0K | $226.0K |
| Total current assets | $267.5M | $395.6M | $144.3M | $226.7M | $70.1M | $72.6M | $30.2M | $29.9M | $15.9M | $11.1M |
| Property, plant and equipment | $130.6M | $126.0M | $91.3M | $66.9M | $54.5M | $27.9M | $27.8M | $8.3M | $5.8M | $5.0M |
| Goodwill | $83.9M | $74.7M | $67.7M | $62.5M | $56.9M | $53.7M | $50.2M | $49.7M | $46.6M | $45.1M |
| Other intangibles | $56.9M | $52.1M | $48.7M | $46.1M | $46.2M | $49.3M | $49.1M | $50.9M | $50.4M | $49.6M |
| Total assets | $693.4M | $716.2M | $377.8M | $424.2M | $249.2M | $211.6M | $166.1M | $139.7M | $119.8M | $111.8M |
| Accounts payable | $12.8M | $6.9M | $4.7M | $5.2M | $5.4M | $3.7M | $3.3M | $2.8M | $1.8M | $1.5M |
| Short-term debt | $0 | $0 | $0 | $7.3M | $0 | $3.6M | $3.2M | $2.4M | $3.5M | $3.5M |
| Total current liabilities | $82.0M | $87.4M | $71.0M | $62.4M | $39.7M | $50.5M | $32.9M | $26.5M | $19.1M | $16.7M |
| Long-term debt | $1.21B | $1.21B | $712.3M | $706.8M | $469.4M | $466.9M | $307.7M | $309.4M | $129.8M | $147.2M |
| Total liabilities | $1.43B | $1.39B | $835.2M | $815.1M | $558.7M | $552.9M | $375.5M | $364.6M | $178.3M | $186.4M |
| Retained earnings | -$744.9M | -$676.9M | -$460.0M | -$393.3M | -$310.0M | -$342.0M | -$210.3M | -$226.2M | -$59.0M | -$76.1M |
| Total equity | -$736.8M | -$675.6M | -$457.4M | -$390.9M | -$309.5M | -$341.3M | -$209.4M | -$224.8M | -$58.4M | -$81.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $153.1M | $157.6M | $121.6M | $76.2M | $48.9M | $65.5M | $38.6M | $38.8M | $27.4M | $21.9M |
| Depreciation and amortisation | $25.1M | $19.5M | $13.2M | $10.9M | $7.9M | $7.5M | $5.5M | $4.3M | $3.4M | $3.0M |
| Stock-based compensation | $24.9M | $22.1M | $15.6M | $4.2M | $9.6M | $8.6M | $7.0M | $3.7M | $1.9M | $1.2M |
| Capital expenditure | $47.4M | $51.9M | $40.8M | $23.9M | $28.0M | $6.1M | $22.5M | $4.0M | $2.5M | $2.1M |
| Investing cash flow | -$17.5M | -$62.5M | -$52.2M | -$28.7M | -$29.9M | -$8.0M | -$23.7M | -$10.5M | -$6.5M | -$2.1M |
| Financing cash flow | -$266.7M | $144.8M | -$155.5M | $103.3M | -$23.4M | -$19.4M | -$14.6M | -$13.7M | -$20.3M | -$28.2M |
| Dividends paid | $32.4M | $28.9M | $24.9M | $141.3M | $19.8M | $163.8M | $11.7M | $190.7M | $4.1M | $83.3M |
| Buybacks | $221.9M | $314.7M | $125.4M | $0 | $0 | — | — | — | — | — |
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 0001636222-26-000008.
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