WEN

MKT CAP:$1B

The Wendy's Company

Market Cap

$1B

Consumer Cyclical·Restaurants·🇺🇸 United States·NASDAQ

Consumer Cyc.·Restaurants·🇺🇸·NASDAQ

Stock Price

$6.96-$1.21 (-14.81%)

Apr 24, 2026

Company Details

The Wendy's Company, together with its subsidiaries, operates as a quick-service restaurant company. It operates through three segments: Wendy's U.S., Wendy's International, and Global Real Estate & Development. The company is involved in o...

CEO

Kenneth Cook

IPO Date

May 6, 1980

Website

www.wendys.com

Key Metrics TTM

Revenue

$2.2B

-3.1% YoY

Net Income

$165M

EPS (Diluted)

$0.85

Free Cash Flow

$243M

Revenue / Share

$11.42

Gross Margin

27.2%

Operating Margin

15.6%

Net Margin

7.6%

FCF Margin

11.1%

P/S

0.6x

P/E

8.1x

Earnings Reports

Q1 2026

May 8, 2026

PENDING

FY 2025

Feb 23, 2026

$2.2B-3.1%EPS $0.85

Q4 2025

Feb 23, 2026

$543M-5.5%EPS $0.14

Q3 2025

Nov 7, 2025

$550M-3.0%EPS $0.23

Q2 2025

Aug 8, 2025

$561M-1.7%EPS $0.29

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$489M	$159M	$75M
Q2 22	$538M	$150M	$96M
Q3 22	$533M	$177M	$98M
Q4 22	$537M	$300M	$84M
Q1 23	$529M	$153M	$84M
Q2 23	$562M	$166M	$109M
Q3 23	$551M	$160M	$102M
Q4 23	$541M	$56M	$87M
Q1 24	$535M	$154M	$81M
Q2 24	$571M	$162M	$100M
Q3 24	$567M	$155M	$95M
Q4 24	$574M	$325M	$96M
Q1 25	$523M	$148M	$83M
Q2 25	$561M	$166M	$104M
Q3 25	$550M	$145M	$88M
Q4 25	$543M	$131M	$64M

Valuation

Quarter	P/S	P/E
Q1 22	0.7x	6.8x
Q2 22	0.7x	7.5x
Q3 22	0.7x	7.1x
Q4 22	0.6x	7.6x
Q1 23	0.6x	7.5x
Q2 23	0.6x	7.0x
Q3 23	0.6x	6.8x
Q4 23	0.6x	6.6x
Q1 24	0.6x	6.5x
Q2 24	0.6x	6.7x
Q3 24	0.6x	6.9x
Q4 24	0.6x	6.9x
Q1 25	0.6x	7.0x
Q2 25	0.6x	7.0x
Q3 25	0.6x	7.2x
Q4 25	0.6x	8.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$21M	$8M
Q2 22	$77M	$59M
Q3 22	$84M	$65M
Q4 22	$77M	$42M
Q1 23	$53M	$41M
Q2 23	$89M	$71M
Q3 23	$128M	$102M
Q4 23	$76M	$47M
Q1 24	$100M	$83M
Q2 24	$45M	$28M
Q3 24	$141M	$123M
Q4 24	$69M	$27M
Q1 25	$85M	$68M
Q2 25	$61M	$39M
Q3 25	$129M	$104M
Q4 25	$69M	$31M

Capital Expenditures

Quarter	CapEx
Q1 22	$12M
Q2 22	$18M
Q3 22	$19M
Q4 22	$36M
Q1 23	$12M
Q2 23	$18M
Q3 23	$26M
Q4 23	$29M
Q1 24	$17M
Q2 24	$17M
Q3 24	$18M
Q4 24	$42M
Q1 25	$18M
Q2 25	$21M
Q3 25	$25M
Q4 25	$38M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+6.2%	+9.7%
Q2 22	+9.0%	+20.4%
Q3 22	+13.3%	+11.4%
Q4 22	+13.4%	+14.2%
Q1 23	+8.2%	+7.4%
Q2 23	+4.4%	+2.4%
Q3 23	+3.4%	+3.3%
Q4 23	+0.8%	+0.3%
Q1 24	+1.1%	+2.1%
Q2 24	+1.6%	+4.2%
Q3 24	+2.9%	+5.1%
Q4 24	+6.2%	+5.3%
Q1 25	-2.1%	-2.9%
Q2 25	-1.7%	-3.1%
Q3 25	-3.0%	-2.1%
Q4 25	-5.5%	+0.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$6M	1.3%
Q2 22	$6M	1.1%
Q3 22	$5M	0.9%
Q4 22	$7M	1.3%
Q1 23	$5M	0.9%
Q2 23	$6M	1.0%
Q3 23	$7M	1.2%
Q4 23	$7M	1.3%
Q1 24	$6M	1.1%
Q2 24	$6M	1.0%
Q3 24	$7M	1.2%
Q4 24	$5M	0.8%
Q1 25	$6M	1.1%
Q2 25	$5M	0.9%
Q3 25	-$934.0K	-0.2%
Q4 25	$5M	0.9%

OpEx Breakdown

Quarter	G&A
Q1 22	$56M
Q2 22	$24M
Q3 22	$56M
Q4 22	$184M
Q1 23	$29M
Q2 23	$24M
Q3 23	$23M
Q1 24	$29M
Q2 24	$23M
Q3 24	$25M
Q4 24	$186M
Q1 25	$30M
Q2 25	$23M
Q3 25	$58M
Q4 25	$67M

Revenue Segments

Quarter	Advertising	Franchise	Product	Real Estate	Royalty	Franchise Royalty Revenue and Fees
Q1 24	$105M	$21M	$225M	$58M	$126M	—
Q2 24	$115M	$21M	$237M	$61M	$136M	—
Q3 24	$123M	$21M	$230M	$59M	$133M	—
Q4 24	$115M	$34M	$233M	$59M	$134M	—
Q1 25	$100M	—	$220M	$58M	—	$145M
Q2 25	$111M	$24M	$233M	$60M	$132M	—
Q3 25	$107M	$24M	$233M	$57M	$128M	—

Revenue by Geography

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$741M	$0	$741M
Q2 22	$701M	$0	$701M
Q3 22	$732M	$0	$732M
Q4 22	$746M	$0	$746M
Q1 23	$676M	$0	$676M
Q2 23	$635M	$0	$635M
Q3 23	$598M	$0	$598M
Q4 23	$516M	$0	$516M
Q1 24	$498M	$0	$498M
Q2 24	$465M	$0	$465M
Q3 24	$482M	$0	$482M
Q4 24	$451M	$0	$451M
Q1 25	$335M	$0	$335M
Q2 25	$281M	$0	$281M
Q3 25	$450M	$0	$450M
Q4 25	$301M	$0	$301M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	218M	-1.0%	-3.8%
Q2 22	215M	-1.3%	-4.5%
Q3 22	215M	-0.3%	-4.6%
Q4 22	213M	-0.7%	-3.3%
Q1 23	215M	+0.9%	-1.4%
Q2 23	213M	-1.0%	-1.1%
Q3 23	211M	-1.1%	-1.9%
Q4 23	208M	-1.4%	-2.6%
Q1 24	207M	-0.3%	-3.7%
Q2 24	206M	-0.4%	-3.2%
Q3 24	204M	-0.9%	-3.0%
Q4 24	205M	+0.4%	-1.2%
Q1 25	202M	-1.7%	-2.6%
Q2 25	193M	-4.4%	-6.5%
Q3 25	193M	0.0%	-5.6%
Q4 25	191M	-1.1%	-7.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$33.7K	15K
Q2 22	$37.1K	15K
Q3 22	$36.7K	15K
Q4 22	$37.0K	15K
Q1 23	$36.5K	15K
Q2 23	$38.7K	15K
Q3 23	$38.0K	15K
Q4 23	$35.3K	15K
Q1 24	$35.0K	15K
Q2 24	$37.3K	15K
Q3 24	$37.0K	15K
Q4 24	$39.6K	15K
Q1 25	$36.1K	15K
Q2 25	$38.7K	15K
Q3 25	$37.9K	15K
Q4 25	$36.4K	15K

Revenue / Employee