WING

MKT CAP:$5B

Wingstop Inc.

Market Cap

$5B

Consumer Cyclical·Restaurants·🇺🇸 United States·NASDAQ

Consumer Cyc.·Restaurants·🇺🇸·NASDAQ

Stock Price

$190.69-$66.15 (-25.76%)

Apr 22, 2026

Company Details

Wingstop Inc., together with its subsidiaries, franchises and operates restaurants under the Wingstop brand name. Its restaurants offer classic wings, boneless wings, and tenders that are cooked-to-order, and hand-sauced-and-tossed in vario...

CEO

Michael J. Skipworth

IPO Date

Jun 12, 2015

Website

www.wingstop.com

Key Metrics TTM

Revenue

$697M

+11.4% YoY

Net Income

$174M

EPS (Diluted)

$6.18

Free Cash Flow

$106M

Revenue / Share

$25.09

Gross Margin

57.0%

Operating Margin

25.9%

Net Margin

25.0%

FCF Margin

15.2%

P/S

7.5x

P/E

30.1x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 18, 2026

$697M+11.4%EPS $6.21

Q4 2025

Feb 18, 2026

$176M+8.6%EPS $0.96

Q3 2025

Nov 4, 2025

$176M+8.1%EPS $1.02

Q2 2025

Jul 30, 2025

$174M+12.0%EPS $0.96

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$76M	$37M	$17M
Q2 22	$84M	$39M	$22M
Q3 22	$93M	$44M	$24M
Q4 22	$105M	$50M	$29M
Q1 23	$109M	$52M	$26M
Q2 23	$107M	$52M	$26M
Q3 23	$117M	$57M	$31M
Q4 23	$127M	$62M	$30M
Q1 24	$146M	$71M	$43M
Q2 24	$156M	$74M	$41M
Q3 24	$162M	$77M	$40M
Q4 24	$162M	$78M	$42M
Q1 25	$171M	$82M	$38M
Q2 25	$174M	$84M	$45M
Q3 25	$176M	$86M	$49M
Q4 25	$176M	$145M	$48M

Valuation

Quarter	P/S	P/E
Q1 22	11.5x	86.7x
Q2 22	7.9x	58.7x
Q3 22	11.4x	87.7x
Q4 22	12.1x	81.6x
Q1 23	14.4x	93.9x
Q2 23	14.1x	92.7x
Q3 23	12.4x	78.6x
Q4 23	15.8x	103.9x
Q1 24	21.7x	129.6x
Q2 24	22.8x	131.4x
Q3 24	20.5x	120.1x
Q4 24	13.0x	75.0x
Q1 25	9.7x	36.6x
Q2 25	14.0x	54.8x
Q3 25	10.3x	40.3x
Q4 25	9.7x	39.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$20M	$14M
Q2 22	$9M	$3M
Q3 22	$24M	$17M
Q4 22	$23M	$18M
Q1 23	$36M	$31M
Q2 23	$12M	-$414.0K
Q3 23	$36M	$24M
Q4 23	$38M	$25M
Q1 24	$45M	$34M
Q2 24	$36M	$26M
Q3 24	$69M	$55M
Q4 24	$8M	-$9M
Q1 25	$25M	$17M
Q2 25	$7M	-$8M
Q3 25	$64M	$62M
Q4 25	$57M	$34M

Capital Expenditures

Quarter	CapEx
Q1 22	$6M
Q2 22	$6M
Q3 22	$6M
Q4 22	$5M
Q1 23	$4M
Q2 23	$13M
Q3 23	$11M
Q4 23	$13M
Q1 24	$11M
Q2 24	$10M
Q3 24	$14M
Q4 24	$16M
Q1 25	$8M
Q2 25	$14M
Q3 25	$2M
Q4 25	$23M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+7.8%	+17.1%
Q2 22	+13.2%	+11.4%
Q3 22	+40.9%	+52.6%
Q4 22	+45.6%	+31.5%
Q1 23	+42.7%	+39.3%
Q2 23	+27.9%	+31.5%
Q3 23	+26.4%	+26.0%
Q4 23	+21.2%	+28.0%
Q1 24	+34.1%	+24.1%
Q2 24	+45.3%	+41.8%
Q3 24	+38.8%	+41.9%
Q4 24	+27.4%	+23.4%
Q1 25	+17.4%	+28.9%
Q2 25	+12.0%	+12.8%
Q3 25	+8.1%	+3.3%
Q4 25	+8.6%	+6.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	2.9%
Q2 22	-$2M	-1.9%
Q3 22	$2M	1.6%
Q4 22	$2M	2.0%
Q1 23	$3M	3.1%
Q2 23	$4M	3.3%
Q3 23	$3M	2.7%
Q4 23	$6M	4.4%
Q1 24	$4M	2.6%
Q2 24	$5M	3.2%
Q3 24	$7M	4.5%
Q4 24	$6M	3.7%
Q1 25	$5M	3.1%
Q2 25	$6M	3.6%
Q3 25	$6M	3.5%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q1 22	$18M
Q2 22	$14M
Q3 22	$17M
Q4 22	$18M
Q1 23	$24M
Q2 23	$22M
Q3 23	$23M
Q4 23	$28M
Q1 24	$25M
Q2 24	$28M
Q3 24	$32M
Q4 24	$31M
Q1 25	$31M
Q2 25	$33M
Q3 25	$31M
Q4 25	$97M

Revenue Segments

Quarter	Advertising	Franchisor Owned Outlet	Royalty, Franchise Fees And Other
Q1 22	$23M	$19M	$35M
Q2 22	$29M	$19M	$36M
Q3 22	$32M	$20M	$40M
Q4 22	$35M	$22M	$47M
Q1 23	$37M	$23M	$48M
Q2 23	$37M	$23M	$48M
Q3 23	$40M	$24M	$53M
Q1 24	$50M	$29M	$67M
Q2 24	$55M	$30M	$71M
Q3 24	$57M	$31M	$74M
Q1 25	$62M	$30M	$79M
Q2 25	$62M	$32M	$80M
Q3 25	$62M	$33M	$81M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$287M	$0	$287M
Q2 22	$166M	$0	$166M
Q3 22	$174M	$0	$174M
Q4 22	$184M	$0	$184M
Q1 23	$196M	$0	$196M
Q2 23	$189M	$0	$189M
Q3 23	$78M	$0	$78M
Q4 23	$90M	$0	$90M
Q1 24	$108M	$0	$108M
Q2 24	$97M	$0	$97M
Q3 24	$84M	$0	$84M
Q4 24	$316M	$0	$316M
Q1 25	$251M	$0	$251M
Q2 25	$228M	$0	$228M
Q3 25	$286M	$0	$286M
Q4 25	$239M	$0	$239M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	30M	+0.0%	+0.4%
Q2 22	30M	-0.2%	+0.1%
Q3 22	30M	+0.2%	+0.0%
Q4 22	30M	+0.1%	+0.1%
Q1 23	30M	+0.1%	+0.2%
Q2 23	30M	+0.1%	+0.5%
Q3 23	30M	-0.8%	-0.5%
Q4 23	30M	-1.0%	-1.6%
Q1 24	29M	-0.1%	-1.8%
Q2 24	29M	-0.1%	-2.0%
Q3 24	29M	-0.3%	-1.5%
Q4 24	29M	-0.6%	-1.0%
Q1 25	29M	-2.4%	-3.3%
Q2 25	28M	-1.8%	-5.0%
Q3 25	28M	-0.0%	-4.7%
Q4 25	28M	-0.8%	-4.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$85.6K	890
Q2 22	$94.1K	890
Q3 22	$104.1K	890
Q4 22	$101.7K	1K
Q1 23	$105.5K	1K
Q2 23	$104.0K	1K
Q3 23	$113.6K	1K
Q4 23	$103.7K	1K
Q1 24	$119.0K	1K
Q2 24	$127.1K	1K
Q3 24	$132.7K	1K
Q4 24	$121.2K	1K
Q1 25	$128.2K	1K
Q2 25	$130.6K	1K
Q3 25	$131.6K	1K
Q4 25	$128.5K	1K

Revenue / Employee