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Stock research / United States / WEN · Retail-Eating & Drinking Places · Nasdaq

Wendy's Co. (WEN)

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Wendy's Co. (WEN) reported revenue of $571 million for Q2 FY2026, the quarter ended 28 June 2026, up 1.7% on the same quarter a year earlier. Net income was $33 million, down 40.8% on the year, and diluted earnings per share $0.17. The figures are the company's own, from the 10-Q it filed with the SEC on 7 August 2026.

Revenue$571 millionup 1.7%
Net income$33 milliondown 40.8%
Diluted EPS$0.17
QuarterQ2 FY2026ended 28 June 2026

Wendy's (WEN) in brief

Wendy's (WEN) reported revenue of $2.2 billion for fiscal 2025, the year ended 28 December 2025, down 3.1% on the year before.
Read moreNet income was $165 million and diluted earnings per share $0.85. Revenue was $2.2 billion in fiscal 2024, $2.2 billion in fiscal 2023, $2.1 billion in fiscal 2022 and $1.9 billion in fiscal 2021. Net income in the same years was $194 million, $204 million, $177 million and $200 million. Over the twelve months to 28 June 2026, Wendy's reported revenue of $2.2 billion and net income of $126 million. Revenue grew 4.7% a year, compounded, over the five years to fiscal 2025. Wendy's declared $0.67 a share in dividends over the last four quarters and had 191 million shares outstanding at the latest filed count. At 28 June 2026 it carried $2.7 billion of debt and $341 million of cash. At the close of 9 October 2026 the market cap of Wendy's was $1.2 billion, 9.5 times its earnings over the last twelve months.

Ratios

From the filings

ROE104.6%
ROCE10.5%
Operating margin13.6%
Net margin5.7%
FCF margin12.0%
Interest cover2.27
Debt to equity22.82
Cash conversion2.84
Share count, 1 year-0.4%
Sales CAGR, 3 years1.3%
Profit CAGR, 3 years-2.4%
EPS, TTM$0.66

At the close of 9 October 2026

Price$6.25
Market cap$1.2 billion
Stock P/E9.47
Price to book9.89
EV / EBITDA7.87
Dividend yield10.7%
Market cap / sales0.54
52-week high$9.33
52-week low$6.11
Price, 1 year-29.2%
Price CAGR, 3 years-31.5%
Price CAGR, 5 years-22.4%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as Wendy's Co. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
WENgreeksoup.ai
Daily prices to 9 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on WEN

Filings24 in twelve months: 15 current reports (8-K), about 6 officer or director change; 4 results of operations; 4 regulation FD disclosure; 2 material agreement; 1 shareholder vote
Planned insider salesno Form 144 notice in twelve months
Options tapeput/call 0.26 by open interest at the 9 October 2026 close; the straddle prices a 6.4% move to 16 October 2026
13F holders8 of the followed funds hold it; largest Fairfax Financial Holdings; 10 Schedule 13D or 13G filings in twelve months
Insider trading0 sales and 2 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest48.7 million shares short, 7.69 days to cover at 30 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue551541535571567574523561550543541571
Cost of revenue200197192200196196188197204203201207
Gross profit351343343371371379335364345340340363
Gross margin64%63%64%65%65%66%64%65%63%63%63%64%
Operating income10286.681.299.594.796.083.110492.064.064.979.3
Operating margin18%16%15%17%17%17%16%19%17%12%12%14%
Interest expense31.030.330.531.031.331.131.530.931.532.534.133.9
Pre-tax income78.067.357.574.869.770.554.975.963.233.234.248.6
Tax rate26%30%27%27%28%33%29%27%30%20%34%33%
Net income58.046.942.054.650.247.539.255.144.326.522.732.6
Net margin11%9%8%10%9%8%7%10%8%5%4%6%
Diluted EPS$0.28$0.22$0.20$0.27$0.25$0.23$0.19$0.29$0.23$0.14$0.12$0.17
Operating cash flow12875.9100.045.514168.685.460.612969.359.4101
Capital expenditure25.529.317.417.117.942.017.721.425.037.911.919.6
Free cash flow10246.682.628.412326.667.739.210431.447.581.0
Buybacks55.547.17.327.025.817.312363.714.20.00.01.9
Dividends paid52.251.451.451.350.851.049.426.826.726.626.626.7
Shares outstanding207m205m205m204m203m204m196m191m190m190m190m191m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2014 †FY2015 †FY2016 †FY2017 †FY2018 †FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue1,9991,8701,4351,2231,5901,7091,7341,8972,0962,1822,2462,1772,204
Cost of revenue1,3551,184752518549598615612773794783792815
Gross profit6436866837051,0411,1111,1191,2851,3221,3871,4631,3851,388
Gross margin32.2%36.7%47.6%57.7%65.5%65.0%64.5%67.8%63.1%63.6%65.1%63.6%63.0%
Operating income243274315215250263269367353382371343300
Operating margin12.1%14.7%21.9%17.6%15.7%15.4%15.5%19.3%16.9%17.5%16.5%15.8%13.6%
Interest expense52.086.1115118120116118109122124124126132
Pre-tax income193234202101575171153241244279272227179
Income tax76.194.172.1-93.011534.535.040.266.175.078.162.253.1
Effective tax rate39.5%40.2%35.7%-92.1%20.0%20.1%22.9%16.7%27.2%26.8%28.7%27.4%29.6%
Net income121161130194460137118200177204194165126
Net margin6.1%8.6%9.0%15.9%28.9%8.0%6.8%10.6%8.5%9.4%8.7%7.6%5.7%
Diluted EPS$0.32$0.49$0.49$0.77$1.88$0.58$0.52$0.89$0.82$0.97$0.95$0.85$0.66
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment

FY2023FY2024FY2025Share
latest year
Wendy's U.S.1,8161,8601,78582.0%
Global Real Estate & Development23524223911.0%
Wendy's International1311451537.0%
Wendy's U.S.Global Real Estate & DevelopmentWendy's International
2,182FY20232,246FY20242,177FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by product or service

FY2023FY2024FY2025Share
latest year
Sales at Company-operated restaurants93092691642.1%
Franchise royalty revenue51252850523.2%
Advertising funds revenue42945842219.4%
Franchise Rental Income23023623610.8%
Franchise fees80.297.698.24.5%
Sales at Company-operated restaurantsFranchise royalty revenueAdvertising funds revenueFranchise Rental IncomeFranchise fees
2,182FY20232,246FY20242,177FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by region

FY2023FY2024FY2025Share
latest year
United States2,0082,0561,97890.9%
International1741901999.1%
United StatesInternational
2,182FY20232,246FY20242,177FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2014 †FY2015 †FY2016 †FY2017 †FY2018 †FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow255274194239224289284346260345355345358
Capital expenditure29825215081.769.974.569.078.085.585.094.410294.3
Free cash flow-43.722.743.8157154214215268174260261243264
Free cash flow margin-2.2%1.2%3.1%12.8%9.7%12.6%12.4%14.1%8.3%11.9%11.6%11.1%12.0%
Cash from investing-18835.4107-92.2363-54.9-68.2-155-77.8-86.5-129-151-136
Cash from financing-375-238-412-216-306-365-158-243289-504-303-344-154
Depreciation and amortisation160154124126129132133126133136143152157
Share-based compensation28.223.218.120.917.918.718.922.024.523.723.014.612.1
Buybacks3011,09933712627021862.226952.019077.420116.2
Dividends paid75.171.863.868.380.596.464.994.8107209204130107
Dividend per share$0.21$0.23$0.24$0.28$0.34$0.42$0.29$0.43$0.50$1.00$1.00$0.67n/a
Diluted shares, weighted376m329m267m252m245m235m228m224m216m212m206m194m191m
Shares outstanding at period endn/a272m247m241m231m225m224m216m213m205m204m190m191m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 †FY2015 †FY2016 †FY2017 †FY2018 †FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity1,718753528573648516550436466310259117120
Debt1,3852,4032,4882,7242,3292,2802,2472,3812,8512,7622,7402,7602,749
Operating lease liabilitiesn/an/an/an/a0.0898865853792739704660596
Finance lease liabilitiesn/an/an/an/a447481506560572569575647648
Other liabilities1,043953924800868819872871818803756772771
Total liabilities and equity4,1464,1093,9394,0974,2924,9955,0405,1015,4995,1835,0354,9574,884
Owned
Fixed assets1,2411,2281,1921,0631,023977916907896891908938896
Goodwill823771741743748756751775773774771774773
Intangible assets1,3511,3401,3231,3221,2941,2471,2251,2811,2491,2191,1921,1711,147
Investments74.158.457.056.047.745.944.649.946.034.429.025.223.0
Cash and equivalents267327198171431300307249746516451301341
Receivablesn/an/an/an/an/a10193.710298.610586.8105n/a
Inventory6.94.32.93.23.73.94.75.97.16.76.57.47.0
Other assets3833814257397441,5641,6981,7321,6841,6371,5901,6361,697
Total assets4,1464,1093,9394,0974,2924,9955,0405,1015,4995,1835,0354,9574,884
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded1.5%4.7%1.3%-1.0%
Profit growth, compounded0.2%7.0%-2.4%-34.4%
Return on equity, average54.3%73.1%93.9%140.6%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Wendy's' revenue in fiscal 2025?

Wendy's (WEN) reported revenue of $2.2 billion for fiscal 2025, the year ended 28 December 2025, down 3.1% on the year before.

How much did Wendy's earn in fiscal 2025?

Net income was $165 million for fiscal 2025, and diluted earnings per share $0.85.

What is Wendy's' P/E ratio?

At the close of 9 October 2026, Wendy's traded at 9.5 times its earnings over the twelve months to 28 June 2026.

What is Wendy's' market cap?

The market cap of Wendy's was $1.2 billion at the close of 9 October 2026.

Does Wendy's pay a dividend?

Yes. Wendy's declared $0.67 a share in dividends over the four quarters to 28 June 2026.

Peers: Restaurants, Hotels, Motels

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Starbucks Corp. SBUX$103.5 billion52.16n/a7.8%4.5%n/a2.7%
Dutch Bros Inc. BROS$5.9 billion52.8511.6%9.6%29.6%0.25n/a
Shake Shack Inc. SHAK$2.8 billion71.197.3%3.6%17.3%0.46n/a
Hilton Grand Vacations Inc. HGV$2.7 billion19.5213.7%9.9%5.4%4.42n/a
Sunstone Hotel Investors, Inc. SHO$2.1 billion51.362.2%9.1%7.3%0.523.2%
Penn Entertainment, Inc. PENN$2.1 billionn/a-48.7%-7.9%6.1%1.51n/a
Monarch Casino & Resort Inc. MCRI$2.0 billion18.3319.9%25.1%5.1%0.001.0%
Xenia Hotels & Resorts, Inc. XHR$1.7 billionn/a-0.7%6.7%1.6%1.223.1%
Cracker Barrel OLD Country Store, Inc. CBRL$1.3 billion41.046.6%-0.4%-4.7%0.711.7%
BJs Restaurants Inc. BJRI$1.3 billion31.9910.3%2.7%3.5%0.110.8%
Wendy's Co. WEN$1.2 billion9.47104.6%13.6%-1.0%22.8210.7%
Papa Johns International Inc. PZZA$649 million24.99n/a4.3%-5.6%n/a9.3%
All 36 in Restaurants, Hotels, Motels
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
McDonald's Corp. MCD$166.5 billion19.11n/a46.2%6.3%n/a3.0%
Starbucks Corp. SBUX$103.5 billion52.16n/a7.8%4.5%n/a2.7%
Marriott International Inc. MAR$95.4 billion37.92n/a15.8%4.7%n/a0.7%
Hilton Worldwide Holdings Inc. HLT$73.7 billion47.95n/a23.3%8.7%n/a0.2%
Chipotle Mexican Grill Inc. CMG$40.0 billion28.9764.5%14.7%7.3%0.00n/a
Yum! Brands, Inc. YUM$39.5 billion18.22n/a31.0%10.3%n/a2.0%
InterContinental Hotels Group PLC IHG *$24.4 billion33.05n/a23.1%5.4%n/a1.1%
Las Vegas Sands Corp. LVS$23.4 billion14.07297.2%21.5%18.1%23.572.8%
Darden Restaurants Inc. DRI$22.4 billion19.3257.2%11.7%8.1%0.793.0%
Hyatt Hotels Corp. H$15.7 billion197.462.4%n/a5.8%1.110.4%
Aramark ARMK$14.5 billion38.4211.3%4.4%11.0%1.800.8%
Texas Roadhouse, Inc. TXRH$10.6 billion25.8326.5%7.7%9.9%0.031.7%
Brinker International, Inc. EAT$8.2 billion17.80109.8%10.7%7.9%0.950.6%
Wynn Resorts Ltd. WYNN$7.8 billion18.65n/a15.7%6.4%n/a1.3%
MGM Resorts International MGM$7.4 billion17.7316.9%5.7%3.2%2.410.0%
Cava Group, Inc. CAVA$6.3 billion97.587.9%5.2%26.8%0.00n/a
Caesars Entertainment, Inc. CZR$6.0 billionn/a-13.8%15.9%2.4%3.50n/a
Dutch Bros Inc. BROS$5.9 billion52.8511.6%9.6%29.6%0.25n/a
Wyndham Hotels & Resorts, Inc. WH$5.5 billion27.2343.3%30.2%-2.1%5.532.2%
Cheesecake Factory Inc. CAKE$5.4 billion29.3934.4%5.3%5.7%1.081.0%
Boyd Gaming Corp. BYD$5.0 billion3.0372.7%16.4%1.7%1.051.0%
Choice Hotels International Inc. CHH$4.8 billion14.92230.9%25.2%2.6%14.081.1%
Travel & Leisure Co. TNL$3.8 billion17.12n/a13.7%4.5%n/a3.7%
Wingstop Inc. WING$3.3 billion29.04n/a27.9%7.6%n/a0.9%
Park Hotels & Resorts Inc. PK$3.1 billionn/a-5.3%2.0%-1.4%1.276.6%
Red Rock Resorts, Inc. RRR$2.9 billion17.5098.7%27.7%0.9%20.832.0%
Shake Shack Inc. SHAK$2.8 billion71.197.3%3.6%17.3%0.46n/a
Hilton Grand Vacations Inc. HGV$2.7 billion19.5213.7%9.9%5.4%4.42n/a
Sunstone Hotel Investors, Inc. SHO$2.1 billion51.362.2%9.1%7.3%0.523.2%
Penn Entertainment, Inc. PENN$2.1 billionn/a-48.7%-7.9%6.1%1.51n/a
Monarch Casino & Resort Inc. MCRI$2.0 billion18.3319.9%25.1%5.1%0.001.0%
Xenia Hotels & Resorts, Inc. XHR$1.7 billionn/a-0.7%6.7%1.6%1.223.1%
Cracker Barrel OLD Country Store, Inc. CBRL$1.3 billion41.046.6%-0.4%-4.7%0.711.7%
BJs Restaurants Inc. BJRI$1.3 billion31.9910.3%2.7%3.5%0.110.8%
Wendy's Co. WEN$1.2 billion9.47104.6%13.6%-1.0%22.8210.7%
Papa Johns International Inc. PZZA$649 million24.99n/a4.3%-5.6%n/a9.3%
3 companies share its SEC industry code (Retail-Eating & Drinking Places); the rest are the names nearest in size in its wider industry, Restaurants, Hotels, Motels, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q28 June 20267 August 2026EDGAR
10-Q29 March 20268 May 2026EDGAR
10-K28 December 202523 February 2026EDGAR
10-Q28 September 20257 November 2025EDGAR
10-Q29 June 20258 August 2025EDGAR
10-Q30 March 20252 May 2025EDGAR
10-K29 December 202421 February 2025EDGAR
10-Q29 September 202431 October 2024EDGAR
10-Q30 June 20241 August 2024EDGAR
10-Q31 March 20242 May 2024EDGAR

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