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Wendy's (WEN) Q4 FY2023 earnings: revenue $541 million, up 0.8% on the year

Wendy's Co. (WEN) reported revenue of $541 million for Q4 FY2023, the quarter ended 31 December 2023, up 0.8% on the same quarter a year earlier. Net income was $47 million, up 13.7% on the year, and diluted earnings per share $0.22. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.

Revenue$541 millionup 0.8%
Net income$47 millionup 13.7%
Diluted EPS$0.22
QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Revenue541551n/an/a
Cost of revenue197200n/an/a
Gross profit343351n/an/a
Gross margin63.5%63.8%n/a
Operating income86.6102n/an/a
Operating margin16.0%18.5%n/a
Interest expense30.331.0n/an/a
Pre-tax income67.378.0n/an/a
Income tax20.419.9n/an/a
Effective tax rate30.2%25.5%n/a
Net income46.958.0n/an/a
Net margin8.7%10.5%n/a
Diluted EPS$0.22$0.28n/an/a
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. 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. 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.

Cash flow and capital returned

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Operating cash flow75.9128n/an/a
Capital expenditure29.325.5n/an/a
Free cash flow46.6102n/an/a
Free cash flow margin8.6%18.6%n/a
Cash from investing-31.0-26.6n/an/a
Cash from financing-131-127n/an/a
Depreciation and amortisation34.534.3n/an/a
Share-based compensation7.06.6n/an/a
Buybacks47.155.5n/an/a
Dividends paid51.452.2n/an/a
Dividend per sharen/a$0.25n/an/a
Diluted shares, weighted212m211mn/an/a
Shares outstanding at period end205m207mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Shareholders' equity310343n/an/a
Debt2,7622,797n/an/a
Operating lease liabilities739753n/an/a
Finance lease liabilities569567n/an/a
Other liabilities803830n/an/a
Total liabilities and equity5,1835,290n/an/a
Fixed assets891887n/an/a
Goodwill774773n/an/a
Intangible assets1,2191,225n/an/a
Investments34.434.4n/an/a
Cash and equivalents516598n/an/a
Receivables105n/an/an/a
Inventory6.76.8n/an/a
Other assets1,6371,766n/an/a
Total assets5,1835,290n/an/a

Questions

What was Wendy's' revenue in Q4 FY2023?

Wendy's (WEN) reported revenue of $541 million for Q4 FY2023, the quarter ended 31 December 2023, up 0.8% on the same quarter a year earlier.

How much did Wendy's earn in Q4 FY2023?

Net income for Q4 FY2023 was $47 million, up 13.7% on the year, and diluted earnings per share $0.22.

When did Wendy's report Q4 FY2023 results?

Wendy's filed its 10-K for the year that ended with the quarter on 26 February 2024; the fourth quarter is the year less the first three.

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.

Source

10-K for the period ended 31 December 2023, filed 26 February 2024, accession 0000030697-24-000004: the filing on EDGAR. All of Wendy's Co.'s filings: EDGAR company page.

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