Wendy's (WEN) FY2025 results: revenue $2.2 billion, down 3.1% on the year
Wendy's Co. (WEN) reported revenue of $2.2 billion for fiscal 2025, the year ended 28 December 2025, down 3.1% on the year before. Net income was $165 million, down 15.1%, and diluted earnings per share $0.85. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2026.
Revenue
$2.2 billion
-3.1% on the year
FY2018FY2025
Operating margin
15.8%
16.5% a year earlier
FY2018FY2025
Net income
$165 million
-15.1% on the year
FY2018FY2025
Diluted EPS
$0.85
-10.5% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 5 new.
Global systemwide sales fell in 2025: Global systemwide sales were $3.4 billion in the fourth quarter, down 8.3%, and $14.0 billion for the full year, down 3.5%.
Adjusted EBITDA fell 3.9% for year: Adjusted EBITDA was $113.3 million in the fourth quarter, down 17.6%, and $522.4 million for the full year, down 3.9%.
U.S. same-restaurant sales fell sharply: U.S. same-restaurant sales fell 11.3% in the fourth quarter and 5.6% for the full year. U.S. systemwide sales fell 10.5% in the quarter.
International growth continued in 2025: International systemwide sales grew 6.2% in the fourth quarter and 8.1% for the full year. International same-restaurant sales were down 2.0% in the quarter and up 1.3% for the year.
U.S. restaurant margin fell to 12.7%: U.S. Company-operated restaurant margin was 12.7% in the fourth quarter, down from 16.5%, and 14.2% for the full year, down from 16.0%.
$ million except per share. 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.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
345
355
345
-3.0%
Capital expenditure
102
94.4
85.0
+8.0%
Free cash flow
243
261
260
-7.0%
Free cash flow margin
11.1%
11.6%
11.9%
Cash from investing
-151
-129
-86.5
Cash from financing
-344
-303
-504
Depreciation and amortisation
152
143
136
+6.3%
Share-based compensation
14.6
23.0
23.7
-36.7%
Buybacks
201
77.4
190
+159.5%
Dividends paid
130
204
209
-36.6%
Dividend per share
$0.67
$1.00
$1.00
-33.0%
Diluted shares, weighted
194m
206m
212m
-5.6%
Shares outstanding at period end
190m
204m
205m
-6.6%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
117
259
310
-54.7%
Debt
2,760
2,740
2,762
+0.7%
Operating lease liabilities
660
704
739
-6.3%
Finance lease liabilities
647
575
569
+12.4%
Other liabilities
772
756
803
+2.2%
Total liabilities and equity
4,957
5,035
5,183
-1.6%
Fixed assets
938
908
891
+3.3%
Goodwill
774
771
774
+0.3%
Intangible assets
1,171
1,192
1,219
-1.8%
Investments
25.2
29.0
34.4
-13.0%
Cash and equivalents
301
451
516
-33.2%
Receivables
105
86.8
105
+20.9%
Inventory
7.4
6.5
6.7
+13.1%
Other assets
1,636
1,590
1,637
+2.8%
Total assets
4,957
5,035
5,183
-1.6%
10-K for the year ended 28 December 2025, filed 23 February 2026: the filing.