Wendy's (WEN) Q3 FY2026 earnings: revenue $547 million, down 0.5% on the year

Wendy's Co. (WEN) reported revenue of $547 million for Q3 FY2026, the quarter ended 27 September 2026, down 0.5% on the same quarter a year earlier. Net income was $15 million, down 65.9% on the year, and diluted earnings per share $0.08. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$547 million

-0.5% on the year · -4.1% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

10.2%

16.8% a year earlier

Q4 FY2024Q3 FY2026

Net income

$15 million

-65.9% on the year · -53.7% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.08

-65.2% on the year · -52.9% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 new, 2 kept.

Systemwide sales fell 5.9%: Global systemwide sales were $3,326.4 million, down from $3,538.1 million. Management attributed the decline mainly to lower U.S. same-restaurant sales and fewer U.S. restaurants.
Net income and EPS fell sharply: Net income was $15.1 million against $44.3 million. Reported diluted EPS was $0.08 versus $0.23; adjusted EPS was $0.13 versus $0.24. Year-to-date net income was $70.4 million.
U.S. same-restaurant sales down 5.7%: U.S. same-restaurant sales decreased 5.7%, and U.S. systemwide sales were $2,777.0 million against $3,004.1 million a year earlier.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	547	571	550	-4.1%	-0.5%
Cost of revenue	208	207	204	+0.5%	+2.0%
Gross profit	339	363	345	-6.8%	-1.9%
Gross margin	61.9%	63.7%	62.8%
Operating income	55.8	79.3	92.0	-29.6%	-39.4%
Operating margin	10.2%	13.9%	16.8%
Interest expense	33.6	33.9	31.5	-0.8%	+6.4%
Pre-tax income	25.4	48.6	63.2	-47.6%	-59.8%
Income tax	10.3	16.0	19.0	-35.2%	-45.5%
Effective tax rate	40.7%	32.8%	30.0%
Net income	15.1	32.6	44.3	-53.7%	-65.9%
Net margin	2.8%	5.7%	8.1%
Diluted EPS	$0.08	$0.17	$0.23	-52.9%	-65.2%

$ million except per share.

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

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	79.0	101	129	-21.5%	-38.9%
Capital expenditure	17.3	19.6	25.0	-11.6%	-30.8%
Free cash flow	61.7	81.0	104	-23.8%	-40.8%
Free cash flow margin	11.3%	14.2%	19.0%
Cash from investing	-12.2	-24.1	-48.3
Cash from financing	-29.6	-42.2	-56.9
Depreciation and amortisation	39.9	38.1	38.4	+4.9%	+3.9%
Share-based compensation	3.6	2.9	n/a	+20.9%
Buybacks	0.0	1.9	14.2
Dividends paid	13.4	26.7	26.7	-49.9%	-49.9%
Dividend per share	$0.07	$0.14	$0.14	-50.0%	-50.0%
Diluted shares, weighted	192m	191m	191m	+0.3%	+0.3%
Shares outstanding at period end	191m	191m	190m	+0.3%	+0.5%

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

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	124	120	109	+3.3%	+14.0%
Debt	2,742	2,749	2,724	-0.2%	+0.7%
Operating lease liabilities	582	596	680	-2.5%	-14.4%
Finance lease liabilities	648	648	637	+0.0%	+1.6%
Other liabilities	768	771	826	-0.4%	-7.1%
Total liabilities and equity	4,864	4,884	4,976	-0.4%	-2.3%
Fixed assets	882	896	924	-1.5%	-4.5%
Goodwill	773	773	775	+0.0%	-0.2%
Intangible assets	1,142	1,147	1,177	-0.4%	-3.0%
Investments	22.3	23.0	25.9	-3.1%	-13.8%
Cash and equivalents	374	341	291	+9.5%	+28.2%
Receivables	91.2	n/a	n/a
Inventory	6.6	7.0	6.9	-6.7%	-5.3%
Other assets	1,573	1,697	1,776	-7.3%	-11.5%
Total assets	4,864	4,884	4,976	-0.4%	-2.3%

Questions

What was Wendy's' revenue in Q3 FY2026?

Wendy's (WEN) reported revenue of $547 million for Q3 FY2026, the quarter ended 27 September 2026, down 0.5% on the same quarter a year earlier.

How much did Wendy's earn in Q3 FY2026?

Net income for Q3 FY2026 was $15 million, down 65.9% on the year, and diluted earnings per share $0.08.

When did Wendy's report Q3 FY2026 results?

Wendy's filed its 10-Q for the quarter ended 27 September 2026 with the SEC on 5 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	473	489	538	533	537	529	562	551	541	535	571	567	574	523	561	550	543	541	571	547
Cost of revenue	154	185	197	196	195	197	201	200	197	192	200	196	196	188	197	204	203	201	207	208
Gross profit	319	304	340	336	342	332	361	351	343	343	371	371	379	335	364	345	340	340	363	339
Gross margin	67%	62%	63%	63%	64%	63%	64%	64%	63%	64%	65%	65%	66%	64%	65%	63%	63%	63%	64%	62%
Operating income	76.9	74.9	96.3	98.1	84.0	84.5	109	102	86.6	81.2	99.5	94.7	96.0	83.1	104	92.0	64.0	64.9	79.3	55.8
Operating margin	16%	15%	18%	18%	16%	16%	19%	18%	16%	15%	17%	17%	17%	16%	19%	17%	12%	12%	14%	10%
Interest expense	26.2	26.4	32.1	31.9	31.9	31.7	31.1	31.0	30.3	30.5	31.0	31.3	31.1	31.5	30.9	31.5	32.5	34.1	33.9	33.6
Pre-tax income	51.0	50.8	65.4	69.1	58.2	55.3	78.9	78.0	67.3	57.5	74.8	69.7	70.5	54.9	75.9	63.2	33.2	34.2	48.6	25.4
Tax rate	-2%	26%	26%	27%	29%	28%	24%	26%	30%	27%	27%	28%	33%	29%	27%	30%	20%	34%	33%	41%
Net income	52.1	37.4	48.2	50.5	41.3	39.8	59.6	58.0	46.9	42.0	54.6	50.2	47.5	39.2	55.1	44.3	26.5	22.7	32.6	15.1
Net margin	11%	8%	9%	9%	8%	8%	11%	11%	9%	8%	10%	9%	8%	7%	10%	8%	5%	4%	6%	3%
Diluted EPS	$0.24	$0.17	$0.22	$0.24	$0.19	$0.19	$0.28	$0.28	$0.22	$0.20	$0.27	$0.25	$0.23	$0.19	$0.29	$0.23	$0.14	$0.12	$0.17	$0.08
Operating cash flow	69.1	21.0	77.2	84.4	77.3	53.0	88.5	128	75.9	100.0	45.5	141	68.6	85.4	60.6	129	69.3	59.4	101	79.0
Capital expenditure	34.6	12.5	18.4	19.1	35.5	12.2	17.9	25.5	29.3	17.4	17.1	17.9	42.0	17.7	21.4	25.0	37.9	11.9	19.6	17.3
Free cash flow	34.5	8.5	58.8	65.3	41.8	40.7	70.6	102	46.6	82.6	28.4	123	26.6	67.7	39.2	104	31.4	47.5	81.0	61.7
Buybacks	143	0.0	52.0	0.0	0.0	36.7	50.2	55.5	47.1	7.3	27.0	25.8	17.3	123	63.7	14.2	0.0	0.0	1.9	0.0
Dividends paid	25.9	26.9	26.6	26.6	26.6	53.1	52.6	52.2	51.4	51.4	51.3	50.8	51.0	49.4	26.8	26.7	26.6	26.6	26.7	13.4
Shares outstanding	216m	215m	213m	213m	213m	212m	210m	207m	205m	205m	204m	203m	204m	196m	191m	190m	190m	190m	191m	191m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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.

10-Q for the period ended 27 September 2026, filed 5 November 2026: the filing.