Wendy's (WEN) Company Report

Analyst Earnings Quarterly Reports

Earnings summaries and quarterly performance for Wendy's.

Executives

Executive leadership at Wendy's.

Ken Cook

Detailed

Interim Chief Executive Officer and Chief Financial Officer

CEO

Coley O'Brien

Chief People Officer

E.J. Wunsch

President, International

John Min

Chief Legal Officer and Secretary

Liliana Esposito

Chief Corporate Affairs & Sustainability Officer

Lindsay Radkoski

Chief Marketing Officer, U.S.

Matthew Spessard

Chief Information Officer

Pete Suerken

President, U.S.

Suzie Thuerk

Chief Accounting Officer

Board Members

Board of directors at Wendy's.

Arthur Winkleblack

Detailed

Chairman of the Board

Bradley Peltz

Detailed

Director

Kristin Dolan

Detailed

Director

Michelle Caruso-Cabrera

Detailed

Director

Michelle Mathews-Spradlin

Detailed

Director

Peter May

Detailed

Senior Vice Chairman

Peter Rothschild

Detailed

Director

Richard Gomez

Detailed

Director

Wendy Arlin

Detailed

Director

Analyst Coverage

Research analysts who have asked questions during Wendy's earnings calls.

Brian Mullan

Piper Sandler

6 questions for WEN

Also covers: BJRI, BLMN, BROS +20 more

Danilo Gargiulo

AllianceBernstein

6 questions for WEN

Also covers: CAVA, CMG, DPZ +10 more

David Palmer

Evercore ISI

6 questions for WEN

Also covers: BGS, BRBR, CAG +21 more

Dennis Geiger

UBS

6 questions for WEN

Also covers: BLMN, BROS, CAKE +18 more

Andrew Charles

TD Cowen

5 questions for WEN

Also covers: BROS, CAVA, CMG +14 more

Jeffrey Bernstein

Barclays

5 questions for WEN

Also covers: BJRI, BLMN, BROS +22 more

Jake Bartlett

Truist Securities

4 questions for WEN

Also covers: CAVA, CBRL, DENN +12 more

James Salera

Stephens Inc.

4 questions for WEN

Also covers: BRBR, CAKE, CELH +20 more

Jon Tower

Citigroup

4 questions for WEN

Also covers: BJRI, BLMN, BROS +19 more

Lauren Silberman

Deutsche Bank

4 questions for WEN

Also covers: BLMN, CAKE, CMG +13 more

Christopher O'Cull

Stifel, Nicolaus & Company

3 questions for WEN

Also covers: BROS, CAVA, CMG +13 more

Gregory Francfort

Guggenheim Securities

3 questions for WEN

Also covers: BROS, CMG, DPZ +11 more

Margaret-May Binshtok

Wolfe Research LLC

3 questions for WEN

Also covers: CHEF, EAT, USFD

Rahul Krotthapalli

JPMorgan Chase & Co.

3 questions for WEN

Also covers: BROS, CAKE, CAVA +8 more

Brian Bittner

Oppenheimer & Co.

2 questions for WEN

Also covers: BJRI, CAKE, CMG +11 more

Brian Harbour

Morgan Stanley

2 questions for WEN

Also covers: BLMN, BROS, CAKE +21 more

Hyun Jin Cho

Goldman Sachs

2 questions for WEN

Also covers: CMG, DRI, EAT +6 more

James Sanderson

Northcoast Research

2 questions for WEN

Also covers: CAKE, DASH, DRI +8 more

Jim Salera

Stephens Inc.

2 questions for WEN

Also covers: BRBR, CAKE, CELH +21 more

Logan Reich

RBC Capital Markets

2 questions for WEN

Also covers: BROS, CAVA, DPZ +5 more

Sara Senatore

Bank of America

2 questions for WEN

Also covers: BLMN, BROS, CAKE +21 more

Alexander Slagle

Jefferies

1 question for WEN

Also covers: BJRI, BLMN, CHEF +10 more

Eric Gonzalez

KeyBanc Capital Markets

1 question for WEN

Also covers: CAVA, DENN, DIN +7 more

Gerald Lubinski

BMO Capital Markets

1 question for WEN

Jared Hludzinski

BMO Capital Markets

1 question for WEN

Also covers: BLMN, PLAY

John Ivankoe

JPMorgan Chase & Co.

1 question for WEN

Also covers: BLMN, BROS, CAKE +13 more

Margaret Binstock

Wolfe Research, LLC

1 question for WEN

Peter Saleh

BTIG

1 question for WEN

Also covers: BYND, CHEF, DPZ +14 more

Latest news

Recent press releases and 8-K filings for WEN.

Wendy's Shares Rally on Activist Investor's Control Bid

WEN

M&A

Guidance Update

Demand Weakening

Activist investor Nelson Peltz’s Trian Fund Management disclosed a 16.24% stake in Wendy's, indicating discussions for potential transactions including an acquisition or de-listing.
The announcement triggered a sharp rally in Wendy's shares, with intraday gains reaching up to 18.6%.
This activist interest comes as Wendy's reported a 11.3% decline in U.S. same-restaurant sales for the quarter ended Dec. 28 and issued soft 2026 adjusted EPS guidance of $0.56–$0.60.
Wendy's is trading at multi-year lows with a forward 12-month P/E of about 11.05, significantly below competitors like McDonald's and Yum Brands.

Feb 18, 2026, 2:40 PM

Barron's

Wendy's Reports Q4 2025 Results and Provides 2026 Outlook

WEN

Earnings

Guidance Update

Demand Weakening

Wendy's reported a Global Systemwide Sales decline of (8.3%) and Global System Same-Restaurant Sales (SRS) decline of (10.1%) for Q4 2025, with Adjusted EBITDA at $113.3 million and Adjusted EPS at $0.16.
Despite overall declines, International Systemwide Sales grew 6.2% in Q4 2025, and the company achieved a record 20.0% U.S. Digital Mix and 121 net new international restaurants in 2025.
The company returned $330 million to shareholders in 2025 through dividends and share repurchases.
Wendy's introduced "Project Fresh," a comprehensive turnaround plan, and provided a 2026 outlook projecting approximately flat Global Systemwide Sales Growth, Adjusted EBITDA of $460 million to $480 million, and Adjusted EPS of $0.56 to $0.60.

Feb 13, 2026, 1:30 PM

Presentation

Wendy's Reports Q4 2025 Results and Provides 2026 Outlook

WEN

Earnings

Guidance Update

New Projects/Investments

For Q4 2025, Wendy's reported a 8.3% decline in global system-wide sales, driven by an 11.3% decrease in U.S. same-restaurant sales, though international system-wide sales grew 6.2%. Adjusted EBITDA was $113.3 million, and Adjusted EPS was $0.16.
For the full year 2025, global system-wide sales declined 3.5%. The company generated $205 million in free cash flow and returned $330 million to shareholders through dividends and share repurchases.
Wendy's anticipates global system-wide sales for 2026 to be approximately flat to the prior year, with Adjusted EBITDA projected between $460 million-$480 million and Adjusted EPS between $0.56-$0.60 per share. Free Cash Flow is forecasted to be $190 million-$205 million.
The company is executing "Project Fresh," a turnaround strategy that includes optimizing the U.S. restaurant footprint, with an expected 5%-6% of U.S. restaurants to close, and introducing new menu items and a permanent "Biggie Deals" value platform.

Feb 13, 2026, 1:30 PM

Transcript

Wendy's Reports Q4 2025 Results and Outlines 2026 Outlook with 'Project Fresh' Turnaround Plan

WEN

Earnings

Guidance Update

New Projects/Investments

For Q4 2025, Wendy's reported a global system-wide sales decline of 8.3%, driven by an 11.3% decrease in U.S. same-restaurant sales, though international system-wide sales grew 6.2%. Adjusted EBITDA was $113.3 million and adjusted EPS was $0.16.
For the full year 2025, global system-wide sales declined 3.5%, while the company generated $205 million in free cash flow and returned $330 million to shareholders through dividends and share repurchases.
Wendy's launched "Project Fresh," a turnaround strategy that includes closing 5%-6% of U.S. restaurants (28 in Q4 2025). This system optimization is expected to impact 2026 global system-wide sales by 4% and adjusted EBITDA by $15 million-$20 million.
For 2026, the company anticipates global system-wide sales to be approximately flat, with adjusted EBITDA projected between $460 million and $480 million, and adjusted EPS in the range of $0.56-$0.60 per share. U.S. same-restaurant sales are expected to improve throughout the year.
Wendy's announced a quarterly dividend of $0.14 per share and plans capital expenditures and build-to-suit investments between $120 million and $130 million for 2026.

Feb 13, 2026, 1:30 PM

Transcript

Wendy's Reports Q4 2025 Results and Outlines 2026 Turnaround Plan

WEN

Earnings

Guidance Update

New Projects/Investments

Wendy's reported a challenging Q4 2025, with global system-wide sales declining 8.3% on a constant currency basis and U.S. same-restaurant sales down 11.3%, though international system-wide sales grew 6.2%. Adjusted EBITDA was $113.3 million and Adjusted EPS was $0.16.
For the full year 2025, the company generated $205 million in free cash flow and returned $330 million to shareholders through dividends and share repurchases.
Wendy's launched "Project Fresh," a turnaround strategy for which 2026 will be a rebuilding year, focusing on brand revitalization, operational excellence, system optimization (including closing approximately 5%-6% of U.S. restaurants), and disciplined capital allocation.
The 2026 outlook projects global system-wide sales to be approximately flat, Adjusted EBITDA between $460 million and $480 million, and Adjusted EPS in the range of $0.56 to $0.60 per share. Free cash flow is expected to be $190 million to $205 million.

Feb 13, 2026, 1:30 PM

Transcript

Wendy's Company Reports Fourth Quarter and Full Year 2025 Results and Provides 2026 Outlook

WEN

Earnings

Guidance Update

Dividends

The Wendy's Company reported global systemwide sales of $3.4 billion for Q4 2025, a decrease of 8.3%, and $14.0 billion for the full year 2025, a decrease of 3.5%.
Reported diluted earnings per share for Q4 2025 was $0.14 and for the full year 2025 was $0.85. Adjusted EBITDA for the full year 2025 was $522.4 million.
The company added 157 net new restaurants in 2025, with International systemwide sales growing 8.1% for the full year. Wendy's returned $329.6 million to shareholders in 2025 and declared a quarterly dividend of $0.14 per share.
For 2026, Wendy's projects global systemwide sales growth to be approximately flat, Adjusted EBITDA between $460 million and $480 million, and Adjusted earnings per share between $0.56 and $0.60.

Feb 13, 2026, 12:06 PM

8-K

Wendy's Reports Q4 and Full Year 2025 Results, Provides 2026 Outlook

WEN

Earnings

Guidance Update

Dividends

For the fourth quarter of 2025, Wendy's reported global systemwide sales of $3.4 billion, an 8.3% decrease, and adjusted earnings per share of $0.16. For the full year 2025, global systemwide sales were $14.0 billion, a 3.5% decrease, with adjusted earnings per share of $0.88.
International systemwide sales grew 6.2% in Q4 2025 and 8.1% for the full year, contributing to 157 net new restaurants added globally in 2025.
The company provided a 2026 outlook, projecting adjusted EBITDA of $460 to $480 million and adjusted earnings per share of $0.56 to $0.60.
Wendy's declared a quarterly cash dividend of $0.14 per share payable on March 16, 2026, and returned $329.6 million to shareholders through dividends and share repurchases for the full year 2025.

Feb 13, 2026, 12:00 PM

Press Release

Wendy's Accelerates Mexico Expansion, Seeks Franchisees for Tijuana and Baja California

WEN

New Projects/Investments

Revenue Acceleration/Inflection

Wendy's is accelerating its expansion in Mexico, a strategic growth market with over 40 restaurants currently operating and a long-term capacity for more than 400 restaurants nationwide.
The company is actively recruiting an experienced franchise partner to develop new restaurants in Tijuana and the broader Baja California region, identifying Tijuana as a priority development hub.
A franchise recruiting event for prospective partners will be held on Tuesday, February 10 in San Diego, CA, as part of efforts to support this growth through strategic investments in local resources and technology.

Jan 29, 2026, 2:24 PM

Press Release

Wendy's Funding, LLC Issues $450 Million in Senior Secured Notes

WEN

Debt Issuance

Wendy's Funding, LLC, an indirect, wholly-owned subsidiary of Wendy's International, LLC, proposes to issue and sell $450,000,000 of 5.422% Series 2025-1 Class A-2 fixed rate senior secured notes.
The notes have an anticipated repayment date of December 2032, with interest payments payable on a quarterly basis.
The closing of the sale of these notes is expected to occur by December 15, 2025.
The 2025 Notes are being issued in a privately placed securitization transaction and will not be registered under the Securities Act.

Nov 20, 2025, 2:47 AM

8-K

Wendy's (WEN) Announces Q3 2025 Results and Project Fresh Turnaround Plan

WEN

Guidance Update

New Projects/Investments

Demand Weakening

Wendy's launched Project Fresh, a comprehensive turnaround plan for its U.S. business, structured around four strategic pillars to drive profitable growth and long-term value, including a strategic shift to prioritize growing average unit volumes (AUVs) over net unit growth.
The international business delivered strong system-wide sales growth, with an expected international net unit growth of over 9% in 2025, while U.S. sales remain under pressure.
For the full year 2025, Wendy's reaffirmed its adjusted EBITDA outlook of $505-$525 million and maintained its adjusted EPS outlook of $0.82-$0.89 per share.
The company increased its free cash flow expectation to $195-$210 million for FY 2025, an increase of $35 million at the midpoint, driven by a reduction in capital expenditures and build-to-suit investments. System optimization in the U.S. could lead to restaurant closures starting in Q4 2025, potentially resulting in net unit growth at the low end of the 2-3% range.