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Wingstop Inc. is a fast casual restaurant chain specializing in chicken wings, with a global presence of over 2,550 locations as of the end of fiscal year 2024. The company primarily operates as a franchisor, generating revenue through royalties, advertising fees, and franchise fees, alongside sales from company-owned restaurants. Wingstop offers a variety of chicken products, including classic wings, boneless wings, tenders, and chicken sandwiches, all available in 12 distinctive flavors.
- Royalty Revenue, Franchise Fees, and Other - Generates income from royalties and franchise fees from its franchisees, contributing significantly to the company's revenue.
- Advertising Fees - Collects fees for advertising purposes, supporting the brand's marketing efforts.
- Company-Owned Restaurant Sales - Includes sales from restaurants owned and operated directly by Wingstop.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Michael J. Skipworth ExecutiveBoard | President and Chief Executive Officer | Michael J. Skipworth has been the President and Chief Executive Officer of Wingstop Inc. since March 2022, and he has also served as President since August 2021. Previously, he held key roles including Chief Operating Officer and Chief Financial Officer, demonstrating his extensive expertise in finance and operations. | View Report → | |
Albert G. McGrath Executive | Senior Vice President, General Counsel, and Secretary | Albert G. McGrath has served as Wingstop's Senior Vice President, General Counsel, and Secretary since March 2020. He previously served as General Counsel for Fogo de Chão, Inc. from October 2014 to March 2020 and as Partner at Baker McKenzie LLP from April 2000 to October 2014. | ||
Alex R. Kaleida Executive | Senior Vice President, Chief Financial Officer | Alex R. Kaleida has served as Senior Vice President, Chief Financial Officer at Wingstop Inc. since August 2021. Previously, he served as Vice President, FP&A from March 2019 to August 2021. | ||
Bradley T. Brewer Executive | Senior Vice President, Strategy and Chief of Staff | Bradley T. Brewer is the Senior Vice President, Strategy and Chief of Staff at Wingstop Inc. since November 2024. He has previously held executive roles at YETI Holdings and Boston Consulting Group. | ||
Christopher Fallon Executive | Senior Vice President, Chief Information Officer | Christopher Fallon serves as Senior Vice President, Chief Information Officer at WING since December 2023, and has held significant technology leadership roles previously at Fortune Brands Innovations and Starbucks Coffee Co. | ||
Donnie S. Upshaw Executive | Senior Vice President, Corporate Restaurants and Chief People Officer | Donnie S. Upshaw has served as Wingstop's Chief People Officer since December 2021 and oversees corporate restaurants as Senior Vice President since July 2022. He previously held internal roles at Wingstop as Vice President of People starting in April 2018 and Senior Vice President of People between November 2019 and December 2021. | ||
Marisa J. Carona Executive | Senior Vice President, Chief U.S. Franchise Operations and Development Officer | Marisa J. Carona is the Senior Vice President, Chief U.S. Franchise Operations and Development Officer at Wingstop since October 2024. She has been with the company since February 2015, holding various executive roles such as Vice President, Global Operations Services, Chief of Staff, and Chief Growth Officer. | ||
Mark E. Christenson Executive | Senior Vice President, Chief Revenue Officer | Mark E. Christenson is the Senior Vice President, Chief Revenue Officer at Wingstop since December 2024. Previously, he held significant leadership roles, including at Procter & Gamble and The Boston Consulting Group. | ||
Rajneesh Kapoor Executive | Senior Vice President, President of International | Rajneesh Kapoor is the Senior Vice President, President of International at Wingstop since May 2023. He previously held various leadership positions at 7-Eleven, Inc., contributing significantly to the company's domestic and global operational strategies. | ||
Ania M. Smith Board | Independent Director | CEO of TaskRabbit | Ania M. Smith has been an independent director on Wingstop Inc.'s Board of Directors since July 2022, serving on the Compensation and Technology Committees. Previously, she has held executive roles including CEO of TaskRabbit since August 2020, Director, Head of Courier Operations at Uber from August 2019 to June 2020, and several leadership positions at Airbnb from April 2015 to May 2018. | |
David L. Goebel Board | Independent Director | Chairman of the Board at Jack In the Box Inc.; Board Member at Murphy USA Inc. | David L. Goebel is a seasoned professional with over 40 years of experience in retail, food service, and hospitality, serving as an independent director at WING since November 2017 and chairing the Compensation Committee while also serving on the Nominating and Corporate Governance Committee. Previously, he held executive roles at companies such as Applebee’s International and Mr. Goodcents Franchise Systems. | |
Kate S. Lavelle Board | Independent Director and Chair of the Audit Committee | Kate S. Lavelle has served on Wingstop Inc.'s Board of Directors since March 2019 as an independent director and Chair of the Audit Committee. She previously served as CFO at Dunkin’ Brands, Inc. from December 2004 until July 2010, bringing extensive finance experience. | ||
Kilandigalu (Kay) M. Madati Board | Member of the Board of Directors | Kilandigalu (Kay) M. Madati has served as a member of Wingstop Inc.'s Board of Directors since March 2017 and is recognized as an independent director serving as the Chair of the Technology Committee and a member of the Audit Committee. He has also held executive roles at FIFA, Twitter, BET Networks, Facebook, and CNN. | ||
Krishnan (Kandy) Anand Board | Chair of the Nominating and Corporate Governance Committee | CEO of Igniting Business Growth; Chairman and CEO of Igniting Consumer Growth Acquisition Company; Board Member at British American Tobacco | Krishnan (Kandy) Anand has been a member of Wingstop’s Board since August 2018 and currently serves as the Chair of the Nominating and Corporate Governance Committee and as a member of the Technology Committee, providing strategic oversight for the company. | |
Lynn Crump-Caine Board | Chair of the Board of Directors | Director at Thrivent Financial ; Director at Advocate Healthcare ; Chair of the Board at The Exco Group | Lynn Crump-Caine has served as Chair of the Board of Directors at Wingstop Inc. since March 2022 and has been a board member since January 2017. Previously, she served as Lead Independent Director from March 2017 to March 2022. | |
Michael J. Hislop Board | Independent Director | Michael J. Hislop serves as an independent director at Wingstop Inc. since October 2011 and is a member of both the Compensation and Technology Committees. He has extensive restaurant industry experience from previous leadership roles such as CEO and COO at other companies. | ||
Thomas R. Greco Board | Class I Director | Tapestry, Inc.; Centene Corporation; A Parent Media Co. Inc.; Sabra Dipping Company LLC (Chair of the Board); American Heart Association (Board Member) | Thomas R. Greco is a Class I Director at Wingstop Inc. since December 16, 2024. He brings extensive leadership experience from his previous roles as CEO of Advance Auto Parts, Inc. and Frito-Lay North America. | |
Wesley S. McDonald Board | Independent Director | Audit Committee Chair at Urban Outfitters, Inc. | Wesley S. McDonald has served as an Independent Director at Wingstop Inc. since May 2016 , leveraging extensive financial leadership experience; he previously held senior roles including CFO at Kohl's Corporation from 2003 to 2017. |
- Given that your domestic same‐store sales guidance for FY2025 has narrowed to 1% growth—a notable departure from the broader ranges previously suggested—what specific consumer behavior trends and regional factors drove management to tighten this forecast despite record new unit openings and digital engagement?
- With the rollout of the Wingstop Smart Kitchen now deployed in over 200 restaurants and expected to reach roughly 400 by week’s end, can you clarify the immediate sales impact and speed-of-service improvements, and explain how you plan to scale this technology consistently across markets?
- While you highlighted strong international development in markets like Kuwait and Australia, you mentioned that China remains a significant opportunity despite current geopolitical caution; what specific strategies and risk mitigation plans are you implementing there to ensure long‑term growth?
- Early results from the tenders relaunch indicate higher new guest acquisition and a mix that now exceeds that of the chicken sandwich, yet the shift toward lower average ticket sizes raises concerns—how do you expect this to impact unit economics and overall profitability, and what measures are in place to manage this change?
- Despite accelerated unit growth and robust franchise cash flows, you have noted concentrated consumer pullbacks in specific demographics; what contingency plans do you have in place if these regions fail to rebound as anticipated, potentially affecting overall brand partner returns?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Two Existing Restaurants (Franchisee Acquisition) | 2024 | Deal Value: $7.0M; funded by cash flow from operations and accounted for as a business combination. The fair value of assets and liabilities is still being determined, with the excess purchase price allocated to goodwill. |
One Existing Restaurant (Franchisee Acquisition) | 2024 | Deal Value: $3.3M; funded by cash flow from operations, this acquisition included detailed purchase price allocation (e.g., reacquired franchise rights and goodwill) with expected sales and unit growth benefits and minimal pro-forma financial impact. |
One Existing Restaurant – Dallas, TX (Franchisee Acquisition) | 2023 | Deal Value: $6.5M; funded by cash on hand, this acquisition is accounted for as a business combination with ongoing fair value allocation and its impact reflected in the consolidated financial statements. |
Two Existing Restaurants (Franchisee Acquisition) | 2023 | Deal Value: $4.4M; financed by cash flow from operations, this deal featured a detailed allocation (including working capital, property, equipment, reacquired franchise rights, and goodwill) with goodwill deductible for tax purposes and minimal effect on pro-forma financial statements. |
One Existing Restaurant (Franchisee Acquisition) | 2022 | Deal Value: $1.7M; funded by cash flow from operations, with a detailed preliminary allocation to working capital, property and equipment, and goodwill reflecting anticipated sales and growth benefits, and minimal impact on combined financial statements. |
Recent press releases and 8-K filings for WING.
- System-wide sales climbed 15.7% to $1.3 billion while total revenue increased 17.4% to $171.1 million, with net income surging 221% to $92.3 million and Adjusted EBITDA growing 18.4% to $59.5 million (, , ).
- Achieved a record 126 net new openings driving 18.0% unit growth, with improved domestic performance (AUV reached $2.1 million) and international expansion including Kuwait, with plans for Australia and China (, , , , ).
- Recorded record same-store sales growth of 0.5% amid challenging macroeconomic conditions ().
- Updated FY2025 guidance projects domestic same-store sales growth of ~1%, a global unit growth rate of 16%-17%, an accelerated share repurchase of $250 million, and a planned dividend of $0.27 per share (, , ).
- Q4 Highlights: Total revenue increased 27.4% to $161.8M, net income rose 42.2% to $26.8M, system-wide sales grew 27.6% with 105 net new restaurants and domestic same-store sales up 10.1%
- Fiscal 2024 Performance: Achieved record full-year results with 349 net new restaurants, system-wide sales of $4.8B, net income up 54.9% to $108.7M, and marked the 21st consecutive year of same-store sales growth
- Share Repurchase & Strategic Outlook: Launched an additional $500M share repurchase program (including an accelerated $250M buyback) and set 2025 guidance with a global unit growth target of 14–15% plus a quarterly dividend of $0.27 per share
- Operational Excellence & EBITDA Growth: Q4 adjusted EBITDA increased 44% to $56.3M, with fiscal adjusted EBITDA reaching $212M, supported by domestic AUV rising to $2.1M
- Digital Innovation: The launch of the MyWingstop platform boosted the digital sales mix to 70%, driving record new guest acquisition and engagement