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Wendy's Co (WEN) stock

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NASDAQ: WEN Nasdaq Restaurants Next results ~November 5, 2026

C+ Fundamentals grade

Wendy's Co is a US-listed company in the restaurants industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: after-tax interest is 44% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 44% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

Wendy's Co valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 0 selling2 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds203 adding, 216 cuttingOf 48 active managers that changed their stake, 21 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Wendy's files

Where Wendy's Co stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.20bn, down 1.0% on a year earlier, a smaller fall than the 1.8% decline a quarter earlier. That puts it 21 of 25 for growth among the restaurants companies we cover. Free-cash-flow margin held at 12.0%. Operating margin narrowed to 13.6% from 17.0%. The diluted share count is down 4.9% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 7 financial-health checks.

Our model value for Wendy's is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Wendy's Co's trailing-twelve-month revenue fell 1.0% year on year, with a free-cash-flow margin of 12.0%. Where it stands out: change in share count of -4.9% ranks 6 of 42 restaurants companies we cover.

Our discounted-cash-flow model values the business at ~$16 per share in the base case (~$8.6–$25 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 2.8% while net income fell 34.4%: a 37pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 4.9% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 6 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 1.0% over the last 12 months.
  • Margins narrowing. Operating margin is down 3.4 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 63% and a beta of 0.3 against the S&P 500.
  • Gross margin slipping. Gross margin is down 2.1 points on a year ago.
  • Below peers: days sales outstanding. Days sales outstanding of 18 days ranks 20 of 25 restaurants companies we cover (median 6 days).

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$0.18 against an average estimate of $0.16: beat by 10.2%
Revenue
$571m, up 1.7% on a year earlier
Share reaction
-1.2% in the first session after the results on August 7, 2026, against +0.6% for the S&P 500
Next report
November 5, 2026; average EPS estimate $0.09

Wendy's' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.7%
  • 1 week+17.3%
  • 1 month+18.6%
  • This year-8.8%
  • 1 year-9.6%
  • 5 years-59.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.2B
Operating margin
13.6%
Net margin
5.7%
EPS (TTM, diluted)
$0.66

Growth

Revenue growth
−1.0%
Change in growth rate
+0.9 pts
Share count change
−4.9%

Cash

Free cash flow (TTM)
$264M
FCF margin
12.0%
Stock pay % of revenue
0.5%

Earnings

Last results
August 7, 2026
Next results (est.)
November 6, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Announcement
  3. Results
  4. Announcement
  5. Announcement
  6. Leadership
  7. Announcement
  8. Leadership
  9. Results
  10. Announcement
  11. Leadership
  12. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Wendy's Co valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 44% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Wendy's Co as an operating company, with every model that fits that kind of business. Cost of equity 8.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.71 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$8.1 ~$6.9–$15 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$17 ~$15–$22 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Wendy's Co with Restaurants in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$7.59$9.75$12.07$11.72$16.97$17.02$18.89$18.36$16.59$14.87$7.98$7.26
Market value$2.5bn$2.6bn$3.0bn$2.9bn$4.0bn$3.9bn$4.2bn$4.0bn$3.5bn$3.1bn$1.5bn$1.4bn
+ Net debt (− = net cash)$2.2bn$2.4bn$2.6bn$2.4bn$2.0bn$2.0bn$2.2bn$2.1bn$2.3bn$2.3bn$2.5bn$2.4bn
Enterprise value$4.6bn$5.0bn$5.7bn$5.3bn$6.0bn$5.9bn$6.4bn$6.1bn$5.8bn$5.4bn$4.0bn$3.8bn
Multiples
Price / sales 1.3x1.8x2.5x1.8x2.3x2.2x2.2x1.9x1.6x1.4x0.7x0.6x
Price / earnings 15.5x20.1x15.7x6.2x29.1x32.9x21.1x22.3x17.2x15.7x9.4x11.0x
Price / free cash flow 109.9x59.4x19.4x18.6x18.6x18.0x15.8x22.7x13.5x11.7x6.4x5.2x
EV / EBITDA 10.8x11.3x16.6x13.9x15.2x14.6x13.0x12.6x11.2x10.4x8.1x8.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

73 /100

Strong moat

How hard Wendy's's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Net income has been a median 3.6% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 64.8%, moving by 1.0 percentage points (standard deviation) across 8 years.

  • Durability 15 / 20

    Operating margin has been a median 16.9%; its worst year was 13.5%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 10 of 10 years, at a median 10.9% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 16.0% over five years; stock-based pay has been a median 1.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $532m and EPS of $0.09 (range $0.06 to $0.12) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.48 −45% $2.2bn +1%
Next $0.48 −1% $2.2bn −1%

Next year's EPS estimate has moved −24.7% in 90 days, across 24 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.16 $0.18 +10.2%
Mar 2026 $0.10 $0.12 +25.1%
Dec 2025 $0.14 $0.16 +10.4%
Sept 2025 $0.20 $0.24 +22.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

24 analysts, Oct 2026
Buy313%
Hold1667%
Sell521%

Monthly trend

  1. Oct 20263163224
  2. Sep 20263163224
  3. Aug 20263153224
  4. Jul 20263153224

Counts of recommendations published by analysts covering Wendy's Co, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
35.8%
of tradable shares
Days to cover
8.23
at average volume
Short interest, 1 month
+2%
to September 30, 2026
Held by institutions
86%
of shares
Held by insiders
9.2%
of shares
Employees
4,967
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −9.6%

$8.03 on October 31, 2025 to $7.26

ThenNowEffect
Revenue (last 12 months) $2.2bn $2.2bn −1.0%
Net margin 8.6% 5.7% −33.7%
P/E multiple 8.4x 11.0x +31.0%
Share count 201m 191m +5.2%

Biggest factor: net margin.

Last 3 years −55.1%

$16.18 on November 3, 2023 to $7.26

ThenNowEffect
Revenue (last 12 months) $2.2bn $2.2bn +2.0%
Net margin 8.9% 5.7% −35.4%
P/E multiple 18.1x 11.0x −39.4%
Share count 214m 191m +12.3%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
WEN+11%−3%−10%−11%−46%−9%
Industry peers (median)+16%−17%+16%+0%−8%+6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
WEN50%42%33%33%33%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
WEN−29%−33%−21%−20%−50%−33%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 73% from June 8, 2021 to October 5, 2026. Getting back needed a 271% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$6.10 – $9.04
From 52-week high
−19.7%
vs 50-day average
+3.4%
vs 200-day average
+0.5%
Volatility (1 year)
63%
Beta vs S&P 500
0.28

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±2.1%
After a week
7 up, 5 down
typical move ±5.7%
After a month
3 up, 9 down
typical move ±4.8%
Results releasedNext dayS&P 500 next day5 days21 days
August 7, 2026 −1.2% +0.6% +16.9% +3.9%
May 8, 2026 −2.7% +1.1% +15.4% −1.7%
February 13, 2026 −3.7% +0.2% +6.9% −1.8%
November 7, 2025 −3.3% +1.7% −2.4% −6.0%
August 8, 2025 +3.4% +0.6% +6.1% +0.9%
May 2, 2025 +0.2% +0.9% −3.9% −6.1%
February 13, 2025 +0.6% +1.1% +7.0% +9.4%
October 31, 2024 −3.2% −1.5% −2.1% −9.9%
August 1, 2024 −0.3% −3.3% +1.4% −0.1%
May 2, 2024 +1.6% +2.2% −1.0% −10.4%
February 15, 2024 −4.4% +0.2% −5.1% −4.3%
January 18, 2024 +0.5% +2.1% +0.1% −3.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Wendy's Co in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Wendy's Co
$2.2B $2.2B $2.2B $2.2B $2.2B $2.3B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $2.2B Revenue (TTM), FY23 Q4: $2.2B Revenue (TTM), FY24 Q1: $2.2B Revenue (TTM), FY24 Q2: $2.2B Revenue (TTM), FY24 Q3: $2.2B Revenue (TTM), FY24 Q4: $2.2B Revenue (TTM), FY25 Q1: $2.2B Revenue (TTM), FY25 Q2: $2.2B Revenue (TTM), FY25 Q3: $2.2B Revenue (TTM), FY25 Q4: $2.2B Revenue (TTM), FY26 Q1: $2.2B Revenue (TTM), FY26 Q2: $2.2B $2.2B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $2.2B
FY23 Q4 $2.2B
FY24 Q1 $2.2B
FY24 Q2 $2.2B
FY24 Q3 $2.2B
FY24 Q4 $2.2B
FY25 Q1 $2.2B
FY25 Q2 $2.2B
FY25 Q3 $2.2B
FY25 Q4 $2.2B
FY26 Q1 $2.2B
FY26 Q2 $2.2B
Revenue growth, TTM YoY Wendy's Co
-5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 7.1% Revenue growth, TTM YoY, FY23 Q4: 4.1% Revenue growth, TTM YoY, FY24 Q1: 2.4% Revenue growth, TTM YoY, FY24 Q2: 1.7% Revenue growth, TTM YoY, FY24 Q3: 1.6% Revenue growth, TTM YoY, FY24 Q4: 3.0% Revenue growth, TTM YoY, FY25 Q1: 2.2% Revenue growth, TTM YoY, FY25 Q2: 1.3% Revenue growth, TTM YoY, FY25 Q3: -0.2% Revenue growth, TTM YoY, FY25 Q4: -3.1% Revenue growth, TTM YoY, FY26 Q1: -1.8% Revenue growth, TTM YoY, FY26 Q2: -1.0% -1.0%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 7.1%
FY23 Q4 4.1%
FY24 Q1 2.4%
FY24 Q2 1.7%
FY24 Q3 1.6%
FY24 Q4 3.0%
FY25 Q1 2.2%
FY25 Q2 1.3%
FY25 Q3 -0.2%
FY25 Q4 -3.1%
FY26 Q1 -1.8%
FY26 Q2 -1.0%
Operating margin (TTM) Wendy's Co
13% 14% 15% 16% 17% 18% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 17.4% Operating margin (TTM), FY23 Q4: 17.5% Operating margin (TTM), FY24 Q1: 17.3% Operating margin (TTM), FY24 Q2: 16.8% Operating margin (TTM), FY24 Q3: 16.4% Operating margin (TTM), FY24 Q4: 16.5% Operating margin (TTM), FY25 Q1: 16.7% Operating margin (TTM), FY25 Q2: 17.0% Operating margin (TTM), FY25 Q3: 17.0% Operating margin (TTM), FY25 Q4: 15.8% Operating margin (TTM), FY26 Q1: 14.8% Operating margin (TTM), FY26 Q2: 13.6% 13.6%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 17.4%
FY23 Q4 17.5%
FY24 Q1 17.3%
FY24 Q2 16.8%
FY24 Q3 16.4%
FY24 Q4 16.5%
FY25 Q1 16.7%
FY25 Q2 17.0%
FY25 Q3 17.0%
FY25 Q4 15.8%
FY26 Q1 14.8%
FY26 Q2 13.6%
FCF margin (TTM) Wendy's Co
10% 11% 12% 13% 14% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 11.7% FCF margin (TTM), FY23 Q4: 11.9% FCF margin (TTM), FY24 Q1: 13.8% FCF margin (TTM), FY24 Q2: 11.8% FCF margin (TTM), FY24 Q3: 12.7% FCF margin (TTM), FY24 Q4: 11.6% FCF margin (TTM), FY25 Q1: 11.0% FCF margin (TTM), FY25 Q2: 11.5% FCF margin (TTM), FY25 Q3: 10.8% FCF margin (TTM), FY25 Q4: 11.1% FCF margin (TTM), FY26 Q1: 10.1% FCF margin (TTM), FY26 Q2: 12.0% 12.0%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 11.7%
FY23 Q4 11.9%
FY24 Q1 13.8%
FY24 Q2 11.8%
FY24 Q3 12.7%
FY24 Q4 11.6%
FY25 Q1 11.0%
FY25 Q2 11.5%
FY25 Q3 10.8%
FY25 Q4 11.1%
FY26 Q1 10.1%
FY26 Q2 12.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Wendy's took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $2.2B
  2. Cost of revenue $792M · 36.4%
  3. Gross profit $1.4B · 63.6%
  4. Selling, general and admin $253M · 11.6%
  5. Other operating costs $789M · 36.2%
  6. Operating income $343M · 15.8%
  7. Income tax $62.2M · 2.9%
  8. Interest and other $116M · 5.3%
  9. Net income $165M · 7.6%

Shares of revenue. Source: Wendy's's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Jan 2010 2010 Jan 2011 2011 Jan 2012 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Jan 2016 2016 Jan 2017 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Jan 2021 2021 Jan 2022 2022 Jan 2023 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 2,437 2,375 2,431 2,505 2,424 1,999 1,870 1,435 1,223 1,590 1,709 1,734 1,897 2,096 2,182 2,246 2,177 2,204
Gross profit — — — — — — — — 705 1,041 1,111 1,119 1,285 1,322 1,387 1,463 1,385 1,388
EBITDA 232 277 282 277 340 402 428 439 340 379 394 402 493 487 518 515 496 458
Operating income 98 150 137 123 139 243 274 315 215 250 263 269 367 353 382 371 343 300
Net income 5 −4 10 7 45 121 161 130 194 460 137 118 200 177 204 194 165 126
Diluted EPS $0.01 −$0.01 $0.02 $0.02 $0.11 $0.32 $0.49 $0.49 $0.77 $1.88 $0.58 $0.52 $0.89 $0.82 $0.97 $0.95 $0.85 $0.66
Growth (year on year)
Revenue +33.7% −2.5% +2.4% +3.0% −3.3% −17.5% −6.4% −23.3% −14.8% +30.0% +7.5% +1.5% +9.4% +10.5% +4.1% +3.0% −3.1% −1.0%
EBITDA — +19.7% +1.9% −1.9% +22.6% +18.5% +6.4% +2.5% −22.5% +11.3% +4.1% +2.0% +22.5% −1.2% +6.4% −0.6% −3.7% −12.3%
Operating income — +54.1% −8.9% −10.5% +13.5% +74.1% +13.1% +14.7% −31.8% +16.4% +5.1% +2.6% +36.3% −3.7% +8.1% −2.8% −7.5% −20.6%
Net income — — — — — — +32.7% −19.6% +49.7% +137.1% −70.2% −14.0% +70.1% −11.5% +15.3% −4.9% −15.1% −34.4%
Diluted EPS — — — — — — +53.1% 0.0% +57.1% +144.2% −69.1% −10.3% +71.2% −7.9% +18.3% −2.1% −10.5% −31.0%
Margins
Gross margin — — — — — — — — 57.7% 65.5% 65.0% 64.5% 67.8% 63.1% 63.6% 65.1% 63.6% 63.0%
EBITDA margin 9.5% 11.7% 11.6% 11.1% 14.0% 20.1% 22.9% 30.6% 27.8% 23.8% 23.1% 23.2% 26.0% 23.2% 23.7% 22.9% 22.8% 20.8%
Operating margin 4.0% 6.3% 5.6% 4.9% 5.7% 12.1% 14.7% 21.9% 17.6% 15.7% 15.4% 15.5% 19.3% 16.9% 17.5% 16.5% 15.8% 13.6%
Net margin 0.2% −0.2% 0.4% 0.3% 1.9% 6.1% 8.6% 9.0% 15.9% 28.9% 8.0% 6.8% 10.6% 8.5% 9.4% 8.7% 7.6% 5.7%
Free-cash-flow margin 7.9% 3.3% 4.1% −0.3% 4.4% −2.2% 1.2% 3.1% 12.8% 9.7% 12.6% 12.4% 14.1% 8.3% 11.9% 11.6% 11.1% 12.0%
Cash flow
Cash from operations 295 226 247 190 330 255 274 194 239 224 289 284 346 260 345 355 345 358
Capital spending 102 148 147 198 224 298 252 150 82 70 74 69 78 86 85 94 102 94
Free cash flow 193 78 100 −7 106 −44 23 44 157 154 214 215 268 174 260 261 243 264
Stock-based pay 12 10 17 11 20 28 23 18 21 18 19 19 22 25 24 23 15 12
Free cash flow after stock pay 181 68 83 −19 86 −72 −1 26 136 136 196 196 246 150 237 238 228 252
Balance sheet
Cash 592 513 475 453 580 267 327 198 171 431 300 307 249 746 516 451 301 341
Total debt 1,523 1,572 1,387 1,483 1,479 1,462 2,478 2,558 2,792 2,826 2,321 2,283 2,423 2,896 2,797 2,768 2,789 2,749
Net debt (negative = net cash) 931 1,060 912 1,030 899 1,195 2,151 2,360 2,620 2,394 2,021 1,976 2,173 2,150 2,281 2,317 2,488 2,408
Diluted shares 467m 427m 407m 392m 399m 376m 329m 267m 252m 245m 235m 228m 224m 216m 212m 206m 194m 191m
Returned to shareholders
Dividends 28 28 32 39 71 75 72 64 68 81 96 65 95 107 209 204 130 107
Buybacks 73 174 158 0 69 301 1,099 337 126 270 218 62 269 52 190 77 201 16
Total returned 101 201 190 39 140 376 1,171 401 195 350 314 127 363 159 399 282 330 123

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 7 checks passed · June 28, 2026
What it owns · $4.9bn
Short-term assets $678mLonger-term assets $4.2bn
What it owes, and who funded it · $4.9bn
Short-term liabilities $357mLonger-term liabilities $4.4bnShareholders' equity $120m
  • Short-term assets cover short-term liabilities $678m of assets due within a year against $357m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $678m short-term assets against $4.4bn of longer-dated liabilities.
  • More cash than debt $341m of cash against $2.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 2282% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 540% to 2282% over five years.
  • A year's operating cash flow covers at least 20% of debt $358m of operating cash flow against $2.7bn of debt.
  • Operating profit covers interest at least five times over Operating income of $300m against $132m of interest.

From Wendy's Co's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$16.2M
Dividends (TTM)
$107M
Returned to shareholders
46%
of free cash flow
Buybacks, last 3 fiscal years
$468M
Diluted share count
−4.9%
year over year
Total shareholder yield
8.9%
dividends 7.7% + buybacks 1.2% of market value
Dividend payout ratio
85%
of net income paid out
Days sales outstanding
18 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in restaurants
Last 12 months unless stated WEN PLAY PZZA BROS CHA SHAK Median
Revenue, last 12 months $2.2bn $2.1bn $2.0bn $1.9bn $1.8bn $1.6bn $1.4bn
Revenue growth, last 12 months −1.0% −1.5% −5.6% 29.6% 4.2% 17.3% 4.6%
Revenue growth, 3-year average 0.7% −1.6% −1.8% 30.5% — 16.1% 5.1%
Revenue growth, latest quarter 1.7% −2.4% −8.8% 32.5% — 17.2% 4.5%
Gross margin 63.0% 85.4% — 25.1% — — 68.6%
Operating margin 13.6% 1.7% 4.3% 9.6% 10.4% 3.6% 4.9%
Operating margin, 3-year average 15.8% 7.4% 5.9% 8.8% — 2.1% 6.9%
Net margin 5.7% −4.3% 1.4% 4.9% 9.1% 2.6% 2.5%
Cash from operations / revenue 16.3% 15.5% 4.8% 19.4% 12.7% 12.3% 11.9%
Free-cash-flow margin 12.0% −0.8% 1.7% 5.0% 9.5% −0.8% 3.4%
Free-cash-flow margin, 3-year average 11.8% −5.9% 2.6% 1.8% — 1.4% 2.8%
Stock pay / revenue 0.5% 0.6% 0.8% 1.1% 5.6% 1.2% 0.8%
Change in share count −4.9% −6.7% 0.5% 7.9% 63.7% −6.7% 0.2%

Median of all 44 companies we cover in restaurants. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

44 restaurants companies
Measure Company Peer median Rank
Revenue growth Growth -1.0% 4.7% 34 of 44
Change in growth rate Growth +0.9pp +0.3pp 16 of 44
Gross margin Profitability 63.0% 63.0% 8 of 15
Operating margin Profitability 13.6% 5.2% 9 of 42
Net margin Profitability 5.7% 2.6% 15 of 44
Free-cash-flow margin Cash generation 12.0% 3.6% 9 of 44
Stock pay as % of revenue Cash generation 0.5% 0.8% 9 of 40
Long-term debt as % of assets Balance sheet 55.7% 29.0% 28 of 36
Change in share count Balance sheet -4.9% 0.3% 6 of 42
Days sales outstanding Balance sheet 18 days 6 days 20 of 25

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 28, 2025
Products and services
Line of business Revenue Share YoY
Products $916M 42.1% ▼ 1.0%
Franchise Royalty Revenue and Fees $603M 27.7% ▼ 3.7%
Royalty $505M 83.7% ▼ 4.5%
Franchise $98.2M 16.3% ▲ 0.6%
Advertising $422M 19.4% ▼ 7.9%
Real Estate $236M 10.8% ▼ 0.3%
Geography
Region Revenue Share YoY
United States $2B 90.9% ▼ 3.8%
Outside the US $199M 9.1% ▲ 4.7%

From Wendy's Co's 10-K filed February 23, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.5B
Institutions reporting
400
Shares held vs prior quarter
▼ 6.4%
Positions opened / closed
73 / 78

Top buyers and sellers, Q2 2026: 203 institutions bought and 216 sold ; the biggest buyer was Fairfax Financial Holdings Ltd/ Can (+4.7M shares) and the biggest seller Arrowstreet Capital, Limited Partnership (−4.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Trian Fund Management, L.P. $253M 30.5M 17.0% ▲ 0.1%
Blackrock, Inc. $218M 26.3M 14.7% ▲ 21.1%
Vanguard Portfolio Management LLC $85.4M 10.3M 5.7% ▲ 11.2%
Fairfax Financial Holdings Ltd/ Can $66.3M 8.0M 4.5% ▲ 144.9%
Charles Schwab Investment Management Inc $62.4M 7.5M 4.2% ▲ 15.8%
Vanguard Capital Management LLC $57.4M 6.9M 3.9% ▲ 1.5%
Wells Fargo & Company $55.4M 6.7M 3.7% ▼ 3.3%
State Street Corp $54.4M 6.6M 3.7% ▲ 20.1%
Harris Associates L P $46.3M 5.6M 3.1% ▼ 5.8%
Geode Capital Management, LLC $35.4M 4.3M 2.4% ▲ 44.4%
Morgan Stanley $33.1M 4.0M 2.2% ▼ 47.4%
Northern Trust Corp $29.2M 3.5M 2.0% ▲ 26.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Wendy's Co's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $17,846 2 trades by 2 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $17,846 net buying
Insider Date Trade Shares Price Value
Suerken Peter J. Jr President, U.S. November 20, 2025 Buy 500 $7.88 $3,940
Min John Chief Legal Ofcr & Secretary November 19, 2025 Buy 1,700 $8.18 $13,906

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 6, 2026 estimated from the company's past filing pattern, not announced

  • August 7, 2026
  • May 8, 2026
  • February 13, 2026
  • November 7, 2025
  • August 8, 2025
  • May 2, 2025

Recent SEC filings

Data status

When each part of this page on Wendy's Co was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Wendy's Co in brief

What does Wendy's Co do?
Wendy's Co is a US-listed company in the restaurants industry. Its financial year ends in December.
What is Wendy's Co's stock ticker?
Wendy's Co trades under the ticker WEN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Wendy's Co's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Wendy's Co reported revenue of $2.2B, 1.0% lower than a year earlier, according to its SEC filings.
What is Wendy's Co's free cash flow?
Wendy's Co's free-cash-flow margin is 12.0% of revenue over the trailing twelve months, ranking 9 of the 44 restaurants companies we cover.
Who are Wendy's Co's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Trian Fund Management, L.P., Blackrock, Inc. and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Wendy's Co buying back stock, and does it pay a dividend?
Wendy's Co spent $16.2M on share repurchases over the trailing twelve months, and its diluted share count fell 4.9% over the year.
What is Wendy's Co's market cap?
On November 2, 2026, Wendy's Co's market capitalisation was about $1.4B, with a price-to-earnings ratio of 11.0 and net debt of $2.4B. Market figures come from third-party market data and may be delayed.
Does Wendy's Co pay a dividend?
Yes: Wendy's Co paid $107M in dividends over the trailing twelve months, a dividend yield of 7.71% and a payout ratio of 84.6%.
How much debt does Wendy's Co have?
Wendy's Co's debt-to-equity ratio is 2281.9%, from its latest balance sheet (540.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Wendy's Co's competitors?
In our Restaurants peer group, the companies closest to Wendy's Co are Dave & Buster's Entertainment, Inc., Papa Johns International Inc, Dutch Bros Inc., Chagee Holdings Ltd. and Shake Shack Inc. The side-by-side comparison below sets their revenue, margins and growth against Wendy's Co's.
Are insiders buying or selling Wendy's Co stock?
Over the last 12 months, Wendy's Co's directors and officers reported 2 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Wendy's Co's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Wendy's Co announces its own schedule.