The Wendy's Company (WEN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.16	$0.18	+12.5%	—	$570.6M	—
Q1 26	$0.1	$0.12	+20.0%	—	$540.6M	—
Q4 25	$0.14	$0.16	+14.3%	—	$543M	—
Q3 25	$0.2	$0.24	+20.0%	—	$549.5M	—
Q2 25	$0.25	$0.29	+16.0%	—	$560.9M	—
Q1 25	$0.2	$0.2	0.0%	—	$523.5M	—
Q4 24	$0.24	$0.25	+4.2%	—	$574.3M	—
Q3 24	$0.25	$0.25	0.0%	—	$566.7M	—
Q2 24	$0.28	$0.27	-3.6%	—	$570.7M	—
Q1 24	$0.21	$0.23	+9.5%	—	$534.8M	—
Q4 23	$0.23	$0.21	-8.7%	—	$540.7M	—
Q3 23	$0.25	$0.27	+8.0%	—	$550.6M	—
Q2 23	$0.27	$0.28	+3.7%	—	$561.6M	—
Q1 23	$0.2	$0.21	+5.0%	—	$528.8M	—
Q4 22	$0.21	$0.22	+4.8%	—	$536.5M	—
Q3 22	$0.23	$0.24	+4.3%	—	$532.6M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.85	—	—	$2.2B	—
FY24	—	$0.95	—	—	$2.2B	—
FY23	—	$0.98	—	—	$2.2B	—
FY22	—	$0.83	—	—	$2.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.4B	$1.2B	$1.6B	$1.7B	$1.7B	$1.9B	$2.1B	$2.2B	$2.2B	$2.2B
YoY change	-23.3%	-14.8%	+30%	+7.49%	+1.45%	+9.41%	+10.5%	+4.11%	+2.98%	-3.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.4B	1.2B	1.6B	1.7B	1.7B	1.9B	2.1B	2.2B	2.2B	2.2B
Cost of revenue	826.7M	622.3M	986.8M	1.1B	1.1B	1.2B	1.4B	1.4B	1.5B	1.6B
Gross profit	608.7M	601.1M	603.2M	605.7M	621.5M	698.3M	720.8M	776.5M	790M	588.6M
Gross margin	42.4%	49.1%	37.9%	35.4%	35.8%	36.8%	34.4%	35.6%	35.2%	27%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	236.8M	203.6M	217.5M	200.2M	206.9M	243M	255M	250M	255.2M	85.4M
Operating expenses	216.8M	194.9M	211.1M	188.8M	198.5M	228.5M	231.3M	236.2M	243.7M	63.3M
Operating income	269.2M	280.5M	263.2M	285.3M	290.2M	344.2M	353.7M	391.7M	388.4M	354.4M
Operating margin	18.8%	22.9%	16.6%	16.7%	16.7%	18.1%	16.9%	18%	17.3%	16.3%
Non-operating income, net	47.3M	-61.4M	431.3M	2.2M	-19.7M	5.5M	12.2M	11.8M	7.9M	-679K
Pretax income	201.7M	101M	574.9M	171.5M	152.8M	240.6M	243.5M	279.4M	272.4M	227.2M
Income tax	72.1M	-93M	114.8M	34.5M	35M	40.2M	66.1M	75M	78.1M	62.2M
Net income	129.6M	194M	460.1M	136.9M	117.8M	200.4M	177.4M	204.4M	194.4M	165.1M
Net margin	9.03%	15.9%	28.9%	8.01%	6.8%	10.6%	8.46%	9.37%	8.65%	7.58%
EBITDA	394.5M	407.8M	397.5M	424.7M	424.5M	470.4M	499.9M	569.8M	571.2M	537.9M
EPS	0.49	0.79	1.93	0.6	0.53	0.91	0.83	0.98	0.95	0.85
Diluted EPS	0.49	0.77	1.88	0.58	0.52	0.89	0.82	0.97	0.95	0.85

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	550.6M	540.7M	534.8M	570.7M	566.7M	574.3M	523.5M	560.9M	549.5M	543M	540.6M	570.6M
Cost of revenue	354.1M	331.7M	380.6M	408.3M	411.4M	249.1M	375.5M	394.5M	403.4M	407.2M	402.2M	424.8M
Gross profit	196.5M	208.9M	154.1M	162.4M	155.4M	325.2M	148M	166.4M	146.1M	135.7M	138.4M	145.8M
Gross margin	35.7%	38.6%	28.8%	28.5%	27.4%	56.6%	28.3%	29.7%	26.6%	25%	25.6%	25.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	59.3M	86.1M	29.2M	22.5M	25.1M	185.6M	29.7M	22.6M	14.9M	25.9M	32.4M	27.2M
Operating expenses	56.2M	81.9M	28.7M	22M	24.8M	174.7M	27.4M	19.4M	11.8M	12.1M	29.2M	24M
Operating income	102.2M	87.4M	86.4M	99.4M	90M	113.2M	79.9M	106M	90.7M	78.1M	63.9M	79.2M
Operating margin	18.6%	16.2%	16.2%	17.4%	15.9%	19.7%	15.3%	18.9%	16.5%	14.4%	11.8%	13.9%
Non-operating income, net	6.8M	9.9M	1.5M	6.5M	10.9M	-11.5M	6.4M	1.2M	4.1M	-12.4M	4.5M	3.3M
Pretax income	78M	67.3M	57.5M	74.8M	69.7M	70.5M	54.9M	75.9M	63.2M	33.2M	34.2M	48.6M
Income tax	19.9M	20.4M	15.5M	20.2M	19.4M	23M	15.7M	20.8M	19M	6.7M	11.5M	16M
Net income	58M	46.9M	42M	54.6M	50.2M	47.5M	39.2M	55.1M	44.3M	26.5M	22.7M	32.6M
Net margin	10.5%	8.68%	7.85%	9.57%	8.86%	8.27%	7.49%	9.82%	8.05%	4.88%	4.2%	5.72%
EBITDA	147.9M	134.3M	134.9M	149.7M	139.9M	147.3M	125.6M	149.3M	137M	125.9M	112.5M	124.9M
EPS	0.28	0.23	0.2	0.27	0.25	0.23	0.2	0.29	0.23	0.14	0.12	0.17
Diluted EPS	0.28	0.23	0.2	0.27	0.25	0.23	0.19	0.29	0.23	0.14	0.12	0.17

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	4B	3.7B	5.1B	4.9B	5.3B	4.8B	4.1B	3.3B	1.6B	1.2B
Enterprise value	—	6.6B	6.1B	8.5B	8.3B	8.9B	8.4B	7.7B	7B	5.5B	5B
Shares outstanding	262.2M	244.2M	237.8M	229.9M	223.7M	221.4M	213.8M	209.5M	204.4M	193.4M	193.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	20.7	8.07	37.3	41.6	26.3	27.3	20	17.1	9.76	9.92
P/S	—	3.28	2.33	2.99	2.83	2.78	2.31	1.87	1.48	0.74	0.57
P/B	—	6.99	5.72	9.89	8.92	12.1	10.4	13.2	12.8	13.7	10.8
EV/EBITDA	—	16.2	15.3	20.1	19.5	18.9	16.8	13.5	12.2	10.1	10.9
EV/Sales	—	5.39	3.81	4.99	4.77	4.68	4	3.53	3.1	2.51	2.26
Earnings yield	—	4.84%	12.4%	2.68%	2.4%	3.8%	3.67%	5.01%	5.83%	10.2%	10.1%
FCF yield	—	3.92%	4.16%	4.2%	4.39%	5.07%	3.6%	6.38%	7.83%	15.1%	14.2%
PEG	—	—	—	—	—	—	—	—	—	—	-0.24

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	42.4%	49.1%	37.9%	35.4%	35.8%	36.8%	34.4%	35.6%	35.2%	27%	25.6%
Operating margin	18.8%	22.9%	16.6%	16.7%	16.7%	18.1%	16.9%	18%	17.3%	16.3%	14.3%
Net margin	9.03%	15.9%	28.9%	8.01%	6.8%	10.6%	8.46%	9.37%	8.65%	7.58%	5.72%
ROE	24.6%	33.8%	71%	26.5%	21.4%	45.9%	38.1%	66%	74.9%	140.6%	108%
ROA	3.29%	4.74%	10.7%	2.74%	2.34%	3.93%	3.23%	3.94%	3.86%	3.33%	3.82%
ROIC	6.09%	8.89%	7.02%	5.8%	5.71%	7.09%	6.44%	7.29%	7.1%	6.5%	5.7%
Return on tangible assets	-68.7%	-589.8%	221.3%	13.9%	10.8%	20.3%	12.2%	17.1%	17.6%	15.5%	12.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.97	1.78	2.34	1.58	1.66	1.39	2.73	2.19	1.85	1.76	1.9
Quick ratio	1.95	1.77	2.33	1.57	1.65	1.37	2.71	2.18	1.83	1.74	1.88
Debt / equity	4.76	4.81	4.29	7.19	6.69	8.84	9.19	13.4	15.8	35.3	33.8
Debt / assets	0.64	0.67	0.65	0.74	0.73	0.76	0.78	0.8	0.81	0.84	0.83
Net debt / EBITDA	5.87	6.33	5.92	8.04	7.94	7.67	7.07	6.36	6.38	7.15	7.46
Interest coverage	2.76	1.86	5.81	2.48	2.3	3.2	2.99	3.25	3.2	2.8	2.36
Effective tax rate	35.7%	0%	20%	20.1%	22.9%	16.7%	27.2%	26.8%	28.7%	27.4%	29.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	5.47	5.01	6.69	7.43	7.75	8.57	9.8	10.4	11	11.3	11.6
EPS (basic)	0.49	0.79	1.93	0.6	0.53	0.91	0.83	0.98	0.95	0.85	0.85
EPS (diluted)	0.49	0.77	1.88	0.58	0.52	0.89	0.82	0.97	0.95	0.85	0.66
Book value per share	2.01	2.35	2.73	2.25	2.46	1.97	2.18	1.48	1.27	0.61	0.61
FCF per share	0.17	0.64	0.65	0.93	0.96	1.21	0.82	1.24	1.28	1.25	1.38
Cash per share	0.76	0.7	1.81	1.31	1.37	1.13	3.49	2.46	2.2	1.56	1.79
Capex per share	—	—	—	—	—	—	—	—	—	0.53	0.49

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	4.68%	4.28%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	29.6%	26.3%
Payout ratio	49.2%	35.2%	17.5%	70.4%	55%	47.3%	60.2%	102.4%	105.2%	78.5%	84.9%
Dividend yield	—	1.7%	2.17%	1.89%	1.32%	1.8%	2.21%	5.13%	6.14%	8.04%	4.37%

Yield

4.37%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.07

ex-dividend Sep 1, 2026

Payout ratio

85%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 1, 2026	$0.07
Jun 1, 2026	$0.14
Mar 2, 2026	$0.14

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$550.6M	$540.7M	$534.8M	$570.7M	$566.7M	$574.3M	$523.5M	$560.9M	$549.5M	$543M	$540.6M	$570.6M
YoY change	+3.38%	+0.77%	+1.12%	+1.63%	+2.94%	+6.22%	-2.11%	-1.72%	-3.04%	-5.45%	+3.28%	+1.72%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	198.2M	171.4M	431.4M	300.2M	307M	249.4M	745.9M	516M	450.5M	300.8M
Receivables	99.9M	116.1M	111.9M	100.5M	93.7M	101.5M	98.6M	104.8M	86.8M	105M
Inventory	2.9M	3.2M	3.7M	3.9M	4.7M	5.9M	7.1M	6.7M	6.5M	7.4M
Total current assets	452.5M	404.4M	665.7M	554M	687.6M	592.8M	1.1B	837.7M	736.1M	618M
Property, plant & equipment	687.6M	759.1M	706M	1.5B	1.4B	1.5B	1.4B	961.8M	936.2M	956.5M
Goodwill & intangibles	4.1B	4.1B	4.1B	4B	4B	4.1B	4B	4B	3.9B	3.9B
Total assets	3.9B	4.1B	4.3B	5B	5B	5.1B	5.5B	5.2B	5B	5B
Accounts payable	27.6M	22.8M	21.7M	22.7M	31.1M	41.2M	44M	27.4M	28.5M	30.4M
Short-term debt	24.7M	30.2M	31.7M	77.5M	86.4M	87.1M	95.7M	98.9M	150.7M	107.5M
Total current liabilities	230.1M	227.2M	284.2M	349.7M	413.3M	426.9M	388M	381.9M	397.6M	351.1M
Long-term debt	2.5B	2.7B	2.8B	3.6B	3.6B	3.8B	4.2B	4B	3.9B	4B
Total liabilities	3.4B	3.5B	3.6B	4.5B	4.5B	4.7B	5B	4.9B	4.8B	4.8B
Shareholders' equity	527.7M	573.2M	648.4M	516.4M	549.6M	436.4M	465.7M	309.8M	259.4M	117.4M
Total debt	2.5B	2.8B	2.8B	3.7B	3.7B	3.9B	4.3B	4.1B	4.1B	4.1B
Net debt	2.3B	2.6B	2.4B	3.4B	3.4B	3.6B	3.5B	3.6B	3.6B	3.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	598M	516M	498.3M	465.5M	482.2M	450.5M	335.3M	281.2M	291.4M	300.8M	298.7M	341.2M
Receivables	138.1M	104.8M	125.5M	117.7M	111.4M	86.8M	102.5M	115.1M	128.5M	105M	125.1M	109.2M
Inventory	6.8M	6.7M	6.1M	6.4M	6.3M	6.5M	6.2M	6.3M	6.9M	7.4M	6.6M	7M
Total current assets	926.1M	837.7M	867.5M	790.6M	783.2M	736.1M	644.2M	600.4M	640.9M	618M	652.3M	678.1M
Property, plant & equipment	1.8B	961.8M	1.8B	1.8B	1.8B	936.2M	1.8B	1.8B	1.9B	956.5M	1.8B	1.8B
Goodwill & intangibles	4B	4B	4B	4B	3.9B	3.9B	3.9B	3.9B	3.9B	3.9B	3.9B	3.8B
Total assets	5.3B	5.2B	5.2B	5.1B	5.1B	5B	4.9B	4.9B	5B	5B	4.9B	4.9B
Accounts payable	41.7M	27.4M	26.2M	25.8M	29M	28.5M	24.9M	26.6M	27.2M	30.4M	23.6M	21.4M
Short-term debt	98.1M	98.9M	99.8M	100.4M	101.8M	150.7M	151.7M	154M	502.5M	107.5M	109.4M	109.2M
Total current liabilities	405.2M	381.9M	425.4M	364.9M	373.1M	397.6M	433.5M	415.2M	793.7M	351.1M	356.2M	357.5M
Long-term debt	4.1B	4B	4B	4B	4B	3.9B	3.9B	3.9B	3.6B	4B	4B	4B
Total liabilities	4.9B	4.9B	4.9B	4.8B	4.8B	4.8B	4.8B	4.8B	4.9B	4.8B	4.8B	4.8B
Shareholders' equity	342.6M	309.8M	293.7M	273.8M	259.9M	259.4M	130.2M	112.9M	109.2M	117.4M	115.6M	120.5M
Total debt	4.2B	4.1B	4.1B	4.1B	4.1B	4.1B	4.1B	4.1B	4.1B	4.1B	4.1B	4.1B
Net debt	3.6B	3.6B	3.6B	3.6B	3.6B	3.6B	3.7B	3.8B	3.8B	3.8B	3.8B	3.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	129.6M	194M	460.1M	136.9M	117.8M	200.4M	177.4M	204.4M	194.4M	165.1M
Depreciation & amortization	124.3M	125.7M	128.9M	131.7M	132.8M	125.5M	135.8M	148.6M	157.9M	170.9M
Stock-based compensation	18.1M	20.9M	17.9M	18.7M	18.9M	22M	24.5M	23.7M	23M	14.6M
Change in working capital	-35.2M	-32.2M	26.6M	-26.8M	-7.3M	12.6M	-39.1M	-26.2M	-24.7M	-32.6M
Operating cash flow	156.7M	228.7M	622M	247.8M	260.1M	320.5M	256.3M	341M	339.4M	344.5M
Capital expenditure	—	—	—	—	—	—	—	—	—	-101.9M
Investing cash flow	257.1M	-10.5M	432.8M	19.5M	719K	-76.7M	7.8M	-1.5M	-34.9M	-150.8M
Dividends paid	-63.8M	-68.3M	-80.5M	-96.4M	-64.9M	-94.8M	-106.8M	-209.3M	-204.4M	-129.6M
Share repurchases	-337M	-126.2M	-269.8M	-217.8M	-62.2M	-268.5M	-52M	-189.6M	-77.4M	-200.8M
Financing cash flow	-431.8M	-228.7M	-351M	-393.6M	-181.3M	-272.7M	283.8M	-519M	-336M	-345.9M
Net change in cash	-18M	-10.5M	703.7M	-126.3M	79.6M	-29M	547.9M	-179.5M	-31.4M	-152.2M
Free cash flow	43.8M	157.1M	154.4M	214.5M	215.4M	267.8M	174.4M	260.4M	260.9M	242.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	58M	46.9M	42M	54.6M	50.2M	47.5M	39.2M	55.1M	44.3M	26.5M	22.7M	32.6M
Depreciation & amortization	38.1M	39.6M	39.1M	41M	40.6M	37.3M	40.7M	41M	43.6M	45.5M	45.3M	42.6M
Stock-based compensation	6.6M	7M	5.9M	5.8M	6.8M	4.5M	5.6M	5.1M	-934K	4.8M	5.2M	2.9M
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	88M	103M	94.1M	93.3M	89.6M	87.2M	94.8M	60.6M	129.3M	69.3M	59.4M	100.6M
Capital expenditure	—	—	—	—	—	—	—	-21.4M	-25M	-37.9M	-11.9M	-19.6M
Investing cash flow	-1.1M	-1.7M	-3.5M	-6M	-6.9M	-18.5M	-3.8M	-30.8M	-48.3M	-50.3M	-13.7M	-24.1M
Dividends paid	-52.2M	-51.4M	-51.4M	-51.3M	-50.8M	-51M	-49.4M	-26.8M	-26.7M	-26.6M	-26.6M	-26.7M
Share repurchases	-55.5M	-47.1M	-7.3M	-27M	-25.8M	-17.3M	-122.8M	-63.7M	-14.3M	0	0	-1.9M
Financing cash flow	-128.2M	-136.6M	-73.6M	-90.9M	-90.7M	-80.7M	-179.6M	-94.8M	-57.1M	-14.4M	-40.5M	-42.2M
Net change in cash	-41.3M	-35.4M	17.1M	-3.7M	-8.1M	-12M	-88.6M	-65M	23.8M	4.7M	5.2M	34.3M
Free cash flow	102.5M	46.6M	82.6M	28.4M	123.3M	26.6M	67.7M	39.2M	104.3M	31.4M	47.5M	81M

Date	Ratio
Mar 25, 1986	105:100
Sep 10, 1985	105:100
Mar 5, 1985	105:100
Sep 10, 1984	105:100
Mar 2, 1984	105:100
Aug 30, 1983	105:100
Sep 30, 1982	105:100
Feb 23, 1982	105:100
Aug 24, 1981	105:100
Feb 24, 1981	105:100

The Wendy's Company Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history