WEN · Wendy'S Co - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $2.18B | $2.25B | $2.18B | $2.10B | $1.90B | $1.73B |
| Cost of Revenue | $791.72M | $783.21M | $794.49M | $773.17M | $611.68M | $614.91M |
| Gross Profit | $1.39B | $1.46B | $1.39B | $1.32B | $1.29B | $1.12B |
| R&D | - | - | - | - | - | - |
| SG&A | $252.68M | $255.21M | $249.96M | $254.98M | $242.97M | $206.88M |
| Total Operating Expenses | $1.83B | $1.88B | $1.80B | $1.74B | $1.53B | $1.46B |
| D&A | $152.22M | $143.23M | $135.79M | $133.41M | $125.54M | $132.78M |
| Operating Income | $343.45M | $371.36M | $381.98M | $353.31M | $366.96M | $269.31M |
| Interest Expense | $126.47M | $124.06M | $124.06M | $122.32M | $109.19M | $117.74M |
| Income Tax | $62.17M | $78.06M | $74.98M | $66.14M | $40.19M | $34.96M |
| Net Income | $165.07M | $194.36M | $204.44M | $177.37M | $200.39M | $117.83M |
| EPS - Basic | $0.85 | $0.95 | $0.98 | $0.83 | $0.91 | $0.53 |
| EPS - Diluted | $0.85 | $0.95 | $0.97 | $0.82 | $0.89 | $0.52 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $300.83M | $450.51M | $516.04M | $745.89M | $249.44M | $306.99M |
| Accounts Receivable | $104.96M | $86.84M | $104.80M | $98.56M | $101.52M | $93.66M |
| Inventory | $7.39M | $6.53M | $6.69M | $7.13M | $5.93M | $4.73M |
| Accounts Payable | $30.45M | $28.45M | $27.37M | $44.00M | $41.16M | $31.06M |
| Current Assets | $618.04M | $736.14M | $837.65M | $1.06B | $592.85M | $687.62M |
| Total Assets | $4.96B | $5.03B | $5.18B | $5.50B | $5.10B | $5.04B |
| Current Liabilities | $351.10M | $397.63M | $381.93M | $388.00M | $426.93M | $413.31M |
| Long-term Debt | $2.73B | $2.66B | $2.73B | $2.82B | $2.36B | $2.22B |
| Total Liabilities | $4.84B | $4.78B | $4.87B | $5.03B | $4.66B | $4.49B |
| Stockholders' Equity | $117.38M | $259.35M | $309.78M | $465.72M | $436.40M | $549.60M |
| Retained Earnings | $435.12M | $399.70M | $409.86M | $414.75M | $344.20M | $238.67M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $344.54M | $355.31M | $345.42M | $259.90M | $345.77M | $284.36M |
| Investing Cash Flow | ($150.83M) | ($129.31M) | ($86.55M) | ($77.78M) | ($154.67M) | ($68.25M) |
| Financing Cash Flow | ($343.99M) | ($303.10M) | ($504.30M) | $288.67M | ($242.74M) | ($157.91M) |
| CapEx | $101.93M | $94.39M | $85.02M | $85.54M | $77.98M | $68.97M |
| Free Cash Flow | $242.62M | $260.92M | $260.39M | $174.36M | $267.79M | $215.39M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 63.6% | 65.1% | 63.6% | 63.1% | 67.8% | 64.5% |
| Operating margin | 15.8% | 16.5% | 17.5% | 16.9% | 19.3% | 15.5% |
| EBITDA margin | 22.8% | 22.9% | 23.7% | 23.2% | 26.0% | 23.2% |
| Net margin | 7.6% | 8.7% | 9.4% | 8.5% | 10.6% | 6.8% |
| Free cash flow margin | 11.1% | 11.6% | 11.9% | 8.3% | 14.1% | 12.4% |
| FCF / Net income | 1.47 | 1.34 | 1.27 | 0.98 | 1.34 | 1.83 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 11.6% | 11.4% | 11.5% | 12.2% | 12.8% | 11.9% |
| Effective tax rate | 27.4% | 28.7% | 26.8% | 27.2% | 16.7% | 22.9% |
| Return on assets | 3.3% | 3.9% | 3.9% | 3.2% | 3.9% | 2.3% |
| Return on equity | 140.6% | 74.9% | 66.0% | 38.1% | 45.9% | 21.4% |
| Return on invested capital | 8.8% | 9.1% | 9.2% | 7.8% | 10.9% | 7.5% |
| Liquidity | ||||||
| Current ratio | 1.76 | 1.85 | 2.19 | 2.73 | 1.39 | 1.66 |
| Quick ratio | 1.74 | 1.83 | 2.18 | 2.71 | 1.37 | 1.65 |
| Cash ratio | 0.86 | 1.13 | 1.35 | 1.92 | 0.58 | 0.74 |
| Leverage | ||||||
| Debt / Equity | 23.26 | 10.26 | 8.82 | 6.06 | 5.40 | 4.04 |
| Debt / Assets | 0.55 | 0.53 | 0.53 | 0.51 | 0.46 | 0.44 |
| Debt / EBITDA | 5.51 | 5.17 | 5.28 | 5.80 | 4.78 | 5.52 |
| Interest coverage | 2.7x | 3.0x | 3.1x | 2.9x | 3.4x | 2.3x |
| Equity multiplier | 42.23 | 19.41 | 16.73 | 11.81 | 11.69 | 9.17 |
| Liabilities / Assets | 0.98 | 0.95 | 0.94 | 0.92 | 0.91 | 0.89 |
| Efficiency | ||||||
| Asset turnover | 0.44 | 0.45 | 0.42 | 0.38 | 0.37 | 0.34 |
| Inventory turnover | 107.18 | 119.96 | 118.76 | 108.45 | 103.08 | 129.95 |
| Days sales outstanding | 18d | 14d | 18d | 17d | 20d | 20d |
| Days inventory outstanding | 3d | 3d | 3d | 3d | 4d | 3d |
| Days payable outstanding | 14d | 13d | 13d | 21d | 25d | 18d |
| Cash conversion cycle | 7d | 4d | 8d | -0d | -1d | 4d |
| Valuation | ||||||
| P / E | 9.8x | 17.2x | 20.1x | 27.6x | 26.8x | 42.2x |
| P / B | 13.8x | 12.9x | 13.3x | 10.5x | 12.3x | 9.1x |
| P / S | 0.7x | 1.5x | 1.9x | 2.3x | 2.8x | 2.9x |
| EV / EBITDA | 8.2x | 10.8x | 12.2x | 14.3x | 15.1x | 17.2x |
| Growth | ||||||
| Revenue growth (YoY) | -3.1% | 3.0% | 4.1% | 10.5% | 9.4% | 1.5% |
| Revenue CAGR (3y) | 1.3% | 5.8% | 8.0% | 7.0% | 6.1% | 12.3% |
| Revenue CAGR (5y) | 4.7% | 5.6% | 6.5% | 11.4% | 5.7% | -1.5% |
| Gross profit growth (YoY) | -5.3% | 5.5% | 4.9% | 2.9% | 14.9% | -6.1% |
| Operating income growth (YoY) | -7.5% | -2.8% | 8.1% | -3.7% | 36.3% | 2.6% |
| Net income growth (YoY) | -15.1% | -4.9% | 15.3% | -11.5% | 70.1% | -14.0% |
| EPS growth (YoY) | -10.5% | -2.1% | 18.3% | -7.9% | 71.2% | -10.3% |
| EPS CAGR (3y) | 1.2% | 2.2% | 23.1% | 12.2% | -22.1% | -12.3% |
| EPS CAGR (5y) | 10.3% | 10.4% | -12.4% | 1.3% | 12.7% | 1.2% |
| FCF growth (YoY) | -7.0% | 0.2% | 49.3% | -34.9% | 24.3% | 0.4% |
| FCF CAGR (5y) | 2.4% | 4.0% | 11.0% | 0.5% | 53.5% | - |
| Book value growth (YoY) | -54.7% | -16.3% | -33.5% | 6.7% | -20.6% | 6.4% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-28.
Business segments
$2.18B totalWendys U.S.$1.79B · 82.0%
Global Real Estate Development$238.81M · 11.0%
Wendys International$152.96M · 7.0%
Product / service
$2.69B totalProduct$916.33M · 34.1%
Franchise Royalty Revenueand Fees$602.73M · 22.4%
Royalty$429.04M · 15.9%
Advertising$422.08M · 15.7%
Real Estate$235.75M · 8.8%
Franchise$84.10M · 3.1%
Geographic
$2.18B totalUS$1.98B · 90.9%
Non Us$199.05M · 9.1%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
0.78
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Retail-Eating & Drinking Places
Comparing Wendy's Co against the 5 most active filers in the same SIC group.
Dividends
$0.56/share trailing 12 months · -37.1% YoY
| Ex-date | Per share |
|---|---|
| Jun 1, 2026 | $0.1400 |
| Mar 2, 2026 | $0.1400 |
| Dec 1, 2025 | $0.1400 |
| Sep 2, 2025 | $0.1400 |
| Jun 2, 2025 | $0.1400 |
| Mar 3, 2025 | $0.2500 |
| Dec 2, 2024 | $0.2500 |
| Sep 3, 2024 | $0.2500 |
| Jun 3, 2024 | $0.2500 |
| Feb 29, 2024 | $0.2500 |
| Nov 30, 2023 | $0.2500 |
| Aug 31, 2023 | $0.2500 |
| May 31, 2023 | $0.2500 |
| Feb 28, 2023 | $0.2500 |
| Nov 30, 2022 | $0.1250 |
| Aug 31, 2022 | $0.1250 |
| May 31, 2022 | $0.1250 |
| Mar 4, 2022 | $0.1250 |
| Nov 30, 2021 | $0.1200 |
| Aug 31, 2021 | $0.1200 |
| May 28, 2021 | $0.1000 |
| Mar 4, 2021 | $0.0900 |
| Nov 30, 2020 | $0.0700 |
| Aug 31, 2020 | $0.0500 |