Wendy's (WEN) Financials

$12.25 -0.09 (-0.73%)

As of 05/20/2025 04:00 PM Eastern

Annual Income Statements for Wendy's

This table shows Wendy's' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/29/2024	12/31/2023	1/1/2023	1/2/2022	1/3/2021	12/29/2019	12/30/2018	12/31/2017	1/1/2017	1/3/2016
Net Income / (Loss) Attributable to Common Shareholders	194	204	177	200	118	137	460	194	130	161
Consolidated Net Income / (Loss)	194	204	177	200	118	137	460	194	130	161
Net Income / (Loss) Continuing Operations	194	204	177	200	118	137	460	194	130	140
Total Pre-Tax Income	272	279	244	241	153	171	575	101	202	234
Total Operating Income	371	382	353	367	269	263	250	215	315	274
Total Gross Profit	1,268	1,204	1,152	1,110	967	944	925	601	609	638
Total Revenue	2,246	2,182	2,096	1,897	1,734	1,709	1,590	1,223	1,435	1,870
Operating Revenue	2,246	2,182	2,096	1,897	1,734	1,709	1,590	1,223	1,435	1,870
Total Cost of Revenue	978	977	944	787	767	765	665	622	827	1,232
Operating Cost of Revenue	978	977	944	787	767	765	665	622	827	1,232
Total Operating Expenses	897	822	798	743	698	681	675	386	294	364
Selling, General & Admin Expense	255	250	255	243	207	200	217	204	237	257
Marketing Expense	478	428	431	412	345	338	322	0.00	0.00	-
Depreciation Expense	143	136	133	126	133	132	129	126	123	145
Amortization Expense	15	13	2.39	0.00	0.00	-	-	-	-	-
Other Operating Expenses / (Income)	-12	-14	-24	-14	-8.40	-11	-6.39	-8.65	-20	-11
Impairment Charge	9.71	1.40	6.42	2.25	8.04	7.00	4.70	4.10	16	25
Restructuring Charge	8.53	9.20	0.70	8.55	16	17	9.07	23	10	22
Other Special Charges / (Income)	-1.22	-0.88	-6.78	-34	-3.15	-1.28	-0.46	39	-72	-74
Total Other Income / (Expense), net	-99	-103	-110	-126	-117	-91	325	-114	-113	-40
Interest Expense	124	122	122	127	118	124	131	118	115	93
Interest & Investment Income	0.01	-10	2.11	0.04	-0.23	26	451	2.70	0.72	52
Other Income / (Expense), net	25	30	10	0.68	1.45	7.77	5.38	1.62	0.99	0.81
Income Tax Expense	78	75	66	40	35	35	115	-93	72	94
Basic Earnings per Share	$0.95	$0.98	$0.83	$0.91	$0.53	$0.60	$1.93	$0.79	$0.49	$0.50
Weighted Average Basic Shares Outstanding	200.49M	205.47M	212.59M	215.23M	447.68M	223.03M	237.80M	244.18M	262.21M	323.02M
Diluted Earnings per Share	$0.95	$0.97	$0.82	$0.89	$0.52	$0.58	$1.88	$0.77	$0.49	$0.49
Weighted Average Diluted Shares Outstanding	200.49M	205.47M	212.59M	215.23M	447.68M	223.03M	237.80M	244.18M	262.21M	323.02M
Weighted Average Basic & Diluted Shares Outstanding	200.49M	205.47M	212.59M	215.23M	447.68M	223.03M	237.80M	244.18M	262.21M	323.02M
Cash Dividends to Common per Share	$1.00	$1.00	$0.50	$0.43	$0.29	$0.42	$0.34	$0.28	$0.25	$0.23

This table shows Wendy's' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/30/2025	12/29/2024	9/29/2024	6/30/2024	3/31/2024	12/31/2023	10/1/2023	7/2/2023	4/2/2023	1/1/2023	10/2/2022
Net Income / (Loss) Attributable to Common Shareholders	39	47	50	55	42	47	58	60	40	41	51
Consolidated Net Income / (Loss)	39	47	50	55	42	47	58	60	40	41	51
Net Income / (Loss) Continuing Operations	39	47	50	55	42	47	58	60	40	41	51
Total Pre-Tax Income	55	70	70	75	57	67	78	79	55	58	69
Total Operating Income	83	96	95	100	81	87	102	109	84	84	98
Total Gross Profit	288	327	323	322	296	297	304	314	288	288	292
Total Revenue	523	574	567	571	535	541	551	562	529	537	533
Operating Revenue	523	574	567	571	535	541	551	562	529	537	533
Total Cost of Revenue	235	247	244	248	239	243	246	247	240	248	241
Operating Cost of Revenue	235	247	244	248	239	243	246	247	240	248	241
Total Operating Expenses	205	231	228	223	215	211	203	205	204	204	194
Selling, General & Admin Expense	68	67	63	61	64	66	59	63	62	68	63
Marketing Expense	102	120	130	121	107	109	108	110	102	114	108
Depreciation Expense	37	33	37	37	36	35	34	33	33	33	34
Amortization Expense	4.17	4.06	3.58	3.52	3.54	5.09	3.84	2.27	1.58	1.51	0.89
Other Operating Expenses / (Income)	-6.39	0.05	-5.07	-3.46	-3.03	-4.59	-3.12	-3.79	-2.27	-13	-12
Impairment Charge	1.42	6.84	0.18	0.69	2.01	0.89	0.06	0.08	0.38	3.74	0.21
Restructuring Charge	-0.69	0.05	0.35	2.45	5.67	1.10	0.61	0.68	6.81	0.07	0.01
Other Special Charges / (Income)	0.09	-0.65	-0.42	-0.28	0.13	-0.76	-0.12	0.01	-0.01	-2.64	-0.45
Total Other Income / (Expense), net	-28	-26	-25	-25	-24	-19	-24	-30	-29	-26	-29
Interest Expense	31	31	31	31	31	26	31	31	33	32	32
Interest & Investment Income	-1.72	-	0.00	0.01	0.00	0.03	0.00	-6.83	-3.56	-	0.00
Other Income / (Expense), net	4.99	5.54	6.25	6.30	6.84	7.02	7.64	7.57	7.34	6.05	2.91
Income Tax Expense	16	23	19	20	15	20	20	19	15	17	19
Basic Earnings per Share	$0.20	$0.23	$0.25	$0.27	$0.20	$0.23	$0.28	$0.28	$0.19	$0.19	$0.24
Weighted Average Basic Shares Outstanding	192.03M	200.49M	203.85M	203.24M	205.13M	205.47M	206.26M	209.29M	210.74M	212.59M	213.03M
Diluted Earnings per Share	$0.19	$0.23	$0.25	$0.27	$0.20	$0.22	$0.28	$0.28	$0.19	$0.19	$0.24
Weighted Average Diluted Shares Outstanding	192.03M	200.49M	203.85M	203.24M	205.13M	205.47M	206.26M	209.29M	210.74M	212.59M	213.03M
Weighted Average Basic & Diluted Shares Outstanding	192.03M	200.49M	203.85M	203.24M	205.13M	205.47M	206.26M	209.29M	210.74M	212.59M	213.03M
Cash Dividends to Common per Share	$0.25	$0.25	$0.25	$0.25	$0.25	$0.25	$0.25	$0.25	$0.25	$0.13	$0.13

This table details how cash moves in and out of Wendy's' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/29/2024	12/31/2023	1/1/2023	1/2/2022	1/3/2021	12/29/2019	12/30/2018	12/31/2017	1/1/2017	1/3/2016
Net Change in Cash & Equivalents	-85	-243	465	-51	60	-128	281	-69	-111	60
Net Cash From Operating Activities	355	345	260	346	284	289	224	239	194	274
Net Cash From Continuing Operating Activities	355	345	260	346	325	289	224	239	194	274
Net Income / (Loss) Continuing Operations	194	204	177	200	118	137	460	194	130	161
Consolidated Net Income / (Loss)	194	204	177	200	118	137	460	194	130	161
Depreciation Expense	143	136	133	126	133	132	129	126	124	154
Amortization Expense	15	13	2.39	0.00	0.00	5.55	-2.13	0.37	-0.70	5.43
Non-Cash Adjustments To Reconcile Net Income	15	-6.79	-7.92	2.17	64	0.18	-419	67	-29	-45
Changes in Operating Assets and Liabilities, net	-12	-0.81	-45	18	10	15	56	-149	-30	-1.01
Net Cash From Investing Activities	-129	-87	-78	-155	-68	-55	363	-92	107	35
Net Cash From Continuing Investing Activities	-129	-87	-78	-155	-68	-55	363	-92	107	35
Purchase of Property, Plant & Equipment	-94	-85	-86	-78	-69	-74	-70	-82	-150	-252
Purchase of Investments	0.00	0.00	0.00	-10	0.00	0.00	-0.01	-0.38	-0.17	-2.11
Sale of Property, Plant & Equipment	4.95	2.12	8.24	55	6.09	3.45	3.22	82	262	204
Sale and/or Maturity of Investments	0.00	0.03	0.00	0.06	0.17	24	450	4.11	0.89	0.62
Other Investing Activities, net	-40	-3.67	-0.47	1.20	-0.66	-3.37	0.96	-9.00	-3.58	6.92
Net Cash From Financing Activities	-303	-504	289	-243	-158	-365	-306	-216	-412	-238
Net Cash From Continuing Financing Activities	-303	-504	289	-243	-158	-365	-306	-216	-412	-238
Repayment of Debt	-50	-116	-54	-1,005	-202	-921	-917	-60	-27	-1,377
Repurchase of Common Equity	-77	-190	-52	-269	-62	-218	-270	-126	-337	-1,099
Payment of Dividends	-204	-209	-107	-95	-65	-96	-81	-68	-64	-72
Issuance of Debt	0.00	0.00	500	1,100	153	850	935	31	0.00	2,294
Other Financing Activities, net	28	11	1.70	25	18	20	27	7.16	15	16
Effect of Exchange Rate Changes	-8.11	2.45	-5.97	0.36	1.33	3.49	-	-	-	-12

This table details how cash moves in and out of Wendy's' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/30/2025	12/29/2024	9/29/2024	6/30/2024	3/31/2024	12/31/2023	10/1/2023	7/2/2023	4/2/2023	1/1/2023	10/2/2022
Net Change in Cash & Equivalents	-115	-51	30	-68	4.27	-84	-27	-40	-91	11	24
Net Cash From Operating Activities	85	69	141	45	100	76	128	89	53	77	84
Net Cash From Continuing Operating Activities	85	69	141	45	100	76	128	89	53	77	84
Net Income / (Loss) Continuing Operations	39	47	50	55	42	47	58	60	40	41	51
Consolidated Net Income / (Loss)	39	47	50	55	42	47	58	60	40	41	51
Depreciation Expense	37	33	37	37	36	35	34	33	33	33	34
Amortization Expense	4.17	4.06	3.58	3.52	3.54	5.09	3.84	2.27	1.58	1.51	0.89
Non-Cash Adjustments To Reconcile Net Income	17	0.55	0.23	-0.26	15	-6.87	-2.56	4.39	-1.75	-4.29	-5.32
Changes in Operating Assets and Liabilities, net	-11	-17	50	-50	4.07	-3.80	34	-11	-20	6.27	4.08
Net Cash From Investing Activities	-21	-61	-25	-23	-21	-31	-27	-17	-12	-32	-17
Net Cash From Continuing Investing Activities	-21	-61	-25	-23	-21	-31	-27	-17	-12	-32	-17
Purchase of Property, Plant & Equipment	-18	-42	-18	-17	-17	-29	-26	-18	-12	-36	-19
Sale of Property, Plant & Equipment	0.06	1.72	2.62	0.58	0.03	1.84	-	-0.01	0.29	4.51	2.72
Other Investing Activities, net	-3.86	-20	-9.56	-6.61	-3.49	-3.55	-1.06	1.05	-0.11	-0.70	-0.90
Net Cash From Financing Activities	-179	-53	-88	-90	-73	-131	-127	-114	-132	-36	-38
Net Cash From Continuing Financing Activities	-179	-53	-88	-90	-73	-131	-127	-114	-132	-36	-38
Repayment of Debt	-21	-12	-12	-12	-13	-38	-19	-15	-44	-11	-11
Repurchase of Common Equity	-123	-17	-26	-27	-7.30	-47	-55	-50	-37	-	-
Payment of Dividends	-49	-51	-51	-51	-51	-51	-52	-53	-53	-27	-27
Issuance of Debt	15	-	-	-	-	-	-	-	-	-	-
Other Financing Activities, net	-1.05	28	0.80	0.64	-1.18	5.51	0.15	4.07	1.07	2.01	-0.37
Effect of Exchange Rate Changes	0.74	-6.51	1.70	-1.02	-2.27	2.14	-1.85	2.03	0.13	1.21	-4.75

This table presents Wendy's' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/29/2024	12/31/2023	1/1/2023	1/2/2022	1/3/2021	12/29/2019	12/30/2018	12/31/2017	1/1/2017	1/3/2016
Total Assets	5,035	5,183	5,499	5,101	5,040	4,995	4,292	4,097	3,939	4,109
Total Current Assets	736	838	1,058	593	688	554	666	404	453	617
Cash & Equivalents	451	516	746	249	307	300	431	171	198	327
Restricted Cash	134	154	162	187	176	117	106	95	133	110
Note & Lease Receivable	100	122	116	120	110	117	110	114	99	105
Inventories, net	6.53	6.69	7.13	5.93	4.73	3.89	3.69	3.16	2.85	4.31
Prepaid Expenses	46	40	27	31	90	16	14	20	19	70
Plant, Property, & Equipment, net	908	891	896	907	916	977	1,213	1,263	1,192	1,228
Total Noncurrent Assets	3,391	3,454	3,545	3,602	3,436	3,463	2,413	2,430	2,294	2,264
Long-Term Investments	29	34	46	50	45	46	48	56	57	58
Noncurrent Note & Lease Receivables	533	543	552	544	474	457	226	229	124	-
Goodwill	771	774	773	775	751	756	748	743	741	771
Intangible Assets	1,192	1,219	1,249	1,281	1,225	1,247	1,294	1,322	1,323	1,340
Other Noncurrent Operating Assets	865	884	925	952	942	958	97	80	50	95
Total Liabilities & Shareholders' Equity	5,035	5,183	5,499	5,101	5,040	4,995	4,292	4,097	3,939	4,109
Total Liabilities	4,775	4,873	5,034	4,665	4,490	4,478	3,644	3,524	3,412	3,356
Total Current Liabilities	398	382	388	427	413	350	284	227	230	269
Short-Term Debt	78	29	29	24	29	23	32	30	25	23
Accounts Payable	28	27	44	41	31	23	22	23	28	54
Accrued Expenses	118	135	116	141	155	165	151	112	102	124
Other Current Liabilities	173	190	199	221	198	139	80	63	76	67
Total Noncurrent Liabilities	4,378	4,491	4,646	4,238	4,077	4,128	3,359	3,297	3,181	3,087
Long-Term Debt	2,662	2,733	2,822	2,356	2,218	2,258	2,306	2,724	2,488	2,403
Noncurrent Deferred & Payable Income Tax Liabilities	263	270	270	268	281	271	269	299	447	460
Other Noncurrent Operating Liabilities	1,452	1,488	1,553	1,614	1,578	1,508	245	262	247	224
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	259	310	466	436	550	516	648	573	528	753
Total Preferred & Common Equity	259	310	466	436	550	516	648	573	528	753
Total Common Equity	259	310	466	436	550	516	648	573	528	753
Common Stock	3,029	3,007	2,985	2,946	2,946	2,921	2,932	2,933	2,926	2,922
Retained Earnings	400	410	415	344	239	186	146	-163	-291	-357
Treasury Stock	-3,095	-3,049	-2,870	-2,805	-2,586	-2,537	-2,368	-2,150	-2,044	-1,741
Accumulated Other Comprehensive Income / (Loss)	-75	-58	-64	-48	-50	-54	-62	-46	-63	-71

This table presents Wendy's' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/30/2025	9/29/2024	6/30/2024	3/31/2024	10/1/2023	7/2/2023	4/2/2023	10/2/2022
Total Assets	4,919	5,073	5,088	5,190	5,290	5,354	5,408	5,525
Total Current Assets	644	783	791	868	926	967	1,003	1,095
Cash & Equivalents	335	482	465	498	598	635	676	732
Restricted Cash	152	151	161	198	150	153	154	185
Note & Lease Receivable	102	111	118	126	138	143	136	142
Inventories, net	6.20	6.25	6.38	6.11	6.81	6.55	6.45	6.58
Prepaid Expenses	48	33	40	39	33	30	30	29
Plant, Property, & Equipment, net	907	894	895	891	887	889	885	882
Total Noncurrent Assets	3,368	3,396	3,403	3,432	3,478	3,498	3,520	3,548
Long-Term Investments	27	32	32	33	34	36	42	45
Noncurrent Note & Lease Receivables	537	521	523	534	541	544	544	548
Goodwill	772	773	773	773	773	774	773	773
Intangible Assets	1,184	1,199	1,203	1,210	1,225	1,232	1,240	1,252
Other Noncurrent Operating Assets	848	870	873	881	903	912	920	929
Total Liabilities & Shareholders' Equity	4,919	5,073	5,088	5,190	5,290	5,354	5,408	5,525
Total Liabilities	4,789	4,813	4,814	4,896	4,948	4,963	4,988	5,088
Total Current Liabilities	434	373	365	425	405	390	400	418
Short-Term Debt	78	29	29	29	29	29	29	29
Accounts Payable	25	29	26	26	42	39	45	35
Accrued Expenses	139	129	116	144	149	132	134	130
Other Current Liabilities	191	186	193	226	185	190	191	224
Total Noncurrent Liabilities	4,356	4,440	4,450	4,471	4,543	4,573	4,589	4,669
Long-Term Debt	2,657	2,716	2,722	2,727	2,768	2,781	2,786	2,827
Noncurrent Deferred & Payable Income Tax Liabilities	263	270	270	271	271	275	273	276
Other Noncurrent Operating Liabilities	1,437	1,454	1,457	1,472	1,504	1,517	1,530	1,566
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	130	260	274	294	343	391	420	437
Total Preferred & Common Equity	130	260	274	294	343	391	420	437
Total Common Equity	130	260	274	294	343	391	420	437
Common Stock	3,032	3,015	3,012	3,009	2,998	2,993	2,988	2,977
Retained Earnings	389	403	404	400	414	408	401	400
Treasury Stock	-3,218	-3,098	-3,077	-3,053	-3,006	-2,951	-2,906	-2,871
Accumulated Other Comprehensive Income / (Loss)	-73	-61	-65	-63	-64	-59	-64	-69

This table displays calculated financial ratios and metrics derived from Wendy's' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/29/2024	12/31/2023	1/1/2023	1/2/2022	1/3/2021	12/29/2019	12/30/2018	12/31/2017	1/1/2017	1/3/2016
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.98%	4.11%	10.46%	9.41%	1.45%	7.49%	29.96%	-14.77%	-23.25%	-6.42%
EBITDA Growth	-1.05%	12.13%	1.29%	22.22%	-1.00%	6.69%	11.56%	-22.06%	1.14%	9.86%
EBIT Growth	-3.71%	13.15%	-1.07%	35.78%	0.15%	5.91%	17.98%	-31.48%	14.71%	13.13%
NOPAT Growth	-5.20%	8.60%	-15.80%	47.18%	-0.96%	4.85%	-51.52%	103.89%	23.28%	11.87%
Net Income Growth	-4.93%	15.26%	-11.49%	70.07%	-13.95%	-70.24%	137.14%	49.69%	-19.56%	32.70%
EPS Growth	-2.06%	18.29%	-7.87%	71.15%	-10.34%	-69.15%	144.16%	57.14%	0.00%	53.13%
Operating Cash Flow Growth	2.86%	32.90%	-24.83%	21.60%	-1.58%	28.86%	-6.10%	23.20%	-29.34%	7.67%
Free Cash Flow Firm Growth	-10.51%	22.60%	-8.09%	-10.38%	-62.35%	102.41%	505.93%	-74.80%	10.90%	166.01%
Invested Capital Growth	0.79%	0.19%	1.41%	2.71%	-2.77%	-18.05%	-5.24%	13.33%	-1.18%	-1.72%
Revenue Q/Q Growth	1.52%	0.19%	3.12%	-0.06%	2.79%	0.00%	0.00%	-0.05%	-9.72%	-0.44%
EBITDA Q/Q Growth	1.02%	1.67%	3.02%	-0.71%	11.59%	186.98%	195.59%	-2.99%	-10.37%	20.38%
EBIT Q/Q Growth	2.04%	0.88%	3.69%	-0.48%	18.14%	2,651.93%	42,803.03%	-6.36%	-10.55%	33.60%
NOPAT Q/Q Growth	1.68%	0.17%	-6.67%	5.20%	19.03%	0.00%	0.00%	224.83%	-11.51%	40.95%
Net Income Q/Q Growth	0.29%	2.85%	-5.77%	7.16%	11.55%	0.00%	0.00%	204.87%	-30.53%	63.46%
EPS Q/Q Growth	1.06%	3.19%	-5.75%	7.23%	18.18%	3.57%	-22.63%	196.15%	-24.62%	81.48%
Operating Cash Flow Q/Q Growth	-2.00%	-0.40%	3.24%	-2.67%	10.56%	24.50%	-27.23%	10.13%	-33.85%	43.76%
Free Cash Flow Firm Q/Q Growth	-11.19%	8.70%	81.40%	-36.14%	10.43%	63.10%	457.41%	296.01%	-25.88%	863.44%
Invested Capital Q/Q Growth	1.94%	0.43%	1.35%	6.91%	-0.12%	-0.43%	2.16%	5.38%	-1.59%	-3.54%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	56.45%	55.21%	54.95%	58.51%	55.76%	55.23%	58.18%	49.14%	42.41%	34.14%
EBITDA Margin	24.67%	25.68%	23.84%	26.00%	23.27%	23.85%	24.03%	27.99%	30.61%	23.23%
Operating Margin	16.53%	17.51%	16.86%	19.34%	15.53%	15.36%	15.72%	17.55%	21.93%	14.68%
EBIT Margin	17.64%	18.87%	17.36%	19.38%	15.62%	15.82%	16.06%	17.69%	22.00%	14.72%
Profit (Net Income) Margin	8.65%	9.37%	8.46%	10.56%	6.80%	8.01%	28.94%	15.86%	9.03%	8.62%
Tax Burden Percent	71.35%	73.17%	72.84%	83.30%	77.12%	79.86%	80.03%	192.07%	64.27%	68.83%
Interest Burden Percent	68.74%	67.89%	66.95%	65.44%	56.43%	63.43%	225.22%	46.69%	63.87%	85.05%
Effective Tax Rate	28.65%	26.83%	27.16%	16.70%	22.88%	20.14%	19.97%	-92.07%	35.73%	40.21%
Return on Invested Capital (ROIC)	11.15%	11.81%	10.97%	13.29%	9.02%	8.09%	6.83%	14.59%	7.58%	6.06%
ROIC Less NNEP Spread (ROIC-NNEP)	7.77%	8.02%	6.75%	7.46%	3.94%	4.47%	18.07%	4.99%	4.00%	5.86%
Return on Net Nonoperating Assets (RNNOA)	57.15%	40.91%	28.36%	27.36%	13.08%	15.42%	68.49%	20.66%	12.66%	6.98%
Return on Equity (ROE)	68.30%	52.72%	39.32%	40.65%	22.11%	23.51%	75.33%	35.25%	20.24%	13.05%
Cash Return on Invested Capital (CROIC)	10.36%	11.63%	9.56%	10.62%	11.84%	27.93%	12.22%	2.09%	8.78%	7.80%
Operating Return on Assets (OROA)	7.76%	7.71%	6.86%	7.25%	5.40%	5.82%	6.09%	5.39%	7.85%	6.68%
Return on Assets (ROA)	3.80%	3.83%	3.35%	3.95%	2.35%	2.95%	10.97%	4.83%	3.22%	3.91%
Return on Common Equity (ROCE)	68.30%	52.72%	39.32%	40.65%	22.11%	23.51%	75.33%	35.25%	20.24%	13.05%
Return on Equity Simple (ROE_SIMPLE)	74.94%	66.00%	38.09%	45.92%	21.44%	26.52%	70.96%	33.85%	24.56%	21.40%
Net Operating Profit after Tax (NOPAT)	265	279	257	306	208	210	200	412	202	164
NOPAT Margin	11.79%	12.81%	12.28%	16.11%	11.98%	12.27%	12.58%	33.72%	14.09%	8.77%
Net Nonoperating Expense Percent (NNEP)	3.37%	3.79%	4.22%	5.83%	5.08%	3.62%	-11.23%	9.59%	3.59%	0.20%
Return On Investment Capital (ROIC_SIMPLE)	8.83%	9.10%	7.76%	10.85%	7.43%	7.50%	5.83%	12.40%	6.65%	5.16%
Cost of Revenue to Revenue	43.55%	44.79%	45.05%	41.49%	44.24%	44.77%	41.82%	50.86%	57.59%	65.86%
SG&A Expenses to Revenue	11.36%	11.46%	12.17%	12.81%	11.93%	11.71%	13.68%	16.64%	16.50%	13.72%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	39.92%	37.70%	38.09%	39.17%	40.23%	39.86%	42.46%	31.58%	20.48%	19.46%
Earnings before Interest and Taxes (EBIT)	396	412	364	368	271	270	255	216	316	275
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	554	560	500	493	404	408	382	342	439	434
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	12.76	12.06	9.17	10.42	7.57	8.25	4.67	5.57	5.18	3.01
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.47	1.71	2.04	2.40	2.40	2.49	1.90	2.61	1.91	1.21
Price to Earnings (P/E)	17.03	18.27	24.07	22.70	35.33	31.11	6.58	16.44	21.10	14.05
Dividend Yield	6.16%	5.52%	2.49%	2.09%	1.56%	2.27%	2.66%	2.13%	2.30%	2.72%
Earnings Yield	5.87%	5.47%	4.15%	4.41%	2.83%	3.21%	15.20%	6.08%	4.74%	7.12%
Enterprise Value to Invested Capital (EV/IC)	2.28	2.45	2.61	2.76	2.59	2.60	1.84	1.87	1.83	1.56
Enterprise Value to Revenue (EV/Rev)	2.42	2.66	2.94	3.40	3.39	3.56	3.29	4.60	3.38	2.24
Enterprise Value to EBITDA (EV/EBITDA)	9.81	10.34	12.35	13.06	14.58	14.91	13.68	16.42	11.06	9.66
Enterprise Value to EBIT (EV/EBIT)	13.72	14.08	16.96	17.52	21.73	22.48	20.48	25.98	15.39	15.24
Enterprise Value to NOPAT (EV/NOPAT)	20.52	20.73	23.97	21.08	28.32	28.99	26.14	13.63	24.02	25.56
Enterprise Value to Operating Cash Flow (EV/OCF)	15.30	16.77	23.73	18.63	20.69	21.04	23.31	23.54	25.07	15.29
Enterprise Value to Free Cash Flow (EV/FCFF)	22.08	21.06	27.49	26.39	21.59	8.40	14.62	95.29	20.76	19.88
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	10.57	8.92	6.12	5.46	4.09	4.42	4.29	4.81	4.76	3.22
Long-Term Debt to Equity	10.26	8.82	6.06	5.40	4.04	4.37	4.25	4.75	4.71	3.19
Financial Leverage	7.35	5.10	4.20	3.66	3.32	3.45	3.79	4.14	3.17	1.19
Leverage Ratio	17.95	13.77	11.75	10.29	9.41	7.97	6.87	7.30	6.28	3.34
Compound Leverage Factor	12.34	9.35	7.87	6.73	5.31	5.06	15.47	3.41	4.01	2.84
Debt to Total Capital	91.35%	89.92%	85.96%	84.51%	80.35%	81.54%	81.11%	82.77%	82.64%	76.32%
Short-Term Debt to Total Capital	2.61%	0.95%	0.88%	0.86%	1.04%	0.81%	0.92%	0.91%	0.81%	0.73%
Long-Term Debt to Total Capital	88.75%	88.96%	85.08%	83.65%	79.31%	80.72%	80.19%	81.87%	81.83%	75.58%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	8.65%	10.08%	14.04%	15.49%	19.65%	18.46%	18.89%	17.23%	17.36%	23.68%
Debt to EBITDA	4.94	4.93	5.71	4.83	5.57	5.59	7.29	8.04	5.72	5.58
Net Debt to EBITDA	3.84	3.67	3.80	3.84	4.26	4.46	5.76	7.10	4.83	4.44
Long-Term Debt to EBITDA	4.80	4.88	5.65	4.78	5.50	5.54	7.21	7.96	5.66	5.53
Debt to NOPAT	10.34	9.88	11.08	7.79	10.82	10.87	13.92	6.68	12.42	14.78
Net Debt to NOPAT	8.03	7.36	7.37	6.20	8.28	8.67	11.00	5.90	10.50	11.76
Long-Term Debt to NOPAT	10.05	9.78	10.97	7.71	10.68	10.77	13.76	6.60	12.30	14.64
Altman Z-Score	1.31	1.36	1.36	1.33	1.21	1.19	1.22	1.01	1.07	1.06
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.85	2.19	2.73	1.39	1.66	1.58	2.34	1.78	1.97	2.29
Quick Ratio	1.38	1.67	2.22	0.86	1.01	1.19	1.90	1.26	1.29	1.61
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	246	275	224	244	272	724	357	59	234	211
Operating Cash Flow to CapEx	397.25%	416.64%	336.20%	1,512.17%	452.24%	406.92%	336.51%	123,089.18%	0.00%	580.76%
Free Cash Flow to Firm to Interest Expense	1.99	2.26	1.83	1.92	2.31	5.81	2.73	0.50	2.04	2.26
Operating Cash Flow to Interest Expense	2.87	2.84	2.12	2.72	2.42	2.32	1.71	2.02	1.69	2.94
Operating Cash Flow Less CapEx to Interest Expense	2.15	2.16	1.49	2.54	1.88	1.75	1.20	2.02	2.67	2.43
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.44	0.41	0.40	0.37	0.35	0.37	0.38	0.30	0.36	0.45
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	148.02	141.42	144.53	147.57	177.89	201.94	194.33	207.18	230.83	220.51
Fixed Asset Turnover	2.50	2.44	2.32	2.08	1.83	1.56	1.28	1.00	1.19	1.52
Accounts Payable Turnover	35.05	27.38	22.17	21.79	28.53	34.43	29.88	24.69	20.33	18.81
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	2.47	2.58	2.53	2.47	2.05	1.81	1.88	1.76	1.58	1.66
Days Payable Outstanding (DPO)	10.41	13.33	16.46	16.75	12.79	10.60	12.22	14.78	17.95	19.41
Cash Conversion Cycle (CCC)	-7.95	-10.75	-13.94	-14.28	-10.74	-8.79	-10.34	-13.02	-16.37	-17.75
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,387	2,368	2,363	2,330	2,269	2,334	2,847	3,005	2,651	2,683
Invested Capital Turnover	0.95	0.92	0.89	0.82	0.75	0.66	0.54	0.43	0.54	0.69
Increase / (Decrease) in Invested Capital	19	4.39	33	62	-65	-514	-157	353	-32	-47
Enterprise Value (EV)	5,436	5,793	6,168	6,442	5,882	6,078	5,227	5,622	4,859	4,195
Market Capitalization	3,309	3,735	4,270	4,548	4,163	4,261	3,028	3,190	2,735	2,265
Book Value per Share	$1.27	$1.50	$2.19	$1.98	$2.45	$2.24	$2.74	$2.37	$2.05	$2.75
Tangible Book Value per Share	($8.36)	($8.16)	($7.31)	($7.34)	($6.36)	($6.46)	($5.89)	($6.16)	($5.98)	($4.96)
Total Capital	3,000	3,072	3,317	2,817	2,797	2,797	3,433	3,328	3,040	3,179
Total Debt	2,740	2,762	2,851	2,381	2,247	2,280	2,784	2,754	2,512	2,426
Total Long-Term Debt	2,662	2,733	2,822	2,356	2,218	2,258	2,753	2,724	2,488	2,403
Net Debt	2,127	2,058	1,898	1,894	1,719	1,817	2,199	2,432	2,124	1,930
Capital Expenditures (CapEx)	89	83	77	23	63	71	67	0.19	-112	47
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-167	-185	-208	-247	-180	-190	-125	-59	-85	-66
Debt-free Net Working Capital (DFNWC)	417	485	700	190	303	227	413	207	247	371
Net Working Capital (NWC)	339	456	670	166	274	204	382	177	222	348
Net Nonoperating Expense (NNE)	71	75	80	105	90	73	-260	218	73	2.96
Net Nonoperating Obligations (NNO)	2,127	2,058	1,898	1,894	1,719	1,817	2,199	2,432	2,124	1,930
Total Depreciation and Amortization (D&A)	158	149	136	126	133	137	127	126	124	159
Debt-free, Cash-free Net Working Capital to Revenue	-7.45%	-8.46%	-9.94%	-13.00%	-10.38%	-11.12%	-7.84%	-4.85%	-5.89%	-3.55%
Debt-free Net Working Capital to Revenue	18.55%	22.23%	33.38%	10.03%	17.49%	13.29%	25.99%	16.95%	17.21%	19.84%
Net Working Capital to Revenue	15.07%	20.89%	31.99%	8.75%	15.82%	11.96%	24.00%	14.48%	15.50%	18.60%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.95	$0.98	$0.83	$0.91	$0.53	$0.60	$1.93	$0.79	$0.49	$0.50
Adjusted Weighted Average Basic Shares Outstanding	200.49M	205.47M	212.59M	215.23M	223.84M	223.03M	230.23M	239.41M	246.93M	270.01M
Adjusted Diluted Earnings per Share	$0.95	$0.97	$0.82	$0.89	$0.52	$0.58	$1.88	$0.77	$0.49	$0.49
Adjusted Weighted Average Diluted Shares Outstanding	200.49M	205.47M	212.59M	215.23M	223.84M	223.03M	230.23M	239.41M	246.93M	270.01M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.60	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	200.49M	205.47M	212.59M	215.23M	223.84M	223.03M	230.23M	239.41M	246.93M	270.01M
Normalized Net Operating Profit after Tax (NOPAT)	277	287	258	287	224	228	211	196	173	148
Normalized NOPAT Margin	12.33%	13.14%	12.29%	15.11%	12.91%	13.33%	13.25%	16.05%	12.05%	7.91%
Pre Tax Income Margin	12.13%	12.81%	11.62%	12.68%	8.81%	10.03%	36.16%	8.26%	14.05%	12.52%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.20	3.38	2.97	2.89	2.30	2.17	1.95	1.83	2.75	2.95
NOPAT to Interest Expense	2.14	2.30	2.10	2.40	1.76	1.68	1.53	3.49	1.76	1.76
EBIT Less CapEx to Interest Expense	2.48	2.70	2.34	2.71	1.77	1.60	1.44	1.83	3.73	2.44
NOPAT Less CapEx to Interest Expense	1.42	1.61	1.47	2.23	1.23	1.11	1.02	3.49	2.74	1.25
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	105.19%	102.35%	60.20%	47.33%	55.05%	70.37%	17.50%	35.21%	49.24%	44.58%
Augmented Payout Ratio	145.00%	195.07%	89.49%	181.33%	107.81%	229.42%	76.14%	100.27%	309.19%	726.42%

This table displays calculated financial ratios and metrics derived from Wendy's' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/30/2025	12/29/2024	9/29/2024	6/30/2024	3/31/2024	12/31/2023	10/1/2023	7/2/2023	4/2/2023	1/1/2023	10/2/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.11%	6.22%	2.94%	1.63%	1.12%	0.77%	3.38%	4.42%	8.22%	13.38%	13.25%
EBITDA Growth	1.40%	4.19%	-3.99%	-3.80%	0.15%	7.41%	8.21%	16.54%	17.12%	13.39%	22.35%
EBIT Growth	0.14%	8.45%	-7.62%	-9.45%	-4.16%	3.98%	8.11%	19.82%	22.28%	16.78%	25.73%
NOPAT Growth	0.12%	7.08%	-9.76%	-12.03%	-2.53%	1.33%	5.44%	16.51%	10.45%	-24.19%	18.14%
Net Income Growth	-6.57%	1.19%	-13.48%	-8.37%	5.45%	13.72%	14.85%	23.84%	6.47%	-20.82%	22.76%
EPS Growth	-5.00%	4.55%	-10.71%	-3.57%	5.26%	15.79%	16.67%	27.27%	11.76%	-20.83%	33.33%
Operating Cash Flow Growth	-14.57%	-9.57%	10.31%	-48.63%	88.74%	-1.78%	51.60%	14.66%	152.48%	11.82%	-28.39%
Free Cash Flow Firm Growth	-72.05%	-18.01%	70.74%	55.95%	131.86%	110.13%	161.93%	203.00%	167.88%	55.68%	-152.66%
Invested Capital Growth	1.34%	0.79%	-0.71%	-0.46%	-1.79%	0.19%	1.11%	1.24%	0.73%	1.41%	6.98%
Revenue Q/Q Growth	-8.85%	1.33%	-0.70%	6.73%	-1.09%	-1.80%	-1.96%	6.19%	-1.44%	0.74%	-0.97%
EBITDA Q/Q Growth	-7.22%	-1.86%	-3.63%	15.56%	-4.67%	-9.57%	-3.43%	20.29%	2.25%	-8.89%	4.00%
EBIT Q/Q Growth	-13.24%	0.64%	-4.62%	20.25%	-6.04%	-14.27%	-6.51%	27.26%	1.94%	-10.87%	3.62%
NOPAT Q/Q Growth	-8.23%	-5.22%	-6.06%	22.52%	-1.85%	-20.12%	-8.42%	35.75%	2.04%	-16.89%	1.20%
Net Income Q/Q Growth	-17.40%	-5.43%	-8.09%	30.12%	-10.54%	-19.14%	-2.65%	49.75%	-3.52%	-18.34%	4.97%
EPS Q/Q Growth	-17.39%	-8.00%	-7.41%	35.00%	-9.09%	-21.43%	0.00%	47.37%	0.00%	-20.83%	9.09%
Operating Cash Flow Q/Q Growth	24.46%	-51.40%	210.53%	-54.52%	31.75%	-40.72%	44.61%	67.11%	-31.44%	-8.50%	9.37%
Free Cash Flow Firm Q/Q Growth	-38.18%	-45.88%	1.64%	-17.80%	81.34%	12.70%	-7.16%	22.21%	64.34%	133.21%	-54.39%
Invested Capital Q/Q Growth	-1.48%	1.94%	-1.07%	1.99%	-2.01%	0.43%	-0.82%	0.62%	-0.03%	1.35%	-0.70%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	55.02%	56.94%	56.96%	56.46%	55.38%	55.00%	55.28%	55.98%	54.53%	53.73%	54.83%
EBITDA Margin	24.61%	24.18%	24.97%	25.72%	23.76%	24.65%	26.77%	27.18%	23.99%	23.13%	25.57%
Operating Margin	15.88%	16.72%	16.71%	17.44%	15.18%	16.02%	18.45%	19.46%	15.98%	15.66%	18.43%
EBIT Margin	16.83%	17.69%	17.81%	18.54%	16.45%	17.32%	19.84%	20.81%	17.36%	16.79%	18.97%
Profit (Net Income) Margin	7.49%	8.27%	8.86%	9.57%	7.85%	8.68%	10.54%	10.62%	7.53%	7.69%	9.49%
Tax Burden Percent	71.44%	67.39%	72.11%	73.03%	73.09%	69.76%	74.46%	75.59%	72.03%	70.98%	73.11%
Interest Burden Percent	62.33%	69.40%	69.02%	70.72%	65.30%	71.85%	71.37%	67.51%	60.21%	64.57%	68.41%
Effective Tax Rate	28.56%	32.61%	27.89%	26.97%	26.91%	30.24%	25.54%	24.41%	27.97%	29.02%	26.89%
Return on Invested Capital (ROIC)	10.86%	10.65%	11.35%	11.79%	10.36%	10.31%	12.76%	13.44%	10.44%	9.92%	12.14%
ROIC Less NNEP Spread (ROIC-NNEP)	9.91%	9.83%	10.46%	10.91%	9.49%	9.63%	11.86%	12.27%	9.34%	8.96%	10.94%
Return on Net Nonoperating Assets (RNNOA)	99.27%	72.26%	71.16%	66.92%	52.82%	49.10%	59.45%	58.96%	40.98%	37.64%	39.40%
Return on Equity (ROE)	110.13%	82.90%	82.51%	78.71%	63.18%	59.41%	72.21%	72.40%	51.42%	47.57%	51.54%
Cash Return on Invested Capital (CROIC)	10.02%	10.36%	11.80%	11.76%	13.67%	11.63%	10.79%	10.41%	10.46%	9.56%	5.48%
Operating Return on Assets (OROA)	7.44%	7.78%	7.60%	7.80%	6.79%	7.08%	7.99%	8.27%	6.76%	6.64%	7.22%
Return on Assets (ROA)	3.31%	3.64%	3.78%	4.03%	3.24%	3.55%	4.25%	4.22%	2.93%	3.04%	3.61%
Return on Common Equity (ROCE)	110.13%	82.90%	82.51%	78.71%	63.18%	59.41%	72.21%	72.40%	51.42%	47.57%	51.54%
Return on Equity Simple (ROE_SIMPLE)	147.11%	0.00%	74.58%	73.65%	70.36%	0.00%	58.03%	48.90%	42.85%	0.00%	43.04%
Net Operating Profit after Tax (NOPAT)	59	65	68	73	59	60	76	83	61	60	72
NOPAT Margin	11.34%	11.27%	12.05%	12.73%	11.09%	11.18%	13.74%	14.71%	11.51%	11.12%	13.47%
Net Nonoperating Expense Percent (NNEP)	0.95%	0.82%	0.88%	0.88%	0.87%	0.68%	0.90%	1.17%	1.10%	0.97%	1.20%
Return On Investment Capital (ROIC_SIMPLE)	2.07%	2.16%	2.27%	2.40%	1.94%	1.97%	2.41%	2.58%	1.88%	1.80%	2.18%
Cost of Revenue to Revenue	44.98%	43.06%	43.04%	43.54%	44.62%	45.00%	44.72%	44.02%	45.47%	46.27%	45.17%
SG&A Expenses to Revenue	13.03%	11.70%	11.08%	10.78%	11.92%	12.14%	10.77%	11.17%	11.78%	12.76%	11.74%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	39.14%	40.22%	40.26%	39.02%	40.20%	38.98%	36.83%	36.52%	38.56%	38.07%	36.40%
Earnings before Interest and Taxes (EBIT)	88	102	101	106	88	94	109	117	92	90	101
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	129	139	141	147	127	133	147	153	127	124	136
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	22.52	12.76	13.50	12.15	12.47	12.06	11.44	10.62	9.89	9.17	8.01
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.31	1.47	1.59	1.51	1.67	1.71	1.80	1.92	1.94	2.04	1.72
Price to Earnings (P/E)	15.31	17.03	18.11	16.50	17.73	18.27	19.71	21.71	23.07	24.07	18.61
Dividend Yield	6.84%	6.16%	5.79%	6.17%	5.63%	5.52%	4.67%	3.81%	3.20%	2.49%	3.01%
Earnings Yield	6.53%	5.87%	5.52%	6.06%	5.64%	5.47%	5.07%	4.61%	4.33%	4.15%	5.37%
Enterprise Value to Invested Capital (EV/IC)	2.19	2.28	2.39	2.29	2.45	2.45	2.52	2.58	2.58	2.61	2.31
Enterprise Value to Revenue (EV/Rev)	2.31	2.42	2.53	2.47	2.60	2.66	2.73	2.84	2.85	2.94	2.66
Enterprise Value to EBITDA (EV/EBITDA)	9.27	9.81	10.19	9.77	10.15	10.34	10.77	11.37	11.76	12.35	11.13
Enterprise Value to EBIT (EV/EBIT)	13.00	13.72	14.39	13.66	13.95	14.08	14.54	15.36	16.01	16.96	15.39
Enterprise Value to NOPAT (EV/NOPAT)	19.45	20.52	21.45	20.22	20.48	20.73	21.27	22.32	23.15	23.97	19.57
Enterprise Value to Operating Cash Flow (EV/OCF)	15.13	15.30	15.42	15.51	14.50	16.77	17.11	20.25	20.87	23.73	21.44
Enterprise Value to Free Cash Flow (EV/FCFF)	22.02	22.08	20.17	19.43	17.77	21.06	23.44	24.96	24.75	27.49	43.63
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	21.00	10.57	10.57	10.05	9.39	8.92	8.17	7.19	6.71	6.12	6.53
Long-Term Debt to Equity	20.40	10.26	10.45	9.94	9.29	8.82	8.08	7.11	6.64	6.06	6.46
Financial Leverage	10.02	7.35	6.80	6.13	5.57	5.10	5.01	4.81	4.39	4.20	3.60
Leverage Ratio	23.85	17.95	17.20	15.71	14.86	13.77	13.87	13.35	12.55	11.75	10.90
Compound Leverage Factor	14.86	12.46	11.87	11.11	9.70	9.90	9.90	9.01	7.56	7.59	7.46
Debt to Total Capital	95.45%	91.35%	91.35%	90.95%	90.37%	89.92%	89.09%	87.78%	87.03%	85.96%	86.72%
Short-Term Debt to Total Capital	2.73%	2.61%	0.97%	0.97%	0.96%	0.95%	0.93%	0.91%	0.90%	0.88%	0.89%
Long-Term Debt to Total Capital	92.72%	88.75%	90.38%	89.98%	89.41%	88.96%	88.16%	86.87%	86.13%	85.08%	85.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	4.55%	8.65%	8.65%	9.05%	9.63%	10.08%	10.91%	12.22%	12.97%	14.04%	13.28%
Debt to EBITDA	4.92	4.94	5.00	4.96	4.92	4.93	5.08	5.21	5.44	5.71	5.89
Net Debt to EBITDA	3.99	3.84	3.79	3.77	3.62	3.67	3.66	3.68	3.75	3.80	3.91
Long-Term Debt to EBITDA	4.78	4.80	4.95	4.91	4.87	4.88	5.02	5.15	5.38	5.65	5.83
Debt to NOPAT	10.32	10.34	10.54	10.27	9.92	9.88	10.03	10.22	10.70	11.08	10.36
Net Debt to NOPAT	8.38	8.03	7.99	7.81	7.29	7.36	7.22	7.22	7.38	7.37	6.87
Long-Term Debt to NOPAT	10.02	10.05	10.43	10.16	9.82	9.78	9.92	10.11	10.59	10.97	10.25
Altman Z-Score	1.04	1.12	1.15	1.13	1.14	1.16	1.18	1.21	1.19	1.20	1.09
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.49	1.85	2.10	2.17	2.04	2.19	2.29	2.48	2.51	2.73	2.62
Quick Ratio	1.01	1.38	1.59	1.60	1.47	1.67	1.82	2.00	2.03	2.22	2.09
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	28	46	85	84	102	56	50	54	44	27	-80
Operating Cash Flow to CapEx	484.65%	170.28%	924.50%	275.01%	577.03%	276.00%	501.55%	493.72%	443.19%	249.23%	515.53%
Free Cash Flow to Firm to Interest Expense	0.90	1.48	2.72	2.70	3.33	2.12	1.59	1.72	1.33	0.84	-2.52
Operating Cash Flow to Interest Expense	2.71	2.21	4.52	1.47	3.27	2.88	4.09	2.84	1.61	2.42	2.65
Operating Cash Flow Less CapEx to Interest Expense	2.15	0.91	4.03	0.93	2.71	1.83	3.28	2.27	1.24	1.45	2.13
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.44	0.44	0.43	0.42	0.41	0.41	0.40	0.40	0.39	0.40	0.38
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	158.44	148.02	149.16	151.09	155.28	141.42	146.67	150.16	154.65	144.53	165.60
Fixed Asset Turnover	2.49	2.50	2.49	2.46	2.46	2.44	2.46	2.43	2.40	2.32	2.32
Accounts Payable Turnover	38.22	35.05	27.55	30.33	27.28	27.38	25.72	26.11	24.43	22.17	29.33
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	2.30	2.47	2.45	2.42	2.35	2.58	2.49	2.43	2.36	2.53	2.20
Days Payable Outstanding (DPO)	9.55	10.41	13.25	12.04	13.38	13.33	14.19	13.98	14.94	16.46	12.44
Cash Conversion Cycle (CCC)	-7.25	-7.95	-10.80	-9.62	-11.03	-10.75	-11.70	-11.55	-12.58	-13.94	-10.24
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,351	2,387	2,341	2,366	2,320	2,368	2,358	2,377	2,363	2,363	2,332
Invested Capital Turnover	0.96	0.95	0.94	0.93	0.93	0.92	0.93	0.91	0.91	0.89	0.90
Increase / (Decrease) in Invested Capital	31	19	-17	-11	-42	4.39	26	29	17	33	152
Enterprise Value (EV)	5,154	5,436	5,590	5,419	5,689	5,793	5,933	6,139	6,091	6,168	5,398
Market Capitalization	2,933	3,309	3,509	3,326	3,662	3,735	3,918	4,153	4,148	4,270	3,503
Book Value per Share	$0.65	$1.27	$1.28	$1.33	$1.43	$1.50	$1.64	$1.86	$1.97	$2.19	$2.06
Tangible Book Value per Share	($9.11)	($8.36)	($8.43)	($8.29)	($8.24)	($8.16)	($7.91)	($7.66)	($7.49)	($7.31)	($7.46)
Total Capital	2,865	3,000	3,006	3,025	3,050	3,072	3,140	3,201	3,235	3,317	3,294
Total Debt	2,735	2,740	2,746	2,751	2,757	2,762	2,797	2,810	2,816	2,851	2,857
Total Long-Term Debt	2,657	2,662	2,716	2,722	2,727	2,733	2,768	2,781	2,786	2,822	2,827
Net Debt	2,221	2,127	2,081	2,093	2,027	2,058	2,015	1,986	1,943	1,898	1,894
Capital Expenditures (CapEx)	18	40	15	17	17	27	26	18	12	31	16
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-198	-167	-193	-171	-225	-185	-198	-182	-198	-208	-211
Debt-free Net Working Capital (DFNWC)	289	417	439	455	471	485	550	607	633	700	705
Net Working Capital (NWC)	211	339	410	426	442	456	521	578	604	670	676
Net Nonoperating Expense (NNE)	20	17	18	18	17	13	18	23	21	18	21
Net Nonoperating Obligations (NNO)	2,221	2,127	2,081	2,093	2,027	2,058	2,015	1,986	1,943	1,898	1,894
Total Depreciation and Amortization (D&A)	41	37	41	41	39	40	38	36	35	34	35
Debt-free, Cash-free Net Working Capital to Revenue	-8.86%	-7.45%	-8.74%	-7.81%	-10.31%	-8.46%	-9.08%	-8.41%	-9.25%	-9.94%	-10.40%
Debt-free Net Working Capital to Revenue	12.93%	18.55%	19.86%	20.71%	21.55%	22.23%	25.26%	28.10%	29.65%	33.38%	34.72%
Net Working Capital to Revenue	9.43%	15.07%	18.53%	19.38%	20.21%	20.89%	23.92%	26.74%	28.28%	31.99%	33.28%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.20	$0.23	$0.25	$0.27	$0.20	$0.23	$0.28	$0.28	$0.19	$0.19	$0.24
Adjusted Weighted Average Basic Shares Outstanding	192.03M	200.49M	203.85M	203.24M	205.13M	205.47M	206.26M	209.29M	210.74M	212.59M	213.03M
Adjusted Diluted Earnings per Share	$0.19	$0.23	$0.25	$0.27	$0.20	$0.22	$0.28	$0.28	$0.19	$0.19	$0.24
Adjusted Weighted Average Diluted Shares Outstanding	192.03M	200.49M	203.85M	203.24M	205.13M	205.47M	206.26M	209.29M	210.74M	212.59M	213.03M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	192.03M	200.49M	203.85M	203.24M	205.13M	205.47M	206.26M	209.29M	210.74M	212.59M	213.03M
Normalized Net Operating Profit after Tax (NOPAT)	60	69	68	75	65	61	76	83	66	60	72
Normalized NOPAT Margin	11.46%	12.00%	12.06%	13.10%	12.16%	11.34%	13.82%	14.81%	12.49%	11.27%	13.44%
Pre Tax Income Margin	10.49%	12.27%	12.29%	13.11%	10.74%	12.45%	14.16%	14.05%	10.45%	10.84%	12.98%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.80	3.27	3.23	3.41	2.88	3.55	3.49	3.75	2.78	2.82	3.17
NOPAT to Interest Expense	1.89	2.08	2.18	2.34	1.94	2.29	2.42	2.65	1.85	1.87	2.25
EBIT Less CapEx to Interest Expense	2.24	1.97	2.74	2.88	2.31	2.51	2.68	3.18	2.42	1.85	2.65
NOPAT Less CapEx to Interest Expense	1.33	0.79	1.69	1.81	1.38	1.25	1.60	2.08	1.48	0.90	1.73
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	105.69%	105.19%	105.67%	102.25%	100.44%	102.35%	92.82%	83.10%	73.96%	60.20%	56.33%
Augmented Payout Ratio	206.35%	145.00%	160.99%	170.14%	177.94%	195.07%	164.46%	128.55%	123.28%	89.49%	159.84%

Frequently Asked Questions About Wendy's' Financials

When does Wendy's's fiscal year end?

According to the most recent income statement we have on file, Wendy's' financial year ends in December. Their financial year 2024 ended on December 29, 2024.

How has Wendy's' net income changed over the last 9 years?

Wendy's' net income were at $194.36 million at the end of 2024, a 4.9% decrease from 2023, and a 20.6% increase since 2015. View Wendy's' forecast to see where analysts expect Wendy's to go next.

What is Wendy's's operating income?

Wendy's's total operating income in 2024 was $371.36 million, based on the following breakdown:

Total Gross Profit: $1.27 billion
Total Operating Expenses: $896.79 million

How has Wendy's revenue changed over the last 9 years?

Over the last 9 years, Wendy's' total revenue changed from $1.87 billion in 2015 to $2.25 billion in 2024, a change of 20.1%.

How much debt does Wendy's have?

Wendy's' total liabilities were at $4.78 billion at the end of 2024, a 2.0% decrease from 2023, and a 42.3% increase since 2015.

How much cash does Wendy's have?

In the past 9 years, Wendy's' cash and equivalents has ranged from $171.45 million in 2017 to $745.89 million in 2022, and is currently $450.51 million as of their latest financial filing in 2024.

How has Wendy's' book value per share changed over the last 9 years?

Over the last 9 years, Wendy's' book value per share changed from 2.75 in 2015 to 1.27 in 2024, a change of -53.8%.

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This page (NASDAQ:WEN) was last updated on 5/21/2025 by MarketBeat.com Staff

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Wendy's (WEN) Financials

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Wendy's (WEN) Financials

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