Wendy's (WEN) Financials

$6.65 +0.04 (+0.61%)

Closing price 05/6/2026 04:00 PM Eastern

Extended Trading

$6.66 +0.00 (+0.08%)

As of 05:36 AM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/3/2016	1/1/2017	12/31/2017	12/30/2018	12/29/2019	1/3/2021	1/2/2022	1/1/2023	12/31/2023	12/29/2024	12/28/2025
Net Income / (Loss) Attributable to Common Shareholders	161	130	194	460	137	118	200	177	204	194	165
Consolidated Net Income / (Loss)	161	130	194	460	137	118	200	177	204	194	165
Net Income / (Loss) Continuing Operations	140	130	194	460	137	118	200	177	204	194	165
Total Pre-Tax Income	234	202	101	575	171	153	241	244	279	272	227
Total Operating Income	274	315	215	250	263	269	367	353	382	371	343
Total Gross Profit	638	609	601	925	944	967	1,110	1,152	1,204	1,268	1,178
Total Revenue	1,870	1,435	1,223	1,590	1,709	1,734	1,897	2,096	2,182	2,246	2,177
Operating Revenue	1,870	1,435	1,223	1,590	1,709	1,734	1,897	2,096	2,182	2,246	2,177
Total Cost of Revenue	1,232	827	622	665	765	767	787	944	977	978	998
Operating Cost of Revenue	1,232	827	622	665	765	767	787	944	977	978	998
Total Operating Expenses	364	294	386	675	681	698	743	798	822	897	835
Selling, General & Admin Expense	257	237	204	217	200	207	243	255	250	255	253
Marketing Expense	-	0.00	0.00	322	338	345	412	431	428	478	423
Depreciation Expense	145	123	126	129	132	133	126	133	136	143	152
Amortization Expense	-	-	-	-	-	0.00	0.00	2.39	13	15	19
Other Operating Expenses / (Income)	-11	-20	-8.65	-6.39	-11	-8.40	-14	-24	-14	-12	-22
Impairment Charge	25	16	4.10	4.70	7.00	8.04	2.25	6.42	1.40	9.71	12
Restructuring Charge	22	10	23	9.07	17	16	8.55	0.70	9.20	8.53	-0.13
Other Special Charges / (Income)	-74	-72	39	-0.46	-1.28	-3.15	-34	-6.78	-0.88	-1.22	-1.03
Total Other Income / (Expense), net	-40	-113	-114	325	-91	-117	-126	-110	-103	-99	-116
Interest Expense	93	115	118	131	124	118	127	122	122	124	127
Interest & Investment Income	52	0.72	2.70	451	26	-0.23	0.04	2.11	-10	0.01	-1.72
Other Income / (Expense), net	0.81	0.99	1.62	5.38	7.77	1.45	0.68	10	30	25	13
Income Tax Expense	94	72	-93	115	35	35	40	66	75	78	62
Basic Earnings per Share	$0.50	$0.49	$0.79	$1.93	$0.60	$0.53	$0.91	$0.83	$0.98	$0.95	$0.85
Weighted Average Basic Shares Outstanding	323.02M	262.21M	244.18M	237.80M	223.03M	447.68M	215.23M	212.59M	205.47M	200.49M	190.36M
Diluted Earnings per Share	$0.49	$0.49	$0.77	$1.88	$0.58	$0.52	$0.89	$0.82	$0.97	$0.95	$0.85
Weighted Average Diluted Shares Outstanding	323.02M	262.21M	244.18M	237.80M	223.03M	447.68M	215.23M	212.59M	205.47M	200.49M	190.36M
Weighted Average Basic & Diluted Shares Outstanding	323.02M	262.21M	244.18M	237.80M	223.03M	447.68M	215.23M	212.59M	205.47M	200.49M	190.36M
Cash Dividends to Common per Share	$0.23	$0.25	$0.28	$0.34	$0.42	$0.29	$0.43	$0.50	$1.00	$1.00	$0.67

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	7/2/2023	10/1/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025
Net Income / (Loss) Attributable to Common Shareholders	60	58	47	42	55	50	47	39	55	44	26
Consolidated Net Income / (Loss)	60	58	47	42	55	50	47	39	55	44	26
Net Income / (Loss) Continuing Operations	60	58	47	42	55	50	47	39	55	44	26
Total Pre-Tax Income	79	78	67	57	75	70	70	55	76	63	33
Total Operating Income	109	102	87	81	100	95	96	83	104	92	64
Total Gross Profit	314	304	297	296	322	323	327	288	315	297	279
Total Revenue	562	551	541	535	571	567	574	523	561	550	543
Operating Revenue	562	551	541	535	571	567	574	523	561	550	543
Total Cost of Revenue	247	246	243	239	248	244	247	235	246	253	264
Operating Cost of Revenue	247	246	243	239	248	244	247	235	246	253	264
Total Operating Expenses	205	203	211	215	223	228	231	205	210	205	215
Selling, General & Admin Expense	63	59	66	64	61	63	67	68	59	58	67
Marketing Expense	110	108	109	107	121	130	120	102	111	108	102
Depreciation Expense	33	34	35	36	37	37	33	37	37	38	40
Amortization Expense	2.27	3.84	5.09	3.54	3.52	3.58	4.06	4.17	4.06	5.23	5.20
Other Operating Expenses / (Income)	-3.79	-3.12	-4.59	-3.03	-3.46	-5.07	0.05	-6.39	-2.93	-7.01	-5.75
Impairment Charge	0.08	0.06	0.89	2.01	0.69	0.18	6.84	1.42	1.69	2.26	6.73
Restructuring Charge	0.68	0.61	1.10	5.67	2.45	0.35	0.05	-0.69	0.17	0.32	0.08
Other Special Charges / (Income)	0.01	-0.12	-0.76	0.13	-0.28	-0.42	-0.65	0.09	-0.39	-0.03	-0.70
Total Other Income / (Expense), net	-30	-24	-19	-24	-25	-25	-26	-28	-28	-29	-31
Interest Expense	31	31	26	31	31	31	31	31	31	32	33
Other Income / (Expense), net	7.57	7.64	7.02	6.84	6.30	6.25	5.54	4.99	2.59	2.73	2.32
Income Tax Expense	19	20	20	15	20	19	23	16	21	19	6.71
Basic Earnings per Share	$0.28	$0.28	$0.23	$0.20	$0.27	$0.25	$0.23	$0.20	$0.29	$0.23	$0.13
Weighted Average Basic Shares Outstanding	209.29M	206.26M	205.47M	205.13M	203.24M	203.85M	200.49M	192.03M	190.57M	190.34M	190.36M
Diluted Earnings per Share	$0.28	$0.28	$0.22	$0.20	$0.27	$0.25	$0.23	$0.19	$0.29	$0.23	$0.14
Weighted Average Diluted Shares Outstanding	209.29M	206.26M	205.47M	205.13M	203.24M	203.85M	200.49M	192.03M	190.57M	190.34M	190.36M
Weighted Average Basic & Diluted Shares Outstanding	209.29M	206.26M	205.47M	205.13M	203.24M	203.85M	200.49M	192.03M	190.57M	190.34M	190.36M

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/3/2016	1/1/2017	12/31/2017	12/30/2018	12/29/2019	1/3/2021	1/2/2022	1/1/2023	12/31/2023	12/29/2024	12/28/2025
Net Change in Cash & Equivalents	60	-111	-69	281	-128	60	-51	465	-243	-85	-146
Net Cash From Operating Activities	274	194	239	224	289	284	346	260	345	355	345
Net Cash From Continuing Operating Activities	274	194	239	224	289	325	346	260	345	355	345
Net Income / (Loss) Continuing Operations	161	130	194	460	137	118	200	177	204	194	165
Consolidated Net Income / (Loss)	161	130	194	460	137	118	200	177	204	194	165
Depreciation Expense	154	124	126	129	132	133	126	133	136	143	152
Amortization Expense	5.43	-0.70	0.37	-2.13	5.55	0.00	0.00	2.39	13	15	19
Non-Cash Adjustments To Reconcile Net Income	-45	-29	67	-419	0.18	64	2.17	-7.92	-6.79	15	12
Changes in Operating Assets and Liabilities, net	-1.01	-30	-149	56	15	10	18	-45	-0.81	-12	-3.00
Net Cash From Investing Activities	35	107	-92	363	-55	-68	-155	-78	-87	-129	-151
Net Cash From Continuing Investing Activities	35	107	-92	363	-55	-68	-155	-78	-87	-129	-151
Purchase of Property, Plant & Equipment	-252	-150	-82	-70	-74	-69	-78	-86	-85	-94	-102
Acquisitions	-1.23	-2.21	-87	-21	-5.05	-4.88	-123	-	0.00	0.00	-17
Purchase of Investments	-2.11	-0.17	-0.38	-0.01	0.00	0.00	-10	0.00	0.00	0.00	0.00
Sale of Property, Plant & Equipment	204	262	82	3.22	3.45	6.09	55	8.24	2.12	4.95	4.41
Sale and/or Maturity of Investments	0.62	0.89	4.11	450	24	0.17	0.06	0.00	0.03	0.00	0.00
Other Investing Activities, net	6.92	-3.58	-9.00	0.96	-3.37	-0.66	1.20	-0.47	-3.67	-40	-36
Net Cash From Financing Activities	-238	-412	-216	-306	-365	-158	-243	289	-504	-303	-344
Net Cash From Continuing Financing Activities	-238	-412	-216	-306	-365	-158	-243	289	-504	-303	-344
Repayment of Debt	-1,377	-27	-60	-917	-921	-202	-1,005	-54	-116	-50	-488
Repurchase of Common Equity	-1,099	-337	-126	-270	-218	-62	-269	-52	-190	-77	-201
Payment of Dividends	-72	-64	-68	-81	-96	-65	-95	-107	-209	-204	-130
Issuance of Debt	2,294	0.00	31	935	850	153	1,100	500	0.00	0.00	476
Other Financing Activities, net	16	15	7.16	27	20	18	25	1.70	11	28	-0.92
Effect of Exchange Rate Changes	-12	-	-	-	3.49	1.33	0.36	-5.97	2.45	-8.11	4.34

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	7/2/2023	10/1/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025
Net Change in Cash & Equivalents	-40	-27	-84	4.27	-68	30	-51	-115	-59	22	5.66
Net Cash From Operating Activities	89	128	76	100	45	141	69	85	61	129	69
Net Cash From Continuing Operating Activities	89	128	76	100	45	141	69	85	61	129	69
Net Income / (Loss) Continuing Operations	60	58	47	42	55	50	47	39	55	44	26
Consolidated Net Income / (Loss)	60	58	47	42	55	50	47	39	55	44	26
Depreciation Expense	33	34	35	36	37	37	33	37	37	38	40
Amortization Expense	2.27	3.84	5.09	3.54	3.52	3.58	4.06	4.17	4.06	5.23	5.20
Non-Cash Adjustments To Reconcile Net Income	4.39	-2.56	-6.87	15	-0.26	0.23	0.55	17	-1.71	-4.25	0.90
Changes in Operating Assets and Liabilities, net	-11	34	-3.80	4.07	-50	50	-17	-11	-34	46	-3.59
Net Cash From Investing Activities	-17	-27	-31	-21	-23	-25	-61	-21	-31	-48	-50
Net Cash From Continuing Investing Activities	-17	-27	-31	-21	-23	-25	-61	-21	-31	-48	-50
Purchase of Property, Plant & Equipment	-18	-26	-29	-17	-17	-18	-42	-18	-21	-25	-38
Sale of Property, Plant & Equipment	-0.01	-	1.84	0.03	0.58	2.62	1.72	0.06	1.30	0.13	2.93
Other Investing Activities, net	1.05	-1.06	-3.55	-3.49	-6.61	-9.56	-20	-3.86	-11	-6.58	-15
Net Cash From Financing Activities	-114	-127	-131	-73	-90	-88	-53	-179	-93	-57	-14
Net Cash From Continuing Financing Activities	-114	-127	-131	-73	-90	-88	-53	-179	-93	-57	-14
Repayment of Debt	-15	-19	-38	-13	-12	-12	-12	-21	-13	-15	-440
Payment of Dividends	-53	-52	-51	-51	-51	-51	-51	-49	-27	-27	-27
Issuance of Debt	-	-	-	0.00	-	-	-	15	8.50	-	452
Other Financing Activities, net	4.07	0.15	5.51	-1.18	0.64	0.80	28	-1.05	1.42	-1.27	-0.01
Effect of Exchange Rate Changes	2.03	-1.85	2.14	-2.27	-1.02	1.70	-6.51	0.74	4.69	-2.10	1.00

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/3/2016	1/1/2017	12/31/2017	12/30/2018	12/29/2019	1/3/2021	1/2/2022	1/1/2023	12/31/2023	12/29/2024	12/28/2025
Total Assets	4,109	3,939	4,097	4,292	4,995	5,040	5,101	5,499	5,183	5,035	4,957
Total Current Assets	617	453	404	666	554	688	593	1,058	838	736	618
Cash & Equivalents	327	198	171	431	300	307	249	746	516	451	301
Restricted Cash	110	133	95	106	117	176	187	162	154	134	137
Note & Lease Receivable	105	99	114	110	117	110	120	116	122	100	117
Inventories, net	4.31	2.85	3.16	3.69	3.89	4.73	5.93	7.13	6.69	6.53	7.39
Prepaid Expenses	70	19	20	14	16	90	31	27	40	46	55
Plant, Property, & Equipment, net	1,228	1,192	1,263	1,213	977	916	907	896	891	908	938
Total Noncurrent Assets	2,264	2,294	2,430	2,413	3,463	3,436	3,602	3,545	3,454	3,391	3,401
Long-Term Investments	58	57	56	48	46	45	50	46	34	29	25
Noncurrent Note & Lease Receivables	-	124	229	226	457	474	544	552	543	533	598
Goodwill	771	741	743	748	756	751	775	773	774	771	774
Intangible Assets	1,340	1,323	1,322	1,294	1,247	1,225	1,281	1,249	1,219	1,192	1,171
Other Noncurrent Operating Assets	95	50	80	97	958	942	952	925	884	865	833
Total Liabilities & Shareholders' Equity	4,109	3,939	4,097	4,292	4,995	5,040	5,101	5,499	5,183	5,035	4,957
Total Liabilities	3,356	3,412	3,524	3,644	4,478	4,490	4,665	5,034	4,873	4,775	4,839
Total Current Liabilities	269	230	227	284	350	413	427	388	382	398	351
Short-Term Debt	23	25	30	32	23	29	24	29	29	78	30
Accounts Payable	54	28	23	22	23	31	41	44	27	28	30
Accrued Expenses	124	102	112	151	165	155	141	116	135	118	117
Other Current Liabilities	67	76	63	80	139	198	221	199	190	173	174
Total Noncurrent Liabilities	3,087	3,181	3,297	3,359	4,128	4,077	4,238	4,646	4,491	4,378	4,488
Long-Term Debt	2,403	2,488	2,724	2,306	2,258	2,218	2,356	2,822	2,733	2,662	2,731
Noncurrent Deferred & Payable Income Tax Liabilities	460	447	299	269	271	281	268	270	270	263	288
Other Noncurrent Operating Liabilities	224	247	262	245	1,508	1,578	1,614	1,553	1,488	1,452	1,470
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	753	528	573	648	516	550	436	466	310	259	117
Total Preferred & Common Equity	753	528	573	648	516	550	436	466	310	259	117
Total Common Equity	753	528	573	648	516	550	436	466	310	259	117
Common Stock	2,922	2,926	2,933	2,932	2,921	2,946	2,946	2,985	3,007	3,029	3,033
Retained Earnings	-357	-291	-163	146	186	239	344	415	410	400	435
Treasury Stock	-1,741	-2,044	-2,150	-2,368	-2,537	-2,586	-2,805	-2,870	-3,049	-3,095	-3,287
Accumulated Other Comprehensive Income / (Loss)	-71	-63	-46	-62	-54	-50	-48	-64	-58	-75	-64

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	10/2/2022	4/2/2023	7/2/2023	10/1/2023	3/31/2024	6/30/2024	9/29/2024	3/30/2025	6/29/2025	9/28/2025
Total Assets	5,525	5,408	5,354	5,290	5,190	5,088	5,073	4,919	4,894	4,976
Total Current Assets	1,095	1,003	967	926	868	791	783	644	600	641
Cash & Equivalents	732	676	635	598	498	465	482	335	281	291
Restricted Cash	185	154	153	150	198	161	151	152	145	159
Note & Lease Receivable	142	136	143	138	126	118	111	102	115	128
Inventories, net	6.58	6.45	6.55	6.81	6.11	6.38	6.25	6.20	6.31	6.94
Prepaid Expenses	29	30	30	33	39	40	33	48	53	55
Plant, Property, & Equipment, net	882	885	889	887	891	895	894	907	916	924
Total Noncurrent Assets	3,548	3,520	3,498	3,478	3,432	3,403	3,396	3,368	3,378	3,412
Long-Term Investments	45	42	36	34	33	32	32	27	27	26
Noncurrent Note & Lease Receivables	548	544	544	541	534	523	521	537	544	586
Goodwill	773	773	774	773	773	773	773	772	773	775
Intangible Assets	1,252	1,240	1,232	1,225	1,210	1,203	1,199	1,184	1,176	1,177
Other Noncurrent Operating Assets	929	920	912	903	881	873	870	848	858	847
Total Liabilities & Shareholders' Equity	5,525	5,408	5,354	5,290	5,190	5,088	5,073	4,919	4,894	4,976
Total Liabilities	5,088	4,988	4,963	4,948	4,896	4,814	4,813	4,789	4,781	4,867
Total Current Liabilities	418	400	390	405	425	365	373	434	415	794
Short-Term Debt	29	29	29	29	29	29	29	78	79	425
Accounts Payable	35	45	39	42	26	26	29	25	27	27
Accrued Expenses	130	134	132	149	144	116	129	139	124	138
Other Current Liabilities	224	191	190	185	226	193	186	191	186	203
Total Noncurrent Liabilities	4,669	4,589	4,573	4,543	4,471	4,450	4,440	4,356	4,366	4,073
Long-Term Debt	2,827	2,786	2,781	2,768	2,727	2,722	2,716	2,657	2,651	2,299
Noncurrent Deferred & Payable Income Tax Liabilities	276	273	275	271	271	270	270	263	265	291
Other Noncurrent Operating Liabilities	1,566	1,530	1,517	1,504	1,472	1,457	1,454	1,437	1,450	1,483
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	437	420	391	343	294	274	260	130	113	109
Total Preferred & Common Equity	437	420	391	343	294	274	260	130	113	109
Total Common Equity	437	420	391	343	294	274	260	130	113	109
Common Stock	2,977	2,988	2,993	2,998	3,009	3,012	3,015	3,032	3,035	3,028
Retained Earnings	400	401	408	414	400	404	403	389	418	435
Treasury Stock	-2,871	-2,906	-2,951	-3,006	-3,053	-3,077	-3,098	-3,218	-3,278	-3,287
Accumulated Other Comprehensive Income / (Loss)	-69	-64	-59	-64	-63	-65	-61	-73	-63	-67

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/3/2016	1/1/2017	12/31/2017	12/30/2018	12/29/2019	1/3/2021	1/2/2022	1/1/2023	12/31/2023	12/29/2024	12/28/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-6.42%	-23.25%	-14.77%	29.96%	7.49%	1.45%	9.41%	10.46%	4.11%	2.98%	-3.10%
EBITDA Growth	9.86%	1.14%	-22.06%	11.56%	6.69%	-1.00%	22.22%	1.29%	12.13%	-1.05%	-4.92%
EBIT Growth	13.13%	14.71%	-31.48%	17.98%	5.91%	0.15%	35.78%	-1.07%	13.15%	-3.71%	-10.15%
NOPAT Growth	11.87%	23.28%	103.89%	-51.52%	4.85%	-0.96%	47.18%	-15.80%	8.60%	-5.20%	-5.84%
Net Income Growth	32.70%	-19.56%	49.69%	137.14%	-70.24%	-13.95%	70.07%	-11.49%	15.26%	-4.93%	-15.07%
EPS Growth	53.13%	0.00%	57.14%	144.16%	-69.15%	-10.34%	71.15%	-7.87%	18.29%	-2.06%	-10.53%
Operating Cash Flow Growth	7.67%	-29.34%	23.20%	-6.10%	28.86%	-1.58%	21.60%	-24.83%	32.90%	2.86%	-3.03%
Free Cash Flow Firm Growth	166.01%	10.90%	-74.80%	505.93%	102.41%	-62.35%	-10.38%	-8.09%	22.60%	-10.51%	-10.03%
Invested Capital Growth	-1.72%	-1.18%	13.33%	-5.24%	-18.05%	-2.77%	2.71%	1.41%	0.19%	0.79%	1.17%
Revenue Q/Q Growth	-0.44%	-9.72%	-0.05%	0.00%	0.00%	2.79%	-0.06%	3.12%	0.19%	1.52%	-1.42%
EBITDA Q/Q Growth	20.38%	-10.37%	-2.99%	195.59%	186.98%	11.59%	-0.71%	3.02%	1.67%	1.02%	-4.88%
EBIT Q/Q Growth	33.60%	-10.55%	-6.36%	42,803.03%	2,651.93%	18.14%	-0.48%	3.69%	0.88%	2.04%	-9.00%
NOPAT Q/Q Growth	40.95%	-11.51%	224.83%	0.00%	0.00%	19.03%	5.20%	-6.67%	0.17%	1.68%	-5.54%
Net Income Q/Q Growth	63.46%	-30.53%	204.87%	0.00%	0.00%	11.55%	7.16%	-5.77%	2.85%	0.29%	-11.29%
EPS Q/Q Growth	81.48%	-24.62%	196.15%	-22.63%	3.57%	18.18%	7.23%	-5.75%	3.19%	1.06%	-9.57%
Operating Cash Flow Q/Q Growth	43.76%	-33.85%	10.13%	-27.23%	24.50%	10.56%	-2.67%	3.24%	-0.40%	-2.00%	0.19%
Free Cash Flow Firm Q/Q Growth	863.44%	-25.88%	296.01%	457.41%	63.10%	10.43%	-36.14%	81.40%	8.70%	-11.19%	-10.78%
Invested Capital Q/Q Growth	-3.54%	-1.59%	5.38%	2.16%	-0.43%	-0.12%	6.91%	1.35%	0.43%	1.94%	2.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.14%	42.41%	49.14%	58.18%	55.23%	55.76%	58.51%	54.95%	55.21%	56.45%	54.13%
EBITDA Margin	23.23%	30.61%	27.99%	24.03%	23.85%	23.27%	26.00%	23.84%	25.68%	24.67%	24.21%
Operating Margin	14.68%	21.93%	17.55%	15.72%	15.36%	15.53%	19.34%	16.86%	17.51%	16.53%	15.78%
EBIT Margin	14.72%	22.00%	17.69%	16.06%	15.82%	15.62%	19.38%	17.36%	18.87%	17.64%	16.36%
Profit (Net Income) Margin	8.62%	9.03%	15.86%	28.94%	8.01%	6.80%	10.56%	8.46%	9.37%	8.65%	7.58%
Tax Burden Percent	68.83%	64.27%	192.07%	80.03%	79.86%	77.12%	83.30%	72.84%	73.17%	71.35%	72.64%
Interest Burden Percent	85.05%	63.87%	46.69%	225.22%	63.43%	56.43%	65.44%	66.95%	67.89%	68.74%	63.82%
Effective Tax Rate	40.21%	35.73%	-92.07%	19.97%	20.14%	22.88%	16.70%	27.16%	26.83%	28.65%	27.36%
Return on Invested Capital (ROIC)	6.06%	7.58%	14.59%	6.83%	8.09%	9.02%	13.29%	10.97%	11.81%	11.15%	10.39%
ROIC Less NNEP Spread (ROIC-NNEP)	5.86%	4.00%	4.99%	18.07%	4.47%	3.94%	7.46%	6.75%	8.02%	7.77%	6.58%
Return on Net Nonoperating Assets (RNNOA)	6.98%	12.66%	20.66%	68.49%	15.42%	13.08%	27.36%	28.36%	40.91%	57.15%	77.24%
Return on Equity (ROE)	13.05%	20.24%	35.25%	75.33%	23.51%	22.11%	40.65%	39.32%	52.72%	68.30%	87.63%
Cash Return on Invested Capital (CROIC)	7.80%	8.78%	2.09%	12.22%	27.93%	11.84%	10.62%	9.56%	11.63%	10.36%	9.23%
Operating Return on Assets (OROA)	6.68%	7.85%	5.39%	6.09%	5.82%	5.40%	7.25%	6.86%	7.71%	7.76%	7.13%
Return on Assets (ROA)	3.91%	3.22%	4.83%	10.97%	2.95%	2.35%	3.95%	3.35%	3.83%	3.80%	3.30%
Return on Common Equity (ROCE)	13.05%	20.24%	35.25%	75.33%	23.51%	22.11%	40.65%	39.32%	52.72%	68.30%	87.63%
Return on Equity Simple (ROE_SIMPLE)	21.40%	24.56%	33.85%	70.96%	26.52%	21.44%	45.92%	38.09%	66.00%	74.94%	0.00%
Net Operating Profit after Tax (NOPAT)	164	202	412	200	210	208	306	257	279	265	249
NOPAT Margin	8.77%	14.09%	33.72%	12.58%	12.27%	11.98%	16.11%	12.28%	12.81%	11.79%	11.46%
Net Nonoperating Expense Percent (NNEP)	0.20%	3.59%	9.59%	-11.23%	3.62%	5.08%	5.83%	4.22%	3.79%	3.37%	3.82%
Return On Investment Capital (ROIC_SIMPLE)	5.16%	6.65%	12.40%	5.83%	7.50%	7.43%	10.85%	7.76%	9.10%	8.83%	8.67%
Cost of Revenue to Revenue	65.86%	57.59%	50.86%	41.82%	44.77%	44.24%	41.49%	45.05%	44.79%	43.55%	45.87%
SG&A Expenses to Revenue	13.72%	16.50%	16.64%	13.68%	11.71%	11.93%	12.81%	12.17%	11.46%	11.36%	11.61%
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	19.46%	20.48%	31.58%	42.46%	39.86%	40.23%	39.17%	38.09%	37.70%	39.92%	38.36%
Earnings before Interest and Taxes (EBIT)	275	316	216	255	270	271	368	364	412	396	356
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	434	439	342	382	408	404	493	500	560	554	527
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.01	5.18	5.57	4.67	8.25	7.57	10.42	9.17	12.06	12.76	13.54
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)	1.21	1.91	2.61	1.90	2.49	2.40	2.40	2.04	1.71	1.47	0.73
Price to Earnings (P/E)	14.05	21.10	16.44	6.58	31.11	35.33	22.70	24.07	18.27	17.03	9.63
Dividend Yield	2.72%	2.30%	2.13%	2.66%	2.27%	1.56%	2.09%	2.49%	5.52%	6.16%	8.02%
Earnings Yield	7.12%	4.74%	6.08%	15.20%	3.21%	2.83%	4.41%	4.15%	5.47%	5.87%	10.39%
Enterprise Value to Invested Capital (EV/IC)	1.56	1.83	1.87	1.84	2.60	2.59	2.76	2.61	2.45	2.28	1.61
Enterprise Value to Revenue (EV/Rev)	2.24	3.38	4.60	3.29	3.56	3.39	3.40	2.94	2.66	2.42	1.79
Enterprise Value to EBITDA (EV/EBITDA)	9.66	11.06	16.42	13.68	14.91	14.58	13.06	12.35	10.34	9.81	7.38
Enterprise Value to EBIT (EV/EBIT)	15.24	15.39	25.98	20.48	22.48	21.73	17.52	16.96	14.08	13.72	10.91
Enterprise Value to NOPAT (EV/NOPAT)	25.56	24.02	13.63	26.14	28.99	28.32	21.08	23.97	20.73	20.52	15.58
Enterprise Value to Operating Cash Flow (EV/OCF)	15.29	25.07	23.54	23.31	21.04	20.69	18.63	23.73	16.77	15.30	11.28
Enterprise Value to Free Cash Flow (EV/FCFF)	19.88	20.76	95.29	14.62	8.40	21.59	26.39	27.49	21.06	22.08	17.55
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.22	4.76	4.81	4.29	4.42	4.09	5.46	6.12	8.92	10.57	23.51
Long-Term Debt to Equity	3.19	4.71	4.75	4.25	4.37	4.04	5.40	6.06	8.82	10.26	23.26
Financial Leverage	1.19	3.17	4.14	3.79	3.45	3.32	3.66	4.20	5.10	7.35	11.74
Leverage Ratio	3.34	6.28	7.30	6.87	7.97	9.41	10.29	11.75	13.77	17.95	26.52
Compound Leverage Factor	2.84	4.01	3.41	15.47	5.06	5.31	6.73	7.87	9.35	12.34	16.93
Debt to Total Capital	76.32%	82.64%	82.77%	81.11%	81.54%	80.35%	84.51%	85.96%	89.92%	91.35%	95.92%
Short-Term Debt to Total Capital	0.73%	0.81%	0.91%	0.92%	0.81%	1.04%	0.86%	0.88%	0.95%	2.61%	1.03%
Long-Term Debt to Total Capital	75.58%	81.83%	81.87%	80.19%	80.72%	79.31%	83.65%	85.08%	88.96%	88.75%	94.89%
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	23.68%	17.36%	17.23%	18.89%	18.46%	19.65%	15.49%	14.04%	10.08%	8.65%	4.08%
Debt to EBITDA	5.58	5.72	8.04	7.29	5.59	5.57	4.83	5.71	4.93	4.94	5.24
Net Debt to EBITDA	4.44	4.83	7.10	5.76	4.46	4.26	3.84	3.80	3.67	3.84	4.36
Long-Term Debt to EBITDA	5.53	5.66	7.96	7.21	5.54	5.50	4.78	5.65	4.88	4.80	5.18
Debt to NOPAT	14.78	12.42	6.68	13.92	10.87	10.82	7.79	11.08	9.88	10.34	11.06
Net Debt to NOPAT	11.76	10.50	5.90	11.00	8.67	8.28	6.20	7.37	7.36	8.03	9.21
Long-Term Debt to NOPAT	14.64	12.30	6.60	13.76	10.77	10.68	7.71	10.97	9.78	10.05	10.94
Altman Z-Score	1.06	1.07	1.01	1.22	1.19	1.21	1.33	1.36	1.36	1.31	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%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.29	1.97	1.78	2.34	1.58	1.66	1.39	2.73	2.19	1.85	1.76
Quick Ratio	1.61	1.29	1.26	1.90	1.19	1.01	0.86	2.22	1.67	1.38	1.19
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	211	234	59	357	724	272	244	224	275	246	222
Operating Cash Flow to CapEx	580.76%	0.00%	123,089.18%	336.51%	406.92%	452.24%	1,512.17%	336.20%	416.64%	397.25%	353.32%
Free Cash Flow to Firm to Interest Expense	2.26	2.04	0.50	2.73	5.81	2.31	1.92	1.83	2.26	1.99	1.74
Operating Cash Flow to Interest Expense	2.94	1.69	2.02	1.71	2.32	2.42	2.72	2.12	2.84	2.87	2.71
Operating Cash Flow Less CapEx to Interest Expense	2.43	2.67	2.02	1.20	1.75	1.88	2.54	1.49	2.16	2.15	1.94
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.45	0.36	0.30	0.38	0.37	0.35	0.37	0.40	0.41	0.44	0.44
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	220.51	230.83	207.18	194.33	201.94	177.89	147.57	144.53	141.42	148.02	143.50
Fixed Asset Turnover	1.52	1.19	1.00	1.28	1.56	1.83	2.08	2.32	2.44	2.50	2.36
Accounts Payable Turnover	18.81	20.33	24.69	29.88	34.43	28.53	21.79	22.17	27.38	35.05	33.90
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)	1.66	1.58	1.76	1.88	1.81	2.05	2.47	2.53	2.58	2.47	2.54
Days Payable Outstanding (DPO)	19.41	17.95	14.78	12.22	10.60	12.79	16.75	16.46	13.33	10.41	10.77
Cash Conversion Cycle (CCC)	-17.75	-16.37	-13.02	-10.34	-8.79	-10.74	-14.28	-13.94	-10.75	-7.95	-8.22
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,683	2,651	3,005	2,847	2,334	2,269	2,330	2,363	2,368	2,387	2,415
Invested Capital Turnover	0.69	0.54	0.43	0.54	0.66	0.75	0.82	0.89	0.92	0.95	0.91
Increase / (Decrease) in Invested Capital	-47	-32	353	-157	-514	-65	62	33	4.39	19	28
Enterprise Value (EV)	4,195	4,859	5,622	5,227	6,078	5,882	6,442	6,168	5,793	5,436	3,886
Market Capitalization	2,265	2,735	3,190	3,028	4,261	4,163	4,548	4,270	3,735	3,309	1,589
Book Value per Share	$2.75	$2.05	$2.37	$2.74	$2.24	$2.45	$1.98	$2.19	$1.50	$1.27	$0.62
Tangible Book Value per Share	($4.96)	($5.98)	($6.16)	($5.89)	($6.46)	($6.36)	($7.34)	($7.31)	($8.16)	($8.36)	($9.60)
Total Capital	3,179	3,040	3,328	3,433	2,797	2,797	2,817	3,317	3,072	3,000	2,878
Total Debt	2,426	2,512	2,754	2,784	2,280	2,247	2,381	2,851	2,762	2,740	2,760
Total Long-Term Debt	2,403	2,488	2,724	2,753	2,258	2,218	2,356	2,822	2,733	2,662	2,731
Net Debt	1,930	2,124	2,432	2,199	1,817	1,719	1,894	1,898	2,058	2,127	2,297
Capital Expenditures (CapEx)	47	-112	0.19	67	71	63	23	77	83	89	98
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-66	-85	-59	-125	-190	-180	-247	-208	-185	-167	-141
Debt-free Net Working Capital (DFNWC)	371	247	207	413	227	303	190	700	485	417	297
Net Working Capital (NWC)	348	222	177	382	204	274	166	670	456	339	267
Net Nonoperating Expense (NNE)	2.96	73	218	-260	73	90	105	80	75	71	84
Net Nonoperating Obligations (NNO)	1,930	2,124	2,432	2,199	1,817	1,719	1,894	1,898	2,058	2,127	2,297
Total Depreciation and Amortization (D&A)	159	124	126	127	137	133	126	136	149	158	171
Debt-free, Cash-free Net Working Capital to Revenue	-3.55%	-5.89%	-4.85%	-7.84%	-11.12%	-10.38%	-13.00%	-9.94%	-8.46%	-7.45%	-6.49%
Debt-free Net Working Capital to Revenue	19.84%	17.21%	16.95%	25.99%	13.29%	17.49%	10.03%	33.38%	22.23%	18.55%	13.63%
Net Working Capital to Revenue	18.60%	15.50%	14.48%	24.00%	11.96%	15.82%	8.75%	31.99%	20.89%	15.07%	12.26%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.50	$0.49	$0.79	$1.93	$0.60	$0.53	$0.91	$0.83	$0.98	$0.95	$0.85
Adjusted Weighted Average Basic Shares Outstanding	270.01M	246.93M	239.41M	230.23M	223.03M	223.84M	215.23M	212.59M	205.47M	200.49M	190.36M
Adjusted Diluted Earnings per Share	$0.49	$0.49	$0.77	$1.88	$0.58	$0.52	$0.89	$0.82	$0.97	$0.95	$0.85
Adjusted Weighted Average Diluted Shares Outstanding	270.01M	246.93M	239.41M	230.23M	223.03M	223.84M	215.23M	212.59M	205.47M	200.49M	190.36M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.60	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	270.01M	246.93M	239.41M	230.23M	223.03M	223.84M	215.23M	212.59M	205.47M	200.49M	190.36M
Normalized Net Operating Profit after Tax (NOPAT)	148	173	196	211	228	224	287	258	287	277	257
Normalized NOPAT Margin	7.91%	12.05%	16.05%	13.25%	13.33%	12.91%	15.11%	12.29%	13.14%	12.33%	11.83%
Pre Tax Income Margin	12.52%	14.05%	8.26%	36.16%	10.03%	8.81%	12.68%	11.62%	12.81%	12.13%	10.44%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.95	2.75	1.83	1.95	2.17	2.30	2.89	2.97	3.38	3.20	2.80
NOPAT to Interest Expense	1.76	1.76	3.49	1.53	1.68	1.76	2.40	2.10	2.30	2.14	1.96
EBIT Less CapEx to Interest Expense	2.44	3.73	1.83	1.44	1.60	1.77	2.71	2.34	2.70	2.48	2.03
NOPAT Less CapEx to Interest Expense	1.25	2.74	3.49	1.02	1.11	1.23	2.23	1.47	1.61	1.42	1.20
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	44.58%	49.24%	35.21%	17.50%	70.37%	55.05%	47.33%	60.20%	102.35%	105.19%	78.50%
Augmented Payout Ratio	726.42%	309.19%	100.27%	76.14%	229.42%	107.81%	181.33%	89.49%	195.07%	145.00%	200.12%

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	7/2/2023	10/1/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.42%	3.38%	0.77%	1.12%	1.63%	2.94%	6.22%	-2.11%	-1.72%	-3.04%	-5.45%
EBITDA Growth	16.54%	8.21%	7.41%	0.15%	-3.80%	-3.99%	4.19%	1.40%	0.73%	-2.19%	-19.47%
EBIT Growth	19.82%	8.11%	3.98%	-4.16%	-9.45%	-7.62%	8.45%	0.14%	0.98%	-6.09%	-34.68%
NOPAT Growth	16.51%	5.44%	1.33%	-2.53%	-12.03%	-9.76%	7.08%	0.12%	4.17%	-5.64%	-21.07%
Net Income Growth	23.84%	14.85%	13.72%	5.45%	-8.37%	-13.48%	1.19%	-6.57%	0.85%	-11.89%	-44.25%
EPS Growth	27.27%	16.67%	15.79%	5.26%	-3.57%	-10.71%	4.55%	-5.00%	7.41%	-8.00%	-39.13%
Operating Cash Flow Growth	14.66%	51.60%	-1.78%	88.74%	-48.63%	10.31%	-9.57%	-14.57%	33.24%	-8.47%	0.95%
Free Cash Flow Firm Growth	203.00%	161.93%	110.13%	131.86%	55.95%	70.74%	-18.01%	-72.05%	-36.35%	-42.81%	-49.75%
Invested Capital Growth	1.24%	1.11%	0.19%	-1.79%	-0.46%	-0.71%	0.79%	1.34%	0.95%	0.68%	1.17%
Revenue Q/Q Growth	6.19%	-1.96%	-1.80%	-1.09%	6.73%	-0.70%	1.33%	-8.85%	7.16%	-2.03%	-1.19%
EBITDA Q/Q Growth	20.29%	-3.43%	-9.57%	-4.67%	15.56%	-3.63%	-1.86%	-7.22%	14.80%	-6.42%	-19.20%
EBIT Q/Q Growth	27.26%	-6.51%	-14.27%	-6.04%	20.25%	-4.62%	0.64%	-13.24%	21.26%	-11.29%	-30.01%
NOPAT Q/Q Growth	35.75%	-8.42%	-20.12%	-1.85%	22.52%	-6.06%	-5.22%	-8.23%	27.48%	-14.91%	-20.71%
Net Income Q/Q Growth	49.75%	-2.65%	-19.14%	-10.54%	30.12%	-8.09%	-5.43%	-17.40%	40.47%	-19.70%	-40.16%
EPS Q/Q Growth	47.37%	0.00%	-21.43%	-9.09%	35.00%	-7.41%	-8.00%	-17.39%	52.63%	-20.69%	-39.13%
Operating Cash Flow Q/Q Growth	67.11%	44.61%	-40.72%	31.75%	-54.52%	210.53%	-51.40%	24.46%	-29.06%	113.32%	-46.40%
Free Cash Flow Firm Q/Q Growth	22.21%	-7.16%	12.70%	81.34%	-17.80%	1.64%	-45.88%	-38.18%	87.20%	-8.68%	-52.45%
Invested Capital Q/Q Growth	0.62%	-0.82%	0.43%	-2.01%	1.99%	-1.07%	1.94%	-1.48%	1.60%	-1.34%	2.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	55.98%	55.28%	55.00%	55.38%	56.46%	56.96%	56.94%	55.02%	56.11%	54.01%	51.37%
EBITDA Margin	27.18%	26.77%	24.65%	23.76%	25.72%	24.97%	24.18%	24.61%	26.37%	25.19%	20.59%
Operating Margin	19.46%	18.45%	16.02%	15.18%	17.44%	16.71%	16.72%	15.88%	18.59%	16.75%	11.79%
EBIT Margin	20.81%	19.84%	17.32%	16.45%	18.54%	17.81%	17.69%	16.83%	19.05%	17.25%	12.22%
Profit (Net Income) Margin	10.62%	10.54%	8.68%	7.85%	9.57%	8.86%	8.27%	7.49%	9.82%	8.05%	4.88%
Tax Burden Percent	75.59%	74.46%	69.76%	73.09%	73.03%	72.11%	67.39%	71.44%	72.61%	69.98%	79.78%
Interest Burden Percent	67.51%	71.37%	71.85%	65.30%	70.72%	69.02%	69.40%	62.33%	71.04%	66.72%	50.04%
Effective Tax Rate	24.41%	25.54%	30.24%	26.91%	26.97%	27.89%	32.61%	28.56%	27.39%	30.02%	20.22%
Return on Invested Capital (ROIC)	13.44%	12.76%	10.31%	10.36%	11.79%	11.35%	10.65%	10.86%	12.63%	11.02%	8.53%
ROIC Less NNEP Spread (ROIC-NNEP)	12.27%	11.86%	9.63%	9.49%	10.91%	10.46%	9.83%	9.91%	11.69%	10.09%	7.42%
Return on Net Nonoperating Assets (RNNOA)	58.96%	59.45%	49.10%	52.82%	66.92%	71.16%	72.26%	99.27%	132.07%	118.33%	87.12%
Return on Equity (ROE)	72.40%	72.21%	59.41%	63.18%	78.71%	82.51%	82.90%	110.13%	144.71%	129.35%	95.65%
Cash Return on Invested Capital (CROIC)	10.41%	10.79%	11.63%	13.67%	11.76%	11.80%	10.36%	10.02%	10.32%	10.57%	9.23%
Operating Return on Assets (OROA)	8.27%	7.99%	7.08%	6.79%	7.80%	7.60%	7.78%	7.44%	8.49%	7.58%	5.32%
Return on Assets (ROA)	4.22%	4.25%	3.55%	3.24%	4.03%	3.78%	3.64%	3.31%	4.38%	3.54%	2.13%
Return on Common Equity (ROCE)	72.40%	72.21%	59.41%	63.18%	78.71%	82.51%	82.90%	110.13%	144.71%	129.35%	95.65%
Return on Equity Simple (ROE_SIMPLE)	48.90%	58.03%	0.00%	70.36%	73.65%	74.58%	0.00%	147.11%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	83	76	60	59	73	68	65	59	76	64	51
NOPAT Margin	14.71%	13.74%	11.18%	11.09%	12.73%	12.05%	11.27%	11.34%	13.50%	11.72%	9.41%
Net Nonoperating Expense Percent (NNEP)	1.17%	0.90%	0.68%	0.87%	0.88%	0.88%	0.82%	0.95%	0.94%	0.93%	1.11%
Return On Investment Capital (ROIC_SIMPLE)	2.58%	2.41%	1.97%	1.94%	2.40%	2.27%	2.16%	2.07%	2.66%	2.27%	1.77%
Cost of Revenue to Revenue	44.02%	44.72%	45.00%	44.62%	43.54%	43.04%	43.06%	44.98%	43.90%	45.99%	48.63%
SG&A Expenses to Revenue	11.17%	10.77%	12.14%	11.92%	10.78%	11.08%	11.70%	13.03%	10.60%	10.54%	12.35%
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	36.52%	36.83%	38.98%	40.20%	39.02%	40.26%	40.22%	39.14%	37.52%	37.26%	39.58%
Earnings before Interest and Taxes (EBIT)	117	109	94	88	106	101	102	88	107	95	66
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	153	147	133	127	147	141	139	129	148	138	112
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	10.62	11.44	12.06	12.47	12.15	13.50	12.76	22.52	19.40	16.07	13.54
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)	1.92	1.80	1.71	1.67	1.51	1.59	1.47	1.31	0.98	0.79	0.73
Price to Earnings (P/E)	21.71	19.71	18.27	17.73	16.50	18.11	17.03	15.31	11.41	9.43	9.63
Dividend Yield	3.81%	4.67%	5.52%	5.63%	6.17%	5.79%	6.16%	6.84%	7.80%	8.47%	8.02%
Earnings Yield	4.61%	5.07%	5.47%	5.64%	6.06%	5.52%	5.87%	6.53%	8.77%	10.60%	10.39%
Enterprise Value to Invested Capital (EV/IC)	2.58	2.52	2.45	2.45	2.29	2.39	2.28	2.19	1.87	1.70	1.61
Enterprise Value to Revenue (EV/Rev)	2.84	2.73	2.66	2.60	2.47	2.53	2.42	2.31	2.01	1.81	1.79
Enterprise Value to EBITDA (EV/EBITDA)	11.37	10.77	10.34	10.15	9.77	10.19	9.81	9.27	8.02	7.23	7.38
Enterprise Value to EBIT (EV/EBIT)	15.36	14.54	14.08	13.95	13.66	14.39	13.72	13.00	11.24	10.23	10.91
Enterprise Value to NOPAT (EV/NOPAT)	22.32	21.27	20.73	20.48	20.22	21.45	20.52	19.45	16.67	15.16	15.58
Enterprise Value to Operating Cash Flow (EV/OCF)	20.25	17.11	16.77	14.50	15.51	15.42	15.30	15.13	12.55	11.64	11.28
Enterprise Value to Free Cash Flow (EV/FCFF)	24.96	23.44	21.06	17.77	19.43	20.17	22.08	22.02	18.20	16.12	17.55
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	7.19	8.17	8.92	9.39	10.05	10.57	10.57	21.00	24.18	24.95	23.51
Long-Term Debt to Equity	7.11	8.08	8.82	9.29	9.94	10.45	10.26	20.40	23.48	21.05	23.26
Financial Leverage	4.81	5.01	5.10	5.57	6.13	6.80	7.35	10.02	11.30	11.73	11.74
Leverage Ratio	13.35	13.87	13.77	14.86	15.71	17.20	17.95	23.85	25.82	27.23	26.52
Compound Leverage Factor	9.01	9.90	9.90	9.70	11.11	11.87	12.46	14.86	18.34	18.17	13.27
Debt to Total Capital	87.78%	89.09%	89.92%	90.37%	90.95%	91.35%	91.35%	95.45%	96.03%	96.15%	95.92%
Short-Term Debt to Total Capital	0.91%	0.93%	0.95%	0.96%	0.97%	0.97%	2.61%	2.73%	2.76%	15.01%	1.03%
Long-Term Debt to Total Capital	86.87%	88.16%	88.96%	89.41%	89.98%	90.38%	88.75%	92.72%	93.27%	81.13%	94.89%
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	12.22%	10.91%	10.08%	9.63%	9.05%	8.65%	8.65%	4.55%	3.97%	3.85%	4.08%
Debt to EBITDA	5.21	5.08	4.93	4.92	4.96	5.00	4.94	4.92	4.90	4.92	5.24
Net Debt to EBITDA	3.68	3.66	3.67	3.62	3.77	3.79	3.84	3.99	4.09	4.06	4.36
Long-Term Debt to EBITDA	5.15	5.02	4.88	4.87	4.91	4.95	4.80	4.78	4.76	4.15	5.18
Debt to NOPAT	10.22	10.03	9.88	9.92	10.27	10.54	10.34	10.32	10.18	10.31	11.06
Net Debt to NOPAT	7.22	7.22	7.36	7.29	7.81	7.99	8.03	8.38	8.49	8.51	9.21
Long-Term Debt to NOPAT	10.11	9.92	9.78	9.82	10.16	10.43	10.05	10.02	9.89	8.70	10.94
Altman Z-Score	1.21	1.18	1.16	1.14	1.13	1.15	1.12	1.04	0.97	0.81	0.87
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	2.48	2.29	2.19	2.04	2.17	2.10	1.85	1.49	1.45	0.81	1.76
Quick Ratio	2.00	1.82	1.67	1.47	1.60	1.59	1.38	1.01	0.95	0.53	1.19
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	54	50	56	102	84	85	46	28	53	49	23
Operating Cash Flow to CapEx	493.72%	501.55%	276.00%	577.03%	275.01%	924.50%	170.28%	484.65%	301.89%	519.87%	198.18%
Free Cash Flow to Firm to Interest Expense	1.72	1.59	2.12	3.33	2.70	2.72	1.48	0.90	1.72	1.54	0.70
Operating Cash Flow to Interest Expense	2.84	4.09	2.88	3.27	1.47	4.52	2.21	2.71	1.96	4.10	2.09
Operating Cash Flow Less CapEx to Interest Expense	2.27	3.28	1.83	2.71	0.93	4.03	0.91	2.15	1.31	3.31	1.04
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.40	0.40	0.41	0.41	0.42	0.43	0.44	0.44	0.45	0.44	0.44
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	150.16	146.67	141.42	155.28	151.09	149.16	148.02	158.44	153.30	148.90	143.50
Fixed Asset Turnover	2.43	2.46	2.44	2.46	2.46	2.49	2.50	2.49	2.46	2.43	2.36
Accounts Payable Turnover	26.11	25.72	27.38	27.28	30.33	27.55	35.05	38.22	37.13	34.91	33.90
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)	2.43	2.49	2.58	2.35	2.42	2.45	2.47	2.30	2.38	2.45	2.54
Days Payable Outstanding (DPO)	13.98	14.19	13.33	13.38	12.04	13.25	10.41	9.55	9.83	10.46	10.77
Cash Conversion Cycle (CCC)	-11.55	-11.70	-10.75	-11.03	-9.62	-10.80	-7.95	-7.25	-7.45	-8.00	-8.22
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,377	2,358	2,368	2,320	2,366	2,341	2,387	2,351	2,389	2,357	2,415
Invested Capital Turnover	0.91	0.93	0.92	0.93	0.93	0.94	0.95	0.96	0.94	0.94	0.91
Increase / (Decrease) in Invested Capital	29	26	4.39	-42	-11	-17	19	31	23	16	28
Enterprise Value (EV)	6,139	5,933	5,793	5,689	5,419	5,590	5,436	5,154	4,466	4,003	3,886
Market Capitalization	4,153	3,918	3,735	3,662	3,326	3,509	3,309	2,933	2,191	1,755	1,589
Book Value per Share	$1.86	$1.64	$1.50	$1.43	$1.33	$1.28	$1.27	$0.65	$0.59	$0.57	$0.62
Tangible Book Value per Share	($7.66)	($7.91)	($8.16)	($8.24)	($8.29)	($8.43)	($8.36)	($9.11)	($9.56)	($9.67)	($9.60)
Total Capital	3,201	3,140	3,072	3,050	3,025	3,006	3,000	2,865	2,842	2,833	2,878
Total Debt	2,810	2,797	2,762	2,757	2,751	2,746	2,740	2,735	2,729	2,724	2,760
Total Long-Term Debt	2,781	2,768	2,733	2,727	2,722	2,716	2,662	2,657	2,651	2,299	2,731
Net Debt	1,986	2,015	2,058	2,027	2,093	2,081	2,127	2,221	2,276	2,248	2,297
Capital Expenditures (CapEx)	18	26	27	17	17	15	40	18	20	25	35
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-182	-198	-185	-225	-171	-193	-167	-198	-163	-178	-141
Debt-free Net Working Capital (DFNWC)	607	550	485	471	455	439	417	289	264	272	297
Net Working Capital (NWC)	578	521	456	442	426	410	339	211	185	-153	267
Net Nonoperating Expense (NNE)	23	18	13	17	18	18	17	20	21	20	25
Net Nonoperating Obligations (NNO)	1,986	2,015	2,058	2,027	2,093	2,081	2,127	2,221	2,276	2,248	2,297
Total Depreciation and Amortization (D&A)	36	38	40	39	41	41	37	41	41	44	45
Debt-free, Cash-free Net Working Capital to Revenue	-8.41%	-9.08%	-8.46%	-10.31%	-7.81%	-8.74%	-7.45%	-8.86%	-7.31%	-8.06%	-6.49%
Debt-free Net Working Capital to Revenue	28.10%	25.26%	22.23%	21.55%	20.71%	19.86%	18.55%	12.93%	11.85%	12.34%	13.63%
Net Working Capital to Revenue	26.74%	23.92%	20.89%	20.21%	19.38%	18.53%	15.07%	9.43%	8.32%	-6.92%	12.26%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.28	$0.28	$0.23	$0.20	$0.27	$0.25	$0.23	$0.20	$0.29	$0.23	$0.13
Adjusted Weighted Average Basic Shares Outstanding	209.29M	206.26M	205.47M	205.13M	203.24M	203.85M	200.49M	192.03M	190.57M	190.34M	190.36M
Adjusted Diluted Earnings per Share	$0.28	$0.28	$0.22	$0.20	$0.27	$0.25	$0.23	$0.19	$0.29	$0.23	$0.14
Adjusted Weighted Average Diluted Shares Outstanding	209.29M	206.26M	205.47M	205.13M	203.24M	203.85M	200.49M	192.03M	190.57M	190.34M	190.36M
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	209.29M	206.26M	205.47M	205.13M	203.24M	203.85M	200.49M	192.03M	190.57M	190.34M	190.36M
Normalized Net Operating Profit after Tax (NOPAT)	83	76	61	65	75	68	69	60	77	66	56
Normalized NOPAT Margin	14.81%	13.82%	11.34%	12.16%	13.10%	12.06%	12.00%	11.46%	13.69%	12.05%	10.30%
Pre Tax Income Margin	14.05%	14.16%	12.45%	10.74%	13.11%	12.29%	12.27%	10.49%	13.53%	11.51%	6.11%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.75	3.49	3.55	2.88	3.41	3.23	3.27	2.80	3.45	3.00	2.00
NOPAT to Interest Expense	2.65	2.42	2.29	1.94	2.34	2.18	2.08	1.89	2.45	2.04	1.54
EBIT Less CapEx to Interest Expense	3.18	2.68	2.51	2.31	2.88	2.74	1.97	2.24	2.80	2.22	0.95
NOPAT Less CapEx to Interest Expense	2.08	1.60	1.25	1.38	1.81	1.69	0.79	1.33	1.80	1.25	0.49
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	83.10%	92.82%	102.35%	100.44%	102.25%	105.67%	105.19%	105.69%	92.71%	82.75%	78.50%
Augmented Payout Ratio	128.55%	164.46%	195.07%	177.94%	170.14%	160.99%	145.00%	206.35%	212.28%	199.94%	200.12%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from Wendy’s (WEN) quarterly results and balance sheet data over the last four years, focused on trends that may matter to retail investors.

Revenue strength in 2025: Wendy’s peaked at about $560.9 million in Q2 2025, indicating year‑to‑date growth within the year.
Consistently positive net income attributable to common shareholders in 2025: Q2 2025 was around $55.1 million, followed by about $44.3 million (Q3), $26.5 million (Q4), and $39.2 million (Q1).
Robust operating cash flow in Q3 2025: Net cash from continuing operating activities was about $129.3 million, signaling strong cash generation.
Solid free cash flow in Q3 2025: Approximately $104.3 million in free cash flow (CFO around $129.3 million minus roughly $25 million in capex), highlighting cash available for dividends and potential buybacks.
Stable dividend per share: The quarterly dividend has been maintained at $0.14 per share, supporting yield to shareholders.
Debt appears to be moderating: Long-term debt declined to about $2.298 billion in Q3 2025 from about $2.659 billion in Q2 2025, suggesting deleveraging progress.
Margin variability: Gross margin has fluctuated in the 50–56% range in 2025 (roughly 56% in Q2, around 51% in Q4), indicating ongoing margin volatility.
Liquidity level remains adequate: Cash & equivalents hovered near $290–335 million across recent quarters, providing a stable liquidity cushion.
Profitability pressure in Q4 2025: Net income attributable to common shareholders declined to about $26.5 million, after stronger results earlier in the year.
Cash outflows from financing activities: Net cash from financing activities was negative in multiple quarters (e.g., Q4 2025: around -$14.4 million; Q3 2025: -$56.9 million; Q2 2025: -$93.4 million), reflecting debt repayments and share repurchases that reduce cash on hand.

05/07/26 02:45 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Wendy's' Financials

When does Wendy's' financial year end?

According to the most recent income statement we have on file, Wendy's' fiscal year ends in December. Their fiscal year 2025 ended on December 28, 2025.

How has Wendy's' net income changed over the last 10 years?

Wendy's' net income were at $165.08 million at the end of 2025, a 15.1% decrease from 2024, and a 2.4% increase since 2015. See Wendy's' forecast for analyst expectations on whatâ€™s next for the company.

What is Wendy's' operating income?

Wendy's' total operating income in 2025 was $343.45 million, based on the following breakdown:

Total Gross Profit: $1.18 billion
Total Operating Expenses: $834.97 million

How has Wendy's' revenue changed over the last 10 years?

Over the last 10 years, Wendy's' total revenue changed from $1.87 billion in 2015 to $2.18 billion in 2025, a change of 16.4%.

How much debt does Wendy's have?

Wendy's' total liabilities were at $4.84 billion at the end of 2025, a 1.3% increase from 2024, and a 44.2% increase since 2015.

How much cash does Wendy's have?

In the past 10 years, Wendy's' cash and equivalents has ranged from $171.45 million in 2017 to $745.89 million in 2022, and is currently $300.83 million as of their latest financial filing in 2025.

How has Wendy's' book value per share changed over the last 10 years?

Over the last 10 years, Wendy's' book value per share changed from 2.75 in 2015 to 0.62 in 2025, a change of -77.6%.

Related Companies

Financial statements for NASDAQ:WEN last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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