Free Trial
→ Elon Musk’s $1 Quadrillion AI IPO (From Brownstone Research) (Ad)tc pixel Free WEN Stock Alerts

Wendy's (WEN) Financials

Wendy's logo
$7.36 -0.45 (-5.76%)
Closing price 05/26/2026 04:00 PM Eastern
Extended Trading
$7.37 +0.01 (+0.14%)
As of 08:13 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
Compare
Annual Income Statements for Wendy's

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

Quarterly Income Statements for Wendy's

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 3/29/2026
Net Income / (Loss) Attributable to Common Shareholders		 58 47 42 55 50 47 39 55 44 26 23
Consolidated Net Income / (Loss)		 58 47 42 55 50 47 39 55 44 26 23
Net Income / (Loss) Continuing Operations		 58 47 42 55 50 47 39 55 44 26 23
Total Pre-Tax Income 		78 67 57 75 70 70 55 76 63 33 34
Total Operating Income		 102 87 81 100 95 96 83 104 92 64 65
Total Gross Profit		 304 297 296 322 323 327 288 315 297 279 287
Total Revenue		 551 541 535 571 567 574 523 561 550 543 541
Operating Revenue		 551 541 535 571 567 574 523 561 550 543 541
Total Cost of Revenue		 246 243 239 248 244 247 235 246 253 264 253
Operating Cost of Revenue		 246 243 239 248 244 247 235 246 253 264 253
Total Operating Expenses		 203 211 215 223 228 231 205 210 205 215 223
Selling, General & Admin Expense		 59 66 64 61 63 67 68 59 58 67 73
Marketing Expense		 108 109 107 121 130 120 102 111 108 102 109
Depreciation Expense		 34 35 36 37 37 33 37 37 38 40 41
Amortization Expense		 3.84 5.09 3.54 3.52 3.58 4.06 4.17 4.06 5.23 5.20 4.76
Other Operating Expenses / (Income)		 -3.12 -4.59 -3.03 -3.46 -5.07 0.05 -6.39 -2.93 -7.01 -5.75 -5.08
Impairment Charge		 0.06 0.89 2.01 0.69 0.18 6.84 1.42 1.69 2.26 6.73 2.57
Restructuring Charge		 0.61 1.10 5.67 2.45 0.35 0.05 -0.69 0.17 0.32 0.08 -0.16
Other Special Charges / (Income)		 -0.12 -0.76 0.13 -0.28 -0.42 -0.65 0.09 -0.39 -0.03 -0.70 -1.63
Total Other Income / (Expense), net		 -24 -19 -24 -25 -25 -26 -28 -28 -29 -31 -31
Interest Expense		 31 26 31 31 31 31 31 31 32 33 34
Interest & Investment Income		 0.00 0.03 0.00 0.01 0.00 - -1.72 0.00 0.00 - 0.00
Other Income / (Expense), net		 7.64 7.02 6.84 6.30 6.25 5.54 4.99 2.59 2.73 2.32 3.35
Income Tax Expense		 20 20 15 20 19 23 16 21 19 6.71 11
Basic Earnings per Share		 $0.28 $0.23 $0.20 $0.27 $0.25 $0.23 $0.20 $0.29 $0.23 $0.13 $0.12
Weighted Average Basic Shares Outstanding		 206.26M 205.47M 205.13M 203.24M 203.85M 200.49M 192.03M 190.57M 190.34M 190.36M 190.48M
Diluted Earnings per Share		 $0.28 $0.22 $0.20 $0.27 $0.25 $0.23 $0.19 $0.29 $0.23 $0.14 $0.12
Weighted Average Diluted Shares Outstanding		 206.26M 205.47M 205.13M 203.24M 203.85M 200.49M 192.03M 190.57M 190.34M 190.36M 190.48M
Weighted Average Basic & Diluted Shares Outstanding		 206.26M 205.47M 205.13M 203.24M 203.85M 200.49M 192.03M 190.57M 190.34M 190.36M 190.48M
Cash Dividends to Common per Share		 $0.25 $0.25 $0.25 $0.25 $0.25 $0.25 $0.25 $0.14 $0.14 - $0.14

Annual Cash Flow Statements for Wendy's

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

Quarterly Cash Flow Statements for Wendy's

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 3/29/2026
Net Change in Cash & Equivalents		 -27 -84 4.27 -68 30 -51 -115 -59 22 5.66 4.36
Net Cash From Operating Activities		 128 76 100 45 141 69 85 61 129 69 59
Net Cash From Continuing Operating Activities		 128 76 100 45 141 69 85 61 129 69 59
Net Income / (Loss) Continuing Operations		 58 47 42 55 50 47 39 55 44 26 23
Consolidated Net Income / (Loss)		 58 47 42 55 50 47 39 55 44 26 23
Depreciation Expense		 34 35 36 37 37 33 37 37 38 40 41
Amortization Expense		 3.84 5.09 3.54 3.52 3.58 4.06 4.17 4.06 5.23 5.20 4.76
Non-Cash Adjustments To Reconcile Net Income		 -2.56 -6.87 15 -0.26 0.23 0.55 17 -1.71 -4.25 0.90 0.02
Changes in Operating Assets and Liabilities, net		 34 -3.80 4.07 -50 50 -17 -11 -34 46 -3.59 -8.68
Net Cash From Investing Activities		 -27 -31 -21 -23 -25 -61 -21 -31 -48 -50 -14
Net Cash From Continuing Investing Activities		 -27 -31 -21 -23 -25 -61 -21 -31 -48 -50 -14
Purchase of Property, Plant & Equipment		 -26 -29 -17 -17 -18 -42 -18 -21 -25 -38 -12
Sale of Property, Plant & Equipment		 - 1.84 0.03 0.58 2.62 1.72 0.06 1.30 0.13 2.93 2.80
Other Investing Activities, net		 -1.06 -3.55 -3.49 -6.61 -9.56 -20 -3.86 -11 -6.58 -15 -4.58
Net Cash From Financing Activities		 -127 -131 -73 -90 -88 -53 -179 -93 -57 -14 -40
Net Cash From Continuing Financing Activities		 -127 -131 -73 -90 -88 -53 -179 -93 -57 -14 -40
Repayment of Debt		 -19 -38 -13 -12 -12 -12 -21 -13 -15 -440 -29
Repurchase of Common Equity		 -55 -47 -7.30 -27 -26 -17 -123 -64 -14 - 0.00
Payment of Dividends		 -52 -51 -51 -51 -51 -51 -49 -27 -27 -27 -27
Issuance of Debt		 - - 0.00 - - - 15 8.50 - 452 15
Other Financing Activities, net		 0.15 5.51 -1.18 0.64 0.80 28 -1.05 1.42 -1.27 -0.01 -0.42
Effect of Exchange Rate Changes		 -1.85 2.14 -2.27 -1.02 1.70 -6.51 0.74 4.69 -2.10 1.00 -0.89

Annual Balance Sheets for Wendy's

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

Quarterly Balance Sheets for Wendy's

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 Q1 2026
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 3/29/2026
Total Assets		 5,525 5,408 5,354 5,290 5,190 5,088 5,073 4,919 4,894 4,976 4,925
Total Current Assets		 1,095 1,003 967 926 868 791 783 644 600 641 652
Cash & Equivalents		 732 676 635 598 498 465 482 335 281 291 299
Restricted Cash		 185 154 153 150 198 161 151 152 145 159 148
Note & Lease Receivable		 142 136 143 138 126 118 111 102 115 128 125
Inventories, net		 6.58 6.45 6.55 6.81 6.11 6.38 6.25 6.20 6.31 6.94 6.60
Prepaid Expenses		 29 30 30 33 39 40 33 48 53 55 73
Plant, Property, & Equipment, net		 882 885 889 887 891 895 894 907 916 924 908
Total Noncurrent Assets		 3,548 3,520 3,498 3,478 3,432 3,403 3,396 3,368 3,378 3,412 3,364
Long-Term Investments		 45 42 36 34 33 32 32 27 27 26 24
Noncurrent Note & Lease Receivables		 548 544 544 541 534 523 521 537 544 586 605
Goodwill		 773 773 774 773 773 773 773 772 773 775 774
Intangible Assets		 1,252 1,240 1,232 1,225 1,210 1,203 1,199 1,184 1,176 1,177 1,158
Other Noncurrent Operating Assets		 929 920 912 903 881 873 870 848 858 847 802
Total Liabilities & Shareholders' Equity		 5,525 5,408 5,354 5,290 5,190 5,088 5,073 4,919 4,894 4,976 4,925
Total Liabilities		 5,088 4,988 4,963 4,948 4,896 4,814 4,813 4,789 4,781 4,867 4,809
Total Current Liabilities		 418 400 390 405 425 365 373 434 415 794 356
Short-Term Debt		 29 29 29 29 29 29 29 78 79 425 30
Accounts Payable		 35 45 39 42 26 26 29 25 27 27 24
Accrued Expenses		 130 134 132 149 144 116 129 139 124 138 115
Other Current Liabilities		 224 191 190 185 226 193 186 191 186 203 188
Total Noncurrent Liabilities		 4,669 4,589 4,573 4,543 4,471 4,450 4,440 4,356 4,366 4,073 4,453
Long-Term Debt		 2,827 2,786 2,781 2,768 2,727 2,722 2,716 2,657 2,651 2,299 2,725
Noncurrent Deferred & Payable Income Tax Liabilities		 276 273 275 271 271 270 270 263 265 291 288
Other Noncurrent Operating Liabilities		 1,566 1,530 1,517 1,504 1,472 1,457 1,454 1,437 1,450 1,483 1,440
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		 437 420 391 343 294 274 260 130 113 109 116
Total Preferred & Common Equity		 437 420 391 343 294 274 260 130 113 109 116
Total Common Equity		 437 420 391 343 294 274 260 130 113 109 116
Common Stock		 2,977 2,988 2,993 2,998 3,009 3,012 3,015 3,032 3,035 3,028 3,036
Retained Earnings		 400 401 408 414 400 404 403 389 418 435 431
Treasury Stock		 -2,871 -2,906 -2,951 -3,006 -3,053 -3,077 -3,098 -3,218 -3,278 -3,287 -3,285
Accumulated Other Comprehensive Income / (Loss)		 -69 -64 -59 -64 -63 -65 -61 -73 -63 -67 -67

Annual Metrics And Ratios for Wendy's

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%

Quarterly Metrics And Ratios for Wendy's

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 3/29/2026
DEI Shares Outstanding		 - - - - - - - - - - 190,360,557.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 190,360,557.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.12
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 3.38% 0.77% 1.12% 1.63% 2.94% 6.22% -2.11% -1.72% -3.04% -5.45% 3.28%
EBITDA Growth		 8.21% 7.41% 0.15% -3.80% -3.99% 4.19% 1.40% 0.73% -2.19% -19.47% -11.81%
EBIT Growth		 8.11% 3.98% -4.16% -9.45% -7.62% 8.45% 0.14% 0.98% -6.09% -34.68% -22.52%
NOPAT Growth		 5.44% 1.33% -2.53% -12.03% -9.76% 7.08% 0.12% 4.17% -5.64% -21.07% -27.32%
Net Income Growth		 14.85% 13.72% 5.45% -8.37% -13.48% 1.19% -6.57% 0.85% -11.89% -44.25% -42.11%
EPS Growth		 16.67% 15.79% 5.26% -3.57% -10.71% 4.55% -5.00% 7.41% -8.00% -39.13% -36.84%
Operating Cash Flow Growth		 51.60% -1.78% 88.74% -48.63% 10.31% -9.57% -14.57% 33.24% -8.47% 0.95% -30.47%
Free Cash Flow Firm Growth		 161.93% 110.13% 131.86% 55.95% 70.74% -18.01% -72.05% -36.35% -42.81% -49.75% -114.54%
Invested Capital Growth		 1.11% 0.19% -1.79% -0.46% -0.71% 0.79% 1.34% 0.95% 0.68% 1.17% 2.01%
Revenue Q/Q Growth		 -1.96% -1.80% -1.09% 6.73% -0.70% 1.33% -8.85% 7.16% -2.03% -1.19% -0.43%
EBITDA Q/Q Growth		 -3.43% -9.57% -4.67% 15.56% -3.63% -1.86% -7.22% 14.80% -6.42% -19.20% 1.59%
EBIT Q/Q Growth		 -6.51% -14.27% -6.04% 20.25% -4.62% 0.64% -13.24% 21.26% -11.29% -30.01% 2.92%
NOPAT Q/Q Growth		 -8.42% -20.12% -1.85% 22.52% -6.06% -5.22% -8.23% 27.48% -14.91% -20.71% -15.50%
Net Income Q/Q Growth		 -2.65% -19.14% -10.54% 30.12% -8.09% -5.43% -17.40% 40.47% -19.70% -40.16% -14.23%
EPS Q/Q Growth		 0.00% -21.43% -9.09% 35.00% -7.41% -8.00% -17.39% 52.63% -20.69% -39.13% -14.29%
Operating Cash Flow Q/Q Growth		 44.61% -40.72% 31.75% -54.52% 210.53% -51.40% 24.46% -29.06% 113.32% -46.40% -14.28%
Free Cash Flow Firm Q/Q Growth		 -7.16% 12.70% 81.34% -17.80% 1.64% -45.88% -38.18% 87.20% -8.68% -52.45% -117.89%
Invested Capital Q/Q Growth		 -0.82% 0.43% -2.01% 1.99% -1.07% 1.94% -1.48% 1.60% -1.34% 2.44% -0.66%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 55.28% 55.00% 55.38% 56.46% 56.96% 56.94% 55.02% 56.11% 54.01% 51.37% 53.16%
EBITDA Margin		 26.77% 24.65% 23.76% 25.72% 24.97% 24.18% 24.61% 26.37% 25.19% 20.59% 21.01%
Operating Margin		 18.45% 16.02% 15.18% 17.44% 16.71% 16.72% 15.88% 18.59% 16.75% 11.79% 12.01%
EBIT Margin		 19.84% 17.32% 16.45% 18.54% 17.81% 17.69% 16.83% 19.05% 17.25% 12.22% 12.63%
Profit (Net Income) Margin		 10.54% 8.68% 7.85% 9.57% 8.86% 8.27% 7.49% 9.82% 8.05% 4.88% 4.20%
Tax Burden Percent		 74.46% 69.76% 73.09% 73.03% 72.11% 67.39% 71.44% 72.61% 69.98% 79.78% 66.48%
Interest Burden Percent		 71.37% 71.85% 65.30% 70.72% 69.02% 69.40% 62.33% 71.04% 66.72% 50.04% 50.04%
Effective Tax Rate		 25.54% 30.24% 26.91% 26.97% 27.89% 32.61% 28.56% 27.39% 30.02% 20.22% 33.52%
Return on Invested Capital (ROIC)		 12.76% 10.31% 10.36% 11.79% 11.35% 10.65% 10.86% 12.63% 11.02% 8.53% 7.38%
ROIC Less NNEP Spread (ROIC-NNEP)		 11.86% 9.63% 9.49% 10.91% 10.46% 9.83% 9.91% 11.69% 10.09% 7.42% 6.47%
Return on Net Nonoperating Assets (RNNOA)		 59.45% 49.10% 52.82% 66.92% 71.16% 72.26% 99.27% 132.07% 118.33% 87.12% 118.51%
Return on Equity (ROE)		 72.21% 59.41% 63.18% 78.71% 82.51% 82.90% 110.13% 144.71% 129.35% 95.65% 125.88%
Cash Return on Invested Capital (CROIC)		 10.79% 11.63% 13.67% 11.76% 11.80% 10.36% 10.02% 10.32% 10.57% 9.23% 7.86%
Operating Return on Assets (OROA)		 7.99% 7.08% 6.79% 7.80% 7.60% 7.78% 7.44% 8.49% 7.58% 5.32% 5.63%
Return on Assets (ROA)		 4.25% 3.55% 3.24% 4.03% 3.78% 3.64% 3.31% 4.38% 3.54% 2.13% 1.87%
Return on Common Equity (ROCE)		 72.21% 59.41% 63.18% 78.71% 82.51% 82.90% 110.13% 144.71% 129.35% 95.65% 125.88%
Return on Equity Simple (ROE_SIMPLE)		 58.03% 0.00% 70.36% 73.65% 74.58% 0.00% 147.11% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 76 60 59 73 68 65 59 76 64 51 43
NOPAT Margin		 13.74% 11.18% 11.09% 12.73% 12.05% 11.27% 11.34% 13.50% 11.72% 9.41% 7.98%
Net Nonoperating Expense Percent (NNEP)		 0.90% 0.68% 0.87% 0.88% 0.88% 0.82% 0.95% 0.94% 0.93% 1.11% 0.91%
Return On Investment Capital (ROIC_SIMPLE)		 2.41% 1.97% 1.94% 2.40% 2.27% 2.16% 2.07% 2.66% 2.27% 1.77% 1.50%
Cost of Revenue to Revenue		 44.72% 45.00% 44.62% 43.54% 43.04% 43.06% 44.98% 43.90% 45.99% 48.63% 46.84%
SG&A Expenses to Revenue		 10.77% 12.14% 11.92% 10.78% 11.08% 11.70% 13.03% 10.60% 10.54% 12.35% 13.47%
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		 36.83% 38.98% 40.20% 39.02% 40.26% 40.22% 39.14% 37.52% 37.26% 39.58% 41.16%
Earnings before Interest and Taxes (EBIT)		 109 94 88 106 101 102 88 107 95 66 68
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 147 133 127 147 141 139 129 148 138 112 114
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 11.44 12.06 12.47 12.15 13.50 12.76 22.52 19.40 16.07 13.54 11.20
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)		 1.80 1.71 1.67 1.51 1.59 1.47 1.31 0.98 0.79 0.73 0.59
Price to Earnings (P/E)		 19.71 18.27 17.73 16.50 18.11 17.03 15.31 11.41 9.43 9.63 8.71
Dividend Yield		 4.67% 5.52% 5.63% 6.17% 5.79% 6.16% 6.84% 7.80% 8.47% 8.02% 8.24%
Earnings Yield		 5.07% 5.47% 5.64% 6.06% 5.52% 5.87% 6.53% 8.77% 10.60% 10.39% 11.48%
Enterprise Value to Invested Capital (EV/IC)		 2.52 2.45 2.45 2.29 2.39 2.28 2.19 1.87 1.70 1.61 1.49
Enterprise Value to Revenue (EV/Rev)		 2.73 2.66 2.60 2.47 2.53 2.42 2.31 2.01 1.81 1.79 1.63
Enterprise Value to EBITDA (EV/EBITDA)		 10.77 10.34 10.15 9.77 10.19 9.81 9.27 8.02 7.23 7.38 6.99
Enterprise Value to EBIT (EV/EBIT)		 14.54 14.08 13.95 13.66 14.39 13.72 13.00 11.24 10.23 10.91 10.64
Enterprise Value to NOPAT (EV/NOPAT)		 21.27 20.73 20.48 20.22 21.45 20.52 19.45 16.67 15.16 15.58 15.29
Enterprise Value to Operating Cash Flow (EV/OCF)		 17.11 16.77 14.50 15.51 15.42 15.30 15.13 12.55 11.64 11.28 11.23
Enterprise Value to Free Cash Flow (EV/FCFF)		 23.44 21.06 17.77 19.43 20.17 22.08 22.02 18.20 16.12 17.55 19.16
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 8.17 8.92 9.39 10.05 10.57 10.57 21.00 24.18 24.95 23.51 23.84
Long-Term Debt to Equity		 8.08 8.82 9.29 9.94 10.45 10.26 20.40 23.48 21.05 23.26 23.58
Financial Leverage		 5.01 5.10 5.57 6.13 6.80 7.35 10.02 11.30 11.73 11.74 18.32
Leverage Ratio		 13.87 13.77 14.86 15.71 17.20 17.95 23.85 25.82 27.23 26.52 40.05
Compound Leverage Factor		 9.90 9.90 9.70 11.11 11.87 12.46 14.86 18.34 18.17 13.27 20.04
Debt to Total Capital		 89.09% 89.92% 90.37% 90.95% 91.35% 91.35% 95.45% 96.03% 96.15% 95.92% 95.97%
Short-Term Debt to Total Capital		 0.93% 0.95% 0.96% 0.97% 0.97% 2.61% 2.73% 2.76% 15.01% 1.03% 1.04%
Long-Term Debt to Total Capital		 88.16% 88.96% 89.41% 89.98% 90.38% 88.75% 92.72% 93.27% 81.13% 94.89% 94.94%
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		 10.91% 10.08% 9.63% 9.05% 8.65% 8.65% 4.55% 3.97% 3.85% 4.08% 4.03%
Debt to EBITDA		 5.08 4.93 4.92 4.96 5.00 4.94 4.92 4.90 4.92 5.24 5.38
Net Debt to EBITDA		 3.66 3.67 3.62 3.77 3.79 3.84 3.99 4.09 4.06 4.36 4.46
Long-Term Debt to EBITDA		 5.02 4.88 4.87 4.91 4.95 4.80 4.78 4.76 4.15 5.18 5.33
Debt to NOPAT		 10.03 9.88 9.92 10.27 10.54 10.34 10.32 10.18 10.31 11.06 11.77
Net Debt to NOPAT		 7.22 7.36 7.29 7.81 7.99 8.03 8.38 8.49 8.51 9.21 9.76
Long-Term Debt to NOPAT		 9.92 9.78 9.82 10.16 10.43 10.05 10.02 9.89 8.70 10.94 11.65
Altman Z-Score		 1.18 1.16 1.14 1.13 1.15 1.12 1.04 0.97 0.81 0.87 0.85
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 2.19 2.04 2.17 2.10 1.85 1.49 1.45 0.81 1.76 1.83
Quick Ratio		 1.82 1.67 1.47 1.60 1.59 1.38 1.01 0.95 0.53 1.19 1.19
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 50 56 102 84 85 46 28 53 49 23 -4.13
Operating Cash Flow to CapEx		 501.55% 276.00% 577.03% 275.01% 924.50% 170.28% 484.65% 301.89% 519.87% 198.18% 653.70%
Free Cash Flow to Firm to Interest Expense		 1.59 2.12 3.33 2.70 2.72 1.48 0.90 1.72 1.54 0.70 -0.12
Operating Cash Flow to Interest Expense		 4.09 2.88 3.27 1.47 4.52 2.21 2.71 1.96 4.10 2.09 1.74
Operating Cash Flow Less CapEx to Interest Expense		 3.28 1.83 2.71 0.93 4.03 0.91 2.15 1.31 3.31 1.04 1.47
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.40 0.41 0.41 0.42 0.43 0.44 0.44 0.45 0.44 0.44 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 0.00
Inventory Turnover		 146.67 141.42 155.28 151.09 149.16 148.02 158.44 153.30 148.90 143.50 158.74
Fixed Asset Turnover		 2.46 2.44 2.46 2.46 2.49 2.50 2.49 2.46 2.43 2.36 2.42
Accounts Payable Turnover		 25.72 27.38 27.28 30.33 27.55 35.05 38.22 37.13 34.91 33.90 41.95
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)		 2.49 2.58 2.35 2.42 2.45 2.47 2.30 2.38 2.45 2.54 2.30
Days Payable Outstanding (DPO)		 14.19 13.33 13.38 12.04 13.25 10.41 9.55 9.83 10.46 10.77 8.70
Cash Conversion Cycle (CCC)		 -11.70 -10.75 -11.03 -9.62 -10.80 -7.95 -7.25 -7.45 -8.00 -8.22 -6.40
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,358 2,368 2,320 2,366 2,341 2,387 2,351 2,389 2,357 2,415 2,399
Invested Capital Turnover		 0.93 0.92 0.93 0.93 0.94 0.95 0.96 0.94 0.94 0.91 0.92
Increase / (Decrease) in Invested Capital		 26 4.39 -42 -11 -17 19 31 23 16 28 47
Enterprise Value (EV)		 5,933 5,793 5,689 5,419 5,590 5,436 5,154 4,466 4,003 3,886 3,577
Market Capitalization		 3,918 3,735 3,662 3,326 3,509 3,309 2,933 2,191 1,755 1,589 1,294
Book Value per Share		 $1.64 $1.50 $1.43 $1.33 $1.28 $1.27 $0.65 $0.59 $0.57 $0.62 $0.61
Tangible Book Value per Share		 ($7.91) ($8.16) ($8.24) ($8.29) ($8.43) ($8.36) ($9.11) ($9.56) ($9.67) ($9.60) ($9.54)
Total Capital		 3,140 3,072 3,050 3,025 3,006 3,000 2,865 2,842 2,833 2,878 2,870
Total Debt		 2,797 2,762 2,757 2,751 2,746 2,740 2,735 2,729 2,724 2,760 2,755
Total Long-Term Debt		 2,768 2,733 2,727 2,722 2,716 2,662 2,657 2,651 2,299 2,731 2,725
Net Debt		 2,015 2,058 2,027 2,093 2,081 2,127 2,221 2,276 2,248 2,297 2,283
Capital Expenditures (CapEx)		 26 27 17 17 15 40 18 20 25 35 9.09
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -198 -185 -225 -171 -193 -167 -198 -163 -178 -141 -121
Debt-free Net Working Capital (DFNWC)		 550 485 471 455 439 417 289 264 272 297 326
Net Working Capital (NWC)		 521 456 442 426 410 339 211 185 -153 267 296
Net Nonoperating Expense (NNE)		 18 13 17 18 18 17 20 21 20 25 20
Net Nonoperating Obligations (NNO)		 2,015 2,058 2,027 2,093 2,081 2,127 2,221 2,276 2,248 2,297 2,283
Total Depreciation and Amortization (D&A)		 38 40 39 41 41 37 41 41 44 45 45
Debt-free, Cash-free Net Working Capital to Revenue		 -9.08% -8.46% -10.31% -7.81% -8.74% -7.45% -8.86% -7.31% -8.06% -6.49% -5.53%
Debt-free Net Working Capital to Revenue		 25.26% 22.23% 21.55% 20.71% 19.86% 18.55% 12.93% 11.85% 12.34% 13.63% 14.85%
Net Working Capital to Revenue		 23.92% 20.89% 20.21% 19.38% 18.53% 15.07% 9.43% 8.32% -6.92% 12.26% 13.50%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.28 $0.23 $0.20 $0.27 $0.25 $0.23 $0.20 $0.29 $0.23 $0.13 $0.12
Adjusted Weighted Average Basic Shares Outstanding		 206.26M 205.47M 205.13M 203.24M 203.85M 200.49M 192.03M 190.57M 190.34M 190.36M 190.48M
Adjusted Diluted Earnings per Share		 $0.28 $0.22 $0.20 $0.27 $0.25 $0.23 $0.19 $0.29 $0.23 $0.14 $0.12
Adjusted Weighted Average Diluted Shares Outstanding		 206.26M 205.47M 205.13M 203.24M 203.85M 200.49M 192.03M 190.57M 190.34M 190.36M 190.48M
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		 206.26M 205.47M 205.13M 203.24M 203.85M 200.49M 192.03M 190.57M 190.34M 190.36M 190.48M
Normalized Net Operating Profit after Tax (NOPAT)		 76 61 65 75 68 69 60 77 66 56 44
Normalized NOPAT Margin		 13.82% 11.34% 12.16% 13.10% 12.06% 12.00% 11.46% 13.69% 12.05% 10.30% 8.08%
Pre Tax Income Margin		 14.16% 12.45% 10.74% 13.11% 12.29% 12.27% 10.49% 13.53% 11.51% 6.11% 6.32%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 3.49 3.55 2.88 3.41 3.23 3.27 2.80 3.45 3.00 2.00 2.00
NOPAT to Interest Expense		 2.42 2.29 1.94 2.34 2.18 2.08 1.89 2.45 2.04 1.54 1.27
EBIT Less CapEx to Interest Expense		 2.68 2.51 2.31 2.88 2.74 1.97 2.24 2.80 2.22 0.95 1.74
NOPAT Less CapEx to Interest Expense		 1.60 1.25 1.38 1.81 1.69 0.79 1.33 1.80 1.25 0.49 1.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 92.82% 102.35% 100.44% 102.25% 105.67% 105.19% 105.69% 92.71% 82.75% 78.50% 71.89%
Augmented Payout Ratio		 164.46% 195.07% 177.94% 170.14% 160.99% 145.00% 206.35% 212.28% 199.94% 200.12% 124.39%

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.
05/27/26 08:04 AM ETAI Generated. May Contain Errors.

Wendy's Financials - Frequently Asked Questions

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.

The last 5 years of Wendy's' net income performance:
  • 2021: $200.39 million
  • 2022: $177.37 million
  • 2023: $204.44 million
  • 2024: $194.36 million
  • 2025: $165.08 million
Find out what analysts predict for Wendy's in the coming months.

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

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%.

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.

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.

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 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
From Our Partners
The 1934 playbook
In 1934, a legal government maneuver transferred billions in wealth overnight. Most Americans never saw it com...
American Alternative | Sponsoredtc pixel
SpaceX eyes a 1.75 trillion valuation - here's what to know
Elon Musk's team has quietly filed confidential paperwork with the SEC for what Bloomberg estimates could be a...
Brownstone Research | Sponsoredtc pixel
$30 stock to buy before Starlink goes public (WATCH NOW!)
In the next 3 minutes… James Altucher – legendary investor and venture capitalist… And someone who’s kno...
Paradigm Press | Sponsoredtc pixel
Trump's gold order: the announcement they won't put on the front page
On August 15, 1971, Nixon interrupted prime-time television and ended the gold standard in 15 minutes - no deb...
Reagan Gold Group | Sponsoredtc pixel
Your book attached
Bill Poulos is giving away his 'Safe Trade Options Formula' book for free - but only for a limited time throug...
Profits Run | Sponsoredtc pixel
My feud with Zohran Mamdani
Emmy-winning analyst releases his next big story Whitney Tilson shocked the nation on 60 Minutes when he ac...
Stansberry Research | Sponsoredtc pixel
Read now. Do not delete. You’ve been warned.
Three Nobel Prize Winners expose this once-in-a-generation wealth shift: “Don’t Say I Didn’t Warn You” P...
Porter & Company | Sponsoredtc pixel
SpaceX IPO hides a much bigger story
The SpaceX IPO could be the biggest in history at $1.75 trillion - but the real story isn't the IPO itself. ...
Weiss Ratings | Sponsoredtc pixel