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WEN

The Wendy's Company

WEN

The Wendy's Company • NASDAQ
$8.45 ▼ -1.04% (-0.09)
Market Cap $1.61 B
52w High $18.27
52w Low $7.83
Dividend Yield 0.78%
P/E 8.99
Volume 2.69M
Outstanding Shares 190.34M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $549.516M ▼ $57.909M ▼ $44.252M ▼ 8.053% ▼ $0.23 ▼ $138.398M ▼
Q2-2025 $560.929M ▲ $62.175M ▼ $55.11M ▲ 9.825% ▲ $0.29 ▲ $147.891M ▲
Q1-2025 $523.472M ▼ $64.852M ▼ $39.232M ▼ 7.495% ▼ $0.2 ▼ $91.466M ▼
Q4-2024 $574.273M ▲ $229.147M ▲ $47.497M ▼ 8.271% ▼ $0.23 ▼ $138.855M ▼
Q3-2024 $566.739M $60.71M $50.224M 8.862% $0.25 $141.493M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $291.408M ▲ $4.976B ▲ $4.867B ▲ $109.193M ▼
Q2-2025 $281.226M ▼ $4.894B ▼ $4.781B ▼ $112.888M ▼
Q1-2025 $335.259M ▼ $4.919B ▼ $4.789B ▲ $130.239M ▼
Q4-2024 $450.512M ▼ $5.035B ▼ $4.775B ▼ $259.352M ▼
Q3-2024 $482.224M $5.073B $4.813B $259.853M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $44.252M ▼ $129.255M ▲ $-48.295M ▼ $-56.945M ▲ $21.913M ▲ $104.262M ▲
Q2-2025 $55.11M ▲ $60.593M ▼ $-30.776M ▼ $-93.367M ▲ $-58.857M ▲ $39.222M ▼
Q1-2025 $39.232M ▼ $85.415M ▲ $-21.488M ▲ $-179.32M ▼ $-114.649M ▼ $67.736M ▲
Q4-2024 $47.497M ▼ $68.626M ▼ $-60.509M ▼ $-52.529M ▲ $-50.921M ▼ $26.599M ▼
Q3-2024 $50.224M $141.218M $-24.838M $-88.187M $29.888M $123.322M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Advertising
Advertising
 $110.00M ▲$100.00M ▼$110.00M ▲$110.00M ▲
Franchise
Franchise
 $30.00M ▲$0 ▼$20.00M ▲$20.00M ▲
Product
Product
 $230.00M ▲$220.00M ▼$230.00M ▲$230.00M ▲
Real Estate
Real Estate
 $60.00M ▲$60.00M ▲$60.00M ▲$60.00M ▲
Royalty
Royalty
 $130.00M ▲$0 ▼$130.00M ▲$130.00M ▲
Franchise Royalty Revenue and Fees
Franchise Royalty Revenue and Fees
 $0 ▲$150.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Wendy’s income statement points to a business that is growing steadily rather than explosively. Sales have inched higher year after year, showing that the brand is still attracting customers despite a crowded fast-food market. Profitability has been relatively consistent: operating profit and cash-style earnings have held up well, suggesting the core restaurant economics are solid. Net income is positive but not spectacular, reflecting a mature company that earns a reasonable profit margin without outsized growth. Overall, the income statement looks stable, with modest improvement over time and no obvious signs of a boom or a bust.

Balance Sheet

Balance Sheet The balance sheet shows a business that leans heavily on debt financing. Total debt is large compared with the company’s equity base, which means Wendy’s is financially leveraged and more sensitive to interest costs and economic slowdowns. The company does keep a meaningful amount of cash on hand, which helps cushion short-term needs, but the small equity layer suggests limited balance-sheet flexibility if conditions worsen. This structure is common in mature, franchised restaurant systems, but it does add financial risk and can constrain how aggressively the company invests in new initiatives.

Cash Flow

Cash Flow Cash flow is a relative bright spot. Wendy’s consistently generates cash from its operations, and after funding its regular investments in the business, it still has money left over. Capital spending has been steady and controlled, which supports remodels, new formats, and technology upgrades without overextending. The pattern suggests that the business is self-funding: day-to-day operations are paying for growth and improvements, rather than relying purely on new borrowing. The key question going forward is whether this stable cash generation remains resilient through economic cycles and higher input costs.

Competitive Edge

Competitive Edge Wendy’s sits in the second tier of global fast-food players: a well-known, differentiated brand, but smaller and less dominant than the very largest rivals. Its main competitive strengths are its “fresh, never frozen” positioning, its distinctive square burgers and Frosty desserts, a successful breakfast offering, and a sharp, memorable brand voice that resonates online. These factors help Wendy’s stand out in a crowded burger and chicken market. On the other hand, it faces intense price and marketing pressure from larger chains with more scale, bigger ad budgets, and broader global footprints. The moat is real but not especially wide; execution, marketing, and consistent service quality remain critical.

Innovation and R&D

Innovation and R&D Innovation at Wendy’s is focused less on lab-style R&D and more on technology, format, and menu evolution. The “Global Next Gen” restaurant design, upgraded mobile app, self-service kiosks, and the FreshAi drive-thru ordering system aim to speed service, reduce errors, and nudge customers toward digital channels. On the product side, Wendy’s is actively refreshing its lineup with breakfast items, Frosty variations, chicken innovations like “Saucy Nuggs,” and limited-time collaborations to keep the brand top of mind. This steady stream of change is designed to support traffic and check growth. The main risks are execution and payback: technology rollouts can be costly and complex, and competitors are also investing heavily in digital and menu innovation, so any edge may be narrow and short-lived.

Summary

Overall, Wendy’s looks like a mature, steady cash-generating brand that is trying to reinvent itself for a digital-first, convenience-driven era. The business shows stable revenue growth and consistent profits, supported by solid cash flow. Its balance sheet is more debt-heavy than many might prefer, which raises sensitivity to rates and downturns and limits financial flexibility. Competitively, Wendy’s has a clear identity and some unique strengths but operates in one of the toughest segments of consumer dining, where scale and speed of innovation matter. The company’s future path will largely depend on how well it executes its technology upgrades, maintains menu relevance, and manages its leverage while navigating a highly promotional and competitive fast-food environment.

NEWS

November 12, 2025 · 9:00 AM UTC

Wendy's Declares First-Ever "Frosty Day" Holiday on November 15

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November 7, 2025 · 7:00 AM UTC

THE WENDY'S COMPANY REPORTS THIRD QUARTER 2025 RESULTS

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October 28, 2025 · 8:00 AM UTC

Wendy's Canada Introduces Bold Hamburger Innovation with New Bull's-Eye BBQ Cheeseburger – The Ultimate Sweet & Smoky Indulgence

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October 9, 2025 · 7:30 AM UTC

THE WENDY'S COMPANY LAUNCHES "PROJECT FRESH," A STRATEGIC PLAN TO DRIVE GROWTH AND ENHANCE VALUE CREATION

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October 8, 2025 · 12:00 PM UTC

The Wendy's Company to Report Third Quarter 2025 Results on November 7

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