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WING

Wingstop Inc.

WING

Wingstop Inc. • NASDAQ
$264.73 ▲ 2.18% (+5.65)
Market Cap $7.36 B
52w High $388.14
52w Low $204.00
Dividend Yield 1.20%
P/E 42.91
Volume 304.24K
Outstanding Shares 27.79M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $175.736M ▲ $36.892M ▼ $28.478M ▲ 16.205% ▲ $1.02 ▲ $55.066M ▲
Q2-2025 $174.329M ▲ $39.157M ▼ $26.763M ▼ 15.352% ▼ $0.96 ▼ $51.454M ▼
Q1-2025 $171.094M ▲ $44.203M ▲ $92.265M ▲ 53.926% ▲ $3.25 ▲ $138.328M ▲
Q4-2024 $161.821M ▼ $36.059M ▼ $26.753M ▲ 16.532% ▲ $0.92 ▲ $48.997M ▲
Q3-2024 $162.498M $37.348M $25.732M 15.835% $0.88 $45.672M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $286.11M ▲ $721.033M ▲ $1.424B ▲ $-702.616M ▼
Q2-2025 $227.943M ▼ $708.288M ▲ $1.394B ▼ $-685.998M ▲
Q1-2025 $251.382M ▼ $696.804M ▼ $1.412B ▲ $-714.982M ▼
Q4-2024 $315.91M ▲ $716.246M ▲ $1.392B ▲ $-675.586M ▼
Q3-2024 $83.958M $484.762M $932.228M $-447.466M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $28.478M ▲ $63.874M ▲ $-2.22M ▲ $-48.247M ▼ $11.139M ▲ $61.654M ▲
Q2-2025 $26.763M ▼ $6.582M ▼ $-23.58M ▼ $-8.737M ▲ $-25.735M ▲ $-7.777M ▼
Q1-2025 $92.265M ▲ $25.294M ▲ $40.495M ▲ $-140.415M ▼ $-74.626M ▼ $17.272M ▲
Q4-2024 $26.753M ▲ $7.742M ▼ $-12.354M ▲ $233.05M ▲ $228.438M ▲ $-8.612M ▼
Q3-2024 $25.732M $69.031M $-24.872M $-43.124M $1.035M $54.915M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Advertising
Advertising
 $60.00M ▲$60.00M ▲$60.00M ▲$60.00M ▲
Franchisor Owned Outlet
Franchisor Owned Outlet
 $30.00M ▲$30.00M ▲$30.00M ▲$30.00M ▲
Royalty Franchise Fees And Other
Royalty Franchise Fees And Other
 $70.00M ▲$80.00M ▲$80.00M ▲$80.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Wingstop’s income statement shows a clear pattern of steady, healthy growth over the last five years. Sales have climbed every year, and profits have grown even faster than revenue, which suggests good cost control and operating leverage as the business scales. Profit margins look strong for a restaurant franchise model. Operating and net income have both improved consistently, and earnings per share have stepped up each year, not just in small increments but in meaningful jumps. This points to a business that is gaining efficiency and growing its royalty and fee base as more locations come online. The main takeaway: the core franchise economics appear solid, with a track record of turning higher sales into disproportionately higher profits. The risk side is that this pace may be hard to maintain indefinitely if input costs rise or growth slows, but the recent trend is clearly favorable.

Balance Sheet

Balance Sheet The balance sheet is the main area of concern. Total debt is significantly higher than the company’s asset base, and shareholders’ equity has been negative for several years. That usually reflects a highly leveraged, asset‑light model with heavy use of debt and buybacks or special payouts in prior years. On the positive side, cash on hand has increased sharply most recently, giving the company more liquidity than in the past. However, the combination of high debt and negative equity means the capital structure is aggressive and sensitive to changes in interest rates, credit markets, or business performance. In plain terms: the company looks financially strong on earnings power, but thinly cushioned on the balance sheet. Execution needs to stay solid for this structure to remain comfortable.

Cash Flow

Cash Flow Cash flow performance helps balance out some of the balance sheet worries. Operating cash flow has increased steadily over time, broadly tracking or slightly outpacing profit growth. Free cash flow has stayed positive every year, even after ongoing investments in new technology, systems, and support infrastructure. Capital spending has been rising, but from a relatively modest base, which fits an asset‑light franchise model. The business appears to convert a good share of its accounting profits into real cash, which can be used to service debt, support technology investments, and fund growth initiatives. The key point: cash generation looks healthy and more than sufficient to cover regular investment needs, but the elevated leverage makes consistent strong cash flow especially important.

Competitive Edge

Competitive Edge Wingstop’s competitive position is built on focus and differentiation rather than trying to be everything to everyone. It concentrates on wings, tenders, and sandwiches with a strong flavor lineup and frequent limited‑time offerings that keep the menu fresh and social‑media friendly. The franchise model is a major advantage. Individual locations tend to produce strong sales for their size, which makes the brand attractive to franchisees and supports rapid unit growth. A large share of orders comes through digital channels, giving Wingstop valuable customer data and making operations more efficient than many traditional competitors. Overall, the company sits in a favorable niche of fast‑casual dining, with a recognizable brand, strong unit economics, and a digital‑first mindset that smaller rivals may struggle to match. Risks include intense competition in chicken and fast casual, dependence on franchisee health, and potential swings in chicken and labor costs.

Innovation and R&D

Innovation and R&D Wingstop leans heavily on operational and digital innovation rather than traditional lab‑style R&D. Its “Smart Kitchen” initiative, which uses digital displays and predictive tools to manage orders, is designed to cut wait times and improve order accuracy. Early results suggest meaningfully faster service, and the company plans to roll this out system‑wide. The MyWingstop digital platform and high share of online orders are central to its strategy. These tools allow better personalization, marketing, and capacity management. The company is also experimenting with AI‑driven kitchen optimization and continues to refresh its menu with new flavors, sandwiches, and tenders to keep customers engaged. Looking ahead, a planned loyalty program and ongoing international expansion are important innovation levers. The opportunity is to deepen customer relationships and extend the brand globally; the risk is execution—technology rollouts, menu bets, and overseas growth must be managed carefully to avoid operational strain.

Summary

Wingstop combines strong growth and profitability with an aggressive, highly leveraged balance sheet. The income statement and cash flow trends are impressive for a restaurant brand: rising sales, expanding margins, and solid cash conversion, all supported by an asset‑light franchise model. The flip side is a capital structure with high debt and negative equity, which reduces financial flexibility and increases sensitivity to any downturn or operational missteps. Continued strong cash generation and disciplined capital allocation are crucial in this context. Strategically, Wingstop’s focused menu, strong brand, digital strength, and Smart Kitchen initiative give it a meaningful competitive edge in fast‑casual dining. Its innovation efforts center on technology, data, and menu evolution rather than heavy traditional R&D. If the company executes well on digital initiatives, loyalty, and international expansion while managing its leverage, it is positioned to remain a standout operator in its category, though not without financial and competitive risks that merit close monitoring.

NEWS

November 26, 2025 · 8:50 AM UTC

Wingstop Opens 3,000th Restaurant, Showcasing Strength in Development

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November 13, 2025 · 9:15 AM UTC

Wingstop Sets Fall on Fire with Spicy Marg-Inspired Fiery Lime Flavor

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November 6, 2025 · 11:39 AM UTC

SHAREHOLDER ALERT: Purcell & Lefkowitz LLP Announces Shareholder Investigation of Wingstop Inc. (NASDAQ: WING)

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November 4, 2025 · 7:30 AM UTC

Wingstop Inc. Reports Fiscal Third Quarter Financial Results

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September 30, 2025 · 8:00 AM UTC

Wingstop Inc. to Announce Fiscal Third Quarter 2025 Financial Results on November 4, 2025

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