NASDAQ : WEN
The Wendy's Company — Financial statements
Consumer Discretionary · Restaurants · United States
Last price 7.165 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.37B
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Financial statements
The Wendy's Company (WEN) reported revenue of 2.20B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.20B | 2.18B | 2.25B | 2.18B | 2.10B | 1.90B |
| Cost of Revenue | 1.47B | 1.42B | 1.46B | 1.41B | 1.37B | 1.20B |
| Gross Profit | 729.67M | 755.87M | 790.01M | 776.47M | 720.76M | 698.26M |
| Selling, General & Admin | 263.99M | 252.68M | 255.21M | 249.96M | 254.98M | 242.97M |
| Amortization of Goodwill & Intangibles | 19.76M | 18.65M | 14.70M | 12.78M | 2.39M | |
| Other Operating Expenses | -10.03M | -6.86M | 94.00K | -2.95M | -5.66M | -3.27M |
| Operating Expenses | 431.04M | 416.69M | 413.24M | 395.58M | 385.13M | 365.25M |
| Operating Income | 298.63M | 339.18M | 376.77M | 380.89M | 335.63M | 333.01M |
| Interest Expense | -158.92M | -153.98M | -153.07M | -155.47M | -153.62M | -139.83M |
| Interest & Investment Income | 26.92M | 27.51M | 29.20M | 31.41M | 33.41M | 30.69M |
| Earnings From Equity Investments | 11.44M | 11.21M | 11.61M | 10.82M | 9.42M | 11.20M |
| Other Non Operating Income (Expenses) | 11.53M | 12.62M | 24.92M | 29.57M | 10.40M | 681.00K |
| EBT Excluding Unusual Items | 189.60M | 236.55M | 289.44M | 297.21M | 235.24M | 235.75M |
| Merger & Restructuring Charges | -241.00K | 125.00K | -8.53M | -9.20M | -698.00K | -8.55M |
| Gain (Loss) on Sale of Investments | -1.72M | -10.36M | ||||
| Gain (Loss) on Sale of Assets | 5.12M | 1.03M | 1.22M | 880.00K | 6.78M | 33.55M |
| Asset Writedown | -14.68M | -12.10M | -9.71M | -1.40M | -6.42M | -2.25M |
| Other Unusual Items | -642.00K | 3.36M | 2.28M | -17.92M | ||
| Pretax Income | 179.16M | 227.25M | 272.41M | 279.42M | 243.50M | 240.58M |
| Income Tax Expense | 53.10M | 62.17M | 78.06M | 74.98M | 66.14M | 40.19M |
| Earnings From Continuing Operations | 126.06M | 165.07M | 194.36M | 204.44M | 177.37M | 200.39M |
| Net Income | 126.06M | 165.07M | 194.36M | 204.44M | 177.37M | 200.39M |
| Net Income to Common | 126.06M | 165.07M | 194.36M | 204.44M | 177.37M | 200.39M |
| Shares Outstanding (Basic) | 190.44M | 193.41M | 204.35M | 209.49M | 213.77M | 221.38M |
| Shares Outstanding (Diluted) | 190.98M | 194.03M | 205.61M | 211.53M | 215.84M | 224.41M |
| EPS (Basic) | 0.66 | 0.85 | 0.95 | 0.98 | 0.83 | 0.91 |
| EPS (Diluted) | 0.66 | 0.85 | 0.95 | 0.97 | 0.82 | 0.89 |
| Free Cash Flow | 264.18M | 242.62M | 260.92M | 260.39M | 174.36M | 267.79M |
| Free Cash Flow Per Share | 1.38 | 1.25 | 1.27 | 1.23 | 0.81 | 1.19 |
| Dividend Per Share | 0.56 | 0.67 | 1.00 | 1.00 | 0.50 | 0.43 |
| Gross Margin | 33.11% | 34.72% | 35.17% | 35.59% | 34.39% | 36.81% |
| Operating Margin | 13.55% | 15.58% | 16.77% | 17.46% | 16.02% | 17.55% |
| Profit Margin | 5.72% | 7.58% | 8.65% | 9.37% | 8.46% | 10.56% |
| Free Cash Flow Margin | 11.99% | 11.14% | 11.62% | 11.94% | 8.32% | 14.12% |
| EBITDA | 455.95M | 491.40M | 520.01M | 516.67M | 469.05M | 458.55M |
| EBITDA Margin | 20.69% | 22.57% | 23.15% | 23.68% | 22.38% | 24.17% |
| D&A For EBITDA | 157.32M | 152.22M | 143.23M | 135.79M | 133.41M | 125.54M |
| EBIT | 298.63M | 339.18M | 376.77M | 380.89M | 335.63M | 333.01M |
| EBIT Margin | 13.55% | 15.58% | 16.77% | 17.46% | 16.02% | 17.55% |
| Effective Tax Rate | 29.64% | 27.36% | 28.65% | 26.83% | 27.16% | 16.70% |
| Revenue as Reported | 2.20B | 2.18B | 2.25B | 2.18B | 2.10B | 1.90B |
| Advertising Expenses | 40.33M | 39.05M | 38.84M | 37.42M | 31.62M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 341.21M | 300.83M | 450.51M | 516.04M | 745.89M | 249.44M |
| Cash & Short-Term Investments | 341.21M | 300.83M | 450.51M | 516.04M | 745.89M | 249.44M |
| Accounts Receivable | 192.42M | 98.83M | 92.63M | 98.94M | 113.19M | 173.14M |
| Other Receivables | 17.05M | 3.59M | 22.74M | 3.24M | 11.90M | |
| Receivables | 192.42M | 117.33M | 99.93M | 121.68M | 116.43M | 185.04M |
| Inventory | 7.04M | 7.39M | 6.53M | 6.69M | 7.13M | 5.93M |
| Prepaid Expenses | 51.77M | 51.72M | 42.73M | 36.95M | 25.30M | 27.04M |
| Restricted Cash | 53.57M | 39.21M | 34.48M | 35.85M | 35.20M | 117.53M |
| Other Current Assets | 32.10M | 101.56M | 101.96M | 120.44M | 128.33M | 7.87M |
| Total Current Assets | 678.10M | 618.04M | 736.14M | 837.65M | 1.06B | 592.85M |
| Property, Plant & Equipment | 1.80B | 1.89B | 1.83B | 1.83B | 1.88B | 1.96B |
| Long-Term Investments | 22.99M | 25.23M | 29.01M | 34.45M | 46.03M | 49.87M |
| Goodwill | 773.12M | 774.09M | 771.47M | 773.73M | 773.09M | 775.28M |
| Other Intangible Assets | 1.15B | 1.17B | 1.19B | 1.22B | 1.25B | 1.28B |
| Long-Term Accounts Receivable | 276.85M | 284.89M | 288.05M | 313.66M | 321.23M | 303.91M |
| Other Long-Term Assets | 187.89M | 190.42M | 185.40M | 178.58M | 167.07M | 134.93M |
| Total Assets | 4.88B | 4.96B | 5.03B | 5.18B | 5.50B | 5.10B |
| Accounts Payable | 21.44M | 30.45M | 28.45M | 27.37M | 44.00M | 41.16M |
| Accrued Expenses | 115.65M | 39.86M | 45.31M | 44.62M | 39.25M | 63.84M |
| Current Portion of Long-Term Debt | 29.75M | 29.75M | 78.16M | 29.25M | 29.25M | 24.25M |
| Current Portion of Leases | 79.49M | 77.79M | 72.58M | 69.60M | 66.44M | 62.83M |
| Current Income Taxes Payable | 28.14M | 28.50M | 28.13M | 30.16M | 28.14M | |
| Other Current Liabilities | 102.08M | 145.11M | 144.63M | 182.95M | 178.91M | 206.71M |
| Total Current Liabilities | 357.47M | 351.10M | 397.63M | 381.93M | 388.00M | 426.93M |
| Long-Term Debt | 2.72B | 2.73B | 2.66B | 2.73B | 2.82B | 2.36B |
| Long-Term Leases | 1.24B | 1.31B | 1.28B | 1.31B | 1.36B | 1.41B |
| Long-Term Unearned Revenue | 81.67M | 87.96M | 88.39M | 90.13M | 90.23M | 88.10M |
| Long-Term Deferred Tax Liabilities | 289.27M | 287.75M | 263.42M | 270.35M | 270.42M | 267.71M |
| Other Long-Term Liabilities | 72.05M | 74.89M | 84.23M | 89.71M | 98.85M | 112.92M |
| Total Liabilities | 4.76B | 4.84B | 4.78B | 4.87B | 5.03B | 4.66B |
| Common Stock | 47.04M | 47.04M | 47.04M | 47.04M | 47.04M | 47.04M |
| Additional Paid-In Capital | 2.99B | 2.99B | 2.98B | 2.96B | 2.94B | 2.90B |
| Retained Earnings | 437.10M | 435.12M | 399.70M | 409.86M | 414.75M | 344.20M |
| Treasury Stock | -3.28B | -3.29B | -3.09B | -3.05B | -2.87B | -2.81B |
| Comprehensive Income & Other | -70.75M | -63.97M | -74.75M | -58.38M | -64.18M | -48.20M |
| Shareholders' Equity | 120.47M | 117.38M | 259.35M | 309.78M | 465.72M | 436.40M |
| Total Liabilities & Equity | 4.88B | 4.96B | 5.03B | 5.18B | 5.50B | 5.10B |
| Total Debt | 4.07B | 4.15B | 4.09B | 4.14B | 4.28B | 3.86B |
| Net Cash (Debt) | -3.73B | -3.84B | -3.64B | -3.62B | -3.54B | -3.61B |
| Net Cash Per Share | -19.54 | -19.81 | -17.71 | -17.13 | -16.38 | -16.07 |
| Filing Date Shares Outstanding | 190.67M | 190.36M | 200.49M | 205.47M | 212.59M | 215.23M |
| Total Common Shares Outstanding | 190.64M | 190.32M | 203.83M | 205.40M | 213.10M | 215.85M |
| Working Capital | 320.63M | 266.94M | 338.51M | 455.72M | 670.28M | 165.92M |
| Book Value Per Share | 0.63 | 0.62 | 1.27 | 1.51 | 2.19 | 2.02 |
| Tangible Book Value | -1.80B | -1.83B | -1.70B | -1.68B | -1.56B | -1.62B |
| Tangible Book Value Per Share | -9.44 | -9.60 | -8.36 | -8.19 | -7.30 | -7.50 |
| Land | 386.23M | 379.58M | 373.63M | 371.35M | 370.74M | |
| Buildings | 541.24M | 534.05M | 519.24M | 510.69M | 504.46M | |
| Machinery | 395.51M | 362.31M | 344.62M | 314.22M | 282.77M | |
| Leasehold Improvements | 480.30M | 453.38M | 432.05M | 422.33M | 422.09M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 126.06M | 165.07M | 194.36M | 204.44M | 177.37M | 200.39M |
| Depreciation & Amortization | 157.32M | 152.22M | 143.23M | 135.79M | 133.41M | 125.54M |
| Other Amortization | 26.59M | 25.47M | 21.50M | 19.63M | 8.96M | 5.66M |
| Asset Writedown & Restructuring Costs | 11.65M | 11.06M | 8.49M | 521.00K | -359.00K | -31.29M |
| Loss (Gain) From Sale of Investments | -31.00K | -63.00K | ||||
| Loss (Gain) on Equity Investments | 3.11M | 3.56M | 2.80M | 2.08M | 3.19M | 5.13M |
| Stock-Based Compensation | 12.06M | 14.57M | 23.02M | 23.75M | 24.54M | 22.02M |
| Other Operating Activities | 28.77M | 24.13M | -16.72M | -17.88M | -42.10M | -12.22M |
| Change in Accounts Receivable | -19.17M | -19.17M | -5.16M | 430.00K | -5.86M | -5.61M |
| Change in Inventory | -473.00K | -473.00K | 138.00K | 439.00K | -1.20M | -872.00K |
| Change in Accounts Payable | -8.93M | -8.93M | 1.03M | -8.83M | -1.53M | 7.59M |
| Change in Other Net Operating Assets | 21.51M | -22.98M | -17.39M | -14.92M | -36.52M | 29.50M |
| Operating Cash Flow | 358.49M | 344.54M | 355.31M | 345.42M | 259.90M | 345.77M |
| Capital Expenditures | -94.32M | -101.93M | -94.39M | -85.02M | -85.54M | -77.98M |
| Sale of Property, Plant & Equipment | 7.59M | 4.23M | 3.14M | 2.12M | 7.78M | 4.56M |
| Cash Acquisitions | -16.85M | -16.85M | -123.07M | |||
| Divestitures | 125.00K | 180.00K | 1.81M | 457.00K | 50.56M | |
| Investment in Securities | 31.00K | -9.94M | ||||
| Other Investing Activities | -32.89M | -36.46M | -39.86M | -3.67M | -469.00K | 1.20M |
| Investing Cash Flow | -136.34M | -150.83M | -129.31M | -86.55M | -77.78M | -154.67M |
| Long-Term Debt Issued | 475.50M | 500.00M | 1.10B | |||
| Long-Term Debt Repaid | -478.54M | -49.65M | -116.29M | -44.06M | -983.98M | |
| Net Debt Issued (Repaid) | -19.73M | -3.04M | -49.65M | -116.29M | 455.94M | 116.02M |
| Issuance of Common Stock | 199.00K | 1.92M | 32.86M | 14.67M | 4.87M | 30.00M |
| Repurchase of Common Stock | -18.11M | -203.60M | -81.86M | -193.43M | -55.12M | -273.04M |
| Common Dividends Paid | -106.66M | -129.59M | -204.44M | -209.25M | -106.78M | -94.85M |
| Other Financing Activities | -9.67M | -9.67M | -10.23M | -20.87M | ||
| Financing Cash Flow | -153.97M | -343.99M | -303.10M | -504.30M | 288.67M | -242.74M |
| Foreign Exchange Rate Adjustments | -3.51M | 4.34M | -8.11M | 2.45M | -5.97M | 364.00K |
| Net Cash Flow | 64.68M | -145.94M | -85.21M | -242.99M | 464.83M | -51.27M |
| Free Cash Flow | 264.18M | 242.62M | 260.92M | 260.39M | 174.36M | 267.79M |
| Free Cash Flow Margin | 11.99% | 11.14% | 11.62% | 11.94% | 8.32% | 14.12% |
| Free Cash Flow Per Share | 1.38 | 1.25 | 1.27 | 1.23 | 0.81 | 1.19 |
| Levered Free Cash Flow | 173.34M | 171.18M | 232.99M | 216.57M | 178.61M | 246.15M |
| Unlevered Free Cash Flow | 265.84M | 260.59M | 321.85M | 306.89M | 268.05M | 327.88M |
| Cash Interest Paid | 145.82M | 145.82M | 145.25M | 146.88M | 144.42M | 133.28M |
| Cash Income Tax Paid | 49.11M | 49.11M | 73.60M | 75.19M | 47.77M | 54.78M |
| Change in Working Capital | -7.06M | -51.55M | -21.38M | -22.88M | -45.11M | 30.60M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.38B | 1.59B | 3.36B | 4.02B | 4.82B | 5.26B |
| Enterprise Value | 5.11B | 5.43B | 6.98B | 7.61B | 8.38B | 8.50B |
| Last Close Price | 7.21 | 7.98 | 14.87 | 16.59 | 18.36 | 18.89 |
| PE Ratio | 10.99 | 9.63 | 17.30 | 19.65 | 27.18 | 26.26 |
| Forward PE | 15.95 | 10.05 | 15.93 | 18.10 | 24.39 | 28.92 |
| PS Ratio | 0.63 | 0.73 | 1.50 | 1.84 | 2.30 | 2.77 |
| PB Ratio | 11.41 | 13.54 | 12.97 | 12.97 | 10.35 | 12.06 |
| P/FCF Ratio | 5.25 | 6.55 | 12.89 | 15.43 | 27.65 | 19.65 |
| P/OCF Ratio | 3.87 | 4.61 | 9.47 | 11.63 | 18.55 | 15.22 |
| PEG Ratio | 5.74 | 2.22 | 1.59 | 2.63 | 1.59 | |
| EV/Sales Ratio | 2.32 | 2.50 | 3.11 | 3.49 | 4.00 | 4.48 |
| EV/EBITDA Ratio | 11.23 | 11.05 | 13.42 | 14.72 | 17.87 | 18.55 |
| EV/EBIT Ratio | 17.14 | 16.01 | 18.52 | 19.97 | 24.98 | 25.54 |
| EV/FCF Ratio | 19.38 | 22.39 | 26.75 | 29.21 | 48.08 | 31.76 |
| Debt / Equity Ratio | 33.81 | 35.31 | 15.78 | 13.36 | 9.19 | 8.84 |
| Debt / EBITDA Ratio | 8.93 | 8.44 | 7.87 | 8.01 | 9.13 | 8.41 |
| Debt / FCF Ratio | 15.42 | 17.09 | 15.69 | 15.90 | 24.56 | 14.40 |
| Net Debt / Equity Ratio | 30.97 | 32.75 | 14.04 | 11.70 | 7.59 | 8.27 |
| Net Debt / EBITDA Ratio | 8.18 | 7.82 | 7.00 | 7.01 | 7.54 | 7.87 |
| Net Debt / FCF Ratio | 14.12 | 15.85 | 13.96 | 13.92 | 20.28 | 13.47 |
| Asset Turnover | 0.45 | 0.44 | 0.44 | 0.41 | 0.40 | 0.37 |
| Inventory Turnover | 220.83 | 204.23 | 220.36 | 203.36 | 210.48 | 224.78 |
| Quick Ratio | 1.49 | 1.19 | 1.38 | 1.67 | 2.22 | 1.02 |
| Current Ratio | 1.90 | 1.76 | 1.85 | 2.19 | 2.73 | 1.39 |
| Return on Equity (ROE) | 108.04% | 87.63% | 68.30% | 52.73% | 39.32% | 40.65% |
| Return on Assets (ROA) | 3.82% | 4.24% | 4.61% | 4.46% | 3.96% | 4.11% |
| Return on Invested Capital (ROIC) | 5.40% | 6.27% | 6.86% | 7.02% | 6.08% | 6.97% |
| Return on Capital Employed (ROCE) | 6.60% | 7.40% | 8.10% | 7.90% | 6.60% | 7.10% |
| Earnings Yield | 9.10% | 10.39% | 5.78% | 5.09% | 3.68% | 3.81% |
| FCF Yield | 19.03% | 15.27% | 7.76% | 6.48% | 3.62% | 5.09% |
| Dividend Yield | 3.87% | 8.02% | 6.06% | 5.11% | 2.21% | 1.76% |
| Payout Ratio | 74.45% | 78.50% | 105.19% | 102.35% | 60.20% | 47.33% |
| Buyback Yield / Dilution | 4.94% | 5.63% | 2.80% | 1.99% | 3.82% | 1.58% |
| Total Shareholder Return | 8.79% | 13.66% | 8.86% | 7.11% | 6.03% | 3.35% |