Wendy's
Operates a restaurant system through franchising, company-operated locations, and real-estate activity.
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Profile
Operates a quick-service restaurant system centered on square hamburgers made with fresh beef and Frosty desserts. Business activity spans restaurants, franchising, and real estate, with most locations run by franchisees.
Operates and develops the Wendy's quick-service restaurant system, built around square hamburgers made with fresh beef and the Frosty dessert. Its adjusted-EBITDA segments are Wendy's U.S., Wendy's International, and Global Real Estate & Development.
Most restaurants are run by franchisees, while the company also operates restaurants and owns or leases properties used by its system. The business combines restaurant operations, franchising, and real-estate activity.
Founded from Dave Thomas's 1969 Columbus restaurant, the brand carries forward its Quality is our Recipe® guidepost and adoption-related programs. The restaurant system has 7,397 restaurants.
Company facts
Categories
Key statistics
Year to date +1.1% · Average volume (30d) 9.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 10, 2026 | UBS | Reiterate | Neutral | $7.50 | $8 | |
| Aug 10, 2026 | Morgan Stanley | Target | $7 | $5.50 | ||
| May 13, 2026 | Argus Research | Upgrade | Hold | Buy | $26 | $12 |
| May 11, 2026 | BMO Capital | Reiterate | Market Perform | $9 | $8 | |
| May 11, 2026 | JP Morgan | Downgrade | Neutral | Underweight |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 7, 2026Q2 FY26 | $0.16 | $0.18 | +10.5% | $557.1M | $570.6M | +2.4% | +4.06% |
| May 8, 2026Q1 FY26 | $0.10 | $0.12 | +20.0% | $518.0M | $540.6M | +4.4% | −7.40% |
| Feb 13, 2026Q4 FY25 | $0.14 | $0.16 | +14.3% | $537.2M | $543.0M | +1.1% | −6.42% |
| Nov 7, 2025Q3 FY25 | $0.20 | $0.24 | +20.0% | $537.1M | $549.5M | +2.3% | −4.79% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $523.5M | $560.9M | $549.5M | $543.0M | $540.6M | $570.6M | |
| Gross profit | $148.0M | $166.4M | $145.5M | $131.4M | $138.4M | $184.8M | |
| Operating income | $83.1M | $104.3M | $87.6M | $64.4M | $63.9M | $79.3M | |
| Net income | $39.2M | $55.1M | $44.3M | $26.5M | $22.7M | $32.6M | |
| Diluted EPS | $0.19 | $0.29 | $0.23 | $0.14 | $0.12 | $0.17 | |
| Gross margin | 28.3% | 29.7% | 26.5% | 24.2% | 25.6% | 32.4% | |
| Operating margin | 15.9% | 18.6% | 15.9% | 11.9% | 11.8% | 13.9% |
Fiscal years (4-quarter sums)FY21 $1.90B · FY22 $2.10B · FY23 $2.18B · FY24 $2.25B · FY25 $2.18B
Revenue by product · Q2 FY26
Revenue by geography · FY25
Balance sheet, Jun 28, 2026Cash & short-term investments $341.2M · Total debt $4.07B · Total assets $4.88B · Shareholders' equity $120.5M
Dividends
Last cut to $0.14 from $0.25 in Jun 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 1, 2026 | Jun 1 | Jun 15 | $0.14 | |
| Mar 2, 2026 | Mar 2 | Mar 16 | $0.14 | |
| Dec 1, 2025 | Dec 1 | Dec 15 | $0.14 | |
| Sep 2, 2025 | Sep 2 | Sep 16 | $0.14 | |
| Jun 2, 2025 | Jun 2 | Jun 16 | $0.14 | cut from $0.25 |
| Mar 3, 2025 | Mar 3 | Mar 17 | $0.25 | |
| Dec 2, 2024 | Dec 2 | Dec 16 | $0.25 | |
| Sep 3, 2024 | Sep 3 | Sep 17 | $0.25 |
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 190.48M · Float 156.88M · 82.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Nelson Peltz | 30.91M | 16.24% | 13D | Feb 18, 2026 |
| Trian Fund Management, L.P. | 30.47M | 16.00% | 13F | Aug 12, 2026 |
| BlackRock, Inc. | 26.31M | 13.81% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management | 10.45M | 5.48% | 13G | Jul 31, 2026 |
| Fairfax Financial Holdings Ltd/ Can | 8.01M | 4.20% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Nov 19, 2025 | John Min | officer: Chief Legal Ofcr & Secretary | +1,700 | $8.18 |
| Nov 20, 2025 | Peter J. JR Suerken | officer: President, U.S. | +500 | $7.88 |
Peers
- McDonald's
Global quick-service burger leader with scale in breakfast and digital
- Restaurant Brands International
Burger King owner with global burger, value and convenience overlap
- Jack-in-the-Box
Regional quick-service burger chain with broad daypart overlap
- Shake Shack
Fast-casual burger chain spanning premium burgers, fries and shakes
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Wendy's | $8.22 | −0.48% | $1.58B | 12.5 | 16.2 | 0.7 | +1.7% |
| McDonald's | $265.11 | +0.04% | $188.28B | 21.5 | 20.0 | 6.8 | +3.7% |
| Restaurant Brands International | $78.50 | +0.29% | $27.15B | 23.1 | 18.5 | 2.8 | +4.6% |
| Jack-in-the-Box | $16.20 | +0.06% | $308.8M | 9.4 | 4.7 | 0.3 | −22.6% |
| Shake Shack | $69.75 | −0.23% | $2.82B | 74.1 | 56.4 | 1.8 | +17.2% |
| Median | 22.3 | 19.2 | 2.3 | +4.2% |