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The Wendy's Company, together with its subsidiaries, engages in the operation, development, and franchising of a system of quick-service restaurants in the United States and internationally. The company operates through the Wendy's U.S., Wendy's International, and Global Real Estate & Development segments. Its restaurants offer a menu that includes hamburger sandwiches and chicken sandwiches; chicken tenders and nuggets, chili, french fries, baked potatoes, salads, soft drinks, Frosty desserts, and kids' meals; breakfast menu, including the Breakfast Baconator sandwich and seasoned products; and a variety of promotional products on a limited time basis. The company also owns and leases real estate properties. As of December 28, 2025, there were 5,969 Wendy's restaurants in operation in the United States and 1,428 Wendy's restaurants in operation in 38 foreign countries and U.S. territories. The company was formerly known as Wendy's/Arby's Group, Inc. and changed its name to The Wendy's Company in July 2011. The Wendy's Company was founded in 1969 and is headquartered in Dublin, Ohio.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.2B | $525M | $165M | $243M | 140.6% | -3.1% | -15.1% |
| 2024 | $2.2B | $554M | $194M | $261M | 74.9% | 3.0% | -4.9% |
| 2023 | $2.2B | $552M | $204M | $260M | 66.0% | 4.1% | 15.3% |
| 2022 | $2.1B | $502M | $177M | $174M | 38.1% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,095.50 | 2,181.58 | 2,246.49 | 2,176.89 |
| Cost Of Revenue | - | 1,374.75 | 1,558.31 | 1,617.18 | 1,588.32 |
| Gross Profit | - | 720.76 | 623.27 | 629.31 | 588.57 |
| Operating Expense | - | 367.10 | 231.60 | 240.92 | 234.20 |
| Operating Income | - | 353.65 | 391.67 | 388.39 | 354.37 |
| EBITDA | - | 501.63 | 552.05 | 554.23 | 524.58 |
| EBIT | - | 365.82 | 403.48 | 396.29 | 353.71 |
| Pretax Income | - | 243.50 | 279.42 | 272.41 | 227.25 |
| Tax Provision | - | 66.14 | 74.98 | 78.06 | 62.17 |
| Net Income | - | 177.37 | 204.44 | 194.36 | 165.08 |
| Net Income Common Stockholders | - | 177.37 | 204.44 | 194.36 | 165.08 |
| Total Expenses | - | 1,741.85 | 1,789.91 | 1,858.10 | 1,822.52 |
| Interest Expense | - | 122.32 | 124.06 | 123.88 | 126.47 |
| Selling General And Administration | - | 254.98 | 96.80 | 94.50 | 85.40 |
| Normalized EBITDA | - | 499.86 | 569.84 | 571.24 | 537.88 |
| Normalized Income | - | 176.08 | 217.47 | 206.49 | 174.73 |
| Market Cap | 1,359.93 | 1,359.93 | 1,359.93 | 1,359.93 | 1,359.93 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| The Wendy's Companythis co. | WEN | $1.4B | 8.24↓ discount | 11.59 | 140.6% | 9.92 |
| Sally Beauty Holdings, Inc. | SBH | $1.5B | 7.40 | 1.83 | 24.7% | 6.70 |
| La-Z-Boy Incorporated | LZB | $1.5B | 14.67 | 1.43 | 9.8% | 5.98 |
| The RealReal, Inc. | REAL | $1.4B | - | -3.35 | 10.1% | 190.91 |
| Tripadvisor, Inc. | TRIP | $1.4B | 32.71 |
| - |
| - |
| - |
| - |
| - |
| 2.03 |
| 6.2% |
| 7.61 |
| TriMas Corporation | TRS | $1.4B | 20.27 | 1.92 | 17.0% | 32.56 |
| Carter's, Inc. | CRI | $1.3B | 14.94 | 1.48 | 9.9% | 10.31 |
| G-III Apparel Group, Ltd. | GIII | $1.3B | 19.64 | 0.75 | 3.8% | 8.57 |
| XPEL, Inc. | XPEL | $1.3B | 25.13 | 4.59 | 18.3% | 16.27 |
| Peer Median | - | 19.64 | 1.65 | 10.0% | 9.44 | |