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The Wendy’s Company (WEN) investor relations material
The Wendy’s Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Project Fresh, a comprehensive turnaround plan, was launched to drive brand revitalization, operational excellence, system optimization, and capital allocation for long-term value.
International business delivered strong systemwide sales growth and net unit expansion, while U.S. sales declined but company-operated restaurants outperformed the broader system.
Global systemwide sales reached $3.5 billion, down 2.6% year-over-year, with international sales up 8.6% and U.S. sales down 4.4%.
Digital sales grew to 21.0% of global systemwide sales in Q3 2025, up from 17.6% in Q3 2024.
The company is simplifying programming, focusing on fewer, high-impact initiatives, and leveraging data analytics to better target customers.
Financial highlights
Global systemwide sales declined 2.6% year-over-year, driven by a 4.7% decline in U.S. same-restaurant sales, partially offset by 8.6% international sales growth.
Adjusted EBITDA rose 2.1% to $138 million; adjusted EPS was $0.24, down from $0.25 last year.
Free cash flow for the nine months was $195.6 million, down 8.2% year-over-year, but outlook increased to $195–$210 million.
U.S. company-operated restaurant margin was 13.1%, down 250 basis points year-over-year due to cost inflation and traffic declines.
Total revenues for the quarter were $549.5 million, down 3.0% year-over-year.
Outlook and guidance
Full-year outlook reaffirmed: global systemwide sales growth of (5.0)% to (3.0)%, adjusted EBITDA of $505–$525 million, adjusted EPS of $0.82–$0.89, and global net new unit growth of 2–3%.
Free cash flow outlook raised to $195–$210 million; capital expenditures and franchise development fund investments now expected at $135–$145 million.
U.S. company-operated restaurant margin expected at 14% ±50 basis points; commodity inflation for the year at 5%, labor inflation at 4%.
Net unit growth expected between 2–3%, with international net unit growth over 9% in 2025.
Sufficient liquidity is expected to meet operating requirements for the next 12 months.
What are Project Fresh's key US AUV drivers?
What drove the increased free cash flow outlook?
Reconcile adjusted EBITDA increase vs. EPS decrease
Expected capital unlocked from U.S. restaurant closures?
Timeline for U.S. ops excellence system-wide impact?
How will new data analytics refine value messaging?
Expected financial uplift from US restaurant closures?
Specific AUV growth initiatives for redirected US capital
Future value strategy to attract new customers
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Next The Wendy’s Company earnings date
Q4 202513 Feb, 2026
Next The Wendy’s Company earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
The Wendy's Company, together with its subsidiaries, operates as a quick-service restaurant company. The company franchises and operates Wendy's Old Fashioned Hamburgers restaurants and Dave's Hot 'N Juicy 1/4-lb. Original Recipe Hamburger restaurants. It also franchises and licenses the operation of the Veggie Patch concept restaurant; and licenses the Dave's Hot 'N Juicy 1/4-lb. Original Recipe Sandwich for certain foreign markets. As of December 31, 2017, it operated or franchised a total of 6,578 restaurants in the United States and 27 countries and territories outside the United States. The Wendy's Company is based in Dublin, Ohio.
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