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The Wendy’s Company
The Wendy’s Company (WEN) investor relations material
The Wendy’s Company Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary13 Feb, 2026
Executive summary
Global systemwide sales declined 8.3% in Q4 2025, with U.S. sales down 10.5% and international sales up 6.2%.
Project Fresh, a turnaround strategy, is underway with four pillars: brand revitalization, operational excellence, system optimization, and disciplined capital allocation.
International business remains a strong growth engine, with 21 consecutive quarters of sales growth and expansion into new markets.
157 net new restaurants were added in 2025, a 2.2% increase in total units, with 59 new international restaurants opened in Q4.
$329.6M was returned to shareholders via dividends and share repurchases in 2025.
Financial highlights
Adjusted EBITDA for Q4 2025 was $113.3M, down 17.6% year-over-year; adjusted EPS was $0.16, a 36% decrease year-over-year.
Global systemwide sales declined 8.3% in Q4 and 3.5% for the year, with U.S. same-restaurant sales as the main drag.
U.S. company-operated restaurant margin fell to 12.7% in Q4 (down 4.3 pts) and 14.2% for the year (down 1.8 pts).
Free cash flow for the year was $205.4M, down 13.6% year-over-year.
$330M was returned to shareholders via dividends and buybacks.
Outlook and guidance
2026 is positioned as a rebuilding year, with global systemwide sales expected to be flat year-over-year.
Adjusted EBITDA guidance for 2026 is $460–$480M; adjusted EPS is $0.56–$0.60.
Free cash flow is projected at $190–$205M; capital expenditures and franchise development fund investments planned at $120–$130M.
System optimization, including 5%-6% U.S. restaurant closures, is expected to have a 4% negative impact on global systemwide sales.
U.S. same-restaurant sales are expected to improve sequentially through 2026.
Project Fresh: Detail 2026 U.S. sales impact
Explain 2026 EBITDA/EPS decline despite flat sales?
Future of share repurchase program given pause
System optimization: long-term franchisee impact?
How does new menu approach target specific needs?
When will franchisee ops close comp gap?
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Next The Wendy’s Company earnings date
Q1 20261 May, 2026
The Wendy’s Company
Next The Wendy’s Company earnings date
Q1 20261 May, 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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