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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, with international same-restaurant sales up 3.0% and net unit growth expected to exceed 9% in 2025.
U.S. business remains under pressure, with systemwide sales down 4.4% and a strategic shift to prioritize average unit volume (AUV) growth over net unit growth.
U.S. company-operated restaurants outperformed the broader U.S. system by 400 basis points in same-restaurant sales during the third quarter.
172 new restaurants opened globally year-to-date through Q3.
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 growth.
Adjusted EBITDA rose 2.1% to $138 million; adjusted EPS was $0.24, down from $0.25 last year.
Free cash flow outlook increased by $35 million to $195–$210 million, reflecting reduced capital expenditures and tax benefits.
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 for global systemwide sales, adjusted EBITDA, adjusted EPS, and net unit growth reaffirmed, with 2025 global systemwide sales growth expected between (5.0)% and (3.0)%.
Adjusted EBITDA guidance of $505–$525 million; adjusted EPS of $0.82–$0.89.
Net unit growth expected between 2–3%, with international net unit growth over 9% in 2025.
Capital expenditures and franchise development fund investments expected at $135–$145 million, down from prior outlook.
Free cash flow expected between $195 million and $210 million.
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?
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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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