The Wendy’s Company (WEN) Q2 2026 earnings summary

Executive summary

• Leadership transition brought in a new CEO and CFO/Chief Strategy Officer with turnaround experience, focusing on operational excellence and a comprehensive strategic plan to address underperformance and restore growth.

• Five strategic focus areas were outlined: menu quality and value, distinct branding and marketing, operational excellence, digital experience, and leveraging restaurant assets for growth.

• Leadership emphasized urgency, transparency, and accountability, with a commitment to deliver a full strategic plan by the next quarterly update.

• Systemwide restaurant count decreased by 71 net restaurants in Q2 2026.

Financial highlights

• Global systemwide sales declined 6.5% year-over-year; U.S. same-restaurant sales fell 7.0%, international same-restaurant sales fell 2.3%.

• Adjusted revenue was $443.2 million, down 1.4% from the prior year; Q2 2026 revenue was $570.6 million, up 1.7% year-over-year.

• Adjusted EBITDA was $124.1 million, down 15.4% year-over-year; adjusted EPS was $0.18, down 37.9%.

• Net income for Q2 2026 was $32.6 million, down from $55.1 million in Q2 2025.

• Free cash flow for the first half was $120.3 million, up 9.9% year-over-year.

Outlook and guidance

• Full-year 2026 financial outlook was withdrawn as leadership reassesses business and turnaround planning.

• Traffic and sales headwinds are expected to persist in the second half, with continued margin and EBITDA pressure from sales deleverage, 5–6% commodity inflation, and increased G&A.

• Management plans to manage costs through selective menu price increases and operational efficiencies.