Wingstop (WING) Q4 2024 earnings summary

Executive summary

• Achieved record top- and bottom-line results in 2024, with 21 consecutive years of same-store sales growth and 19.9% increase in 2024.

• Opened a record 349 net new restaurants, representing 15.8% unit growth, reaching 2,563 worldwide locations.

• System-wide sales increased 36.8% to $4.8 billion for the year; total revenue up 36.0% to $625.8 million.

• Digital sales mix reached 70.3% in Q4, with a digital database surpassing 50 million customers.

• Net income increased 54.9% year-over-year to $108.7 million; adjusted EBITDA up 44.8% to $212.1 million.

Financial highlights

• Adjusted EBITDA rose 44.8% year-over-year to $212 million; Q4 Adjusted EBITDA up 44% to $56.3 million.

• Q4 system-wide sales increased 27.6% to $1.2 billion; total revenue up 27.4% to $161.8 million.

• Earnings per diluted share for Q4 was $0.92, up 44% year-over-year; Q4 net income rose 42.2% to $26.8 million.

• Royalty revenues, franchise fees, and other revenue increased by $18 million, driven by new franchise openings.

• Domestic AUV increased to $2.1 million in Q4 2024 from $1.8 million in Q4 2023.

Outlook and guidance

• 2025 guidance: low-to-mid single-digit same-store sales growth and 14%-15% global unit growth.

• SG&A expected at ~$140 million, including $4.5 million in non-recurring system implementation costs.

• Adjusted EBITDA growth rate projected at ~15% for 2025.

• Food and packaging costs anticipated in the mid-30% range for 2025, with similar visibility into 2026.

• Stock-based compensation ~$26 million; interest expense ~$46 million; depreciation and amortization $29–$30 million.