Wingstop (WING) Q4 2025 earnings summary

Executive summary

• Achieved system-wide sales growth of 12.1% for 2025, surpassing 3,000 restaurants, expanding into six new international markets, and opening a record 493 net new restaurants, despite a 3.3% decline in same-store sales, the first in 22 years.

• Rolled out the Wingstop Smart Kitchen to all domestic restaurants in 10 months, driving operational improvements and speed of service, with 50% of restaurants now consistently achieving 10-minute ticket times.

• Launched a successful pilot of the Club Wingstop loyalty program, with national rollout planned for Q2 2026, and saw a 7% increase in frequency among enrolled guests.

• Digital sales accounted for 73.2% of system-wide sales in Q4 2025.

• Returned over $250 million to shareholders through dividends and share repurchases, maintaining a disciplined capital allocation strategy.

Financial highlights

• Q4 system-wide sales reached $1.3 billion, up 9.3% year-over-year, driven by 124 net new restaurants, offset by a 5.8% decline in domestic same-store sales.

• Royalty revenue, franchise fees, and other revenue rose 8% to $81.9 million in Q4.

• Adjusted EBITDA for Q4 2025 was $61.9 million (+9.8%); for fiscal 2025, $244.2 million (+15.2%).

• Fiscal 2025 net income rose 60.3% to $174.3 million ($6.21 per diluted share); adjusted net income was $114.5 million, with adjusted EPS at $4.08.

• System-wide sales for the year exceeded $5 billion, marking a record in development and financial performance.

Outlook and guidance

• 2026 domestic same-store sales expected to be flat to low-single-digit percent growth; global unit growth projected at 15–16%.

• Adjusted EBITDA growth rate for 2026 estimated at approximately 15%.

• SG&A guidance for 2026 is $151–$154 million, including $32 million in stock-based compensation and $3 million in restructuring charges.

• Interest expense projected at $43 million; depreciation/amortization at $30 million.