Wendy's Co. (WEN) financial statements: income statement, balance sheet and cash flow
Wendy's Co.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 28, 2025 · FY), Wendy's Co. reported revenue of $2.2B (-3.1% year on year) and net income of $165.1M (-15.1% year on year).
Income statement
Wendy's Co. income statement, fiscal years
Line item
Dec 28, 2025 · FY
Dec 29, 2024 · FY
Dec 31, 2023 · FY
Jan 1, 2023 · FY
Revenue from Contract with Customer, Excluding Assessed Tax
$2.2B
$2.2B
$2.2B
$1.9B
Revenues
$2.2B
$2.2B
$2.2B
$2.1B
Cost of sales
$791.7M
$783.2M
$794.5M
$773.2M
Franchise support and other costs
$81.0M
$67.7M
$57.2M
$46.7M
Franchise rental expense
$125.8M
$127.4M
$125.4M
$124.1M
Advertising funds expense
$422.6M
$478.1M
$428.0M
$430.8M
General and administrative
$252.7M
$255.2M
$250.0M
$255.0M
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below)
$152.2M
$143.2M
$135.8M
$133.4M
Amortization of cloud computing arrangements
$18.6M
$14.7M
$12.8M
$2.4M
System optimization gains, net
($1.0M)
($1.2M)
($880.0K)
($6.8M)
Reorganization and realignment costs
($125.0K)
$8.5M
$9.2M
$698.0K
Impairment of long-lived assets
$12.1M
$9.7M
$1.4M
$6.4M
Other operating income, net
($22.1M)
($11.5M)
($13.8M)
($23.7M)
Costs and expenses
$1.8B
$1.9B
$1.8B
$1.7B
Operating profit
$343.5M
$371.4M
$382.0M
$353.3M
Interest expense, net
$126.5M
$123.9M
($124.1M)
($122.3M)
(Loss) gain on early extinguishment of debt, net
($642.0K)
$0
$2.3M
$0
Investment (loss) income, net
($1.7M)
$11.0K
($10.4M)
$2.1M
Other income, net
$12.6M
$24.9M
$29.6M
$10.4M
Income before income taxes
$227.2M
$272.4M
$279.4M
$243.5M
Provision for income taxes
($62.2M)
($78.1M)
($75.0M)
($66.1M)
Net income
$165.1M
$194.4M
$204.4M
$177.4M
Basic
$0.85
$0.95
$0.98
$0.83
Diluted
$0.85
$0.95
$0.97
$0.82
Wendy's Co. income statement, quarters
Line item
Jun 28, 2026 · Q2
Mar 29, 2026 · Q1
Sep 28, 2025 · Q3
Jun 29, 2025 · Q2
Revenue from Contract with Customer, Excluding Assessed Tax
$570.6M
$540.6M
$549.5M
$560.9M
Revenues
$570.6M
$540.6M
$549.5M
$560.9M
Cost of sales
$207.3M
$201.0M
$204.3M
$196.5M
Franchise support and other costs
$22.6M
$22.0M
$17.5M
$17.1M
Franchise rental expense
$28.0M
$30.2M
$30.9M
$32.6M
Advertising funds expense
$127.9M
$108.6M
$107.7M
$111.4M
General and Administrative Expense
$66.2M
$72.8M
$57.9M
$59.5M
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below)
$38.1M
$40.6M
$38.4M
$37.0M
Amortization of cloud computing arrangements
$4.6M
$4.8M
$5.2M
$4.1M
System optimization gains, net
($667.0K)
($1.6M)
($29.0K)
($387.0K)
Reorganization and realignment costs
$10.0K
($162.0K)
$316.0K
$174.0K
Impairment of long-lived assets
$3.1M
$2.6M
$2.3M
$1.7M
Other operating income, net
($5.7M)
($5.1M)
($7.0M)
($2.9M)
Costs and expenses
$491.3M
$475.7M
$457.5M
$456.7M
Operating profit
$79.3M
$64.9M
$92.0M
$104.3M
Interest expense, net
($33.9M)
($34.1M)
($31.5M)
($30.9M)
Investment loss, net
$0
$0
$0
$0
Other income, net
$3.1M
$3.4M
$2.7M
$2.6M
Income before income taxes
$48.6M
$34.2M
$63.2M
$75.9M
Provision for income taxes
($16.0M)
($11.5M)
($19.0M)
($20.8M)
Net income
$32.6M
$22.7M
$44.3M
$55.1M
Basic
$0.17
$0.12
$0.23
$0.29
Diluted
$0.17
$0.12
$0.23
$0.29
Balance sheet
Wendy's Co. balance sheet, fiscal years
Line item
Dec 28, 2025 · FY
Dec 29, 2024 · FY
Dec 31, 2023 · FY
Jan 1, 2023 · FY
Cash and cash equivalents
$300.8M
$450.5M
$516.0M
$745.9M
Restricted cash
$39.2M
$34.5M
$35.8M
$35.2M
Accounts and notes receivable, net
$117.3M
$99.9M
$121.7M
$116.4M
Inventories
$7.4M
$6.5M
$6.7M
$7.1M
Prepaid expenses and other current assets
$55.4M
$45.6M
$39.6M
$27.0M
Advertising funds restricted assets
$97.9M
$99.1M
$117.8M
$126.7M
Total current assets
$618.0M
$736.1M
$837.7M
$1.1B
Properties
$937.8M
$907.8M
$891.1M
$895.8M
Finance lease assets
$312.8M
$245.0M
$228.9M
$234.6M
Operating lease assets
$642.6M
$679.8M
$705.6M
$754.5M
Goodwill
$774.1M
$771.5M
$773.7M
$773.1M
Other intangible assets
$1.2B
$1.2B
$1.2B
$1.2B
Investments
$25.2M
$29.0M
$34.4M
$46.0M
Net investment in sales-type and direct financing leases
$284.9M
$288.0M
$313.7M
$317.3M
Other assets
$190.4M
$185.4M
$178.6M
$171.0M
Total assets
$5.0B
$5.0B
$5.2B
$5.5B
Current portion of long-term debt
$29.8M
$78.2M
$29.3M
$29.3M
Current portion of finance lease liabilities
$26.7M
$22.5M
$20.3M
$18.3M
Current portion of operating lease liabilities
$51.1M
$50.1M
$49.4M
$48.1M
Accounts payable
$30.4M
$28.5M
$27.4M
$44.0M
Accrued expenses and other current liabilities
$116.7M
$118.2M
$135.1M
$116.0M
Advertising funds restricted liabilities
$96.5M
$100.2M
$120.6M
$132.3M
Total current liabilities
$351.1M
$397.6M
$381.9M
$388.0M
Long-term debt
$2.7B
$2.7B
$2.7B
$2.8B
Long-term finance lease liabilities
$646.7M
$575.4M
$568.8M
$571.9M
Long-term operating lease liabilities
$660.3M
$704.3M
$739.3M
$792.1M
Deferred income taxes
$287.8M
$263.4M
$270.4M
$270.4M
Deferred franchise fees
$88.0M
$88.4M
$90.1M
$90.2M
Other liabilities
$74.9M
$84.2M
$89.7M
$98.8M
Total liabilities
$4.8B
$4.8B
$4.9B
$5.0B
Common stock, $0.10 par value; 1,500,000 shares authorized; 470,424 shares issued; 190,324 and 203,834 shares outstanding, respectively
47.0M
47.0M
47.0M
47.0M
Additional paid-in capital
$3.0B
$3.0B
$3.0B
$2.9B
Retained earnings
$435.1M
$399.7M
$409.9M
$414.7M
Common stock held in treasury, at cost; 280,100 and 266,590 shares, respectively
-3.3B
-3.1B
-3.0B
-2.9B
Accumulated other comprehensive loss
($64.0M)
($74.8M)
($58.4M)
($64.2M)
Total stockholders’ equity
$117.4M
$259.4M
$309.8M
$465.7M
Total liabilities and stockholders’ equity
$5.0B
$5.0B
$5.2B
$5.5B
Common Stock, Par Value
$0.10
$0.10
$0.10
$0.10
Common Stock, Shares Authorized
1.5B
1.5B
1.5B
1.5B
Common Stock, Shares Issued
470.4M
470.4M
470.4M
470.4M
Common Stock, Shares, Outstanding
190.3M
203.8M
205.4M
213.1M
Treasury Stock, Shares
280.1M
266.6M
265.0M
257.3M
Wendy's Co. balance sheet, quarters
Line item
Jun 28, 2026
Mar 29, 2026
Sep 28, 2025
Jun 29, 2025
Cash and cash equivalents
$341.2M
$298.7M
$291.4M
$281.2M
Restricted cash
$38.8M
$39.3M
$34.3M
$34.0M
Accounts and notes receivable, net
$109.2M
$125.1M
$128.5M
$115.1M
Inventories
$7.0M
$6.6M
$6.9M
$6.3M
Prepaid expenses and other current assets
$78.9M
$73.4M
$55.1M
$52.7M
Advertising funds restricted assets
$102.9M
$109.1M
$124.6M
$111.1M
Total current assets
$678.1M
$652.3M
$640.9M
$600.4M
Properties
$895.6M
$908.5M
$923.5M
$915.7M
Finance lease assets
$319.8M
$325.5M
$302.3M
$257.1M
Operating lease assets
$582.6M
$611.4M
$660.7M
$668.0M
Goodwill
$773.1M
$773.7M
$774.8M
$772.8M
Other intangible assets
$1.1B
$1.2B
$1.2B
$1.2B
Investments
$23.0M
$24.5M
$25.9M
$27.1M
Net investment in sales-type and direct financing leases
$276.9M
$279.7M
$283.9M
$286.7M
Other assets
$187.9M
$190.7M
$186.8M
$190.3M
Total assets
$4.9B
$4.9B
$5.0B
$4.9B
Current portion of long-term debt
$29.8M
$29.8M
$425.3M
$78.5M
Current portion of finance lease liabilities
$27.5M
$27.3M
$25.9M
$24.2M
Current portion of operating lease liabilities
$52.0M
$52.3M
$51.2M
$51.3M
Accounts payable
$21.4M
$23.6M
$27.2M
$26.6M
Accrued expenses and other current liabilities
$124.7M
$114.8M
$138.4M
$123.8M
Advertising funds restricted liabilities
$102.1M
$108.3M
$125.7M
$110.8M
Total current liabilities
$357.5M
$356.2M
$793.7M
$415.2M
Long-term debt
$2.7B
$2.7B
$2.3B
$2.7B
Long-term finance lease liabilities
$647.6M
$655.1M
$637.5M
$593.6M
Long-term operating lease liabilities
$596.4M
$627.2M
$679.7M
$689.7M
Deferred income taxes
$289.3M
$288.5M
$291.3M
$265.4M
Deferred franchise fees
$81.7M
$84.4M
$88.0M
$88.4M
Other liabilities
$72.1M
$72.8M
$78.2M
$78.0M
Total liabilities
$4.8B
$4.8B
$4.9B
$4.8B
Common stock, $0.10 par value; 1,500,000 shares authorized; 470,424 shares issued; 190,639 and 190,324 shares outstanding, respectively
47.0M
47.0M
47.0M
47.0M
Additional paid-in capital
$3.0B
$3.0B
$3.0B
$3.0B
Retained earnings
$437.1M
$431.2M
$435.3M
$417.8M
Common stock held in treasury, at cost; 279,785 and 280,100 shares, respectively
-3.3B
-3.3B
-3.3B
-3.3B
Accumulated other comprehensive loss
($70.8M)
($66.8M)
($67.4M)
($62.5M)
Total stockholders’ equity
$120.5M
$115.6M
$109.2M
$112.9M
Total liabilities and stockholders’ equity
$4.9B
$4.9B
$5.0B
$4.9B
Common Stock, Par Value
$0.10
$0.10
$0.10
$0.10
Common Stock, Shares Authorized
1.5B
1.5B
1.5B
1.5B
Common Stock, Shares Issued
470.4M
470.4M
470.4M
470.4M
Common Stock, Shares Outstanding
190.6M
190.4M
190.3M
191.3M
Treasury Stock, Shares
279.8M
280.0M
280.1M
279.1M
Cash flow statement
Wendy's Co. cash flow statement, fiscal years
Line item
Dec 28, 2025 · FY
Dec 29, 2024 · FY
Dec 31, 2023 · FY
Jan 1, 2023 · FY
Net income
$165.1M
$194.4M
$204.4M
$177.4M
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below)
$152.2M
$143.2M
$135.8M
$133.4M
Amortization of cloud computing arrangements
$18.6M
$14.7M
$12.8M
$2.4M
Share-based compensation
$14.6M
$23.0M
$23.7M
$24.5M
Impairment of long-lived assets
$12.1M
$9.7M
$1.4M
$6.4M
Deferred income tax
$23.5M
($5.5M)
($807.0K)
$4.3M
Non-cash rental expense, net
$45.5M
$41.9M
$40.7M
$33.9M
Change in operating lease liabilities
($49.2M)
($48.9M)
($47.2M)
($45.7M)
Net receipt (recognition) of deferred vendor incentives
$1.5M
($586.0K)
$1.0M
($1.1M)
System optimization gains, net
($1.0M)
($1.2M)
($880.0K)
($6.8M)
Gain on sale of investments, net
$0
$0
($31.0K)
$0
Distributions received from TimWen joint venture
$14.8M
$14.4M
$12.9M
$12.6M
Equity in earnings in joint ventures, net
($11.2M)
($11.6M)
($10.8M)
($9.4M)
Long-term debt related activities, net (see Note 20)
$8.1M
$7.5M
$5.3M
$7.8M
Cloud computing arrangements expenditures
($23.5M)
($18.8M)
($32.9M)
($30.2M)
Other, net
$25.1M
$14.5M
$22.9M
($4.6M)
Accounts and notes receivable
($19.2M)
($5.2M)
$430.0K
($5.9M)
Inventories
($473.0K)
$138.0K
$439.0K
($1.2M)
Prepaid expenses and other current assets
($1.3M)
($1.8M)
($672.0K)
$6.8M
Advertising funds restricted assets and liabilities
($4.0M)
($20.7M)
($18.2M)
($30.5M)
Accounts payable
($8.9M)
$1.0M
($8.8M)
($1.5M)
Accrued expenses and other current liabilities
($17.6M)
$5.1M
$4.0M
($12.8M)
Net cash provided by operating activities
$344.5M
$355.3M
$345.4M
$259.9M
Capital expenditures
($101.9M)
($94.4M)
($85.0M)
($85.5M)
Franchise development fund
$38.4M
$41.2M
($8.0M)
($3.6M)
Acquisitions
($16.9M)
—
$0
$0
Dispositions
$4.4M
$4.9M
$2.1M
$8.2M
Proceeds from sale of investments
$0
$0
$31.0K
$0
Notes receivable, net
$1.9M
$1.4M
$4.3M
$3.1M
Net cash used in investing activities
($150.8M)
($129.3M)
($86.5M)
($77.8M)
Proceeds from long-term debt
$475.5M
$0
$0
$500.0M
Repayments of long-term debt
($454.0M)
($29.3M)
($94.7M)
($26.8M)
Repayments of finance lease liabilities
($24.5M)
($20.4M)
($21.6M)
($17.3M)
Deferred financing costs
($9.7M)
$0
$0
($10.2M)
Repurchases of common stock
($200.8M)
($77.4M)
($189.6M)
($52.0M)
Dividends
($129.6M)
($204.4M)
($209.3M)
($106.8M)
Proceeds from stock option exercises
$1.9M
$32.9M
$14.7M
$4.9M
Payments related to tax withholding for share-based compensation
($2.8M)
($4.5M)
($3.9M)
($3.2M)
Net cash used in financing activities
($344.0M)
($303.1M)
($504.3M)
$288.7M
Net cash used in operations before effect of exchange rate changes on cash
($150.3M)
($77.1M)
($245.4M)
$470.8M
Effect of exchange rate changes on cash
$4.3M
($8.1M)
$2.4M
($6.0M)
Net decrease in cash, cash equivalents and restricted cash
($145.9M)
($85.2M)
($243.0M)
$464.8M
Cash, cash equivalents and restricted cash at beginning of period
$503.6M
$588.8M
$831.8M
$367.0M
Cash, cash equivalents and restricted cash at end of period
$357.7M
$503.6M
$588.8M
$831.8M
Wendy's Co. cash flow statement, quarters
Line item
Jun 28, 2026 · YTD
Mar 29, 2026 · Q1
Sep 28, 2025 · YTD
Jun 29, 2025 · YTD
Net income
$55.3M
$22.7M
$138.6M
$94.3M
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below)
$78.6M
$40.6M
$111.9M
$73.5M
Amortization of cloud computing arrangements
$9.3M
$4.8M
$13.4M
$8.2M
Share-based compensation
$8.2M
$5.2M
$9.8M
$10.7M
Impairment of long-lived assets
$5.7M
$2.6M
$5.4M
$3.1M
Deferred income tax
$1.4M
$956.0K
$26.8M
$822.0K
Non-cash rental expense, net
$25.9M
$10.9M
$34.7M
$21.4M
Change in operating lease liabilities
($25.2M)
($12.6M)
($36.9M)
($24.5M)
Net receipt of deferred vendor incentives
$9.8M
($2.5M)
$6.6M
$8.4M
System optimization gains, net
($2.3M)
($1.6M)
($326.0K)
($297.0K)
Distributions received from joint ventures, net of equity in earnings
$1.2M
$341.0K
$2.4M
$1.7M
Long-term debt-related activities, net
$3.6M
$1.8M
$5.6M
$3.7M
Cloud computing arrangements expenditures
($10.2M)
($4.2M)
($16.4M)
($9.3M)
Changes in operating assets and liabilities and other, net
($1.4M)
($9.6M)
($26.2M)
($45.9M)
Net cash provided by operating activities
$160.0M
$59.4M
$275.3M
$146.0M
Capital expenditures
($31.4M)
($11.9M)
($64.0M)
($39.0M)
Franchise development fund
($11.0M)
($4.6M)
($23.1M)
($16.5M)
Dispositions
$4.7M
$2.8M
$1.5M
$1.4M
Notes receivable, net
$0
$0
$1.9M
$1.9M
Net cash used in investing activities
($37.8M)
($13.7M)
($100.6M)
($52.3M)
Proceeds from long-term debt
$17.8M
$15.1M
$23.5M
$23.5M
Repayments of long-term debt
($32.7M)
($22.5M)
($30.4M)
($23.1M)
Repayments of finance lease liabilities
($12.1M)
($6.0M)
($18.1M)
($10.7M)
Repurchases of common stock
($1.9M)
$0
($200.8M)
($186.5M)
Dividends
($53.3M)
($26.6M)
($103.0M)
($76.2M)
Proceeds from stock option exercises
$0
$0
$1.9M
$1.7M
Payments related to tax withholding for share-based compensation
($449.0K)
($423.0K)
($2.8M)
($1.4M)
Net cash used in financing activities
($82.7M)
($40.5M)
($329.6M)
($272.7M)
Net cash provided by (used in) operations before effect of exchange rate changes on cash
$39.5M
$5.2M
($154.9M)
($178.9M)
Effect of exchange rate changes on cash
($2.4M)
($886.0K)
$3.3M
$5.4M
Net increase (decrease) in cash, cash equivalents and restricted cash
$37.1M
$4.4M
($151.6M)
($173.5M)
Cash, cash equivalents and restricted cash at beginning of period
$357.7M
$357.7M
$503.6M
$503.6M
Cash, cash equivalents and restricted cash at end of period