Wendy's Co
wendys.comWhat Do They Do?
Operates and franchises restaurants serving hamburgers, chicken sandwiches and other meals to diners in the U.S. and abroad.
10-K for FY2025, filed Feb 23, 2026Wendy’s is primarily engaged in the business of operating, developing and franchising a system of distinctive quick-service restaurants…View ↗
Wendy’s develops, operates and franchises restaurants across the globe. Traditional restaurants generally feature dine-in, carryout…View ↗
Each Wendy’s restaurant offers an extensive menu specializing in hamburger sandwiches and featuring chicken sandwiches, which are prepared…View ↗
How Do They Make Money?
Diners pay for meals when food is delivered. Franchisees pay sales-based royalties and advertising contributions in the following month, technical-assistance and renewal fees when agreements are signed, and rent generally at the start of each month.
10-K for FY2025, filed Feb 23, 2026The Company generates revenues from sales at Company-operated restaurants and earns royalties, fees and rental income from franchised…View ↗
The franchise agreement requires that the franchisee pay a royalty based on a percentage of sales at the franchised restaurant, as well as…View ↗
Royalties and contributions to the Advertising Funds are generally due within the month subsequent to which the revenue was generated…View ↗
$2.2B
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10-K for FY2025, filed Feb 23, 2026
$2.2B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Wendy's U.S.
Mix
10-K for FY2025, filed Feb 23, 2026 |
82%
FY2021: 83%
|
Wendy's U.S., FY2025
$1.8B Sources
|
Mix |
|
Wendy's International
Mix
|
7.0%
FY2021: 4.6%
|
Wendy's International, FY2025
$153M Sources
|
Mix |
|
Global Real Estate & Development
Mix
10-K for FY2025, filed Feb 23, 2026 |
11%
FY2021: 13%
|
Global Real Estate & Development, FY2025
$238.8M Sources
|
Mix |
Who Are Their Customers?
Diners buy meals at company-operated and franchisee-run restaurants, including through dine-in, carryout, drive-thru and delivery. Franchisees also operate under Wendy’s agreements and may lease restaurant sites from the company.
10-K for FY2025, filed Feb 23, 2026At December 28, 2025, there were 5,969 Wendy’s restaurants in operation in the U.S. Of these restaurants, 423 were operated by the Company…View ↗
Wendy’s develops, operates and franchises restaurants across the globe. Traditional restaurants generally feature dine-in, carryout…View ↗
The rights and obligations governing the majority of franchised restaurants operating in the U.S. are set forth in the Wendy’s current Unit…View ↗
Wendy’s owns and leases sites from third parties, which it leases and/or subleases to franchisees. Noncancelable lease terms are generally…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 8 cents of every revenue dollar as net income in FY2025 and turned 11 cents into free cash flow.
10-K for FY2025, filed Feb 23, 2026
$343.5MView ↗
10-K for FY2025, filed Feb 23, 2026
$165.1MView ↗
10-K for FY2025, filed Feb 23, 2026
$242.6MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 7, 2026
Open tableView ↗
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Aug 7, 2026
Withdraws its 2026 financial outlook
New leadership said it is assessing the business and formulating a turnaround plan.
Sources
8-K, filed Aug 7, 2026
Company withdraws 2026 outlook and announces a reduction in its dividend to support the turnaroundView ↗
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Jun 23, 2026
Names a new CFO; Ken Cook is set to leave
Steven Cirulis became CFO effective June 23, and Cook’s employment was set to end July 31.
Sources
8-K, filed Jun 23, 2026
On June 19, 2026, the Board of Directors (the “Board”) of The Wendy’s Company (the “Company”) appointed Steven W. Cirulis as Chief…View ↗
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May 20, 2026
Appoints Bob Wright as president and chief executive
He succeeded interim CEO Ken Cook effective May 21.
Sources
8-K, filed May 20, 2026
On May 17, 2026, the Board of Directors (the “Board”) of The Wendy’s Company (the “Company”) appointed Robert D. Wright as President and…View ↗
Growing. Revenue grew 26% in 4 years, from $1.7B in FY2020 to $2.2B in FY2025, about 6% a year.
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