Wingstop Inc.
ir.wingstop.comWhat Do They Do?
Franchises restaurants serving cooked-to-order wings, tenders and chicken sandwiches to diners.
10-K for FY2025, filed Feb 18, 2026Wingstop is the largest fast casual chicken wings-focused restaurant chain in the world, with more than 3,050 locations worldwide. The…View ↗
The Company is primarily a franchisor, with approximately 98% of Wingstop’s restaurants currently owned and operated by independent…View ↗
It is our mission to serve the world flavor. We offer our guests fresh, cooked-to-order wings, tenders, and chicken sandwiches with bold…View ↗
How Do They Make Money?
Franchisees pay royalties and advertising contributions based on restaurant sales, due weekly. They pay initial or renewal fees before a restaurant opens or when an agreement is renewed, while Wingstop collects those fees over the agreement term; diners pay for food at company-owned restaurants when they buy it.
10-K for FY2025, filed Feb 18, 2026
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10-K for FY2025, filed Feb 18, 2026
FY2025 revenue by product or service ↗
$696.9M
-
10-K for FY2025, filed Feb 18, 2026
$696.9M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Royalty revenue, franchise fees and other
Mix
10-K for FY2025, filed Feb 18, 2026 |
46%
FY2022: 44%
|
Royalty revenue, franchise fees and other, FY2025
$321.8M Sources
|
Mix |
|
Advertising fees
Usage-based
10-K for FY2025, filed Feb 18, 2026 |
36%
FY2022: 33%
|
Advertising fees, FY2025
$247.6M Sources
|
Usage-based |
|
Company-owned restaurant sales
Sold outright
10-K for FY2025, filed Feb 18, 2026 |
18%
FY2022: 22%
|
Company-owned restaurant sales, FY2025
$127.5M Sources
|
Sold outright |
Who Are Their Customers?
Franchisees operate Wingstop locations and pay fees and sales-based royalties; guests order meals for dine-in, carryout or delivery, including through Wingstop’s online and mobile ordering tools.
10-K for FY2025, filed Feb 18, 2026The Company is primarily a franchisor, with approximately 98% of Wingstop’s restaurants currently owned and operated by independent…View ↗
Our 12 flavor offerings, along with limited time offerings of special flavors, create a differentiated experience that drives demand across…View ↗
We enter into area development agreements with U.S. franchisees, pursuant to which they are granted the right to develop restaurants in a…View ↗
Under our current standard franchise agreement, each franchisee is required to pay us a royalty of 6.0% of their gross sales net of…View ↗
We have a proprietary online ordering platform and mobile ordering applications that integrate with third party delivery providers and our…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 25 cents of every revenue dollar as net income in FY2025 and turned 15 cents into free cash flow.
10-K for FY2025, filed Feb 18, 2026
$179.3MView ↗
10-K for FY2025, filed Feb 18, 2026
$174.3MView ↗
10-K for FY2025, filed Feb 18, 2026
$105.6MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 29, 2026
$31.3MView ↗
- ▲ +17%
- vs $26.8M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 29, 2026
Open tableView ↗
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Jul 29, 2026
Updated 2026 guidance to a 4% to 6% domestic same-store sales decline
Wingstop also reiterated 2026 global unit growth guidance of 15% to 16%.
Sources
8-K, filed Jul 29, 2026
A decline of 4% to 6% in domestic same store sales growth; SG&A of between $140 - $143 million, which includes $3 million of restructuring…View ↗
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Apr 29, 2026
Updated 2026 outlook to a low-single-digit domestic same-store sales decline
Sources
8-K, filed Apr 29, 2026
The Company’s outlook is dependent on the macro-environment which is inherently difficult to predict given current high levels of…View ↗
Growing. Revenue grew 2.5x in 4 years, from $282.5M in FY2021 to $696.9M in FY2025, about 25% a year.
Advertising contributions
Franchisees’ advertising-fund contributions rose; both reports describe them as a share of restaurant sales.
10-K for FY2022, filed Feb 22, 2023 10-K for FY2025, filed Feb 18, 2026Under our current standard franchise agreement, each franchisee is required to pay us a royalty of 6% of their gross sales net of…View ↗
Under our current standard franchise agreement, each franchisee is required to pay us a royalty of 6.0% of their gross sales net of…View ↗
Flavor lineup
The flavor lineup expanded; both reports describe wings, tenders and chicken sandwiches as offerings.
10-K for FY2022, filed Feb 22, 2023 10-K for FY2025, filed Feb 18, 2026Wingstop is the largest fast casual chicken wings-focused restaurant chain in the world, with over 1,950 locations worldwide. The first…View ↗
Wingstop is the largest fast casual chicken wings-focused restaurant chain in the world, with more than 3,050 locations worldwide. The…View ↗
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