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Stocks · Consumer discretionary · Retail-Eating & Drinking Places

Wendy's Co

WEN Clue Score49
United States Fiscal year ends January CIK 0000030697
$6.23 +0.16% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $6.23 −71.62% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue1,435.4Operating income314.8Net income129.6EPS, diluted0.49Fiscal year 2017Revenue1,223.4 −14.8%Operating income214.8Net income194.0 +49.7%EPS, diluted0.77 +57.1%Fiscal year 2018Revenue1,589.9 +30.0%Operating income249.9Net income460.1 +137.1%EPS, diluted1.88 +144.2%Fiscal year 2019Revenue1,709.0 +7.5%Operating income262.6Net income136.9 −70.2%EPS, diluted0.58 −69.1%Fiscal year 2021Revenue1,733.8 +1.5%Operating income269.3Net income117.8 −14.0%EPS, diluted0.52 −10.3%Fiscal year 2022Revenue1,897.0 +9.4%Operating income367.0Net income200.4 +70.1%EPS, diluted0.89 +71.2%Fiscal year 2023Revenue2,095.5 +10.5%Operating income353.3Net income177.4 −11.5%EPS, diluted0.82 −7.9%Fiscal year 2023Revenue2,181.6 +4.1%Operating income382.0Net income204.4 +15.3%EPS, diluted0.97 +18.3%Fiscal year 2024Revenue2,246.5 +3.0%Operating income371.4Net income194.4 −4.9%EPS, diluted0.95 −2.1%Fiscal year 2025Revenue2,176.9 −3.1%Operating income343.5Net income165.1 −15.1%EPS, diluted0.85 −10.5%
FY2017FY2017FY2018FY2019FY2021FY2022FY2023FY2023FY2024FY2025
Revenue 1,435.4 1,223.4 1,589.9 1,709.0 1,733.8 1,897.0 2,095.5 2,181.6 2,246.5 2,176.9
Growth −14.8% +30.0% +7.5% +1.5% +9.4% +10.5% +4.1% +3.0% −3.1%
Operating income 314.8 214.8 249.9 262.6 269.3 367.0 353.3 382.0 371.4 343.5
Net income 129.6 194.0 460.1 136.9 117.8 200.4 177.4 204.4 194.4 165.1
Growth +49.7% +137.1% −70.2% −14.0% +70.1% −11.5% +15.3% −4.9% −15.1%
EPS, diluted 0.49 0.77 1.88 0.58 0.52 0.89 0.82 0.97 0.95 0.85
Growth +57.1% +144.2% −69.1% −10.3% +71.2% −7.9% +18.3% −2.1% −10.5%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2017Operating margin21.9%Net margin9.0%Free cash flow margin3.1%Fiscal year 2017Operating margin17.6%Net margin15.9%Free cash flow margin12.8%Fiscal year 2018Operating margin15.7%Net margin28.9%Free cash flow margin9.7%Fiscal year 2019Operating margin15.4%Net margin8.0%Free cash flow margin12.6%Fiscal year 2021Operating margin15.5%Net margin6.8%Free cash flow margin12.4%Fiscal year 2022Operating margin19.3%Net margin10.6%Free cash flow margin14.1%Fiscal year 2023Operating margin16.9%Net margin8.5%Free cash flow margin8.3%Fiscal year 2023Operating margin17.5%Net margin9.4%Free cash flow margin11.9%Fiscal year 2024Operating margin16.5%Net margin8.7%Free cash flow margin11.6%Fiscal year 2025Operating margin15.8%Net margin7.6%Free cash flow margin11.1%
FY2017FY2017FY2018FY2019FY2021FY2022FY2023FY2023FY2024FY2025
Operating margin 21.9% 17.6% 15.7% 15.4% 15.5% 19.3% 16.9% 17.5% 16.5% 15.8%
Net margin 9.0% 15.9% 28.9% 8.0% 6.8% 10.6% 8.5% 9.4% 8.7% 7.6%
Free cash flow margin 3.1% 12.8% 9.7% 12.6% 12.4% 14.1% 8.3% 11.9% 11.6% 11.1%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow193.8Capital expenditure−150.0Free cash flow43.8Buybacks−337.0Dividends paid−63.8Fiscal year 2017Operating cash flow238.8Capital expenditure−81.7Free cash flow157.1 +258.6%Buybacks−126.2Dividends paid−68.3Fiscal year 2018Operating cash flow224.2Capital expenditure−69.9Free cash flow154.4 −1.7%Buybacks−269.8Dividends paid−80.5Fiscal year 2019Operating cash flow288.9Capital expenditure−74.5Free cash flow214.5 +38.9%Buybacks−217.8Dividends paid−96.4Fiscal year 2021Operating cash flow284.4Capital expenditure−69.0Free cash flow215.4 +0.4%Buybacks−62.2Dividends paid−64.9Fiscal year 2022Operating cash flow345.8Capital expenditure−78.0Free cash flow267.8 +24.3%Buybacks−268.5Dividends paid−94.8Fiscal year 2023Operating cash flow259.9Capital expenditure−85.5Free cash flow174.4 −34.9%Buybacks−52.0Dividends paid−106.8Fiscal year 2023Operating cash flow345.4Capital expenditure−85.0Free cash flow260.4 +49.3%Buybacks−189.6Dividends paid−209.3Fiscal year 2024Operating cash flow355.3Capital expenditure−94.4Free cash flow260.9 +0.2%Buybacks−77.4Dividends paid−204.4Fiscal year 2025Operating cash flow344.5Capital expenditure−101.9Free cash flow242.6 −7.0%Buybacks−200.8Dividends paid−129.6
FY2017FY2017FY2018FY2019FY2021FY2022FY2023FY2023FY2024FY2025
Operating cash flow 193.8 238.8 224.2 288.9 284.4 345.8 259.9 345.4 355.3 344.5
Capital expenditure −150.0 −81.7 −69.9 −74.5 −69.0 −78.0 −85.5 −85.0 −94.4 −101.9
Free cash flow 43.8 157.1 154.4 214.5 215.4 267.8 174.4 260.4 260.9 242.6
Growth +258.6% −1.7% +38.9% +0.4% +24.3% −34.9% +49.3% +0.2% −7.0%
Buybacks −337.0 −126.2 −269.8 −217.8 −62.2 −268.5 −52.0 −189.6 −77.4 −200.8
Dividends paid −63.8 −68.3 −80.5 −96.4 −64.9 −94.8 −106.8 −209.3 −204.4 −129.6

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash198.2Shareholders’ equity527.7Fiscal year 2017Cash171.4Shareholders’ equity573.2Fiscal year 2018Cash431.4Total debt2,328.8Net cash (debt)−1,897.4Shareholders’ equity648.4Debt to equity3.59Fiscal year 2019Cash300.2Total debt2,280.3Net cash (debt)−1,980.1Shareholders’ equity516.4Debt to equity4.42Fiscal year 2021Cash307.0Total debt2,247.1Net cash (debt)−1,940.1Shareholders’ equity549.6Debt to equity4.09Fiscal year 2022Cash249.4Total debt2,380.7Net cash (debt)−2,131.2Shareholders’ equity436.4Debt to equity5.46Fiscal year 2023Cash745.9Total debt2,851.4Net cash (debt)−2,105.6Shareholders’ equity465.7Debt to equity6.12Fiscal year 2023Cash516.0Total debt2,762.1Net cash (debt)−2,246.0Shareholders’ equity309.8Debt to equity8.92Fiscal year 2024Cash450.5Total debt2,740.3Net cash (debt)−2,289.8Shareholders’ equity259.4Debt to equity10.57Fiscal year 2025Cash300.8Total debt2,760.3Net cash (debt)−2,459.4Shareholders’ equity117.4Debt to equity23.51
FY2017FY2017FY2018FY2019FY2021FY2022FY2023FY2023FY2024FY2025
Cash 198.2 171.4 431.4 300.2 307.0 249.4 745.9 516.0 450.5 300.8
Total debt n/a n/a 2,328.8 2,280.3 2,247.1 2,380.7 2,851.4 2,762.1 2,740.3 2,760.3
Net cash (debt) n/a n/a −1,897.4 −1,980.1 −1,940.1 −2,131.2 −2,105.6 −2,246.0 −2,289.8 −2,459.4
Shareholders’ equity 527.7 573.2 648.4 516.4 549.6 436.4 465.7 309.8 259.4 117.4
Debt to equity n/a n/a 3.59 4.42 4.09 5.46 6.12 8.92 10.57 23.51

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 1 Jan 2017 FY2017 31 Dec 2017 FY2018 30 Dec 2018 FY2019 29 Dec 2019 FY2021 3 Jan 2021 FY2022 2 Jan 2022 FY2023 1 Jan 2023 FY2023 31 Dec 2023 FY2024 29 Dec 2024 FY2025 28 Dec 2025
Revenue and profit
1,435.4 1,223.4 1,589.9 1,709.0 1,733.8 1,897.0 2,095.5 2,181.6 2,246.5 2,176.9
Growth −14.8% +30.0% +7.5% +1.5% +9.4% +10.5% +4.1% +3.0% −3.1%
n/a 517.9 548.6 597.5 614.9 611.7 773.2 794.5 783.2 791.7
236.8 203.6 217.5 200.2 206.9 243.0 255.0 250.0 255.2 252.7
314.8 214.8 249.9 262.6 269.3 367.0 353.3 382.0 371.4 343.5
Growth −31.8% +16.4% +5.1% +2.6% +36.3% −3.7% +8.1% −2.8% −7.5%
201.7 101.0 574.9 171.5 152.8 240.6 243.5 279.4 272.4 227.2
72.1 −93.0 114.8 34.5 35.0 40.2 66.1 75.0 78.1 62.2
129.6 194.0 460.1 136.9 117.8 200.4 177.4 204.4 194.4 165.1
Growth +49.7% +137.1% −70.2% −14.0% +70.1% −11.5% +15.3% −4.9% −15.1%
Per share
0.49 0.79 1.93 0.60 0.53 0.91 0.83 0.98 0.95 0.85
0.49 0.77 1.88 0.58 0.52 0.89 0.82 0.97 0.95 0.85
Growth +57.1% +144.2% −69.1% −10.3% +71.2% −7.9% +18.3% −2.1% −10.5%
262.2 244.2 237.8 229.9 223.7 221.4 213.8 209.5 204.4 193.4
266.7 252.3 245.0 235.1 228.0 224.4 215.8 211.5 205.6 194.0
Growth −5.4% −2.9% −4.0% −3.0% −1.6% −3.8% −2.0% −2.8% −5.6%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 4.7% a year over five years, and earnings per share grew 10.3% a year.
  • The diluted share count fell 14.9% in five years, so buybacks did some of the work per share.
  • Operating margin is flat at 15.8%.
  • Profitable in every one of the 10 years on file.