Wendy's Co financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Wendy's Co files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,435	1,223	1,590	1,709	1,734	1,897	2,096	2,182	2,246	2,177
Cost of revenue	752	518	549	598	615	612	773	794	783	792
Gross profit	683	705	1,041	1,111	1,119	1,285	1,322	1,387	1,463	1,385
General and administrative	237	204	217	200	207	243	255	250	255	253
Operating income	315	215	250	263	269	367	353	382	371	343
Interest expense	115	118	120	116	118	109	122	124	124	126
Other non-operating income	0.99	1.62	5.38	7.77	1.45	0.68	10.4	29.6	24.9	12.6
Pre-tax income	202	101	575	171	153	241	244	279	272	227
Income tax	72.1	-93	115	34.5	35	40.2	66.1	75	78.1	62.2
Income from continuing operations	130	194
Net income	130	194	460	137	118	200	177	204	194	165
EBITDA	439	340	379	394	402	493	487	518	515	496
EPS, basic	0.49	0.79	1.93	0.60	0.53	0.91	0.83	0.98	0.95	0.85
EPS, diluted	0.49	0.77	1.88	0.58	0.52	0.89	0.82	0.97	0.95	0.85
Shares, basic (weighted)	262	244	238	230	224	221	214	209	204	193
Shares, diluted (weighted)	267	252	245	235	228	224	216	212	206	194
Dividend per share	0.25	0.28	0.34	0.42	0.29	0.43	0.50	1.00	1.00	0.67

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	198	171	431	300	307	249	746	516	451	301
Receivables	98.8	114	110	101	93.7	102	98.6	105	86.8	105
Inventory	2.85	3.16	3.69	3.89	4.73	5.93	7.13	6.69	6.53	7.39
Other current assets	19.2	20.1	14.5	15.6	89.7	30.6	27	39.6	45.6	55.4
Total current assets	453	404	666	554	688	593	1,058	838	736	618
Property, plant and equipment	1,192	1,063	1,023	977	916	907	896	891	908	938
Lease right-of-use assets			0	857	821	813	754	706	680	643
Goodwill	741	743	748	756	751	775	773	774	771	774
Intangible assets	1,323	1,322	1,294	1,247	1,225	1,281	1,249	1,219	1,192	1,171
Long-term investments	57	56	47.7	45.9	44.6	49.9	46	34.4	29	25.2
Other non-current assets	49.9	79.5	96.9	100	120	139	171	179	185	190
Total assets	3,939	4,097	4,292	4,995	5,040	5,101	5,499	5,183	5,035	4,957
Accounts payable	27.6	22.8	21.7	22.7	31.1	41.2	44	27.4	28.5	30.5
Accrued liabilities	102	112	151	165	155	141	116	135	118	117
Deferred revenue			9.97	8.9	8.69	9.08	8.98
Short-term debt	24.7	30.2	23.3	22.8	29	24.3	29.3	29.3	78.2	29.8
Total current liabilities	230	227	284	350	413	427	388	382	398	351
Long-term debt	2,488	2,724	2,306	2,258	2,218	2,356	2,822	2,733	2,662	2,731
Lease liabilities			0	898	865	853	792	739	704	660
Other non-current liabilities	247	262	245	130	118	113	98.8	89.7	84.2	74.9
Total liabilities	3,412	3,524	3,644	4,478	4,490	4,665	5,034	4,873	4,775	4,839
Total debt	2,512	2,754	2,329	2,280	2,247	2,381	2,851	2,762	2,740	2,760
Paid-in capital	2,879	2,886	2,885	2,874	2,899	2,899	2,938	2,960	2,982	2,986
Retained earnings	-291	-163	146	186	239	344	415	410	400	435
Treasury stock	-2,044	-2,150	-2,368	-2,537	-2,586	-2,805	-2,870	-3,049	-3,095	-3,287
Other comprehensive income	-63.2	-46.2	-61.7	-53.8	-49.6	-48.2	-64.2	-58.4	-74.8	-64
Shareholders' equity	528	573	648	516	550	436	466	310	259	117
Total equity	528	573	648	516	550	436	466	310	259	117
Total liabilities and equity	3,939	4,097	4,292	4,995	5,040	5,101	5,499	5,183	5,035	4,957
Shares outstanding	247	241	231	225	224	216	213	205	204	190

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	130	194	460	137	118	200	177	204	194	165
Depreciation and amortization	124	126	129	132	133	126	133	136	143	152
Stock-based compensation	18.1	20.9	17.9	18.7	18.9	22	24.5	23.7	23	14.6
Deferred income tax	-14.2	-119	-6.57	0.84	10.3	-13.8	4.31	-0.81	-5.53	23.5
Change in receivables	-34.2	-17.3	13.2	16.9	-16.2	-5.61	-5.86	0.43	-5.16	-19.2
Change in inventory	0.03	-0.31	-0.43	-0.16	-0.84	-0.87	-1.2	0.44	0.14	-0.47
Change in payables	-6.64	-2.29	-0.15	1.05	1.62	7.59	-1.53	-8.83	1.03	-8.93
Cash from operations	194	239	224	289	284	346	260	345	355	345
Capital expenditures	-150	-81.7	-69.9	-74.5	-69	-78	-85.5	-85	-94.4	-102
Acquisitions	-2.21	-86.8	-21.4	-5.05	-4.88	-123	0	0	0	-16.9
Purchases of investments	-0.17	-0.38
Cash from investing	107	-92.2	363	-54.9	-68.3	-155	-77.8	-86.5	-129	-151
Debt issued	0	31.1	935	850	153	1,100	500	0	0	476
Debt repaid	-24.6	-52.6	-895	-900	-191	-970	-26.8	-94.7	-29.3	-454
Stock issued	19.8	12.9	45.2	28.3	23.4	30	4.87	14.7	32.9	1.92
Share buybacks	-337	-126	-270	-218	-62.2	-269	-52	-190	-77.4	-201
Dividends paid	-63.8	-68.3	-80.5	-96.4	-64.9	-94.8	-107	-209	-204	-130
Cash from financing	-412	-216	-306	-365	-158	-243	289	-504	-303	-344
Exchange rate effect	2.13	6.13	-7.69	3.49	1.33	0.36	-5.97	2.45	-8.11	4.34
Net change in cash	-109	-63.1	274	-128	59.5	-51.3	465	-243	-85.2	-146
Free cash flow	43.8	157	154	214	215	268	174	260	261	243
Interest paid	118	129	138	138	136	133	144	147	145	146
Income taxes paid	77.6	29.3	103	34.8	16.2	54.8	47.8	75.2	73.6	49.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $6.55 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	63.0%	Gross profit / revenue.
Operating margin	13.6%	Operating income / revenue.
EBITDA margin	20.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.1%	Pre-tax income / revenue.
Net margin	5.7%	Net income / revenue.
FCF margin	12.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.3%	Cash from operations / revenue.
Effective tax rate	29.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	104.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.6%	Net income / average total assets.
Return on invested capital (ROIC)	8.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.3%	Capital expenditures / revenue.
D&A / revenue	7.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-5.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	4.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-7.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-0.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	5.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-3.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	0.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	4.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-15.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-2.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	7.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-10.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	1.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	10.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-3.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	9.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-7.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	11.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	2.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-33.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	10.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	18.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-54.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-36.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-26.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.90x	Current assets / current liabilities.
Quick ratio	1.26x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.95x	(Cash + short-term investments) / current liabilities.
Debt / equity	22.8x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	56.3%	Total debt / total assets.
Liabilities / assets	97.5%	Total liabilities / total assets.
Net debt	$2.41B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.26x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.27x	Operating income / interest expense.
Working capital	$320.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	39.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.80B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.45x	Revenue / average total assets.
Fixed asset turnover	2.46x	Revenue / average property, plant and equipment.
Inventory turnover	116x	Cost of revenue / average inventory.
Days inventory	3 days	365 x average inventory / cost of revenue.
Receivables turnover	20.2x	Revenue / average receivables.
Days sales outstanding	18 days	365 x average receivables / revenue.
Days payables	10 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	12 days	Days inventory + days sales outstanding - days payables.
FCF conversion	209.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	26.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.66	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.52	Revenue / diluted weighted shares.
FCF per share	$1.38	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.87	Cash from operations / diluted weighted shares.
Book value per share	$0.63	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$9.44	Tangible book value / shares outstanding.
Cash per share	$1.79	(Cash + short-term investments) / shares outstanding.
Payout ratio	84.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	40.4%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	6.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.25B	Share price x shares outstanding.
Enterprise value	$3.66B	Market cap + total debt - cash - short-term investments.
P/E	9.91x	Market cap / net income. Only when net income is positive.
P/S	0.57x	Market cap / revenue.
P/B	10.4x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	4.73x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.48x	Market cap / cash from operations, when positive.
EV/Sales	1.66x	Enterprise value / revenue.
EV/EBIT	12.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.99x	Enterprise value / EBITDA, when both are positive.
EV/FCF	13.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	21.2%	Free cash flow / market cap.
Earnings yield	10.1%	Net income / market cap (the inverse of P/E).
Dividend yield	8.5%	Dividends paid over the period / market cap.
Shareholder yield	9.8%	(Dividends paid + share buybacks) / market cap.
PEG	8.22x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Wendy's Co's revenue in fiscal 2025?

Wendy's Co reported revenue of $2.18B for fiscal 2025, 3.1% lower than the year before.

Was Wendy's Co profitable in fiscal 2025?

Yes. Net income was $165.1M, a net margin of 7.6%.

How much free cash flow did Wendy's Co generate in fiscal 2025?

Cash from operations of $344.5M minus capital expenditures of $101.9M left free cash flow of $242.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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