Wingstop Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Wingstop Inc. 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	103	133	153	200	249	283	358	460	626	697
Cost of revenue	25.3	28.7	32.1	41.1	48.6	57.4	63.4	70.6	91.6	96.1
Gross profit	78	105	121	159	200	225	294	389	534	601
Selling, general and administrative	34.6	34.9	44.6	50.2	61.1	62.9	67.1	96.9	117	128
Operating expenses	76.7	99.4	115
Operating income	26.6	33.9	38.5	42.9	57.4	73.8	91.9	113	166	179
Other non-operating income	-0.25	0	-1.48	0	0	0.14	-0.57	-0.06	2.87	93.7
Pre-tax income	22	28.7	26.9	25.8	26.9	58.9	69.3	94.3	147	237
Income tax	8.19	4.8	5.21	5.29	3.64	16.2	16.4	24.1	38.5	62.9
Net income	13.8	23.9	21.7	20.5	23.3	42.7	52.9	70.2	109	174
EBITDA	29.6	37.2	42.8	48.4	64.9	81.7	103	126	185	204
EPS, basic	0.48	0.82	0.74	0.70	0.79	1.43	1.77	2.36	3.72	6.23
EPS, diluted	0.47	0.82	0.73	0.69	0.78	1.42	1.77	2.35	3.70	6.21
Shares, basic (weighted)	28.6	29	29.2	29.4	29.6	29.8	29.9	29.8	29.3	28
Shares, diluted (weighted)	29	29.4	29.6	29.7	29.8	29.9	30	29.9	29.4	28.1
Dividend per share	2.90	0.14	0.32	0.40	5.50	0.62	0.72	0.82	0.98	1.14

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3.75	4.06	12.5	12.8	40.9	48.6	184	90.2	316	197
Receivables	3.2	4.57	5.76	5.18	4.93	6.99	9.46	12.4	19.7	20.8
Inventory	0.23	0.22	0.3	0.32	0.4	0.48	0.39	0.54
Other current assets	0	4.33	2.06	2.45	5.53	4.93	4.25	4.95	6.52	7.96
Total current assets	11.1	15.9	29.9	30.2	72.6	70.1	227	144	396	267
Property, plant and equipment	5	5.83	8.34	27.8	27.9	54.5	66.9	91.3	126	131
Lease right-of-use assets				8.24	6.29	15	15.6	19.1	49	48.6
Goodwill	45.1	46.6	49.7	50.2	53.7	56.9	62.5	67.7	74.7	83.9
Intangible assets	49.6	50.4	50.9	49.1	49.3	46.2	46.1	48.7	52.1	56.9
Long-term investments									8.51	87.2
Other non-current assets	0.94	3.28	4.92	12.3	13	24.7	26.4	14.9	29.7	43
Total assets	112	120	140	166	212	249	424	378	716	693
Accounts payable	1.46	1.75	2.75	3.35	3.66	5.41	5.22	4.73	6.94	12.8
Accrued liabilities	3.88	4.19	5.18	7.51	11.2	9.97	8.73	14.3	15.5	11.4
Deferred revenue	1.55	2.04	2.34	2.62	3.22	3.66	4.48	4.85	5.96	6.93
Short-term debt	3.5	3.5	2.4	3.2	3.6	0	7.3	0	0	0
Total current liabilities	16.7	19.1	26.5	32.9	50.5	39.7	62.4	71	87.4	82
Long-term debt	147	130	309	308	467	469	707	712	1,206	1,209
Lease liabilities				7.98	5.48	13.8	14.3	17.8	58.2	58.1
Other non-current liabilities	2.31	2.14	1.97	8.12	6.03	14.2	14.6	0.19	0.06	0.17
Total liabilities	186	178	365	376	553	559	815	835	1,392	1,430
Total debt	151	134	320	318	480	478	725	721	1,221	1,221
Paid-in capital	1.19	0.26	1.04	0.55	0.42	0.46	2.8	2.68	1.57	1.53
Retained earnings	-76.1	-59	-226	-210	-342	-310	-393	-460	-677	-745
Other comprehensive income					0	-0.26	-0.64	-0.34	-0.5	6.35
Shareholders' equity	-81.4	-58.4	-225	-209	-341	-310	-391	-457	-676	-737
Total equity	-81.4	-58.4	-225	-209	-341	-310	-391	-457	-676	-737
Total liabilities and equity	112	120	140	166	212	249	424	378	716	693
Shares outstanding	28.7	29.1	29.3	29.5	29.7	29.8	29.9	29.3	28.7	27.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	13.8	23.9	21.7	20.5	23.3	42.7	52.9	70.2	109	174
Depreciation and amortization	3.01	3.38	4.31	5.48	7.52	7.94	10.9	13.2	19.5	25.1
Stock-based compensation	1.23	1.85	3.73	6.97	8.56	9.63	4.2	15.6	22.1	24.9
Deferred income tax	-1.65	-2.55	-1.05	-0.43	-0	2.95	-3.25	-1.55	-1.81	35.9
Change in receivables	0.21	-1.37	-1.2	0.5	0.25	-2.14	-2.47	-2.95	-7.25	-1.16
Change in payables	3.65	-0.88	7	3.09	1.51	-0.27	5.1	10.6	2.93	3.36
Cash from operations	21.9	27.4	38.8	38.6	65.5	48.9	76.2	122	158	153
Capital expenditures	-2.06	-2.54	-3.98	-22.5	-6.05	-28	-23.9	-40.8	-51.9	-47.4
Acquisitions				-1.25	-6.74	-4.88	-7.81	-10.8	-14	-18.5
Purchases of investments				0	0	-4.16	-1	-0.81	-0.5	-76.5
Cash from investing	-2.06	-6.48	-10.5	-23.7	-7.99	-29.9	-28.7	-52.2	-62.5	-17.5
Debt issued	165	3.5	551	5	496	0	250	0	500	0
Debt repaid	-109	-21	-365	-7.4	-334	-2.4	-3.03	-3.65	0	0
Stock issued	0	0	0.52	0.69	0.93	0.75	3.32	0.95	1.56	1.37
Share buybacks						0	0	-125	-315	-222
Dividends paid	-83.3	-4.07	-191	-11.7	-164	-19.8	-141	-24.9	-28.9	-32.4
Cash from financing	-28.2	-20.3	-13.7	-14.6	-19.4	-23.4	103	-155	145	-267
Net change in cash	-8.39	0.7	14.5	0.24	38.1	-4.36	151	-86	240	-131
Free cash flow	19.8	24.9	34.8	16.1	59.5	20.9	52.3	80.8	106	106
Interest paid	4.78	4.84	7.6	16.9	14.5	15	20.5	22.7	22.7	52.2
Income taxes paid	7.23	10.1	2.95	5.41	7.26	10.4	13.6	27.9	38.8	27.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 27, 2026; growth uses fiscal years. Valuation uses the share price of $99.07 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	86.3%	Gross profit / revenue.
Operating margin	27.9%	Operating income / revenue.
EBITDA margin	31.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	22.5%	Pre-tax income / revenue.
Net margin	16.2%	Net income / revenue.
FCF margin	17.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	26.3%	Cash from operations / revenue.
Effective tax rate	28.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	17.7%	Net income / average total assets.
Return on invested capital (ROIC)	46.4%	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%.
SG&A / revenue	17.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	8.5%	Capital expenditures / revenue.
D&A / revenue	3.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	24.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	22.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	26.9%	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	24.6%	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	8.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	24.9%	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	25.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	10.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	25.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	25.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	60.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	48.8%	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	49.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	67.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	52.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	51.4%	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	-2.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	26.2%	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	18.5%	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	-0.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	26.4%	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	12.2%	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	16.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	16.6%	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	-27.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	17.8%	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	26.8%	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	-4.5%	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	-2.1%	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	-1.2%	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	2.97x	Current assets / current liabilities.
Quick ratio	2.17x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.82x	(Cash + short-term investments) / current liabilities.
Debt / assets	184.0%	Total debt / total assets.
Liabilities / assets	217.5%	Total liabilities / total assets.
Net debt	$1.08B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.76x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$138.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	12.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$856.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.10x	Revenue / average total assets.
Fixed asset turnover	4.71x	Revenue / average property, plant and equipment.
Receivables turnover	28.7x	Revenue / average receivables.
Days sales outstanding	13 days	365 x average receivables / revenue.
Days payables	38 days	365 x average accounts payable / cost of revenue.
FCF conversion	110.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	32.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.27	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	$26.45	Revenue / diluted weighted shares.
FCF per share	$4.72	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.95	Cash from operations / diluted weighted shares.
Book value per share	-$28.38	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$31.46	Tangible book value / shares outstanding.
Cash per share	$4.68	(Cash + short-term investments) / shares outstanding.
Payout ratio	28.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	26.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	139.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.70B	Share price x shares outstanding.
Enterprise value	$3.78B	Market cap + total debt - cash - short-term investments.
P/E	23.2x	Market cap / net income. Only when net income is positive.
P/S	3.74x	Market cap / revenue.
P/FCF	21.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.2x	Market cap / cash from operations, when positive.
EV/Sales	5.25x	Enterprise value / revenue.
EV/EBIT	18.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	29.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.8%	Free cash flow / market cap.
Earnings yield	4.3%	Net income / market cap (the inverse of P/E).
Dividend yield	1.2%	Dividends paid over the period / market cap.
Shareholder yield	7.9%	(Dividends paid + share buybacks) / market cap.
PEG	0.45x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Wingstop Inc.'s revenue in fiscal 2025?

Wingstop Inc. reported revenue of $696.9M for fiscal 2025, 11.4% higher than the year before.

Was Wingstop Inc. profitable in fiscal 2025?

Yes. Net income was $174.3M, a net margin of 25%.

How much free cash flow did Wingstop Inc. generate in fiscal 2025?

Cash from operations of $153.1M minus capital expenditures of $47.4M left free cash flow of $105.6M.

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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