This page shows Wendys Co (WEN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Wendys Co has an operating margin of 15.8%, meaning the company retains $16 of operating profit per $100 of revenue. This results in a moderate score of 57/100, indicating healthy but not exceptional operating efficiency. This is down from 16.5% the prior year.
Wendys Co's revenue declined 3.1% year-over-year, from $2.2B to $2.2B. This contraction results in a growth score of 28/100.
Wendys Co has elevated debt relative to equity (D/E of 23.26), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Wendys Co's current ratio of 1.76 indicates adequate short-term liquidity, earning a score of 31/100. The company can meet its near-term obligations, though with limited headroom.
Wendys Co has a free cash flow margin of 11.2%, earning a moderate score of 53/100. The company generates positive cash flow after capital investments, but with room for improvement.
Wendys Co earns a strong 140.6% return on equity (ROE), meaning it generates $141 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 74.9% the prior year.
Wendys Co scores 1.02, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Wendys Co passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Wendys Co generates $2.09 in operating cash flow ($344.5M OCF vs $165.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Wendys Co earns $2.7 in operating income for every $1 of interest expense ($343.5M vs $126.5M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Wendys Co generated $2.2B in revenue in fiscal year 2025. This represents a decrease of 3.1% from the prior year.
Wendys Co's EBITDA was $495.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 3.7% from the prior year.
Wendys Co reported $165.1M in net income in fiscal year 2025. This represents a decrease of 15.1% from the prior year.
Wendys Co earned $0.85 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 10.5% from the prior year.
Cash & Balance Sheet
Wendys Co generated $242.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 7.0% from the prior year.
Wendys Co held $300.8M in cash against $2.7B in long-term debt as of fiscal year 2025.
Wendys Co paid $0.67 per share in dividends in fiscal year 2025. This represents a decrease of 33.0% from the prior year.
Wendys Co had 190M shares outstanding in fiscal year 2025. This represents a decrease of 6.6% from the prior year.
Margins & Returns
Wendys Co's gross margin was 63.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.5 percentage points from the prior year.
Wendys Co's operating margin was 15.8% in fiscal year 2025, reflecting core business profitability. This is down 0.8 percentage points from the prior year.
Wendys Co's net profit margin was 7.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.1 percentage points from the prior year.
Wendys Co's ROE was 140.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 65.7 percentage points from the prior year.
Capital Allocation
Wendys Co spent $200.8M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 159.5% from the prior year.
Wendys Co invested $101.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 8.0% from the prior year.
WEN Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $543.0M-1.2% | $549.5M-2.0% | $560.9M+7.2% | $523.5M-8.8% | $574.3M+1.3% | $566.7M-0.7% | $570.7M+6.7% | $534.8M |
| Cost of Revenue | $202.8M-0.7% | $204.3M+3.9% | $196.5M+4.4% | $188.2M-3.8% | $195.6M0.0% | $195.6M-2.1% | $199.9M+4.0% | $192.1M |
| Gross Profit | $340.2M-1.5% | $345.3M-5.3% | $364.4M+8.7% | $335.3M-11.5% | $378.7M+2.0% | $371.1M+0.1% | $370.8M+8.2% | $342.6M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $67.1M+15.8% | $57.9M-2.6% | $59.5M-12.8% | $68.2M+1.6% | $67.2M+7.0% | $62.8M+2.1% | $61.5M-3.5% | $63.8M |
| Operating Income | $64.0M-30.5% | $92.0M-11.7% | $104.3M+25.4% | $83.1M-13.4% | $96.0M+1.4% | $94.7M-4.9% | $99.5M+22.6% | $81.2M |
| Interest Expense | $32.5M+3.0% | $31.5M+1.9% | $30.9M-1.7% | $31.5M+1.3% | $31.1M-0.6% | $31.3M+0.9% | $31.0M+1.5% | $30.5M |
| Income Tax | $6.7M-64.6% | $19.0M-8.7% | $20.8M+32.5% | $15.7M-31.8% | $23.0M+18.3% | $19.4M-3.7% | $20.2M+30.5% | $15.5M |
| Net Income | $26.5M-40.2% | $44.3M-19.7% | $55.1M+40.5% | $39.2M-17.4% | $47.5M-5.4% | $50.2M-8.1% | $54.6M+30.1% | $42.0M |
| EPS (Diluted) | N/A | $0.23-20.7% | $0.29+52.6% | $0.19 | N/A | $0.25-7.4% | $0.27+35.0% | $0.20 |
WEN Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.0B-0.4% | $5.0B+1.7% | $4.9B-0.5% | $4.9B-2.3% | $5.0B-0.8% | $5.1B-0.3% | $5.1B-2.0% | $5.2B |
| Current Assets | $618.0M-3.6% | $640.9M+6.7% | $600.4M-6.8% | $644.2M-12.5% | $736.1M-6.0% | $783.2M-0.9% | $790.6M-8.9% | $867.5M |
| Cash & Equivalents | $300.8M+3.2% | $291.4M+3.6% | $281.2M-16.1% | $335.3M-25.6% | $450.5M-6.6% | $482.2M+3.6% | $465.5M-6.6% | $498.3M |
| Inventory | $7.4M+6.5% | $6.9M+9.8% | $6.3M+1.8% | $6.2M-5.0% | $6.5M+4.4% | $6.3M-2.0% | $6.4M+4.4% | $6.1M |
| Accounts Receivable | $105.0M | N/A | N/A | N/A | $86.8M | N/A | N/A | N/A |
| Goodwill | $774.1M-0.1% | $774.8M+0.3% | $772.8M+0.2% | $771.6M0.0% | $771.5M-0.2% | $773.2M+0.1% | $772.8M0.0% | $773.1M |
| Total Liabilities | $4.8B-0.6% | $4.9B+1.8% | $4.8B-0.2% | $4.8B+0.3% | $4.8B-0.8% | $4.8B0.0% | $4.8B-1.7% | $4.9B |
| Current Liabilities | $351.1M-55.8% | $793.7M+91.2% | $415.2M-4.2% | $433.5M+9.0% | $397.6M+6.6% | $373.1M+2.2% | $364.9M-14.2% | $425.4M |
| Long-Term Debt | $2.7B+18.8% | $2.3B-13.3% | $2.7B-0.2% | $2.7B-0.2% | $2.7B-2.0% | $2.7B-0.2% | $2.7B-0.2% | $2.7B |
| Total Equity | $117.4M+7.5% | $109.2M-3.3% | $112.9M-13.3% | $130.2M-49.8% | $259.4M-0.2% | $259.9M-5.1% | $273.8M-6.8% | $293.7M |
| Retained Earnings | $435.1M0.0% | $435.3M+4.2% | $417.8M+7.3% | $389.5M-2.6% | $399.7M-0.9% | $403.3M-0.1% | $403.8M+0.8% | $400.5M |
WEN Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $69.3M-46.4% | $129.3M+113.3% | $60.6M-29.1% | $85.4M+24.5% | $68.6M-51.4% | $141.2M+210.5% | $45.5M-54.5% | $100.0M |
| Capital Expenditures | $37.9M+51.6% | $25.0M+16.9% | $21.4M+20.9% | $17.7M-57.9% | $42.0M+134.8% | $17.9M+4.6% | $17.1M-1.4% | $17.4M |
| Free Cash Flow | $31.4M-69.9% | $104.3M+165.8% | $39.2M-42.1% | $67.7M+154.7% | $26.6M-78.4% | $123.3M+334.8% | $28.4M-65.7% | $82.6M |
| Investing Cash Flow | -$50.3M-4.1% | -$48.3M-56.9% | -$30.8M-43.2% | -$21.5M+64.5% | -$60.5M-143.6% | -$24.8M-7.3% | -$23.1M-11.2% | -$20.8M |
| Financing Cash Flow | -$14.4M+74.8% | -$56.9M+39.0% | -$93.4M+47.9% | -$179.3M-241.4% | -$52.5M+40.4% | -$88.2M+1.7% | -$89.8M-23.6% | -$72.6M |
| Dividends Paid | $26.6M-0.3% | $26.7M-0.4% | $26.8M-45.8% | $49.4M-3.1% | $51.0M+0.5% | $50.8M-0.9% | $51.3M-0.2% | $51.4M |
| Share Buybacks | $0-100.0% | $14.3M-77.6% | $63.7M-48.1% | $122.8M+609.0% | $17.3M-32.9% | $25.8M-4.2% | $27.0M+269.5% | $7.3M |
WEN Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.6%-0.2pp | 62.8%-2.1pp | 65.0%+0.9pp | 64.0%-1.9pp | 65.9%+0.5pp | 65.5%+0.5pp | 65.0%+0.9pp | 64.1% |
| Operating Margin | 11.8%-5.0pp | 16.8%-1.8pp | 18.6%+2.7pp | 15.9%-0.8pp | 16.7%0.0pp | 16.7%-0.7pp | 17.4%+2.3pp | 15.2% |
| Net Margin | 4.9%-3.2pp | 8.1%-1.8pp | 9.8%+2.3pp | 7.5%-0.8pp | 8.3%-0.6pp | 8.9%-0.7pp | 9.6%+1.7pp | 7.8% |
| Return on Equity | 22.6%-18.0pp | 40.5%-8.3pp | 48.8%+18.7pp | 30.1%+11.8pp | 18.3%-1.0pp | 19.3%-0.6pp | 20.0%+5.7pp | 14.3% |
| Return on Assets | 0.5%-0.4pp | 0.9%-0.2pp | 1.1%+0.3pp | 0.8%-0.1pp | 0.9%-0.1pp | 1.0%-0.1pp | 1.1%+0.3pp | 0.8% |
| Current Ratio | 1.76+1.0 | 0.81-0.6 | 1.45-0.0 | 1.49-0.4 | 1.85-0.2 | 2.10-0.1 | 2.17+0.1 | 2.04 |
| Debt-to-Equity | 23.26+2.2 | 21.05-2.4 | 23.48+3.1 | 20.40+10.1 | 10.26-0.2 | 10.45+0.5 | 9.94+0.7 | 9.29 |
| FCF Margin | 5.8%-13.2pp | 19.0%+12.0pp | 7.0%-5.9pp | 12.9%+8.3pp | 4.6%-17.1pp | 21.8%+16.8pp | 5.0%-10.5pp | 15.4% |
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Frequently Asked Questions
What is Wendys Co's annual revenue?
Wendys Co (WEN) reported $2.2B in total revenue for fiscal year 2025. This represents a -3.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Wendys Co's revenue growing?
Wendys Co (WEN) revenue declined by 3.1% year-over-year, from $2.2B to $2.2B in fiscal year 2025.
Is Wendys Co profitable?
Yes, Wendys Co (WEN) reported a net income of $165.1M in fiscal year 2025, with a net profit margin of 7.6%.
What is Wendys Co's EBITDA?
Wendys Co (WEN) had EBITDA of $495.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Wendys Co have?
As of fiscal year 2025, Wendys Co (WEN) had $300.8M in cash and equivalents against $2.7B in long-term debt.
What is Wendys Co's gross margin?
Wendys Co (WEN) had a gross margin of 63.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Wendys Co's operating margin?
Wendys Co (WEN) had an operating margin of 15.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Wendys Co's net profit margin?
Wendys Co (WEN) had a net profit margin of 7.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Wendys Co pay dividends?
Yes, Wendys Co (WEN) paid $0.67 per share in dividends during fiscal year 2025.
What is Wendys Co's return on equity (ROE)?
Wendys Co (WEN) has a return on equity of 140.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Wendys Co's free cash flow?
Wendys Co (WEN) generated $242.6M in free cash flow during fiscal year 2025. This represents a -7.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Wendys Co's operating cash flow?
Wendys Co (WEN) generated $344.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Wendys Co's total assets?
Wendys Co (WEN) had $5.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Wendys Co's capital expenditures?
Wendys Co (WEN) invested $101.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Wendys Co's current ratio?
Wendys Co (WEN) had a current ratio of 1.76 as of fiscal year 2025, which is generally considered healthy.
What is Wendys Co's debt-to-equity ratio?
Wendys Co (WEN) had a debt-to-equity ratio of 23.26 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Wendys Co's return on assets (ROA)?
Wendys Co (WEN) had a return on assets of 3.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Wendys Co's Altman Z-Score?
Wendys Co (WEN) has an Altman Z-Score of 1.02, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Wendys Co's Piotroski F-Score?
Wendys Co (WEN) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Wendys Co's earnings high quality?
Wendys Co (WEN) has an earnings quality ratio of 2.09x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Wendys Co cover its interest payments?
Wendys Co (WEN) has an interest coverage ratio of 2.7x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Wendys Co?
Wendys Co (WEN) scores 45 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.