Wingstop (WING) grows sales, expands to 3,056 units and issues 2026 guide

Rhea-AI Filing Summary

Wingstop Inc. reported strong 2025 growth while guiding to more moderate 2026 trends. For fiscal 2025, system-wide sales rose 12.1% to $5.3 billion and total revenue increased 11.4% to $696.9 million. Net income climbed 60.3% to $174.3 million, or $6.21 per diluted share, while adjusted net income grew 3.8% to $114.5 million. Adjusted EBITDA increased 15.2% to $244.2 million, reflecting solid underlying profitability.

The company opened 493 net new restaurants in 2025, ending the year with 3,056 locations, though domestic same store sales declined 3.3%. In the fourth quarter, system-wide sales were $1.3 billion, revenue was $175.7 million, and adjusted EBITDA reached $61.9 million, up 9.8% versus 2024 despite a 5.8% domestic same store sales decline.

For 2026, Wingstop targets flat to low-single digit domestic same store sales growth and 15%–16% global unit growth, with SG&A of $151–$154 million, stock-based compensation of about $32 million, net interest expense of about $43 million, and depreciation and amortization of about $30 million. The board declared a quarterly dividend of $0.30 per share, payable on March 27, 2026, and the company repurchased 248,278 shares in the fourth quarter at an average price of $241.65, leaving $91.3 million authorized for further repurchases.

Insights

Equity Research Analyst

Wingstop pairs double‑digit 2025 profit growth with heavy expansion and cautious 2026 same-store outlook.

Wingstop delivered robust 2025 fundamentals: system-wide sales rose 12.1% to $5.3 billion, revenue increased 11.4% to $696.9 million, and adjusted EBITDA grew 15.2% to $244.2 million. Net income jumped 60.3% to $174.3 million, aided by non-recurring items, while adjusted net income increased a steadier 3.8%.

Growth was driven by an aggressive development strategy, with 493 net new openings and the system reaching 3,056 restaurants. However, domestic same store sales declined 3.3% for the year and 5.8% in Q4, indicating softer comparable trends even as average unit volumes remained high at $2.0 million domestically in Q4.

Management’s 2026 guidance—flat to low-single digit domestic same store sales growth and 15%–16% global unit growth—suggests future performance will rely heavily on continued expansion. Planned SG&A of $151–$154 million (including $3 million restructuring), net interest expense of about $43 million, and stock-based compensation of roughly $32 million highlight ongoing investment and leverage. Ongoing dividends of $0.30 per share and active buybacks, with $91.3 million remaining, underscore a continued capital return focus.

0001636222FALSE00016362222026-02-172026-02-17

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 17, 2026

WINGSTOP INC.

(Exact name of registrant as specified in its charter)

Delaware			001-37425			47-3494862
(State or other jurisdiction of incorporation or organization)			Commission File Number			(IRS Employer Identification No.)
2801 N Central Expressway
Suite 1600
Dallas, Texas						75204
(Address of principal executive offices)						(Zip Code)

(972) 686-6500

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $0.01 per share			WING			NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition.” Consequently, it shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), except as shall be expressly set forth by specific reference in such filing.

On February 18, 2026, Wingstop Inc. (the “Company,” “we,” “our,” or “us”) issued a press release reporting the Company’s financial results for its fiscal fourth quarter ended December 27, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein in its entirety. The press release uses the U.S. generally accepted accounting principles (“GAAP”) measures of net income and earnings per diluted share and the following non-GAAP financial measures: EBITDA, Adjusted EBITDA, Adjusted net income and Adjusted earnings per diluted share. A discussion of these non-GAAP financial measures, including a discussion of the usefulness and purpose of each measure, is included below.

EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA are supplemental measures of our performance that are not required by, or presented in accordance with, GAAP. EBITDA and Adjusted EBITDA are not measurements of our financial performance under GAAP and should not be considered as alternatives to net income or any other performance measure derived in accordance with GAAP, or as alternatives to cash flows from operating activities as a measure of our liquidity.

We define “EBITDA” as net income before interest expense, net, income tax expense (benefit), and depreciation and amortization. We define “Adjusted EBITDA” as EBITDA further adjusted for losses on debt extinguishment and financing transactions, transaction costs, costs and fees associated with investments in our strategic initiatives, gains and losses on non-recurring transactions, certain system implementation costs, and stock-based compensation expense. We present EBITDA and Adjusted EBITDA because we consider them to be important supplemental measures of our performance and believe they are frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. Management believes that investors’ understanding of our performance is enhanced by including these non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations. Many investors are interested in understanding the performance of our business by comparing our results from ongoing operations on a period-over-period basis and would ordinarily add back non-cash expenses such as depreciation and amortization, as well as items that are not part of normal day-to-day operations of our business.

Management uses EBITDA and Adjusted EBITDA:

•as a measurement of operating performance because we believe they assist management in comparing the operating performance of our restaurants on a consistent basis, as they remove the impact of items not directly resulting from our core operations;

•for planning purposes, including the preparation of our internal annual operating budget and financial projections;

•to evaluate the performance and effectiveness of our operational strategies;

•to evaluate our capacity to fund capital expenditures and expand our business; and

•to calculate incentive compensation payments for our employees, including assessing performance under our annual incentive compensation plan.

By providing these non-GAAP financial measures, together with a reconciliation to the most comparable GAAP measure, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation, or as an alternative to, or a substitute for, net income or other financial statement data presented in our consolidated financial statements as indicators of financial performance. Some of the limitations include, but are not limited to, the following:

•such measures do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments;

•such measures do not reflect changes in, or cash requirements for, our working capital needs;

•such measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our debt;

•such measures do not reflect our tax expense or the cash requirements to pay our taxes;

•although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and such measures do not reflect any cash requirements for such replacements; and

•other companies in our industry may calculate such measures differently than we do, limiting their usefulness as comparative measures.

Due to these and other limitations, EBITDA and Adjusted EBITDA should not be considered as measures of discretionary cash available to us to invest in the growth of our business. We compensate for these limitations by relying primarily on our GAAP results and using these non-GAAP measures only as performance measures and supplementally. As noted in the press release attached hereto as Exhibit 99.1, Adjusted EBITDA includes adjustments for losses on debt extinguishment and financing transactions, transaction costs, costs and fees associated with investments in our strategic initiatives, gains and losses on non-recurring transactions, certain system implementation costs, and stock-based compensation expense. We believe these adjustments are appropriate because the amounts recognized can vary significantly from period-to-period, do not directly relate to the ongoing operations of our restaurants, and complicate comparisons of our internal operating results and operating results of other restaurant companies over time.

Adjusted Net Income and Adjusted Earnings Per Diluted Share. Adjusted net income represents net income adjusted for losses on debt extinguishment and financing transactions, transaction costs, costs and fees associated with investments in our strategic initiatives, gains and losses on non-recurring transactions, certain system implementation costs, and related tax adjustments that management believes are not indicative of the Company’s core operating results or business outlook over the long-term. Adjusted earnings per diluted share is defined as adjusted net income divided by weighted average diluted share count. Adjusted net income and adjusted earnings per diluted share are supplemental measures of operating performance that do not represent and should not be considered alternatives to net income and earnings per diluted share, as determined by GAAP. These measures have not been prepared in accordance with Article 11 of Regulation S-X promulgated under the Securities Act. Management believes adjusted net income and adjusted earnings per diluted share supplement GAAP measures and enable management to more effectively evaluate the Company’s performance period-over-period and relative to competitors.

We caution investors that amounts presented in accordance with our definitions may not be comparable to similar measures disclosed by our competitors because not all companies and analysts calculate certain non-GAAP measures in the same manner.

Item 8.01. Other Events

Quarterly Dividend

On February 17, 2026, the Company’s Board of Directors (the “Board”) declared a quarterly cash dividend of $0.30 per share of common stock. The dividend is payable on March 27, 2026 to stockholders of record as of the close of business on March 6, 2026. The declaration of any future dividends is subject to the Board’s discretion.

Item 9.01. Financial Statements and Exhibits

(d)			Exhibits
99.1			Press release, dated February 18, 2026 (furnished pursuant to Item 2.02)
104			Cover Page Interactive Data File (embedded within the Inline XBRL Document)

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Wingstop Inc.

Date:

February 18, 2026

By:

/s/ Alex R. Kaleida

Chief Financial Officer (Principal Financial and Accounting Officer)

FOR IMMEDIATE RELEASE

Wingstop Inc. Reports Fourth Quarter and Fiscal Year 2025 Financial Results

Record 493 Net New Openings in 2025, 19.2% Unit Growth

Achieves 12.1% System-wide Sales Growth for Fiscal Year 2025

Introduces 2026 Guidance

Dallas, February 18, 2026 - (PRNewswire) - Wingstop Inc. (NASDAQ: WING) today announced financial results for the fourth quarter and fiscal year ended December 27, 2025.

“Our team continues to demonstrate operational excellence as we opened 493 net new restaurants and expanded into six new international markets,” said Michael Skipworth, President & Chief Executive Officer. “I am proud of our efforts as we implemented the Wingstop Smart Kitchen in all of our 2,586 domestic restaurants in just 10 months. In a year marked by uncertainty, the structural advantages of our operating model are reflected in our 15% Adjusted EBITDA growth in 2025. This year’s performance reflects the compelling returns of our unit economics, but also the confidence in our strategy that will enable our vision of reaching more than 10,000 restaurants globally.”

Fourth Quarter 2025 Highlights

▪System-wide sales of $1.3 billion increased 9.3% vs. 2024

▪124 net new openings

▪Domestic restaurant AUV of $2.0 million

▪Domestic same store sales decreased 5.8% vs. 2024

▪Digital sales represented 73.2% of system-wide sales

▪Total revenue of $175.7 million, an increase of 8.6% vs. 2024

▪Net income of $26.8 million, or $0.96 per diluted share

▪Adjusted net income1 of $27.8 million and adjusted earnings per diluted share1 of $1.00

▪Adjusted EBITDA1, increased 9.8% vs. 2024 to $61.9 million

Fiscal Year 2025 Highlights

▪System-wide sales increased 12.1% vs. 2024 to $5.3 billion

▪493 net new openings

▪Domestic same store sales decreased 3.3% vs. 2024

▪Total revenue of $696.9 million, an increase of 11.4% vs. 2024

▪Net income increased 60.3% vs. 2024 to $174.3 million, or $6.21 per diluted share

▪Adjusted net income1 increased 3.8% vs. 2024 to $114.5 million, while adjusted earnings per diluted share1 increased to $4.08 from $3.75 in 2024

▪Adjusted EBITDA1, increased 15.2% vs. 2024 to $244.2 million

1See “Non-GAAP Financial Measures“ and the reconciliation tables accompanying this release for a discussion and reconciliation of certain non-GAAP financial measures included in this release.

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Key Operating Metrics

			Thirteen Weeks Ended
			December 27, 2025						December 28, 2024
Number of system-wide restaurants open at end of period			3,056						2,563
Number of domestic franchise restaurants open at end of period			2,529						2,154
Number of international franchise restaurants open at end of period (1)			470						359
System-wide sales (in millions)			$	1,347					$	1,232
Domestic AUV (in thousands)			$	2,000					$	2,138
Domestic same store sales growth			(5.8)		%				10.1		%
Company-owned domestic same store sales growth			1.6		%				3.8		%
Net income (in thousands)			$	26,760					$	26,753
Adjusted net income (in thousands)			$	27,830					$	27,743
Adjusted EBITDA (in thousands)			$	61,878					$	56,348

(1) Including U.S. territories.

Fourth Quarter 2025 Financial Results

Total revenue for the fourth quarter 2025 increased to $175.7 million from $161.8 million in the prior fourth quarter. Royalty revenue, franchise fees and other increased $6.2 million, of which $10.6 million was due to net new franchise development, partially offset by a decrease of $3.6 million due to a 5.8% decline in domestic same store sales. Advertising fees increased $5.3 million due to a 9.3% increase in system-wide sales in the fourth quarter 2025, as well as an increase in the national advertising fund contribution rate to 5.5% from 5.3%, effective the first day of the fiscal first quarter 2025. Company-owned restaurant sales increased $2.3 million due to company-owned restaurant same store sales growth of 1.6%, driven primarily by an increase in transactions.

Cost of sales was $24.5 million compared to $23.3 million in the prior fourth quarter. As a percentage of company-owned restaurant sales, cost of sales decreased to 75.6% from 77.6% in the prior fourth quarter. The decrease as a percentage of company-owned restaurant sales was primarily driven by sales leverage on other operating expenses, as well as a decline in food, beverage and packaging costs primarily resulting from a decrease in the cost of bone-in chicken wings as compared to the prior fourth quarter.

Selling, general & administrative (“SG&A”) expense increased $2.1 million to $33.3 million from $31.2 million in the prior fourth quarter. The increase in SG&A expense was driven by an increase in headcount related expenses.

Interest expense, net increased $2.8 million to $9.2 million from $6.4 million in the prior fourth quarter. The increase was primarily driven by interest expense related to the securitized financing transaction completed in December 2024 to support our return of capital strategy, which increased our outstanding debt by $500 million, partially offset by additional interest income earned on our investments, as compared to the prior year period.

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Fiscal Year 2026 Guidance

•Flat to low-single digit domestic same store sales growth;

•Global unit growth rate of 15% to 16%;

•SG&A of between $151 - $154 million, which includes $3 million of restructuring charges related to corporate realignment;

•Stock-based compensation expense of approximately $32 million;

•Interest expense, net of approximately $43 million; and

•Depreciation and amortization of approximately $30 million.

Restaurant Development

As of December 27, 2025, there were 3,056 Wingstop restaurants system-wide. This included 2,586 restaurants in the United States, of which 2,529 were franchised restaurants and 57 were company-owned, and 470 franchised restaurants were in international markets, including U.S. territories. During the fourth quarter 2025, there were 124 net system-wide Wingstop restaurant openings.

Quarterly Dividend

In recognition of our strong cash flow generation and our commitment to returning value to stockholders, on February 17, 2026, our board of directors authorized and declared a quarterly dividend of $0.30 per share of common stock, resulting in a total dividend of approximately $8.3 million. This dividend will be paid on March 27, 2026 to stockholders of record as of March 6, 2026.

Share Repurchase

During the fourth quarter of 2025, we repurchased and retired 248,278 shares of our common stock at an average price of $241.65 per share. As of December 27, 2025, $91.3 million remained available under the share repurchase program previously approved by our Board of Directors.

Since the inception of our share repurchase program in August 2023, we have repurchased and retired 2,585,149 shares of our common stock at an average price of $258.64 per share.

The following definitions apply to these terms as used in this release:

Domestic average unit volume (“AUV”) consists of the average annual sales of all restaurants that have been open for a trailing 52-week period or longer. This measure is calculated by dividing sales during the applicable period for all restaurants being measured by the number of restaurants being measured. Domestic AUV includes revenue from both company-owned and franchised restaurants. Domestic AUV allows management to assess our domestic company-owned and franchised restaurant economics. Changes in domestic AUV are primarily driven by increases in same store sales and are also influenced by opening new restaurants.

Domestic same store sales reflects the change in year-over-year sales for the same store restaurant base. We define the same store restaurant base to include those restaurants open for at least 52 full weeks. This measure highlights the performance of existing restaurants, while excluding the impact of new restaurant openings and permanent closures. We review same store sales for domestic company-owned restaurants as well as system-wide domestic restaurants. Domestic same store sales growth is driven by increases in transactions and average transaction size. Transaction size increases are driven by price increases or favorable mix shift from either an increase in items purchased or shifts into higher priced items.

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System-wide sales represents net sales for all of our company-owned and franchised restaurants, as reported by franchisees. This measure allows management to better assess changes in our royalty revenue, our overall store performance, the health of our brand and the strength of our market position relative to competitors. Our system-wide sales growth is driven by new restaurant openings as well as increases in same store sales.

Adjusted EBITDA is defined as net income before interest expense, net, income tax expense (benefit), and depreciation and amortization (EBITDA), further adjusted for losses on debt extinguishment and financing transactions, transaction costs, costs and fees associated with investments in our strategic initiatives, gains and losses on non-recurring transactions, certain system implementation costs, and stock-based compensation expense.

Adjusted net income is defined as net income adjusted for losses on debt extinguishment and financing transactions, transaction costs, costs and fees associated with investments in our strategic initiatives, gains and losses on non-recurring transactions, certain system implementation costs, and related tax adjustments.

Adjusted earnings per diluted share is defined as adjusted net income divided by weighted average diluted share count.

We caution investors that amounts presented in accordance with our definitions above may not be comparable to similar measures disclosed by our competitors because not all companies and analysts calculate certain non-GAAP measurements in the same manner.

Conference Call and Webcast

We will host a conference call today to discuss the fourth quarter and fiscal year 2025 financial results at 10:00 AM Eastern Time. The conference call can be joined telephonically by dialing 1-877-259-5243 or 1-412-317-5176 (international) and asking for the Wingstop conference call. A replay will be available two hours after the call and can be accessed by dialing 1-855-669-9658 or 1-412-317-0088 (international), then entering the replay code 4161830. The replay will be available through Wednesday, February 25, 2026.

The conference call will also be webcast live and later archived on the investor relations section of Wingstop’s corporate website at ir.wingstop.com under the ‘News & Events’ section.

About Wingstop

Founded in 1994 and headquartered in Dallas, TX, Wingstop Inc. (NASDAQ: WING) operates and franchises more than 3,000 restaurants worldwide, with approximately 98% of the total restaurant count owned by brand partners. Generating over $5 billion in system-wide sales in fiscal 2025, Wingstop offers made-to-order, always fresh classic and boneless wings, tenders, and chicken sandwiches in 12 bold, distinctive flavors, alongside signature sides and iconic housemade ranch and bleu cheese dips.

Dedicated to Serving the World Flavor, Wingstop is the Official Chicken Partner of the NBA with a vision to become a Top 10 Global Restaurant Brand.

Learn more at wingstop.com or follow @Wingstop on X, Instagram, Facebook and TikTok.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use non-GAAP financial measures, including those indicated above. By providing non-GAAP financial measures, together with a reconciliation to the most comparable GAAP measure, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. These measures are not intended to be considered in isolation or as substitutes for, or superior to, financial measures prepared and presented in accordance with GAAP. The non-

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GAAP measures used in this press release may be different from the measures used by other companies. A reconciliation of each measure to the most directly comparable GAAP measure is available in this news release. In addition, the Current Report on Form 8-K furnished to the Securities and Exchange Commission (the “SEC”) concurrent with the issuance of this press release includes a more detailed description of each of these non-GAAP financial measures, together with a discussion of the usefulness and purpose of such measures.

Forward-looking Statements

This news release includes statements of our expectations, intentions, plans and beliefs that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to come within the safe harbor protection provided by those sections. These statements, which involve risks and uncertainties, relate to the discussion of our business strategies and our expectations concerning future operations, margins, profitability, trends, liquidity and capital resources and to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms “may,” “will,” “should,” “expect,” “intend,” “plan,” “outlook,” “guidance,” “anticipate,” “believe,” “think,” “estimate,” “seek,” “predict,” “can,” “could,” “project,” “potential” or, in each case, their negative or other variations or comparable terminology, although not all forward-looking statements are accompanied by such terms. Examples of forward-looking statements in this news release include, but are not limited to, our 2026 fiscal year outlook for domestic same store sales growth, global unit growth, SG&A expense, stock-based compensation expense, interest expense, net and depreciation and amortization. These forward-looking statements are made based on expectations and beliefs concerning future events affecting us and are subject to uncertainties, risks, and factors relating to our operations and business environments, all of which are difficult to predict and many of which are beyond our control, that could cause our actual results to differ materially from those matters expressed or implied by these forward-looking statements. Please refer to the risk factors discussed in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which can be found at the SEC’s website www.sec.gov. The discussion of these risks is specifically incorporated by reference into this news release.

When considering forward-looking statements in this news release or that we make in other reports or statements, you should keep in mind the cautionary statements in this news release and future reports we file with the SEC. New risks and uncertainties arise from time to time, and we cannot predict when they may arise or how they may affect us. Any forward-looking statement in this news release speaks only as of the date on which it was made. Except as required by law, we assume no obligation to update or revise any forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.

Media Contact

Kyra Harbert

Media@wingstop.com

Investor Contact

Sarah Niehaus

IR@wingstop.com

5

WINGSTOP INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(amounts in thousands, except share and per share data)

			December 27, 2025						December 28, 2024
Assets
Current assets
Cash and cash equivalents			$	196,572					$	315,910
Restricted cash			25,994						20,868
Accounts receivable, net			20,823						19,661
Prepaid expenses and other current assets			7,956						6,520
Advertising fund assets, restricted			16,143						32,659
Total current assets			267,488						395,618
Property and equipment, net			130,581						125,953
Operating lease assets			48,637						49,046
Goodwill			83,875						74,718
Trademarks			32,700						32,700
Investments			87,164						8,511
Other non-current assets, net			42,964						29,700
Total assets			$	693,409					$	716,246
Liabilities and stockholders' deficit
Current liabilities
Accounts payable			$	12,846					$	6,943
Current portion of operating lease liabilities			3,232						1,059
Other current liabilities			49,744						46,782
Advertising fund liabilities			16,143						32,659
Total current liabilities			81,965						87,443
Long-term debt, net			1,209,094						1,206,201
Operating lease liabilities			58,080						58,169
Deferred revenues, net of current			47,721						38,877
Deferred income tax liabilities, net			33,142						1,085
Other non-current liabilities			169						57
Total liabilities			1,430,171						1,391,832
Commitments and contingencies
Stockholders' deficit
Common stock, $0.01 par value; 100,000,000 shares authorized; 27,540,619 and 28,662,614 shares issued and outstanding as of December 27, 2025 and December 28, 2024, respectively			275						287
Additional paid-in-capital			1,529						1,568
Retained deficit			(744,915)						(676,940)
Accumulated other comprehensive income (loss)			6,349						(501)
Total stockholders' deficit			(736,762)						(675,586)
Total liabilities and stockholders' deficit			$	693,409					$	716,246

6

WINGSTOP INC. AND SUBSIDIARIES

Consolidated Statements of Operations

(amounts in thousands, except per share data)

			Thirteen Weeks Ended												Fiscal Year Ended
			December 27, 2025						December 28, 2024						December 27, 2025						December 28, 2024
			(Unaudited)						(Unaudited)
Revenue:
Royalty revenue, franchise fees and other			$	81,931					$	75,702					$	321,782					$	288,354
Advertising fees			61,367						56,063						247,619						217,630
Company-owned restaurant sales			32,396						30,056						127,452						119,823
Total revenue			175,694						161,821						696,853						625,807
Costs and expenses:
Cost of sales (1)			24,476						23,321						96,058						91,632
Advertising expenses			64,676						60,601						261,545						233,306
Selling, general and administrative			33,320						31,232						128,356						116,801
Depreciation and amortization			6,387						5,865						25,068						19,490
(Gain) loss on disposal of assets			—						(1,038)						6,535						(1,038)
Total costs and expenses			128,859						119,981						517,562						460,191
Operating income			46,835						41,840						179,291						165,616
Interest expense, net			9,205						6,418						35,784						21,292
Investment (income) expense			29						(1,292)						(93,682)						(2,866)
Income before income tax expense			37,601						36,714						237,189						147,190
Income tax expense			10,841						9,961						62,922						38,473
Net income			$	26,760					$	26,753					$	174,267					$	108,717
Earnings per share
Basic			$	0.97					$	0.92					$	6.23					$	3.72
Diluted			$	0.96					$	0.92					$	6.21					$	3.70
Weighted average shares outstanding
Basic			27,698						29,091						27,974						29,262
Diluted			27,778						29,210						28,074						29,384
Dividends per share			$	0.30					$	0.27					$	0.84					$	0.71

(1) Cost of sales includes all operating expenses of company-owned restaurants, including advertising expenses, but excludes depreciation and amortization, which are presented separately.

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WINGSTOP INC. AND SUBSIDIARIES

Unaudited Supplemental Information

Cost of Sales Margin Analysis

(amounts in thousands)

			Thirteen Weeks Ended
			December 27, 2025												December 28, 2024
			In dollars						As a % of company-owned restaurant sales						In dollars						As a % of company-owned restaurant sales
Cost of sales:
Food, beverage and packaging costs			$	11,932					36.8		%				$	11,184					37.2		%
Labor costs			7,480						23.1		%				7,299						24.3		%
Other restaurant operating expenses			5,911						18.2		%				5,589						18.6		%
Vendor rebates			(847)						(2.6)		%				(751)						(2.5)		%
Total cost of sales			$	24,476					75.6		%				$	23,321					77.6		%

			Fiscal Year Ended
			December 27, 2025												December 28, 2024
			In dollars						As a % of company-owned restaurant sales						In dollars						As a % of company-owned restaurant sales
Cost of sales:
Food, beverage and packaging costs			$	46,893					36.8		%				$	43,371					36.2		%
Labor costs			29,576						23.2		%				28,317						23.6		%
Other restaurant operating expenses			22,751						17.9		%				23,025						19.2		%
Vendor rebates			(3,162)						(2.5)		%				(3,081)						(2.6)		%
Total cost of sales			$	96,058					75.4		%				$	91,632					76.5		%

8

WINGSTOP INC. AND SUBSIDIARIES

Unaudited Supplemental Information

Restaurant Count

			Thirteen Weeks Ended												Fiscal Year Ended
			December 27, 2025						December 28, 2024						December 27, 2025						December 28, 2024
Domestic Franchised Activity
Beginning of period			2,450						2,064						2,154						1,877
Openings			85						83						384						274
Closures			(4)						—						(4)						—
Acquired by Company			(2)						—						(5)						(4)
Re-franchised by Company			—						7						—						7
Restaurants end of period			2,529						2,154						2,529						2,154
Domestic Company-Owned Activity
Beginning of period			55						56						50						49
Openings			—						1						3						4
Closures			—						—						(1)						—
Acquired by Company			2						—						5						4
Re-franchised to franchisees			—						(7)						—						(7)
Restaurants end of period			57						50						57						50
Total Domestic Restaurants			2,586						2,204						2,586						2,204
International Franchised Activity(1)
Beginning of period			427						338						359						288
Openings			49						22						122						77
Closures			(6)						(1)						(11)						(6)
Restaurants end of period			470						359						470						359
Total System-wide Restaurants			3,056						2,563						3,056						2,563

(1) Includes U.S. territories.

9

WINGSTOP INC. AND SUBSIDIARIES

Non-GAAP Financial Measures - EBITDA and Adjusted EBITDA

(Unaudited)

(amounts in thousands)

			Thirteen Weeks Ended												Fiscal Year Ended
			December 27, 2025						December 28, 2024						December 27, 2025						December 28, 2024
Net income			$	26,760					$	26,753					$	174,267					$	108,717
Interest expense, net			9,205						6,418						35,784						21,292
Income tax expense			10,841						9,961						62,922						38,473
Depreciation and amortization			6,387						5,865						25,068						19,490
EBITDA			$	53,193					$	48,997					$	298,041					$	187,972
Additional adjustments:
Transaction costs (a)			—						316						497						316
Loss on sale of building (b)			—						—						6,534						—
Gain on sale of investment (c)			—						—						(92,485)						—
System implementation costs (d)			931						986						5,839						1,713
Amortization of capitalized system implementation costs (e)			477						—						934						—
Stock-based compensation expense (f)			7,277						6,049						24,878						22,060
Adjusted EBITDA			$	61,878					$	56,348					$	244,238					$	212,061

(a) Represents non-recurring transaction costs that are not part of our ongoing operations and were incurred to execute the sale

and subsequent reinvestment of the Company’s unconsolidated equity method investment in Lemon Pepper Holdings, Ltd.

(“LPH”), Wingstop’s United Kingdom master franchisee, during the fiscal first quarter 2025; all transaction costs are

included in Selling, general and administrative on the Consolidated Statements of Operations.

(b) Represents a non-recurring loss on sale of an office building during the fiscal first quarter 2025, which was included in Loss

on disposal of assets on the Consolidated Statements of Operations.

(c) Represents a non-recurring gain related to the sale of the Company’s unconsolidated equity method investment in LPH during the fiscal first quarter 2025, which was included in Investment income, net on the Consolidated Statements of Operations.

(d) System implementation costs represent non-recurring expenses incurred related to the development and implementation of new enterprise resource planning, human capital management, and global development technology, which are included in Selling, general and administrative on the Consolidated Statements of Operations.

(e) Represents amortization associated with capitalized cloud computing costs related to our system implementation, which are included in Selling, general and administrative on the Consolidated Statements of Operations.

(f) Includes non-cash, stock-based compensation, net of forfeitures.

10

WINGSTOP INC. AND SUBSIDIARIES

Non-GAAP Financial Measures - Adjusted Net Income and Adjusted EPS

(Unaudited)

(amounts in thousands, except per share data)

			Thirteen Weeks Ended												Fiscal Year Ended
			December 27, 2025						December 28, 2024						December 27, 2025						December 28, 2024
Numerator:
Net income			$	26,760					$	26,753					$	174,267					$	108,717
Adjustments:
Transaction costs (a)			—						316						497						316
Loss on disposal of building (b)			—						—						6,534						—
Gain on sale of investment (c)			—						—						(92,485)						—
System implementation costs (d)			931						986						5,839						1,713
Amortization of capitalized system implementation costs (e)			477						—						934						—
Tax effect of adjustments (f)			(338)						(312)						18,883						(487)
Adjusted net income			$	27,830					$	27,743					$	114,469					$	110,259
Denominator:
Weighted-average shares outstanding - diluted			27,778						29,210						28,074						29,384
Adjusted earnings per diluted share			$	1.00					$	0.95					$	4.08					$	3.75

(a) Represents non-recurring transaction costs that are not part of our ongoing operations and were incurred to execute the sale and subsequent reinvestment of the Company’s unconsolidated equity method investment in LPH, the Company’s United Kingdom master franchisee, during the 2025 fiscal year; all transaction costs are included in Selling, general and administrative on the Consolidated statements of Comprehensive Income.

(b) Represents a non-recurring loss on sale of an office building during the fiscal first quarter 2025, which was included in Loss

on disposal of assets on the Consolidated Statements of Operations.

(c) Represents a non-recurring gain related to the sale of the Company’s unconsolidated equity method investment in LPH during the fiscal first quarter 2025, which was included in Investment income, net on the Consolidated Statements of Operations

(d) System implementation costs represent non-recurring expenses incurred related to the development and implementation of new enterprise resource planning and human capital management technology, which are included in Selling, general and administrative on the Consolidated Statements of Operations.

(e) Represents amortization associated with capitalized cloud computing costs related to our system implementation, which are included in Selling, general and administrative on the Consolidated Statements of Operations.

(f) Represents the tax effect of the aforementioned adjustments to reflect corporate income taxes at an assumed effective tax rate of 24% for the thirteen weeks ended December 27, 2025, which includes provisions for U.S. federal income taxes, and assumes the respective statutory rates for applicable state and local jurisdictions.

11

FAQ

How did Wingstop (WING) perform financially in fiscal year 2025?

Wingstop delivered strong 2025 results, with total revenue rising 11.4% to $696.9 million and system-wide sales up 12.1% to $5.3 billion. Net income increased 60.3% to $174.3 million, or $6.21 per diluted share, while adjusted EBITDA grew 15.2% to $244.2 million.

What were Wingstop’s key fourth quarter 2025 results?

In Q4 2025, Wingstop generated total revenue of $175.7 million, up 8.6% year over year, and system-wide sales of $1.3 billion, up 9.3%. Net income was $26.8 million, or $0.96 per diluted share, and adjusted EBITDA increased 9.8% to $61.9 million.

How are Wingstop’s same store sales and unit growth trending?

For 2025, domestic same store sales decreased 3.3%, including a 5.8% decline in Q4 2025. Despite softer comps, Wingstop opened 493 net new restaurants, ending the year with 3,056 locations and achieving a 19.2% unit growth rate, emphasizing expansion-led growth.

What 2026 financial guidance did Wingstop provide?

Wingstop’s 2026 outlook includes flat to low-single digit domestic same store sales growth and global unit growth of 15%–16%. The company expects SG&A of $151–$154 million, stock-based compensation around $32 million, net interest expense near $43 million, and depreciation and amortization of about $30 million.

What dividend did Wingstop declare and when will it be paid?

Wingstop’s board declared a quarterly cash dividend of $0.30 per share of common stock. The dividend will be paid on March 27, 2026 to stockholders of record as of the close of business on March 6, 2026, reflecting ongoing cash returns.

How active was Wingstop’s share repurchase program in 2025?

During Q4 2025, Wingstop repurchased and retired 248,278 shares at an average price of $241.65. Since the program’s August 2023 inception, it has repurchased 2,585,149 shares at an average price of $258.64, with $91.3 million remaining authorized for future buybacks.

How many restaurants does Wingstop operate and what is its mix?

As of December 27, 2025, Wingstop had 3,056 system-wide restaurants. This included 2,586 U.S. locations (2,529 franchised and 57 company-owned) and 470 franchised international restaurants, underscoring its heavily franchised, asset-light operating model.

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