Wendy's (WEN) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

May 13, 2026

After Close (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

0.1

Last Year’s EPS

0.2

Same Quarter Last Year

Analyst Consensus

Hold

Based on 22 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 13, 2026|

% Change Since:

Earnings Call Sentiment|Neutral

The call presented a mixed picture: strong, repeatable international growth, solid cash generation and a clear, multi‑pronged turnaround plan (Project Fresh) are notable positives. However, material U.S. sales declines (Q4 U.S. comps down double digits), margin pressure from traffic and inflation, and near-term earnings/headwinds from system optimization and weather create meaningful short-term challenges. Management emphasized active remediation (menu, marketing, operations, store optimization) and provided conservative 2026 guidance reflecting a rebuilding year.

Company Guidance

Wendy’s 2026 guidance calls for global system‑wide sales to be approximately flat year‑over‑year (with a ~2% benefit from the 53rd week and ~2% from base improvements and international growth, offset by ~4% from system optimization), U.S. same‑restaurant sales expected to improve sequentially through the year, and roughly the same number of international net new units as 2025 (which delivered 121 net new restaurants). Financial targets include adjusted EBITDA of $460–480 million, adjusted EPS of $0.56–0.60, free cash flow of $190–205 million, U.S. company‑operated restaurant margin ~13% ±50 bps (assuming ~4% labor inflation and ~4% commodity inflation), G&A ~ $295 million, interest expense ~ $140 million, an effective tax rate of ~30%, and capital expenditures/build‑to‑suit of $120–130 million (after reducing build‑to‑suit spend by ~$20 million). Project Fresh actions include closing ~5–6% of U.S. restaurants (28 closed in Q4 with the remainder in H1), an expected ~$15–20 million drag on adjusted EBITDA from system optimization, a target net leverage range of 3.5–5.0x (expecting to remain near the top end), year‑end cash of $340 million, a $0.14 quarterly dividend, and roughly $35 million remaining on the current share repurchase authorization.

International Growth and Expansion

International system-wide sales grew 6.2% in Q4 and 8.1% for full-year 2025; 159 new international restaurant openings in 2025 (59 in Q4) and 121 net new restaurants (net unit growth >9%); expanded from 31 to 38 international markets and secured development agreements for 338 new restaurants, with similar net new unit guidance for 2026.

Strong Cash Generation and Shareholder Returns

Generated $345 million of cash flow from operations in 2025 and delivered ~$205 million of free cash flow for the full year; returned $330 million to shareholders via dividends and buybacks (repurchased ~14.4 million shares for ~$200 million).

Project Fresh Turnaround Launched

Introduced Project Fresh with four strategic pillars (brand revitalization, operational excellence, system optimization, disciplined capital allocation) and concrete actions including a new Biggie Deals everyday value architecture and prioritized investments in operations, digital and restaurant technology to rebuild U.S. performance.

Digital Momentum and Loyalty

U.S. digital sales grew 12.4% for the full year 2025 and 2% in Q4; digital mix reached an all-time high (20%+ mix; 20.6% in Q4) with app improvements, gamification and record conversion rates.

Product Wins and Menu Innovation Pipeline

Rollout of chicken tenders and new sauce lineup drove strong customer satisfaction; immediate pipeline includes Cheesy Bacon Cheeseburger, Chicken Tenders Ranch Wrap and improved chicken sandwich lineup and bun upgrades, signaling renewed focus on hamburger and chicken innovation after limited hamburger activity in 2025.

Capital Allocation Discipline

Reduced U.S. build-to-suit spend by over $20 million in 2025 to prioritize AUV growth; 2026 capex and build-to-suit guidance set to $120–$130 million and free cash flow guidance of $190–$205 million while maintaining a dividend ($0.14 per share) and opportunistic repurchases.

Liquidity and Refinancing Actions

Issued $450 million whole business securitization notes at a weighted average interest rate of 5.4% to refinance near-term maturities; ended year with $340 million cash and a net leverage ratio of 4.8x (within targeted 3.5x–5x range).

Company-Operated Operations as Proof Point

U.S. company-operated restaurants outperformed the broader U.S. system by 310–410 basis points in 2025 (310 bps full-year cited by CEO, 410 bps outperformance in Q4 cited by CAO) with improvements in customer satisfaction, accuracy, friendliness and overall experience, demonstrating operational playbook effectiveness.

Wendy's (WEN) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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WEN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 13, 2026	2026 (Q1)	0.10 / -	0.2	―	―	―
Feb 13, 2026	2025 (Q4)	0.14 / 0.16	0.25	-36.00% (-0.09)
Nov 07, 2025	2025 (Q3)	0.20 / 0.24	0.25	-4.00% (-0.01)
Aug 08, 2025	2025 (Q2)	0.25 / 0.29	0.27	7.41% (+0.02)
May 02, 2025	2025 (Q1)	0.20 / 0.20	0.23	-13.04% (-0.03)
Feb 13, 2025	2024 (Q4)	0.24 / 0.25	0.21	19.05% (+0.04)
Oct 31, 2024	2024 (Q3)	0.25 / 0.25	0.27	-7.41% (-0.02)
Aug 01, 2024	2024 (Q2)	0.28 / 0.27	0.24	12.50% (+0.03)
May 02, 2024	2024 (Q1)	0.21 / 0.23	0.21	9.52% (+0.02)
Feb 15, 2024	2023 (Q4)	0.23 / 0.21	0.22	-4.55% (-0.01)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

WEN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 13, 2026	$7.27	$7.48	+2.89%
Nov 07, 2025	$8.68	$8.82	+1.59%
Aug 08, 2025	$9.66	$9.79	+1.30%
May 02, 2025	$11.97	$12.03	+0.48%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.