The Wendy's Company
WENNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $8.34 Prior regular-session close from the quote source.
- $8.14–$8.49 Regular-session low and high so far today.
- 5.6M Regular-session shares traded · Nov 12, 4:00 PM ET.
- Feb 12 projected Projected for 2027-02-12 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $5.94–$9.45 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own WEN if Wendy’s can be a durable cash-generative QSR franchisor, but the stock depends on proving its brand and franchise economics can restart growth without a value-war margin reset.
WEN price history
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Investment thesis
What must happen next
Wendy’s differentiated burger positioning and value execution must keep enough guest occasions from defecting to larger quick-service rivals.HoldingMateriality: High
GAAP annual revenue remained in a relatively narrow range around $2.10 billion to $2.25 billion from FY2023 through FY2026, showing Wendy’s still has meaningful demand scale. If the brand keeps traffic, royalties and company-store sales can recover; if it loses occasions, the franchise model loses its economic base.
Watch: McDonald’s or Burger King use larger advertising budgets, loyalty programs and value bundles to take burger traffic from Wendy’s.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue remained in a relatively narrow range around $2.10 billion to $2.25 billion from FY2023 through FY2026, showing.
Open source ↗The franchising-led QSR model should keep converting brand demand into operating cash even when company-store sales, labor and food costs fluctuate.StrengtheningMateriality: High
GAAP annual operating cash flow was $344.5 million in FY2026, close to GAAP annual operating income of $343.5 million. Durable cash conversion is what allows a mature restaurant brand to service debt, reinvest in the system and return capital.
Watch: Franchisee restaurant-level margins deteriorate from wage or commodity inflation, causing closures, delayed openings or requests for royalty relief.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was $344.5 million in FY2026, close to GAAP annual operating income of $343.5 million.
Open source ↗Wendy’s must protect pricing and restaurant cost discipline rather than buying traffic through margin-dilutive promotions.HoldingMateriality: Medium
Derived GAAP annual gross_profit was $1.385 billion in FY2026 on $2.177 billion of revenue, indicating the business still has substantial gross-dollar profit. Traffic growth that requires heavy discounting would not create much owner value if gross profit and operating income fall faster than sales recover.
Watch: A burger value war led by McDonald’s or Burger King forces Wendy’s to discount core menu items to defend traffic.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Derived GAAP annual gross_profit was $1.385 billion in FY2026 on $2.177 billion of revenue, indicating the business still has substantial.
Open source ↗Franchisee economics must be attractive enough for Wendy’s to retain and add restaurants, because system development is the likely path to restarting growth without heavy company capital.HoldingMateriality: Medium
The company description states Wendy’s is engaged in operating, developing and franchising quick-service restaurants. If franchisees want to build and remodel, Wendy’s can grow asset-light; if they do not, the brand becomes an ex-growth cash harvester.
Watch: Existing or prospective franchisees allocate capital to McDonald’s, Taco Bell, Chick-fil-A or other concepts with better perceived unit economics.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
The company description states Wendy’s is engaged in operating, developing and franchising quick-service restaurants.
Open source ↗The balance sheet must not force defensive capital allocation; Wendy’s levered franchise model creates per-share value only if cash generation remains sufficient for debt service and growth investment.WeakeningMateriality: Medium
Cash was $298.7 million at Q1 FY2027, providing some liquidity against near-term operating needs. If leverage absorbs cash, owners get less benefit from the brand even if restaurants remain open and profitable.
Watch: Debt refinancing becomes materially more expensive or restrictive, limiting dividends, buybacks, remodel support or development investment.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash was $298.7 million at Q1 FY2027, providing some liquidity against near-term operating needs.
Open source ↗
Full investment case & evidence
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Original research
Wendy’s differentiated burger positioning and value execution must keep enough guest occasions from defecting to larger quick-service rivals. If the brand keeps traffic, royalties and company-store sales can recover; if it loses occasions, the franchise model loses its economic base.
The franchising-led QSR model should keep converting brand demand into operating cash even when company-store sales, labor and food costs fluctuate. Durable cash conversion is what allows a mature restaurant brand to service debt, reinvest in the system and return capital.
Wendy’s must protect pricing and restaurant cost discipline rather than buying traffic through margin-dilutive promotions. Traffic growth that requires heavy discounting would not create much owner value if gross profit and operating income fall faster than sales recover.
Franchisee economics must be attractive enough for Wendy’s to retain and add restaurants, because system development is the likely path to restarting growth without heavy company capital. If franchisees want to build and remodel, Wendy’s can grow asset-light; if they do not, the brand becomes an ex-growth cash harvester.
The balance sheet must not force defensive capital allocation; Wendy’s levered franchise model creates per-share value only if cash generation remains sufficient for debt service and growth investment. If leverage absorbs cash, owners get less benefit from the brand even if restaurants remain open and profitable.
All standing thesis claims
Original report summary
Wendy’s can be a durable cash-generative QSR franchisor, but the stock depends on proving its brand and franchise economics can restart growth without a value-war margin reset.
Bull case and bear case
Bull case and bear case for Wendy's Co
Where the evidence on Wendy's Co disagrees: Mixed on the latest evidence (Nov 12, 2026). Of its 5 thesis points, 1 strengthening, 3 holding and 1 weakening.
Bull case: what the evidence supports
Wendy’s differentiated burger positioning and value execution must keep enough guest occasions from defecting to larger quick-service rivals.
The franchising-led QSR model should keep converting brand demand into operating cash even when company-store sales, labor and food costs fluctuate.
Wendy’s must protect pricing and restaurant cost discipline rather than buying traffic through margin-dilutive promotions.
Franchisee economics must be attractive enough for Wendy’s to retain and add restaurants, because system development is the likely path to restarting growth without heavy company capital.
Bear case: what the evidence questions
The balance sheet must not force defensive capital allocation; Wendy’s levered franchise model creates per-share value only if cash generation remains sufficient for debt service and growth investment.
Thesis-Break Engine
What has broken in Wendy's Co’s thesis
Each break OptimistFi flagged on Wendy's Co, dated — with what has historically followed the same kind of break across the market, not a forecast for Wendy's Co.
- Price target fell below the stockcondition set before this filing
Across all companies, this kind of break has happened 1,809 times before. Those stocks trailed comparable companies by a median of 1% over the next six months, and 33% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedEntered a material definitive agreement.
Wendy's Co filed an SEC 8-K on 2026-11-05: Entered a material definitive agreement. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Wendy's Co filed an SEC 8-K on 2026-11-05: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Wendy's Co filed an SEC 8-K on 2026-08-17: Director or principal officer change. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- McDonald’s or Burger King use larger advertising budgets, loyalty programs and value bundles to take burger traffic from Wendy’s.
- Franchisee restaurant-level margins deteriorate from wage or commodity inflation, causing closures, delayed openings or requests for royalty relief.
- A burger value war led by McDonald’s or Burger King forces Wendy’s to discount core menu items to defend traffic.
- Existing or prospective franchisees allocate capital to McDonald’s, Taco Bell, Chick-fil-A or other concepts with better perceived unit economics.
- Debt refinancing becomes materially more expensive or restrictive, limiting dividends, buybacks, remodel support or development investment.
WEN news
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Financial statements
WEN income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
WEN: quick answers
- When does Wendy's Co (WEN) report earnings next?
- Wendy's Co's next results are projected for February 12, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 5, 2026. Earnings calendar
- What is WEN's short interest?
- As of October 30, 2026, 49.3M WEN shares were sold short, 25.8% of its shares outstanding, down 5.7% from the count before. At the stock's average daily volume that is 5.9 days to cover. FINRA publishes the count twice a month. WEN short interest history
- Have members of Congress traded WEN?
- Reports made public in the last 90 days disclose 2 trades in WEN by 1 filer: 0 purchases and 2 sales. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed WEN trade
- Which well-known investors own WEN?
- 2 of the 37 well-known funds tracked here reported WEN shares in their latest 13F filings. By share of the fund's portfolio: Trian Fund Management (Nelson Peltz), 6.0%; Fairfax Financial (Prem Watsa), 2.5%. Fund portfolios
WEN in well-known investors’ portfolios
2 of 37 funds reported WEN shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Nelson PeltzTrian Fund Management | 6.0% | $253M | +0.1% | Q2 2026 |
| Prem WatsaFairfax Financial | 2.5% | $66.3M | +144.9% | Q2 2026 |