Wendy’s (WEN) financial statements
Wendy’s reported revenue of $2.2B in fiscal 2025, up 4.7% a year over 9 years.
Net income was $165M and the operating margin 15.8%, against 21.9% in 2016.
Free cash flow was $243M, and the company returned $130M in dividends and $201M in net buybacks.
The diluted share count fell 27% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Wendy’s's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.4B | $1.2B | $1.6B | $1.7B | $1.7B | $1.9B | $2.1B | $2.2B | $2.2B | $2.2B |
| Cost of revenue | $752M | $518M | $549M | $598M | $615M | $612M | $773M | $794M | $783M | $792M |
| Gross profit | $683M | $705M | $1.0B | $1.1B | $1.1B | $1.3B | $1.3B | $1.4B | $1.5B | $1.4B |
| Selling, general and admin | $237M | $204M | $217M | $200M | $207M | $243M | $255M | $250M | $255M | $253M |
| Operating income | $315M | $215M | $250M | $263M | $269M | $367M | $353M | $382M | $371M | $343M |
| Interest expense | $115M | $118M | $120M | $116M | $118M | $109M | $122M | $124M | $124M | $126M |
| Pre-tax income | $202M | $101M | $575M | $171M | $153M | $241M | $244M | $279M | $272M | $227M |
| Income tax | $72M | -$93M | $115M | $35M | $35M | $40M | $66M | $75M | $78M | $62M |
| Net income | $130M | $194M | $460M | $137M | $118M | $200M | $177M | $204M | $194M | $165M |
| EPS (diluted) | $0.49 | $0.77 | $1.88 | $0.58 | $0.52 | $0.89 | $0.82 | $0.97 | $0.95 | $0.85 |
| Diluted shares | 267M | 252M | 245M | 235M | 228M | 224M | 216M | 212M | 206M | 194M |
| Gross margin | 47.6% | 57.7% | 65.5% | 65.0% | 64.5% | 67.8% | 63.1% | 63.6% | 65.1% | 63.6% |
| Operating margin | 21.9% | 17.6% | 15.7% | 15.4% | 15.5% | 19.3% | 16.9% | 17.5% | 16.5% | 15.8% |
| Net margin | 9.0% | 15.9% | 28.9% | 8.0% | 6.8% | 10.6% | 8.5% | 9.4% | 8.7% | 7.6% |
Balance sheet
Fiscal years, from Wendy’s's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $198M | $171M | $431M | $300M | $307M | $249M | $746M | $516M | $451M | $301M |
| Receivables | — | — | — | $101M | $94M | $102M | $99M | $105M | $87M | $105M |
| Inventory | $3M | $3M | $4M | $4M | $5M | $6M | $7M | $7M | $7M | $7M |
| Total current assets | $453M | $404M | $666M | $554M | $688M | $593M | $1.1B | $838M | $736M | $618M |
| Property, plant and equipment | $1.2B | $1.1B | $1.0B | $977M | $916M | $907M | $896M | $891M | $908M | $938M |
| Goodwill | $741M | $743M | $748M | $756M | $751M | $775M | $773M | $774M | $771M | $774M |
| Total assets | $3.9B | $4.1B | $4.3B | $5.0B | $5.0B | $5.1B | $5.5B | $5.2B | $5.0B | $5.0B |
| Total current liabilities | $230M | $227M | $284M | $350M | $413M | $427M | $388M | $382M | $398M | $351M |
| Long-term debt | $2.5B | $2.7B | $2.3B | $2.3B | $2.2B | $2.4B | $2.8B | $2.7B | $2.7B | $2.7B |
| Total liabilities | $3.4B | $3.5B | $3.6B | $4.5B | $4.5B | $4.7B | $5.0B | $4.9B | $4.8B | $4.8B |
| Shareholders' equity | $528M | $573M | $648M | $516M | $550M | $436M | $466M | $310M | $259M | $117M |
| Net debt | $2.3B | $2.6B | $1.9B | $2.0B | $1.9B | $2.1B | $2.1B | $2.2B | $2.3B | $2.5B |
Cash flow
Fiscal years, from Wendy’s's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $194M | $239M | $224M | $289M | $284M | $346M | $260M | $345M | $355M | $345M |
| Capital spending | $150M | $82M | $70M | $74M | $69M | $78M | $86M | $85M | $94M | $102M |
| Free cash flow | $44M | $157M | $154M | $214M | $215M | $268M | $174M | $260M | $261M | $243M |
| Stock-based compensation | $18M | $21M | $18M | $19M | $19M | $22M | $25M | $24M | $23M | $15M |
| Dividends paid | $64M | $68M | $81M | $96M | $65M | $95M | $107M | $209M | $204M | $130M |
| Share buybacks (net) | -$337M | -$126M | -$270M | -$218M | -$62M | -$269M | -$52M | -$190M | -$77M | -$201M |
| Net borrowing | -$25M | -$21M | $40M | -$50M | -$38M | $130M | $473M | -$95M | -$29M | $22M |
| Free cash flow margin | 3.1% | 12.8% | 9.7% | 12.6% | 12.4% | 14.1% | 8.3% | 11.9% | 11.6% | 11.1% |
| Dividends per share | $0.24 | $0.27 | $0.33 | $0.41 | $0.28 | $0.42 | $0.49 | $0.99 | $0.99 | $0.67 |
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Open WEN in InvestinglyQuestions
What was Wendy’s's revenue in 2025?
$2.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Wendy’s generate?
$243M in fiscal 2025 (operating cash flow minus capital spending).
From Wendy’s's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.