Wingstop (WING) financial statements
Wingstop reported revenue of $697M in fiscal 2025, up 23.6% a year over 9 years.
Net income was $174M and the operating margin 25.7%, against 25.8% in 2016.
Free cash flow was $106M, and the company returned $32M in dividends and $222M in net buybacks.
The diluted share count fell 3% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Wingstop's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $103M | $133M | $153M | $200M | $249M | $283M | $358M | $460M | $626M | $697M |
| Cost of revenue | $25M | $29M | $32M | $41M | $49M | $57M | $63M | $71M | $92M | $96M |
| Gross profit | $78M | $105M | $121M | $159M | $200M | $225M | $294M | $389M | $534M | $601M |
| Selling, general and admin | $35M | $35M | $45M | $50M | $61M | $63M | $67M | $97M | $117M | $128M |
| Operating income | $27M | $34M | $39M | $43M | $57M | $74M | $92M | $113M | $166M | $179M |
| Pre-tax income | $22M | $29M | $27M | $26M | $27M | $59M | $69M | $94M | $147M | $237M |
| Income tax | $8M | $5M | $5M | $5M | $4M | $16M | $16M | $24M | $38M | $63M |
| Net income | $14M | $24M | $22M | $20M | $23M | $43M | $53M | $70M | $109M | $174M |
| EPS (diluted) | $0.47 | $0.82 | $0.73 | $0.69 | $0.78 | $1.42 | $1.77 | $2.35 | $3.70 | $6.21 |
| Diluted shares | 29M | 29M | 30M | 30M | 30M | 30M | 30M | 30M | 29M | 28M |
| Gross margin | 75.5% | 78.4% | 79.1% | 79.4% | 80.5% | 79.7% | 82.3% | 84.6% | 85.4% | 86.2% |
| Operating margin | 25.8% | 25.4% | 25.2% | 21.5% | 23.1% | 26.1% | 25.7% | 24.5% | 26.5% | 25.7% |
| Net margin | 13.3% | 18.0% | 14.2% | 10.3% | 9.4% | 15.1% | 14.8% | 15.3% | 17.4% | 25.0% |
Balance sheet
Fiscal years, from Wingstop's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4M | $4M | $12M | $13M | $41M | $49M | $184M | $90M | $316M | $197M |
| Receivables | $3M | $5M | $6M | $5M | $5M | $7M | $9M | $12M | $20M | $21M |
| Inventory | $226,000 | $216,000 | $299,000 | $315,000 | $396,000 | $484,000 | $389,000 | $535,000 | — | — |
| Total current assets | $11M | $16M | $30M | $30M | $73M | $70M | $227M | $144M | $396M | $267M |
| Property, plant and equipment | $5M | $6M | $8M | $28M | $28M | $55M | $67M | $91M | $126M | $131M |
| Goodwill | $45M | $47M | $50M | $50M | $54M | $57M | $63M | $68M | $75M | $84M |
| Total assets | $112M | $120M | $140M | $166M | $212M | $249M | $424M | $378M | $716M | $693M |
| Total current liabilities | $17M | $19M | $26M | $33M | $50M | $40M | $62M | $71M | $87M | $82M |
| Long-term debt | $147M | $130M | $309M | $308M | $467M | $469M | $707M | $712M | $1.2B | $1.2B |
| Total liabilities | $186M | $178M | $365M | $376M | $553M | $559M | $815M | $835M | $1.4B | $1.4B |
| Shareholders' equity | -$81M | -$58M | -$225M | -$209M | -$341M | -$310M | -$391M | -$457M | -$676M | -$737M |
| Net debt | $147M | $129M | $299M | $298M | $430M | $421M | $530M | $622M | $890M | $1.0B |
Cash flow
Fiscal years, from Wingstop's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $22M | $27M | $39M | $39M | $66M | $49M | $76M | $122M | $158M | $153M |
| Capital spending | $2M | $3M | $4M | $22M | $6M | $28M | $24M | $41M | $52M | $47M |
| Free cash flow | $20M | $25M | $35M | $16M | $59M | $21M | $52M | $81M | $106M | $106M |
| Stock-based compensation | $1M | $2M | $4M | $7M | $9M | $10M | $4M | $16M | $22M | $25M |
| Dividends paid | $83M | $4M | $191M | $12M | $164M | $20M | $141M | $25M | $29M | $32M |
| Share buybacks (net) | — | — | — | — | — | $0 | $0 | -$125M | -$315M | -$222M |
| Net borrowing | $56M | -$18M | $186M | -$2M | $162M | -$2M | $247M | -$4M | $500M | $0 |
| Free cash flow margin | 19.2% | 18.7% | 22.7% | 8.1% | 23.9% | 7.4% | 14.6% | 17.6% | 16.9% | 15.2% |
| Dividends per share | $2.87 | $0.14 | $6.45 | $0.40 | $5.50 | $0.66 | $4.72 | $0.83 | $0.98 | $1.15 |
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Open WING in InvestinglyQuestions
What was Wingstop's revenue in 2025?
$697M in fiscal 2025, from its 10-K filing.
How much free cash flow does Wingstop generate?
$106M in fiscal 2025 (operating cash flow minus capital spending).
From Wingstop's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.