Wendy's二季度美国同店销售下滑、撤回全年展望并将分红减半

The Wendy's Company - THE WENDY'S COMPANY REPORTS SECOND QUARTER 2026 RESULTS
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THE WENDY'S COMPANY REPORTS SECOND QUARTER 2026 RESULTS
August 7, 2026
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New leadership shares initial assessment while formulating comprehensive turnaround plan
Generated revenue of $571 million and global systemwide sales of approximately $3.4 billion
Generated net income of $32.6 million and adjusted EBITDA of $124.1 million
Company withdraws 2026 outlook and announces a reduction in its dividend to support the turnaround
DUBLIN, Ohio
,
Aug. 7, 2026
/PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the second quarter ended June 28, 2026.
Key highlights for the quarter ended June 28, 2026, compared to June 29, 2025:
Global systemwide sales decreased 6.5%, driven by an 8.2% decline in the U.S., partially offset by 3.4% growth in international
U.S. same-restaurant sales decreased 7.0% and international same-restaurant sales decreased 2.3%
Net income was $32.6 million and adjusted EBITDA was $124.1 million
Reported diluted earnings per share was $0.17 and adjusted earnings per share was $0.18
Net cash provided by operating activities was $160.0 million for the first half of the year and free cash flow was $120.3 million for the first half of the year
"Wendy's is an iconic brand with exceptional assets. Today we are clearly not performing at our potential. I returned to Wendy's because I believe we can fix our issues and I am excited to work with our team and our franchisees to drive a strong turnaround," said Bob Wright, President and Chief Executive Officer of The Wendy's Company. "Our traffic, our value proposition and franchisee economics are not meeting our expectations. We have already begun taking action across five areas that we've identified to drive the turnaround: rebuilding a quality menu at compelling value, marketing that drives demand, operational excellence, a digital experience that builds frequency, and restaurants as an engine for growth. We are updating our capital allocation to provide flexibility to support our turnaround across these actions and fund our plan for growth. Wendy's quality heritage provides a strong foundation for the turnaround and I am confident we can translate that equity into a proposition that's relevant to today's fast-evolving QSR landscape."
Operational Highlights
2025
2026
Second Quarter
US
Intl
Global
Systemwide Sales Growth
(1) (2)
(3.3) %
8.7 %
(1.8) %
(8.2) %
3.4 %
(6.5) %
Same-Restaurant Sales Growth
(3.6) %
1.8 %
(2.9) %
(7.0) %
(2.3) %
(6.3) %
Systemwide Sales (In US$ Millions)
(2) (3)
$3,131.3
$528.9
$3,660.2
$2,875.8
$546.7
$3,422.5
Restaurant Openings - Total / Net
21 / 9
23 / 17
44 / 26
21 / (81)
27 / 10
48 / (71)
Quarter End Restaurant Count
5,967
1,367
7,334
5,724
1,456
7,180
Year-to-Date
(3.0) %
8.8 %
(1.4) %
(7.7) %
4.6 %
(6.0) %
(3.2) %
2.1 %
(2.5) %
(7.4) %
$6,047.4
$1,002.1
$7,049.5
$5,578.7
$1,064.7
$6,643.4
49 / 34
69 / 60
118 / 94
44 / (245)
54 / 28
98 / (217)
(1)
Systemwide sales growth and same-restaurant sales growth are calculated on a constant currency basis and include sales by both
Company-operated and franchise restaurants.
(2)
Excludes Argentina.
(3)
Systemwide sales include sales at both Company-operated and franchise restaurants.
Financial Highlights
B / (W)
($ In Millions Except Per Share Amounts)
(Unaudited)
Total Revenues
$ 560.9
$ 570.6
1.7 %
$ 1,084.4
$ 1,111.2
2.5 %
Adjusted Revenues
$ 449.6
$ 443.2
$ 872.7
$ 875.4
0.3 %
U.S. Company-Operated Restaurant Margin
16.2 %
13.8 %
(240)bps
15.6 %
12.7 %
(290)bps
General and Administrative Expense
$ 59.5
$ 66.2
(11.3) %
$ 127.7
$ 139.0
(8.8) %
Operating Profit
$ 104.3
$ 79.3
(24.0) %
$ 187.4
$ 144.2
(23.1) %
Net Income
$ 55.1
$ 32.6
(40.8) %
$ 94.3
$ 55.3
(41.4) %
Adjusted EBITDA
$ 146.6
$ 124.1
(15.4) %
$ 271.2
$ 235.4
(13.2) %
Reported Diluted Earnings Per Share
$ 0.29
$ 0.17
$ 0.48
(39.6) %
Adjusted Earnings Per Share
$ 0.18
(37.9) %
$ 0.49
$ 0.30
(38.8) %
Cash Flow from Operations
$ 146.0
$ 160.0
9.6 %
Free Cash Flow
$ 109.5
$ 120.3
9.9 %
See "Disclosure Regarding Non-GAAP Financial Measures" and the reconciliation tables that accompany this release for a
discussion and reconciliation of the non-GAAP financial measures included in this release.
Second Quarter Financial Highlights
Systemwide Sales
The decrease in global systemwide sales was primarily driven by lower U.S. same-restaurant sales and a decrease in the number of restaurants in the U.S.
The increase in total reported revenues resulted primarily from higher advertising funds revenue due to local advertising funds being reallocated to U.S. national advertising and non-recurring vendor incentives, and higher Company-operated restaurant sales reflecting the Company's acquisition of franchise-operated restaurants during the third quarter of 2025. These were partially offset by lower franchise royalty revenue and franchise rental income.
The decrease in U.S. Company-operated restaurant margin was primarily due to commodity inflation, a decline in traffic, and labor rate inflation. These were partially offset by an increase in average check and labor efficiencies.
The increase in general and administrative expense was primarily due to investments in professional services and employee compensation and benefits.
The decrease in operating profit was primarily due to lower franchise royalty revenue, an increase in general and administrative expense, a decrease in U.S. Company-operated restaurant margin, and lower net franchise fees.
The decrease in reported net income was primarily due to a decrease in operating profit and an increase in interest expense, partially offset by lower income taxes.
The decrease in adjusted EBITDA was primarily driven by lower franchise royalty revenue, an increase in general and administrative expense, a decrease in U.S. Company-operated restaurant margin, and lower net franchise fees, primarily due to an increase in the provision for doubtful accounts.
The decrease in adjusted earnings per share was primarily driven by a decrease in adjusted EBITDA.
Year to Date Free Cash Flow
The increase in free cash flow was driven by a decrease in cash taxes, capital expenditures, and investments associated with the Company's franchise development fund, partially offset by lower net income adjusted for non-cash items.
Company Declares Quarterly Dividend
The Company announced today a reduction to its dividend to create additional flexibility to invest in initiatives in support of its turnaround. The updated annualized rate is $0.28 per share. The Company announced today the declaration of a quarterly cash dividend payment of $0.07 per share. The dividend is payable on September 15, 2026, to shareholders of record as of September 1, 2026.
Share Repurchases
The Company did not repurchase any shares in the second quarter of 2026 and has not repurchased any shares in the third quarter of 2026 as of the date of this release. As of July 31, approximately $35.0 million remained available under the Company's existing share repurchase authorization that expires in February 2027.
2026 Outlook
The Company is withdrawing its 2026 financial outlook. The Company's new leadership is taking the opportunity to fully assess the business opportunities and formulate a comprehensive turnaround plan, including the optimal deployment of capital.
Conference Call and Webcast
The Company will host a conference call today, Friday, August 7, at 8:30 a.m. ET, with a simultaneous webcast from the Company's Investor Relations website at
www.irwendys.com
. The related presentation materials are now available on the Company's Investor Relations website. The live conference call will be available by telephone at (833) 461-5787 for North American callers and (585) 542-9983 for international callers, both using event ID 791 958 064. A replay of the webcast will be available on the Company's Investor Relations website.
About Wendy's
The Wendy's Company (Nasdaq: WEN) and Wendy's
®
franchisees employ hundreds of thousands of people across more than 7,000 restaurants worldwide. Founded in 1969, Wendy's is committed to the promise of Fresh Famous Food, Made Right, For You, delivered to customers through its craveable menu including made-to-order square hamburgers using fresh beef*, and fan favorites like the Spicy Chicken Sandwich and nuggets, Baconator
, and the Frosty
dessert. Wendy's supports the Dave Thomas Foundation for Adoption
, established by its founder, which seeks to dramatically increase the number of adoptions of children waiting in North America's foster care system. Learn more about Wendy's at
www.wendys.com
. For details on franchising, visit
www.wendys.com/franchising
. Connect with Wendy's on
X
Instagram
and
Facebook
.
*Fresh beef available in the contiguous U.S. and Alaska, as well as Canada, Mexico, Puerto Rico, the UK, and other select international markets.
Investor Contact
:
Aaron Broholm
Head of Investor Relations
(614) 764-3345;
aaron.broholm@wendys.com
Media Contact
Heidi Schauer
Vice President – Communications, Public Affairs & Customer Care
(614) 764-3368;
heidi.schauer@wendys.com
Forward-Looking Statements
This release contains certain statements that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Generally, forward-looking statements include the words "may," "believes," "plans," "expects," "anticipates," "intends," "estimate," "goal," "upcoming," "annualized," "outlook," "guidance" or the negation thereof, or similar expressions. In addition, all statements that address future operating, financial or business performance, strategies or initiatives, future efficiencies or savings, anticipated costs or charges, future capitalization, anticipated impacts of recent or pending investments or transactions and statements expressing general views about future results or brand health are forward-looking statements within the meaning of the Reform Act. Forward-looking statements are based on the Company's expectations at the time such statements are made, speak only as of the dates they are made and are susceptible to a number of risks, uncertainties and other factors. For all such forward-looking statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. The Company's actual results, performance and achievements may differ materially from any future results, performance or achievements expressed or implied by the Company's forward-looking statements.
Many important factors could affect the Company's future results and cause those results to differ materially from those expressed in or implied by the Company's forward-looking statements. Such factors include, but are not limited to, the following: (1) the impact of competition or poor customer experiences at Wendy's restaurants; (2) adverse economic conditions or volatility or disruptions, including in regions with a high concentration of Wendy's restaurants; (3) changes in discretionary consumer spending and consumer tastes and preferences; (4) conditions beyond the Company's control, such as adverse weather conditions, natural disasters, hostilities, social unrest, health epidemics or pandemics or other catastrophic events; (5) impacts to the Company's corporate reputation or the value and perception of the Company's brand; (6) the effectiveness of the Company's marketing and advertising programs and new product development; (7) the Company's ability to manage the impact of social or digital media; (8) the Company's ability to protect its intellectual property; (9) food safety events or health concerns involving the Company's products; (10) the Company's ability to successfully implement important strategic initiatives, effectively managing or maintaining growth and market share across its dayparts or executing strategic transactions; (11) the Company's ability to grow its business through new restaurant development; (12) the Company's ability to effectively manage the acquisition and disposition of restaurants and other restaurant activity; (13) risks associated with leasing and owning significant amounts of real estate, including environmental matters; (14) risks associated with the Company's international operations, including the ability to execute its international growth strategy; (15) changes in commodity and other operating costs; (16) shortages or interruptions in the supply or distribution of the Company's products and other risks associated with the Company's independent supply chain purchasing co-op; (17) the impact of increased labor costs or labor shortages; (18) the continued succession and retention of key personnel and the effectiveness of the Company's leadership and organizational structure; (19) risks associated with the Company's digital commerce strategy, platforms and technologies, including its ability to adapt to changes in industry trends and consumer preferences; (20) the Company's and its franchisees' dependence on computer systems and information technology, including risks associated with the failure or interruption of its systems or technology or the occurrence of cybersecurity incidents or deficiencies; (21) risks associated with the Company's securitized financing facility and other debt agreements, including compliance with operational and financial covenants, restrictions on its ability to raise additional capital, the impact of its overall debt levels and the Company's ability to generate sufficient cash flow to meet its debt service obligations and operate its business; (22) risks associated with the Company's capital allocation policy, including the amount and timing of equity and debt repurchases and dividend payments; (23) risks associated with complaints and litigation, compliance with legal and regulatory requirements and a focus on corporate responsibility issues; (24) risks associated with the availability and cost of insurance, the recognition of impairment or other charges, changes in tax rates or tax laws and fluctuations in foreign currency exchange rates; (25) risks associated with the Company's predominantly franchised business model; (26) Trian Fund Management, L.P. and certain of its affiliates filed a Schedule 13D/A with the Securities and Exchange Commission on February 18, 2026 indicating, among other things, that they intend to explore and evaluate the possibility of participating, alone or with third parties, in certain potential transactions with respect to the Company to enhance stockholder value; there can be no assurance that (i) any such potential transactions will occur or result in additional value for the Company's stockholders or (ii) that the exploration of potential transactions will not have an adverse impact on the Company's business; and (27) other risks and uncertainties cited in the Company's releases, public statements and/or filings with the Securities and Exchange Commission, including those identified in the "Risk Factors" sections of the Company's Forms 10-K and 10-Q.
All future written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. New risks and uncertainties arise from time to time, and factors that the Company currently deems immaterial may become material, and it is impossible for the Company to predict these events or how they may affect the Company.
The Company assumes no obligation to update any forward-looking statements after the date of this release as a result of new information, future events or developments, except as required by federal securities laws, although the Company may do so from time to time. The Company does not endorse any projections regarding future performance that may be made by third parties.
Disclosure Regarding Non-GAAP Financial Measures
In addition to the financial measures presented in this release in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), the Company has included certain non-GAAP financial measures in this release, including adjusted revenue, adjusted EBITDA, adjusted earnings per share, and free cash flow.
The Company uses adjusted revenue, adjusted EBITDA and adjusted earnings per share as internal measures of business operating performance and as performance measures for benchmarking against the Company's peers and competitors. Adjusted EBITDA is also used by the Company in establishing performance goals for purposes of executive compensation. The Company believes its presentation of adjusted revenue, adjusted EBITDA and adjusted earnings per share provides a meaningful perspective of the underlying operating performance of our current business and enables investors to better understand and evaluate our historical and prospective operating performance. The Company believes these non-GAAP financial measures are important supplemental measures of operating performance because they eliminate items that vary from period to period without correlation to our core operating performance and highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. Due to the nature and/or size of the items being excluded, such items do not reflect future gains, losses, expenses or benefits and are not indicative of our future operating performance. The Company believes investors, analysts and other interested parties use adjusted revenue, adjusted EBITDA, and adjusted earnings per share in evaluating issuers, and the presentation of these measures facilitates a comparative assessment of the Company's operating performance in addition to the Company's performance based on GAAP results.
This release also includes disclosure regarding the Company's free cash flow. Free cash flow is a non-GAAP financial measure that is used by the Company as an internal measure of liquidity. The Company defines free cash flow as cash flows from operations minus (i) capital expenditures, (ii) expenditures related to the Company's franchise development fund and (iii) the net change in the restricted operating assets and liabilities of the advertising funds and any excess/deficit of advertising funds revenue over advertising funds expense included in net income, as reported under GAAP. The impact of our advertising funds is excluded because the funds are used solely for advertising and are not available for the Company's working capital needs. The Company may also make additional adjustments for certain non-recurring or unusual items to the extent identified in the reconciliation tables that accompany this release. The Company believes free cash flow is an important liquidity measure for investors and other interested persons because it communicates how much cash flow is available for working capital needs or to be used for repurchasing shares, paying dividends, repaying or refinancing debt, financing possible acquisitions or investments or other uses of cash.
Adjusted revenue, adjusted EBITDA, adjusted earnings per share, and free cash flow are not recognized terms under GAAP, and the Company's presentation of these non-GAAP financial measures does not replace the presentation of the Company's financial results in accordance with GAAP. Because all companies do not calculate adjusted revenue, adjusted EBITDA, adjusted earnings per share, and free cash flow (and similarly titled financial measures) in the same way, those measures as used by other companies may not be consistent with the way the Company calculates such measures. The non-GAAP financial measures included in this release should not be construed as substitutes for or better indicators of the Company's performance than the most directly comparable GAAP financial measures. See the reconciliation tables that accompany this release for additional information regarding certain of the non-GAAP financial measures included herein.
Key Business Measures
The Company tracks its results of operations and manages its business using certain key business measures, including same-restaurant sales, systemwide sales and Company-operated restaurant margin, which are measures commonly used in the quick-service restaurant industry that are important to understanding Company performance.
Same-restaurant sales and systemwide sales each include sales by both Company-operated and franchise restaurants. The Company reports same-restaurant sales for new restaurants after they have been open for 15 continuous months and for reimaged restaurants as soon as they reopen. Restaurants temporarily closed for more than one fiscal week are excluded from same-restaurant sales.
Franchise restaurant sales are reported by our franchisees and represent their revenues from sales at franchised Wendy's restaurants. Sales by franchise restaurants are not recorded as Company revenues and are not included in the Company's consolidated financial statements. However, the Company's royalty revenues are computed as percentages of sales made by Wendy's franchisees and, as a result, sales by franchisees have a direct effect on the Company's royalty revenues and profitability.
Same-restaurant sales and systemwide sales exclude sales from Argentina due to the highly inflationary economy of that country.
The Company calculates same-restaurant sales and systemwide sales growth on a constant currency basis. Constant currency results exclude the impact of foreign currency translation and are derived by translating current year results at prior year average exchange rates. The Company believes excluding the impact of foreign currency translation provides better year over year comparability.
U.S. Company-operated restaurant margin is defined as sales from U.S. Company-operated restaurants less cost of sales divided by sales from U.S. Company-operated restaurants. Cost of sales includes food and paper, restaurant labor and occupancy, advertising and other operating costs. Cost of sales excludes certain costs that support restaurant operations that are not allocated to individual restaurants, which are included in "General and administrative." Cost of sales also excludes depreciation and amortization expense and impairment of long-lived assets. Therefore, as restaurant margin as presented excludes certain costs as described above, its usefulness may be limited and may not be comparable to other similarly titled measures of other companies in our industry.
The Wendy
'
s Company and Subsidiaries
Condensed Consolidated Statements of Operations
Three and Six Month Periods Ended June 29, 2025 and June 28, 2026
(In Thousands Except Per Share Amounts)
Three Months Ended
Six Months Ended
Revenues:
Sales
$ 232,853
$ 240,016
$ 452,363
$ 465,513
Franchise royalty revenue
132,233
123,574
253,908
239,764
Franchise fees
24,067
26,197
47,540
57,902
Franchise rental income
60,411
53,363
118,865
112,267
Advertising funds revenue
111,365
127,421
211,725
235,762
560,929
570,571
1,084,401
1,111,208
Costs and expenses:
Cost of sales
196,521
207,275
384,690
408,324
Franchise support and other costs
17,069
22,566
33,665
44,557
Franchise rental expense
32,630
28,039
63,331
58,215
Advertising funds expense
111,374
127,879
212,902
236,494
General and administrative
59,485
66,161
127,689
139,004
Depreciation and amortization (exclusive of
amortization of cloud computing arrangements
shown separately below)
36,990
38,061
73,539
78,636
Amortization of cloud computing arrangements
4,056
4,577
8,223
9,339
System optimization gains, net
(387)
(667)
(297)
(2,292)
Reorganization and realignment costs
174
10
(518)
(152)
Impairment of long-lived assets
1,686
3,120
3,107
5,692
Other operating income, net
(2,929)
(5,734)
(9,316)
(10,814)
456,669
491,287
897,015
967,003
Operating profit
104,260
79,284
187,386
144,205
Interest expense, net
(30,945)
(33,850)
(62,422)
(67,956)
Investment loss, net
—
(1,718)
Other income, net
2,585
3,133
7,571
6,483
Income before income taxes
75,900
48,567
130,817
82,732
Provision for income taxes
(20,790)
(15,951)
(36,475)
(27,404)
Net income
$ 55,110
$ 32,616
$ 94,342
$ 55,328
Basic and diluted net income per share
$ .29
$ .17
$ .48
Number of shares used to calculate basic income
per share
191,949
190,426
196,296
190,359
Number of shares used to calculate diluted income
192,714
191,212
197,166
191,055
Condensed Consolidated Balance Sheets
As of December 28, 2025 and June 28, 2026
(In Thousands Except Par Value)
December 28,
June 28,
ASSETS
Current assets:
Cash and cash equivalents
$ 300,833
$ 341,211
Restricted cash
39,207
38,786
Accounts and notes receivable, net
117,333
109,247
Inventories
7,387
7,036
Prepaid expenses and other current assets
55,412
78,922
Advertising funds restricted assets
97,867
102,897
Total current assets
618,039
678,099
Properties
937,795
895,598
Finance lease assets
312,844
319,808
Operating lease assets
642,589
582,630
Goodwill
774,088
773,119
Other intangible assets
1,170,671
1,147,228
Investments
25,227
22,988
Net investment in sales-type and direct financing leases
284,891
276,853
Other assets
190,417
187,893
Total assets
$ 4,956,561
$ 4,884,216
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt
$ 29,750
Current portion of finance lease liabilities
26,673
27,538
Current portion of operating lease liabilities
51,119
51,953
Accounts payable
30,450
21,440
Accrued expenses and other current liabilities
116,655
124,713
Advertising funds restricted liabilities
96,454
102,078
Total current liabilities
351,101
357,472
Long-term debt
2,730,502
2,719,239
Long-term finance lease liabilities
646,715
647,637
Long-term operating lease liabilities
660,257
596,408
Deferred income taxes
287,753
289,268
Deferred franchise fees
87,956
81,671
Other liabilities
74,894
72,054
Total liabilities
4,839,178
4,763,749
Commitments and contingencies
Stockholders' equity:
Common stock, $0.10 par value; 1,500,000 shares authorized;
470,424 shares issued; 190,324 and 190,639 shares outstanding, respectively
47,042
Additional paid-in capital
2,986,150
2,990,095
Retained earnings
435,124
437,099
Common stock held in treasury, at cost; 280,100 and 279,785 shares, respectively
(3,286,965)
(3,283,017)
Accumulated other comprehensive loss
(63,968)
(70,752)
Total stockholders' equity
117,383
120,467
Total liabilities and stockholders' equity
The Wendy's Company and Subsidiaries
Condensed Consolidated Statements of Cash Flows
Six
Month Periods Ended June 29, 2025 and June 28, 2026
(In Thousands)
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (exclusive of amortization of
cloud computing arrangements shown separately below)
Share-based compensation
10,704
8,187
Deferred income tax
822
1,375
Non-cash rental expense, net
21,406
25,938
Change in operating lease liabilities
(24,482)
(25,247)
Net receipt of deferred vendor incentives
8,421
9,781
Distributions received from joint ventures, net of equity in earnings
1,679
1,221
Long-term debt-related activities, net
3,744
3,612
Cloud computing arrangements expenditures
(9,335)
(10,241)
Changes in operating assets and liabilities and other, net
(45,865)
(1,372)
Net cash provided by operating activities
146,008
159,957
Cash flows from investing activities:
Capital expenditures
(39,050)
(31,439)
Franchise development fund
(16,518)
(10,998)
Dispositions
1,355
4,664
Notes receivable, net
1,949
Net cash used in investing activities
(52,264)
(37,773)
Cash flows from financing activities:
Proceeds from long-term debt
23,500
17,800
Repayments of long-term debt
(23,125)
(32,675)
Repayments of finance lease liabilities
(10,666)
(12,106)
Repurchases of common stock
(186,516)
(1,922)
Dividends
(76,243)
(53,316)
Proceeds from stock option exercises
1,717
Payments related to tax withholding for share-based compensation
(1,354)
(449)
Net cash used in financing activities
(272,687)
(82,668)
Net cash (used in) provided by operations before effect of exchange rate changes on cash
(178,943)
39,516
Effect of exchange rate changes on cash
5,437
(2,408)
Net (decrease) increase in cash, cash equivalents and restricted cash
(173,506)
37,108
Cash, cash equivalents and restricted cash at beginning of period
503,608
357,672
Cash, cash equivalents and restricted cash at end of period
$ 330,102
$ 394,780
Reconciliations of Net Income to Adjusted EBITDA and Revenues to Adjusted Revenues
20,790
15,951
36,475
27,404
(2,585)
(3,133)
(7,571)
(6,483)
1,718
30,945
33,850
62,422
67,956
Plus (less):
(111,365)
(127,421)
(211,725)
(235,762)
Advertising funds expense (a)
111,225
127,126
211,441
235,738
$ 146,639
$ 124,090
$ 271,156
$ 235,404
Revenues
$ 560,929
$ 570,571
$ 1,084,401
$ 1,111,208
Less:
Adjusted revenues
$ 449,564
$ 443,150
$ 872,676
$ 875,446
(a)
Excludes advertising funds expense of $183 and $342 for the three and six months ended June 29, 2025 related to the Company's funding of incremental advertising. There was no funding of incremental advertising during the three and six months ended June 28, 2026. In addition, excludes other international-related advertising surplus (deficit) of $34 and $(1,119) for the three and six months ended June 29, 2025, respectively, and $(753) and $(756) for the three and six months ended June 28, 2026, respectively.
Reconciliation of Net Income and Diluted Earnings Per Share to
Adjusted Income and Adjusted Earnings Per Share
Total adjustments
1,333
2,168
2,008
3,224
Income tax impact on adjustments (b)
(371)
(588)
(580)
(780)
Total adjustments, net of income taxes
962
1,580
1,428
2,444
Adjusted income
$ 56,072
$ 34,196
$ 95,770
$ 57,772
Diluted earnings per share
Total adjustments per share, net of income taxes
.01
Adjusted earnings per share
$ .18
$ .49
$ .30
(b)
Adjustments relate to the tax effect of non-GAAP adjustments, which were determined based on the nature of the underlying non-GAAP adjustments and their relevant jurisdictional tax rates.
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
$ 146,008
$ 159,957
Advertising funds impact (a)
19,065
2,759
Free cash flow
$ 109,505
$ 120,279
Represents the net change in the restricted operating assets and liabilities of our advertising funds, which is included in "Changes in operating assets and liabilities and other, net," and the excess of advertising funds expense over advertising funds revenue, which is included in "Net income."
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SOURCE The Wendy's Company
IR Contact
InvestorRelations@wendys.com
MediaRelations@wendys.com
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