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Wendy's

Wendy's (WEN) Q3 2025 Earnings

Reported Nov 7, 2025 at 7:14 AM ET · SEC Source

Q3 25 EPS

$0.24

BEAT +22.95%

Est. $0.20

Q3 25 Revenue

$549.5M

BEAT +2.81%

Est. $534.5M

vs S&P Since Q3 25

-4.9%

TRAILING MARKET

WEN +6.3% vs S&P +11.1%

Market Reaction

Did WEN Beat Earnings? Q3 2025 Results

Wendy's delivered a stronger-than-expected quarter in Q3 2025, with adjusted earnings per share of $0.24 beating the $0.20 consensus estimate by 22.95%, even as revenue slipped 3.0% year-over-year to $549.52 million, which still cleared Wall Street's… Read more Wendy's delivered a stronger-than-expected quarter in Q3 2025, with adjusted earnings per share of $0.24 beating the $0.20 consensus estimate by 22.95%, even as revenue slipped 3.0% year-over-year to $549.52 million, which still cleared Wall Street's $534.51 million estimate by 2.81%. The headline beat masked a genuinely difficult domestic backdrop: U.S. Same-restaurant sales fell 4.7%, dragging global systemwide sales down 2.6% to $3.54 billion, while Company-operated restaurant margins contracted sharply to 13.1% from 15.6% a year ago under pressure from commodity inflation and labor cost increases. Adjusted EBITDA rose 2.1% to $138.04 million, helped by reduced advertising spend and lower G&A expenses. Interim CEO Ken Cook unveiled "Project Fresh," a turnaround plan aimed at brand revitalization and operational improvement, even as reports suggest the company may close hundreds of underperforming U.S. Locations. Wendy's reaffirmed its 2025 adjusted EPS guidance of $0.82 to $0.89 and raised its free cash flow outlook to $195 to $210 million, up $35 million at the midpoint.

Key Takeaways

  • • International systemwide sales grew 8.6% with growth across all regions
  • • Company-operated restaurants outperformed the U.S. system by 4% on comparable sales
  • • Decrease in Company's funding of incremental advertising spend
  • • Lower general and administrative expense driven by lower share-based compensation
  • • U.S. same-restaurant sales declined 4.7%
  • • U.S. Company-operated restaurant margin decreased to 13.1% from 15.6% due to commodity inflation, traffic decline, and labor rate inflation
24/7 Wall St

WEN YoY Financials

Q3 2025 vs Q3 2024, source: SEC Filings

24/7 Wall St

WEN Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“Third quarter results were in line with our expectations, reflecting continued strength in our international business with 8.6% systemwide sales growth, the addition of 54 new restaurants globally and adjusted EBITDA growth.”

— Ken Cook, Q3 2025 Earnings Press Release

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