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Wendy's

Wendy's (WEN) Q4 2025 Earnings

Reported Feb 13, 2026 at 7:06 AM ET · SEC Source

Q4 25 EPS

$0.16

BEAT +10.42%

Est. $0.14

Q4 25 Revenue

$543.0M

BEAT +1.16%

Est. $536.7M

vs S&P Since Q4 25

+12.2%

BEATING MARKET

WEN +21.6% vs S&P +9.4%

Full Year 2025 Results

FY 25 EPS

$0.88

FY 25 Revenue

$2.18B

Market Reaction

Did WEN Beat Earnings? Q4 2025 Results

Wendy's posted a narrow but clear beat in Q4 2025, reporting earnings per share of $0.16 against a consensus estimate of $0.14, a 10.42% positive surprise, while revenue of $542.97 million edged past the $536.72 million estimate by 1.16%, even as tot… Read more Wendy's posted a narrow but clear beat in Q4 2025, reporting earnings per share of $0.16 against a consensus estimate of $0.14, a 10.42% positive surprise, while revenue of $542.97 million edged past the $536.72 million estimate by 1.16%, even as total revenue slid 5.5% from a year ago. The headline numbers, however, masked a deeply troubled domestic operation: U.S. Same-restaurant sales plunged 11.3% in the quarter, compressing U.S. Company-operated restaurant margins to 14.2% from 16.5% a year earlier as traffic declines combined with commodity and labor inflation to squeeze profitability. Net income fell 44.2% to $26.48 million, and adjusted EBITDA contracted 17.6% to $113.25 million. International growth, with systemwide sales rising 6.2% in Q4 and 121 net new restaurants added abroad in 2025, provided a partial offset as the company pushes its "Project Fresh" turnaround. With activist investor Trian Partners recently filing an amended 13D, the pressure on management is visible in a cautious 2026 outlook calling for approximately flat global systemwide sales and adjusted EBITDA of $460 million to $480 million, well below 2025 levels.

Key Takeaways

  • • U.S. same-restaurant sales declined 11.3% in Q4, driving overall weakness
  • • International systemwide sales grew 6.2% in Q4 and 8.1% for the full year
  • • U.S. Company-operated restaurant margin declined to 14.2% from 16.5% due to traffic declines, commodity inflation, and labor rate inflation
  • • Average check increases and labor efficiencies partially offset margin pressure
  • • Lower advertising funds revenue and franchise royalty revenue reduced total revenues
  • • 157 net new restaurants added globally for the full year, a 2.2% increase
24/7 Wall St

WEN YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

WEN Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“Our fourth quarter performance was in line with our expectations, reflecting the challenges we anticipated. We are making progress against our Project Fresh turnaround plan in the U.S. and continue to deliver strong growth internationally. International systemwide sales were up 6.2% in the quarter and 8.1% for the full year, supported by 121 net new restaurants in 2025, reinforcing the global strength of the Wendy's brand.”

— Ken Cook, Q4 2025 Earnings Press Release

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