Wingstop (WING) Q3 2025 Earnings
How Did WING Stock React to Q3 2025 Earnings?
S&P 500 over the same 30 days: +1.55%.
Did WING Beat Earnings? Q3 2025 Results
Yes. Wingstop reported Q3 2025 earnings of $1.09 a share on Nov 4, 2025, beating the $0.92 consensus estimate by 18.6%. Revenue was $175.7M against a $185.3M estimate.
Wingstop delivered a split verdict in fiscal Q3 2025, posting a meaningful earnings beat alongside a revenue miss that laid bare the strain of declining comparable-store traffic. The chicken wing chain earned $1.09 per share, clearing the $0.92 consensus by 18.61%, while revenue of $175.74 million came in 5.17% below expectations despite growing 8.2% year-over-year, a gap explained largely by a 5.6% domestic same-store sales decline that reversed the prior year's 20.9% surge. The profitability bright spot traced back to record Adjusted EBITDA of $63.66 million, up 18.6%, driven by lower bone-in chicken wing costs and improved company-owned restaurant margins, with cost of sales as a percentage of restaurant sales falling from 77.8% to 74.8%. A record 114 net new restaurant openings pushed the system-wide footprint to 2,932 locations, sustaining 19.3% unit growth. The forward picture, however, darkened considerably, with full-year domestic same-store sales guidance revised to a 3% to 4% decline from a previously expected 1% gain, a revision that has already prompted several analysts to lower their price targets on the stock.
- Record 114 net new restaurant openings in the quarter driving 19.3% net new unit growth
- System-wide sales increased 10.0% to $1.4 billion driven by new unit expansion
- Company-owned restaurant cost of sales margin improved to 74.8% from 77.8% due to lower bone-in chicken wing costs and sales leverage
- Digital sales increased to 72.8% of system-wide sales
- SG&A decreased $1.6 million due to lower headcount-related expenses
- Company-owned same-store sales growth of 3.8% driven primarily by increased transactions
- National advertising fund contribution rate increased to 5.5% from 5.3%
“Our third quarter results highlight the strength and resiliency of our business model delivering 18.6% Adjusted EBITDA growth — supported by best-in-class unit economics, strategic investments, disciplined execution, and enthusiasm from our brand partners to open more Wingstops.”
Wingstop CEO, on the earnings call
What Was Wingstop's Outlook in Q3 2025?
Wingstop significantly revised its 2025 guidance, now expecting a 3% to 4% decline in domestic same-store sales (previously approximately 1% growth). Global net new unit openings are expected at 475 to 485. SG&A guidance was lowered to $131–$132 million (from approximately $140 million), including approximately $4.5 million of system implementation costs. Depreciation and amortization is expected at approximately $26 million (previously $28–$29 million). Interest expense, net is expected at approximately $37.5 million (previously $39 million). Stock-based compensation expense guidance of approximately $26 million was reiterated.
WING YoY Financials
| Metric | Q3 2025 | Q3 2024 | Year over year |
|---|---|---|---|
| Revenue | $175.7M | $162.5M | +8.1% |
| Operating Income | $49.0M | $39.8M | +23.0% |
| Net Income | $28.5M | $25.7M | +10.7% |
WING Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.