Wendy's Co

Listed Company

WENCIK 0000030697NasdaqLarge AcceleratedRetail-Eating & Drinking PlacesDelawareFY ends Jan 3

Period

FY 2025

Revenue

$2.18B

Net Income

$165.07M

Total Assets

$4.96B

Equity

$117.38M

Shares Out

190.36M

Op. Cash Flow

$344.54M

Business

Wendy's Co operates, develops and franchises a system of quick-service restaurants offering made-to-order, high-quality menu items. It offers core products including hamburger sandwiches, chicken sandwiches, chicken nuggets, salads, baked potatoes, fries, Frosty desserts and a breakfast menu, plus limited-time promotional items. The company reports through three segments: Wendy’s U.S., Wendy’s International and Global Real Estate & Development, which also manages real estate and development-related services. Wendy’s sells through company-operated and franchised traditional and non-traditional restaurants globally and via digital platforms and third-party delivery partners.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	2,177	2,246	2,182	2,096	1,897
Cost of sales	792	783	794	773	612
Franchise support and other costs	81	68	57	47	43
Franchise rental expense	126	127	125	124	132
Advertising funds expense	423	478	428	431	412
General and administrative	253	255	250	255	243
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below)	152	143	136	133	126
Amortization of cloud computing arrangements	19	15	13	2	0
System optimization gains, net	−1	−1	−880,000	−7	−34
Reorganization and realignment costs	−125,000	9	9	698,000	9
Impairment of long-lived assets	12	10	1	6	2
Other operating income, net	−22	−12	−14	−24	−14
Costs and expenses	1,833	1,875	1,800	1,742	1,530
Operating profit	343	371	382	353	367
Interest expense, net	126	124	124	122	—
(Loss) gain on early extinguishment of debt, net	−642,000	0	2	0	−18
Investment (loss) income, net	−2	11,000	−10	2	39,000
Other income, net	13	25	30	10	681,000
Income before income taxes	227	272	279	244	241
Provision for income taxes	−62	−78	−75	−66	−40
Net income	165	194	204	177	200
Basic	0.85	0.95	0.98	0.83	0.91
Diluted	0.85	0.95	0.97	0.82	0.89

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	301	451	516	746	249
Restricted cash	39	34	36	35	28
Accounts and notes receivable, net	117	100	122	116	120
Inventories	7	7	7	7	6
Prepaid expenses and other current assets	55	46	40	27	31
Advertising funds restricted assets	98	99	118	127	160
Total current assets	618	736	838	1,058	593
Properties	938	908	891	896	907
Finance lease assets	313	245	229	235	244
Operating lease assets	643	680	706	754	813
Goodwill	774	771	774	773	775
Other intangible assets	1,171	1,192	1,219	1,249	1,281
Investments	25	29	34	46	50
Net investment in sales-type and direct financing leases	285	288	314	317	300
Other assets	190	185	179	171	139
Total assets	4,957	5,035	5,183	5,499	5,101
Current portion of long-term debt	30	78	29	29	24
Current portion of finance lease liabilities	27	23	20	18	16
Current portion of operating lease liabilities	51	50	49	48	47
Accounts payable	30	28	27	44	41
Accrued expenses and other current liabilities	117	118	135	116	141
Advertising funds restricted liabilities	96	100	121	132	158
Total current liabilities	351	398	382	388	427
Long-term debt	2,731	2,662	2,733	2,822	2,356
Long-term finance lease liabilities	647	575	569	572	560
Long-term operating lease liabilities	660	704	739	792	853
Deferred income taxes	288	263	270	270	268
Deferred franchise fees	88	88	90	90	88
Other liabilities	75	84	90	99	113
Total liabilities	4,839	4,775	4,873	5,034	4,665
Commitments and contingencies	—	—	—	—	—
Common stock, $0.10 par value; 1,500,000 shares authorized; 470,424 shares issued; 190,324 and 203,834 shares outstanding, respectively	47	47	47	47	47
Additional paid-in capital	2,986	2,982	2,960	2,938	2,899
Retained earnings	435	400	410	415	344
Common stock held in treasury, at cost; 280,100 and 266,590 shares, respectively	−3,287	−3,095	−3,049	−2,870	−2,805
Accumulated other comprehensive loss	−64	−75	−58	−64	−48
Total stockholders equity	117	259	310	466	436
Common Stock, Shares Authorized	1,500	1,500	1,500	1,500	1,500
Total liabilities and stockholders equity	4,957	5,035	5,183	5,499	5,101
Common Stock, Par Value	0.1	0.1	0.1	0.1	0.1
Common Stock, Shares Issued	470	470	470	470	470
Common Stock, Shares, Outstanding	190	204	205	213	216
Treasury Stock, Shares	280	267	265	257	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Share-based compensation	15	23	24	25	22
Deferred income tax	23	−6	−807,000	4	−14
Non-cash rental expense, net	45	42	41	34	41
Change in operating lease liabilities	−49	−49	−47	−46	−46
Net receipt (recognition) of deferred vendor incentives	2	−586,000	1	−1	715,000
Gain on sale of investments, net	0	0	−31,000	0	−63,000
Distributions received from TimWen joint venture	15	14	13	13	16
Equity in earnings in joint ventures, net	−11	−12	−11	−9	−11
Long-term debt related activities, net (see Note 20)	8	7	5	8	25
Cloud computing arrangements expenditures	−23	−19	−33	−30	−14
Other, net	25	15	23	−5	844,000
Accounts and notes receivable	−19	−5	430,000	−6	−6
Inventories	−473,000	138,000	439,000	−1	−872,000
Prepaid expenses and other current assets	−1	−2	−672,000	7	−3
Advertising funds restricted assets and liabilities	−4	−21	−18	−31	12
Accounts payable	−9	1	−9	−2	8
Accrued expenses and other current liabilities	−18	5	4	−13	21
Net cash provided by operating activities	345	355	345	260	346
Capital expenditures	−102	−94	−85	−86	−78
Franchise development fund	38	41	8	4	—
Acquisitions	−17	0	0	0	−123
Dispositions	4	5	2	8	55
Proceeds from sale of investments	0	0	31,000	0	63,000
Notes receivable, net	2	1	4	3	1
Net cash used in investing activities	−151	−129	−87	−78	−155
Proceeds from long-term debt	476	0	0	500	1,100
Repayments of long-term debt	−454	−29	−95	−27	−970
Repayments of finance lease liabilities	−25	−20	−22	−17	−14
Deferred financing costs	−10	0	0	−10	−21
Repurchases of common stock	−201	−77	−190	−52	−269
Dividends	−130	−204	−209	−107	−95
Proceeds from stock option exercises	2	33	15	5	30
Payments related to tax withholding for share-based compensation	−3	−4	−4	−3	−5
Net cash used in financing activities	−344	−303	−504	289	−243
Net cash used in operations before effect of exchange rate changes on cash	−150	−77	−245	471	−52
Effect of exchange rate changes on cash	4	−8	2	−6	364,000
Net decrease in cash, cash equivalents and restricted cash	−146	−85	−243	465	−51

Filings

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