Wendy's Company (the) · NASDAQ:WEN
Wendy's Company (the) — Q4 2025 Earnings Presentation
26 slides from Wendy's Company (the)'s earnings presentation, Feb 13, 2026
Slide 1: Fourth Quarter 2025 Conference Call
Fourth Quarter 2025 Conference Call February 13, 2026
Slide 2: Aaron Broholm, Head of Investor Relations
Aaron Broholm Head of Investor Relations
Slide 3: Agenda
AGENDA BUSINESS UPDATE FINANCIAL RESULTS 2026 FINANCIAL OUTLOOK IR CALENDAR Q&A
Slide 4: Forward-Looking Statements and Non-GAAP Financial Measures
FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES This presentation, and certain information that management may discuss in connection with this presentation, contains certain statements that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act
Slide 5: Ken Cook, Interim CEO
Wendys KEN COOK INTERIM CEO
Slide 6: Q4 2025 Results Summary
Q4 2025 RESULTS SUMMARY Global Systemwide Sales Declined (8.3%) and SRS Declined (10.1%) U.S Systemwide Sales Declined (10.5%) and SRS Declined (11.3%) International Systemwide Sales Grew 6.2% and SRS Declined (2.0%) Opened 59 New International Restaurants Across Key Growth Markets 6
Slide 7: 2025 Highlights
2025 HIGHLIGHTS Achieved OPERATIONAL IMPROVEMENTS in U.S. Company-Operated Restaurants U.S. Digital Mix Reached ALL-TIME HIGH of 20.0%, with U.S. Digital Sales Growing 12.4% RECORD INTERNATIONAL NET UNIT GROWTH, 121 Net New Restaurants, Reflecting Over 9% Growth Returned $330 MILLION TO SHAREHOLDERS
Slide 8: Project Fresh
PROJECT FRESH 1 2 3 4 BRAND OPERATIONAL SYSTEM CAPITAL REVITALIZATION EXCELLENCE OPTIMIZATION ALLOCATION A COMPREHENSIVE TURNAROUND PLAN TO DRIVE PROFITABLE GROWTH AND IMPROVE FRANCHISEE ECONOMICS 8
Slide 9: Brand Revitalization
PROJECT FRESH BRAND REVITALIZATION Leveraging Consumer Segmentation Study to Increase Focus on Key Growth Opportunities Deploying a New Marketing and Menu Framework, Highlighting Wendy’s Quality, Value and Brand Differentiators Improving Marketing Effectiveness, Optimizing Channel Mix and Increasing
Slide 10: Operational Excellence
PROJECT FRESH OPERATIONAL EXCELLENCE Building Momentum Through People Activation, Enhanced Training, and Performance Management Expanding Field Operations Team for Greater Support to Franchisees Enhancing Capabilities to Restaurant Technology, Unlocking Operational Efficiencies 10
Slide 11: System Optimization
PROJECT FRESH SYSTEM OPTIMIZATION Partnering with U.S. Franchisees to Strengthen the System and Franchisee Economics Expecting 5% to 6% of U.S. Restaurants to Close in the First Half of 2026 Adding Flexibility Around Hours of Operation to Strengthen Restaurant Profitability 11
Slide 12: Capital Allocation
PROJECT FRESH CAPITAL ALLOCATION Redirecting Capital from U.S. Development Towards Initiatives that Drive Profitable AUV Growth Continuing to Utilize the Build-to-Suit Program in International Markets to Drive Net Unit Growth Returning Cash to Shareholders Through Quarterly Dividend 12
Slide 13: Best Food Great Experience
At Wendy’s, our focus is on serving the BEST FOOD and creating a GREAT EXPERIENCE for our customers.
Slide 14: Suzie Thuerk, Chief Accounting Officer
SUZIE THUERK CHIEF ACCOUNTING OFFICER & HEAD OF GLOBAL FP&A
Slide 15: Fourth Quarter Financial Results
FOURTH QUARTER FINANCIAL RESULTS $ Millions (except per share amounts) 2024 2025 B/(W) Global Systemwide Sales Growth 5.4% (8.3)% 2-Yr (2.9)% Global System SRS 4.3% (10.1)% 2-Yr (5.8)% U.S. Company-Operated Restaurant Margin 16.5% 12.7% (380) bps G&A $67.2 $67.1 0.1% Adjusted EBITDA1 $137.5 $113.3 (
Slide 16: 2025 CapEx and Free Cash Flow
2025 CAPEX AND FREE CASH FLOW 2025 CapEx Investments $52.4M $69.6M Technology Initiatives Restaurant Development 2024 2025 B/(W) YTD Free Cash Flow1 $237.7M $205.4M ($32.3M) 1 Beginning with the three months ended March 30, 2025, the Company modified its definition of free cash flow to reflect expen
Slide 17: 2025 Capital Allocation
2025 CAPITAL ALLOCATION Share Repurchases Dividend 14.4M Shares $0.67/share Returned $330M to Shareholders in 2025 17
Slide 18: 2026 Outlook
2026 OUTLOOK Global Systemwide Sales Growth Approximately Flat Adjusted EBITDA $460M to $480M Adjusted EPS $0.56 to $0.60 Capital Expenditures and Franchise $120M to $130M Development Fund Investments Free Cash Flow 1 $190M to $205M 1 Beginning with the three months ended March 30, 2025, the Company
Slide 19: Ken Cook, Interim CEO
Wendys KEN COOK INTERIM CEO
Slide 20: Investor Relations Calendar
Investor Relations Calendar March 10th Citi 2026 Global Consumer & Retail Conference (Miami) March 11th UBS Global Consumer & Retail Conference (NYC)
Slide 21: Q&A
Q&A
Slide 22: Appendix
APPENDIX
Slide 23: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES In addition to the GAAP financial measures included in this presentation, the Company has presented certain non-GAAP financial measures (i.e., adjusted revenues, adjusted EBITDA, adjusted earnings per share and free cash flow). These non- GAAP financial
Slide 24: Reconciliations of Net Income to Adjusted EBITDA
RECONCILIATIONS OF NET INCOME TO ADJUSTED EBITDA AND REVENUE TO ADJUSTED REVENUES 24
Slide 25: Reconciliation of Net Income and Diluted EPS to Adjusted Income
RECONCILIATION OF NET INCOME AND DILUTED EARNINGS PER SHARE TO ADJUSTED INCOME AND ADJUSTED EARNINGS PER SHARE 25
Slide 26: Reconciliation of Net Cash from Operations to Free Cash Flow
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW 26
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