Wendy's Company (the) · NASDAQ:WEN
Wendy's Company (the) — Q1 2026 Earnings Presentation
25 slides from Wendy's Company (the)'s earnings presentation, May 8, 2026
Slide 1: First Quarter 2026 Conference Call
FIRST QUARTER 2026 CONFERENCE CALL MAY 8, 2026
Slide 2: Aaron Broholm, Head of Investor Relations
AARON BROHOLM Head of Investor Relations
Slide 3: 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 4: Ken Cook, Interim CEO
KEN COOK Interim CEO Footer / data source 4
Slide 5: Q1 2026 Results Summary
Q1 2026 RESULTS SUMMARY Global Systemwide Sales of $3,221M Declined (5.5%) and SRS Declined (6.8%) U.S Systemwide Sales of $2,703M Declined (7.3%) and SRS Declined (7.8%) International Systemwide Sales of $518M Grew 6.0% and SRS Declined (0.4%) Opened 27 New International Restaurants Across Key Grow
Slide 6: International Highlights
INTERNATIONAL HIGHLIGHTS Entered Into Franchise Agreement to Build up to 1,000 RESTAURANTS ACROSS CHINA Introduced New BOLD, DIGITAL-FIRST RESTAURANT DESIGN Future Fresh
Slide 7: 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
Slide 8: Brand Revitalization
PROJECT FRESH BRAND REVITALIZATION Aligning Menu and Marketing with Brand Essence Framework Building Promotions and Programming That Resonates with Target Customers Growing Top-of-Mind Awareness Through Culturally Relevant Marketing 8
Slide 9: Operational Excellence
PROJECT FRESH OPERATIONAL EXCELLENCE Improving Execution Through People Activation, Enhanced Training, and Performance Management Tools Prioritizing Initiatives with Greatest Near-Term Opportunity to Elevate the Customer Experience Enhancing Technology Capabilities to Create a More Seamless Digital
Slide 10: System Optimization
PROJECT FRESH SYSTEM OPTIMIZATION Partnering with U.S. Franchisees to Strengthen the System and Franchisee Economics Expectations for Planned Footprint Optimization Remain Unchanged Aligning Operating Hours to Better Match Customer Demand at Select Locations
Slide 11: 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
Slide 12: Best Food Great Experience
At Wendy’s, our focus is on serving the BEST FOOD and creating a GREAT EXPERIENCE for our customers.
Slide 13: Suzie Thuerk
SUZIE THUERK Chief Accounting Officer & Head Of Global FP&A
Slide 14: First Quarter Financial Results
FIRST QUARTER FINANCIAL RESULTS $ Millions (except per share amounts) 2025 2026 B/(W) Global Systemwide Sales Growth (1.1)% (5.5)% 2-Yr (6.6)% Global System SRS (2.1)% (6.8)% 2-Yr (8.9)% U.S. Company-Operated Restaurant Margin 14.8% 11.4% (340)bps G&A $68.2 $72.8 (6.7)% Adjusted EBITDA 1 $124.5 $111
Slide 15: 2025 Franchisee Financials
2025 FRANCHISEE FINANCIALS NET SALES EBITDA MARGIN vs. 2024 vs. 2024 U.S. (6)% U.S. (270)bps Canada +1% Canada (160)bps
Slide 16: 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 $190M to $205M
Slide 17: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES 1 2 3 4 CONTINUE TO PAY AN MAINTAIN A UTILIZE INVEST IN ATTRACTIVE STRONG EXCESS THE DIVIDEND BALANCE CASH TO BUSINESS SHEET REPURCHASE FOR GROWTH SHARES
Slide 18: Ken Cook, Interim CEO
KEN COOK Interim CEO Footer / data source 18
Slide 19: Investor Relations Calendar
INVESTOR RELATIONS CALENDAR May 12 Wolfe Investor Conference (Virtual) May 21 NDR with BTIG (Chicago) May 27 Bernstein Strategic Decisions Conference (NYC) June 10 Evercore Consumer and Retail Conference (NYC)
Slide 20: Q&A
Q&A
Slide 21: Appendix
APPENDIX
Slide 22: 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 m
Slide 23: Reconciliations of Net Income to Adjusted EBITDA
RECONCILIATIONS OF NET INCOME TO ADJUSTED EBITDA AND REVENUES TO ADJUSTED REVENUES
Slide 24: Reconciliation of Net Income and Diluted EPS to Adjusted
RECONCILIATION OF NET INCOME AND DILUTED EARNINGS PER SHARE TO ADJUSTED INCOME AND ADJUSTED EARNINGS PER SHARE
Slide 25: Reconciliation of Net Cash from Operations to Free Cash Flow
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
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