The Wendy's Company Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 28, 2025	Dec '24 Dec 29, 2024	Dec '23 Dec 31, 2023	Jan '23 Jan 1, 2023	Jan '22 Jan 2, 2022
Net Income	165.08	194.36	204.44	177.37	200.39
Depreciation & Amortization	170.87	157.94	148.57	135.81	125.54
Stock-Based Compensation	14.57	23.02	23.75	24.54	22.02
Other Adjustments	94.81	50.29	38.76	12.98	12.82
Change in Receivables	-19.17	-5.16	0.43	-5.86	-5.61
Changes in Inventories	-0.47	0.14	0.44	-1.2	-0.87
Changes in Accounts Payable	-8.93	1.03	-8.83	-1.53	7.59
Changes in Accrued Expenses	-17.63	5.14	3.96	-12.78	21.38
Changes in Other Operating Activities	-54.58	-71.44	-66.09	-69.42	-37.48
Operating Cash Flow	344.54	355.31	345.42	259.9	345.77
Operating Cash Flow Growth	-3.03%	2.86%	32.90%	-24.83%	21.60%
Capital Expenditures	-101.93	-94.39	-85.02	-85.54	-77.98
Sale of Property, Plant & Equipment	-	-	2.12	8.24	55.12
Purchases of Investments	-	-	-	-	-10
Proceeds from Sale of Investments	4.41	4.95	0.03	-	0.06
Payments for Business Acquisitions	-16.85	-	-	-	-123.07
Other Investing Activities	-36.46	-39.86	-3.67	-0.47	1.2
Investing Cash Flow	-150.83	-129.31	-86.55	-77.78	-154.67
Long-Term Debt Issued	475.5	-	-	500	1,100
Long-Term Debt Repaid	-478.54	-49.65	-116.29	-44.06	-983.98
Net Long-Term Debt Issued (Repaid)	-3.04	-49.65	-116.29	455.94	116.02
Issuance of Common Stock	1.92	32.86	14.67	4.87	30
Repurchase of Common Stock	-203.61	-81.86	-193.43	-55.12	-273.04
Net Common Stock Issued (Repurchased)	-201.69	-49	-178.76	-50.25	-243.04
Common Dividends Paid	-129.59	-204.44	-209.25	-106.78	-94.85
Other Financing Activities	-9.67	-	-	-10.23	-20.87
Financing Cash Flow	-343.99	-303.1	-504.3	288.67	-242.74
Effect of Exchange Rate Changes on Cash and Cash Equivalents	4.34	-8.11	2.45	-5.97	0.36
Net Cash Flow	-145.94	-85.21	-242.99	464.84	-51.28
Free Cash Flow	242.62	260.92	260.4	174.36	267.79
Free Cash Flow Growth	-7.02%	0.20%	49.34%	-34.89%	24.33%
FCF Margin	11.15%	11.61%	11.94%	8.32%	14.12%
Free Cash Flow Per Share	1.25	1.27	1.23	0.81	1.19
Levered Free Cash Flow	309.91	312.78	234.49	708.53	433.86
Unlevered Free Cash Flow	410.52	443.91	435.58	341.85	428.35

Updated Dec 28, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.