The Wendy's Company Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw a 5.5% global sales decline, mainly from U.S. softness, but international growth and operational improvements are supporting a flat full-year outlook. Project Fresh initiatives, menu upgrades, and a major China expansion are expected to drive sequential improvement.
Fiscal Year 2025
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Q4 and full-year 2025 saw U.S. sales declines offset by strong international growth and digital gains. Project Fresh turnaround initiatives are underway, with 2026 expected to be a rebuilding year and system optimization impacting sales. Adjusted EBITDA is guided at $460–$480 million.
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Project Fresh is driving a strategic shift toward AUV growth, with U.S. sales under pressure but international markets delivering strong results. System optimization may lead to U.S. closures, while capital is being redirected to technology and brand initiatives.
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Global sales declined 1.8% as U.S. same restaurant sales fell, but international growth remained strong. Full-year guidance was lowered due to persistent consumer and competitive pressures, while technology and menu innovation are expected to drive future improvement.
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Global same restaurant sales declined 2.1% in Q1, with U.S. down 2.8% and international up 2.3%. 2025 outlook was revised downward due to persistent consumer headwinds, but net unit growth and capital returns remain on track. Menu innovation and tech investments are key focus areas.
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The company outlined a strategy centered on fresh food, operational excellence, and accelerated global growth, targeting 8,300 restaurants and up to $18B in sales by 2028. Key investments include technology, next-gen restaurant designs, and international expansion, with a focus on high-growth demographics and innovative marketing.
Fiscal Year 2024
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Q4 and full-year 2024 saw strong global sales and digital growth, with 276 new restaurants opened and significant margin expansion. 2025 guidance includes 2–3% systemwide sales and unit growth, increased CapEx, and a shift in capital allocation to support technology and share repurchases.
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Q3 saw 1.8% global sales growth, strong digital and breakfast performance, and flat US margins. Strategic closures offset new openings, with 2024 net unit growth flat but 3–4% growth targeted for 2025, driven by international expansion and menu innovation.
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System-wide sales grew 2.6% in Q2, with digital sales up over 40% and 99 new restaurants opened. Adjusted EBITDA fell 1% to $143M, but full-year guidance for sales, margins, and EPS was reaffirmed. Expansion plans and franchise incentives support long-term growth.