WENDY'S CO, DEF 14A filed on 4/2/2026
Proxy Statement (definitive)
v3.26.1
Cover
12 Months Ended
Dec. 31, 2025
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name THE WENDY’S COMPANY
Entity Central Index Key 0000030697
v3.26.1
Pay vs Performance Disclosure - USD ($)
1 Months Ended 5 Months Ended 12 Months Ended 17 Months Ended
Feb. 05, 2024
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Jul. 18, 2025
Pay vs Performance Disclosure                
Pay vs Performance Disclosure, Table    
PAY VERSUS PERFORMANCE
Pursuant to Section 953(a) of the Dodd-Frank Act and Item 402(v) of SEC Regulation
S-K,
we are providing the following information about the relationship between the compensation “actually paid” (“CAP”) to the Company’s principal executive officer (the “PEO”) and
non-PEO
NEOs (the
“Non-PEO
NEOs”) and certain aspects of the financial performance of the Company. The CAP to our NEOs as reported in this section does not reflect the actual amount of compensation earned, realized or received by our NEOs, but is a calculation derived from the total compensation reported for each NEO in the 2025 Summary Compensation Table (the “SCT”), as adjusted pursuant to the requirements of Item 402(v) of SEC Regulation
S-K.
While the Compensation and Human Capital Committee did not utilize CAP as defined by the SEC in making compensation decisions in 2025, see “Compensation Discussion and Analysis—A Philosophy of
Pay-For-Performance”
for further information concerning the Company’s philosophy of
pay-for-performance.
P
AY
VERSUS
P
ERFORMANCE
T
ABLE
 
Y
EAR
 
S
UMMARY

C
OMPENSATION

T
ABLE
T
OTAL

FOR
T
ODD

P
ENEGOR
1
 
C
OMPENSATION

A
CTUALLY
P
AID

TO
T
ODD

P
ENEGOR
2
 
S
UMMARY

C
OMPENSATION

T
ABLE
T
OTAL

FOR
K
IRK

T
ANNER
1
 
C
OMPENSATION

A
CTUALLY
P
AID

TO
K
IRK

T
ANNER
2
 
S
UMMARY

C
OMPENSATION

T
ABLE
T
OTAL

FOR
K
EN
C
OOK
1
 
C
OMPENSATION

A
CTUALLY
P
AID

TO
K
EN
C
OOK
2
(a)
 
($) (b)
 
($) (c)
 
($) (d)
 
($) (e)
 
($) (f)
 
($) (g)
2025
 
     
 
— 
 
 
     
 
— 
 
 
     
 
4,590,665
 
 
     
 
(9,474,133
 
)
 
     
 
4,503,440
 
 
     
 
3,120,946
 
 
2024
 
     
 
3,291,979
 
 
     
 
(2,273,046
 
)
 
     
 
17,308,117
 
 
     
 
14,121,842
 
 
     
 
— 
 
 
     
 
— 
 
 
2023
 
     
 
8,596,408
 
 
     
 
1,412,451
 
 
     
 
— 
 
 
     
 
— 
 
 
     
 
— 
 
 
     
 
— 
 
 
2022
 
     
 
8,005,313
 
 
     
 
6,651,234
 
 
     
 
— 
 
 
     
 
— 
 
 
     
 
— 
 
 
     
 
— 
 
 
2021
 
     
 
9,669,733
 
 
     
 
11,210,465
 
 
     
 
— 
 
 
     
 
— 
 
 
     
 
— 
 
 
     
 
— 
 
 
 
Y
EAR
 
A
VERAGE
 S
UMMARY

C
OMPENSATION
 T
ABLE

T
OTAL
FOR
N
ON
-PEO

NEO
S
3
 
A
VERAGE

C
OMPENSATION

A
CTUALLY
 P
AID
 
TO

N
ON
-PEO
NEO
S
4
 
V
ALUE
OF
I
NITIAL
F
IXED
$100 I
NVESTMENT

B
ASED
 O
N
:
 
 
N
ET
I
NCOME

(
IN
 
MILLIONS
)
7
 
A
DJUSTED
EBITDA
 (
IN
 
MILLIONS
)
8
 
T
OTAL
 S
HAREHOLDER

R
ETURN
5
 
P
EER
G
ROUP
T
OTAL

S
HAREHOLDER
 R
ETURN
6
(a)
 
($) (h)
 
($) (i)
 
($) (j)
 
($) (k)
 
($) (l)
 
($) (m)
2025
 
     
 
3,897,226
 
 
     
 
2,324,360
 
 
     
 
46.93
 
 
     
 
143.16
 
 
     
 
165.1
 
 
     
 
522.4
 
 
2024
 
     
 
2,490,509
 
 
     
 
1,632,006
 
 
     
 
87.43
 
 
     
 
147.74
 
 
     
 
194.4
 
 
     
 
543.6
 
 
2023
 
     
 
2,746,501
 
 
     
 
686,555
 
 
     
 
97.52
 
 
     
 
134.36
 
 
     
 
204.4
 
 
     
 
535.9
 
 
2022
 
     
 
2,864,852
 
 
     
 
2,482,526
 
 
     
 
107.93
 
 
     
 
114.53
 
 
     
 
177.4
 
 
     
 
497.8
 
 
2021
 
     
 
3,463,434
 
 
     
 
3,974,600
 
 
     
 
111.00
 
 
     
 
123.02
 
 
     
 
200.4
 
 
     
 
467.0
 
 
 
  (1)
The dollar amounts shown in columns (b), (d) and (f) reflect the amounts reported in the “Total” column of the SCT for each applicable year for Mr. Penegor (who was our PEO until February 5, 2024), Mr. Tanner (who was our PEO from February 5, 2024 until July 18, 2025) and
Mr. Cook
(who became our PEO on July 
18
, 2025), respectively.
 
 
  (2)
The dollar amounts shown in columns (c), (e) and (g) reflect the amount of CAP to Mr. Penegor, Mr. Tanner and Mr. Cook, respectively, as calculated in accordance with Item 402(v) of SEC Regulation
S-K
for each applicable year. In accordance with the requirements of Item 402(v) of SEC Regulation
S-K,
the following adjustments were made to
 
 
  
  
 
the amounts reported in the “Total” column of the SCT for Mr. Penegor, Mr. Tanner and Mr. Cook, as applicable, for each year to determine the CAP:
 
 
   
 
T
ODD
P
ENEGOR
(PEO
UNTIL
F
EBRUARY
 5, 2024)
 
 
   
 
2025
 
($)
 
   
 
2024
 
($)
 
   
 
2023
 
($)
 
   
 
2022
 
($)
 
   
 
2021
 
($)
 
 
SCT Total for Todd Penegor
 
 
 
 
— 
 
 
 
 
 
 
3,291,979
 
 
 
 
 
 
8,596,408
 
 
 
 
 
 
8,005,313
 
 
 
 
 
 
9,669,733
 
 
 
Deduct:
Reported Value of Equity Awards Granted during Fiscal Year
 
   
 
— 
 
 
 
   
 
— 
 
 
 
   
 
(5,749,960
 
 
   
 
(5,249,966
 
 
   
 
(5,249,974
 
 
Add
:
Year-End
Fair Value of Equity Awards Granted in the Year that are Outstanding and Unvested at
Year-End
 
   
 
— 
 
 
 
   
 
— 
 
 
 
   
 
4,579,532
 
 
 
   
 
5,413,992
 
 
 
   
 
6,822,175
 
 
 
Add or Deduct
: Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that are Outstanding and Unvested at
Year-End
 
   
 
— 
 
 
 
   
 
(445,081
 
 
   
 
(3,216,785
 
 
   
 
(929,034
 
 
   
 
(134,543
 
 
Add or Deduct
: Change in Fair Value from Prior Year End to Vesting Date of Equity Awards Granted in Prior Years that Vested in the Year
 
   
 
— 
 
 
 
   
 
(1,234,151
 
 
   
 
(3,121,640
 
 
   
 
(803,357
 
 
   
 
(49,181
 
 
Deduct
: Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year
 
   
 
— 
 
 
 
   
 
(3,940,136
 
 
   
 
— 
 
 
 
   
 
— 
 
 
 
   
 
— 
 
 
 
Add
: Value of Dividends or other Earnings Paid on Stock or Option Awards Not Otherwise Reflected in Fair Value or Total Compensation
 
   
 
— 
 
 
 
   
 
54,343
 
 
 
   
 
324,895
 
 
 
   
 
214,286
 
 
 
   
 
152,255
 
 
 
CAP to Todd Penegor
(a)
 
 
 
 
— 
 
 
 
 
 
 
(2,273,046
 
 
 
 
 
1,412,451
 
 
 
 
 
 
6,651,234
 
 
 
 
 
 
11,210,465
 
 
 
 
   
 
K
IRK
 T
ANNER
 (PEO 
FROM
 F
EBRUARY
 5, 2024 
UNTIL
 J
ULY
 18, 2025)
 
   
 
   2025   
 
($)
 
 
 
   2024   
 
($)
 
SCT Total for Kirk Tanner
 
   
 
 
4,590,665
 
 
   
 
 
17,308,117
 
 
Deduct:
Reported Value of Equity Awards Granted during Fiscal Year
 
     
 
(4,019,990
 
)
 
     
 
(14,999,961
 
)
 
Add
:
Year-End
Fair Value of Equity Awards Granted in the Year that are Outstanding and Unvested at
Year-End
 
     
 
      — 
 
 
     
 
11,285,145
 
 
Add or Deduct
: Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that are Outstanding and Unvested at
Year-End
 
     
 
      — 
 
 
     
 
      — 
 
 
Add or Deduct
: Change in Fair Value from Prior Year End to Vesting Date of Equity Awards Granted in Prior Years that Vested in the Year
 
     
 
(143,572
 
)
 
     
 
      — 
 
 
Deduct
: Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year
 
     
 
(9,993,994
 
)
 
     
 
      — 
 
 
Add
: Value of Dividends or other Earnings Paid on Stock or Option Awards Not Otherwise Reflected in Fair Value or Total Compensation
 
     
 
92,757
 
 
     
 
528,540
 
 
CAP to Kirk Tanner
(a)
 
   
 
 
(9,474,133
 
)
 
   
 
 
14,121,842
 
 
 
    
 
K
EN
 C
OOK
 (PEO 
FROM
 J
ULY
 18, 2025)
 
    
 
2025
 
($)
 
SCT Total for Ken Cook
 
    
 
 
4,503,440
 
 
Deduct:
Reported Value of Equity Awards Granted during Fiscal Year
 
      
 
(3,114,980
 
)
 
Add
:
Year-End
Fair Value of Equity Awards Granted in the Year that are Outstanding and Unvested at
Year-End
 
      
 
1,808,010
 
 
Add or Deduct
: Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that are Outstanding and Unvested at
Year-End
 
      
 
(135,380
 
)
 
Add or Deduct
: Change in Fair Value from Prior Year End to Vesting Date of Equity Awards Granted in Prior Years that Vested in the Year
 
      
 
      — 
 
 
Deduct
: Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year
 
      
 
      — 
 
 
Add
: Value of Dividends or other Earnings Paid on Stock or Option Awards Not Otherwise Reflected in Fair Value or Total Compensation
 
      
 
59,856
 
 
CAP to Ken Cook
(a)
 
    
 
 
3,120,946
 
 
 
  (a)
The fair value or change in fair value, as applicable, of the equity awards described in the line items above was determined by reference to: (i) with respect to RSU awards, the closing price of our Common Stock on applicable
year-end
dates or, in the case of vesting dates, the actual vesting price; (ii) with respect to cumulative free cash flow-based performance unit awards, the same valuation methodology as RSU awards above except
year-end
and vesting date values were multiplied by the probability of achievement as of each such date; (iii) with respect to relative total shareholder return-based performance unit awards, the fair value calculated by a Monte Carlo simulation model as of the applicable
year-end
date(s) or, in the case of a vesting date, the actual vesting price and probability of achievement as of each such date; (iv) with respect to global systemwide sales growth-based performance unit awards and global Company-operated restaurant margin acceleration-based performance unit awards that are subject to a downward or upward adjustment of up to 25% based on relative total stockholder return, the same valuation methodology as RSU awards above except
year-end
and vesting date values were multiplied by the probability of achievement as of each such date and also multiplied by the fair value of the relative total stockholder return modifier calculated by a Monte Carlo simulation model as of the applicable
year-end
date; and (v) with respect to stock options, the fair value calculated by a Black-Scholes-Merton option pricing model as of the applicable
year-end
or vesting date(s), determined based on the same methodology as used to determine grant date fair values but using the closing price of our Common Stock, risk-free interest rate, expected life in years, expected volatility and expected dividend yield as of the revaluation date.
 
 
  (3)
The dollar amounts shown in column (h) reflect the average
o
f the amounts reported in the “Total” column of the SCT for the
Non-PEO
NEOs as a group for each applicable year. For 2025, the
Non-PEO
NEOs consisted of Mr. Suerken, Mr. Wunsch and Mr. Min. For 2024, the
Non-PEO
NEOs consisted of Mr. Cook, Abigail Pringle, our former President, U.S., Mr. Wunsch, Ms. Radkoski and Gunther Plosch, our former Chief Financial Officer. For 2023, the
Non-PEO
NEOs consisted of Mr. Plosch, Ms. Pringle, J. Kevin Vasconi, our former Chief Information Officer, Mr. Wunsch and Kurt A. Kane, our former President, U.S. and Chief Commercial Officer. For each of 2022 and 2021, the
Non-PEO
NEOs consisted of Mr. Plosch, Mr. Kane, Ms. Pringle and Mr. Vasconi.
 
 
  
  
  (4)
The dollar amounts shown in column (i) reflect the average amount of CAP to the
Non-PEO
NEOs as a group, as calculated in accordance with Item 402(v) of SEC Regulation
S-K
for each applicable year. In accordance with the requirements of Item 402(v) of SEC Regulation
S-K,
the following adjustments were made to the average of the amounts reported in the “Total” column of the SCT for the
Non-PEO
NEOs as a group for each year to determine the CAP:
 
 
    
 
N
ON
-PEO
NEO
S
 
 
    
 
2025
 
($)
 
   
 
2024
 
($)
 
   
 
2023
 
($)
 
   
 
2022
 
($)
 
   
 
2021
 
($)
 
 
Average SCT Total for
Non-PEO
NEOs
 
  
 
 
3,897,226
 
 
 
 
 
 
2,490,509
 
 
 
 
 
 
2,746,501
 
 
 
 
 
 
2,864,852
 
 
 
 
 
 
3,463,434
 
 
 
Deduct:
Average Reported Value of Equity Awards Granted during Fiscal Year
 
    
 
(2,698,315
 
 
   
 
(1,293,968
 
 
   
 
(1,089,970
 
 
   
 
(1,512,478
 
 
   
 
(1,437,476
 
 
Add
: Average
Year-End
Fair Value of Equity Awards Granted in the Year that are Outstanding and Unvested at
Year-End
 
    
 
1,474,646
 
 
 
   
 
943,814
 
 
 
   
 
868,100
 
 
 
   
 
1,559,732
 
 
 
   
 
1,867,954
 
 
 
Add or Deduct
: Year over Year Average Change in Fair Value of Equity Awards Granted in Prior Years that are Outstanding and Unvested at
Year-End
 
    
 
(258,055
 
 
   
 
(324,716
 
 
   
 
(744,500
 
 
   
 
(302,803
 
 
   
 
22,280
 
 
 
Add or Deduct
: Average Change in Fair Value from Prior Year End to Vesting Date of Equity Awards Granted in Prior Years that Vested in the Year
 
    
 
(142,591
 
 
   
 
(247,535
 
 
   
 
(751,182
 
 
   
 
(208,462
 
 
   
 
638
 
 
 
Deduct
: Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year
 
    
 
— 
 
 
 
   
 
— 
 
 
 
   
 
(426,831
 
 
   
 
— 
 
 
 
   
 
— 
 
 
 
Add
: Average Value of Dividends or other Earnings Paid on Stock or Option Awards Not Otherwise Reflected in Fair Value or Total Compensation
 
    
 
51,449
 
 
 
   
 
63,902
 
 
 
   
 
84,436
 
 
 
   
 
81,685
 
 
 
   
 
57,770
 
 
 
Average CAP to
Non-PEO
NEOs
(a)
 
  
 
 
2,324,360
 
 
 
 
 
 
1,632,006
 
 
 
 
 
 
686,555
 
 
 
 
 
 
2,482,526
 
 
 
 
 
 
3,974,600
 
 
 
 
  (a)
See footnote (2.a) above for a discussion of the determination of the fair value or change in fair value, as applicable, of the equity awards described in the line items above.
 
 
  (5)
Assumes an initial investment of $100 on December 31, 2020, the last trading day of fiscal 2020 and a reinvestment of all dividends when received.
 
 
  (6)
The peer group reflected is the same market capitalization weighted peer group used by the Company for purposes of compliance with Item 201(e)(1)(ii) of SEC Regulation
S-K.
In addition, peer group total shareholder return is calculated using the same method the Company uses for purposes of compliance with Item 201(e)(1)(ii) of SEC Regulation
S-K.
Assumes an initial investment of $100 on December 31, 2020, the last trading day of fiscal 2020 and a reinvestment of all dividends when received. The companies that comprise this peer group are: Brinker International, Inc.; Chipotle Mexican Grill, Inc.; Darden Restaurants, Inc.; Dine Brands Global, Inc.; Domino’s Pizza, Inc.; Jack in the Box Inc.; McDonald’s Corporation; Papa John’s International, Inc.; Red Robin Gourmet Burgers, Inc.; Restaurant Brands International Inc.; Starbucks Corporation; The Wendy’s Company; and Yum! Brands, Inc.
 
 
  (7)
The dollar amounts reported represent the amount of the Company’s net income for the applicable year, each as calculated in accordance with accounting principles generally accepted in the United States of America (GAAP).
 
 
  (8)
The Company has determined that adjusted EBITDA is the most important financial performance measure used by the Company to link CAP to our NEOs for the 2025 fiscal year to the Company’s performance. As used in this section, adjusted EBITDA reflects the Company’s reported financial results for the applicable fiscal year and is defined as earnings before interest, taxes, depreciation and amortization, as adjusted to exclude the impact of certain specific
non-recurring
and unusual items. See
Annex A
for additional details regarding adjusted EBITDA.
 
         
Company Selected Measure Name     adjusted EBITDA          
Named Executive Officers, Footnote     For 2025, the
Non-PEO
NEOs consisted of Mr. Suerken, Mr. Wunsch and Mr. Min. For 2024, the
Non-PEO
NEOs consisted of Mr. Cook, Abigail Pringle, our former President, U.S., Mr. Wunsch, Ms. Radkoski and Gunther Plosch, our former Chief Financial Officer. For 2023, the
Non-PEO
NEOs consisted of Mr. Plosch, Ms. Pringle, J. Kevin Vasconi, our former Chief Information Officer, Mr. Wunsch and Kurt A. Kane, our former President, U.S. and Chief Commercial Officer. For each of 2022 and 2021, the
Non-PEO
NEOs consisted of Mr. Plosch, Mr. Kane, Ms. Pringle and Mr. Vasconi.
         
Peer Group Issuers, Footnote    
  (6)
The peer group reflected is the same market capitalization weighted peer group used by the Company for purposes of compliance with Item 201(e)(1)(ii) of SEC Regulation
S-K.
In addition, peer group total shareholder return is calculated using the same method the Company uses for purposes of compliance with Item 201(e)(1)(ii) of SEC Regulation
S-K.
Assumes an initial investment of $100 on December 31, 2020, the last trading day of fiscal 2020 and a reinvestment of all dividends when received. The companies that comprise this peer group are: Brinker International, Inc.; Chipotle Mexican Grill, Inc.; Darden Restaurants, Inc.; Dine Brands Global, Inc.; Domino’s Pizza, Inc.; Jack in the Box Inc.; McDonald’s Corporation; Papa John’s International, Inc.; Red Robin Gourmet Burgers, Inc.; Restaurant Brands International Inc.; Starbucks Corporation; The Wendy’s Company; and Yum! Brands, Inc.
 
         
Adjustment To PEO Compensation, Footnote    
  (2)
The dollar amounts shown in columns (c), (e) and (g) reflect the amount of CAP to Mr. Penegor, Mr. Tanner and Mr. Cook, respectively, as calculated in accordance with Item 402(v) of SEC Regulation
S-K
for each applicable year. In accordance with the requirements of Item 402(v) of SEC Regulation
S-K,
the following adjustments were made to
 
 
  
  
 
the amounts reported in the “Total” column of the SCT for Mr. Penegor, Mr. Tanner and Mr. Cook, as applicable, for each year to determine the CAP:
 
 
   
 
T
ODD
P
ENEGOR
(PEO
UNTIL
F
EBRUARY
 5, 2024)
 
 
   
 
2025
 
($)
 
   
 
2024
 
($)
 
   
 
2023
 
($)
 
   
 
2022
 
($)
 
   
 
2021
 
($)
 
 
SCT Total for Todd Penegor
 
 
 
 
— 
 
 
 
 
 
 
3,291,979
 
 
 
 
 
 
8,596,408
 
 
 
 
 
 
8,005,313
 
 
 
 
 
 
9,669,733
 
 
 
Deduct:
Reported Value of Equity Awards Granted during Fiscal Year
 
   
 
— 
 
 
 
   
 
— 
 
 
 
   
 
(5,749,960
 
 
   
 
(5,249,966
 
 
   
 
(5,249,974
 
 
Add
:
Year-End
Fair Value of Equity Awards Granted in the Year that are Outstanding and Unvested at
Year-End
 
   
 
— 
 
 
 
   
 
— 
 
 
 
   
 
4,579,532
 
 
 
   
 
5,413,992
 
 
 
   
 
6,822,175
 
 
 
Add or Deduct
: Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that are Outstanding and Unvested at
Year-End
 
   
 
— 
 
 
 
   
 
(445,081
 
 
   
 
(3,216,785
 
 
   
 
(929,034
 
 
   
 
(134,543
 
 
Add or Deduct
: Change in Fair Value from Prior Year End to Vesting Date of Equity Awards Granted in Prior Years that Vested in the Year
 
   
 
— 
 
 
 
   
 
(1,234,151
 
 
   
 
(3,121,640
 
 
   
 
(803,357
 
 
   
 
(49,181
 
 
Deduct
: Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year
 
   
 
— 
 
 
 
   
 
(3,940,136
 
 
   
 
— 
 
 
 
   
 
— 
 
 
 
   
 
— 
 
 
 
Add
: Value of Dividends or other Earnings Paid on Stock or Option Awards Not Otherwise Reflected in Fair Value or Total Compensation
 
   
 
— 
 
 
 
   
 
54,343
 
 
 
   
 
324,895
 
 
 
   
 
214,286
 
 
 
   
 
152,255
 
 
 
CAP to Todd Penegor
(a)
 
 
 
 
— 
 
 
 
 
 
 
(2,273,046
 
 
 
 
 
1,412,451
 
 
 
 
 
 
6,651,234
 
 
 
 
 
 
11,210,465
 
 
 
 
   
 
K
IRK
 T
ANNER
 (PEO 
FROM
 F
EBRUARY
 5, 2024 
UNTIL
 J
ULY
 18, 2025)
 
   
 
   2025   
 
($)
 
 
 
   2024   
 
($)
 
SCT Total for Kirk Tanner
 
   
 
 
4,590,665
 
 
   
 
 
17,308,117
 
 
Deduct:
Reported Value of Equity Awards Granted during Fiscal Year
 
     
 
(4,019,990
 
)
 
     
 
(14,999,961
 
)
 
Add
:
Year-End
Fair Value of Equity Awards Granted in the Year that are Outstanding and Unvested at
Year-End
 
     
 
      — 
 
 
     
 
11,285,145
 
 
Add or Deduct
: Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that are Outstanding and Unvested at
Year-End
 
     
 
      — 
 
 
     
 
      — 
 
 
Add or Deduct
: Change in Fair Value from Prior Year End to Vesting Date of Equity Awards Granted in Prior Years that Vested in the Year
 
     
 
(143,572
 
)
 
     
 
      — 
 
 
Deduct
: Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year
 
     
 
(9,993,994
 
)
 
     
 
      — 
 
 
Add
: Value of Dividends or other Earnings Paid on Stock or Option Awards Not Otherwise Reflected in Fair Value or Total Compensation
 
     
 
92,757
 
 
     
 
528,540
 
 
CAP to Kirk Tanner
(a)
 
   
 
 
(9,474,133
 
)
 
   
 
 
14,121,842
 
 
 
    
 
K
EN
 C
OOK
 (PEO 
FROM
 J
ULY
 18, 2025)
 
    
 
2025
 
($)
 
SCT Total for Ken Cook
 
    
 
 
4,503,440
 
 
Deduct:
Reported Value of Equity Awards Granted during Fiscal Year
 
      
 
(3,114,980
 
)
 
Add
:
Year-End
Fair Value of Equity Awards Granted in the Year that are Outstanding and Unvested at
Year-End
 
      
 
1,808,010
 
 
Add or Deduct
: Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that are Outstanding and Unvested at
Year-End
 
      
 
(135,380
 
)
 
Add or Deduct
: Change in Fair Value from Prior Year End to Vesting Date of Equity Awards Granted in Prior Years that Vested in the Year
 
      
 
      — 
 
 
Deduct
: Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year
 
      
 
      — 
 
 
Add
: Value of Dividends or other Earnings Paid on Stock or Option Awards Not Otherwise Reflected in Fair Value or Total Compensation
 
      
 
59,856
 
 
CAP to Ken Cook
(a)
 
    
 
 
3,120,946
 
 
 
  (a)
The fair value or change in fair value, as applicable, of the equity awards described in the line items above was determined by reference to: (i) with respect to RSU awards, the closing price of our Common Stock on applicable
year-end
dates or, in the case of vesting dates, the actual vesting price; (ii) with respect to cumulative free cash flow-based performance unit awards, the same valuation methodology as RSU awards above except
year-end
and vesting date values were multiplied by the probability of achievement as of each such date; (iii) with respect to relative total shareholder return-based performance unit awards, the fair value calculated by a Monte Carlo simulation model as of the applicable
year-end
date(s) or, in the case of a vesting date, the actual vesting price and probability of achievement as of each such date; (iv) with respect to global systemwide sales growth-based performance unit awards and global Company-operated restaurant margin acceleration-based performance unit awards that are subject to a downward or upward adjustment of up to 25% based on relative total stockholder return, the same valuation methodology as RSU awards above except
year-end
and vesting date values were multiplied by the probability of achievement as of each such date and also multiplied by the fair value of the relative total stockholder return modifier calculated by a Monte Carlo simulation model as of the applicable
year-end
date; and (v) with respect to stock options, the fair value calculated by a Black-Scholes-Merton option pricing model as of the applicable
year-end
or vesting date(s), determined based on the same methodology as used to determine grant date fair values but using the closing price of our Common Stock, risk-free interest rate, expected life in years, expected volatility and expected dividend yield as of the revaluation date.
 
         
Non-PEO NEO Average Total Compensation Amount     $ 3,897,226 $ 2,490,509 $ 2,746,501 $ 2,864,852 $ 3,463,434  
Non-PEO NEO Average Compensation Actually Paid Amount     $ 2,324,360 1,632,006 686,555 2,482,526 3,974,600  
Adjustment to Non-PEO NEO Compensation Footnote    
  (4)
The dollar amounts shown in column (i) reflect the average amount of CAP to the
Non-PEO
NEOs as a group, as calculated in accordance with Item 402(v) of SEC Regulation
S-K
for each applicable year. In accordance with the requirements of Item 402(v) of SEC Regulation
S-K,
the following adjustments were made to the average of the amounts reported in the “Total” column of the SCT for the
Non-PEO
NEOs as a group for each year to determine the CAP:
 
 
    
 
N
ON
-PEO
NEO
S
 
 
    
 
2025
 
($)
 
   
 
2024
 
($)
 
   
 
2023
 
($)
 
   
 
2022
 
($)
 
   
 
2021
 
($)
 
 
Average SCT Total for
Non-PEO
NEOs
 
  
 
 
3,897,226
 
 
 
 
 
 
2,490,509
 
 
 
 
 
 
2,746,501
 
 
 
 
 
 
2,864,852
 
 
 
 
 
 
3,463,434
 
 
 
Deduct:
Average Reported Value of Equity Awards Granted during Fiscal Year
 
    
 
(2,698,315
 
 
   
 
(1,293,968
 
 
   
 
(1,089,970
 
 
   
 
(1,512,478
 
 
   
 
(1,437,476
 
 
Add
: Average
Year-End
Fair Value of Equity Awards Granted in the Year that are Outstanding and Unvested at
Year-End
 
    
 
1,474,646
 
 
 
   
 
943,814
 
 
 
   
 
868,100
 
 
 
   
 
1,559,732
 
 
 
   
 
1,867,954
 
 
 
Add or Deduct
: Year over Year Average Change in Fair Value of Equity Awards Granted in Prior Years that are Outstanding and Unvested at
Year-End
 
    
 
(258,055
 
 
   
 
(324,716
 
 
   
 
(744,500
 
 
   
 
(302,803
 
 
   
 
22,280
 
 
 
Add or Deduct
: Average Change in Fair Value from Prior Year End to Vesting Date of Equity Awards Granted in Prior Years that Vested in the Year
 
    
 
(142,591
 
 
   
 
(247,535
 
 
   
 
(751,182
 
 
   
 
(208,462
 
 
   
 
638
 
 
 
Deduct
: Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year
 
    
 
— 
 
 
 
   
 
— 
 
 
 
   
 
(426,831
 
 
   
 
— 
 
 
 
   
 
— 
 
 
 
Add
: Average Value of Dividends or other Earnings Paid on Stock or Option Awards Not Otherwise Reflected in Fair Value or Total Compensation
 
    
 
51,449
 
 
 
   
 
63,902
 
 
 
   
 
84,436
 
 
 
   
 
81,685
 
 
 
   
 
57,770
 
 
 
Average CAP to
Non-PEO
NEOs
(a)
 
  
 
 
2,324,360
 
 
 
 
 
 
1,632,006
 
 
 
 
 
 
686,555
 
 
 
 
 
 
2,482,526
 
 
 
 
 
 
3,974,600
 
 
 
 
  (a)
See footnote (2.a) above for a discussion of the determination of the fair value or change in fair value, as applicable, of the equity awards described in the line items above.
 
         
Compensation Actually Paid vs. Total Shareholder Return    
CAP and the Company’s TSR, Net Income and Adjusted EBITDA
The tables below demonstrate the relationship
between
(i) CAP to our PEOs and the average amount of CAP to our
Non-PEO
NEOs and (ii) the Company’s TSR, net income and adjusted EBITDA for each of 2025, 2024, 2023, 2022 and 2021.
 
 
LOGO
 
         
Compensation Actually Paid vs. Net Income     LOGO          
Compensation Actually Paid vs. Company Selected Measure     LOGO          
Total Shareholder Return Vs Peer Group    
Company TSR and Peer Group TSR
The table below demonstrates the relationship between (i) the Company’s TSR and (ii) the weighted TSR of the Company’s peer group disclosed in footnote (6) to the Pay Versus Performance Table above, beginning on December 31, 2020 (the last trading day of fiscal 2020) and ending on December 26, 2025 (the last trading day of fiscal 2025).
 
 
LOGO
         
Tabular List, Table    
F
INANCIAL
P
ERFORMANCE
M
EASURES
As described in greater detail under the caption “Compensation Discussion and Analysis,” performance-based pay constitutes the most significant portion of target total direct compensation for the Company’s senior executives, consistent with the Company’s
pay-for-performance
philosophy. In our assessment, the financial performance measures selected for use in the 2025 annual cash incentive plan and long-term equity incentive awards represent the most important financial performance measures used by the Company to link CAP to the Company’s NEOs during 2025 to the Company’s performance. These measures include:
 
 
 
Adjusted EBITDA;
 
 
 
Global Same-Restaurant Sales Growth;
 
 
 
Global Net Unit Growth;
 
 
 
Global Systemwide Sales Growth;
 
 
 
Global Company-Operated Restaurant Margin Acceleration; and
 
 
 
Relative Total Stockholder Return (TSR) (the Company’s TSR as compared to the Russell 3000 Restaurant index)
See “Compensation Discussion and Analysis” for additional details on how each of the financial performance measures listed above were used in the Company’s 2025 executive compensation
program
.
         
Total Shareholder Return Amount     $ 46.93 87.43 97.52 107.93 111  
Peer Group Total Shareholder Return Amount     143.16 147.74 134.36 114.53 123.02  
Net Income (Loss)     $ 165,100,000 $ 194,400,000 $ 204,400,000 $ 177,400,000 $ 200,400,000  
Company Selected Measure Amount     522,400,000 543,600,000 535,900,000 497,800,000 467,000,000  
Measure:: 1                
Pay vs Performance Disclosure                
Name     Adjusted EBITDA          
Measure:: 2                
Pay vs Performance Disclosure                
Name     Global Same-Restaurant Sales Growth          
Measure:: 3                
Pay vs Performance Disclosure                
Name     Global Net Unit Growth          
Measure:: 4                
Pay vs Performance Disclosure                
Name     Global Systemwide Sales Growth          
Measure:: 5                
Pay vs Performance Disclosure                
Name     Global Company-Operated Restaurant Margin Acceleration; and          
Measure:: 6                
Pay vs Performance Disclosure                
Name     Relative Total Stockholder Return (TSR) (the Company’s TSR as compared to the Russell 3000 Restaurant index)          
Todd Penegor [Member]                
Pay vs Performance Disclosure                
PEO Total Compensation Amount     $ 0 $ 3,291,979 $ 8,596,408 $ 8,005,313 $ 9,669,733  
PEO Actually Paid Compensation Amount     0 (2,273,046) $ 1,412,451 $ 6,651,234 $ 11,210,465  
PEO Name Mr. Penegor       Mr. Penegor Mr. Penegor Mr. Penegor  
Kirk Tanner [Member]                
Pay vs Performance Disclosure                
PEO Total Compensation Amount     4,590,665 17,308,117 $ 0 $ 0 $ 0  
PEO Actually Paid Compensation Amount     (9,474,133) 14,121,842 0 0 0  
PEO Name               Mr. Tanner
Ken Cook [Member]                
Pay vs Performance Disclosure                
PEO Total Compensation Amount   $ 4,503,440 4,503,440 0 0 0 0  
PEO Actually Paid Compensation Amount   $ 3,120,946 3,120,946 0 0 0 0  
PEO Name   Mr. Cook            
PEO | Todd Penegor [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     0 0 (5,749,960) (5,249,966) (5,249,974)  
PEO | Todd Penegor [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     0 0 4,579,532 5,413,992 6,822,175  
PEO | Todd Penegor [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     0 (445,081) (3,216,785) (929,034) (134,543)  
PEO | Todd Penegor [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     0 (1,234,151) (3,121,640) (803,357) (49,181)  
PEO | Todd Penegor [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     0 (3,940,136) 0 0 0  
PEO | Todd Penegor [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     0 54,343 324,895 214,286 152,255  
PEO | Kirk Tanner [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     (4,019,990) (14,999,961)        
PEO | Kirk Tanner [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     0 11,285,145        
PEO | Kirk Tanner [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     0 0        
PEO | Kirk Tanner [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     (143,572) 0        
PEO | Kirk Tanner [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     (9,993,994) 0        
PEO | Kirk Tanner [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     92,757 528,540        
PEO | Ken Cook [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   $ (3,114,980)            
PEO | Ken Cook [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   1,808,010            
PEO | Ken Cook [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   (135,380)            
PEO | Ken Cook [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   0            
PEO | Ken Cook [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   0            
PEO | Ken Cook [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   $ 59,856            
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     (2,698,315) (1,293,968) (1,089,970) (1,512,478) (1,437,476)  
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     1,474,646 943,814 868,100 1,559,732 1,867,954  
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     (258,055) (324,716) (744,500) (302,803) 22,280  
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     (142,591) (247,535) (751,182) (208,462) 638  
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     0 0 (426,831) 0 0  
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     $ 51,449 $ 63,902 $ 84,436 $ 81,685 $ 57,770  
v3.26.1
Award Timing Disclosure
12 Months Ended
Dec. 31, 2025
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure
Equity Award Granting Policy
Equity grants made to our executive officers must be approved by the Subcommittee. The Subcommittee approves and grants annual equity awards, including options, at approximately the same time every year. Each year, the Subcommittee approves the dollar amounts of the long-term equity awards for its executives in February. The performance units, which have a three-year performance period, are typically granted in February, and the stock option awards and restricted stock unit awards are typically granted in August, two full business days after the Company’s second quarter earnings release is issued. Outside of the annual grant cycle, the Subcommittee may, from time to time, grant special equity awards, such as in connection with a new hire package. The Subcommittee retains discretion to determine the grant dates for any such special equity awards, taking into account all relevant factors. The Subcommittee does not take material
non-public
information into account when determining the timing of the grant of equity awards, including options, and the timing of the release of material
non-public
information is not based on affecting the value of executive compensation.
Award Timing Method The Subcommittee approves and grants annual equity awards, including options, at approximately the same time every year. Each year, the Subcommittee approves the dollar amounts of the long-term equity awards for its executives in February.
Award Timing Predetermined true
MNPI Disclosure Timed for Compensation Value false
v3.26.1
Insider Trading Policies and Procedures
12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true