WENDY'S CO, 10-Q filed on 5/8/2026
Quarterly Report
v3.26.1
Document and Entity Information - shares
3 Months Ended
Mar. 29, 2026
May 01, 2026
Document and Entity Information [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 29, 2026  
Document Transition Report false  
Entity File Number 1-2207  
Entity Registrant Name THE WENDY’S COMPANY  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 38-0471180  
Entity Address, Address Line One One Dave Thomas Blvd.  
Entity Address, City or Town Dublin  
Entity Address, State or Province OH  
Entity Address, Postal Zip Code 43017  
City Area Code 614  
Local Phone Number 764-3100  
Title of 12(b) Security Common Stock, $.10 par value  
Trading Symbol WEN  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0000030697  
Current Fiscal Year End Date --01-03  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Entity Common Stock, Shares Outstanding   190,480,640
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
shares in Thousands, $ in Thousands
Mar. 29, 2026
Dec. 28, 2025
Current assets:    
Cash and cash equivalents $ 298,740 $ 300,833
Restricted cash 39,295 39,207
Accounts and notes receivable, net 125,055 117,333
Inventories 6,604 7,387
Prepaid expenses and other current assets 73,419 55,412
Advertising funds restricted assets 109,149 97,867
Total current assets 652,262 618,039
Properties 908,478 937,795
Finance lease assets 325,538 312,844
Operating lease assets 611,376 642,589
Goodwill 773,710 774,088
Other intangible assets 1,158,395 1,170,671
Investments 24,499 25,227
Net investment in sales-type and direct financing leases 279,671 284,891
Other assets 190,693 190,417
Total assets 4,924,622 4,956,561
Current liabilities:    
Current portion of long-term debt 29,750 29,750
Current portion of finance lease liabilities 27,334 26,673
Current portion of operating lease liabilities 52,318 51,119
Accounts payable 23,596 30,450
Accrued expenses and other current liabilities 114,812 116,655
Advertising funds restricted liabilities 108,348 96,454
Total current liabilities 356,158 351,101
Long-term debt 2,724,896 2,730,502
Long-term finance lease liabilities 655,082 646,715
Long-term operating lease liabilities 627,213 660,257
Deferred income taxes 288,492 287,753
Deferred franchise fees 84,426 87,956
Other liabilities 72,804 74,894
Total liabilities 4,809,071 4,839,178
Commitments and contingencies
Stockholders’ equity:    
Common stock, $0.10 par value; 1,500,000 shares authorized; 470,424 shares issued; 190,450 and 190,324 shares outstanding, respectively 47,042 47,042
Additional paid-in capital 2,989,355 2,986,150
Retained earnings 431,173 435,124
Common stock held in treasury, at cost; 279,974 and 280,100 shares, respectively (3,285,255) (3,286,965)
Accumulated other comprehensive loss (66,764) (63,968)
Total stockholders’ equity 115,551 117,383
Total liabilities and stockholders’ equity $ 4,924,622 $ 4,956,561
Common Stock, Par Value $ 0.10 $ 0.10
Common Stock, Shares Authorized 1,500,000 1,500,000
Common Stock, Shares Issued 470,424 470,424
Common Stock, Shares Outstanding 190,450 190,324
Treasury Stock, Shares 279,974 280,100
v3.26.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Revenues:    
Revenues $ 540,637 $ 523,472
Costs and expenses:    
Cost of sales 201,049 188,169
Franchise support and other costs 21,991 16,596
Franchise rental expense 30,176 30,701
Advertising funds expense 108,615 101,528
General and Administrative Expense 72,843 68,204
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below) 40,575 36,549
Amortization of cloud computing arrangements 4,762 4,167
System optimization (gains) losses, net (1,625) 90
Reorganization and realignment costs (162) (692)
Impairment of long-lived assets 2,572 1,421
Other operating income, net (5,080) (6,387)
Costs and expenses 475,716 440,346
Operating profit 64,921 83,126
Interest expense, net (34,106) (31,477)
Investment loss, net 0 (1,718)
Other income, net 3,350 4,986
Income before income taxes 34,165 54,917
Provision for income taxes (11,453) (15,685)
Net income $ 22,712 $ 39,232
Net income per share:    
Basic $ 0.12 $ 0.20
Diluted $ 0.12 $ 0.19
Sales    
Revenues:    
Revenue from Contract with Customer, Excluding Assessed Tax $ 225,497 $ 219,510
Franchise royalty revenue and fees    
Revenues:    
Revenue from Contract with Customer, Excluding Assessed Tax 147,895 145,148
Franchise rental income    
Revenues:    
Revenue from Contract with Customer, Excluding Assessed Tax 58,904 58,454
Advertising funds revenue    
Revenues:    
Revenue from Contract with Customer, Excluding Assessed Tax $ 108,341 $ 100,360
v3.26.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Net income $ 22,712 $ 39,232
Other comprehensive (loss) income:    
Foreign currency translation adjustment (2,796) 1,912
Other comprehensive (loss) income (2,796) 1,912
Comprehensive income $ 19,916 $ 41,144
v3.26.1
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Common Stock Held in Treasury
Accumulated Other Comprehensive Loss
Stockholders' Equity, beginning of period at Dec. 29, 2024 $ 259,352 $ 47,042 $ 2,982,102 $ 399,700 $ (3,094,739) $ (74,753)
Increase (Decrease) in Stockholders' Equity            
Net income 39,232 0 0 39,232 0 0
Other comprehensive income (loss) 1,912 0 0 0 0 1,912
Cash dividends (49,432) 0 0 (49,432) 0 0
Repurchases of common stock (125,399) 0 0 0 (125,399) 0
Share-based compensation 5,572 0 5,572 0 0 0
Common stock issued upon exercises of stock options 196 0 (130) 0 326 0
Common stock issued upon vesting of restricted shares (1,249) 0 (2,702) 0 1,453 0
Other 55 0 23 (19) 51 0
Stockholders' Equity, end of period at Mar. 30, 2025 130,239 47,042 2,984,865 389,481 (3,218,308) (72,841)
Stockholders' Equity, beginning of period at Dec. 28, 2025 117,383 47,042 2,986,150 435,124 (3,286,965) (63,968)
Increase (Decrease) in Stockholders' Equity            
Net income 22,712 0 0 22,712 0 0
Other comprehensive income (loss) (2,796) 0 0 0 0 (2,796)
Cash dividends (26,648) 0 0 (26,648) 0 0
Share-based compensation 5,246 0 5,246 0 0 0
Common stock issued upon vesting of restricted shares (423) 0 (2,006) 0 1,583 0
Other 77 0 (35) (15) 127 0
Stockholders' Equity, end of period at Mar. 29, 2026 $ 115,551 $ 47,042 $ 2,989,355 $ 431,173 $ (3,285,255) $ (66,764)
v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Cash flows from operating activities:    
Net income $ 22,712 $ 39,232
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below) 40,575 36,549
Amortization of cloud computing arrangements 4,762 4,167
Share-based compensation 5,246 5,572
Impairment of long-lived assets 2,572 1,421
Deferred income tax 956 306
Non-cash rental expense, net 10,925 10,350
Change in operating lease liabilities (12,584) (12,131)
Net (recognition) receipt of deferred vendor incentives (2,535) 11,178
System optimization (gains) losses, net (1,625) 90
Distributions received from joint ventures, net of equity in earnings 341 717
Long-term debt-related activities, net 1,832 1,873
Cloud computing arrangements expenditures (4,157) (2,417)
Changes in operating assets and liabilities and other, net (9,631) (11,492)
Net cash provided by operating activities 59,389 85,415
Cash flows from investing activities:    
Capital expenditures (11,881) (17,679)
Franchise development fund (4,580) (5,813)
Dispositions 2,796 55
Notes receivable, net 0 1,949
Net cash used in investing activities (13,665) (21,488)
Cash flows from financing activities:    
Proceeds from long-term debt 15,100 15,000
Repayments of long-term debt (22,538) (15,813)
Repayments of finance lease liabilities (5,970) (5,238)
Repurchases of common stock 0 (122,784)
Dividends (26,648) (49,432)
Proceeds from stock option exercises 0 273
Payments related to tax withholding for share-based compensation (423) (1,326)
Net cash used in financing activities (40,479) (179,320)
Net cash provided by (used in) operations before effect of exchange rate changes on cash 5,245 (115,393)
Effect of exchange rate changes on cash (886) 744
Net increase (decrease) in cash, cash equivalents and restricted cash 4,359 (114,649)
Cash, cash equivalents and restricted cash at beginning of period 357,672 503,608
Cash, cash equivalents and restricted cash at end of period $ 362,031 $ 388,959
v3.26.1
Basis of Presentation
3 Months Ended
Mar. 29, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying unaudited condensed consolidated financial statements (the “Financial Statements”) of The Wendy’s Company (“The Wendy’s Company” and, together with its subsidiaries, the “Company,” “we,” “us” or “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and, therefore, do not include all information and footnotes required by GAAP for complete financial statements. In our opinion, the Financial Statements contain all adjustments of a normal recurring nature necessary to present fairly our financial position as of March 29, 2026, the results of our operations for the three months ended March 29, 2026 and March 30, 2025 and cash flows for the three months ended March 29, 2026 and March 30, 2025. The results of operations for the three months ended March 29, 2026 are not necessarily indicative of the results to be expected for the full 2026 fiscal year. The Financial Statements should be read in conjunction with the audited consolidated financial statements for The Wendy’s Company and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 28, 2025 (the “Form 10-K”).

The principal 100% owned subsidiary of the Company is Wendy’s International, LLC and its subsidiaries (“Wendy’s”). The Company manages and internally reports its business in the following segments: (1) Wendy’s U.S., (2) Wendy’s International and (3) Global Real Estate & Development. See Note 17 for further information.

We report on a fiscal year consisting of 52 or 53 weeks ending on the Sunday closest to or on December 31. All three-month periods presented herein contain 13 weeks. All references to years, quarters and months relate to fiscal periods rather than calendar periods.

Our significant interim accounting policies include the recognition of advertising funds expense in proportion to advertising funds revenue.
v3.26.1
Revenue
3 Months Ended
Mar. 29, 2026
Revenue [Abstract]  
Revenue Revenue
Disaggregation of Revenue

The following tables disaggregate revenue by segment and source:
Wendy’s U.S.Wendy’s InternationalGlobal Real Estate & DevelopmentTotal
Three Months Ended March 29, 2026
Sales at Company-operated restaurants$219,295 $6,202 $— $225,497 
Franchise royalty revenue97,308 18,882 — 116,190 
Franchise fees28,283 2,775 647 31,705 
Franchise rental income— — 58,904 58,904 
Advertising funds revenue99,273 9,068 — 108,341 
Total revenues$444,159 $36,927 $59,551 $540,637 
Three Months Ended March 30, 2025
Sales at Company-operated restaurants$212,744 $6,766 $— $219,510 
Franchise royalty revenue104,406 17,269 — 121,675 
Franchise fees20,704 2,086 683 23,473 
Franchise rental income— — 58,454 58,454 
Advertising funds revenue91,760 8,600 — 100,360 
Total revenues$429,614 $34,721 $59,137 $523,472 
Contract Balances

The following table provides information about receivables and contract liabilities (deferred franchise fees) from contracts with customers:
March 29,
2026 (a)
December 28, 2025 (a)
Receivables, which are included in “Accounts and notes receivable, net” (b)
$71,918 $59,060 
Receivables, which are included in “Advertising funds restricted assets”
73,825 75,083 
Deferred franchise fees (c)94,185 98,496 
_______________

(a)Excludes funds collected from the sale of gift cards, which are primarily reimbursed to franchisees upon redemption at franchised restaurants and do not ultimately result in the recognition of revenue in the Company’s condensed consolidated statements of operations.

(b)Includes receivables related to “Sales” and “Franchise royalty revenue and fees.”

(c)Deferred franchise fees are included in “Accrued expenses and other current liabilities” and “Deferred franchise fees” and totaled $9,759 and $84,426, respectively, as of March 29, 2026, and $10,540 and $87,956, respectively, as of December 28, 2025.

Significant changes in deferred franchise fees are as follows:
Three Months Ended
March 29,
2026
March 30,
2025
Deferred franchise fees at beginning of period$98,496 $99,411 
Revenue recognized during the period
(4,832)(2,345)
New deferrals due to cash received and other521 1,935 
Deferred franchise fees at end of period$94,185 $99,001 

Anticipated Future Recognition of Deferred Franchise Fees

The following table reflects the estimated franchise fees to be recognized in the future related to performance obligations that are unsatisfied at the end of the period:
Estimate for fiscal year:
2026 (a)$9,759 
20276,650 
20286,492 
20296,386 
20306,283 
Thereafter58,615 
$94,185 
_______________

(a)Represents franchise fees expected to be recognized for the remainder of 2026, which includes development-related franchise fees expected to be recognized over a duration of one year or less.
v3.26.1
Leases
3 Months Ended
Mar. 29, 2026
Leases [Abstract]  
Leases, Company as Lessee Leases
Nature of Leases

The Company operates restaurants that are located on sites owned by us and sites leased by us from third parties. In addition, the Company owns sites and leases sites from third parties, which it leases and/or subleases to franchisees. The Company also leases restaurant, office and transportation equipment. As of March 29, 2026, the nature of restaurants operated by the Company and its franchisees was as follows:
March 29,
2026
Company-operated restaurants:
Owned land and building153
Owned building and held long-term land leases142
Leased land and building136
Total Company-operated restaurants431
Franchisee-operated restaurants:
Company-owned properties leased to franchisees454
Company-leased properties subleased to franchisees1,122
Other franchisee-operated restaurants5,244
Total franchisee-operated restaurants6,820
Total Company-operated and franchisee-operated restaurants7,251

Company as Lessee

The components of lease cost are as follows:
Three Months Ended
March 29,
2026
March 30,
2025
Finance lease cost:
Amortization of finance lease assets$5,768 $5,145 
Interest on finance lease liabilities11,642 10,877 
17,410 16,022 
Operating lease cost20,010 20,517 
Variable lease cost (a)15,909 16,213 
Short-term lease cost1,376 1,266 
Total operating lease cost (b)37,295 37,996 
Total lease cost$54,705 $54,018 
_______________

(a)Includes expenses for executory costs of $10,539 and $10,394 for the three months ended March 29, 2026 and March 30, 2025, respectively, for which the Company is reimbursed by sublessees.

(b)Includes $30,040 and $30,652 for the three months ended March 29, 2026 and March 30, 2025, respectively, recorded to “Franchise rental expense” for leased properties that are subsequently leased to franchisees. Also includes $6,887 and $6,941 for the three months ended March 29, 2026 and March 30, 2025, respectively, recorded to “Cost of sales” for leases for Company-operated restaurants.
Leases, Company as Lessor
Company as Lessor

The components of lease income are as follows:
Three Months Ended
March 29,
2026
March 30,
2025
Sales-type and direct-financing leases:
Selling profit$1,853 $(11)
Interest income (a)6,700 6,915 
Operating lease income42,651 42,421 
Variable lease income16,253 16,033 
Franchise rental income (b)$58,904 $58,454 
_______________

(a)Included in “Interest expense, net.”

(b)Includes sublease income of $42,200 and $42,784 recognized during the three months ended March 29, 2026 and March 30, 2025, respectively. Sublease income includes lessees’ variable payments to the Company for executory costs of $10,411 and $10,197 for the three months ended March 29, 2026 and March 30, 2025, respectively.
v3.26.1
Investments
3 Months Ended
Mar. 29, 2026
Investments [Abstract]  
Investments Investments
Equity Method Investment

Wendy’s has a 50% share in a partnership in a Canadian restaurant real estate joint venture (“TimWen”) with a subsidiary of Restaurant Brands International Inc., a quick-service restaurant company that owns the Tim Hortons® brand (Tim Hortons is a registered trademark of Tim Hortons USA Inc.). The Company has significant influence over this investee. Such investment is accounted for using the equity method, under which our results of operations include our share of the income of the investee in “Other operating income, net.”

Presented below is activity related to our investment in TimWen included in our condensed consolidated financial statements:
Three Months Ended
March 29,
2026
March 30,
2025
Balance at beginning of period$25,227 $27,288 
Equity in earnings for the period2,836 2,843 
Amortization of purchase price adjustments (a)(473)(591)
2,363 2,252 
Distributions received(2,704)(2,969)
Foreign currency translation adjustment included in “Other comprehensive (loss) income”
(387)199 
Balance at end of period$24,499 $26,770 
_______________

(a)Purchase price adjustments that impacted the carrying value of the Company’s investment in TimWen are being amortized over the average original aggregate life of 21 years.
Other Investments in Equity Securities
During the three months ended March 30, 2025, the Company recorded an impairment charge of $1,718 for the difference between the estimated fair value and the carrying value of an investment in equity securities. As a result, the carrying value of the investment was zero as of March 30, 2025.
v3.26.1
Long-Term Debt
3 Months Ended
Mar. 29, 2026
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consisted of the following:
March 29,
2026
December 28,
2025
Class A-2 Notes:
5.422% Series 2025-1 Class A-2-I Notes, anticipated repayment date 2032
$448,875 $450,000 
4.236% Series 2022-1 Class A-2-I Notes, anticipated repayment date 2029
96,250 96,500 
4.535% Series 2022-1 Class A-2-II Notes, anticipated repayment date 2032
381,134 382,134 
2.370% Series 2021-1 Class A-2-I Notes, anticipated repayment date 2029
413,144 414,269 
2.775% Series 2021-1 Class A-2-II Notes, anticipated repayment date 2031
618,905 620,530 
4.080% Series 2019-1 Class A-2-II Notes, anticipated repayment date 2029
392,998 394,123 
3.884% Series 2018-1 Class A-2-II Notes, anticipated repayment date 2028
430,412 431,599 
Unamortized debt issuance costs(27,072)(28,903)
2,754,646 2,760,252 
Less amounts payable within one year(29,750)(29,750)
Total long-term debt$2,724,896 $2,730,502 

Other Long-Term Debt
Wendy’s U.S. advertising fund has a revolving line of credit of $15,000, which was established to support the Company’s advertising fund operations and bears interest at the Secured Overnight Financing Rate (“SOFR”) plus 2.25%. Borrowings under the line of credit are guaranteed by Wendy’s. During the three months ended March 29, 2026, the Company borrowed and repaid $11,500 under the revolving line of credit, then subsequently borrowed and repaid $3,600 under the revolving line of credit. As a result, as of March 29, 2026, the Company had no outstanding borrowings under the revolving line of credit.
v3.26.1
Fair Value Measurements
3 Months Ended
Mar. 29, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques under the accounting guidance related to fair value measurements are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. These inputs are classified into the following hierarchy:

Level 1 Inputs - Quoted prices for identical assets or liabilities in active markets.

Level 2 Inputs - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3 Inputs - Pricing inputs are unobservable for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value require significant management judgment or estimation.
Financial Instruments

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments:
March 29,
2026
December 28,
2025
Carrying
Amount
Fair
Value
Carrying
Amount
Fair
Value
Fair Value
Measurements
Financial assets
Cash equivalents$196,187 $196,187 $210,607 $210,607 Level 1
Financial liabilities (b)
Series 2025-1 Class A-2-I Notes448,875 449,773 450,000 447,075 Level 2
Series 2022-1 Class A-2-I Notes96,250 93,767 96,500 95,284 Level 2
Series 2022-1 Class A-2-II Notes381,134 360,400 382,134 371,625 Level 2
Series 2021-1 Class A-2-I Notes413,144 381,663 414,269 385,726 Level 2
Series 2021-1 Class A-2-II Notes618,905 546,617 620,530 553,699 Level 2
Series 2019-1 Class A-2-II Notes392,998 378,182 394,123 383,403 Level 2
Series 2018-1 Class A-2-II Notes430,412 423,138 431,599 421,630 Level 2
_______________

(a)The fair value of our other investments in equity securities is based on our review of information provided by the investment manager, which is based on observable price changes in orderly transactions for a similar investment of the same issuer.

(b)The fair values were based on quoted market prices in markets that are not considered active markets.

The carrying amounts of cash, accounts payable and accrued expenses approximate fair value due to the short-term nature of those items. The carrying amounts of accounts and notes receivable, net (both current and non-current) approximate fair value due to the effect of the related allowance for doubtful accounts. Our cash equivalents are the only financial assets measured and recorded at fair value on a recurring basis.
Non-Recurring Fair Value Measurements

Assets and liabilities remeasured to fair value on a non-recurring basis resulted in impairment that we have recorded to “Impairment of long-lived assets” in our condensed consolidated statements of operations.

Total impairment losses may reflect the impact of remeasuring long-lived assets held and used (including land, buildings, leasehold improvements, favorable lease assets and right-of-use assets) to fair value as a result of (1) the deterioration in operating performance of certain Company-operated restaurants and (2) the Company’s decision to lease and/or sublease the land and/or buildings to franchisees in connection with the sale or anticipated sale of restaurants, including any subsequent lease modifications. The fair values of long-lived assets held and used presented in the tables below represent the remaining carrying value and were estimated based on either discounted cash flows of future anticipated lease and sublease income or discounted cash flows of future anticipated Company-operated restaurant performance. Total impairment losses may also include the impact of remeasuring long-lived assets held for sale. The fair values of long-lived assets held for sale presented in the tables below represent the remaining carrying value and were estimated based on current market values. See Note 12 for further information on impairment of our long-lived assets.
Fair Value Measurements
March 29,
2026
Level 1Level 2Level 3
Held and used$468 $— $— $468 
Held for sale514 — — 514 
Total$982 $— $— $982 
Fair Value Measurements
December 28,
2025
Level 1Level 2Level 3
Held and used$1,367 $— $— $1,367 
Held for sale2,457 — — 2,457 
Total$3,824 $— $— $3,824 
v3.26.1
Income Taxes
3 Months Ended
Mar. 29, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s effective tax rate for the three months ended March 29, 2026 and March 30, 2025 was 33.5% and 28.6%, respectively. The Company’s effective tax rate varied from the U.S. federal statutory rate of 21% for the three months ended March 29, 2026 primarily due to state income taxes, share-based compensation and the tax effects of our foreign operations.
v3.26.1
Net Income Per Share
3 Months Ended
Mar. 29, 2026
Earnings Per Share [Abstract]  
Net Income Per Share Net Income Per Share
The calculation of basic and diluted net income per share was as follows:
Three Months Ended
March 29,
2026
March 30,
2025
Net income$22,712 $39,232 
Common stock:
Weighted average basic shares outstanding190,293 200,643 
Dilutive effect of stock options and restricted shares
607 974 
Weighted average diluted shares outstanding190,900 201,617 
Net income per share:
Basic$.12 $.20 
Diluted$.12 $.19 

Basic net income per share for the three months ended March 29, 2026 and March 30, 2025 was computed by dividing net income amounts by the weighted average number of shares of common stock outstanding. Diluted net income per share was computed by dividing net income by the weighted average number of basic shares outstanding plus the potential common share effect of dilutive stock options and restricted shares. We excluded potential common shares of 11,926 and 8,288 for the three months ended March 29, 2026, and March 30, 2025, respectively, from our diluted net income per share calculation as they would have had anti-dilutive effects.
v3.26.1
Stockholders' Equity
3 Months Ended
Mar. 29, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Dividends

During the first quarter of 2026 and 2025, the Company paid dividends per share of $.14 and $.25, respectively.

Repurchases of Common Stock

In January 2023, our Board of Directors authorized a repurchase program for up to $500,000 of our common stock through February 28, 2027, when and if market conditions warrant and to the extent legally permissible (the “January 2023 Authorization”). During the three months ended March 29, 2026, no shares were repurchased under the January 2023 Authorization. As of March 29, 2026, the Company had $35,000 of availability remaining under the January 2023 Authorization.

During the three months ended March 30, 2025, the Company repurchased 8,182 shares under the January 2023 Authorization with an aggregate purchase price of $124,070, of which $1,401 was accrued as of March 30, 2025, and excluding excise tax of $1,214 and commissions of $115.
Accumulated Other Comprehensive Loss

The following table provides a rollforward of accumulated other comprehensive loss, which is entirely comprised of foreign currency translation:
Three Months Ended
March 29,
2026
March 30,
2025
Balance at beginning of period$(63,968)$(74,753)
Foreign currency translation
(2,796)1,912 
Balance at end of period$(66,764)$(72,841)
v3.26.1
System Optimization (Gains) Losses, Net
3 Months Ended
Mar. 29, 2026
System Optimization  
System Optimization (Gains) Losses, Net  
System Optimization (Gains) Losses, Net System Optimization (Gains) Losses, Net
The Company optimizes the Wendy’s system by facilitating Franchise Flips, evaluating strategic acquisitions of franchised restaurants and strategic dispositions of Company-operated restaurants to existing and new franchisees and, at times, closing certain underperforming restaurants, to further strengthen the franchisee base, support franchisee economics and drive new restaurant development. During the three months ended March 29, 2026, the Company facilitated 41 Franchise Flips. During the three months ended March 30, 2025, the Company did not facilitate any Franchise Flips. Additionally, during the three months ended March 29, 2026 and March 30, 2025, the Company completed the sale of three and two Company-operated restaurants to franchisees, respectively.

Gains and losses recognized on dispositions are recorded to “System optimization (gains) losses, net” in our condensed consolidated statements of operations. Costs related to acquisitions and dispositions under our system optimization initiative are recorded to “Reorganization and realignment costs.” All other costs incurred related to facilitating Franchise Flips are recorded to “Franchise support and other costs.”

The following is a summary of the disposition activity recorded as a result of our system optimization initiative:
Three Months Ended
March 29,
2026
March 30,
2025
Number of restaurants sold to franchisees
Proceeds from sales of restaurants (a)$1,804 $55 
Net assets sold (b)(1,572)(169)
Other (232)(25)
Loss on sales of restaurants, net— (139)
Gain on sales of other assets, net (c)1,625 49 
System optimization gains (losses), net$1,625 $(90)
_______________

(a)During the three months ended March 29, 2026, the Company received net cash proceeds of $1,804 related to the sale of three Company-operated restaurants as part of the Company’s strategic build to suit development fund. These proceeds are included within operating activities in the Company’s condensed consolidated statements of cash flows.

(b)Net assets sold consisted primarily of equipment.

(c)During the three months ended March 29, 2026, the Company received net cash proceeds of $2,796, primarily from the sale of surplus and other properties.
Assets Held for Sale

As of March 29, 2026 and December 28, 2025, the Company had assets held for sale of $21,783 and $3,696, respectively, primarily consisting of surplus properties. Assets held for sale are included in “Prepaid expenses and other current assets.”
v3.26.1
Reorganization and Realignment Costs
3 Months Ended
Mar. 29, 2026
Restructuring and Related Activities [Abstract]  
Reorganization and Realignment Costs Reorganization and Realignment Costs
The following is a summary of the initiatives included in “Reorganization and realignment costs:”
Three Months Ended
March 29,
2026
March 30,
2025
Organizational Redesign Plan$(201)$(950)
Other reorganization and realignment plans39 258 
Reorganization and realignment costs$(162)$(692)

Organizational Redesign

In February 2023, the Board of Directors approved a plan to redesign the Company’s organizational structure to better support the execution of the Company’s long-term growth strategy by maximizing organizational efficiency and streamlining decision making (the “Organizational Redesign Plan”). Additionally, in January 2024, the Board of Directors announced the appointment of a new President and Chief Executive Officer and the departure of the Company’s previous President and Chief Executive Officer. During the three months ended March 29, 2026 and March 30, 2025, the Company recognized costs totaling $(201) and $(950), respectively, which primarily included reversals of severance accruals. The Company does not expect to incur any material additional costs under the Organizational Redesign plan.

The following is a summary of the costs recorded as a result of the Organizational Redesign Plan:
Three Months EndedTotal Incurred Since Inception
March 29,
2026
March 30,
2025
Severance and related employee costs (a)$(228)$(1,088)$12,098 
Recruitment and relocation costs— 13 736 
Third-party and other costs— — 1,116 
(228)(1,075)13,950 
Share-based compensation (b)27 125 2,527 
Total organizational redesign$(201)$(950)$16,477 
_______________

(a)The three months ended March 29, 2026 and March 30, 2025 include reversals of severance accruals as a result of changes in estimates.

(b)Total incurred since inception primarily represents the accelerated recognition of share-based compensation resulting from the termination of employees under the Organizational Redesign Plan.
As of March 29, 2026, the accruals for the Organizational Redesign Plan are included in “Accrued expenses and other current liabilities.” The tables below present a rollforward of our accruals for the Organizational Redesign Plan.
Balance
December 28,
2025
ChargesPayments
Balance
March 29,
2026
Severance and related employee costs$378 $(228)$(144)$
Recruitment and relocation costs— — — — 
Third-party and other costs— — — — 
$378 $(228)$(144)$

Balance
December 29,
2024
ChargesPayments
Balance
March 30, 2025
Severance and related employee costs$4,257 $(1,088)$(1,410)$1,759 
Recruitment and relocation costs— 13 (13)— 
Third-party and other costs— — — — 
$4,257 $(1,075)$(1,423)$1,759 

Other Reorganization and Realignment Plans

Costs incurred under the Company’s other reorganization and realignment plans were not material during the three months ended March 29, 2026 and March 30, 2025. The Company does not expect to incur any material additional costs under these plans.
v3.26.1
Impairment of Long-Lived Assets
3 Months Ended
Mar. 29, 2026
Asset, Impairment Loss [Abstract]  
Impairment of Long-Lived Assets Impairment of Long-Lived Assets
The Company records impairment charges as a result of (1) the deterioration in operating performance of certain Company-operated restaurants, (2) the Company’s decision to lease and/or sublease properties to franchisees in connection with the sale or anticipated sale of Company-operated restaurants, including any subsequent lease modifications and (3) classifying surplus properties as held for sale.

The following is a summary of impairment losses recorded, which represent the excess of the carrying amount over the fair value of the affected assets and are included in “Impairment of long-lived assets:”
Three Months Ended
March 29,
2026
March 30,
2025
Company-operated restaurants$1,169 $1,187 
Restaurants leased or subleased to franchisees1,358 — 
Surplus properties45 234 
$2,572 $1,421 
v3.26.1
Supplemental Cash Flow Information
3 Months Ended
Mar. 29, 2026
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
The following table includes supplemental non-cash investing and financing activities:
Three Months Ended
March 29,
2026
March 30,
2025
Supplemental non-cash investing and financing activities:
Capital expenditures included in accounts payable$7,915 $7,197 
Finance leases22,331 17,849 

The following table includes a reconciliation of cash, cash equivalents and restricted cash:
March 29,
2026
December 28,
2025
Reconciliation of cash, cash equivalents and restricted cash at end of period:
Cash and cash equivalents$298,740 $300,833 
Restricted cash39,295 39,207 
Restricted cash, included in Advertising funds restricted assets23,996 17,632 
Total cash, cash equivalents and restricted cash$362,031 $357,672 
v3.26.1
Guarantees and Other Commitments and Contingencies
3 Months Ended
Mar. 29, 2026
Commitments and Contingencies Disclosure [Abstract]  
Guarantees and Other Commitments and Contingencies Guarantees and Other Commitments and Contingencies
Except as described below, the Company did not have any significant changes in guarantees and other commitments and contingencies during the current fiscal period since those reported in the Form 10-K. Refer to the Form 10-K for further information regarding the Company’s additional commitments and obligations.

Lease Guarantees

Wendy’s has guaranteed the performance of certain leases and other obligations, primarily from former Company-operated restaurant locations now operated by franchisees, amounting to $94,720 as of March 29, 2026. These leases extend through 2045. We have had no judgments against us as guarantor of these leases as of March 29, 2026. In the event of default by a franchise owner where Wendy’s is called upon to perform under its guarantee, Wendy’s has the ability to pursue repayment from the franchise owner. The liability recorded for our probable exposure associated with these lease guarantees was not material as of March 29, 2026.

Letters of Credit

As of March 29, 2026, the Company had outstanding letters of credit with various parties totaling $28,960. Substantially all of the outstanding letters of credit include amounts outstanding against the 2021-1 Variable Funding Senior Secured Notes, Class A-1. We do not expect any material loss to result from these letters of credit.
v3.26.1
Transactions with Related Parties
3 Months Ended
Mar. 29, 2026
Related Party Transactions [Abstract]  
Transactions with Related Parties Transactions with Related Parties
Except as described below, the Company did not have any significant changes in or transactions with its related parties during the current fiscal period since those reported in the Form 10-K.

TimWen Lease and Management Fee Payments

A wholly-owned subsidiary of Wendy’s leases restaurant facilities from TimWen, which are then subleased to franchisees for the operation of Wendy’s/Tim Hortons combo units in Canada. Wendy’s paid TimWen $4,763 and $4,798 under these lease agreements during the three months ended March 29, 2026 and March 30, 2025, respectively, which has been recorded to “Franchise rental expense.” In addition, TimWen paid Wendy’s a management fee under the TimWen joint venture agreement
of $59 and $56 during the three months ended March 29, 2026 and March 30, 2025, respectively, which is included as a reduction to “General and administrative.”

Transactions with Yellow Cab

Certain family members and/or affiliates of Mr. Nelson Peltz, our former Chairman and Chairman Emeritus, Mr. Peter May, our Senior Vice Chairman, and Mr. Matthew Peltz, our former Vice Chairman, hold minority ownership interests in Yellow Cab Holdings, LLC (“Yellow Cab”), a Wendy’s franchisee that, as of March 29, 2026 owned and operated 87 Wendy’s restaurants, and/or certain of the operating companies managed by Yellow Cab. In addition, Mr. Bradley Peltz, a director of the Company, is a Managing Director of, and holds a minority ownership interest in, Yellow Cab. During the three months ended March 29, 2026 and March 30, 2025, the Company recognized $3,827 and $3,664, respectively, in royalty, advertising fund, lease and other income from Yellow Cab and related entities. In all transactions involving Yellow Cab, the Company’s standard franchisee recruiting and approval processes were followed, no modifications were made to the Company’s standard franchise agreements or related documents, and all deal terms and transaction documents were negotiated and executed on an arm’s-length basis, consistent with the Company’s comparable franchise transactions and relationships. As of March 29, 2026 and December 28, 2025, $1,336 and $1,045, respectively, was due from Yellow Cab for such income, which is included in “Accounts and notes receivable, net” and “Advertising funds restricted assets.”

Transactions with AMC

Ms. Kristin Dolan, a director of the Company, serves as the Chief Executive Officer of AMC Networks Inc. (“AMC”). During the three months ended March 30, 2025, the Company purchased approximately $300 of advertising time from a subsidiary of AMC. During the three months ended March 29, 2026, no advertising time was purchased from a subsidiary of AMC. The Company’s advertising spend with AMC was made in the ordinary course of business and approved on an arm’s-length basis, consistent with the Company’s comparable advertising decisions. There were no amounts due to AMC as of March 29, 2026 and December 28, 2025.
v3.26.1
Legal and Environmental Matters
3 Months Ended
Mar. 29, 2026
Loss Contingency [Abstract]  
Legal and Environmental Matters Legal and Environmental Matters
The Company is involved in litigation and claims incidental to our business. We provide accruals for such litigation and claims when we determine it is probable that a liability has been incurred and the loss is reasonably estimable. The Company believes it has adequate accruals for all of its legal and environmental matters. We cannot estimate the aggregate possible range of loss for our existing litigation and claims due to various reasons, including, but not limited to, many proceedings being in preliminary stages, with various motions either yet to be submitted or pending, discovery yet to occur and significant factual matters unresolved. In addition, most cases seek an indeterminate amount of damages and many involve multiple parties. Predicting the outcomes of settlement discussions or judicial or arbitral decisions is thus inherently difficult and future developments could cause these actions or claims, individually or in aggregate, to have a material adverse effect on the Company’s financial condition, results of operations, or cash flows of a particular reporting period.
v3.26.1
Segment Information
3 Months Ended
Mar. 29, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Wendy’s U.S. revenue, significant segment expenses and segment adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) are as follows:
Three Months Ended
March 29,
2026
March 30,
2025
Wendy’s U.S. revenue$444,159 $429,614 
Wendy’s U.S. expense
Cost of sales194,296 181,237 
Franchise support and other costs18,256 13,178 
Advertising fund expense99,273 91,760 
General and administrative22,458 22,424 
Other segment items (a)13 38 
Wendy’s U.S. adjusted EBITDA$109,863 $120,977 
_______________

(a)Other segment items for the three months ended March 29, 2026 primarily include professional fees. Other segment items for the three months ended March 30, 2025 primarily include lease buyout activity and professional fees.

Wendy’s International revenue, significant segment expenses and segment adjusted EBITDA are as follows:
Three Months Ended
March 29,
2026
March 30,
2025
Wendy’s International revenue$36,927 $34,721 
Wendy’s International expense
Cost of sales6,753 6,932 
Advertising fund expense (a)9,071 9,912 
General and administrative8,225 6,437 
Other segment items (b)2,299 1,996 
Wendy’s International adjusted EBITDA $10,579 $9,444 
_______________

(a)Includes advertising fund expense of $159 for the three months ended March 30, 2025 related to the Company’s funding of incremental advertising. There was no funding of incremental advertising during the three months ended March 29, 2026. In addition, includes other international-related advertising deficit of $3 and $1,153 for the three months ended March 29, 2026 and March 30, 2025, respectively.

(b)Other segment items primarily include franchise support and other costs.
Global Real Estate & Development revenue, significant segment expenses and segment adjusted EBITDA are as follows:
Three Months Ended
March 29,
2026
March 30,
2025
Global Real Estate & Development revenue$59,551 $59,137 
Global Real Estate & Development expense
Franchise rental expense30,176 30,701 
General and administrative5,297 5,220 
Other segment items (a)(3,974)(1,460)
Global Real Estate & Development adjusted EBITDA$28,052 $24,676 
_______________

(a)Other segment items primarily include equity in earnings from our TimWen joint venture, gains on sales-type leases and franchise support and other costs. Equity in earnings from our TimWen joint venture was $2,363 and $2,252 for the three months ended March 29, 2026 and March 30, 2025, respectively.

The following table reconciles profit by segment to the Company’s consolidated income before income taxes:
Three Months Ended
March 29,
2026
March 30,
2025
Wendy’s U.S.$109,863 $120,977 
Wendy’s International10,579 9,444 
Global Real Estate & Development28,052 24,676 
Total segment adjusted EBITDA148,494 155,097 
Unallocated franchise support and other costs(310)(587)
Advertising funds (deficit) surplus(271)144 
Unallocated general and administrative (a)(36,863)(34,123)
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below)(40,575)(36,549)
Amortization of cloud computing arrangements(4,762)(4,167)
System optimization gains (losses), net1,625 (90)
Reorganization and realignment costs162 692 
Impairment of long-lived assets(2,572)(1,421)
Unallocated other operating (expense) income, net(7)4,130 
Interest expense, net(34,106)(31,477)
Investment loss, net— (1,718)
Other income, net3,350 4,986 
Income before income taxes$34,165 $54,917 
_______________

(a)Includes corporate overhead costs, such as employee compensation and related benefits.
v3.26.1
New Accounting Standards
3 Months Ended
Mar. 29, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]  
New Accounting Standards New Accounting Standards
Measurement of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the Financial Accounting Standards Board (“FASB”) issued an amendment to provide a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets for revenue arising from contracts with customers. The Company adopted this amendment during the first quarter of 2026 and has elected the practical expedient to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the receivables when estimating expected credit losses. The adoption of this amendment did not have a material impact on our condensed consolidated financial statements.
v3.26.1
Revenue (Tables)
3 Months Ended
Mar. 29, 2026
Revenue [Abstract]  
Disaggregation of Revenue
The following tables disaggregate revenue by segment and source:
Wendy’s U.S.Wendy’s InternationalGlobal Real Estate & DevelopmentTotal
Three Months Ended March 29, 2026
Sales at Company-operated restaurants$219,295 $6,202 $— $225,497 
Franchise royalty revenue97,308 18,882 — 116,190 
Franchise fees28,283 2,775 647 31,705 
Franchise rental income— — 58,904 58,904 
Advertising funds revenue99,273 9,068 — 108,341 
Total revenues$444,159 $36,927 $59,551 $540,637 
Three Months Ended March 30, 2025
Sales at Company-operated restaurants$212,744 $6,766 $— $219,510 
Franchise royalty revenue104,406 17,269 — 121,675 
Franchise fees20,704 2,086 683 23,473 
Franchise rental income— — 58,454 58,454 
Advertising funds revenue91,760 8,600 — 100,360 
Total revenues$429,614 $34,721 $59,137 $523,472 
Contract Balances, assets and liabilities
The following table provides information about receivables and contract liabilities (deferred franchise fees) from contracts with customers:
March 29,
2026 (a)
December 28, 2025 (a)
Receivables, which are included in “Accounts and notes receivable, net” (b)
$71,918 $59,060 
Receivables, which are included in “Advertising funds restricted assets”
73,825 75,083 
Deferred franchise fees (c)94,185 98,496 
_______________

(a)Excludes funds collected from the sale of gift cards, which are primarily reimbursed to franchisees upon redemption at franchised restaurants and do not ultimately result in the recognition of revenue in the Company’s condensed consolidated statements of operations.

(b)Includes receivables related to “Sales” and “Franchise royalty revenue and fees.”

(c)Deferred franchise fees are included in “Accrued expenses and other current liabilities” and “Deferred franchise fees” and totaled $9,759 and $84,426, respectively, as of March 29, 2026, and $10,540 and $87,956, respectively, as of December 28, 2025.
Contract Balances, deferred franchise fee rollforward
Significant changes in deferred franchise fees are as follows:
Three Months Ended
March 29,
2026
March 30,
2025
Deferred franchise fees at beginning of period$98,496 $99,411 
Revenue recognized during the period
(4,832)(2,345)
New deferrals due to cash received and other521 1,935 
Deferred franchise fees at end of period$94,185 $99,001 
Anticipated Future Recognition of Deferred Franchise Fees
The following table reflects the estimated franchise fees to be recognized in the future related to performance obligations that are unsatisfied at the end of the period:
Estimate for fiscal year:
2026 (a)$9,759 
20276,650 
20286,492 
20296,386 
20306,283 
Thereafter58,615 
$94,185 
_______________

(a)Represents franchise fees expected to be recognized for the remainder of 2026, which includes development-related franchise fees expected to be recognized over a duration of one year or less.
v3.26.1
Leases (Tables)
3 Months Ended
Mar. 29, 2026
Leases [Abstract]  
Schedule of Real Estate Properties As of March 29, 2026, the nature of restaurants operated by the Company and its franchisees was as follows:
March 29,
2026
Company-operated restaurants:
Owned land and building153
Owned building and held long-term land leases142
Leased land and building136
Total Company-operated restaurants431
Franchisee-operated restaurants:
Company-owned properties leased to franchisees454
Company-leased properties subleased to franchisees1,122
Other franchisee-operated restaurants5,244
Total franchisee-operated restaurants6,820
Total Company-operated and franchisee-operated restaurants7,251
Lease, Cost
The components of lease cost are as follows:
Three Months Ended
March 29,
2026
March 30,
2025
Finance lease cost:
Amortization of finance lease assets$5,768 $5,145 
Interest on finance lease liabilities11,642 10,877 
17,410 16,022 
Operating lease cost20,010 20,517 
Variable lease cost (a)15,909 16,213 
Short-term lease cost1,376 1,266 
Total operating lease cost (b)37,295 37,996 
Total lease cost$54,705 $54,018 
_______________

(a)Includes expenses for executory costs of $10,539 and $10,394 for the three months ended March 29, 2026 and March 30, 2025, respectively, for which the Company is reimbursed by sublessees.

(b)Includes $30,040 and $30,652 for the three months ended March 29, 2026 and March 30, 2025, respectively, recorded to “Franchise rental expense” for leased properties that are subsequently leased to franchisees. Also includes $6,887 and $6,941 for the three months ended March 29, 2026 and March 30, 2025, respectively, recorded to “Cost of sales” for leases for Company-operated restaurants.
Lease, Income
The components of lease income are as follows:
Three Months Ended
March 29,
2026
March 30,
2025
Sales-type and direct-financing leases:
Selling profit$1,853 $(11)
Interest income (a)6,700 6,915 
Operating lease income42,651 42,421 
Variable lease income16,253 16,033 
Franchise rental income (b)$58,904 $58,454 
_______________

(a)Included in “Interest expense, net.”

(b)Includes sublease income of $42,200 and $42,784 recognized during the three months ended March 29, 2026 and March 30, 2025, respectively. Sublease income includes lessees’ variable payments to the Company for executory costs of $10,411 and $10,197 for the three months ended March 29, 2026 and March 30, 2025, respectively.
v3.26.1
Investments (Tables)
3 Months Ended
Mar. 29, 2026
Schedule of Equity Method Investments  
Schedule of Equity Method Investments
Presented below is activity related to our investment in TimWen included in our condensed consolidated financial statements:
Three Months Ended
March 29,
2026
March 30,
2025
Balance at beginning of period$25,227 $27,288 
Equity in earnings for the period2,836 2,843 
Amortization of purchase price adjustments (a)(473)(591)
2,363 2,252 
Distributions received(2,704)(2,969)
Foreign currency translation adjustment included in “Other comprehensive (loss) income”
(387)199 
Balance at end of period$24,499 $26,770 
_______________

(a)Purchase price adjustments that impacted the carrying value of the Company’s investment in TimWen are being amortized over the average original aggregate life of 21 years.
v3.26.1
Long-Term Debt (Tables)
3 Months Ended
Mar. 29, 2026
Debt Disclosure [Abstract]  
Long-term debt
Long-term debt consisted of the following:
March 29,
2026
December 28,
2025
Class A-2 Notes:
5.422% Series 2025-1 Class A-2-I Notes, anticipated repayment date 2032
$448,875 $450,000 
4.236% Series 2022-1 Class A-2-I Notes, anticipated repayment date 2029
96,250 96,500 
4.535% Series 2022-1 Class A-2-II Notes, anticipated repayment date 2032
381,134 382,134 
2.370% Series 2021-1 Class A-2-I Notes, anticipated repayment date 2029
413,144 414,269 
2.775% Series 2021-1 Class A-2-II Notes, anticipated repayment date 2031
618,905 620,530 
4.080% Series 2019-1 Class A-2-II Notes, anticipated repayment date 2029
392,998 394,123 
3.884% Series 2018-1 Class A-2-II Notes, anticipated repayment date 2028
430,412 431,599 
Unamortized debt issuance costs(27,072)(28,903)
2,754,646 2,760,252 
Less amounts payable within one year(29,750)(29,750)
Total long-term debt$2,724,896 $2,730,502 
v3.26.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 29, 2026
Fair Value Disclosures [Abstract]  
Fair Value, by Balance Sheet Grouping
The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments:
March 29,
2026
December 28,
2025
Carrying
Amount
Fair
Value
Carrying
Amount
Fair
Value
Fair Value
Measurements
Financial assets
Cash equivalents$196,187 $196,187 $210,607 $210,607 Level 1
Financial liabilities (b)
Series 2025-1 Class A-2-I Notes448,875 449,773 450,000 447,075 Level 2
Series 2022-1 Class A-2-I Notes96,250 93,767 96,500 95,284 Level 2
Series 2022-1 Class A-2-II Notes381,134 360,400 382,134 371,625 Level 2
Series 2021-1 Class A-2-I Notes413,144 381,663 414,269 385,726 Level 2
Series 2021-1 Class A-2-II Notes618,905 546,617 620,530 553,699 Level 2
Series 2019-1 Class A-2-II Notes392,998 378,182 394,123 383,403 Level 2
Series 2018-1 Class A-2-II Notes430,412 423,138 431,599 421,630 Level 2
_______________

(a)The fair value of our other investments in equity securities is based on our review of information provided by the investment manager, which is based on observable price changes in orderly transactions for a similar investment of the same issuer.

(b)The fair values were based on quoted market prices in markets that are not considered active markets.
Fair value of assets and liabilities (other than cash and cash equivalents) measured at fair value on a nonrecurring basis
Fair Value Measurements
March 29,
2026
Level 1Level 2Level 3
Held and used$468 $— $— $468 
Held for sale514 — — 514 
Total$982 $— $— $982 
Fair Value Measurements
December 28,
2025
Level 1Level 2Level 3
Held and used$1,367 $— $— $1,367 
Held for sale2,457 — — 2,457 
Total$3,824 $— $— $3,824 
v3.26.1
Net Income Per Share (Tables)
3 Months Ended
Mar. 29, 2026
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The calculation of basic and diluted net income per share was as follows:
Three Months Ended
March 29,
2026
March 30,
2025
Net income$22,712 $39,232 
Common stock:
Weighted average basic shares outstanding190,293 200,643 
Dilutive effect of stock options and restricted shares
607 974 
Weighted average diluted shares outstanding190,900 201,617 
Net income per share:
Basic$.12 $.20 
Diluted$.12 $.19 
v3.26.1
Stockholders' Equity (Tables)
3 Months Ended
Mar. 29, 2026
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Loss
The following table provides a rollforward of accumulated other comprehensive loss, which is entirely comprised of foreign currency translation:
Three Months Ended
March 29,
2026
March 30,
2025
Balance at beginning of period$(63,968)$(74,753)
Foreign currency translation
(2,796)1,912 
Balance at end of period$(66,764)$(72,841)
v3.26.1
System Optimization (Gains) Losses, Net (Tables)
3 Months Ended
Mar. 29, 2026
System Optimization Initiative  
System Optimization (Gains) Losses, Net  
Summary of Disposition Activity
The following is a summary of the disposition activity recorded as a result of our system optimization initiative:
Three Months Ended
March 29,
2026
March 30,
2025
Number of restaurants sold to franchisees
Proceeds from sales of restaurants (a)$1,804 $55 
Net assets sold (b)(1,572)(169)
Other (232)(25)
Loss on sales of restaurants, net— (139)
Gain on sales of other assets, net (c)1,625 49 
System optimization gains (losses), net$1,625 $(90)
_______________

(a)During the three months ended March 29, 2026, the Company received net cash proceeds of $1,804 related to the sale of three Company-operated restaurants as part of the Company’s strategic build to suit development fund. These proceeds are included within operating activities in the Company’s condensed consolidated statements of cash flows.

(b)Net assets sold consisted primarily of equipment.
(c)During the three months ended March 29, 2026, the Company received net cash proceeds of $2,796, primarily from the sale of surplus and other properties.
v3.26.1
Reorganization and Realignment Costs (Tables)
3 Months Ended
Mar. 29, 2026
Restructuring Cost and Reserve  
Restructuring and Related Costs
The following is a summary of the initiatives included in “Reorganization and realignment costs:”
Three Months Ended
March 29,
2026
March 30,
2025
Organizational Redesign Plan$(201)$(950)
Other reorganization and realignment plans39 258 
Reorganization and realignment costs$(162)$(692)
Organizational Redesign  
Restructuring Cost and Reserve  
Restructuring and Related Costs
The following is a summary of the costs recorded as a result of the Organizational Redesign Plan:
Three Months EndedTotal Incurred Since Inception
March 29,
2026
March 30,
2025
Severance and related employee costs (a)$(228)$(1,088)$12,098 
Recruitment and relocation costs— 13 736 
Third-party and other costs— — 1,116 
(228)(1,075)13,950 
Share-based compensation (b)27 125 2,527 
Total organizational redesign$(201)$(950)$16,477 
_______________

(a)The three months ended March 29, 2026 and March 30, 2025 include reversals of severance accruals as a result of changes in estimates.

(b)Total incurred since inception primarily represents the accelerated recognition of share-based compensation resulting from the termination of employees under the Organizational Redesign Plan.
Schedule of Restructuring Reserve by Type of Cost
As of March 29, 2026, the accruals for the Organizational Redesign Plan are included in “Accrued expenses and other current liabilities.” The tables below present a rollforward of our accruals for the Organizational Redesign Plan.
Balance
December 28,
2025
ChargesPayments
Balance
March 29,
2026
Severance and related employee costs$378 $(228)$(144)$
Recruitment and relocation costs— — — — 
Third-party and other costs— — — — 
$378 $(228)$(144)$

Balance
December 29,
2024
ChargesPayments
Balance
March 30, 2025
Severance and related employee costs$4,257 $(1,088)$(1,410)$1,759 
Recruitment and relocation costs— 13 (13)— 
Third-party and other costs— — — — 
$4,257 $(1,075)$(1,423)$1,759 
v3.26.1
Impairment of Long-Lived Assets (Tables)
3 Months Ended
Mar. 29, 2026
Asset, Impairment Loss [Abstract]  
Impairment of Long-Lived Assets
The following is a summary of impairment losses recorded, which represent the excess of the carrying amount over the fair value of the affected assets and are included in “Impairment of long-lived assets:”
Three Months Ended
March 29,
2026
March 30,
2025
Company-operated restaurants$1,169 $1,187 
Restaurants leased or subleased to franchisees1,358 — 
Surplus properties45 234 
$2,572 $1,421 
v3.26.1
Supplemental Cash Flow Information (Tables)
3 Months Ended
Mar. 29, 2026
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information
The following table includes supplemental non-cash investing and financing activities:
Three Months Ended
March 29,
2026
March 30,
2025
Supplemental non-cash investing and financing activities:
Capital expenditures included in accounts payable$7,915 $7,197 
Finance leases22,331 17,849 

The following table includes a reconciliation of cash, cash equivalents and restricted cash:
March 29,
2026
December 28,
2025
Reconciliation of cash, cash equivalents and restricted cash at end of period:
Cash and cash equivalents$298,740 $300,833 
Restricted cash39,295 39,207 
Restricted cash, included in Advertising funds restricted assets23,996 17,632 
Total cash, cash equivalents and restricted cash$362,031 $357,672 
v3.26.1
Segment Information (Tables)
3 Months Ended
Mar. 29, 2026
Segment Reporting [Line Items]  
Reconciliation of Profit from Segments to Consolidated
The following table reconciles profit by segment to the Company’s consolidated income before income taxes:
Three Months Ended
March 29,
2026
March 30,
2025
Wendy’s U.S.$109,863 $120,977 
Wendy’s International10,579 9,444 
Global Real Estate & Development28,052 24,676 
Total segment adjusted EBITDA148,494 155,097 
Unallocated franchise support and other costs(310)(587)
Advertising funds (deficit) surplus(271)144 
Unallocated general and administrative (a)(36,863)(34,123)
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below)(40,575)(36,549)
Amortization of cloud computing arrangements(4,762)(4,167)
System optimization gains (losses), net1,625 (90)
Reorganization and realignment costs162 692 
Impairment of long-lived assets(2,572)(1,421)
Unallocated other operating (expense) income, net(7)4,130 
Interest expense, net(34,106)(31,477)
Investment loss, net— (1,718)
Other income, net3,350 4,986 
Income before income taxes$34,165 $54,917 
_______________

(a)Includes corporate overhead costs, such as employee compensation and related benefits.
Wendy's U.S.  
Segment Reporting [Line Items]  
Segment Reporting
Wendy’s U.S. revenue, significant segment expenses and segment adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) are as follows:
Three Months Ended
March 29,
2026
March 30,
2025
Wendy’s U.S. revenue$444,159 $429,614 
Wendy’s U.S. expense
Cost of sales194,296 181,237 
Franchise support and other costs18,256 13,178 
Advertising fund expense99,273 91,760 
General and administrative22,458 22,424 
Other segment items (a)13 38 
Wendy’s U.S. adjusted EBITDA$109,863 $120,977 
_______________

(a)Other segment items for the three months ended March 29, 2026 primarily include professional fees. Other segment items for the three months ended March 30, 2025 primarily include lease buyout activity and professional fees.
Wendy's International  
Segment Reporting [Line Items]  
Segment Reporting
Wendy’s International revenue, significant segment expenses and segment adjusted EBITDA are as follows:
Three Months Ended
March 29,
2026
March 30,
2025
Wendy’s International revenue$36,927 $34,721 
Wendy’s International expense
Cost of sales6,753 6,932 
Advertising fund expense (a)9,071 9,912 
General and administrative8,225 6,437 
Other segment items (b)2,299 1,996 
Wendy’s International adjusted EBITDA $10,579 $9,444 
_______________

(a)Includes advertising fund expense of $159 for the three months ended March 30, 2025 related to the Company’s funding of incremental advertising. There was no funding of incremental advertising during the three months ended March 29, 2026. In addition, includes other international-related advertising deficit of $3 and $1,153 for the three months ended March 29, 2026 and March 30, 2025, respectively.

(b)Other segment items primarily include franchise support and other costs.
Global Real Estate & Development  
Segment Reporting [Line Items]  
Segment Reporting
Global Real Estate & Development revenue, significant segment expenses and segment adjusted EBITDA are as follows:
Three Months Ended
March 29,
2026
March 30,
2025
Global Real Estate & Development revenue$59,551 $59,137 
Global Real Estate & Development expense
Franchise rental expense30,176 30,701 
General and administrative5,297 5,220 
Other segment items (a)(3,974)(1,460)
Global Real Estate & Development adjusted EBITDA$28,052 $24,676 
_______________

(a)Other segment items primarily include equity in earnings from our TimWen joint venture, gains on sales-type leases and franchise support and other costs. Equity in earnings from our TimWen joint venture was $2,363 and $2,252 for the three months ended March 29, 2026 and March 30, 2025, respectively.
v3.26.1
Revenue Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Disaggregation of Revenue    
Total revenues $ 540,637 $ 523,472
Sales at Company-operated restaurants    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 225,497 219,510
Franchise royalty revenue    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 116,190 121,675
Franchise fees    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 31,705 23,473
Franchise rental income    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 58,904 58,454
Advertising funds revenue    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 108,341 100,360
Wendy's U.S. | Operating Segments    
Disaggregation of Revenue    
Total revenues 444,159 429,614
Wendy's U.S. | Sales at Company-operated restaurants    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 219,295 212,744
Wendy's U.S. | Franchise royalty revenue    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 97,308 104,406
Wendy's U.S. | Franchise fees    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 28,283 20,704
Wendy's U.S. | Franchise rental income    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 0 0
Wendy's U.S. | Advertising funds revenue    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 99,273 91,760
Wendy's International | Operating Segments    
Disaggregation of Revenue    
Total revenues 36,927 34,721
Wendy's International | Sales at Company-operated restaurants    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 6,202 6,766
Wendy's International | Franchise royalty revenue    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 18,882 17,269
Wendy's International | Franchise fees    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 2,775 2,086
Wendy's International | Franchise rental income    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 0 0
Wendy's International | Advertising funds revenue    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 9,068 8,600
Global Real Estate & Development | Operating Segments    
Disaggregation of Revenue    
Total revenues 59,551 59,137
Global Real Estate & Development | Sales at Company-operated restaurants    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 0 0
Global Real Estate & Development | Franchise royalty revenue    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 0 0
Global Real Estate & Development | Franchise fees    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 647 683
Global Real Estate & Development | Franchise rental income    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 58,904 58,454
Global Real Estate & Development | Advertising funds revenue    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax $ 0 $ 0
v3.26.1
Revenue Contract Balances (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Dec. 28, 2025
Contract balances      
Deferred franchise fees at beginning of period $ 98,496 $ 99,411  
Revenue recognized during the period (4,832) (2,345)  
New deferrals due to cash received and other 521 1,935  
Deferred franchise fees at end of period 94,185 $ 99,001  
Deferred franchise fees, noncurrent 84,426   $ 87,956
Balance Sheet Location: us-gaap:AccountsNotesAndLoansReceivableNetCurrent | Short-term Contract with Customer      
Contract balances      
Receivables, Net, Current 71,918   59,060
Balance Sheet Location: us-gaap:AccruedLiabilitiesCurrentAndNoncurrent      
Contract balances      
Deferred franchise fees, current 9,759   10,540
Balance Sheet Location: us-gaap:ContractWithCustomerLiabilityNoncurrent      
Contract balances      
Deferred franchise fees, noncurrent 84,426   87,956
Balance Sheet Location: wen:AdvertisingFundsRestrictedAssets | Short-term Contract with Customer      
Contract balances      
Receivables, Net, Current $ 73,825   $ 75,083
v3.26.1
Revenue Anticipated Future Recognition of Deferred Franchise Fees (Details)
$ in Thousands
Mar. 29, 2026
USD ($)
Revenue, Anticipated Future Recognition of Deferred Franchise Fees  
Revenue, Anticipated Future Recognition of Deferred Franchise Fees, Amount $ 94,185
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-03-29  
Revenue, Anticipated Future Recognition of Deferred Franchise Fees  
Revenue, Anticipated Future Recognition of Deferred Franchise Fees, Amount $ 9,759
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-04  
Revenue, Anticipated Future Recognition of Deferred Franchise Fees  
Revenue, Anticipated Future Recognition of Deferred Franchise Fees, Amount $ 6,650
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-03  
Revenue, Anticipated Future Recognition of Deferred Franchise Fees  
Revenue, Anticipated Future Recognition of Deferred Franchise Fees, Amount $ 6,492
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2029-01-01  
Revenue, Anticipated Future Recognition of Deferred Franchise Fees  
Revenue, Anticipated Future Recognition of Deferred Franchise Fees, Amount $ 6,386
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2029-12-31  
Revenue, Anticipated Future Recognition of Deferred Franchise Fees  
Revenue, Anticipated Future Recognition of Deferred Franchise Fees, Amount $ 6,283
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2030-12-30  
Revenue, Anticipated Future Recognition of Deferred Franchise Fees  
Revenue, Anticipated Future Recognition of Deferred Franchise Fees, Amount $ 58,615
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 0 years
v3.26.1
Leases Lessee Lease Narrative (Details)
Mar. 29, 2026
number_of_restaurants
Lessee, Lease, Description  
Number of restaurants 7,251
Land And Building - Company Owned | Entity Operated Units  
Lessee, Lease, Description  
Number of restaurants 153
Building - Company Owned; Land - Leased | Entity Operated Units  
Lessee, Lease, Description  
Number of restaurants 142
Land And Building - Leased | Entity Operated Units  
Lessee, Lease, Description  
Number of restaurants 136
Entity Operated Units, Total [Member] | Entity Operated Units  
Lessee, Lease, Description  
Number of restaurants 431
v3.26.1
Leases Lessor Lease Narrative (Details)
Mar. 29, 2026
number_of_restaurants
Lessor, Lease, Description  
Number of restaurants 7,251
Land And Building - Company Owned | Franchised Units  
Lessor, Lease, Description  
Number of restaurants 454
Land And Building - Leased | Franchised Units  
Lessor, Lease, Description  
Number of restaurants 1,122
Franchised Units, Other [Member] | Franchised Units  
Lessor, Lease, Description  
Number of restaurants 5,244
Franchised Units, Total [Member] | Franchised Units  
Lessor, Lease, Description  
Number of restaurants 6,820
v3.26.1
Leases Components of Lease Cost (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Lease, Cost    
Amortization of finance lease assets $ 5,768 $ 5,145
Interest on finance lease liabilities 11,642 10,877
Total finance lease cost 17,410 16,022
Operating lease cost 20,010 20,517
Variable lease cost 15,909 16,213
Short-term lease cost 1,376 1,266
Total operating lease cost 37,295 37,996
Total lease cost 54,705 54,018
Income Statement Location: us-gaap:CostOfGoodsAndServicesSold    
Lease, Cost    
Total operating lease cost 6,887 6,941
Income Statement Location: wen:FranchiseRentalExpense    
Lease, Cost    
Total operating lease cost 30,040 30,652
Executory costs paid by lessee    
Lease, Cost    
Variable lease cost $ 10,539 $ 10,394
v3.26.1
Leases Components of Lease Income (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Lessor Lease Income    
Sales-type leases, selling profit $ 1,853 $ (11)
Sales-type and direct-financing leases, interest income 6,700 6,915
Operating lease income 42,651 42,421
Variable lease income 16,253 16,033
Franchise rental income 58,904 58,454
Sublease income 42,200 42,784
Executory costs paid to lessor    
Lessor Lease Income    
Sublease income $ 10,411 $ 10,197
v3.26.1
Investments Equity Method Investments (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Schedule of Equity Method Investments    
Foreign currency translation adjustment included in “Other comprehensive income (loss)” and other $ (2,796) $ 1,912
Other investments in equity securities   $ 0
TimWen    
Schedule of Equity Method Investments    
Equity Method Investment, Ownership Percentage 50.00%  
Equity Method Investment, Purchase Price Adjustment, Amortization Period 21 years 21 years
TimWen and Brazil JV    
Schedule of Equity Method Investments    
Balance at beginning of period $ 25,227 $ 27,288
Equity in earnings for the period 2,836 2,843
Amortization of purchase price adjustments (473) (591)
Equity in earnings for the period, net of amortization of purchase price adjustments 2,363 2,252
Distributions received (2,704) (2,969)
Foreign currency translation adjustment included in “Other comprehensive income (loss)” and other (387) 199
Balance at end of period $ 24,499 $ 26,770
v3.26.1
Investments Other Investments in Equity Securities (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Investment Income, Net [Abstract]    
Investment loss, net $ 0 $ 1,718
Other investments in equity securities   $ 0
v3.26.1
Long-Term Debt Schedule of Long Term Debt (Details) - USD ($)
$ in Thousands
Mar. 29, 2026
Dec. 28, 2025
Debt Instrument [Line Items]    
Unamortized debt issuance costs $ 27,072 $ 28,903
Total debt 2,754,646 2,760,252
Less amounts payable within one year 29,750 29,750
Total long-term debt 2,724,896 2,730,502
Series 2025-1 Class A-2-I Notes    
Debt Instrument [Line Items]    
Senior Notes $ 448,875 $ 450,000
Debt Instrument, Interest Rate, Stated Percentage 5.422% 5.422%
Series 2022-1 Class A-2-I Notes    
Debt Instrument [Line Items]    
Senior Notes $ 96,250 $ 96,500
Debt Instrument, Interest Rate, Stated Percentage 4.236% 4.236%
Series 2022-1 Class A-2-II Notes    
Debt Instrument [Line Items]    
Senior Notes $ 381,134 $ 382,134
Debt Instrument, Interest Rate, Stated Percentage 4.535% 4.535%
Series 2021-1 Class A-2-I Notes    
Debt Instrument [Line Items]    
Senior Notes $ 413,144 $ 414,269
Debt Instrument, Interest Rate, Stated Percentage 2.37% 2.37%
Series 2021-1 Class A-2-II Notes    
Debt Instrument [Line Items]    
Senior Notes $ 618,905 $ 620,530
Debt Instrument, Interest Rate, Stated Percentage 2.775% 2.775%
Series 2019-1 Class A-2-II Notes    
Debt Instrument [Line Items]    
Senior Notes $ 392,998 $ 394,123
Debt Instrument, Interest Rate, Stated Percentage 4.08% 4.08%
Series 2018-1 Class A-2-II Notes    
Debt Instrument [Line Items]    
Senior Notes $ 430,412 $ 431,599
Debt Instrument, Interest Rate, Stated Percentage 3.884% 3.884%
v3.26.1
Long-Term Debt Other Long-term Debt Disclosure (Details) - Line of Credit [Member] - Wendy's U.S. Advertising Fund [Member]
$ in Thousands
3 Months Ended
Mar. 29, 2026
USD ($)
Debt Instrument [Line Items]  
Line of Credit Facility, Maximum Borrowing Capacity $ 15,000
Debt Instrument, Basis Spread on Variable Rate 2.25%
Line of Credit, Outstanding, Amount $ 0
First Borrowing  
Debt Instrument [Line Items]  
Proceeds from Lines of Credit 11,500
Second Borrowing  
Debt Instrument [Line Items]  
Proceeds from Lines of Credit 3,600
First Repayment  
Debt Instrument [Line Items]  
Repayments of Lines of Credit 11,500
Second Repayment  
Debt Instrument [Line Items]  
Repayments of Lines of Credit $ 3,600
v3.26.1
Fair Value Measurements Financial Instruments (Details) - USD ($)
$ in Thousands
Mar. 29, 2026
Dec. 28, 2025
Mar. 30, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Other investments in equity securities     $ 0
Series 2025-1 Class A-2-I Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Debt Instrument, Interest Rate, Stated Percentage 5.422% 5.422%  
Series 2022-1 Class A-2-I Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Debt Instrument, Interest Rate, Stated Percentage 4.236% 4.236%  
Series 2022-1 Class A-2-II Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Debt Instrument, Interest Rate, Stated Percentage 4.535% 4.535%  
Series 2021-1 Class A-2-I Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Debt Instrument, Interest Rate, Stated Percentage 2.37% 2.37%  
Series 2021-1 Class A-2-II Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Debt Instrument, Interest Rate, Stated Percentage 2.775% 2.775%  
Series 2019-1 Class A-2-II Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Debt Instrument, Interest Rate, Stated Percentage 4.08% 4.08%  
Series 2018-1 Class A-2-II Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Debt Instrument, Interest Rate, Stated Percentage 3.884% 3.884%  
Reported Value Measurement      
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Cash equivalents $ 196,187 $ 210,607  
Reported Value Measurement | Series 2025-1 Class A-2-I Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Debt instrument 448,875 450,000  
Reported Value Measurement | Series 2022-1 Class A-2-I Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Debt instrument 96,250 96,500  
Reported Value Measurement | Series 2022-1 Class A-2-II Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Debt instrument 381,134 382,134  
Reported Value Measurement | Series 2021-1 Class A-2-I Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Debt instrument 413,144 414,269  
Reported Value Measurement | Series 2021-1 Class A-2-II Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Debt instrument 618,905 620,530  
Reported Value Measurement | Series 2019-1 Class A-2-II Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Debt instrument 392,998 394,123  
Reported Value Measurement | Series 2018-1 Class A-2-II Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Debt instrument 430,412 431,599  
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1      
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Cash equivalents 196,187 210,607  
Estimate of Fair Value Measurement | Series 2025-1 Class A-2-I Notes | Fair Value, Inputs, Level 2      
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Debt instrument 449,773 447,075  
Estimate of Fair Value Measurement | Series 2022-1 Class A-2-I Notes | Fair Value, Inputs, Level 2      
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Debt instrument 93,767 95,284  
Estimate of Fair Value Measurement | Series 2022-1 Class A-2-II Notes | Fair Value, Inputs, Level 2      
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Debt instrument 360,400 371,625  
Estimate of Fair Value Measurement | Series 2021-1 Class A-2-I Notes | Fair Value, Inputs, Level 2      
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Debt instrument 381,663 385,726  
Estimate of Fair Value Measurement | Series 2021-1 Class A-2-II Notes | Fair Value, Inputs, Level 2      
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Debt instrument 546,617 553,699  
Estimate of Fair Value Measurement | Series 2019-1 Class A-2-II Notes | Fair Value, Inputs, Level 2      
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Debt instrument 378,182 383,403  
Estimate of Fair Value Measurement | Series 2018-1 Class A-2-II Notes | Fair Value, Inputs, Level 2      
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Debt instrument $ 423,138 $ 421,630  
v3.26.1
Fair Value Measurements Non-Recurring Fair Value Measurements (Details) - Fair Value, Measurements, Nonrecurring - USD ($)
$ in Thousands
Mar. 29, 2026
Dec. 28, 2025
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis    
Assets Held and used, Long Lived, Fair Value Disclosure $ 468 $ 1,367
Assets Held for sale, Long Lived, Fair Value Disclosure 514 2,457
Total 982 3,824
Fair Value, Inputs, Level 1    
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis    
Assets Held and used, Long Lived, Fair Value Disclosure 0 0
Assets Held for sale, Long Lived, Fair Value Disclosure 0 0
Total 0 0
Fair Value, Inputs, Level 2    
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis    
Assets Held and used, Long Lived, Fair Value Disclosure 0 0
Assets Held for sale, Long Lived, Fair Value Disclosure 0 0
Total 0 0
Fair Value, Inputs, Level 3    
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis    
Assets Held and used, Long Lived, Fair Value Disclosure 468 1,367
Assets Held for sale, Long Lived, Fair Value Disclosure 514 2,457
Total $ 982 $ 3,824
v3.26.1
Income Taxes (Details)
3 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Effective Income Tax Rate 33.50% 28.60%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00%  
v3.26.1
Net Income Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Earnings Per Share [Abstract]    
Net income $ 22,712 $ 39,232
Weighted average basic shares outstanding 190,293 200,643
Dilutive effect of stock options and restricted shares 607 974
Weighted average diluted shares outstanding 190,900 201,617
Basic net income per share $ 0.12 $ 0.20
Diluted net income per share $ 0.12 $ 0.19
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 11,926 8,288
v3.26.1
Stockholders' Equity Dividends (Details) - $ / shares
3 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Common Stock, Dividends, Per Share, Cash Paid $ 0.14 $ 0.25
v3.26.1
Stockholders' Equity Repurchases of Common Stock (Details) - January 2023 Share Repurchase Program - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Jan. 31, 2023
Equity, Class of Treasury Stock      
Stock Repurchase Program, Authorized Amount     $ 500,000
Treasury Stock, Shares, Acquired 0 8,182  
Treasury Stock, Value, Acquired, Cost Method, excluding Commissions   $ 124,070  
Stock Repurchase Program, Repurchase Accrual   1,401  
Stock Repurchase Program, Excise Tax Accrual   1,214  
Stock Repurchase Program, Cost Incurred   $ 115  
Stock Repurchase Program, Remaining Authorized Repurchase Amount $ 35,000    
v3.26.1
Stockholders' Equity Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Accumulated Other Comprehensive Loss    
Balance at beginning of period $ (63,968) $ (74,753)
Foreign currency translation (2,796) 1,912
Balance at end of period (66,764) (72,841)
Foreign Currency Translation    
Accumulated Other Comprehensive Loss    
Foreign currency translation $ (2,796) $ 1,912
v3.26.1
System Optimization (Gains) Losses, Net Summary of Disposition Activity (Details)
$ in Thousands
3 Months Ended
Mar. 29, 2026
USD ($)
Restaurant
number_of_restaurants
Mar. 30, 2025
USD ($)
Restaurant
number_of_restaurants
System Optimization (Gains) Losses, Net    
Proceeds from sales of restaurants $ 2,796 $ 55
System optimization gains (losses), net $ 1,625 $ (90)
Sale of franchise-operated restaurants to franchisees    
System Optimization (Gains) Losses, Net    
Number of restaurants sold to franchisees | Restaurant 41 0
Sale of Company-Operated Restaurants to Franchisees [Member]    
System Optimization (Gains) Losses, Net    
Number of restaurants sold to franchisees | number_of_restaurants 3 2
Proceeds from sales of restaurants $ 1,804 $ 55
Net Assets Sold 1,572 169
Other gain (loss) on disposition, net (232) (25)
Loss on sales of restaurants, net 0 (139)
Sale of Company-Operated Restaurants to Franchisees [Member] | Net cash provided by operating activities    
System Optimization (Gains) Losses, Net    
Proceeds from sales of restaurants 1,804  
Sale of other assets    
System Optimization (Gains) Losses, Net    
Proceeds from sales of restaurants 2,796  
System optimization gains (losses), net $ 1,625 $ 49
v3.26.1
System Optimization (Gains) Losses, Net Assets Held for Sale (Details) - USD ($)
$ in Thousands
Mar. 29, 2026
Dec. 28, 2025
Other assets held for sale    
Long lived assets held for sale    
Assets held for sale $ 21,783 $ 3,696
v3.26.1
Reorganization and Realignment Costs Summary (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Restructuring Cost and Reserve    
Reorganization and realignment costs $ (162) $ (692)
Organizational redesign    
Restructuring Cost and Reserve    
Reorganization and realignment costs (201) (950)
Other reorganization and realignment plans    
Restructuring Cost and Reserve    
Reorganization and realignment costs $ 39 $ 258
v3.26.1
Reorganization and Realignment Costs Organizational Redesign (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Restructuring Cost and Reserve    
Reorganization and realignment costs $ (162) $ (692)
Organizational Redesign    
Restructuring Cost and Reserve    
Restructuring and Related Cost, Incurred Cost (228) (1,075)
Reorganization and realignment costs (201) (950)
Restructuring and Related Cost, Cost Incurred to Date 13,950  
Restructuring Charges, Incurred to Date 16,477  
Organizational Redesign | Severance and related employee costs    
Restructuring Cost and Reserve    
Restructuring and Related Cost, Incurred Cost (228) (1,088)
Restructuring and Related Cost, Cost Incurred to Date 12,098  
Organizational Redesign | Recruitment and relocation costs    
Restructuring Cost and Reserve    
Restructuring and Related Cost, Incurred Cost 0 13
Restructuring and Related Cost, Cost Incurred to Date 736  
Organizational Redesign | Third-party and other costs    
Restructuring Cost and Reserve    
Restructuring and Related Cost, Incurred Cost 0 0
Restructuring and Related Cost, Cost Incurred to Date 1,116  
Organizational Redesign | Share-based compensation    
Restructuring Cost and Reserve    
Restructuring and Related Cost, Incurred Cost 27 $ 125
Restructuring and Related Cost, Cost Incurred to Date $ 2,527  
v3.26.1
Reorganization and Realignment Costs Organizational Redesign Accrual Rollforward (Details) - Organizational Redesign - USD ($)
$ in Thousands
3 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Restructuring Cost and Reserve    
Beginning balance $ 378 $ 4,257
Charges (228) (1,075)
Payments (144) (1,423)
Ending balance 6 1,759
Severance and related employee costs    
Restructuring Cost and Reserve    
Beginning balance 378 4,257
Charges (228) (1,088)
Payments (144) (1,410)
Ending balance 6 1,759
Recruitment and relocation costs    
Restructuring Cost and Reserve    
Beginning balance 0 0
Charges 0 13
Payments 0 (13)
Ending balance 0 0
Third-party and other costs    
Restructuring Cost and Reserve    
Beginning balance 0 0
Charges 0 0
Payments 0 0
Ending balance 0 0
Share-based compensation    
Restructuring Cost and Reserve    
Charges $ 27 $ 125
v3.26.1
Impairment of Long-Lived Assets (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Impairment of Long-Lived Assets    
Impairment of long-lived assets $ 2,572 $ 1,421
Company-operated restaurants    
Impairment of Long-Lived Assets    
Impairment of long-lived assets 1,169 1,187
Restaurants leased or subleased to franchisees    
Impairment of Long-Lived Assets    
Impairment of long-lived assets 1,358 0
Surplus properties    
Impairment of Long-Lived Assets    
Impairment of long-lived assets $ 45 $ 234
v3.26.1
Supplemental Cash Flow Information Non-Cash Investing and Financing Activities (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]    
Capital expenditures included in accounts payable $ 7,915 $ 7,197
Finance leases $ 22,331 $ 17,849
v3.26.1
Supplemental Cash Flow Information Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Mar. 29, 2026
Dec. 28, 2025
Mar. 30, 2025
Dec. 29, 2024
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]        
Cash and cash equivalents $ 298,740 $ 300,833    
Restricted cash 39,295 39,207    
Restricted cash, included in Advertising funds restricted assets 23,996 17,632    
Total cash, cash equivalents and restricted cash $ 362,031 $ 357,672 $ 388,959 $ 503,608
v3.26.1
Guarantees and Other Commitments and Contingencies Lease Guarantees (Details)
$ in Thousands
Mar. 29, 2026
USD ($)
Property Lease Guarantee  
Guarantor Obligations  
Guarantor Obligations, Maximum Exposure, Undiscounted $ 94,720
v3.26.1
Guarantees and Other Commitments and Contingencies Letters of Credit (Details)
$ in Thousands
Mar. 29, 2026
USD ($)
Guarantor Obligations  
Letters of Credit Outstanding, Amount $ 28,960
v3.26.1
Transactions with Related Parties (Details)
$ in Thousands
3 Months Ended
Mar. 29, 2026
USD ($)
number_of_restaurants
Mar. 30, 2025
USD ($)
Dec. 28, 2025
USD ($)
Related Party Transaction      
Number of Restaurants | number_of_restaurants 7,251    
Accounts payable $ 23,596   $ 30,450
TimWen | Franchise Rental Expense      
Related Party Transaction      
Operating Costs and Expenses 4,763 $ 4,798  
TimWen | Management Fee Income      
Related Party Transaction      
Other Operating Income 59 56  
Yellow Cab | Royalty, Advertising Fund, Lease and Other Income      
Related Party Transaction      
Other Operating Income 3,827 3,664  
Accounts receivable, net, current $ 1,336   1,045
Yellow Cab | Franchised Units      
Related Party Transaction      
Number of Restaurants | number_of_restaurants 87    
AMC | Advertising Funds Expense      
Related Party Transaction      
Related Party Transaction, Purchases from Related Party $ 0 $ 300  
Accounts payable $ 0   $ 0
v3.26.1
Reconciliation of Wendy's U.S. Segment Operating Profit (Loss) (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Segment Reporting [Line Items]    
Revenues $ 540,637 $ 523,472
Cost of sales 201,049 188,169
Franchise support and other costs 21,991 16,596
Advertising funds expense 108,615 101,528
General and Administrative Expense 72,843 68,204
Segment profit 64,921 83,126
Operating Segments    
Segment Reporting [Line Items]    
Segment profit 148,494 155,097
Wendy's U.S. | Operating Segments    
Segment Reporting [Line Items]    
Revenues 444,159 429,614
Cost of sales 194,296 181,237
Franchise support and other costs 18,256 13,178
Advertising funds expense 99,273 91,760
General and Administrative Expense 22,458 22,424
Other segment items 13 38
Segment profit $ 109,863 $ 120,977
v3.26.1
Reconciliation of Wendy's International Segment Operating Profit (Loss) (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Segment Reporting [Line Items]    
Revenues $ 540,637 $ 523,472
Cost of sales 201,049 188,169
Advertising funds expense 108,615 101,528
General and Administrative Expense 72,843 68,204
Segment profit 64,921 83,126
Advertising surplus (deficit) (271) 144
Operating Segments    
Segment Reporting [Line Items]    
Segment profit 148,494 155,097
Wendy's International | Operating Segments    
Segment Reporting [Line Items]    
Revenues 36,927 34,721
Cost of sales 6,753 6,932
Advertising funds expense 9,071 9,912
General and Administrative Expense 8,225 6,437
Other segment items 2,299 1,996
Segment profit 10,579 9,444
Advertising fund expense 0 159
Advertising surplus (deficit) $ (3) $ (1,153)
v3.26.1
Reconciliation of Global Real Estate & Development Operating Profit (Loss) (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Segment Reporting [Line Items]    
Revenues $ 540,637 $ 523,472
Franchise rental expense 30,176 30,701
General and Administrative Expense 72,843 68,204
Segment profit 64,921 83,126
Operating Segments    
Segment Reporting [Line Items]    
Segment profit 148,494 155,097
Global Real Estate & Development | Operating Segments    
Segment Reporting [Line Items]    
Revenues 59,551 59,137
Franchise rental expense 30,176 30,701
General and Administrative Expense 5,297 5,220
Other segment items (3,974) (1,460)
Segment profit 28,052 24,676
Equity in earnings for the period $ 2,363 $ 2,252
v3.26.1
Segment Information Reconciliation of Profit from Segments to Consolidated (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Segment Reporting [Line Items]    
Segment profit $ 64,921 $ 83,126
Unallocated franchise support and other costs (21,991) (16,596)
Advertising funds (deficit) surplus (271) 144
Unallocated general and administrative (72,843) (68,204)
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below) (40,575) (36,549)
Amortization of cloud computing arrangements (4,762) (4,167)
System optimization gains (losses), net 1,625 (90)
Reorganization and realignment costs 162 692
Impairment of long-lived assets (2,572) (1,421)
Unallocated other operating income, net 5,080 6,387
Interest expense, net (34,106) (31,477)
Investment loss, net 0 (1,718)
Other income, net 3,350 4,986
Income before income taxes $ 34,165 54,917
Number of Reportable Segments Disclosed by Definition Flag segment  
Corporate and Other    
Segment Reporting [Line Items]    
Unallocated franchise support and other costs $ (310) (587)
Unallocated general and administrative (36,863) (34,123)
Unallocated other operating income, net (7) 4,130
Operating Segments    
Segment Reporting [Line Items]    
Segment profit 148,494 155,097
Operating Segments | Wendy's U.S.    
Segment Reporting [Line Items]    
Segment profit 109,863 120,977
Unallocated franchise support and other costs (18,256) (13,178)
Unallocated general and administrative (22,458) (22,424)
Operating Segments | Wendy's International    
Segment Reporting [Line Items]    
Segment profit 10,579 9,444
Advertising funds (deficit) surplus (3) (1,153)
Unallocated general and administrative (8,225) (6,437)
Operating Segments | Global Real Estate & Development    
Segment Reporting [Line Items]    
Segment profit 28,052 24,676
Unallocated general and administrative $ (5,297) $ (5,220)