WENDY'S CO, 10-Q filed on 8/8/2025
Quarterly Report
v3.25.2
Document and Entity Information - shares
 6 Months Ended
Jun. 29, 2025
Aug. 01, 2025
Document and Entity Information [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 29, 2025  
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, $.10 par value  
Trading Symbol WEN  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0000030697  
Current Fiscal Year End Date --12-28  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Entity Common Stock, Shares Outstanding   190,565,101
v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
shares in Thousands, $ in Thousands
Jun. 29, 2025
Dec. 29, 2024
Current assets:    
Cash and cash equivalents $ 281,226 $ 450,512
Restricted cash 33,995 34,481
Accounts and notes receivable, net 115,084 99,926
Inventories 6,314 6,529
Prepaid expenses and other current assets 52,693 45,563
Advertising funds restricted assets 111,134 99,129
Total current assets 600,446 736,140
Properties 915,662 907,787
Finance lease assets 257,085 244,954
Operating lease assets 667,970 679,777
Goodwill 772,827 771,468
Other intangible assets 1,176,105 1,192,264
Investments 27,092 29,006
Net investment in sales-type and direct financing leases 286,678 288,048
Other assets 190,283 185,399
Total assets 4,894,148 5,034,843
Current liabilities:    
Current portion of long-term debt 78,505 78,163
Current portion of finance lease liabilities 24,234 22,509
Current portion of operating lease liabilities 51,293 50,068
Accounts payable 26,645 28,455
Accrued expenses and other current liabilities 123,785 118,224
Advertising funds restricted liabilities 110,758 100,212
Total current liabilities 415,220 397,631
Long-term debt 2,650,907 2,662,130
Long-term finance lease liabilities 593,553 575,363
Long-term operating lease liabilities 689,724 704,333
Deferred income taxes 265,430 263,420
Deferred franchise fees 88,396 88,387
Other liabilities 78,030 84,227
Total liabilities 4,781,260 4,775,491
Commitments and contingencies
Stockholders’ equity:    
Common stock, $0.10 par value; 1,500,000 shares authorized; 470,424 shares issued; 191,345 and 203,834 shares outstanding, respectively 47,042 47,042
Additional paid-in capital 2,988,265 2,982,102
Retained earnings 417,765 399,700
Common stock held in treasury, at cost; 279,079 and 266,590 shares, respectively (3,277,648) (3,094,739)
Accumulated other comprehensive loss (62,536) (74,753)
Total stockholders’ equity 112,888 259,352
Total liabilities and stockholders’ equity $ 4,894,148 $ 5,034,843
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 191,345 203,834
Treasury Stock, Shares 279,079 266,590
v3.25.2
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Revenues:        
Revenues $ 560,929 $ 570,727 $ 1,084,401 $ 1,105,480
Costs and expenses:        
Cost of sales 196,521 199,886 384,690 391,999
Franchise support and other costs 17,069 16,222 33,665 30,964
Franchise rental expense 32,630 32,390 63,331 64,168
Advertising funds expense 111,374 120,817 212,902 228,191
General and administrative 59,485 61,496 127,689 125,253
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below) 36,990 37,492 73,539 73,010
Amortization of cloud computing arrangements 4,056 3,519 8,223 7,061
System optimization gains, net (387) (280) (297) (153)
Reorganization and realignment costs 174 2,452 (518) 8,125
Impairment of long-lived assets 1,686 689 3,107 2,695
Other operating income, net (2,929) (3,463) (9,316) (6,496)
Costs and expenses 456,669 471,220 897,015 924,817
Operating profit 104,260 99,507 187,386 180,663
Interest expense, net (30,945) (30,995) (62,422) (61,530)
Investment income (loss), net 0 11 (1,718) 11
Other income, net 2,585 6,300 7,571 13,136
Income before income taxes 75,900 74,823 130,817 132,280
Provision for income taxes (20,790) (20,180) (36,475) (35,644)
Net income $ 55,110 $ 54,643 $ 94,342 $ 96,636
Net income per share:        
Basic $ 0.29 $ 0.27 $ 0.48 $ 0.47
Diluted $ 0.29 $ 0.27 $ 0.48 $ 0.47
Sales        
Revenues:        
Revenue from Contract with Customer, Excluding Assessed Tax $ 232,853 $ 237,355 $ 452,363 $ 462,678
Franchise royalty revenue and fees        
Revenues:        
Revenue from Contract with Customer, Excluding Assessed Tax 156,300 157,670 301,448 304,170
Franchise rental income        
Revenues:        
Revenue from Contract with Customer, Excluding Assessed Tax 60,411 60,638 118,865 118,624
Advertising funds revenue        
Revenues:        
Revenue from Contract with Customer, Excluding Assessed Tax $ 111,365 $ 115,064 $ 211,725 $ 220,008
v3.25.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Net income $ 55,110 $ 54,643 $ 94,342 $ 96,636
Other comprehensive income (loss):        
Foreign currency translation adjustment 10,305 (2,011) 12,217 (6,597)
Other comprehensive income (loss) 10,305 (2,011) 12,217 (6,597)
Comprehensive income $ 65,415 $ 52,632 $ 106,559 $ 90,039
v3.25.2
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. 31, 2023 $ 309,779 $ 47,042 $ 2,960,035 $ 409,863 $ (3,048,786) $ (58,375)
Increase (Decrease) in Stockholders' Equity            
Net income 41,993 0 0 41,993 0 0
Other comprehensive income (loss) (4,586) 0 0 0 0 (4,586)
Cash dividends (51,374) 0 0 (51,374) 0 0
Repurchases of common stock (7,216) 0 0 0 (7,216) 0
Share-based compensation 5,853 0 5,853 0 0 0
Common stock issued upon exercises of stock options 1,215 0 179 0 1,036 0
Common stock issued upon vesting of restricted shares (2,077) 0 (3,855) 0 1,778 0
Other 67 0 29 (17) 55 0
Stockholders' Equity, end of period at Mar. 31, 2024 293,654 47,042 2,962,241 400,465 (3,053,133) (62,961)
Stockholders' Equity, beginning of period at Dec. 31, 2023 309,779 47,042 2,960,035 409,863 (3,048,786) (58,375)
Increase (Decrease) in Stockholders' Equity            
Net income 96,636          
Other comprehensive income (loss) (6,597)          
Stockholders' Equity, end of period at Jun. 30, 2024 273,753 47,042 2,964,479 403,836 (3,076,632) (64,972)
Stockholders' Equity, beginning of period at Mar. 31, 2024 293,654 47,042 2,962,241 400,465 (3,053,133) (62,961)
Increase (Decrease) in Stockholders' Equity            
Net income 54,643 0 0 54,643 0 0
Other comprehensive income (loss) (2,011) 0 0 0 0 (2,011)
Cash dividends (51,252) 0 0 (51,252) 0 0
Repurchases of common stock (27,493) 0 0 0 (27,493) 0
Share-based compensation 5,824 0 5,824 0 0 0
Common stock issued upon exercises of stock options 740 0 (134) 0 874 0
Common stock issued upon vesting of restricted shares (426) 0 (3,484) 0 3,058 0
Other 74 0 32 (20) 62 0
Stockholders' Equity, end of period at Jun. 30, 2024 273,753 47,042 2,964,479 403,836 (3,076,632) (64,972)
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. 29, 2024 259,352 47,042 2,982,102 399,700 (3,094,739) (74,753)
Increase (Decrease) in Stockholders' Equity            
Net income 94,342          
Other comprehensive income (loss) 12,217          
Stockholders' Equity, end of period at Jun. 29, 2025 112,888 47,042 2,988,265 417,765 (3,277,648) (62,536)
Stockholders' Equity, beginning of period at Mar. 30, 2025 130,239 47,042 2,984,865 389,481 (3,218,308) (72,841)
Increase (Decrease) in Stockholders' Equity            
Net income 55,110 0 0 55,110 0 0
Other comprehensive income (loss) 10,305 0 0 0 0 10,305
Cash dividends (26,811) 0 0 (26,811) 0 0
Repurchases of common stock (62,558) 0 0 0 (62,558) 0
Share-based compensation 5,132 0 5,132 0 0 0
Common stock issued upon exercises of stock options 1,444 0 (245) 0 1,689 0
Common stock issued upon vesting of restricted shares (28) 0 (1,504) 0 1,476 0
Other 55 0 17 (15) 53 0
Stockholders' Equity, end of period at Jun. 29, 2025 $ 112,888 $ 47,042 $ 2,988,265 $ 417,765 $ (3,277,648) $ (62,536)
v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 94,342 $ 96,636
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) 73,539 73,010
Amortization of cloud computing arrangements 8,223 7,061
Share-based compensation 10,704 11,677
Impairment of long-lived assets 3,107 2,695
Deferred income tax 822 (104)
Non-cash rental expense, net 21,406 21,120
Change in operating lease liabilities (24,482) (24,273)
Net receipt of deferred vendor incentives 8,421 5,533
System optimization gains, net (297) (153)
Distributions received from joint ventures, net of equity in earnings 1,679 1,146
Long-term debt-related activities, net 3,744 3,738
Cloud computing arrangements expenditures (9,335) (6,878)
Changes in operating assets and liabilities and other, net (45,865) (45,745)
Net cash provided by operating activities 146,008 145,463
Cash flows from investing activities:    
Capital expenditures (39,050) (34,465)
Franchise development fund (16,518) (11,477)
Dispositions 1,355 601
Notes receivable, net 1,949 1,383
Net cash used in investing activities (52,264) (43,958)
Cash flows from financing activities:    
Proceeds from long-term debt 23,500 0
Repayments of long-term debt (23,125) (14,625)
Repayments of finance lease liabilities (10,666) (10,336)
Repurchases of common stock (186,516) (34,248)
Dividends (76,243) (102,626)
Proceeds from stock option exercises 1,717 2,098
Payments related to tax withholding for share-based compensation (1,354) (2,645)
Net cash used in financing activities (272,687) (162,382)
Net cash used in operations before effect of exchange rate changes on cash (178,943) (60,877)
Effect of exchange rate changes on cash 5,437 (3,298)
Net decrease in cash, cash equivalents and restricted cash (173,506) (64,175)
Cash, cash equivalents and restricted cash at beginning of period 503,608 588,816
Cash, cash equivalents and restricted cash at end of period $ 330,102 $ 524,641
v3.25.2
Basis of Presentation
 6 Months Ended
Jun. 29, 2025
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 June 29, 2025, the results of our operations for the three and six months ended June 29, 2025 and June 30, 2024 and cash flows for the six months ended June 29, 2025 and June 30, 2024. The results of operations for the six months ended June 29, 2025 are not necessarily indicative of the results to be expected for the full 2025 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 29, 2024 (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- and six-month periods presented herein contain 13 weeks and 26 weeks, respectively. 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.
v3.25.2
Revenue
 6 Months Ended
Jun. 29, 2025
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 June 29, 2025
Sales at Company-operated restaurants$225,973 $6,880 $— $232,853 
Franchise royalty revenue112,842 19,391 — 132,233 
Franchise fees20,972 2,569 526 24,067 
Franchise rental income— — 60,411 60,411 
Advertising funds revenue101,355 10,010 — 111,365 
Total revenues$461,142 $38,850 $60,937 $560,929 
Three Months Ended June 30, 2024
Sales at Company-operated restaurants$231,151 $6,204 $— $237,355 
Franchise royalty revenue117,997 18,321 — 136,318 
Franchise fees17,826 2,389 1,137 21,352 
Franchise rental income— — 60,638 60,638 
Advertising funds revenue105,617 9,447 — 115,064 
Total revenues$472,591 $36,361 $61,775 $570,727 
Wendy’s U.S.Wendy’s InternationalGlobal Real Estate & DevelopmentTotal
Six Months Ended June 29, 2025
Sales at Company-operated restaurants$438,717 $13,646 $— $452,363 
Franchise royalty revenue217,248 36,660 — 253,908 
Franchise fees41,676 4,655 1,209 47,540 
Franchise rental income— — 118,865 118,865 
Advertising funds revenue193,115 18,610 — 211,725 
Total revenues$890,756 $73,571 $120,074 $1,084,401 
Six Months Ended June 30, 2024
Sales at Company-operated restaurants$450,619 $12,059 $— $462,678 
Franchise royalty revenue226,850 35,148 — 261,998 
Franchise fees35,652 4,278 2,242 42,172 
Franchise rental income— — 118,624 118,624 
Advertising funds revenue202,317 17,691 — 220,008 
Total revenues$915,438 $69,176 $120,866 $1,105,480 

Contract Balances

The following table provides information about receivables and contract liabilities (deferred franchise fees) from contracts with customers:
June 29,
2025 (a)		December 29, 2024 (a)
Receivables, which are included in “Accounts and notes receivable, net” (b)
$63,781 $55,601 
Receivables, which are included in “Advertising funds restricted assets”
71,839 73,223 
Deferred franchise fees (c)99,397 99,411 
_______________

(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 $11,001 and $88,396, respectively, as of June 29, 2025, and $11,024 and $88,387, respectively, as of December 29, 2024.

Significant changes in deferred franchise fees are as follows:
Six Months Ended
June 29,
2025		June 30,
2024
Deferred franchise fees at beginning of period$99,411 $100,805 
Revenue recognized during the period
(4,438)(6,051)
New deferrals due to cash received and other4,424 5,254 
Deferred franchise fees at end of period$99,397 $100,008 
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:
2025 (a)$7,588 
20266,795 
20276,657 
20286,525 
20296,424 
Thereafter65,408 
$99,397 
_______________

(a)Represents franchise fees expected to be recognized for the remainder of 2025, which includes development-related franchise fees expected to be recognized over a duration of one year or less.
v3.25.2
Leases
 6 Months Ended
Jun. 29, 2025
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 June 29, 2025, the nature of restaurants operated by the Company and its franchisees was as follows:
June 29,
2025
Company-operated restaurants:
Owned land and building155
Owned building and held long-term land leases138
Leased land and building107
Total Company-operated restaurants400
Franchisee-operated restaurants:
Company-owned properties leased to franchisees489
Company-leased properties subleased to franchisees1,156
Other franchisee-operated restaurants5,289
Total franchisee-operated restaurants6,934
Total Company-operated and franchisee-operated restaurants7,334
Company as Lessee

The components of lease cost are as follows:
Three Months EndedSix Months Ended
June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Finance lease cost:
Amortization of finance lease assets$4,885 $4,372 $10,030 $8,669 
Interest on finance lease liabilities10,865 10,699 21,742 21,357 
15,750 15,071 31,772 30,026 
Operating lease cost21,322 21,524 41,839 43,225 
Variable lease cost (a)17,269 17,365 33,482 33,853 
Short-term lease cost1,304 1,226 2,570 2,620 
Total operating lease cost (b)39,895 40,115 77,891 79,698 
Total lease cost$55,645 $55,186 $109,663 $109,724 
_______________

(a)Includes expenses for executory costs of $10,578 and $10,033 for the three months ended June 29, 2025 and June 30, 2024, respectively, and $20,972 and $20,254 for the six months ended June 29, 2025 and June 30, 2024, respectively, for which the Company is reimbursed by sublessees.

(b)Includes $32,569 and $32,355 for the three months ended June 29, 2025 and June 30, 2024, respectively, and $63,221 and $64,073 for the six months ended June 29, 2025 and June 30, 2024, respectively, recorded to “Franchise rental expense” for leased properties that are subsequently leased to franchisees. Also includes $6,946 and $7,402 for the three months ended June 29, 2025 and June 30, 2024, respectively, and $13,887 and $14,790 for the six months ended June 29, 2025 and June 30, 2024, 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 EndedSix Months Ended
June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Sales-type and direct-financing leases:
Selling profit$34 $88 $23 $72 
Interest income (a)6,943 7,178 13,858 14,897 
Operating lease income42,467 42,950 84,888 84,447 
Variable lease income17,944 17,688 33,977 34,177 
Franchise rental income (b)$60,411 $60,638 $118,865 $118,624 
_______________

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

(b)Includes sublease income of $44,667 and $45,049 recognized during the three months ended June 29, 2025 and June 30, 2024, respectively, and $87,451 and $87,832 for the six months ended June 29, 2025 and June 30, 2024, respectively. Sublease income includes lessees’ variable payments to the Company for executory costs of $10,512 and $10,155 for the three months ended June 29, 2025 and June 30, 2024, respectively, and $20,709 and $20,244 for the six months ended June 29, 2025 and June 30, 2024, respectively.
v3.25.2
Investments
 6 Months Ended
Jun. 29, 2025
Investments [Abstract]  
Investments Investments
The following is a summary of the carrying value of our investments:
June 29,
2025		December 29,
2024
Equity method investment$27,092 $27,288 
Other investments in equity securities— 1,718 
$27,092 $29,006 

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:
Six Months Ended
June 29,
2025		June 30,
2024
Balance at beginning of period$27,288 $32,727 
Equity in earnings for the period6,514 6,797 
Amortization of purchase price adjustments (a)(1,202)(1,248)
5,312 5,549 
Distributions received(6,991)(6,695)
Foreign currency translation adjustment included in “Other comprehensive income (loss)”
1,483 (1,118)
Balance at end of period$27,092 $30,463 
_______________

(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 six months ended June 29, 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 June 29, 2025.
v3.25.2
Long-Term Debt
 6 Months Ended
Jun. 29, 2025
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consisted of the following:
June 29,
2025		December 29,
2024
Class A-2 Notes:
4.236% Series 2022-1 Class A-2-I Notes, anticipated repayment date 2029
$97,000 $97,500 
4.535% Series 2022-1 Class A-2-II Notes, anticipated repayment date 2032
384,134 386,134 
2.370% Series 2021-1 Class A-2-I Notes, anticipated repayment date 2029
416,519 418,769 
2.775% Series 2021-1 Class A-2-II Notes, anticipated repayment date 2031
623,780 627,030 
3.783% Series 2019-1 Class A-2-I Notes, anticipated repayment date 2026
351,673 353,673 
4.080% Series 2019-1 Class A-2-II Notes, anticipated repayment date 2029
396,373 398,623 
3.884% Series 2018-1 Class A-2-II Notes, anticipated repayment date 2028
433,974 436,349 
7% debentures, due in December 2025
49,255 48,913 
Unamortized debt issuance costs(23,296)(26,698)
2,729,412 2,740,293 
Less amounts payable within one year(78,505)(78,163)
Total long-term debt$2,650,907 $2,662,130 

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 30, 2025, the Company borrowed and repaid $15,000 and $8,500, respectively, under the revolving line of credit. During the three months ended June 29, 2025, the Company borrowed an additional $8,500 under the revolving line of credit. As a result, as of June 29, 2025, the Company had outstanding borrowings of $15,000 under the revolving line of credit, which is included in “Advertising funds restricted liabilities.”
v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 29, 2025
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:
June 29,
2025		December 29,
2024
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value		Fair Value
Measurements
Financial assets
Cash equivalents$129,295 $129,295 $319,212 $319,212 Level 1
Other investments in equity securities (a)— — 1,718 1,718 Level 2
Financial liabilities
Series 2022-1 Class A-2-I Notes (b)97,000 94,772 97,500 93,744 Level 2
Series 2022-1 Class A-2-II Notes (b)384,134 364,731 386,134 371,855 Level 2
Series 2021-1 Class A-2-I Notes (b)416,519 380,594 418,769 376,256 Level 2
Series 2021-1 Class A-2-II Notes (b)623,780 541,491 627,030 551,981 Level 2
Series 2019-1 Class A-2-I Notes (b)351,673 346,866 353,673 345,093 Level 2
Series 2019-1 Class A-2-II Notes (b)396,373 378,615 398,623 387,039 Level 2
Series 2018-1 Class A-2-II Notes (b)433,974 420,890 436,349 418,027 Level 2
U.S. advertising fund revolving line of credit
15,000 15,000 — — Level 2
7% debentures, due in 2025 (b)
49,255 49,792 48,913 50,034 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
June 29,
2025		Level 1Level 2Level 3
Held and used$755 $— $— $755 
Held for sale1,433 — — 1,433 
Total$2,188 $— $— $2,188 
Fair Value Measurements
December 29,
2024		Level 1Level 2Level 3
Held and used$2,391 $— $— $2,391 
Held for sale1,558 — — 1,558 
Total$3,949 $— $— $3,949 
v3.25.2
Income Taxes
 6 Months Ended
Jun. 29, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s effective tax rate for the three months ended June 29, 2025 and June 30, 2024 was 27.4% and 27.0%, respectively. The Company’s effective tax rate varied from the U.S. federal statutory rate of 21% for the three months ended June 29, 2025 primarily due to state income taxes and the tax effects of our foreign operations and share-based compensation.

The Company’s effective tax rate for the six months ended June 29, 2025 and June 30, 2024 was 27.9% and 26.9%, respectively. The Company’s effective tax rate varied from the U.S. federal statutory rate of 21% for the six months ended June 29, 2025 primarily due to state income taxes and the tax effects of our foreign operations.

Subsequent to the end of the second quarter of 2025, on July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted. Key provisions include the permanent extension of several business tax incentives originally established under the 2017 Tax Cuts and Jobs Act, as well as changes to provisions related to bonus depreciation, and research and development. The Company is currently evaluating the impact of the OBBBA on our condensed consolidated financial statements.
v3.25.2
Net Income Per Share
 6 Months Ended
Jun. 29, 2025
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 EndedSix Months Ended
June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Net income$55,110 $54,643 $94,342 $96,636 
Common stock:
Weighted average basic shares outstanding191,949 204,919 196,296 205,145 
Dilutive effect of stock options and restricted shares
765 1,266 870 1,433 
Weighted average diluted shares outstanding192,714 206,185 197,166 206,578 
Basic and diluted net income per share$.29 $.27 $.48 $.47 

Basic net income per share for the three and six months ended June 29, 2025 and June 30, 2024 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 7,990 and 8,139 for the three and six months ended June 29, 2025, respectively, and 7,606 and 7,197 for the three and six months ended June 30, 2024, respectively, from our diluted net income per share calculation as they would have had anti-dilutive effects.
v3.25.2
Stockholders' Equity
 6 Months Ended
Jun. 29, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Dividends

During the first and second quarter of 2025, the Company paid dividends per share of $.25 and $.14, respectively. During each of the first and second quarters of 2024, the Company paid dividends per share of $.25.

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 six months ended June 29, 2025, the Company repurchased 12,957 shares under the January 2023 Authorization with an aggregate purchase price of $185,962, of which $193 was accrued as of June 29, 2025, and excluding excise tax of $1,813 and commissions of $182. During the six months ended June 29, 2025, the Company paid $565 in excise tax on shares repurchased during 2024. As of June 29, 2025, the Company had $49,038 of availability remaining under the January 2023 Authorization. Subsequent to June 29, 2025 through August 1, 2025, the Company repurchased 834 shares under the January 2023 Authorization with an aggregate purchase price of $8,825, excluding applicable excise tax and commissions.

During the six months ended June 30, 2024, the Company repurchased 1,955 shares under the January 2023 Authorization with an aggregate purchase price of $34,448, of which $801 was accrued as of June 30, 2024, and excluding excise tax of $233 and commissions of $28.
Accumulated Other Comprehensive Loss

The following table provides a rollforward of accumulated other comprehensive loss, which is entirely comprised of foreign currency translation:
Six Months Ended
June 29,
2025		June 30,
2024
Balance at beginning of period$(74,753)$(58,375)
Foreign currency translation
12,217 (6,597)
Balance at end of period$(62,536)$(64,972)
v3.25.2
System Optimization Gains, Net
 6 Months Ended
Jun. 29, 2025
System Optimization  
System Optimization Gains, Net  
System Optimization Gains, Net System Optimization Gains, Net
The Company’s system optimization initiative included a shift from Company-operated restaurants to franchised restaurants over time, through acquisitions and dispositions, as well as facilitating franchisee-to-franchisee restaurant transfers (“Franchise Flips”). As of June 29, 2025, Company-operated restaurant ownership was approximately 5% of the total system. While the Company has no plans to move its ownership away from approximately 5% of the total system, the Company expects to continue to optimize the Wendy’s system through Franchise Flips, as well as evaluating strategic acquisitions of franchised restaurants and strategic dispositions of Company-operated restaurants to existing and new franchisees, to further strengthen the franchisee base and drive new restaurant development. During the six months ended June 29, 2025 and June 30, 2024, the Company facilitated one and 14 Franchise Flips, respectively. Additionally, during the six months ended June 29, 2025, the Company completed the sale of two Company-operated restaurants to franchisees. No Company-operated restaurants were sold to franchisees during the six months ended June 30, 2024.

Gains and losses recognized on dispositions are recorded to “System optimization gains, 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 EndedSix Months Ended
June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Number of restaurants sold to franchisees— — 2 — 
Proceeds from sales of restaurants$— $— $55 $— 
Net assets sold (a)— — (169)— 
Other — — (25)— 
Loss on sales of restaurants, net— — (139)— 
Post-closing adjustments on sales of restaurants (b)(10)254 (10)254 
(Loss) gain on sales of restaurants, net(10)254 (149)254 
Gain (loss) on sales of other assets, net (c)397 26 446 (101)
System optimization gains, net$387 $280 $297 $153 
_______________

(a)Net assets sold consisted primarily of equipment.

(b)The three and six months ended June 30, 2024 represent the recognition of deferred gains as a result of the resolution of certain contingencies related to the extension of lease terms for restaurants previously sold to franchisees.
(c)During the three and six months ended June 29, 2025, the Company received net cash proceeds of $1,300, primarily from the sale of surplus and other properties. During the three and six months ended June 30, 2024, the Company received net cash proceeds of $575 and $601, respectively, primarily from the sale of surplus and other properties.

Assets Held for Sale

As of June 29, 2025 and December 29, 2024, the Company had assets held for sale of $5,144 and $2,833, respectively, primarily consisting of surplus properties. Assets held for sale are included in “Prepaid expenses and other current assets.”
v3.25.2
Reorganization and Realignment Costs
 6 Months Ended
Jun. 29, 2025
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 EndedSix Months Ended
June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Organizational Redesign Plan$106 $2,409 $(844)$8,031 
Other reorganization and realignment plans68 43 326 94 
Reorganization and realignment costs$174 $2,452 $(518)$8,125 

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. The Company expects to incur total costs of approximately $17,000 related to the Organizational Redesign Plan, including costs related to the 2024 succession of the President and Chief Executive Officer role. During the six months ended June 29, 2025, the Company recognized costs totaling $(844), which primarily included a reversal of a severance accrual. During the six months ended June 30, 2024, the Company recognized costs totaling $8,031, which primarily included severance and related employee costs. The Company expects to incur additional costs aggregating approximately $400, comprised primarily of share-based compensation. The Company expects costs related to the Organizational Redesign Plan to continue into 2026.

The following is a summary of the costs recorded as a result of the Organizational Redesign Plan:
Three Months EndedSix Months EndedTotal Incurred Since Inception
June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Severance and related employee costs (a)$(6)$1,948 $(1,094)$7,310 $12,402 
Recruitment and relocation costs— — 13 82 736 
Third-party and other costs— 14 — 64 1,116 
(6)1,962 (1,081)7,456 14,254 
Share-based compensation (b)112 447 237 575 2,333 
Total organizational redesign$106 $2,409 $(844)$8,031 $16,587 
_______________

(a)The six months ended June 29, 2025 includes a reversal of an accrual as a result of a change in estimate.

(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 June 29, 2025, 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 29,
2024
ChargesPayments
Balance
June 29,
2025
Severance and related employee costs$4,257 $(1,094)$(1,897)$1,266 
Recruitment and relocation costs— 13 (13)— 
Third-party and other costs— — — — 
$4,257 $(1,081)$(1,910)$1,266 

Balance
December 31,
2023		ChargesPaymentsBalance
June 30,
2024
Severance and related employee costs$1,692 $7,310 $(2,233)$6,769 
Recruitment and relocation costs— 82 (82)— 
Third-party and other costs— 64 (64)— 
$1,692 $7,456 $(2,379)$6,769 

Other Reorganization and Realignment Plans

Costs incurred under the Company’s other reorganization and realignment plans were not material during the six months ended June 29, 2025 and June 30, 2024. The Company does not expect to incur any material additional costs under these plans.
v3.25.2
Impairment of Long-Lived Assets
 6 Months Ended
Jun. 29, 2025
Asset Impairment Charges [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 EndedSix Months Ended
June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Company-operated restaurants$1,686 $644 $2,873 $2,418 
Surplus properties— 45 234 277 
$1,686 $689 $3,107 $2,695 
v3.25.2
Supplemental Cash Flow Information
 6 Months Ended
Jun. 29, 2025
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
The following table includes supplemental non-cash investing and financing activities:
Six Months Ended
June 29,
2025		June 30,
2024
Supplemental non-cash investing and financing activities:
Capital expenditures included in accounts payable$7,166 $9,968 
Finance leases29,347 13,085 
The following table includes a reconciliation of cash, cash equivalents and restricted cash:
June 29,
2025		December 29,
2024
Reconciliation of cash, cash equivalents and restricted cash at end of period:
Cash and cash equivalents$281,226 $450,512 
Restricted cash33,995 34,481 
Restricted cash, included in Advertising funds restricted assets14,881 18,615 
Total cash, cash equivalents and restricted cash$330,102 $503,608 
v3.25.2
Guarantees and Other Commitments and Contingencies
 6 Months Ended
Jun. 29, 2025
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 $96,817 as of June 29, 2025. These leases extend through 2045. We have had no judgments against us as guarantor of these leases as of June 29, 2025. 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 June 29, 2025.

Letters of Credit

As of June 29, 2025, the Company had outstanding letters of credit with various parties totaling $28,995. 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.
v3.25.2
Transactions with Related Parties
 6 Months Ended
Jun. 29, 2025
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 $10,344 and $10,522 under these lease agreements during the six months ended June 29, 2025 and June 30, 2024, 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 $115 and $120 during the six months ended June 29, 2025 and June 30, 2024, respectively, which is included as a reduction to “General and administrative.”

Transactions with QSCC

Wendy’s has a purchasing co-op relationship structure with its franchisees that establishes Quality Supply Chain Co-op, Inc. (“QSCC”). QSCC manages, for the Wendy’s system in the U.S. and Canada, contracts for the purchase and distribution of food, proprietary paper, operating supplies and equipment under national agreements with pricing based upon total system volume. QSCC’s supply chain management facilitates continuity of supply and provides consolidated purchasing efficiencies while monitoring and seeking to minimize possible obsolete inventory throughout the Wendy’s supply chain in the U.S. and Canada.
Wendy’s and its franchisees pay sourcing fees to third-party vendors on certain products sourced by QSCC. Such sourcing fees are remitted by these vendors to QSCC and are the primary means of funding QSCC’s operations. In addition, QSCC collects certain rebates, price variance and other recoveries, technology fees, convention fees and other funding from third-party vendors as part of the administration and management of the Wendy’s supply chain in the U.S. and Canada. Should QSCC’s sourcing fees exceed its expected needs, QSCC’s board of directors may return some or all of the excess to its members in the form of a patronage dividend. Wendy’s recorded its share of patronage dividends of $3,379 during the six months ended June 30, 2024, of which $2,909 is included in “Other operating income, net” and $470 is included as a reduction of “Cost of sales.” There were no patronage dividends recorded during the six months ended June 29, 2025.

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 June 29, 2025 owned and operated 89 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 six months ended June 29, 2025 and June 30, 2024, the Company recognized $7,588 and $7,543, 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 June 29, 2025 and December 29, 2024, $1,153 and $1,132, 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 six months ended June 29, 2025 and June 30, 2024, the Company purchased approximately $600 and $1,100, respectively, of advertising time 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. As of June 29, 2025 and December 29, 2024, approximately $27 and $17, respectively, was due to AMC for such advertising time, which is included in “Advertising funds restricted liabilities.”
v3.25.2
Legal and Environmental Matters
 6 Months Ended
Jun. 29, 2025
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.
v3.25.2
Segment Information
 6 Months Ended
Jun. 29, 2025
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 EndedSix Months Ended
June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Wendy’s U.S. revenue$461,142 $472,591 $890,756 $915,438 
Wendy’s U.S. expense
Cost of sales189,258 193,046 370,495 378,979 
Franchise support and other costs13,677 13,391 26,855 26,085 
Advertising fund expense (a)101,355 110,701 193,115 209,726 
General and administrative19,619 18,666 42,043 37,992 
Other segment items (b)74 78 112 123 
Wendy’s U.S. adjusted EBITDA$137,159 $136,709 $258,136 $262,533 
_______________

(a)Includes advertising fund expense of $5,084 and $7,409 for the three and six months ended June 30, 2024, respectively, related to the Company’s funding of incremental advertising. There was no funding of incremental advertising during the three and six months ended June 29, 2025.

(b)Other segment items for the three and six months ended June 29, 2025 and June 30, 2024 primarily include professional fees.

Wendy’s International revenue, significant segment expenses and segment adjusted EBITDA are as follows:
Three Months EndedSix Months Ended
June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Wendy’s International revenue$38,850 $36,361 $73,571 $69,176 
Wendy’s International expense
Cost of sales7,263 6,840 14,195 13,020 
Advertising fund expense (a)10,159 10,370 20,071 18,926 
General and administrative6,700 6,606 13,137 12,547 
Other segment items (b)1,502 1,870 3,498 3,318 
Wendy’s International adjusted EBITDA $13,226 $10,675 $22,670 $21,365 
_______________

(a)Includes advertising fund expense of $183 and $342 for the three and six months ended June 29, 2025, respectively, and $603 and $765 for the three and six months ended June 30, 2024, respectively, related to the Company’s funding of incremental advertising. In addition, includes other international-related advertising surplus (deficit) of $34 and $(1,119) for the three and six months ended June 29, 2025, respectively, and $(320) and $(470) for the three and six months ended June 30, 2024, respectively.

(b)Other segment items for the three and six months ended June 29, 2025 and June 30, 2024 primarily include franchise support and other costs.
Global Real Estate & Development revenue, significant segment expenses and segment adjusted EBITDA are as follows:
Three Months EndedSix Months Ended
June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Global Real Estate & Development revenue$60,937 $61,775 $120,074 $120,866 
Global Real Estate & Development expense
Franchise rental expense32,630 32,390 63,331 64,168 
General and administrative2,650 3,768 7,870 8,868 
Other segment items (a)(1,627)(2,565)(3,087)(4,413)
Global Real Estate & Development adjusted EBITDA$27,284 $28,182 $51,960 $52,243 
_______________

(a)Other segment items primarily include equity in earnings from our TimWen joint venture and franchise support and other costs. Equity in earnings from our TimWen joint venture was $3,060 and $5,312 for the three and six months ended June 29, 2025, respectively, and $3,027 and $5,549 for the three and six months ended June 30, 2024, respectively.

The following table reconciles profit by segment to the Company’s consolidated income before income taxes:
Three Months EndedSix Months Ended
June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Wendy’s U.S.$137,159 $136,709 $258,136 $262,533 
Wendy’s International13,226 10,675 22,670 21,365 
Global Real Estate & Development27,284 28,182 51,960 52,243 
Total segment adjusted EBITDA177,669 175,566 $332,766 $336,141 
Unallocated franchise support and other costs(658)(191)(1,245)(217)
Advertising funds surplus140 254 284 461 
Unallocated general and administrative (a)(30,516)(32,456)(64,639)(65,846)
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below)(36,990)(37,492)(73,539)(73,010)
Amortization of cloud computing arrangements(4,056)(3,519)(8,223)(7,061)
System optimization gains, net387 280 297 153 
Reorganization and realignment costs(174)(2,452)518 (8,125)
Impairment of long-lived assets(1,686)(689)(3,107)(2,695)
Unallocated other operating income, net144 206 4,274 862 
Interest expense, net(30,945)(30,995)(62,422)(61,530)
Investment income (loss), net— 11 (1,718)11 
Other income, net2,585 6,300 7,571 13,136 
Income before income taxes$75,900 $74,823 $130,817 $132,280 
_______________

(a)Includes corporate overhead costs, such as employee compensation and related benefits.
v3.25.2
New Accounting Standards
 6 Months Ended
Jun. 29, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
New Accounting Standards New Accounting Standards
Disaggregation of Income Statement Expenses

In November 2024, the Financial Accounting Standards Board (“FASB”) issued an amendment to expand disclosure requirements related to certain income statement expenses. The amendment requires disaggregation of certain expense captions into specified categories in disclosures within the notes to the financial statements. We are currently evaluating the impact of the adoption of this guidance on our condensed consolidated financial statements.

In January 2025, the FASB issued an update that clarified that the amendment is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted.

Measurement of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the 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 amendment is effective commencing with our 2026 fiscal year. We are currently evaluating the impact of the adoption of this guidance on our condensed consolidated financial statements.
v3.25.2
Revenue (Tables)
 6 Months Ended
Jun. 29, 2025
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 June 29, 2025
Sales at Company-operated restaurants$225,973 $6,880 $— $232,853 
Franchise royalty revenue112,842 19,391 — 132,233 
Franchise fees20,972 2,569 526 24,067 
Franchise rental income— — 60,411 60,411 
Advertising funds revenue101,355 10,010 — 111,365 
Total revenues$461,142 $38,850 $60,937 $560,929 
Three Months Ended June 30, 2024
Sales at Company-operated restaurants$231,151 $6,204 $— $237,355 
Franchise royalty revenue117,997 18,321 — 136,318 
Franchise fees17,826 2,389 1,137 21,352 
Franchise rental income— — 60,638 60,638 
Advertising funds revenue105,617 9,447 — 115,064 
Total revenues$472,591 $36,361 $61,775 $570,727 
Wendy’s U.S.Wendy’s InternationalGlobal Real Estate & DevelopmentTotal
Six Months Ended June 29, 2025
Sales at Company-operated restaurants$438,717 $13,646 $— $452,363 
Franchise royalty revenue217,248 36,660 — 253,908 
Franchise fees41,676 4,655 1,209 47,540 
Franchise rental income— — 118,865 118,865 
Advertising funds revenue193,115 18,610 — 211,725 
Total revenues$890,756 $73,571 $120,074 $1,084,401 
Six Months Ended June 30, 2024
Sales at Company-operated restaurants$450,619 $12,059 $— $462,678 
Franchise royalty revenue226,850 35,148 — 261,998 
Franchise fees35,652 4,278 2,242 42,172 
Franchise rental income— — 118,624 118,624 
Advertising funds revenue202,317 17,691 — 220,008 
Total revenues$915,438 $69,176 $120,866 $1,105,480 
Contract Balances, assets and liabilities
The following table provides information about receivables and contract liabilities (deferred franchise fees) from contracts with customers:
June 29,
2025 (a)		December 29, 2024 (a)
Receivables, which are included in “Accounts and notes receivable, net” (b)
$63,781 $55,601 
Receivables, which are included in “Advertising funds restricted assets”
71,839 73,223 
Deferred franchise fees (c)99,397 99,411 
_______________

(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 $11,001 and $88,396, respectively, as of June 29, 2025, and $11,024 and $88,387, respectively, as of December 29, 2024.
Contract Balances, deferred franchise fee rollforward
Significant changes in deferred franchise fees are as follows:
Six Months Ended
June 29,
2025		June 30,
2024
Deferred franchise fees at beginning of period$99,411 $100,805 
Revenue recognized during the period
(4,438)(6,051)
New deferrals due to cash received and other4,424 5,254 
Deferred franchise fees at end of period$99,397 $100,008 
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:
2025 (a)$7,588 
20266,795 
20276,657 
20286,525 
20296,424 
Thereafter65,408 
$99,397 
_______________

(a)Represents franchise fees expected to be recognized for the remainder of 2025, which includes development-related franchise fees expected to be recognized over a duration of one year or less.
v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 29, 2025
Leases [Abstract]  
Schedule of Real Estate Properties As of June 29, 2025, the nature of restaurants operated by the Company and its franchisees was as follows:
June 29,
2025
Company-operated restaurants:
Owned land and building155
Owned building and held long-term land leases138
Leased land and building107
Total Company-operated restaurants400
Franchisee-operated restaurants:
Company-owned properties leased to franchisees489
Company-leased properties subleased to franchisees1,156
Other franchisee-operated restaurants5,289
Total franchisee-operated restaurants6,934
Total Company-operated and franchisee-operated restaurants7,334
Lease, Cost
The components of lease cost are as follows:
Three Months EndedSix Months Ended
June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Finance lease cost:
Amortization of finance lease assets$4,885 $4,372 $10,030 $8,669 
Interest on finance lease liabilities10,865 10,699 21,742 21,357 
15,750 15,071 31,772 30,026 
Operating lease cost21,322 21,524 41,839 43,225 
Variable lease cost (a)17,269 17,365 33,482 33,853 
Short-term lease cost1,304 1,226 2,570 2,620 
Total operating lease cost (b)39,895 40,115 77,891 79,698 
Total lease cost$55,645 $55,186 $109,663 $109,724 
_______________

(a)Includes expenses for executory costs of $10,578 and $10,033 for the three months ended June 29, 2025 and June 30, 2024, respectively, and $20,972 and $20,254 for the six months ended June 29, 2025 and June 30, 2024, respectively, for which the Company is reimbursed by sublessees.

(b)Includes $32,569 and $32,355 for the three months ended June 29, 2025 and June 30, 2024, respectively, and $63,221 and $64,073 for the six months ended June 29, 2025 and June 30, 2024, respectively, recorded to “Franchise rental expense” for leased properties that are subsequently leased to franchisees. Also includes $6,946 and $7,402 for the three months ended June 29, 2025 and June 30, 2024, respectively, and $13,887 and $14,790 for the six months ended June 29, 2025 and June 30, 2024, respectively, recorded to “Cost of sales” for leases for Company-operated restaurants.
Lease, Income
The components of lease income are as follows:
Three Months EndedSix Months Ended
June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Sales-type and direct-financing leases:
Selling profit$34 $88 $23 $72 
Interest income (a)6,943 7,178 13,858 14,897 
Operating lease income42,467 42,950 84,888 84,447 
Variable lease income17,944 17,688 33,977 34,177 
Franchise rental income (b)$60,411 $60,638 $118,865 $118,624 
_______________

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

(b)Includes sublease income of $44,667 and $45,049 recognized during the three months ended June 29, 2025 and June 30, 2024, respectively, and $87,451 and $87,832 for the six months ended June 29, 2025 and June 30, 2024, respectively. Sublease income includes lessees’ variable payments to the Company for executory costs of $10,512 and $10,155 for the three months ended June 29, 2025 and June 30, 2024, respectively, and $20,709 and $20,244 for the six months ended June 29, 2025 and June 30, 2024, respectively.
v3.25.2
Investments (Tables)
 6 Months Ended
Jun. 29, 2025
Schedule of Equity Method Investments  
Schedule of Equity Method Investments and Other Investments in Equity Securities
The following is a summary of the carrying value of our investments:
June 29,
2025		December 29,
2024
Equity method investment$27,092 $27,288 
Other investments in equity securities— 1,718 
$27,092 $29,006 
Schedule of Equity Method Investments
Presented below is activity related to our investment in TimWen included in our condensed consolidated financial statements:
Six Months Ended
June 29,
2025		June 30,
2024
Balance at beginning of period$27,288 $32,727 
Equity in earnings for the period6,514 6,797 
Amortization of purchase price adjustments (a)(1,202)(1,248)
5,312 5,549 
Distributions received(6,991)(6,695)
Foreign currency translation adjustment included in “Other comprehensive income (loss)”
1,483 (1,118)
Balance at end of period$27,092 $30,463 
_______________

(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.
v3.25.2
Long-Term Debt (Tables)
 6 Months Ended
Jun. 29, 2025
Debt Disclosure [Abstract]  
Long-term debt
Long-term debt consisted of the following:
June 29,
2025		December 29,
2024
Class A-2 Notes:
4.236% Series 2022-1 Class A-2-I Notes, anticipated repayment date 2029
$97,000 $97,500 
4.535% Series 2022-1 Class A-2-II Notes, anticipated repayment date 2032
384,134 386,134 
2.370% Series 2021-1 Class A-2-I Notes, anticipated repayment date 2029
416,519 418,769 
2.775% Series 2021-1 Class A-2-II Notes, anticipated repayment date 2031
623,780 627,030 
3.783% Series 2019-1 Class A-2-I Notes, anticipated repayment date 2026
351,673 353,673 
4.080% Series 2019-1 Class A-2-II Notes, anticipated repayment date 2029
396,373 398,623 
3.884% Series 2018-1 Class A-2-II Notes, anticipated repayment date 2028
433,974 436,349 
7% debentures, due in December 2025
49,255 48,913 
Unamortized debt issuance costs(23,296)(26,698)
2,729,412 2,740,293 
Less amounts payable within one year(78,505)(78,163)
Total long-term debt$2,650,907 $2,662,130 
v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 29, 2025
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:
June 29,
2025		December 29,
2024
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value		Fair Value
Measurements
Financial assets
Cash equivalents$129,295 $129,295 $319,212 $319,212 Level 1
Other investments in equity securities (a)— — 1,718 1,718 Level 2
Financial liabilities
Series 2022-1 Class A-2-I Notes (b)97,000 94,772 97,500 93,744 Level 2
Series 2022-1 Class A-2-II Notes (b)384,134 364,731 386,134 371,855 Level 2
Series 2021-1 Class A-2-I Notes (b)416,519 380,594 418,769 376,256 Level 2
Series 2021-1 Class A-2-II Notes (b)623,780 541,491 627,030 551,981 Level 2
Series 2019-1 Class A-2-I Notes (b)351,673 346,866 353,673 345,093 Level 2
Series 2019-1 Class A-2-II Notes (b)396,373 378,615 398,623 387,039 Level 2
Series 2018-1 Class A-2-II Notes (b)433,974 420,890 436,349 418,027 Level 2
U.S. advertising fund revolving line of credit
15,000 15,000 — — Level 2
7% debentures, due in 2025 (b)
49,255 49,792 48,913 50,034 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
June 29,
2025		Level 1Level 2Level 3
Held and used$755 $— $— $755 
Held for sale1,433 — — 1,433 
Total$2,188 $— $— $2,188 
Fair Value Measurements
December 29,
2024		Level 1Level 2Level 3
Held and used$2,391 $— $— $2,391 
Held for sale1,558 — — 1,558 
Total$3,949 $— $— $3,949 
v3.25.2
Net Income Per Share (Tables)
 6 Months Ended
Jun. 29, 2025
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 EndedSix Months Ended
June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Net income$55,110 $54,643 $94,342 $96,636 
Common stock:
Weighted average basic shares outstanding191,949 204,919 196,296 205,145 
Dilutive effect of stock options and restricted shares
765 1,266 870 1,433 
Weighted average diluted shares outstanding192,714 206,185 197,166 206,578 
Basic and diluted net income per share$.29 $.27 $.48 $.47 
v3.25.2
Stockholders' Equity (Tables)
 6 Months Ended
Jun. 29, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Loss
The following table provides a rollforward of accumulated other comprehensive loss, which is entirely comprised of foreign currency translation:
Six Months Ended
June 29,
2025		June 30,
2024
Balance at beginning of period$(74,753)$(58,375)
Foreign currency translation
12,217 (6,597)
Balance at end of period$(62,536)$(64,972)
v3.25.2
System Optimization Gains, Net (Tables)
 6 Months Ended
Jun. 29, 2025
System Optimization Initiative  
System Optimization Gains, Net  
Summary of Disposition Activity
The following is a summary of the disposition activity recorded as a result of our system optimization initiative:
Three Months EndedSix Months Ended
June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Number of restaurants sold to franchisees— — 2 — 
Proceeds from sales of restaurants$— $— $55 $— 
Net assets sold (a)— — (169)— 
Other — — (25)— 
Loss on sales of restaurants, net— — (139)— 
Post-closing adjustments on sales of restaurants (b)(10)254 (10)254 
(Loss) gain on sales of restaurants, net(10)254 (149)254 
Gain (loss) on sales of other assets, net (c)397 26 446 (101)
System optimization gains, net$387 $280 $297 $153 
_______________

(a)Net assets sold consisted primarily of equipment.

(b)The three and six months ended June 30, 2024 represent the recognition of deferred gains as a result of the resolution of certain contingencies related to the extension of lease terms for restaurants previously sold to franchisees.
(c)During the three and six months ended June 29, 2025, the Company received net cash proceeds of $1,300, primarily from the sale of surplus and other properties. During the three and six months ended June 30, 2024, the Company received net cash proceeds of $575 and $601, respectively, primarily from the sale of surplus and other properties.
v3.25.2
Reorganization and Realignment Costs (Tables)
 6 Months Ended
Jun. 29, 2025
Restructuring Cost and Reserve  
Restructuring and Related Costs
The following is a summary of the initiatives included in “Reorganization and realignment costs:”
Three Months EndedSix Months Ended
June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Organizational Redesign Plan$106 $2,409 $(844)$8,031 
Other reorganization and realignment plans68 43 326 94 
Reorganization and realignment costs$174 $2,452 $(518)$8,125 
Organizational Redesign  
Restructuring Cost and Reserve  
Restructuring and Related Costs
The following is a summary of the costs recorded as a result of the Organizational Redesign Plan:
Three Months EndedSix Months EndedTotal Incurred Since Inception
June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Severance and related employee costs (a)$(6)$1,948 $(1,094)$7,310 $12,402 
Recruitment and relocation costs— — 13 82 736 
Third-party and other costs— 14 — 64 1,116 
(6)1,962 (1,081)7,456 14,254 
Share-based compensation (b)112 447 237 575 2,333 
Total organizational redesign$106 $2,409 $(844)$8,031 $16,587 
_______________

(a)The six months ended June 29, 2025 includes a reversal of an accrual as a result of a change in estimate.

(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 June 29, 2025, 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 29,
2024
ChargesPayments
Balance
June 29,
2025
Severance and related employee costs$4,257 $(1,094)$(1,897)$1,266 
Recruitment and relocation costs— 13 (13)— 
Third-party and other costs— — — — 
$4,257 $(1,081)$(1,910)$1,266 

Balance
December 31,
2023		ChargesPaymentsBalance
June 30,
2024
Severance and related employee costs$1,692 $7,310 $(2,233)$6,769 
Recruitment and relocation costs— 82 (82)— 
Third-party and other costs— 64 (64)— 
$1,692 $7,456 $(2,379)$6,769 
v3.25.2
Impairment of Long-Lived Assets (Tables)
 6 Months Ended
Jun. 29, 2025
Asset Impairment Charges [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 EndedSix Months Ended
June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Company-operated restaurants$1,686 $644 $2,873 $2,418 
Surplus properties— 45 234 277 
$1,686 $689 $3,107 $2,695 
v3.25.2
Supplemental Cash Flow Information (Tables)
 6 Months Ended
Jun. 29, 2025
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information
The following table includes supplemental non-cash investing and financing activities:
Six Months Ended
June 29,
2025		June 30,
2024
Supplemental non-cash investing and financing activities:
Capital expenditures included in accounts payable$7,166 $9,968 
Finance leases29,347 13,085 
The following table includes a reconciliation of cash, cash equivalents and restricted cash:
June 29,
2025		December 29,
2024
Reconciliation of cash, cash equivalents and restricted cash at end of period:
Cash and cash equivalents$281,226 $450,512 
Restricted cash33,995 34,481 
Restricted cash, included in Advertising funds restricted assets14,881 18,615 
Total cash, cash equivalents and restricted cash$330,102 $503,608 
v3.25.2
Segment Information (Tables)
 6 Months Ended
Jun. 29, 2025
Segment Reporting Information [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 EndedSix Months Ended
June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Wendy’s U.S.$137,159 $136,709 $258,136 $262,533 
Wendy’s International13,226 10,675 22,670 21,365 
Global Real Estate & Development27,284 28,182 51,960 52,243 
Total segment adjusted EBITDA177,669 175,566 $332,766 $336,141 
Unallocated franchise support and other costs(658)(191)(1,245)(217)
Advertising funds surplus140 254 284 461 
Unallocated general and administrative (a)(30,516)(32,456)(64,639)(65,846)
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below)(36,990)(37,492)(73,539)(73,010)
Amortization of cloud computing arrangements(4,056)(3,519)(8,223)(7,061)
System optimization gains, net387 280 297 153 
Reorganization and realignment costs(174)(2,452)518 (8,125)
Impairment of long-lived assets(1,686)(689)(3,107)(2,695)
Unallocated other operating income, net144 206 4,274 862 
Interest expense, net(30,945)(30,995)(62,422)(61,530)
Investment income (loss), net— 11 (1,718)11 
Other income, net2,585 6,300 7,571 13,136 
Income before income taxes$75,900 $74,823 $130,817 $132,280 
_______________

(a)Includes corporate overhead costs, such as employee compensation and related benefits.
Wendy's U.S.  
Segment Reporting Information [Line Items]  
Schedule of Segment Reporting Information, by Segment
Wendy’s U.S. revenue, significant segment expenses and segment adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) are as follows:
Three Months EndedSix Months Ended
June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Wendy’s U.S. revenue$461,142 $472,591 $890,756 $915,438 
Wendy’s U.S. expense
Cost of sales189,258 193,046 370,495 378,979 
Franchise support and other costs13,677 13,391 26,855 26,085 
Advertising fund expense (a)101,355 110,701 193,115 209,726 
General and administrative19,619 18,666 42,043 37,992 
Other segment items (b)74 78 112 123 
Wendy’s U.S. adjusted EBITDA$137,159 $136,709 $258,136 $262,533 
_______________

(a)Includes advertising fund expense of $5,084 and $7,409 for the three and six months ended June 30, 2024, respectively, related to the Company’s funding of incremental advertising. There was no funding of incremental advertising during the three and six months ended June 29, 2025.

(b)Other segment items for the three and six months ended June 29, 2025 and June 30, 2024 primarily include professional fees.
Wendy's International  
Segment Reporting Information [Line Items]  
Schedule of Segment Reporting Information, by Segment
Wendy’s International revenue, significant segment expenses and segment adjusted EBITDA are as follows:
Three Months EndedSix Months Ended
June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Wendy’s International revenue$38,850 $36,361 $73,571 $69,176 
Wendy’s International expense
Cost of sales7,263 6,840 14,195 13,020 
Advertising fund expense (a)10,159 10,370 20,071 18,926 
General and administrative6,700 6,606 13,137 12,547 
Other segment items (b)1,502 1,870 3,498 3,318 
Wendy’s International adjusted EBITDA $13,226 $10,675 $22,670 $21,365 
_______________

(a)Includes advertising fund expense of $183 and $342 for the three and six months ended June 29, 2025, respectively, and $603 and $765 for the three and six months ended June 30, 2024, respectively, related to the Company’s funding of incremental advertising. In addition, includes other international-related advertising surplus (deficit) of $34 and $(1,119) for the three and six months ended June 29, 2025, respectively, and $(320) and $(470) for the three and six months ended June 30, 2024, respectively.

(b)Other segment items for the three and six months ended June 29, 2025 and June 30, 2024 primarily include franchise support and other costs.
Global Real Estate & Development  
Segment Reporting Information [Line Items]  
Schedule of Segment Reporting Information, by Segment
Global Real Estate & Development revenue, significant segment expenses and segment adjusted EBITDA are as follows:
Three Months EndedSix Months Ended
June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Global Real Estate & Development revenue$60,937 $61,775 $120,074 $120,866 
Global Real Estate & Development expense
Franchise rental expense32,630 32,390 63,331 64,168 
General and administrative2,650 3,768 7,870 8,868 
Other segment items (a)(1,627)(2,565)(3,087)(4,413)
Global Real Estate & Development adjusted EBITDA$27,284 $28,182 $51,960 $52,243 
_______________

(a)Other segment items primarily include equity in earnings from our TimWen joint venture and franchise support and other costs. Equity in earnings from our TimWen joint venture was $3,060 and $5,312 for the three and six months ended June 29, 2025, respectively, and $3,027 and $5,549 for the three and six months ended June 30, 2024, respectively.
v3.25.2
Revenue Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Disaggregation of Revenue        
Total revenues $ 560,929 $ 570,727 $ 1,084,401 $ 1,105,480
Sales at Company-operated restaurants        
Disaggregation of Revenue        
Revenue from Contract with Customer, Excluding Assessed Tax 232,853 237,355 452,363 462,678
Franchise royalty revenue        
Disaggregation of Revenue        
Revenue from Contract with Customer, Excluding Assessed Tax 132,233 136,318 253,908 261,998
Franchise fees        
Disaggregation of Revenue        
Revenue from Contract with Customer, Excluding Assessed Tax 24,067 21,352 47,540 42,172
Franchise rental income        
Disaggregation of Revenue        
Revenue from Contract with Customer, Excluding Assessed Tax 60,411 60,638 118,865 118,624
Advertising funds revenue        
Disaggregation of Revenue        
Revenue from Contract with Customer, Excluding Assessed Tax 111,365 115,064 211,725 220,008
Wendy's U.S. | Operating Segments        
Disaggregation of Revenue        
Total revenues 461,142 472,591 890,756 915,438
Wendy's U.S. | Sales at Company-operated restaurants        
Disaggregation of Revenue        
Revenue from Contract with Customer, Excluding Assessed Tax 225,973 231,151 438,717 450,619
Wendy's U.S. | Franchise royalty revenue        
Disaggregation of Revenue        
Revenue from Contract with Customer, Excluding Assessed Tax 112,842 117,997 217,248 226,850
Wendy's U.S. | Franchise fees        
Disaggregation of Revenue        
Revenue from Contract with Customer, Excluding Assessed Tax 20,972 17,826 41,676 35,652
Wendy's U.S. | Franchise rental income        
Disaggregation of Revenue        
Revenue from Contract with Customer, Excluding Assessed Tax 0 0 0 0
Wendy's U.S. | Advertising funds revenue        
Disaggregation of Revenue        
Revenue from Contract with Customer, Excluding Assessed Tax 101,355 105,617 193,115 202,317
Wendy's International | Operating Segments        
Disaggregation of Revenue        
Total revenues 38,850 36,361 73,571 69,176
Wendy's International | Sales at Company-operated restaurants        
Disaggregation of Revenue        
Revenue from Contract with Customer, Excluding Assessed Tax 6,880 6,204 13,646 12,059
Wendy's International | Franchise royalty revenue        
Disaggregation of Revenue        
Revenue from Contract with Customer, Excluding Assessed Tax 19,391 18,321 36,660 35,148
Wendy's International | Franchise fees        
Disaggregation of Revenue        
Revenue from Contract with Customer, Excluding Assessed Tax 2,569 2,389 4,655 4,278
Wendy's International | Franchise rental income        
Disaggregation of Revenue        
Revenue from Contract with Customer, Excluding Assessed Tax 0 0 0 0
Wendy's International | Advertising funds revenue        
Disaggregation of Revenue        
Revenue from Contract with Customer, Excluding Assessed Tax 10,010 9,447 18,610 17,691
Global Real Estate & Development | Operating Segments        
Disaggregation of Revenue        
Total revenues 60,937 61,775 120,074 120,866
Global Real Estate & Development | Sales at Company-operated restaurants        
Disaggregation of Revenue        
Revenue from Contract with Customer, Excluding Assessed Tax 0 0 0 0
Global Real Estate & Development | Franchise royalty revenue        
Disaggregation of Revenue        
Revenue from Contract with Customer, Excluding Assessed Tax 0 0 0 0
Global Real Estate & Development | Franchise fees        
Disaggregation of Revenue        
Revenue from Contract with Customer, Excluding Assessed Tax 526 1,137 1,209 2,242
Global Real Estate & Development | Franchise rental income        
Disaggregation of Revenue        
Revenue from Contract with Customer, Excluding Assessed Tax 60,411 60,638 118,865 118,624
Global Real Estate & Development | Advertising funds revenue        
Disaggregation of Revenue        
Revenue from Contract with Customer, Excluding Assessed Tax $ 0 $ 0 $ 0 $ 0
v3.25.2
Revenue Contract Balances (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Dec. 29, 2024
Contract balances      
Deferred franchise fees at beginning of period $ 99,411 $ 100,805  
Revenue recognized during the period (4,438) (6,051)  
New deferrals due to cash received and other 4,424 5,254  
Deferred franchise fees at end of period 99,397 $ 100,008  
Deferred franchise fees, noncurrent 88,396   $ 88,387
Accounts and notes receivable, net | Short-term Contract with Customer      
Contract balances      
Receivables, Net, Current 63,781   55,601
Advertising funds restricted assets | Short-term Contract with Customer      
Contract balances      
Receivables, Net, Current 71,839   73,223
Accrued expenses and other current liabilities      
Contract balances      
Deferred franchise fees, current 11,001   11,024
Deferred franchise fees      
Contract balances      
Deferred franchise fees, noncurrent $ 88,396   $ 88,387
v3.25.2
Revenue Anticipated Future Recognition of Deferred Franchise Fees (Details)
$ in Thousands
Jun. 29, 2025
USD ($)
Revenue, Anticipated Future Recognition of Deferred Franchise Fees  
Revenue, Anticipated Future Recognition of Deferred Franchise Fees, Amount $ 99,397
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-06-29  
Revenue, Anticipated Future Recognition of Deferred Franchise Fees  
Revenue, Anticipated Future Recognition of Deferred Franchise Fees, Amount $ 7,588
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-12-29  
Revenue, Anticipated Future Recognition of Deferred Franchise Fees  
Revenue, Anticipated Future Recognition of Deferred Franchise Fees, Amount $ 6,795
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
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 $ 6,657
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 $ 6,525
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 $ 6,424
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 $ 65,408
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 0 years
v3.25.2
Leases Lessee Lease Narrative (Details)
Jun. 29, 2025
number_of_restaurants
Lessee, Lease, Description  
Number of restaurants 7,334
Land And Building - Company Owned | Entity Operated Units  
Lessee, Lease, Description  
Number of restaurants 155
Building - Company Owned; Land - Leased | Entity Operated Units  
Lessee, Lease, Description  
Number of restaurants 138
Land And Building - Leased | Entity Operated Units  
Lessee, Lease, Description  
Number of restaurants 107
Entity Operated Units, Total [Member] | Entity Operated Units  
Lessee, Lease, Description  
Number of restaurants 400
v3.25.2
Leases Lessor Lease Narrative (Details)
Jun. 29, 2025
number_of_restaurants
Lessor, Lease, Description  
Number of restaurants 7,334
Land And Building - Company Owned | Franchised Units  
Lessor, Lease, Description  
Number of restaurants 489
Land And Building - Leased | Franchised Units  
Lessor, Lease, Description  
Number of restaurants 1,156
Franchised Units, Other [Member] | Franchised Units  
Lessor, Lease, Description  
Number of restaurants 5,289
Franchised Units, Total [Member] | Franchised Units  
Lessor, Lease, Description  
Number of restaurants 6,934
v3.25.2
Leases Components of Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Lease, Cost        
Amortization of finance lease assets $ 4,885 $ 4,372 $ 10,030 $ 8,669
Interest on finance lease liabilities 10,865 10,699 21,742 21,357
Total finance lease cost 15,750 15,071 31,772 30,026
Operating lease cost 21,322 21,524 41,839 43,225
Variable lease cost 17,269 17,365 33,482 33,853
Short-term lease cost 1,304 1,226 2,570 2,620
Total operating lease cost 39,895 40,115 77,891 79,698
Total lease cost 55,645 55,186 109,663 109,724
Franchise rental expense        
Lease, Cost        
Total operating lease cost 32,569 32,355 63,221 64,073
Cost of sales        
Lease, Cost        
Total operating lease cost 6,946 7,402 13,887 14,790
Executory costs paid by lessee        
Lease, Cost        
Variable lease cost $ 10,578 $ 10,033 $ 20,972 $ 20,254
v3.25.2
Leases Components of Lease Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Lessor Lease Income        
Sales-type leases, selling profit $ 34 $ 88 $ 23 $ 72
Sales-type and direct-financing leases, interest income 6,943 7,178 13,858 14,897
Operating lease income 42,467 42,950 84,888 84,447
Variable lease income 17,944 17,688 33,977 34,177
Franchise rental income 60,411 60,638 118,865 118,624
Sublease income 44,667 45,049 87,451 87,832
Executory costs paid to lessor        
Lessor Lease Income        
Sublease income $ 10,512 $ 10,155 $ 20,709 $ 20,244
v3.25.2
Investments Carrying Value of Investments (Details) - USD ($)
$ in Thousands
Jun. 29, 2025
Dec. 29, 2024
Jun. 30, 2024
Dec. 31, 2023
Schedule of Investments        
Other investments in equity securities $ 0 $ 1,718    
Investments 27,092 29,006    
TimWen Investment        
Schedule of Investments        
Equity method investments $ 27,092 $ 27,288 $ 30,463 $ 32,727
v3.25.2
Investments Equity Method Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Dec. 29, 2024
Schedule of Equity Method Investments          
Foreign currency translation adjustment included in “Other comprehensive income (loss)” and other $ 10,305 $ (2,011) $ 12,217 $ (6,597)  
Other investments in equity securities $ 0   $ 0   $ 1,718
TimWen          
Schedule of Equity Method Investments          
Equity Method Investment, Ownership Percentage 50.00%   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     $ 27,288 $ 32,727  
Equity in earnings for the period     6,514 6,797  
Amortization of purchase price adjustments     (1,202) (1,248)  
Equity in earnings for the period, net of amortization of purchase price adjustments     5,312 5,549  
Distributions received     (6,991) (6,695)  
Foreign currency translation adjustment included in “Other comprehensive income (loss)” and other     1,483 (1,118)  
Balance at end of period $ 27,092 $ 30,463 $ 27,092 $ 30,463  
v3.25.2
Investments Other Investments in Equity Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Investment Income, Net [Abstract]        
Investment income (loss), net $ 0 $ 11 $ (1,718) $ 11
v3.25.2
Long-Term Debt Schedule of Long Term Debt (Details) - USD ($)
$ in Thousands
Jun. 29, 2025
Dec. 29, 2024
Debt Instrument [Line Items]    
Unamortized debt issuance costs $ 23,296 $ 26,698
Total debt 2,729,412 2,740,293
Less amounts payable within one year 78,505 78,163
Total long-term debt 2,650,907 2,662,130
Series 2022-1 Class A-2-I Notes    
Debt Instrument [Line Items]    
Senior Notes $ 97,000 $ 97,500
Debt Instrument, Interest Rate, Stated Percentage 4.236% 4.236%
Series 2022-1 Class A-2-II Notes    
Debt Instrument [Line Items]    
Senior Notes $ 384,134 $ 386,134
Debt Instrument, Interest Rate, Stated Percentage 4.535% 4.535%
Series 2021-1 Class A-2-I Notes    
Debt Instrument [Line Items]    
Senior Notes $ 416,519 $ 418,769
Debt Instrument, Interest Rate, Stated Percentage 2.37% 2.37%
Series 2021-1 Class A-2-II Notes    
Debt Instrument [Line Items]    
Senior Notes $ 623,780 $ 627,030
Debt Instrument, Interest Rate, Stated Percentage 2.775% 2.775%
Series 2019-1 Class A-2-I Notes    
Debt Instrument [Line Items]    
Senior Notes $ 351,673 $ 353,673
Debt Instrument, Interest Rate, Stated Percentage 3.783% 3.783%
Series 2019-1 Class A-2-II Notes    
Debt Instrument [Line Items]    
Senior Notes $ 396,373 $ 398,623
Debt Instrument, Interest Rate, Stated Percentage 4.08% 4.08%
Series 2018-1 Class A-2-II Notes    
Debt Instrument [Line Items]    
Senior Notes $ 433,974 $ 436,349
Debt Instrument, Interest Rate, Stated Percentage 3.884% 3.884%
7% debentures    
Debt Instrument [Line Items]    
7% debentures $ 49,255 $ 48,913
Debt Instrument, Interest Rate, Stated Percentage 7.00% 7.00%
v3.25.2
Long-Term Debt Other Long-term Debt Disclosure (Details) - Line of Credit [Member] - Wendy's U.S. Advertising Fund [Member] - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Mar. 30, 2025
Jun. 29, 2025
Debt Instrument [Line Items]      
Line of Credit Facility, Maximum Borrowing Capacity $ 15,000   $ 15,000
Debt Instrument, Basis Spread on Variable Rate     2.25%
Proceeds from Lines of Credit 8,500 $ 15,000  
Repayments of Lines of Credit   $ 8,500  
Line of Credit, Outstanding, Amount $ 15,000   $ 15,000
v3.25.2
Fair Value Measurements Financial Instruments (Details) - USD ($)
$ in Thousands
Jun. 29, 2025
Dec. 29, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Other investments in equity securities $ 0 $ 1,718
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-I Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Debt Instrument, Interest Rate, Stated Percentage 3.783% 3.783%
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%
7% debentures    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Debt Instrument, Interest Rate, Stated Percentage 7.00% 7.00%
Reported Value Measurement    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Cash equivalents $ 129,295 $ 319,212
Other investments in equity securities 0 1,718
Reported Value Measurement | Series 2022-1 Class A-2-I Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Debt instrument 97,000 97,500
Reported Value Measurement | Series 2022-1 Class A-2-II Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Debt instrument 384,134 386,134
Reported Value Measurement | Series 2021-1 Class A-2-I Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Debt instrument 416,519 418,769
Reported Value Measurement | Series 2021-1 Class A-2-II Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Debt instrument 623,780 627,030
Reported Value Measurement | Series 2019-1 Class A-2-I Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Debt instrument 351,673 353,673
Reported Value Measurement | Series 2019-1 Class A-2-II Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Debt instrument 396,373 398,623
Reported Value Measurement | Series 2018-1 Class A-2-II Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Debt instrument 433,974 436,349
Reported Value Measurement | U.S. advertising fund revolving line of credit    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Debt instrument 15,000 0
Reported Value Measurement | 7% debentures    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Debt instrument 49,255 48,913
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Cash equivalents 129,295 319,212
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Other investments in equity securities 0 1,718
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 94,772 93,744
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 364,731 371,855
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 380,594 376,256
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 541,491 551,981
Estimate of Fair Value Measurement | Series 2019-1 Class A-2-I Notes | Fair Value, Inputs, Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Debt instrument 346,866 345,093
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 378,615 387,039
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 420,890 418,027
Estimate of Fair Value Measurement | U.S. advertising fund revolving line of credit | Fair Value, Inputs, Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Debt instrument 15,000 0
Estimate of Fair Value Measurement | 7% debentures | Fair Value, Inputs, Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Debt instrument $ 49,792 $ 50,034
v3.25.2
Fair Value Measurements Non-Recurring Fair Value Measurements (Details) - Fair Value, Measurements, Nonrecurring - USD ($)
$ in Thousands
Jun. 29, 2025
Dec. 29, 2024
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis    
Assets Held and used, Long Lived, Fair Value Disclosure $ 755 $ 2,391
Assets Held for sale, Long Lived, Fair Value Disclosure 1,433 1,558
Total 2,188 3,949
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 755 2,391
Assets Held for sale, Long Lived, Fair Value Disclosure 1,433 1,558
Total $ 2,188 $ 3,949
v3.25.2
Income Taxes (Details)
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Effective Income Tax Rate 27.40% 27.00% 27.90% 26.90%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00%   21.00%  
v3.25.2
Net Income Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Mar. 30, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 29, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]            
Net income $ 55,110 $ 39,232 $ 54,643 $ 41,993 $ 94,342 $ 96,636
Weighted average basic shares outstanding 191,949   204,919   196,296 205,145
Dilutive effect of stock options and restricted shares 765   1,266   870 1,433
Weighted average diluted shares outstanding 192,714   206,185   197,166 206,578
Basic net income per share $ 0.29   $ 0.27   $ 0.48 $ 0.47
Diluted net income per share $ 0.29   $ 0.27   $ 0.48 $ 0.47
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 7,990   7,606   8,139 7,197
v3.25.2
Stockholders' Equity Dividends (Details) - $ / shares
 3 Months Ended
Jun. 29, 2025
Mar. 30, 2025
Jun. 30, 2024
Mar. 31, 2024
Common Stock, Dividends, Per Share, Cash Paid $ 0.14 $ 0.25 $ 0.25 $ 0.25
v3.25.2
Stockholders' Equity Repurchases of Common Stock (Details) - January 2023 Share Repurchase Program - USD ($)
shares in Thousands, $ in Thousands
 1 Months Ended 6 Months Ended
Aug. 01, 2025
Jun. 29, 2025
Jun. 30, 2024
Jan. 31, 2023
Equity, Class of Treasury Stock        
Stock Repurchase Program, Authorized Amount       $ 500,000
Treasury Stock, Shares, Acquired   12,957 1,955  
Treasury Stock, Value, Acquired, Cost Method, excluding Commissions   $ 185,962 $ 34,448  
Stock Repurchase Program, Repurchase Accrual   193 801  
Stock Repurchase Program, Excise Tax Accrual   1,813 233  
Stock Repurchase Program, Cost Incurred   182 $ 28  
Share Repurchase Program, Excise Tax   565    
Stock Repurchase Program, Remaining Authorized Repurchase Amount   $ 49,038    
Subsequent Event        
Equity, Class of Treasury Stock        
Treasury Stock, Shares, Acquired 834      
Treasury Stock, Value, Acquired, Cost Method, excluding Commissions $ 8,825      
v3.25.2
Stockholders' Equity Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Mar. 30, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 29, 2025
Jun. 30, 2024
Accumulated Other Comprehensive Loss            
Balance at beginning of period   $ (74,753)   $ (58,375) $ (74,753) $ (58,375)
Foreign currency translation $ 10,305 $ 1,912 $ (2,011) $ (4,586) 12,217 (6,597)
Balance at end of period $ (62,536)   $ (64,972)   (62,536) (64,972)
Foreign Currency Translation            
Accumulated Other Comprehensive Loss            
Foreign currency translation         $ 12,217 $ (6,597)
v3.25.2
System Optimization Gains, Net Summary of Disposition Activity (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2025
USD ($)
number_of_restaurants
Jun. 30, 2024
USD ($)
number_of_restaurants
Jun. 29, 2025
USD ($)
number_of_restaurants
Jun. 30, 2024
USD ($)
number_of_restaurants
System Optimization Gains, Net        
Company-operated restaurant ownership percentage 5.00%   5.00%  
Proceeds from sales of restaurants     $ 1,355 $ 601
System optimization losses, net $ 387 $ 280 $ 297 $ 153
Sale of franchise-operated restaurants to franchisees        
System Optimization Gains, Net        
Number of restaurants sold to franchisees | number_of_restaurants     1 14
Sale of Company-Operated Restaurants to Franchisees [Member]        
System Optimization Gains, Net        
Number of restaurants sold to franchisees | number_of_restaurants 0 0 2 0
Proceeds from sales of restaurants $ 0 $ 0 $ 55 $ 0
Net Assets Sold 0 0 169 0
Other gain (loss) on disposition, net 0 0 (25) 0
Gain (Loss) on Disposition of Assets Before Post Closing Purchase Price Adjustments 0 0 (139) 0
System optimization losses, net (10) 254 (149) 254
Post closing adjustments on sales of restaurants (10) 254 (10) 254
Sale of other assets        
System Optimization Gains, Net        
Proceeds from sales of restaurants 1,300 575 1,300 601
System optimization losses, net $ 397 $ 26 $ 446 $ (101)
v3.25.2
System Optimization Gains, Net Assets Held for Sale (Details) - USD ($)
$ in Thousands
Jun. 29, 2025
Dec. 29, 2024
Other assets held for sale    
Long lived assets held for sale    
Assets held for sale $ 5,144 $ 2,833
v3.25.2
Reorganization and Realignment Costs Summary (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Restructuring Cost and Reserve        
Reorganization and realignment costs $ 174 $ 2,452 $ (518) $ 8,125
Organizational redesign        
Restructuring Cost and Reserve        
Reorganization and realignment costs 106 2,409 (844) 8,031
Other reorganization and realignment plans        
Restructuring Cost and Reserve        
Reorganization and realignment costs $ 68 $ 43 $ 326 $ 94
v3.25.2
Reorganization and Realignment Costs Organizational Redesign (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Restructuring Cost and Reserve        
Reorganization and realignment costs $ 174 $ 2,452 $ (518) $ 8,125
Organizational Redesign        
Restructuring Cost and Reserve        
Restructuring and Related Cost, Incurred Cost (6) 1,962 (1,081) 7,456
Reorganization and realignment costs 106 2,409 (844) 8,031
Restructuring and Related Cost, Cost Incurred to Date 14,254   14,254  
Restructuring Charges, Incurred to Date 16,587   16,587  
Organizational Redesign | Minimum        
Restructuring Cost and Reserve        
Restructuring and Related Cost, Expected Cost 17,000   17,000  
Restructuring and Related Cost, Expected Cost Remaining 400   400  
Organizational Redesign | Severance and related employee costs        
Restructuring Cost and Reserve        
Restructuring and Related Cost, Incurred Cost (6) 1,948 (1,094) 7,310
Restructuring and Related Cost, Cost Incurred to Date 12,402   12,402  
Organizational Redesign | Recruitment and relocation costs        
Restructuring Cost and Reserve        
Restructuring and Related Cost, Incurred Cost 0 0 13 82
Restructuring and Related Cost, Cost Incurred to Date 736   736  
Organizational Redesign | Third-party and other costs        
Restructuring Cost and Reserve        
Restructuring and Related Cost, Incurred Cost 0 14 0 64
Restructuring and Related Cost, Cost Incurred to Date 1,116   1,116  
Organizational Redesign | Share-based compensation        
Restructuring Cost and Reserve        
Restructuring and Related Cost, Incurred Cost 112 $ 447 237 $ 575
Restructuring and Related Cost, Cost Incurred to Date $ 2,333   $ 2,333  
v3.25.2
Reorganization and Realignment Costs Organizational Redesign Accrual Rollforward (Details) - Organizational Redesign - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Restructuring Cost and Reserve        
Beginning balance     $ 4,257 $ 1,692
Charges $ (6) $ 1,962 (1,081) 7,456
Payments     (1,910) (2,379)
Ending balance 1,266 6,769 1,266 6,769
Severance and related employee costs        
Restructuring Cost and Reserve        
Beginning balance     4,257 1,692
Charges (6) 1,948 (1,094) 7,310
Payments     (1,897) (2,233)
Ending balance 1,266 6,769 1,266 6,769
Recruitment and relocation costs        
Restructuring Cost and Reserve        
Beginning balance     0 0
Charges 0 0 13 82
Payments     (13) (82)
Ending balance 0 0 0 0
Third-party and other costs        
Restructuring Cost and Reserve        
Beginning balance     0 0
Charges 0 14 0 64
Payments     0 (64)
Ending balance 0 0 0 0
Share-based compensation        
Restructuring Cost and Reserve        
Charges 112 $ 447 237 $ 575
Accrued expenses and other current liabilities        
Restructuring Cost and Reserve        
Ending balance $ 1,266   $ 1,266  
v3.25.2
Impairment of Long-Lived Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Impairment of Long-Lived Assets        
Impairment of long-lived assets $ 1,686 $ 689 $ 3,107 $ 2,695
Company-operated restaurants        
Impairment of Long-Lived Assets        
Impairment of long-lived assets 1,686 644 2,873 2,418
Surplus properties        
Impairment of Long-Lived Assets        
Impairment of long-lived assets $ 0 $ 45 $ 234 $ 277
v3.25.2
Supplemental Cash Flow Information Non-Cash Investing and Financing Activities (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]    
Capital expenditures included in accounts payable $ 7,166 $ 9,968
Finance leases $ 29,347 $ 13,085
v3.25.2
Supplemental Cash Flow Information Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Jun. 29, 2025
Dec. 29, 2024
Jun. 30, 2024
Dec. 31, 2023
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]        
Cash and cash equivalents $ 281,226 $ 450,512    
Restricted cash 33,995 34,481    
Restricted cash, included in Advertising funds restricted assets 14,881 18,615    
Total cash, cash equivalents and restricted cash $ 330,102 $ 503,608 $ 524,641 $ 588,816
v3.25.2
Guarantees and Other Commitments and Contingencies Lease Guarantees (Details)
$ in Thousands
Jun. 29, 2025
USD ($)
Property Lease Guarantee  
Guarantor Obligations  
Guarantor Obligations, Maximum Exposure, Undiscounted $ 96,817
v3.25.2
Guarantees and Other Commitments and Contingencies Letters of Credit (Details)
$ in Thousands
Jun. 29, 2025
USD ($)
Guarantor Obligations  
Letters of Credit Outstanding, Amount $ 28,995
v3.25.2
Transactions with Related Parties (Details)
$ in Thousands
 6 Months Ended
Jun. 29, 2025
USD ($)
number_of_restaurants
Jun. 30, 2024
USD ($)
Dec. 29, 2024
USD ($)
Related Party Transaction      
Number of Restaurants | number_of_restaurants 7,334    
Accounts payable $ 26,645   $ 28,455
TimWen | Franchise Rental Expense      
Related Party Transaction      
Operating Costs and Expenses 10,344 $ 10,522  
TimWen | Management Fee Income | General and administrative      
Related Party Transaction      
Other Operating Income 115 120  
QSCC | Patronage Dividends      
Related Party Transaction      
Patronage dividends 0 3,379  
QSCC | Patronage Dividends | Other Operating Income (Expense)      
Related Party Transaction      
Patronage dividends   2,909  
QSCC | Patronage Dividends | Cost of sales      
Related Party Transaction      
Patronage dividends   470  
Yellow Cab | Royalty, Advertising Fund, Lease and Other Income      
Related Party Transaction      
Other Operating Income 7,588 7,543  
Yellow Cab | Accounts and notes receivable, net and Advertising funds restricted assets | Royalty, Advertising Fund, Lease and Other Income      
Related Party Transaction      
Accounts receivable, net, current $ 1,153   1,132
Yellow Cab | Franchised Units      
Related Party Transaction      
Number of Restaurants | number_of_restaurants 89    
AMC | Advertising Funds Expense      
Related Party Transaction      
Related Party Transaction, Purchases from Related Party $ 600 $ 1,100  
AMC | Advertising funds restricted liabilities | Advertising Funds Expense      
Related Party Transaction      
Accounts payable $ 27   $ 17
v3.25.2
Reconciliation of Wendy's U.S. Segment Operating Profit (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Revenues $ 560,929 $ 570,727 $ 1,084,401 $ 1,105,480
Cost of sales 196,521 199,886 384,690 391,999
Franchise support and other costs 17,069 16,222 33,665 30,964
Advertising funds expense 111,374 120,817 212,902 228,191
General and administrative 59,485 61,496 127,689 125,253
Segment profit 104,260 99,507 187,386 180,663
Operating Segments        
Segment Reporting Information [Line Items]        
Segment profit 177,669 175,566 332,766 336,141
Wendy's U.S. | Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 461,142 472,591 890,756 915,438
Cost of sales 189,258 193,046 370,495 378,979
Franchise support and other costs 13,677 13,391 26,855 26,085
Advertising funds expense 101,355 110,701 193,115 209,726
General and administrative 19,619 18,666 42,043 37,992
Other segment items 74 78 112 123
Segment profit 137,159 136,709 258,136 262,533
Advertising fund expense $ 0 $ 5,084 $ 0 $ 7,409
v3.25.2
Reconciliation of Wendy's International Segment Operating Profit (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Revenues $ 560,929 $ 570,727 $ 1,084,401 $ 1,105,480
Cost of sales 196,521 199,886 384,690 391,999
Advertising funds expense 111,374 120,817 212,902 228,191
General and administrative 59,485 61,496 127,689 125,253
Segment profit 104,260 99,507 187,386 180,663
Advertising surplus (deficit) (140) (254) (284) (461)
Operating Segments        
Segment Reporting Information [Line Items]        
Segment profit 177,669 175,566 332,766 336,141
Wendy's International | Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 38,850 36,361 73,571 69,176
Cost of sales 7,263 6,840 14,195 13,020
Advertising funds expense 10,159 10,370 20,071 18,926
General and administrative 6,700 6,606 13,137 12,547
Other segment items 1,502 1,870 3,498 3,318
Segment profit 13,226 10,675 22,670 21,365
Advertising fund expense 183 603 342 765
Advertising surplus (deficit) $ 34 $ (320) $ (1,119) $ (470)
v3.25.2
Reconciliation of Global Real Estate & Development Operating Profit (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Revenues $ 560,929 $ 570,727 $ 1,084,401 $ 1,105,480
Franchise rental expense 32,630 32,390 63,331 64,168
General and administrative 59,485 61,496 127,689 125,253
Segment profit 104,260 99,507 187,386 180,663
Operating Segments        
Segment Reporting Information [Line Items]        
Segment profit 177,669 175,566 332,766 336,141
Global Real Estate & Development | Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 60,937 61,775 120,074 120,866
Franchise rental expense 32,630 32,390 63,331 64,168
General and administrative 2,650 3,768 7,870 8,868
Other segment items (1,627) (2,565) (3,087) (4,413)
Segment profit 27,284 28,182 51,960 52,243
Equity in earnings for the period $ 3,060 $ 3,027 $ 5,312 $ 5,549
v3.25.2
Segment Information Reconciliation of Profit from Segments to Consolidated (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2025
Jun. 30, 2024
Jun. 29, 2025
Jun. 30, 2024
Segment Reporting, Reconciling Item for Profit from Segment to Consolidated        
Segment profit $ 104,260 $ 99,507 $ 187,386 $ 180,663
Unallocated franchise support and other costs (17,069) (16,222) (33,665) (30,964)
Advertising funds surplus 140 254 284 461
Unallocated general and administrative (59,485) (61,496) (127,689) (125,253)
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below) (36,990) (37,492) (73,539) (73,010)
Amortization of cloud computing arrangements (4,056) (3,519) (8,223) (7,061)
System optimization losses, net 387 280 297 153
Reorganization and realignment costs (174) (2,452) 518 (8,125)
Impairment of long-lived assets (1,686) (689) (3,107) (2,695)
Unallocated other operating income, net 2,929 3,463 9,316 6,496
Interest expense, net (30,945) (30,995) (62,422) (61,530)
Investment income (loss), net 0 11 (1,718) 11
Other income, net 2,585 6,300 7,571 13,136
Income before income taxes 75,900 74,823 130,817 132,280
Corporate and Other        
Segment Reporting, Reconciling Item for Profit from Segment to Consolidated        
Unallocated franchise support and other costs (658) (191) (1,245) (217)
Unallocated general and administrative (30,516) (32,456) (64,639) (65,846)
Unallocated other operating income, net 144 206 4,274 862
Operating Segments        
Segment Reporting, Reconciling Item for Profit from Segment to Consolidated        
Segment profit 177,669 175,566 332,766 336,141
Operating Segments | Wendy's U.S.        
Segment Reporting, Reconciling Item for Profit from Segment to Consolidated        
Segment profit 137,159 136,709 258,136 262,533
Unallocated franchise support and other costs (13,677) (13,391) (26,855) (26,085)
Unallocated general and administrative (19,619) (18,666) (42,043) (37,992)
Operating Segments | Wendy's International        
Segment Reporting, Reconciling Item for Profit from Segment to Consolidated        
Segment profit 13,226 10,675 22,670 21,365
Advertising funds surplus (34) 320 1,119 470
Unallocated general and administrative (6,700) (6,606) (13,137) (12,547)
Operating Segments | Global Real Estate & Development        
Segment Reporting, Reconciling Item for Profit from Segment to Consolidated        
Segment profit 27,284 28,182 51,960 52,243
Unallocated general and administrative $ (2,650) $ (3,768) $ (7,870) $ (8,868)