WENDY'S CO, 10-Q filed on 5/2/2025
Quarterly Report
v3.25.1
Document and Entity Information - shares
 3 Months Ended
Mar. 30, 2025
Apr. 25, 2025
Document and Entity Information [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 30, 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, $.10 par value  
Trading Symbol WEN  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0000030697  
Current Fiscal Year End Date --12-28  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Entity Common Stock, Shares Outstanding   192,025,248
v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
shares in Thousands, $ in Thousands
Mar. 30, 2025
Dec. 29, 2024
Current assets:    
Cash and cash equivalents $ 335,259 $ 450,512
Restricted cash 34,644 34,481
Accounts and notes receivable, net 102,474 99,926
Inventories 6,200 6,529
Prepaid expenses and other current assets 48,428 45,563
Advertising funds restricted assets 117,193 99,129
Total current assets 644,198 736,140
Properties 907,444 907,787
Finance lease assets 251,093 244,954
Operating lease assets 661,077 679,777
Goodwill 771,645 771,468
Other intangible assets 1,184,334 1,192,264
Investments 26,770 29,006
Net investment in sales-type and direct financing leases 285,936 288,048
Other assets 186,985 185,399
Total assets 4,919,482 5,034,843
Current liabilities:    
Current portion of long-term debt 78,334 78,163
Current portion of finance lease liabilities 23,035 22,509
Current portion of operating lease liabilities 50,348 50,068
Accounts payable 24,856 28,455
Accrued expenses and other current liabilities 138,945 118,224
Advertising funds restricted liabilities 117,987 100,212
Total current liabilities 433,505 397,631
Long-term debt 2,656,519 2,662,130
Long-term finance lease liabilities 584,238 575,363
Long-term operating lease liabilities 683,639 704,333
Deferred income taxes 262,549 263,420
Deferred franchise fees 88,057 88,387
Other liabilities 80,736 84,227
Total liabilities 4,789,243 4,775,491
Commitments and contingencies
Stockholders’ equity:    
Common stock, $0.10 par value; 1,500,000 shares authorized; 470,424 shares issued; 195,846 and 203,834 shares outstanding, respectively 47,042 47,042
Additional paid-in capital 2,984,865 2,982,102
Retained earnings 389,481 399,700
Common stock held in treasury, at cost; 274,578 and 266,590 shares, respectively (3,218,308) (3,094,739)
Accumulated other comprehensive loss (72,841) (74,753)
Total stockholders’ equity 130,239 259,352
Total liabilities and stockholders’ equity $ 4,919,482 $ 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 195,846 203,834
Treasury Stock, Shares 274,578 266,590
v3.25.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Revenues:    
Revenues $ 523,472 $ 534,753
Costs and expenses:    
Cost of sales 188,169 192,113
Franchise support and other costs 16,596 14,742
Franchise rental expense 30,701 31,778
Advertising funds expense 101,528 107,374
General and administrative 68,204 63,757
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below) 36,549 35,518
Amortization of cloud computing arrangements 4,167 3,542
System optimization losses, net 90 127
Reorganization and realignment costs (692) 5,673
Impairment of long-lived assets 1,421 2,006
Other operating income, net (6,387) (3,033)
Costs and expenses 440,346 453,597
Operating profit 83,126 81,156
Interest expense, net (31,477) (30,535)
Investment loss, net (1,718) 0
Other income, net 4,986 6,836
Income before income taxes 54,917 57,457
Provision for income taxes (15,685) (15,464)
Net income $ 39,232 $ 41,993
Net income per share:    
Basic $ 0.20 $ 0.20
Diluted $ 0.19 $ 0.20
Sales    
Revenues:    
Revenue from Contract with Customer, Excluding Assessed Tax $ 219,510 $ 225,323
Franchise royalty revenue and fees    
Revenues:    
Revenue from Contract with Customer, Excluding Assessed Tax 145,148 146,500
Franchise rental income    
Revenues:    
Revenue from Contract with Customer, Excluding Assessed Tax 58,454 57,986
Advertising funds revenue    
Revenues:    
Revenue from Contract with Customer, Excluding Assessed Tax $ 100,360 $ 104,944
v3.25.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Net income $ 39,232 $ 41,993
Other comprehensive income (loss):    
Foreign currency translation adjustment 1,912 (4,586)
Other comprehensive income (loss) 1,912 (4,586)
Comprehensive income $ 41,144 $ 37,407
v3.25.1
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Common Stock Held in Treasury
Accumulated Other Comprehensive Loss
Stockholders' Equity, beginning of period at Dec. 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. 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)
v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 39,232 $ 41,993
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) 36,549 35,518
Amortization of cloud computing arrangements 4,167 3,542
Share-based compensation 5,572 5,853
Impairment of long-lived assets 1,421 2,006
Deferred income tax 306 603
Non-cash rental expense, net 10,350 10,974
Change in operating lease liabilities (12,131) (12,112)
Net receipt of deferred vendor incentives 11,178 8,584
System optimization losses, net 90 127
Distributions received from joint ventures, net of equity in earnings 717 430
Long-term debt-related activities, net 1,873 1,870
Cloud computing arrangements expenditures (2,417) (2,865)
Changes in operating assets and liabilities and other, net (11,492) 3,464
Net cash provided by operating activities 85,415 99,987
Cash flows from investing activities:    
Capital expenditures (17,679) (17,354)
Franchise development fund (5,813) (4,741)
Dispositions 55 26
Notes receivable, net 1,949 1,256
Net cash used in investing activities (21,488) (20,813)
Cash flows from financing activities:    
Proceeds from long-term debt 15,000 0
Repayments of long-term debt (15,813) (7,313)
Repayments of finance lease liabilities (5,238) (5,465)
Repurchases of common stock (122,784) (7,295)
Dividends (49,432) (51,374)
Proceeds from stock option exercises 273 932
Payments related to tax withholding for share-based compensation (1,326) (2,115)
Net cash used in financing activities (179,320) (72,630)
Net cash (used in) provided by operations before effect of exchange rate changes on cash (115,393) 6,544
Effect of exchange rate changes on cash 744 (2,274)
Net (decrease) increase in cash, cash equivalents and restricted cash (114,649) 4,270
Cash, cash equivalents and restricted cash at beginning of period 503,608 588,816
Cash, cash equivalents and restricted cash at end of period $ 388,959 $ 593,086
v3.25.1
Basis of Presentation
 3 Months Ended
Mar. 30, 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 March 30, 2025, the results of our operations for the three months ended March 30, 2025 and March 31, 2024 and cash flows for the three months ended March 30, 2025 and March 31, 2024. The results of operations for the three months ended March 30, 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-month periods presented herein contain 13 weeks. All references to years, quarters and months relate to fiscal periods rather than calendar periods.

Our significant interim accounting policies include the recognition of advertising funds expense in proportion to advertising funds revenue.
v3.25.1
Revenue
 3 Months Ended
Mar. 30, 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 March 30, 2025
Sales at Company-operated restaurants$212,744 $6,766 $— $219,510 
Franchise royalty revenue104,406 17,269 — 121,675 
Franchise fees20,704 2,086 683 23,473 
Franchise rental income— — 58,454 58,454 
Advertising funds revenue91,760 8,600 — 100,360 
Total revenues$429,614 $34,721 $59,137 $523,472 
Three Months Ended March 31, 2024
Sales at Company-operated restaurants$219,468 $5,855 $— $225,323 
Franchise royalty revenue108,853 16,827 — 125,680 
Franchise fees17,826 1,889 1,105 20,820 
Franchise rental income— — 57,986 57,986 
Advertising funds revenue96,700 8,244 — 104,944 
Total revenues$442,847 $32,815 $59,091 $534,753 
Contract Balances

The following table provides information about receivables and contract liabilities (deferred franchise fees) from contracts with customers:
March 30, 2025 (a)December 29, 2024 (a)
Receivables, which are included in “Accounts and notes receivable, net” (b)
$60,870 $55,601 
Receivables, which are included in “Advertising funds restricted assets”
65,677 73,223 
Deferred franchise fees (c)99,001 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 $10,944 and $88,057, respectively, as of March 30, 2025, and $11,024 and $88,387, respectively, as of December 29, 2024.

Significant changes in deferred franchise fees are as follows:
Three Months Ended
March 30,
2025		March 31,
2024
Deferred franchise fees at beginning of period$99,411 $100,805 
Revenue recognized during the period
(2,345)(2,804)
New deferrals due to cash received and other1,935 2,263 
Deferred franchise fees at end of period$99,001 $100,264 

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)$9,262 
20266,681 
20276,553 
20286,423 
20296,321 
Thereafter63,761 
$99,001 
_______________

(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.
v3.25.1
Leases
 3 Months Ended
Mar. 30, 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 March 30, 2025, the nature of restaurants operated by the Company and its franchisees was as follows:
March 30,
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 restaurants5,263
Total franchisee-operated restaurants6,908
Total Company-operated and franchisee-operated restaurants7,308

Company as Lessee

The components of lease cost are as follows:
Three Months Ended
March 30,
2025		March 31,
2024
Finance lease cost:
Amortization of finance lease assets$5,145 $4,297 
Interest on finance lease liabilities10,877 10,658 
16,022 14,955 
Operating lease cost20,517 21,701 
Variable lease cost (a)16,213 16,488 
Short-term lease cost1,266 1,394 
Total operating lease cost (b)37,996 39,583 
Total lease cost$54,018 $54,538 
_______________

(a)Includes expenses for executory costs of $10,394 and $10,221 for the three months ended March 30, 2025 and March 31, 2024, respectively, for which the Company is reimbursed by sublessees.

(b)Includes $30,652 and $31,718 for the three months ended March 30, 2025 and March 31, 2024, respectively, recorded to “Franchise rental expense” for leased properties that are subsequently leased to franchisees. Also includes $6,941 and $7,388 for the three months ended March 30, 2025 and March 31, 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 Ended
March 30,
2025		March 31,
2024
Sales-type and direct-financing leases:
Selling loss$(11)$(16)
Interest income (a)6,915 7,719 
Operating lease income42,421 41,497 
Variable lease income16,033 16,489 
Franchise rental income (b)$58,454 $57,986 
_______________

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

(b)Includes sublease income of $42,784 and $42,783 recognized during the three months ended March 30, 2025 and March 31, 2024, respectively. Sublease income includes lessees’ variable payments to the Company for executory costs of $10,197 and $10,089 for the three months ended March 30, 2025 and March 31, 2024, respectively.
v3.25.1
Investments
 3 Months Ended
Mar. 30, 2025
Investments [Abstract]  
Investments Investments
The following is a summary of the carrying value of our investments:
March 30,
2025		December 29,
2024
Equity method investment$26,770 $27,288 
Other investments in equity securities— 1,718 
$26,770 $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:
Three Months Ended
March 30,
2025		March 31,
2024
Balance at beginning of period$27,288 $32,727 
Equity in earnings for the period2,843 3,151 
Amortization of purchase price adjustments (a)(591)(629)
2,252 2,522 
Distributions received(2,969)(2,952)
Foreign currency translation adjustment included in “Other comprehensive income (loss)”
199 (785)
Balance at end of period$26,770 $31,512 
_______________

(a)Purchase price adjustments that impacted the carrying value of the Company’s investment in TimWen are being amortized over the average original aggregate life of 21 years.

Other Investments in Equity Securities

During the three months ended March 30, 2025, the Company recorded an impairment charge of $1,718 for the difference between the estimated fair value and the carrying value of an investment in equity securities. As a result, the carrying value of the investment was reduced to zero as of March 30, 2025.
v3.25.1
Long-Term Debt
 3 Months Ended
Mar. 30, 2025
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consisted of the following:
March 30,
2025		December 29,
2024
Class A-2 Notes:
4.236% Series 2022-1 Class A-2-I Notes, anticipated repayment date 2029
$97,250 $97,500 
4.535% Series 2022-1 Class A-2-II Notes, anticipated repayment date 2032
385,134 386,134 
2.370% Series 2021-1 Class A-2-I Notes, anticipated repayment date 2029
417,644 418,769 
2.775% Series 2021-1 Class A-2-II Notes, anticipated repayment date 2031
625,405 627,030 
3.783% Series 2019-1 Class A-2-I Notes, anticipated repayment date 2026
352,673 353,673 
4.080% Series 2019-1 Class A-2-II Notes, anticipated repayment date 2029
397,498 398,623 
3.884% Series 2018-1 Class A-2-II Notes, anticipated repayment date 2028
435,162 436,349 
7% debentures, due in December 2025
49,084 48,913 
Unamortized debt issuance costs(24,997)(26,698)
2,734,853 2,740,293 
Less amounts payable within one year(78,334)(78,163)
Total long-term debt$2,656,519 $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 drew down $15,000 under the revolving line of credit, of which the Company repaid $8,500 in March 2025. As a result, as of March 30, 2025, the Company had outstanding borrowings of $6,500 under the revolving line of credit, which is included in “Advertising funds restricted liabilities.”
v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 30, 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:
March 30,
2025		December 29,
2024
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value		Fair Value
Measurements
Financial assets
Cash equivalents$201,742 $201,742 $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)97,250 91,379 97,500 93,744 Level 2
Series 2022-1 Class A-2-II Notes (b)385,134 362,438 386,134 371,855 Level 2
Series 2021-1 Class A-2-I Notes (b)417,644 377,738 418,769 376,256 Level 2
Series 2021-1 Class A-2-II Notes (b)625,405 538,661 627,030 551,981 Level 2
Series 2019-1 Class A-2-I Notes (b)352,673 346,060 353,673 345,093 Level 2
Series 2019-1 Class A-2-II Notes (b)397,498 379,491 398,623 387,039 Level 2
Series 2018-1 Class A-2-II Notes (b)435,162 419,931 436,349 418,027 Level 2
U.S. advertising fund revolving line of credit
6,500 6,500 — — Level 2
7% debentures, due in 2025 (b)
49,084 49,488 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
March 30,
2025		Level 1Level 2Level 3
Held and used$6 $— $— $6 
Held for sale2,048 — — 2,048 
Total$2,054 $— $— $2,054 
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 
v3.25.1
Income Taxes
 3 Months Ended
Mar. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s effective tax rate for the three months ended March 30, 2025 and March 31, 2024 was 28.6% and 26.9%, respectively. The Company’s effective tax rate varied from the U.S. federal statutory rate of 21% for the three months ended March 30, 2025 primarily due to state income taxes and the tax effects of our foreign operations.
v3.25.1
Net Income Per Share
 3 Months Ended
Mar. 30, 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 Ended
March 30,
2025		March 31,
2024
Net income$39,232 $41,993 
Common stock:
Weighted average basic shares outstanding200,643 205,372 
Dilutive effect of stock options and restricted shares
974 1,599 
Weighted average diluted shares outstanding201,617 206,971 
Net income per share:
Basic$.20 $.20 
Diluted$.19 $.20 

Basic net income per share for the three months ended March 30, 2025 and March 31, 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 8,288 and 6,789 for the three months ended March 30, 2025 and March 31, 2024, respectively, from our diluted net income per share calculation as they would have had anti-dilutive effects.
v3.25.1
Stockholders' Equity
 3 Months Ended
Mar. 30, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Dividends

During both the first quarter of 2025 and the first quarter 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 three months ended March 30, 2025, the Company repurchased 8,182 shares under the January 2023 Authorization with an aggregate purchase price of $124,070, of which $1,401 was accrued as of March 30, 2025, and excluding excise tax of $1,214 and commissions of $115. As of March 30, 2025, the Company had $110,930 of availability remaining under the January 2023 Authorization. Subsequent to March 30, 2025 through April 25, 2025, the Company repurchased 3,843 shares under the January 2023 Authorization with an aggregate purchase price of $50,895, excluding applicable excise tax and commissions.

During the three months ended March 31, 2024, the Company repurchased 392 shares under the January 2023 Authorization with an aggregate purchase price of $7,187, of which $470 was accrued as of March 31, 2024, and excluding excise tax of $24 and commissions of $5.
Accumulated Other Comprehensive Loss

The following table provides a rollforward of accumulated other comprehensive loss, which is entirely comprised of foreign currency translation:
Three Months Ended
March 30,
2025		March 31,
2024
Balance at beginning of period$(74,753)$(58,375)
Foreign currency translation
1,912 (4,586)
Balance at end of period$(72,841)$(62,961)
v3.25.1
System Optimization Losses, Net
 3 Months Ended
Mar. 30, 2025
System Optimization  
System optimization losses, net  
System Optimization Losses, Net System Optimization Losses, 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 March 30, 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 three months ended March 30, 2025, the Company did not facilitate any Franchise Flips. During the three months ended March 31, 2024, the Company facilitated 11 Franchise Flips. Additionally, during the three months ended March 30, 2025, the Company completed the sale of two Company-operated restaurants to franchisees. No Company-operated restaurants were sold to or purchased from franchisees during the three months ended March 31, 2024.

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

The following is a summary of the disposition activity recorded as a result of our system optimization initiative:
Three Months Ended
March 30,
2025		March 31,
2024
Number of restaurants sold to franchisees2— 
Proceeds from sales of restaurants$55 $— 
Net assets sold (a)(169)— 
Other (25)— 
Loss on sales of restaurants, net(139)— 
Gain (loss) on sales of other assets, net (b)49 (127)
System optimization losses, net$(90)$(127)
_______________

(a)Net assets sold consisted primarily of equipment.

(b)During the three months ended March 31, 2024, the Company received net cash proceeds of $26, primarily from the sale of surplus and other properties.
Assets Held for Sale

As of March 30, 2025 and December 29, 2024, the Company had assets held for sale of $3,727 and $2,833, respectively, primarily consisting of surplus properties. Assets held for sale are included in “Prepaid expenses and other current assets.”
v3.25.1
Reorganization and Realignment Costs
 3 Months Ended
Mar. 30, 2025
Restructuring and Related Activities [Abstract]  
Reorganization and Realignment Costs Reorganization and Realignment Costs
The following is a summary of the initiatives included in “Reorganization and realignment costs:”
Three Months Ended
March 30,
2025		March 31,
2024
Organizational Redesign Plan$(950)$5,622 
Other reorganization and realignment plans258 51 
Reorganization and realignment costs$(692)$5,673 

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 Kirk Tanner as the Company’s new President and Chief Executive Officer, effective February 5, 2024. Mr. Tanner succeeded Todd A. Penegor, the Company’s previous President and Chief Executive Officer, who departed from the Company in February 2024. The Company expects to incur total costs of approximately $17,000 related to the Organizational Redesign Plan, including costs related to the succession of the President and Chief Executive Officer role. During the three months ended March 30, 2025, the Company recognized costs totaling $(950), which primarily included a reversal of a severance accrual. During the three months ended March 31, 2024, the Company recognized costs totaling $5,622, which primarily included severance and related employee costs. The Company expects to incur additional costs aggregating approximately $600, 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 EndedTotal Incurred Since Inception
March 30,
2025		March 31,
2024
Severance and related employee costs (a)$(1,088)$5,362 $12,408 
Recruitment and relocation costs13 82 736 
Third-party and other costs— 50 1,116 
(1,075)5,494 14,260 
Share-based compensation (b)125 128 2,221 
Total organizational redesign$(950)$5,622 $16,481 
_______________

(a)The three months ended March 30, 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 March 30, 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
March 30,
2025
Severance and related employee costs$4,257 $(1,088)$(1,410)$1,759 
Recruitment and relocation costs— 13 (13)— 
Third-party and other costs— — — — 
$4,257 $(1,075)$(1,423)$1,759 

Balance
December 31,
2023		ChargesPaymentsBalance
March 31,
2024
Severance and related employee costs$1,692 $5,362 $(977)$6,077 
Recruitment and relocation costs— 82 (82)— 
Third-party and other costs— 50 (50)— 
$1,692 $5,494 $(1,109)$6,077 

Other Reorganization and Realignment Plans

Costs incurred under the Company’s other reorganization and realignment plans were not material during the three months ended March 30, 2025 and March 31, 2024. The Company does not expect to incur any material additional costs under these plans.
v3.25.1
Impairment of Long-Lived Assets
 3 Months Ended
Mar. 30, 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 Ended
March 30,
2025		March 31,
2024
Company-operated restaurants$1,187 $1,775 
Surplus properties234 231 
$1,421 $2,006 
v3.25.1
Supplemental Cash Flow Information
 3 Months Ended
Mar. 30, 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:
Three Months Ended
March 30,
2025		March 31,
2024
Supplemental non-cash investing and financing activities:
Capital expenditures included in accounts payable$7,197 $9,161 
Finance leases17,849 3,749 
The following table includes a reconciliation of cash, cash equivalents and restricted cash:
March 30,
2025		December 29,
2024
Reconciliation of cash, cash equivalents and restricted cash at end of period:
Cash and cash equivalents$335,259 $450,512 
Restricted cash34,644 34,481 
Restricted cash, included in Advertising funds restricted assets19,056 18,615 
Total cash, cash equivalents and restricted cash$388,959 $503,608 
v3.25.1
Guarantees and Other Commitments and Contingencies
 3 Months Ended
Mar. 30, 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 $100,858 as of March 30, 2025. These leases extend through 2045. We have had no judgments against us as guarantor of these leases as of March 30, 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 March 30, 2025.

Letters of Credit

As of March 30, 2025, the Company had outstanding letters of credit with various parties totaling $28,985. 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.
v3.25.1
Transactions with Related Parties
 3 Months Ended
Mar. 30, 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 $4,798 and $5,030 under these lease agreements during the three months ended March 30, 2025 and March 31, 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 $56 and $60 during the three months ended March 30, 2025 and March 31, 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 $3,096 during the three months ended March 31, 2024, of which $2,909 is included in “Other operating income, net” and $187 is included as a reduction of “Cost of sales.” There were no patronage dividends recorded during the three months ended March 30, 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 Vice Chairman, hold minority ownership interests in Yellow Cab Holdings, LLC (“Yellow Cab”), a Wendy’s franchisee that, as of March 30, 2025 owned and operated 89 Wendy’s restaurants, and/or certain of the operating companies managed by Yellow Cab. During the three months ended March 30, 2025 and March 31, 2024, the Company recognized $3,664 and $3,612, respectively, in royalty, advertising fund, lease and other income from Yellow Cab and related entities. In all transactions involving Yellow Cab, the Company’s standard franchisee recruiting and approval processes were followed, no modifications were made to the Company’s standard franchise agreements or related documents, and all deal terms and transaction documents were negotiated and executed on an arm’s-length basis, consistent with the Company’s comparable franchise transactions and relationships. As of March 30, 2025 and December 29, 2024, $1,156 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

In February 2023, Ms. Kristin Dolan, a director of the Company, was appointed as the Chief Executive Officer of AMC Networks Inc. (“AMC”). During the three months ended March 30, 2025 and March 31, 2024, the Company purchased approximately $300 and $500, 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 March 30, 2025 and December 29, 2024, approximately $26 and $17, respectively, was due to AMC for such advertising time, which is included in “Advertising funds restricted liabilities.”
v3.25.1
Legal and Environmental Matters
 3 Months Ended
Mar. 30, 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.
v3.25.1
Segment Information
 3 Months Ended
Mar. 30, 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 Ended
March 30,
2025		March 31,
2024
Wendy’s U.S. revenue$429,614 $442,847 
Wendy’s U.S. expense
Cost of sales181,237 185,933 
Franchise support and other costs13,178 12,694 
Advertising fund expense (a)91,760 99,025 
General and administrative22,424 19,326 
Other segment items (b)38 45 
Wendy’s U.S. adjusted EBITDA$120,977 $125,824 
_______________

(a)Includes advertising fund expense of $2,325 for the three months ended March 31, 2024 related to the Company’s funding of incremental advertising. There was no funding of incremental advertising during the three months ended March 30, 2025.

(b)Other segment items for the three months ended March 30, 2025 primarily include lease buyout activity and professional fees. Other segment items for the three months ended March 31, 2024 primarily include professional fees.

Wendy’s International revenue, significant segment expenses and segment adjusted EBITDA are as follows:
Three Months Ended
March 30, 2025March 31,
2024
Wendy’s International revenue$34,721 $32,815 
Wendy’s International expense
Cost of sales6,932 6,180 
Advertising fund expense (a)9,912 8,556 
General and administrative6,437 5,941 
Other segment items (b)1,996 1,448 
Wendy’s International adjusted EBITDA $9,444 $10,690 
_______________

(a)Includes advertising fund expense of $159 and $162 for the three months ended March 30, 2025 and March 31, 2024, respectively, related to the Company’s funding of incremental advertising. In addition, includes other international-related advertising deficit of $1,153 and $150 for the three months ended March 30, 2025 and March 31, 2024, respectively.

(b)Other segment items for the three months ended March 30, 2025 and March 31, 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 Ended
March 30, 2025March 31, 2024
Global Real Estate & Development revenue$59,137 $59,091 
Global Real Estate & Development expense
Franchise rental expense30,701 31,778 
General and administrative5,220 5,100 
Other segment items (a)(1,460)(1,848)
Global Real Estate & Development adjusted EBITDA$24,676 $24,061 
_______________

(a)Other segment items primarily include equity in earnings from our TimWen joint venture, franchise support and other costs and gains on sales-type leases. Equity in earnings from our TimWen joint venture was $2,252 and $2,522 for the three months ended March 30, 2025 and March 31, 2024, respectively.

The following table reconciles profit by segment to the Company’s consolidated income before income taxes:
Three Months Ended
March 30,
2025		March 31,
2024
Wendy’s U.S.$120,977 $125,824 
Wendy’s International9,444 10,690 
Global Real Estate & Development24,676 24,061 
Total segment adjusted EBITDA155,097 160,575 
Unallocated franchise support and other costs(587)(26)
Advertising funds surplus144 207 
Unallocated general and administrative (a)(34,123)(33,390)
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below)(36,549)(35,518)
Amortization of cloud computing arrangements(4,167)(3,542)
System optimization losses, net(90)(127)
Reorganization and realignment costs692 (5,673)
Impairment of long-lived assets(1,421)(2,006)
Unallocated other operating income, net4,130 656 
Interest expense, net(31,477)(30,535)
Investment loss, net(1,718)— 
Other income, net4,986 6,836 
Income before income taxes$54,917 $57,457 
_______________

(a)Includes corporate overhead costs, such as employee compensation and related benefits.
v3.25.1
New Accounting Standards
 3 Months Ended
Mar. 30, 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.
v3.25.1
Revenue (Tables)
 3 Months Ended
Mar. 30, 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 March 30, 2025
Sales at Company-operated restaurants$212,744 $6,766 $— $219,510 
Franchise royalty revenue104,406 17,269 — 121,675 
Franchise fees20,704 2,086 683 23,473 
Franchise rental income— — 58,454 58,454 
Advertising funds revenue91,760 8,600 — 100,360 
Total revenues$429,614 $34,721 $59,137 $523,472 
Three Months Ended March 31, 2024
Sales at Company-operated restaurants$219,468 $5,855 $— $225,323 
Franchise royalty revenue108,853 16,827 — 125,680 
Franchise fees17,826 1,889 1,105 20,820 
Franchise rental income— — 57,986 57,986 
Advertising funds revenue96,700 8,244 — 104,944 
Total revenues$442,847 $32,815 $59,091 $534,753 
Contract Balances, assets and liabilities
The following table provides information about receivables and contract liabilities (deferred franchise fees) from contracts with customers:
March 30, 2025 (a)December 29, 2024 (a)
Receivables, which are included in “Accounts and notes receivable, net” (b)
$60,870 $55,601 
Receivables, which are included in “Advertising funds restricted assets”
65,677 73,223 
Deferred franchise fees (c)99,001 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 $10,944 and $88,057, respectively, as of March 30, 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:
Three Months Ended
March 30,
2025		March 31,
2024
Deferred franchise fees at beginning of period$99,411 $100,805 
Revenue recognized during the period
(2,345)(2,804)
New deferrals due to cash received and other1,935 2,263 
Deferred franchise fees at end of period$99,001 $100,264 
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)$9,262 
20266,681 
20276,553 
20286,423 
20296,321 
Thereafter63,761 
$99,001 
_______________

(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.
v3.25.1
Leases (Tables)
 3 Months Ended
Mar. 30, 2025
Leases [Abstract]  
Schedule of Real Estate Properties As of March 30, 2025, the nature of restaurants operated by the Company and its franchisees was as follows:
March 30,
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 restaurants5,263
Total franchisee-operated restaurants6,908
Total Company-operated and franchisee-operated restaurants7,308
Lease, Cost
The components of lease cost are as follows:
Three Months Ended
March 30,
2025		March 31,
2024
Finance lease cost:
Amortization of finance lease assets$5,145 $4,297 
Interest on finance lease liabilities10,877 10,658 
16,022 14,955 
Operating lease cost20,517 21,701 
Variable lease cost (a)16,213 16,488 
Short-term lease cost1,266 1,394 
Total operating lease cost (b)37,996 39,583 
Total lease cost$54,018 $54,538 
_______________

(a)Includes expenses for executory costs of $10,394 and $10,221 for the three months ended March 30, 2025 and March 31, 2024, respectively, for which the Company is reimbursed by sublessees.

(b)Includes $30,652 and $31,718 for the three months ended March 30, 2025 and March 31, 2024, respectively, recorded to “Franchise rental expense” for leased properties that are subsequently leased to franchisees. Also includes $6,941 and $7,388 for the three months ended March 30, 2025 and March 31, 2024, respectively, recorded to “Cost of sales” for leases for Company-operated restaurants.
Lease, Income
The components of lease income are as follows:
Three Months Ended
March 30,
2025		March 31,
2024
Sales-type and direct-financing leases:
Selling loss$(11)$(16)
Interest income (a)6,915 7,719 
Operating lease income42,421 41,497 
Variable lease income16,033 16,489 
Franchise rental income (b)$58,454 $57,986 
_______________

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

(b)Includes sublease income of $42,784 and $42,783 recognized during the three months ended March 30, 2025 and March 31, 2024, respectively. Sublease income includes lessees’ variable payments to the Company for executory costs of $10,197 and $10,089 for the three months ended March 30, 2025 and March 31, 2024, respectively.
v3.25.1
Investments (Tables)
 3 Months Ended
Mar. 30, 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:
March 30,
2025		December 29,
2024
Equity method investment$26,770 $27,288 
Other investments in equity securities— 1,718 
$26,770 $29,006 
Schedule of Equity Method Investments
Presented below is activity related to our investment in TimWen included in our condensed consolidated financial statements:
Three Months Ended
March 30,
2025		March 31,
2024
Balance at beginning of period$27,288 $32,727 
Equity in earnings for the period2,843 3,151 
Amortization of purchase price adjustments (a)(591)(629)
2,252 2,522 
Distributions received(2,969)(2,952)
Foreign currency translation adjustment included in “Other comprehensive income (loss)”
199 (785)
Balance at end of period$26,770 $31,512 
_______________

(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.
v3.25.1
Long-Term Debt (Tables)
 3 Months Ended
Mar. 30, 2025
Debt Disclosure [Abstract]  
Long-term debt
Long-term debt consisted of the following:
March 30,
2025		December 29,
2024
Class A-2 Notes:
4.236% Series 2022-1 Class A-2-I Notes, anticipated repayment date 2029
$97,250 $97,500 
4.535% Series 2022-1 Class A-2-II Notes, anticipated repayment date 2032
385,134 386,134 
2.370% Series 2021-1 Class A-2-I Notes, anticipated repayment date 2029
417,644 418,769 
2.775% Series 2021-1 Class A-2-II Notes, anticipated repayment date 2031
625,405 627,030 
3.783% Series 2019-1 Class A-2-I Notes, anticipated repayment date 2026
352,673 353,673 
4.080% Series 2019-1 Class A-2-II Notes, anticipated repayment date 2029
397,498 398,623 
3.884% Series 2018-1 Class A-2-II Notes, anticipated repayment date 2028
435,162 436,349 
7% debentures, due in December 2025
49,084 48,913 
Unamortized debt issuance costs(24,997)(26,698)
2,734,853 2,740,293 
Less amounts payable within one year(78,334)(78,163)
Total long-term debt$2,656,519 $2,662,130 
v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 30, 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:
March 30,
2025		December 29,
2024
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value		Fair Value
Measurements
Financial assets
Cash equivalents$201,742 $201,742 $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)97,250 91,379 97,500 93,744 Level 2
Series 2022-1 Class A-2-II Notes (b)385,134 362,438 386,134 371,855 Level 2
Series 2021-1 Class A-2-I Notes (b)417,644 377,738 418,769 376,256 Level 2
Series 2021-1 Class A-2-II Notes (b)625,405 538,661 627,030 551,981 Level 2
Series 2019-1 Class A-2-I Notes (b)352,673 346,060 353,673 345,093 Level 2
Series 2019-1 Class A-2-II Notes (b)397,498 379,491 398,623 387,039 Level 2
Series 2018-1 Class A-2-II Notes (b)435,162 419,931 436,349 418,027 Level 2
U.S. advertising fund revolving line of credit
6,500 6,500 — — Level 2
7% debentures, due in 2025 (b)
49,084 49,488 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
March 30,
2025		Level 1Level 2Level 3
Held and used$6 $— $— $6 
Held for sale2,048 — — 2,048 
Total$2,054 $— $— $2,054 
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 
v3.25.1
Net Income Per Share (Tables)
 3 Months Ended
Mar. 30, 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 Ended
March 30,
2025		March 31,
2024
Net income$39,232 $41,993 
Common stock:
Weighted average basic shares outstanding200,643 205,372 
Dilutive effect of stock options and restricted shares
974 1,599 
Weighted average diluted shares outstanding201,617 206,971 
Net income per share:
Basic$.20 $.20 
Diluted$.19 $.20 
v3.25.1
Stockholders' Equity (Tables)
 3 Months Ended
Mar. 30, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Loss
The following table provides a rollforward of accumulated other comprehensive loss, which is entirely comprised of foreign currency translation:
Three Months Ended
March 30,
2025		March 31,
2024
Balance at beginning of period$(74,753)$(58,375)
Foreign currency translation
1,912 (4,586)
Balance at end of period$(72,841)$(62,961)
v3.25.1
System Optimization Losses, Net (Tables)
 3 Months Ended
Mar. 30, 2025
System Optimization Initiative  
System optimization losses, net  
Summary of Disposition Activity
The following is a summary of the disposition activity recorded as a result of our system optimization initiative:
Three Months Ended
March 30,
2025		March 31,
2024
Number of restaurants sold to franchisees2— 
Proceeds from sales of restaurants$55 $— 
Net assets sold (a)(169)— 
Other (25)— 
Loss on sales of restaurants, net(139)— 
Gain (loss) on sales of other assets, net (b)49 (127)
System optimization losses, net$(90)$(127)
_______________

(a)Net assets sold consisted primarily of equipment.

(b)During the three months ended March 31, 2024, the Company received net cash proceeds of $26, primarily from the sale of surplus and other properties.
v3.25.1
Reorganization and Realignment Costs (Tables)
 3 Months Ended
Mar. 30, 2025
Restructuring Cost and Reserve  
Restructuring and Related Costs
The following is a summary of the initiatives included in “Reorganization and realignment costs:”
Three Months Ended
March 30,
2025		March 31,
2024
Organizational Redesign Plan$(950)$5,622 
Other reorganization and realignment plans258 51 
Reorganization and realignment costs$(692)$5,673 
Organizational Redesign  
Restructuring Cost and Reserve  
Restructuring and Related Costs
The following is a summary of the costs recorded as a result of the Organizational Redesign Plan:
Three Months EndedTotal Incurred Since Inception
March 30,
2025		March 31,
2024
Severance and related employee costs (a)$(1,088)$5,362 $12,408 
Recruitment and relocation costs13 82 736 
Third-party and other costs— 50 1,116 
(1,075)5,494 14,260 
Share-based compensation (b)125 128 2,221 
Total organizational redesign$(950)$5,622 $16,481 
_______________

(a)The three months ended March 30, 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 March 30, 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
March 30,
2025
Severance and related employee costs$4,257 $(1,088)$(1,410)$1,759 
Recruitment and relocation costs— 13 (13)— 
Third-party and other costs— — — — 
$4,257 $(1,075)$(1,423)$1,759 

Balance
December 31,
2023		ChargesPaymentsBalance
March 31,
2024
Severance and related employee costs$1,692 $5,362 $(977)$6,077 
Recruitment and relocation costs— 82 (82)— 
Third-party and other costs— 50 (50)— 
$1,692 $5,494 $(1,109)$6,077 
v3.25.1
Impairment of Long-Lived Assets (Tables)
 3 Months Ended
Mar. 30, 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 Ended
March 30,
2025		March 31,
2024
Company-operated restaurants$1,187 $1,775 
Surplus properties234 231 
$1,421 $2,006 
v3.25.1
Supplemental Cash Flow Information (Tables)
 3 Months Ended
Mar. 30, 2025
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information
The following table includes supplemental non-cash investing and financing activities:
Three Months Ended
March 30,
2025		March 31,
2024
Supplemental non-cash investing and financing activities:
Capital expenditures included in accounts payable$7,197 $9,161 
Finance leases17,849 3,749 
The following table includes a reconciliation of cash, cash equivalents and restricted cash:
March 30,
2025		December 29,
2024
Reconciliation of cash, cash equivalents and restricted cash at end of period:
Cash and cash equivalents$335,259 $450,512 
Restricted cash34,644 34,481 
Restricted cash, included in Advertising funds restricted assets19,056 18,615 
Total cash, cash equivalents and restricted cash$388,959 $503,608 
v3.25.1
Segment Information (Tables)
 3 Months Ended
Mar. 30, 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 Ended
March 30,
2025		March 31,
2024
Wendy’s U.S.$120,977 $125,824 
Wendy’s International9,444 10,690 
Global Real Estate & Development24,676 24,061 
Total segment adjusted EBITDA155,097 160,575 
Unallocated franchise support and other costs(587)(26)
Advertising funds surplus144 207 
Unallocated general and administrative (a)(34,123)(33,390)
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below)(36,549)(35,518)
Amortization of cloud computing arrangements(4,167)(3,542)
System optimization losses, net(90)(127)
Reorganization and realignment costs692 (5,673)
Impairment of long-lived assets(1,421)(2,006)
Unallocated other operating income, net4,130 656 
Interest expense, net(31,477)(30,535)
Investment loss, net(1,718)— 
Other income, net4,986 6,836 
Income before income taxes$54,917 $57,457 
_______________

(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 Ended
March 30,
2025		March 31,
2024
Wendy’s U.S. revenue$429,614 $442,847 
Wendy’s U.S. expense
Cost of sales181,237 185,933 
Franchise support and other costs13,178 12,694 
Advertising fund expense (a)91,760 99,025 
General and administrative22,424 19,326 
Other segment items (b)38 45 
Wendy’s U.S. adjusted EBITDA$120,977 $125,824 
_______________

(a)Includes advertising fund expense of $2,325 for the three months ended March 31, 2024 related to the Company’s funding of incremental advertising. There was no funding of incremental advertising during the three months ended March 30, 2025.

(b)Other segment items for the three months ended March 30, 2025 primarily include lease buyout activity and professional fees. Other segment items for the three months ended March 31, 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 Ended
March 30, 2025March 31,
2024
Wendy’s International revenue$34,721 $32,815 
Wendy’s International expense
Cost of sales6,932 6,180 
Advertising fund expense (a)9,912 8,556 
General and administrative6,437 5,941 
Other segment items (b)1,996 1,448 
Wendy’s International adjusted EBITDA $9,444 $10,690 
_______________

(a)Includes advertising fund expense of $159 and $162 for the three months ended March 30, 2025 and March 31, 2024, respectively, related to the Company’s funding of incremental advertising. In addition, includes other international-related advertising deficit of $1,153 and $150 for the three months ended March 30, 2025 and March 31, 2024, respectively.

(b)Other segment items for the three months ended March 30, 2025 and March 31, 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 Ended
March 30, 2025March 31, 2024
Global Real Estate & Development revenue$59,137 $59,091 
Global Real Estate & Development expense
Franchise rental expense30,701 31,778 
General and administrative5,220 5,100 
Other segment items (a)(1,460)(1,848)
Global Real Estate & Development adjusted EBITDA$24,676 $24,061 
_______________

(a)Other segment items primarily include equity in earnings from our TimWen joint venture, franchise support and other costs and gains on sales-type leases. Equity in earnings from our TimWen joint venture was $2,252 and $2,522 for the three months ended March 30, 2025 and March 31, 2024, respectively.
v3.25.1
Revenue Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Disaggregation of Revenue    
Total revenues $ 523,472 $ 534,753
Sales at Company-operated restaurants    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 219,510 225,323
Franchise royalty revenue    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 121,675 125,680
Franchise fees    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 23,473 20,820
Franchise rental income    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 58,454 57,986
Advertising funds revenue    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 100,360 104,944
Wendy's U.S. | Operating Segments    
Disaggregation of Revenue    
Total revenues 429,614 442,847
Wendy's U.S. | Sales at Company-operated restaurants    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 212,744 219,468
Wendy's U.S. | Franchise royalty revenue    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 104,406 108,853
Wendy's U.S. | Franchise fees    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 20,704 17,826
Wendy's U.S. | Franchise rental income    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 0 0
Wendy's U.S. | Advertising funds revenue    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 91,760 96,700
Wendy's International | Operating Segments    
Disaggregation of Revenue    
Total revenues 34,721 32,815
Wendy's International | Sales at Company-operated restaurants    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 6,766 5,855
Wendy's International | Franchise royalty revenue    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 17,269 16,827
Wendy's International | Franchise fees    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 2,086 1,889
Wendy's International | Franchise rental income    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 0 0
Wendy's International | Advertising funds revenue    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 8,600 8,244
Global Real Estate & Development | Operating Segments    
Disaggregation of Revenue    
Total revenues 59,137 59,091
Global Real Estate & Development | Sales at Company-operated restaurants    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 0 0
Global Real Estate & Development | Franchise royalty revenue    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 0 0
Global Real Estate & Development | Franchise fees    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 683 1,105
Global Real Estate & Development | Franchise rental income    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax 58,454 57,986
Global Real Estate & Development | Advertising funds revenue    
Disaggregation of Revenue    
Revenue from Contract with Customer, Excluding Assessed Tax $ 0 $ 0
v3.25.1
Revenue Contract Balances (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Dec. 29, 2024
Contract balances      
Deferred franchise fees at beginning of period $ 99,411 $ 100,805  
Revenue recognized during the period (2,345) (2,804)  
New deferrals due to cash received and other 1,935 2,263  
Deferred franchise fees at end of period 99,001 $ 100,264  
Deferred franchise fees, noncurrent 88,057   $ 88,387
Accounts and notes receivable, net | Short-term Contract with Customer      
Contract balances      
Receivables, Net, Current 60,870   55,601
Advertising funds restricted assets | Short-term Contract with Customer      
Contract balances      
Receivables, Net, Current 65,677   73,223
Accrued expenses and other current liabilities      
Contract balances      
Deferred franchise fees, current 10,944   11,024
Deferred franchise fees      
Contract balances      
Deferred franchise fees, noncurrent $ 88,057   $ 88,387
v3.25.1
Revenue Anticipated Future Recognition of Deferred Franchise Fees (Details)
$ in Thousands
Mar. 30, 2025
USD ($)
Revenue, Anticipated Future Recognition of Deferred Franchise Fees  
Revenue, Anticipated Future Recognition of Deferred Franchise Fees, Amount $ 99,001
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-03-30  
Revenue, Anticipated Future Recognition of Deferred Franchise Fees  
Revenue, Anticipated Future Recognition of Deferred Franchise Fees, Amount $ 9,262
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 9 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 $ 6,681
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 $ 6,553
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 $ 6,423
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 $ 6,321
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 $ 63,761
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 0 years
v3.25.1
Leases Lessee Lease Narrative (Details)
Mar. 30, 2025
number_of_restaurants
Lessee, Lease, Description  
Number of restaurants 7,308
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
v3.25.1
Leases Lessor Lease Narrative (Details)
Mar. 30, 2025
number_of_restaurants
Lessor, Lease, Description  
Number of restaurants 7,308
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 5,263
Franchised Units, Total [Member] | Franchised Units  
Lessor, Lease, Description  
Number of restaurants 6,908
v3.25.1
Leases Components of Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Lease, Cost    
Amortization of finance lease assets $ 5,145 $ 4,297
Interest on finance lease liabilities 10,877 10,658
Total finance lease cost 16,022 14,955
Operating lease cost 20,517 21,701
Variable lease cost 16,213 16,488
Short-term lease cost 1,266 1,394
Total operating lease cost 37,996 39,583
Total lease cost 54,018 54,538
Franchise rental expense    
Lease, Cost    
Total operating lease cost 30,652 31,718
Cost of sales    
Lease, Cost    
Total operating lease cost 6,941 7,388
Executory costs paid by lessee    
Lease, Cost    
Variable lease cost $ 10,394 $ 10,221
v3.25.1
Leases Components of Lease Income (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Lessor Lease Income    
Sales-type leases, selling profit $ (11) $ (16)
Sales-type and direct-financing leases, interest income 6,915 7,719
Operating lease income 42,421 41,497
Variable lease income 16,033 16,489
Franchise rental income 58,454 57,986
Sublease income 42,784 42,783
Executory costs paid to lessor    
Lessor Lease Income    
Sublease income $ 10,197 $ 10,089
v3.25.1
Investments Carrying Value of Investments (Details) - USD ($)
$ in Thousands
Mar. 30, 2025
Dec. 29, 2024
Mar. 31, 2024
Dec. 31, 2023
Schedule of Investments        
Other investments in equity securities $ 0 $ 1,718    
Investments 26,770 29,006    
TimWen Investment        
Schedule of Investments        
Equity method investments $ 26,770 $ 27,288 $ 31,512 $ 32,727
v3.25.1
Investments Equity Method Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Dec. 29, 2024
Schedule of Equity Method Investments      
Foreign currency translation adjustment included in “Other comprehensive income (loss)” and other $ 1,912 $ (4,586)  
Other investments in equity securities $ 0   $ 1,718
TimWen      
Schedule of Equity Method Investments      
Equity Method Investment, Ownership Percentage 50.00%    
Equity Method Investment, Purchase Price Adjustment, Amortization Period 21 years 21 years  
TimWen and Brazil JV      
Schedule of Equity Method Investments      
Balance at beginning of period $ 27,288 $ 32,727  
Equity in earnings for the period 2,843 3,151  
Amortization of purchase price adjustments (591) (629)  
Equity in earnings for the period, net of amortization of purchase price adjustments 2,252 2,522  
Distributions received (2,969) (2,952)  
Foreign currency translation adjustment included in “Other comprehensive income (loss)” and other 199 (785)  
Balance at end of period $ 26,770 $ 31,512  
v3.25.1
Investments Other Investments in Equity Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Investment Income, Net [Abstract]    
Investment loss, net $ (1,718) $ 0
v3.25.1
Long-Term Debt Schedule of Long Term Debt (Details) - USD ($)
$ in Thousands
Mar. 30, 2025
Dec. 29, 2024
Debt Instrument [Line Items]    
Unamortized debt issuance costs $ 24,997 $ 26,698
Total debt 2,734,853 2,740,293
Less amounts payable within one year 78,334 78,163
Total long-term debt 2,656,519 2,662,130
Series 2022-1 Class A-2-I Notes    
Debt Instrument [Line Items]    
Senior Notes $ 97,250 $ 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 $ 385,134 $ 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 $ 417,644 $ 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 $ 625,405 $ 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 $ 352,673 $ 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 $ 397,498 $ 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 $ 435,162 $ 436,349
Debt Instrument, Interest Rate, Stated Percentage 3.884% 3.884%
7% debentures    
Debt Instrument [Line Items]    
7% debentures $ 49,084 $ 48,913
Debt Instrument, Interest Rate, Stated Percentage 7.00% 7.00%
v3.25.1
Long-Term Debt Other Long-term Debt Disclosure (Details) - Line of Credit [Member] - Wendy's U.S. Advertising Fund [Member]
$ in Thousands
 3 Months Ended
Mar. 30, 2025
USD ($)
Debt Instrument [Line Items]  
Line of Credit Facility, Maximum Borrowing Capacity $ 15,000
Debt Instrument, Basis Spread on Variable Rate 2.25%
Proceeds from Lines of Credit $ 15,000
Repayments of Lines of Credit 8,500
Line of Credit, Outstanding, Amount $ 6,500
v3.25.1
Fair Value Measurements Financial Instruments (Details) - USD ($)
$ in Thousands
Mar. 30, 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 $ 201,742 $ 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 97,250 97,500
Reported Value Measurement | Series 2022-1 Class A-2-II Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Debt instrument 385,134 386,134
Reported Value Measurement | Series 2021-1 Class A-2-I Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Debt instrument 417,644 418,769
Reported Value Measurement | Series 2021-1 Class A-2-II Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Debt instrument 625,405 627,030
Reported Value Measurement | Series 2019-1 Class A-2-I Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Debt instrument 352,673 353,673
Reported Value Measurement | Series 2019-1 Class A-2-II Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Debt instrument 397,498 398,623
Reported Value Measurement | Series 2018-1 Class A-2-II Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Debt instrument 435,162 436,349
Reported Value Measurement | U.S. advertising fund revolving line of credit    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Debt instrument 6,500 0
Reported Value Measurement | 7% debentures    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Debt instrument 49,084 48,913
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Cash equivalents 201,742 319,212
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 91,379 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 362,438 371,855
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 377,738 376,256
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 538,661 551,981
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 346,060 345,093
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 379,491 387,039
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 419,931 418,027
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 6,500 0
Estimate of Fair Value Measurement | 7% debentures | Fair Value, Inputs, Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Debt instrument $ 49,488 $ 50,034
v3.25.1
Fair Value Measurements Non-Recurring Fair Value Measurements (Details) - Fair Value, Measurements, Nonrecurring - USD ($)
$ in Thousands
Mar. 30, 2025
Dec. 29, 2024
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis    
Assets Held and used, Long Lived, Fair Value Disclosure $ 6 $ 2,391
Assets Held for sale, Long Lived, Fair Value Disclosure 2,048 1,558
Total 2,054 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 6 2,391
Assets Held for sale, Long Lived, Fair Value Disclosure 2,048 1,558
Total $ 2,054 $ 3,949
v3.25.1
Income Taxes (Details)
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Effective Income Tax Rate 28.60% 26.90%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00%  
v3.25.1
Net Income Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Net income $ 39,232 $ 41,993
Weighted average basic shares outstanding 200,643 205,372
Dilutive effect of stock options and restricted shares 974 1,599
Weighted average diluted shares outstanding 201,617 206,971
Basic net income per share $ 0.20 $ 0.20
Diluted net income per share $ 0.19 $ 0.20
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 8,288 6,789
v3.25.1
Stockholders' Equity Dividends (Details) - $ / shares
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Common Stock, Dividends, Per Share, Cash Paid $ 0.25 $ 0.25
v3.25.1
Stockholders' Equity Repurchases of Common Stock (Details) - January 2023 Share Repurchase Program - USD ($)
shares in Thousands, $ in Thousands
 1 Months Ended 3 Months Ended
Apr. 25, 2025
Mar. 30, 2025
Mar. 31, 2024
Jan. 31, 2023
Equity, Class of Treasury Stock        
Stock Repurchase Program, Authorized Amount       $ 500,000
Treasury Stock, Shares, Acquired   8,182 392  
Treasury Stock, Value, Acquired, Cost Method, excluding Commissions   $ 124,070 $ 7,187  
Stock Repurchase Program, Repurchase Accrual   1,401 470  
Stock Repurchase Program, Excise Tax Accrual   1,214 24  
Stock Repurchase Program, Cost Incurred   115 $ 5  
Stock Repurchase Program, Remaining Authorized Repurchase Amount   $ 110,930    
Subsequent Event        
Equity, Class of Treasury Stock        
Treasury Stock, Shares, Acquired 3,843      
Treasury Stock, Value, Acquired, Cost Method, excluding Commissions $ 50,895      
v3.25.1
Stockholders' Equity Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Accumulated Other Comprehensive Loss    
Balance at beginning of period $ (74,753) $ (58,375)
Foreign currency translation 1,912 (4,586)
Balance at end of period (72,841) (62,961)
Foreign Currency Translation    
Accumulated Other Comprehensive Loss    
Foreign currency translation $ 1,912 $ (4,586)
v3.25.1
System Optimization Losses, Net Summary of Disposition Activity (Details)
$ in Thousands
 3 Months Ended
Mar. 30, 2025
USD ($)
number_of_restaurants
Mar. 31, 2024
USD ($)
number_of_restaurants
System optimization losses, net    
Company-operated restaurant ownership percentage 5.00%  
Proceeds from sales of restaurants $ 55 $ 26
System optimization losses, net $ (90) $ (127)
Sale of franchise-operated restaurants to franchisees    
System optimization losses, net    
Number of restaurants sold to franchisees | number_of_restaurants 0 11
Sale of Company-Operated Restaurants to Franchisees [Member]    
System optimization losses, net    
Number of restaurants sold to franchisees | number_of_restaurants 2 0
Proceeds from sales of restaurants $ 55 $ 0
Net Assets Sold 169 0
Other gain (loss) on disposition, net (25) 0
Gain (Loss) on Disposition of Assets Before Post Closing Purchase Price Adjustments (139) 0
Sale of other assets    
System optimization losses, net    
Proceeds from sales of restaurants   26
System optimization losses, net $ 49 $ (127)
v3.25.1
System Optimization Gains, Net Assets Held for Sale (Details) - USD ($)
$ in Thousands
Mar. 30, 2025
Dec. 29, 2024
Other assets held for sale    
Long lived assets held for sale    
Assets held for sale $ 3,727 $ 2,833
v3.25.1
Reorganization and Realignment Costs Summary (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Restructuring Cost and Reserve    
Reorganization and realignment costs $ (692) $ 5,673
Organizational redesign    
Restructuring Cost and Reserve    
Reorganization and realignment costs (950) 5,622
Other reorganization and realignment plans    
Restructuring Cost and Reserve    
Reorganization and realignment costs $ 258 $ 51
v3.25.1
Reorganization and Realignment Costs Organizational Redesign (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Restructuring Cost and Reserve    
Reorganization and realignment costs $ (692) $ 5,673
Organizational Redesign    
Restructuring Cost and Reserve    
Restructuring and Related Cost, Incurred Cost (1,075) 5,494
Reorganization and realignment costs (950) 5,622
Restructuring and Related Cost, Cost Incurred to Date 14,260  
Restructuring Charges, Incurred to Date 16,481  
Organizational Redesign | Minimum    
Restructuring Cost and Reserve    
Restructuring and Related Cost, Expected Cost 17,000  
Restructuring and Related Cost, Expected Cost Remaining 600  
Organizational Redesign | Severance and related employee costs    
Restructuring Cost and Reserve    
Restructuring and Related Cost, Incurred Cost (1,088) 5,362
Restructuring and Related Cost, Cost Incurred to Date 12,408  
Organizational Redesign | Recruitment and relocation costs    
Restructuring Cost and Reserve    
Restructuring and Related Cost, Incurred Cost 13 82
Restructuring and Related Cost, Cost Incurred to Date 736  
Organizational Redesign | Third-party and other costs    
Restructuring Cost and Reserve    
Restructuring and Related Cost, Incurred Cost 0 50
Restructuring and Related Cost, Cost Incurred to Date 1,116  
Organizational Redesign | Share-based compensation    
Restructuring Cost and Reserve    
Restructuring and Related Cost, Incurred Cost 125 $ 128
Restructuring and Related Cost, Cost Incurred to Date $ 2,221  
v3.25.1
Reorganization and Realignment Costs Organizational Redesign Accrual Rollforward (Details) - Organizational Redesign - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Restructuring Cost and Reserve    
Beginning balance $ 4,257 $ 1,692
Charges (1,075) 5,494
Payments (1,423) (1,109)
Ending balance 1,759 6,077
Severance and related employee costs    
Restructuring Cost and Reserve    
Beginning balance 4,257 1,692
Charges (1,088) 5,362
Payments (1,410) (977)
Ending balance 1,759 6,077
Recruitment and relocation costs    
Restructuring Cost and Reserve    
Beginning balance 0 0
Charges 13 82
Payments (13) (82)
Ending balance 0 0
Third-party and other costs    
Restructuring Cost and Reserve    
Beginning balance 0 0
Charges 0 50
Payments 0 (50)
Ending balance 0 0
Share-based compensation    
Restructuring Cost and Reserve    
Charges 125 $ 128
Accrued expenses and other current liabilities    
Restructuring Cost and Reserve    
Ending balance $ 1,759  
v3.25.1
Impairment of Long-Lived Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Impairment of Long-Lived Assets    
Impairment of long-lived assets $ 1,421 $ 2,006
Company-operated restaurants    
Impairment of Long-Lived Assets    
Impairment of long-lived assets 1,187 1,775
Surplus properties    
Impairment of Long-Lived Assets    
Impairment of long-lived assets $ 234 $ 231
v3.25.1
Supplemental Cash Flow Information Non-Cash Investing and Financing Activities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]    
Capital expenditures included in accounts payable $ 7,197 $ 9,161
Finance leases $ 17,849 $ 3,749
v3.25.1
Supplemental Cash Flow Information Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Mar. 30, 2025
Dec. 29, 2024
Mar. 31, 2024
Dec. 31, 2023
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]        
Cash and cash equivalents $ 335,259 $ 450,512    
Restricted cash 34,644 34,481    
Restricted cash, included in Advertising funds restricted assets 19,056 18,615    
Total cash, cash equivalents and restricted cash $ 388,959 $ 503,608 $ 593,086 $ 588,816
v3.25.1
Guarantees and Other Commitments and Contingencies Lease Guarantees (Details)
$ in Thousands
Mar. 30, 2025
USD ($)
Property Lease Guarantee  
Guarantor Obligations  
Guarantor Obligations, Maximum Exposure, Undiscounted $ 100,858
v3.25.1
Guarantees and Other Commitments and Contingencies Letters of Credit (Details)
$ in Thousands
Mar. 30, 2025
USD ($)
Guarantor Obligations  
Letters of Credit Outstanding, Amount $ 28,985
v3.25.1
Transactions with Related Parties (Details)
$ in Thousands
 3 Months Ended
Mar. 30, 2025
USD ($)
number_of_restaurants
Mar. 31, 2024
USD ($)
Dec. 29, 2024
USD ($)
Related Party Transaction      
Number of Restaurants | number_of_restaurants 7,308    
Accounts payable $ 24,856   $ 28,455
TimWen | Franchise Rental Expense      
Related Party Transaction      
Operating Costs and Expenses 4,798 $ 5,030  
TimWen | Management Fee Income | General and administrative      
Related Party Transaction      
Other Operating Income 56 60  
QSCC | Patronage Dividends      
Related Party Transaction      
Patronage dividends   3,096  
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 0 187  
Yellow Cab | Royalty, Advertising Fund, Lease and Other Income      
Related Party Transaction      
Other Operating Income 3,664 3,612  
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 $ 1,156   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 $ 300 $ 500  
AMC | Advertising funds restricted liabilities | Advertising Funds Expense      
Related Party Transaction      
Accounts payable $ 26   $ 17
v3.25.1
Reconciliation of Wendy's U.S. Segment Operating Profit (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Revenues $ 523,472 $ 534,753
Cost of sales 188,169 192,113
Franchise support and other costs 16,596 14,742
Advertising funds expense 101,528 107,374
General and administrative 68,204 63,757
Segment profit 83,126 81,156
Operating Segments    
Segment Reporting Information [Line Items]    
Segment profit 155,097 160,575
Wendy's U.S. | Operating Segments    
Segment Reporting Information [Line Items]    
Revenues 429,614 442,847
Cost of sales 181,237 185,933
Franchise support and other costs 13,178 12,694
Advertising funds expense 91,760 99,025
General and administrative 22,424 19,326
Other segment items 38 45
Segment profit 120,977 125,824
Advertising fund expense $ 0 $ 2,325
v3.25.1
Reconciliation of Wendy's International Segment Operating Profit (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Revenues $ 523,472 $ 534,753
Cost of sales 188,169 192,113
Advertising funds expense 101,528 107,374
General and administrative 68,204 63,757
Segment profit 83,126 81,156
Advertising deficit (144) (207)
Operating Segments    
Segment Reporting Information [Line Items]    
Segment profit 155,097 160,575
Wendy's International | Operating Segments    
Segment Reporting Information [Line Items]    
Revenues 34,721 32,815
Cost of sales 6,932 6,180
Advertising funds expense 9,912 8,556
General and administrative 6,437 5,941
Other segment items 1,996 1,448
Segment profit 9,444 10,690
Advertising fund expense 159 162
Advertising deficit $ 1,153 $ 150
v3.25.1
Reconciliation of Global Real Estate & Development Operating Profit (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Revenues $ 523,472 $ 534,753
Franchise rental expense 30,701 31,778
General and administrative 68,204 63,757
Segment profit 83,126 81,156
Operating Segments    
Segment Reporting Information [Line Items]    
Segment profit 155,097 160,575
Global Real Estate & Development | Operating Segments    
Segment Reporting Information [Line Items]    
Revenues 59,137 59,091
Franchise rental expense 30,701 31,778
General and administrative 5,220 5,100
Other segment items (1,460) (1,848)
Segment profit 24,676 24,061
Equity in earnings for the period $ 2,252 $ 2,522
v3.25.1
Segment Information Reconciliation of Profit from Segments to Consolidated (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Segment Reporting, Reconciling Item for Profit from Segment to Consolidated    
Segment profit $ 83,126 $ 81,156
Unallocated franchise support and other costs (16,596) (14,742)
Advertising funds surplus 144 207
Unallocated general and administrative (68,204) (63,757)
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below) (36,549) (35,518)
Amortization of cloud computing arrangements (4,167) (3,542)
System optimization losses, net (90) (127)
Reorganization and realignment costs 692 (5,673)
Impairment of long-lived assets (1,421) (2,006)
Unallocated other operating income, net 6,387 3,033
Interest expense, net (31,477) (30,535)
Investment loss, net (1,718) 0
Other income, net 4,986 6,836
Income before income taxes 54,917 57,457
Corporate and Other    
Segment Reporting, Reconciling Item for Profit from Segment to Consolidated    
Unallocated franchise support and other costs (587) (26)
Unallocated general and administrative (34,123) (33,390)
Unallocated other operating income, net 4,130 656
Operating Segments    
Segment Reporting, Reconciling Item for Profit from Segment to Consolidated    
Segment profit 155,097 160,575
Operating Segments | Wendy's U.S.    
Segment Reporting, Reconciling Item for Profit from Segment to Consolidated    
Segment profit 120,977 125,824
Unallocated franchise support and other costs (13,178) (12,694)
Unallocated general and administrative (22,424) (19,326)
Operating Segments | Wendy's International    
Segment Reporting, Reconciling Item for Profit from Segment to Consolidated    
Segment profit 9,444 10,690
Advertising funds surplus (1,153) (150)
Unallocated general and administrative (6,437) (5,941)
Operating Segments | Global Real Estate & Development    
Segment Reporting, Reconciling Item for Profit from Segment to Consolidated    
Segment profit 24,676 24,061
Unallocated general and administrative $ (5,220) $ (5,100)