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Wendy's (WEN) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Wendy's (WEN) Q3 2026 earnings results →
Q3 2026 Revenue down 0% year over year to $547M · 3¢ of every $1 of revenue kept as net profit · operating margin 10.2%
Wendy's made $547M in Q3 2026 (-0.5% Y/Y): Sales $235M, Franchise royalty revenue and fees $142M, Advertising funds revenue $111M. Operating margin 10.2%, net earnings $15.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $547.0M in Q3 2026, roughly flat year over year and down 4% from the previous quarter. Sales was the largest line at 43% of revenue. Franchise royalty revenue lost $8.4M year over year (down 7%), 333% of the total change.
Operating profit was $55.8M, a 10.2% margin (down 6.5 points year over year). Total costs grew 7% against flat revenue. The fastest-growing cost line was General & admin (+26%). Net earnings were $15.1M, down 66% year over year. The effective tax rate was 40.7%.
Operating cash flow was $79.0M (down 39% year over year), 523% of net earnings. Non-cash charges added back $39.9M of depreciation and amortization and $3.6M of share-based compensation. Working capital and other items added $20.4M. Capital expenditures of $17.3M left free cash flow of $61.7M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $547M | -0.5% | 10.2% | $15.1M | $79.0M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $571M | +2% | 13.9% | $32.6M | $101M |
| Q1 2026 | 10-Q | May 8, 2026 | $541M | +3% | 12.0% | $22.7M | $59.4M |
| Q4 2025 | 10-K | Feb 23, 2026 | $543M | -6% | 11.8% | $26.5M | $69.3M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $550M | -3% | 16.8% | $44.3M | $129M |
| Q2 2025 | 10-Q | Aug 8, 2025 | $561M | -2% | 18.6% | $55.1M | $60.6M |
| Q1 2025 | 10-Q | May 2, 2025 | $523M | -2% | 15.9% | $39.2M | $85.4M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Wendy's
Wendy’s is primarily engaged in the business of operating, developing and franchising a system of distinctive quick-service restaurants serving high quality food. Wendy’s opened its first restaurant in Columbus, Ohio in 1969. Today, Wendy’s is the second largest quick-service restaurant company in the hamburger sandwich segment in the United States (the “U.S.”) based on traffic and dollar share, and the third largest globally with 7,397 restaurants in the U.S. and 38 foreign countries and U.S. territories as of December 28, 2025. At December 28, 2025, there were 5,969 Wendy’s restaurants in operation in the U.S. Of these restaurants, 423 were operated by the Company and 5,546 were operated by a total of 203 franchisees. In addition, at December 28, 2025, there were 1,428 Wendy’s restaurants in operation in 38 foreign countries and U.S. territories.
In its own words, from its 10-K, filed Feb 23, 2026.
Wendy's against its Retail-Eating & Drinking Places peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -0.5% against the peers' median +15%. Operating margin: 10.2% against the peers' median 6.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| WEN Wendy's | Q3 2026 | $547M | -0.5% | 10.2% |
| SBUX Starbucks | Q4 FY26 | $9.1B | -4% | 10.8% |
| BROS Dutch Bros | Q3 2026 | $550M | +30% | 9.6% |
| SHAK Shake Shack | Q3 2026 | $423M | +15% | 5.1% |
| SDOT Sadot Group | Q2 2025 | $114M | — | 1.5% |
| CNNE Cannae Holdings | Q2 2026 | $102M | -7% | -55.6% |
| BRCB Black Rock Coffee Bar | Q2 2026 | $63.0M | +25% | 6.5% |
Source: Wendy's 10-Q on SEC EDGAR · CIK 30697 · Retail-Eating & Drinking Places
Guidance and outlook
13F: who owns WEN and who is buying
More on WEN
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results