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Wendy's cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$61.7M in Q3 2026 · $222M over twelve months

Operating cash flow$79.0M
Capital spending−$17.3M
Free cash flow+$61.7M
Cash / net income5.2×

Analysis

In Q3 2026, Wendy's generated $79.0M of operating cash flow and spent $17.3M on capital projects, leaving free cash flow of $61.7M.

Over the twelve months to Sep 27, 2026, operating cash flow was $308M; the largest uses were dividends ($93.3M), capital spending ($86.6M), other investing ($29.9M); besides operations, cash came from asset & business sales ($16.3M); the cash balance rose by $79.9M.

Operating cash flow was $79.0M against net income of $15.1M — 5.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$39.9M, deferred taxes −$8.6M, gains on disposals −$3.7M.

Free cash flow

Wendy's: free cash flow by quarterWendy's: free cash flow by quarter$26.6MQ4 2024$67.7MQ1 2025$39.2MQ2 2025$104MQ3 2025$31.4MQ4 2025$47.5MQ1 2026$81.0MQ2 2026$61.7MQ3 2026
Operating cash flow less capital spending.
Wendy's: operating cash flow against capital spendingWendy's: operating cash flow against capital spendingOperating cash flowCapital spending$68.6M$42.0MQ4 2024$85.4M$17.7MQ1 2025$60.6M$21.4MQ2 2025$129M$25.0MQ3 2025$69.3M$37.9MQ4 2025$59.4M$11.9MQ1 2026$101M$19.6MQ2 2026$79.0M$17.3MQ3 2026
Latest (Q3 2026): Operating cash flow $79.0M, Capital spending $17.3M.

Capital allocation, year by year

Wendy's: where the cash came from (up) and went (down), by fiscal yearWendy's: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $346MFY2021: Net borrowing $116MFY2021: Shares issued $30.0MFY2021: Asset sales $55.1MFY2021: Capital spending −$78.0MFY2021: Acquisitions −$123MFY2021: Buybacks −$269MFY2021: Dividends −$94.8M$547MFY2021FY2022: Operating cash flow $260MFY2022: Net borrowing $456MFY2022: Shares issued $4.9MFY2022: Asset sales $8.2MFY2022: Capital spending −$85.5MFY2022: Buybacks −$52.0MFY2022: Dividends −$107M$729MFY2022FY2023: Operating cash flow $345MFY2023: Net borrowing −$116MFY2023: Shares issued $14.7MFY2023: Asset sales $2.1MFY2023: Capital spending −$85.0MFY2023: Buybacks −$190MFY2023: Dividends −$209M$362MFY2023FY2024: Operating cash flow $355MFY2024: Net borrowing −$49.7MFY2024: Shares issued $32.9MFY2024: Asset sales $4.9MFY2024: Capital spending −$94.4MFY2024: Buybacks −$77.4MFY2024: Dividends −$204M$393MFY2024FY2025: Operating cash flow $345MFY2025: Net borrowing −$3.0MFY2025: Shares issued $1.9MFY2025: Asset sales $4.4MFY2025: Capital spending −$102MFY2025: Acquisitions −$16.9MFY2025: Buybacks −$201MFY2025: Dividends −$130M$351MFY2025
Over these 5 years operating cash flow totalled $1.7B; the largest uses were buybacks ($788M) and dividends ($745M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$374M
Debt$2.7B
Net debt$2.4B
Due within a year$29.8M

Wendy's funds itself: free cash flow was $222M over the last twelve months, and $374M of cash and investments stands against $2.7B of debt ($29.8M due within a year, 12.6× covered by cash).

Wendy's: debt maturities by year (FY2025)Wendy's: debt maturities by year (FY2025)$29.8MYear 1$29.8MYear 2$447MYear 3$890MYear 4$15.0MYear 5$1.4BAfter year 5
Principal due in each year as disclosed in the annual report, against $374M of cash and investments now.

Where the cash came from and went

Wendy's: sources (+) and uses (−) of cash, Q3 2026Wendy's: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$79.0MCash drawn (+) / kept (−)−$37.2MCapital spending−$17.3MNet borrowing (+) / repaid (−)−$13.8MDividends−$13.4MAsset & business sales$8.7MOther investing−$3.6MTaxes on employees’ shares−$1.9MOther financing−$600KExchange rates$5K
Wendy's: sources (+) and uses (−) of cash, TTM to Q3 2026Wendy's: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$308MDividends−$93.3MCapital spending−$86.6MCash drawn (+) / kept (−)−$79.9MOther investing−$29.9MNet borrowing (+) / repaid (−)−$18.8MAsset & business sales$16.3MOther financing−$10.3MTaxes on employees’ shares−$2.4MBuybacks−$1.9MExchange rates−$1.4M

From profit to cash

Wendy's: net income to operating cash flow, Q3 2026Wendy's: net income to operating cash flow, Q3 2026Net income$15.1MDepreciation & amortization$39.9MStock-based pay$3.6MDeferred taxes−$8.6MImpairments$1.7MGains on disposals−$3.7MOperating cash flow$79.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$79.0M−$17.3M—−$13.4M−$13.8M—−$37.2M$61.7M
Q2 2026$101M−$19.6M−$1.9M−$26.7M−$13.6M—−$32.7M$81.0M
Q1 2026$59.4M−$11.9M—−$26.6M−$13.4M—−$4.4M$47.5M
Q4 2025$69.3M−$37.9M—−$26.6M$22.0M—−$5.7M$31.4M
Q3 2025$129M−$25.0M−$14.2M−$26.7M−$14.7M$199K−$21.9M$104M
Q2 2025$60.6M−$21.4M−$63.7M−$26.8M−$4.2M$1.4M$58.9M$39.2M
Q1 2025$85.4M−$17.7M−$123M−$49.4M−$6.1M$273K$115M$67.7M
Q4 2024$68.6M−$42.0M−$17.3M−$51.0M−$12.3M$28.2M$50.9M$26.6M

Wendy's: income statement and cash flow

Wendy's, Q3 2026: revenue $547M (-0.5% year over year), operating margin 10.2%. The chart follows the revenue to costs, profit and cash.

Wendy's: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.