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Wendy's (WEN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Wendy's (WEN) reported revenue of $550M for the third quarter 2025 (Q3 2025), -3% from a year earlier and -2% from the quarter before. Operating margin was 16.8%, net earnings $44.3M (8.1% of revenue).
Wendy's, Q3 2025: revenue $550M (-3% year over year), operating margin 16.8%, net earnings $44.3M, operating cash flow $129M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $550M | -2% | -3% |
| Operating profit | $92.0M | -12% | -3% |
| Net earnings | $44.3M | -20% | -12% |
| Operating cash flow | $129M | +113% | -8% |
| Free cash flow | $104M | +166% | -15% |
What changed
Revenue was $549.5M in Q3 2025, down 3% year over year and down 2% from the previous quarter. Sales was the largest line at 42% of revenue. Advertising funds revenue lost $16.1M year over year (down 13%), 94% of the total change.
Operating profit was $92.0M, a 16.8% margin (unchanged year over year). Total costs fell 3% while revenue fell 3%. Net earnings were $44.3M, down 12% year over year. The effective tax rate was 30.0%.
Operating cash flow was $129.3M (down 8% year over year), 292% of net earnings. Non-cash charges added back $38.4M of depreciation and amortization. Working capital and other items added $46.6M. Capital expenditures of $25.0M left free cash flow of $104.3M.
Questions
What was Wendy's revenue in the third quarter 2025?
Wendy's (WEN) reported revenue of $550M for the third quarter 2025 (Q3 2025), -3% from a year earlier and -2% from the quarter before.
Was Wendy's profitable in the third quarter 2025?
Operating profit was $92.0M (16.8% of revenue) and net earnings $44.3M.
Source: Wendy's 10-Q on SEC EDGAR.