Filing Flows › Wendy's (WEN) › Q3 2026 › vs Q2 2026
Wendy's (WEN) Q3 2026 vs Q2 2026 (quarter over quarter)
Wendy's's revenue fell $23.6M (-4%) from $571M in Q2 2026 to $547M in Q3 2026. The biggest changes: Advertising funds revenue −$16.0M (-13%); Franchise royalty revenue and fees −$7.5M (-5%); Sales −$5.2M (-2%). Operating margin 10.2% against 13.9% (-3.7 pts).
Wendy's, Q3 2026: revenue $547M (-0.5% year over year), operating margin 10.2%, net earnings $15.1M, operating cash flow $79.0M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 10.2% | 13.9% | -3.7 pts |
| Net margin | 2.8% | 5.7% | -3.0 pts |
| Free cash flow margin | 11.3% | 14.2% | -2.9 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Franchise royalty revenue | $119M | $124M | −$4.2M | -3% |
| Franchise fees | $22.9M | $26.2M | −$3.3M | -13% |
| Franchise royalty revenue and fees | $142M | $150M | −$7.5M | -5% |
| Sales | $235M | $240M | −$5.2M | -2% |
| Advertising funds revenue | $111M | $127M | −$16.0M | -13% |
| Franchise rental income | $58.5M | $53.4M | $5.1M | +10% |
| Revenue | $547M | $571M | −$23.6M | -4% |
| Operating profit | $55.8M | $79.3M | −$23.5M | -30% |
| Costs & expenses | $491M | $491M | −$101K | 0% |
| Pre-tax earnings | $25.4M | $48.6M | −$23.1M | -48% |
| Other expense, net | $30.4M | $30.7M | −$341K | -1% |
| Cost of revenue | $208M | $207M | $987K | +0.5% |
| General & admin | $73.1M | $66.2M | $7.0M | +11% |
| Other operating costs | $210M | $218M | −$8.1M | -4% |
| Net earnings | $15.1M | $32.6M | −$17.5M | -54% |
| Income tax | $10.3M | $16.0M | −$5.6M | -35% |
| Depreciation & amortization | $39.9M | $38.1M | $1.8M | +5% |
| Share-based compensation | $3.6M | $2.9M | $616K | +21% |
| Working capital & other | $20.4M | $26.9M | −$6.5M | -24% |
| Operating cash flow | $79.0M | $101M | −$21.6M | -21% |
| Free cash flow (OCF − capex) | $61.7M | $81.0M | −$19.3M | -24% |
| Capital expenditures | $17.3M | $19.6M | −$2.3M | -12% |
Questions
How much did Wendy's's revenue grow quarter over quarter in Q3 2026?
Wendy's's revenue fell $23.6M (-4%) from $571M in Q2 2026 to $547M in Q3 2026.
What drove Wendy's's revenue change in Q3 2026?
Advertising funds revenue −$16.0M (-13%); Franchise royalty revenue and fees −$7.5M (-5%); Sales −$5.2M (-2%).