Filing Flows › Wendy's (WEN) › Q3 2026 › vs Q3 2025
Wendy's (WEN) Q3 2026 vs Q3 2025 (year over year)
Wendy's's revenue fell $2.5M (-0.5%) from $550M in Q3 2025 to $547M in Q3 2026. The biggest changes: Franchise royalty revenue and fees −$9.7M (-6%); Advertising funds revenue +$4.4M (+4%); Sales +$1.7M (+0.7%). Operating margin 10.2% against 16.8% (-6.5 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 10.2% | 16.8% | -6.5 pts |
| Net margin | 2.8% | 8.1% | -5.3 pts |
| Free cash flow margin | 11.3% | 19.0% | -7.7 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Franchise royalty revenue | $119M | $128M | −$8.4M | -7% |
| Franchise fees | $22.9M | $24.2M | −$1.3M | -5% |
| Franchise royalty revenue and fees | $142M | $152M | −$9.7M | -6% |
| Sales | $235M | $233M | $1.7M | +0.7% |
| Advertising funds revenue | $111M | $107M | $4.4M | +4% |
| Franchise rental income | $58.5M | $57.3M | $1.1M | +2% |
| Revenue | $547M | $550M | −$2.5M | -0.5% |
| Operating profit | $55.8M | $92.0M | −$36.2M | -39% |
| Costs & expenses | $491M | $457M | $33.7M | +7% |
| Pre-tax earnings | $25.4M | $63.2M | −$37.8M | -60% |
| Other expense, net | $30.4M | $28.8M | $1.6M | +5% |
| Cost of revenue | $208M | $204M | $4.0M | +2% |
| General & admin | $73.1M | $57.9M | $15.2M | +26% |
| Other operating costs | $210M | $195M | $14.5M | +7% |
| Net earnings | $15.1M | $44.3M | −$29.2M | -66% |
| Income tax | $10.3M | $19.0M | −$8.6M | -46% |
| Depreciation & amortization | $39.9M | $38.4M | $1.5M | +4% |
| Share-based compensation | $3.6M | $0 | $3.6M | — |
| Working capital & other | $20.4M | $46.6M | −$26.2M | -56% |
| Operating cash flow | $79.0M | $129M | −$50.3M | -39% |
| Free cash flow (OCF − capex) | $61.7M | $104M | −$42.6M | -41% |
| Capital expenditures | $17.3M | $25.0M | −$7.7M | -31% |
Questions
How much did Wendy's's revenue grow year over year in Q3 2026?
Wendy's's revenue fell $2.5M (-0.5%) from $550M in Q3 2025 to $547M in Q3 2026.
What drove Wendy's's revenue change in Q3 2026?
Franchise royalty revenue and fees −$9.7M (-6%); Advertising funds revenue +$4.4M (+4%); Sales +$1.7M (+0.7%).