Filing Flows › Wingstop (WING) › Q1 2025
Wingstop (WING) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 30, 2025
Wingstop (WING) reported revenue of $171M for the first quarter 2025 (Q1 2025), +17% from a year earlier and +6% from the quarter before. Operating margin was 22.4%, net earnings $92.3M (53.9% of revenue).
Wingstop, Q1 2025: revenue $171M (+17% year over year), operating margin 22.4%, net earnings $92.3M, operating cash flow $25.3M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $171M | +6% | +17% |
| Operating profit | $38.3M | -9% | -10% |
| Net earnings | $92.3M | +245% | +221% |
| Operating cash flow | $25.3M | +227% | -43% |
| Free cash flow | $17.3M | — | -48% |
What changed
Revenue was $171.1M in Q1 2025, up 17% year over year and up 6% from the previous quarter. Royalty revenue, franchise fees and other was the largest line at 46% of revenue. Advertising fees added $12.1M year over year (up 24%), 48% of the total change.
Operating profit was $38.3M, a 22.4% margin (down 7.0 points year over year). Operating profit fell $4.5M even though revenue rose $25.3M versus a year earlier, so costs grew faster than sales. Total costs grew 29% against revenue growth of 17%. The fastest-growing cost line was Other operating costs (+39%). Net earnings were $92.3M, up 221% year over year. The effective tax rate was 25.1%. Non-operating items added $84.9M, 69% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $25.3M (down 43% year over year), 27% of net earnings. Non-cash charges added back $6.2M of depreciation and amortization and $5.3M of share-based compensation. Working capital and other items used $78.5M. Capital expenditures of $8.0M left free cash flow of $17.3M.
Questions
What was Wingstop's revenue in the first quarter 2025?
Wingstop (WING) reported revenue of $171M for the first quarter 2025 (Q1 2025), +17% from a year earlier and +6% from the quarter before.
Was Wingstop profitable in the first quarter 2025?
Operating profit was $38.3M (22.4% of revenue) and net earnings $92.3M.
Source: Wingstop 10-Q on SEC EDGAR.