The Wendy's Company Earnings Recaps
Q3 2026
Nov 6, 2026
Wendy’s shares rose 3.8% after the earnings release, with investors likely responding to sequential improvement in U.S. same-restaurant sales and management’s early turnaround actions. Still, U.S. sales remained sharply negative, and global systemwide sales fell 5.9%.
Key takeaways
- Total revenue was approximately flat, down 0.5%; global systemwide sales decreased 5.9%.
- U.S. same-restaurant sales declined 5.7%, improving 130 basis points sequentially from Q2. Management said traffic improved through each period of the quarter.
- International systemwide sales grew 3.5%, with 30 restaurants opened in the quarter and 84 opened year to date through Q3.
- Net U.S. restaurant count fell by 13 in the quarter as closures slowed.
- Management outlined its Dave’s Way strategy, including menu work, changes to marketing and operations, broader delivery initiatives, and actions to strengthen franchisee economics.
Q2 2026
Aug 9, 2026
Wendy’s shares rose 4.1% following a report that acknowledged notable sales declines but highlighted progress in customer satisfaction and company-operated restaurants outperforming the broader system, suggesting initial signs of stabilization amid operational challenges.
Key takeaways
- Global systemwide sales fell 6.5%, driven by a 7% decline in U.S. same-restaurant sales and a 2.3% drop internationally.
- U.S. company-operated restaurants outperformed with a positive same-restaurant sales variance of 280 basis points versus the broader system.
- Customer satisfaction scores improved in the U.S., providing a potential foundation for traffic recovery.
- Franchise and employee engagement remain high, with new leadership committed to restoring quality and operational consistency.
- Wendy’s opened 21 new restaurants in the U.S. and 27 internationally, continuing expansion despite comp pressures.
Q3 2025
Nov 8, 2025
Wendy's third quarter results were broadly in line with expectations, driven by strong international sales growth and progress on the U.S. turnaround initiative, Project Fresh.
Key takeaways
- International net unit growth projected to exceed 9% in 2025, fueled by strong same-restaurant sales and new openings.
- U.S. company-operated restaurants significantly outperformed the system, achieving a 400 basis points lead in same-restaurant sales in Q3.
- Project Fresh focuses on brand revitalization and operational excellence to increase guest frequency and drive average unit volumes (AUVs).
- Investments in customer training and technology are enhancing the customer experience and improving metrics such as satisfaction scores and order accuracy.
- Positive feedback from franchisees on Project Fresh reflects confidence in the brand's direction and strategy.