Wendy's Company (WEN)

In August 2025, Wendy's reported mixed Q2 results, with global systemwide sales decreasing due to a decline in U.S. same-restaurant sales, but international performance showed strength. In October 2025, Wendy's launched "Project Fresh," a strategic plan aimed at revitalizing the brand and enhancing restaurant performance. Wendy's reported mixed third-quarter 2025 earnings on November 7, 2025, but higher adjusted EBITDA and a raised free cash flow outlook. In January 2026, the company announced it would report its fourth-quarter and full-year 2025 results and provide its 2026 financial outlook on February 13, 2026. Wendy's is undertaking a review of its U.S. business, which includes the closure of approximately 300 underperforming U.S. stores in 2025-2026.

Demand for Wendy's products and services can exhibit seasonality and sensitivity to external factors. In early 2025, Wendy's experienced a decline in U.S. same-store sales due to industry headwinds and weather events. The fast-food industry in 2025 generally saw volatile visitation trends, with consumers becoming more price-sensitive.

The Wendy's Company operates and franchises quick-service restaurants, specializing in made-to-order square hamburgers, salads, chili, baked potatoes, and Frosty desserts. The company is segmented into Wendy's U.S., Wendy's International, and Global Real Estate & Development, and is the third-largest hamburger fast-food chain globally.

The Wendy's Company and its franchisees operate over 7,000 restaurants worldwide, spanning more than 30 countries and U.S. territories. Approximately 83% of its global restaurants are located in the United States. The company is actively expanding its international footprint, with new development agreements in countries like Italy and Armenia in 2025, and new restaurant openings in various countries including Romania. Key international markets include Canada, India, and the UK. In the U.S., Florida has the most Wendy's restaurants, with 489 locations, representing 8% of the total.

In the past year, Wendy's has faced challenges related to consumer price sensitivity and evolving dining preferences. In response, Wendy's launched "Project Fresh" in October 2025, a strategic plan to revitalize the brand and enhance value creation. A data security incident was reported in February 2026, involving TriZetto Provider Solutions (TPS), a third-party vendor, highlighting data security concerns.

Institutional investors dominate the ownership of The Wendy's Company, holding approximately 92.36% of the company's stock. Key institutional owners include Trian Fund Management L.P., BlackRock, Inc., and Vanguard Group Inc. Trian Fund Management L.P., led by Nelson Peltz, is the largest institutional holder with an ownership stake of around 15.99%, and Nelson Peltz also holds a significant individual stake of 13.47%.