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Sep 28, 2025
Wendy's Q3 2025 Earnings Report
Wendy's posted lower U.S. sales but saw international growth and higher adjusted EBITDA.
Key Takeaways
Wendy’s Q3 2025 performance was mixed with a drop in U.S. sales dragging down global results. However, international expansion, cost management, and new restaurant openings helped offset the decline. Adjusted EBITDA grew slightly, while net income and revenue fell year-over-year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Wendy's reaffirmed its guidance for FY2025 with a slight upward revision to its free cash flow outlook, while remaining cautious amid U.S. softness.
Positive Outlook
- Adjusted EBITDA guidance maintained at $505M–$525M
- Adjusted EPS range remains at $0.82–$0.89
- Free cash flow outlook raised to $195M–$210M
- Continued international same-store sales growth
- Ongoing execution of Project Fresh turnaround plan
Challenges Ahead
- U.S. systemwide sales declined 4.4%
- U.S. same-restaurant sales fell 4.7%
- Company-operated margins declined due to inflation
- Net income down nearly 12% year-over-year
- Franchise royalty and ad fund revenues decreased
Historical Earnings Impact
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Avg. Return Before/After Earnings
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