FoodBud
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RankingsInsightsMixue SeriesArchiveMethodologyDataSearch中文
FoodBud

Global foodservice chain intelligence. Every figure should link back to a source.

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Company card

Wendy's

Medium
Brand

Nasdaq WEN · US

Listing status
listed
Operating model
Mixed direct + franchise
Scale basis
GMV / system sales
Confidence
Medium
Segment
qsr burger

SEC first pass gives a useful denominator, but direct/franchise and system sales still need 10-K business-section parsing.

Scale basis note

Terminal transaction scale across the network. Useful for franchise reach, not the same as listed-company revenue.

Compare this operator
Every number has a source row

Metrics below keep source tier, quality, period, and source link visible at the metric level.

Source tiers
S1Official primary — filings, annual reports, prospectuses
S2Official secondary — IR decks, transcripts
S3Supplementary — vetted media, databases
S0Not usable — flagged, never published

Source tiers — S1 official primary · S2 official secondary · S3 supplementary · S0 not usable. Open “Provenance” on any number for its tier, basis, precision, and do-not-use note.

GMV is not revenue

GMV/system sales, revenue, and royalty pool sales are separate scale bases. Screening proxies are directional only.

MetricValuePeriod / basisQualitySource
Stores
Reported restaurant, coffee shop, tea shop, bakery, or comparable chain units.
7,397 stores
FY2025: Quarter End Restaurant Count: US 5,969, International 1,428, Global total 7,397 locations globally as of December 28, 2025
Source-backed
S2 official secondary (opens in new tab)
Press Or Ir · Quarter End Restaurant Count: US 5,969, International 1,428, Global total 7,397 locations globally as of December 28, 2025
Provenance
Tier: S2 official secondary
Source: Press Or Ir
Scale
Terminal transaction scale across the network. Useful for franchise reach, not the same as listed-company revenue.
$13.96B
FY2025: Global systemwide sales for the fourth quarter were $3.4 billion, a decrease of 8.3%, and for the full year were $14.0 billion, a decrease of 3.5%
GMV / system salesTerminal transaction scale across the network. Useful for franchise reach, not the same as listed-company revenue.
Source-backed
S2 official secondary (opens in new tab)
Press Or Ir · Global systemwide sales for the fourth quarter were $3.4 billion, a decrease of 8.3%, and for the full year were $14.0 billion, a decrease of 3.5%
Provenance
Tier: S2 official secondary
Source: Press Or Ir
Basis: GMV / system sales
Precision: Source-backed
Scale per store
Screening proxy: scale divided by store count. It is not audited AUV or unit profit.
$1.89M
Screening proxy
Derived scale_per_store using scale ÷ store_count at the linked scale basis; not a separately reported company metric.
GMV / system salesTerminal transaction scale across the network. Useful for franchise reach, not the same as listed-company revenue.
Source-backed
S1 official primary (opens in new tab)
Operator Metric Source · Source used for operator metric extraction.
Provenance
Tier: S1 official primary
Source: Operator Metric Source
Basis: GMV / system sales
Precision: Derived
Profit signal
Profit signal from the source period. Read with local accounting and segment mix in mind.
$165.08M
FY2025: Reported net income for the fourth quarter and full year were $26.5 million and $165.1 million, respectively
Profit-positiveScale basis not specified. Use as a screening signal until a source pack is attached.
Source-backed
S2 official secondary (opens in new tab)
Press Or Ir · Reported net income for the fourth quarter and full year were $26.5 million and $165.1 million, respectively
Provenance
Tier: S2 official secondary
Source: Press Or Ir
Basis: Profit-positive
Revenue
Source-backed operating metric from the locked research snapshot.
$2.18B
USD 2.18B revenue (Revenues)
Revenue proxyRecognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
Source-backed
S1 official primary (opens in new tab)
Operator Metric Source · Source used for operator metric extraction.
Provenance
Tier: S1 official primary
Source: Operator Metric Source
Basis: Revenue proxy
Precision: Source-backed

Market data (listed companies)

Market valuation · fluctuates · not operational scale · do not compare with GMV / system sales. Listed companies only.

MetricValuePeriod / basisQualitySource
Market cap
Public market capitalization captured in the locked source snapshot.
$1.49B
Directional proxy
Unverified: no citable primary disclosure with a verbatim excerpt found. Stored value $1,490,000,000 (as of May 22, 2026) is directionally plausible — S3 sources show WEN market cap at Dec 31 2025=$1.59B and Jun 24 2026=$1.50B (stockanalysi
Market cap (USD)Scale basis not specified. Use as a screening signal until a source pack is attached.
Directional proxy
S3 supplementary (opens in new tab)
Media Or Aggregator · Unverified: no citable primary disclosure with a verbatim excerpt found. Stored value $1,490,000,000 (as of May 22, 2026) is directionally plausible — S3 sources show WEN market cap at Dec 31 2025=$1.59B and Jun 24 2026=$1.50B (stockanalysi
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Basis: Market cap (USD)
Precision: Market snapshot · not operational scale
⚠ Do not use for: Market valuation · not operational scale · never compare with GMV/system sales

Operator profile

15/20 source-backed

Classification, firmographics, ownership and operating dimensions — source-backed where disclosed, marked as a gap (never inferred) where not.

Format & positioning
Cuisine (primary)
burgerS3 supplementary (opens in new tab)
Cuisine (secondary)
chicken
Service model
QSRtier3_reference (opens in new tab)
Price tier
valuetertiary (opens in new tab)
Company
Founded
1,969secondary (opens in new tab)
HQ country
United Statesaggregator (opens in new tab)
CEO
Robert D. Wrightregulatory (opens in new tab)
Employees
14,900 headcountaggregator (opens in new tab)
Ownership
Parent
Independent / public-standalone (The Wendy's Company; no corporate parent; Nasdaq:WEN)encyclopedic (opens in new tab)
PE / holding
Trian Fund Management / Nelson Peltz — largest shareholder (~15-16%, activist; Peltz weighing potential take-private), not a controlling parentregulatory/news (opens in new tab)
Recent M&A
not disclosed
Growth
System sales YoY
-3.5%S1 official primary (opens in new tab)
Revenue YoY
-3.1%S1 official primary (opens in new tab)
Net new units
157 unitsS1 official primary (opens in new tab)
Pricing & digital
Avg check
not disclosed
Digital sales
20.8%company (opens in new tab)
Loyalty members
46trade (opens in new tab)~
Franchise terms
Royalty
4%FDD-summary (opens in new tab)
Franchise fee
$40,000FDD-summary (opens in new tab)
By-market footprint
United States
5,969 storesS1 official primary (opens in new tab)
International
1,428 storesS1 official primary (opens in new tab)

Store counts by market/region — footprint context, not a same-basis comparison.

Disclosed store model

disclosed8/8 source-backed

Company-operated vs franchised footprint, AUV and store-level economics — taken verbatim from each operator's own filing, never inferred. A separate axis from company scale and single-store economics.

Total stores
7,397 stores
FY2025, as of December 28, 2025
Source-backedS1 official primary (opens in new tab)
Company-operated
423 stores
FY2025, as of December 28, 2025 (fiscal year ended December 28, 2025; 52 weeks)
Source-backedS1 official primary (opens in new tab)
Franchised
6,963 stores
FY2025, as of December 28, 2025
Source-backedS1 official primary (opens in new tab)
System sales
$14B
FY2025 (fiscal year ended December 28, 2025) -- Global systemwide sales
Source-backedS1 official primary (opens in new tab)
AUV — average unit volume
2,241,300 USD per year
FY2025 (fiscal year ended December 28, 2025) -- U.S. Company-operated restaurant AUV
Source-backedS1 official primary (opens in new tab)
Store-level margin
14.2%
FY2025 (fiscal year ended December 28, 2025) -- U.S. Company-operated restaurant margin
Source-backedS1 official primary (opens in new tab)
New units opened
268 stores
FY2025 (fiscal year ended December 28, 2025)
Source-backedS1 official primary (opens in new tab)
Net refranchised
U.S. Company-operated +30; U.S. Franchised -30 (net purchased from franchisees during 2025)
FY2025 (fiscal year ended December 28, 2025)
Source-backedS1 official primary (opens in new tab)

Single-store model

4/8 source-backed

Unit economics are a separate axis from company-level scale — never read as the same number. Each field keeps its source, period, and quality; derived/estimated rows and gaps are marked.

AUV / unit sales
Secondary relay (FDD/10-K/release); confirm vs primary.
AUV $2.3m company / $2.1m franchised (2024).
2024_or_latest
Source-backedS2 official secondary (opens in new tab)
Single-store profit
GAP — not fabricated.
—
GapSource (opens in new tab)
Initial investment
Secondary relay (FDD/10-K/release); confirm vs primary.
Investment $2.0-3.7m (fee $40k).
2024_or_latest
Source-backedS2 official secondary (opens in new tab)
Franchise fee / royalty
Secondary relay (FDD/10-K/release); confirm vs primary.
Royalty 4% of gross sales (+ ad).
2024_or_latest
Source-backedS2 official secondary (opens in new tab)
Payback period
GAP — not fabricated.
—
GapSource (opens in new tab)
Same-store sales
GAP — not fabricated.
—
GapSource (opens in new tab)
Store open / close
GAP — not fabricated.
—
GapSource (opens in new tab)
Company-operated share
Secondary relay (FDD/10-K/release); confirm vs primary.
~90% franchised (~5,933 units).
2024_or_latest
Source-backedS2 official secondary (opens in new tab)

Cost structure

3/6 source-backed

Where each revenue dollar goes, latest disclosed year. Slices use each operator's reported base — % of revenue unless the row notes otherwise (% of GMV, restaurant-level, franchise goods-supply COGS). Grey = not separately disclosed. This is a separate axis from company scale and single-store economics.

Food / COGS31%
FY2024S1 official primary (opens in new tab)Source-backed
~95% franchised. Co-op: food&paper 31.0/labor 32.2/occupancy+adv+other 21.4 -> rest margin 15.4%. Rent bundled.
Labor32.2%
FY2024S1 official primary (opens in new tab)Source-backed
~95% franchised. Co-op: food&paper 31.0/labor 32.2/occupancy+adv+other 21.4 -> rest margin 15.4%. Rent bundled.
Rent / occupancy—
FY2024Gap
~95% franchised. Co-op: food&paper 31.0/labor 32.2/occupancy+adv+other 21.4 -> rest margin 15.4%. Rent bundled.
Delivery commission—
FY2024Gap
~95% franchised. Co-op: food&paper 31.0/labor 32.2/occupancy+adv+other 21.4 -> rest margin 15.4%. Rent bundled.
Marketing—
FY2024Gap
~95% franchised. Co-op: food&paper 31.0/labor 32.2/occupancy+adv+other 21.4 -> rest margin 15.4%. Rent bundled.
Operating margin15.4%
FY2024· restaurant_levelS1 official primary (opens in new tab)Source-backed
~95% franchised. Co-op: food&paper 31.0/labor 32.2/occupancy+adv+other 21.4 -> rest margin 15.4%. Rent bundled.
Not separately disclosed21.4%

Supply chain

1 suppliers · 0 with S1 filing

Who supplies this brand — reverse-extracted from each supplier's own filing (top-customer / related-party disclosure). The % is the supplier's revenue share from this brand (supplier-side, not procurement spend), unless a note says otherwise. Each edge keeps its period, source tier, and audit link; named relationships without a disclosed % are shown as such.

Shift4 / Future POSFOUR
Tech / SaaS
POS / payment processing
discloses as: Wendy's
2018 acquisition contextnamed (no % disclosed)S3 newssource (opens in new tab)

Peers in this segment

McDonald'sGMV / system salesArcos DoradosGMV / system salesA&W Food Services of Canada Inc.GMV / system salesJack in the BoxGMV / system sales

Same segment — each operator keeps its own scale basis; this is navigation, not a like-for-like comparison.