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Segment Information
 9 Months Ended
Sep. 28, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
Wendy’s U.S. revenue, significant segment expenses and segment adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) are as follows:
Three Months EndedNine Months Ended
September 28,
2025		September 29,
2024		September 28,
2025		September 29,
2024
Wendy’s U.S. revenue$451,417 $468,725 $1,342,173 $1,384,163 
Wendy’s U.S. expense
Cost of sales195,837 187,941 566,332 566,920 
Franchise support and other costs14,623 12,426 41,478 38,511 
Advertising fund expense (a)97,073 119,719 290,188 329,445 
General and administrative20,575 18,812 62,618 56,804 
Other segment items (b)23 37 135 160 
Wendy’s U.S. adjusted EBITDA$123,286 $129,790 $381,422 $392,323 
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(a)Includes advertising fund expense of $5,977 and $13,386 for the three and nine months ended September 29, 2024, respectively, related to the Company’s funding of incremental advertising. There was no funding of incremental advertising during the three and nine months ended September 28, 2025.

(b)Other segment items for the three and nine months ended September 28, 2025 and September 29, 2024 primarily include professional fees.
Wendy’s International revenue, significant segment expenses and segment adjusted EBITDA are as follows:
Three Months EndedNine Months Ended
September 28,
2025		September 29,
2024		September 28,
2025		September 29,
2024
Wendy’s International revenue$39,912 $37,598 $113,483 $106,774 
Wendy’s International expense
Cost of sales8,422 7,697 22,617 20,717 
Advertising fund expense (a)10,781 10,203 30,852 29,129 
General and administrative7,780 6,816 20,917 19,363 
Other segment items (b)1,861 1,836 5,359 5,154 
Wendy’s International adjusted EBITDA $11,068 $11,046 $33,738 $32,411 
_______________

(a)Includes advertising fund expense of $191 and $533 for the three and nine months ended September 28, 2025, respectively, and $622 and $1,387 for the three and nine months ended September 29, 2024, respectively, related to the Company’s funding of incremental advertising. In addition, includes other international-related advertising deficit of $650 and $1,769 for the three and nine months ended September 28, 2025, respectively, and $170 and $640 for the three and nine months ended September 29, 2024, respectively.

(b)Other segment items for the three and nine months ended September 28, 2025 and September 29, 2024 primarily include franchise support and other costs.

Global Real Estate & Development revenue, significant segment expenses and segment adjusted EBITDA are as follows:
Three Months EndedNine Months Ended
September 28,
2025		September 29,
2024		September 28,
2025		September 29,
2024
Global Real Estate & Development revenue$58,187 $60,416 $178,261 $181,282 
Global Real Estate & Development expense
Franchise rental expense30,941 32,237 94,272 96,405 
General and administrative5,748 4,723 13,618 13,591 
Other segment items (a)(6,082)(3,781)(9,169)(8,194)
Global Real Estate & Development adjusted EBITDA$27,580 $27,237 $79,540 $79,480 
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(a)Other segment items primarily include equity in earnings from our TimWen joint venture, gains on sales-type leases and franchise support and other costs. Equity in earnings from our TimWen joint venture was $3,081 and $8,393 for the three and nine months ended September 28, 2025, respectively, and $3,074 and $8,623 for the three and nine months ended September 29, 2024, respectively.
The following table reconciles profit by segment to the Company’s consolidated income before income taxes:
Three Months EndedNine Months Ended
September 28,
2025		September 29,
2024		September 28,
2025		September 29,
2024
Wendy’s U.S.$123,286 $129,790 $381,422 $392,323 
Wendy’s International11,068 11,046 33,738 32,411 
Global Real Estate & Development27,580 27,237 79,540 79,480 
Total segment adjusted EBITDA161,934 168,073 $494,700 $504,214 
Unallocated franchise support and other costs(227)(900)(1,472)(1,117)
Advertising funds surplus173 190 457 651 
Unallocated general and administrative (a)(23,806)(32,443)(88,445)(98,289)
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below)(38,393)(36,996)(111,932)(110,006)
Amortization of cloud computing arrangements(5,226)(3,576)(13,449)(10,637)
System optimization gains, net29 420 326 573 
Reorganization and realignment costs(316)(354)202 (8,479)
Impairment of long-lived assets(2,257)(178)(5,364)(2,873)
Unallocated other operating income, net138 439 4,412 1,301 
Interest expense, net(31,543)(31,270)(93,965)(92,800)
Investment (loss) income, net— — (1,718)11 
Other income, net2,730 6,246 10,301 19,382 
Income before income taxes$63,236 $69,651 $194,053 $201,931 
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(a)Includes corporate overhead costs, such as employee compensation and related benefits.