Revenue

9 Months Ended

Sep. 28, 2025

Revenue [Abstract]

Revenue

Revenue

Disaggregation of Revenue

The following tables disaggregate revenue by segment and source:

	Wendy’s U.S.		Wendy’s International		Global Real Estate & Development		Total
Three Months Ended September 28, 2025
Sales at Company-operated restaurants	$	225,264	$	7,890	$	—	$	233,154
Franchise royalty revenue	108,201		19,611		—		127,812
Franchise fees	20,879		2,471		848		24,198
Franchise rental income	—		—		57,339		57,339
Advertising funds revenue	97,073		9,940		—		107,013
Total revenues	$	451,417	$	39,912	$	58,187	$	549,516
Three Months Ended September 29, 2024
Sales at Company-operated restaurants	$	222,745	$	7,658	$	—	$	230,403
Franchise royalty revenue	114,379		18,222		—		132,601
Franchise fees	17,859		2,306		1,102		21,267
Franchise rental income	—		—		59,314		59,314
Advertising funds revenue	113,742		9,412		—		123,154
Total revenues	$	468,725	$	37,598	$	60,416	$	566,739

	Wendy’s U.S.		Wendy’s International		Global Real Estate & Development		Total
Nine Months Ended September 28, 2025
Sales at Company-operated restaurants	$	663,981	$	21,536	$	—	$	685,517
Franchise royalty revenue	325,449		56,271		—		381,720
Franchise fees	62,555		7,126		2,057		71,738
Franchise rental income	—		—		176,204		176,204
Advertising funds revenue	290,188		28,550		—		318,738
Total revenues	$	1,342,173	$	113,483	$	178,261	$	1,633,917
Nine Months Ended September 29, 2024
Sales at Company-operated restaurants	$	673,364	$	19,717	$	—	$	693,081
Franchise royalty revenue	341,229		53,370		—		394,599
Franchise fees	53,511		6,584		3,344		63,439
Franchise rental income	—		—		177,938		177,938
Advertising funds revenue	316,059		27,103		—		343,162
Total revenues	$	1,384,163	$	106,774	$	181,282	$	1,672,219

Contract Balances

The following table provides information about receivables and contract liabilities (deferred franchise fees) from contracts with customers:

	September 28, 2025 (a)		December 29, 2024 (a)
Receivables, which are included in “Accounts and notes receivable, net” (b)	$	61,654	$	55,601
Receivables, which are included in “Advertising funds restricted assets”	67,936		73,223
Deferred franchise fees (c)	99,517		99,411

_______________

(a)Excludes funds collected from the sale of gift cards, which are primarily reimbursed to franchisees upon redemption at franchised restaurants and do not ultimately result in the recognition of revenue in the Company’s condensed consolidated statements of operations.

(b)Includes receivables related to “Sales” and “Franchise royalty revenue and fees.”

(c)Deferred franchise fees are included in “Accrued expenses and other current liabilities” and “Deferred franchise fees” and totaled $11,553 and $87,964, respectively, as of September 28, 2025, and $11,024 and $88,387, respectively, as of December 29, 2024.

Significant changes in deferred franchise fees are as follows:

	Nine Months Ended
	September 28, 2025		September 29, 2024
Deferred franchise fees at beginning of period	$	99,411	$	100,805
Revenue recognized during the period	(6,865)		(8,873)
New deferrals due to cash received and other	6,971		8,822
Deferred franchise fees at end of period	$	99,517	$	100,754

Anticipated Future Recognition of Deferred Franchise Fees

The following table reflects the estimated franchise fees to be recognized in the future related to performance obligations that are unsatisfied at the end of the period:

Estimate for fiscal year:
2025 (a)	$	6,373
2026	6,893
2027	6,742
2028	6,607
2029	6,508
Thereafter	66,394
	$	99,517

_______________

(a)Represents franchise fees expected to be recognized for the remainder of 2025, which includes development-related franchise fees expected to be recognized over a duration of one year or less.