Investments

12 Months Ended

Dec. 28, 2025

The following is a summary of the carrying value of our investments:


	Year End
	December 28, 2025		December 29, 2024
Equity method investments	$	25,227	$	27,288
Other investments in equity securities	—		1,718
	$	25,227	$	29,006

Equity Method Investments

Wendy’s has a 50% share in the TimWen real estate joint venture and a 20% share in the Brazil JV, both of which are accounted for using the equity method of accounting, under which our results of operations include our share of the income (loss) of the investees in “Other operating income, net.”

A wholly-owned subsidiary of Wendy’s entered into the Brazil JV during the second quarter of 2015 for the operation of Wendy’s restaurants in Brazil. Wendy’s, Starboard International Holdings B.V. and Infinity Holding E Participações Ltda. contributed $1, $2 and $2, respectively, each receiving proportionate equity interests of 20%, 40% and 40%, respectively. The Brazil JV ceased operations in 2021 and no income or loss was recorded during 2025, 2024 and 2023. A wholly-owned subsidiary of Wendy’s had receivables outstanding related to the Brazil JV totaling $3,888 and $5,837 as of December 28, 2025 and December 29, 2024, respectively. The total receivables outstanding as of December 28, 2025 were due in 2024. As of December 28, 2025 and December 29, 2024, the Company had reserves of $2,444 and $2,149, respectively, on the receivables related to the Brazil JV. The Company is currently pursuing collection of the past due amounts. See Note 2 for further information.

The carrying value of our investment in TimWen exceeded our interest in the underlying equity of the joint venture by $8,848 and $10,575 as of December 28, 2025 and December 29, 2024, respectively, primarily due to purchase price adjustments from the 2008 merger of Triarc Companies, Inc. and Wendy’s International, Inc. (the “Wendy’s Merger”).

Presented below is activity related to our investment in TimWen included in our consolidated balance sheets and consolidated statements of operations as of and for the years ended December 28, 2025, December 29, 2024 and December 31, 2023.


	Year Ended
	2025		2024		2023
Balance at beginning of period	$	27,288	$	32,727	$	33,921

Equity in earnings for the period	13,463		14,084		13,493
Amortization of purchase price adjustments (a)	(2,248)		(2,477)		(2,674)
	11,215		11,607		10,819
Distributions received	(14,779)		(14,408)		(12,901)
Foreign currency translation adjustment included in “Other comprehensive income (loss)”	1,503		(2,638)		888
Balance at end of period	$	25,227	$	27,288	$	32,727

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(a)Purchase price adjustments that impacted the carrying value of the Company’s investment in TimWen are being amortized over the average original aggregate life of 21 years.

Other Investments in Equity Securities

During 2021, the Company made an investment in equity securities of $10,000. During the year ended January 1, 2023, the Company recognized a gain of $2,107 as a result of an observable price change for a similar investment of the same issuer. During 2025 and 2023, the Company recorded impairment charges of $1,718 and $10,389, respectively, for the difference between the estimated fair value and the carrying value of the investment. As a result, the carrying value of the investment was zero as of December 28, 2025.