Revenue (Tables)

12 Months Ended

Dec. 28, 2025

The following tables disaggregate revenue by segment and source for 2025, 2024 and 2023:


	Wendy’s U.S.		Wendy’s International		Global Real Estate & Development		Total
2025
Sales at Company-operated restaurants	$	887,512	$	28,813	$	—	$	916,325
Franchise royalty revenue	429,039		75,508		—		504,547
Franchise fees	84,101		11,027		3,056		98,184
Franchise rental income	—		—		235,750		235,750
Advertising funds revenue	384,472		37,613		—		422,085
Total revenues	$	1,785,124	$	152,961	$	238,806	$	2,176,891

2024

Sales at Company-operated restaurants	$	898,886	$	27,019	$	—	$	925,905
Franchise royalty revenue	456,648		71,740		—		528,388
Franchise fees	82,703		9,347		5,564		97,614
Franchise rental income	—		—		236,493		236,493
Advertising funds revenue	421,508		36,584		—		458,092
Total revenues	$	1,859,745	$	144,690	$	242,057	$	2,246,492

2023
Sales at Company-operated restaurants	$	905,700	$	24,383	$	—	$	930,083
Franchise royalty revenue	444,653		67,506		—		512,159
Franchise fees	68,749		6,406		5,017		80,172
Franchise rental income	—		—		230,168		230,168
Advertising funds revenue	396,743		32,253		—		428,996
Total revenues	$	1,815,845	$	130,548	$	235,185	$	2,181,578

Contract Balances, assets and liabilities

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


	Year End
	December 28, 2025 (a)		December 29, 2024 (a)
Receivables, which are included in “Accounts and notes receivable, net” (b)	$	59,060	$	55,601
Receivables, which are included in “Advertising funds restricted assets”	75,083		73,223
Deferred franchise fees (c)	98,496		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 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 $10,540 and $87,956, respectively, as of December 28, 2025, and $11,024 and $88,387, respectively, as of December 29, 2024.

Contract Balances, deferred franchise fee rollforward

Significant changes in deferred franchise fees are as follows:


	Year Ended
	2025		2024		2023
Deferred franchise fees at beginning of period	$	99,411	$	100,805	$	99,208
Revenue recognized during the period	(10,167)		(12,706)		(12,242)
New deferrals due to cash received and other	9,252		11,312		13,839
Deferred franchise fees at end of period	$	98,496	$	99,411	$	100,805

Anticipated Future Recognition of Deferred Franchise Fee

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:
2026 (a)	$	10,540
2027	6,811
2028	6,670
2029	6,563
2030	6,458
Thereafter	61,454
	$	98,496

_______________

(a)Includes development-related franchise fees expected to be recognized over a duration of one year or less.