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Segment Information
 3 Months Ended
Mar. 29, 2026
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 Ended
March 29,
2026		March 30,
2025
Wendy’s U.S. revenue$444,159 $429,614 
Wendy’s U.S. expense
Cost of sales194,296 181,237 
Franchise support and other costs18,256 13,178 
Advertising fund expense99,273 91,760 
General and administrative22,458 22,424 
Other segment items (a)13 38 
Wendy’s U.S. adjusted EBITDA$109,863 $120,977 
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(a)Other segment items for the three months ended March 29, 2026 primarily include professional fees. Other segment items for the three months ended March 30, 2025 primarily include lease buyout activity and professional fees.

Wendy’s International revenue, significant segment expenses and segment adjusted EBITDA are as follows:
Three Months Ended
March 29,
2026		March 30,
2025
Wendy’s International revenue$36,927 $34,721 
Wendy’s International expense
Cost of sales6,753 6,932 
Advertising fund expense (a)9,071 9,912 
General and administrative8,225 6,437 
Other segment items (b)2,299 1,996 
Wendy’s International adjusted EBITDA $10,579 $9,444 
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(a)Includes advertising fund expense of $159 for the three months ended March 30, 2025 related to the Company’s funding of incremental advertising. There was no funding of incremental advertising during the three months ended March 29, 2026. In addition, includes other international-related advertising deficit of $3 and $1,153 for the three months ended March 29, 2026 and March 30, 2025, respectively.

(b)Other segment items primarily include franchise support and other costs.
Global Real Estate & Development revenue, significant segment expenses and segment adjusted EBITDA are as follows:
Three Months Ended
March 29,
2026		March 30,
2025
Global Real Estate & Development revenue$59,551 $59,137 
Global Real Estate & Development expense
Franchise rental expense30,176 30,701 
General and administrative5,297 5,220 
Other segment items (a)(3,974)(1,460)
Global Real Estate & Development adjusted EBITDA$28,052 $24,676 
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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 $2,363 and $2,252 for the three months ended March 29, 2026 and March 30, 2025, respectively.

The following table reconciles profit by segment to the Company’s consolidated income before income taxes:
Three Months Ended
March 29,
2026		March 30,
2025
Wendy’s U.S.$109,863 $120,977 
Wendy’s International10,579 9,444 
Global Real Estate & Development28,052 24,676 
Total segment adjusted EBITDA148,494 155,097 
Unallocated franchise support and other costs(310)(587)
Advertising funds (deficit) surplus(271)144 
Unallocated general and administrative (a)(36,863)(34,123)
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below)(40,575)(36,549)
Amortization of cloud computing arrangements(4,762)(4,167)
System optimization gains (losses), net1,625 (90)
Reorganization and realignment costs162 692 
Impairment of long-lived assets(2,572)(1,421)
Unallocated other operating (expense) income, net(7)4,130 
Interest expense, net(34,106)(31,477)
Investment loss, net— (1,718)
Other income, net3,350 4,986 
Income before income taxes$34,165 $54,917 
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(a)Includes corporate overhead costs, such as employee compensation and related benefits.