Where the numbers that matter for Wendy’s actually live, filing by filing, with the exact figures from the most recent reports so you can confirm you’re reading the right line. Independent opinion, not investment advice.

The fastest path: Wendy’s CIK on SEC EDGAR is 0000030697. Four filings carry almost everything: the 10-K for restaurant counts and franchise terms, the 10-Q for quarterly financials, the DEF 14A for ownership and pay, and Schedule 13D/A for activist holders. The single most useful number in the whole set — U.S. franchise royalty revenue — sits in the revenue detail of the 10-Q, not in any headline.

Wendy’s fiscal calendar: get this right first

Wendy’s does not use a calendar year. Its fiscal reporting periods consist of 52 or 53 weeks ending on the Sunday closest to December 31. Fiscal 2025 ended December 28, 2025. Fiscal 2024 ended December 29, 2024. The first quarter of 2026 ended March 29, 2026.

Two practical consequences:

Quarter-end dates shift each year, so year-over-year comparisons are not perfectly aligned to calendar periods. Wendy’s states explicitly that all references to years, quarters, and months relate to fiscal rather than calendar periods.
A 53-week year distorts comparisons. Wendy’s 2026 outlook reflects a 53rd week, which flatters full-year figures against a 52-week 2025. Management flags this; screeners often don’t.

Also don’t confuse the filing date with the period covered. Wendy’s FY2025 10-K was filed February 23, 2026 and covers the year ended December 28, 2025. Comparing a company’s fiscal-year figures to a competitor’s calendar-year figures without noting the difference is a common and avoidable error.

The four filings that matter, and what’s in each

Filing	Timing	What only this filing gives you
10-K (annual)	Filed Feb 23, 2026 for FY2025	Restaurant counts by country and operator, franchise agreement terms, full risk factors, securitized debt structure
10-Q (quarterly)	~40 days after quarter end	Quarterly revenue detail by line, cash flow statement, segment results, Franchise Flip counts
8-K (current)	Within 4 business days of a material event	Executive changes, dividend declarations, debt issuance, earnings release attachments
DEF 14A (proxy)	Annually before the shareholder meeting	Beneficial ownership table, executive compensation, board composition
Schedule 13D/A	On material change by a 5%+ activist holder	Activist intent. For Wendy’s this is where Trian discloses.

Finding them

Go to sec.gov, open EDGAR full-text search or company search, and enter WEN or CIK 0000030697. Filter by form type. Everything is free and there is no account required.

The specific lines to read, with current values

Knowing which filing to open is half the problem. Knowing which line to read is the other half. Here is where each figure lives, with its most recent reported value so you can confirm you’ve found the right one.

Restaurant counts — 10-K, Item 1

As of December 28, 2025, the Wendy’s system comprised 7,397 restaurants. In the U.S.: 5,969 restaurants, of which 423 were Company-operated and 5,546 operated by 203 franchisees. Internationally: 1,428 restaurants in 38 foreign countries and U.S. territories, with 1,417 franchisee-operated and 11 Company-operated in the U.K.

By the Q1 2026 10-Q (March 29, 2026), the total was 7,251 restaurants — 431 Company-operated and 6,820 franchisee-operated.

The franchisee count matters as much as the restaurant count. 203 franchisees operating 5,546 U.S. restaurants means an average of roughly 27 restaurants per operator — concentration worth knowing when assessing franchisee health.

Franchise terms — 10-K, business section

The Current Franchise Agreement requires a monthly royalty of 4.0% of sales as defined in the agreement. The standard U.S. technical assistance fee for a newly executed agreement is $50,000 per new restaurant. Franchisees also contribute to advertising funds.

This one number drives the entire revenue model. Third-party sources citing 4%–6% are describing older or non-standard agreements.

Revenue detail — 10-Q, income statement

This is where most analysis goes wrong, so read the lines separately rather than the total.

Line (Q1 2026)	Amount	What it tells you
Total revenues	$540.6M, +3.3%	Misleading in isolation — see below
U.S. franchise royalty revenue	$97.3M, -6.8%	The demand signal. Moves with franchisee sales at 4.0%
Franchise fees	$31.7M, from $23.5M	Inflated by 41 Franchise Flips vs. zero prior year
Advertising funds revenue	$108.3M	Offset by $108.6M expense — near economically neutral
Franchise rental income	$58.9M	Real estate segment; largely fixed
Company-operated sales	$225.5M	Only 431 restaurants; not system-representative

Source: The Wendy’s Company Form 10-Q for the quarter ended March 29, 2026.

The trap this table exists to prevent. Wendy’s total revenue rose 3.3% in Q1 2026 while U.S. same-restaurant sales fell 7.8%. Both are accurate. The revenue growth came from advertising funds (economically neutral) and franchise fees (inflated by operator turnover). In a roughly 95% franchised business, royalty revenue is the demand signal — and it fell.

Cash flow and dividend coverage — 10-Q, cash flow statement

Q1 2026: net cash from operations $59.4M (from $85.4M), capital expenditures $11.9M, dividends paid $26.6M (from $49.4M), share repurchases $0 (from $122.8M).

Note that Wendy’s reports free cash flow including franchise development fund investments, which produces a lower figure than operating cash flow minus capex. Reported Q1 2026 free cash flow was $36.5M, down $31.5M. If your number doesn’t match the company’s, this definitional difference is usually why.

Debt and leverage — 10-K and 10-Q, balance sheet plus notes

At December 28, 2025: long-term debt $2.73B, current portion $29.75M, total assets $4.96B, total liabilities $4.84B. By March 29, 2026, long-term debt stood at $2.75B against $115.6M of total stockholders’ equity.

Wendy’s finances largely through whole business securitization — bundling franchise royalty streams and selling notes backed by them. The company issued $450 million of such notes at a 5.4% weighted average rate to refinance near-term maturities. The structure is disclosed in the debt notes, and it means the royalty stream you’re analyzing is also collateral.

Why the equity line looks alarming. $115.6M of stockholders’ equity against $4.96B of assets is not a sign of imminent distress — it reflects years of buybacks and dividends exceeding retained earnings. But it does mean conventional equity-based ratios produce strange results, and it’s why EV/EBITDA is the more appropriate multiple for Wendy’s than P/E.

Ownership — DEF 14A and Schedule 13D/A

The proxy contains the beneficial ownership table for directors, officers, and 5%+ holders. But for Wendy’s specifically, the more important stream is Schedule 13D/A.

Nelson Peltz and Trian Fund Management hold roughly 16%. A 13D amendment filed February 18, 2026 disclosed Peltz was evaluating options including acquiring control of the company. BlackRock reported 10.4% (19,753,790 shares) in a Schedule 13G/A filed April 24, 2026.

The distinction is the point: 13D means intent to influence control; 13G means passive. BlackRock and Vanguard file 13Gs. Trian files 13Ds. Any development in a potential take-private appears in a 13D/A before it appears anywhere else.

What the filings won’t give you

Three things that matter for Wendy’s are not in any SEC filing, and knowing that saves hours of searching.

Monthly same-restaurant sales. The Q1 2026 progression — approximately -8% January, high-single-digit negative February, -6.2% March, -6.4% April — came from the earnings call.
Forward guidance. 2026 adjusted EBITDA of $460–480M, adjusted EPS of $0.56–0.60, capex of $120–130M, free cash flow of $190–205M, and U.S. company-operated margin near 13% were all given on the call, not in the filing.
Net leverage. Wendy’s reported 4.9x against a 3.5x–5.0x target on the call. You can approximate it from the filings, but the company’s own calculation comes from the call.

Earnings call transcripts are free from multiple sources and are, for Wendy’s, roughly as important as the 10-Q itself.

Non-GAAP: read the reconciliation, not the headline

Wendy’s reports both GAAP results and adjusted measures. Adjusted EBITDA is the one that matters most, because it is the basis for the company’s leverage target and its guidance.

The SEC requires reconciliation of non-GAAP measures back to GAAP, and that reconciliation table is where the useful information sits — it shows exactly what was added back. For Q1 2026, GAAP net income was $22.7M (down 42.1%) while segment adjusted EBITDA figures tell a less severe story. Both are real; they answer different questions.

A specific caution for Wendy’s right now. Project Fresh involves restaurant closures and system optimization, which generate charges that are typically excluded from adjusted figures. Those charges are real cash and real value. When a turnaround’s costs are consistently adjusted out, the adjusted number stops describing the business you actually own.

A 20-minute quarterly routine

Open the 10-Q and go straight to the revenue detail. Find U.S. franchise royalty revenue. Compare to the prior-year quarter.
Cash flow statement. Operating cash flow, capex, dividends paid, repurchases. Four numbers.
Restaurant count in the notes. Track the direction, given the closure program.
Franchise Flip count in the same section. Rising flips signal operator turnover.
Earnings call transcript. Guidance reaffirmed or revised, net leverage, monthly comp progression.
Check for new 13D/A filings. Takes thirty seconds and is where the largest surprise would come from.

Apply it: the bull vs bear case → · is WEN a good buy? → · all BuyWendys analysis →

Bottom line: Wendy’s filings are free, authoritative, and more useful than any paid screener for a single company — provided you read the right lines. Royalty revenue over total revenue. Cash flow over earnings. 13D/A over 13G. And pair every filing with the earnings call, because Wendy’s most decision-relevant figures — guidance, net leverage, monthly comps — are only disclosed there. Next report: August 7, 2026.

Frequently Asked Questions

Where can I find Wendy’s SEC filings?

All Wendy’s filings are free on SEC EDGAR at sec.gov. Search by ticker WEN or CIK 0000030697. The most useful are the 10-K annual report, 10-Q quarterly report, 8-K for material events, DEF 14A proxy statement, and Schedule 13D/A for activist holders. Wendy’s investor relations site also links to recent filings and hosts earnings call materials.

What is Wendy’s fiscal year end?

Wendy’s fiscal reporting periods consist of 52 or 53 weeks ending on the Sunday closest to December 31. Fiscal 2025 ended December 28, 2025, and the FY2025 Form 10-K was filed February 23, 2026. The first quarter of 2026 ended March 29, 2026. The 2026 fiscal year includes a 53rd week, which affects year-over-year comparisons.

Which number in Wendy’s filings matters most?

U.S. franchise royalty revenue, found in the revenue detail of the 10-Q. In a roughly 95% franchised business it moves directly with franchisee sales at a 4.0% royalty rate, making it the cleanest read on system-wide demand. It fell 6.8% to $97.3 million in Q1 2026, while total revenue rose 3.3% — which is why reading the total alone misleads.

How many restaurants does Wendy’s operate?

As of December 28, 2025, the system comprised 7,397 restaurants: 5,969 in the U.S. (423 Company-operated, 5,546 operated by 203 franchisees) and 1,428 international restaurants across 38 foreign countries and U.S. territories. By March 29, 2026, the total was 7,251 restaurants — 431 Company-operated and 6,820 franchisee-operated.

What is Wendy’s franchise royalty rate?

The Current Franchise Agreement requires a monthly royalty of 4.0% of sales as defined in the agreement, per Wendy’s Form 10-K, with a standard U.S. technical assistance fee of $50,000 per new restaurant. Franchisees also contribute to advertising funds. Sources citing a 4% to 6% range are describing older or non-standard agreements.

What information is not in Wendy’s SEC filings?

Three important items appear only in earnings calls: monthly same-restaurant sales progression, forward guidance, and the company’s own net leverage calculation. For Q1 2026 these included monthly comps of approximately -8% in January through -6.4% in April, full-year adjusted EBITDA guidance of $460–480 million, and net leverage of 4.9x against a 3.5x–5.0x target.

Sources

Disclosure: BuyWendys.com is independent and unaffiliated with The Wendy’s Company. The author holds a long position in The Wendy’s Company (NASDAQ: WEN). This article is educational commentary, not investment advice, and contains no recommendation to buy, sell, or hold any security. Figures are drawn from SEC filings and earnings calls as cited and dated, and are current only as of those dates. Filing deadlines and EDGAR interfaces change; verify against sec.gov. See our Disclaimer.

How to Read Wendy’s SEC Filings: A Step-by-Step Guide