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Wendy's WEN Franchise Rental Income — Franchise rental income

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Other financials

Income statement

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Revenue$570.6M+1.7%
Gross profit$363.3M-0.3%
Operating income$79.3M-24.0%
Net income$32.6M-40.8%
EPS (diluted)$0.17-41.4%

Balance sheet

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Cash & equivalents$394.8M+19.6%
Total debt$4.1B-0.4%
Total equity$120.5M+6.7%
Total assets$4.9B-0.2%

Cash flow

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Operating cash flow$100.6M+66.0%
CapEx$19.6M-8.5%
Free cash flow$81.0M+107%

Valuation

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Market cap$1.46B-25.4%
Enterprise value$5.14B-10.1%
P/E11.6×+1.4×
P/S0.7×-0.2×

Profitability

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Gross margin63%-2.1pp
Operating margin13.6%-3.4pp
Net margin5.7%-2.9pp
FCF margin12%+0.4pp

Returns & leverage

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Return on equity108%+8.7pp
Debt / equity33.8×-2.4×
Current ratio1.9×+0.5×

Where this comes from

Reported directly by Wendy's in its filing.

Tagged under the XBRL concept us-gaap:OperatingLeaseLeaseIncome.

The source filing: Wendy's’s 10-K, filed February 23, 2026.

Filed
Feb 23, 2026, 4:18 PM EST
Fiscal year
FY2025
Accession
0000030697-26-000009
Line itemYear Ended / 2025Year Ended / 2024Year Ended / 2023
Sales-type and direct-financing leases:
Selling profit$2,910$474$2,466
Interest income (a)27,51229,18731,412
Operating lease income166,430168,497163,927
Variable lease income69,32067,99666,241
Franchise rental income (b)$235,750$236,493$230,168

Item 8. Financial Statements and Supplementary Data.

FAQ

What is Wendy's's franchise rental income — franchise rental income?
Wendy's (WEN) reported franchise rental income — franchise rental income of $58.94M in Q4 2025.
How has Wendy's's franchise rental income — franchise rental income changed year-over-year?
Wendy's's franchise rental income — franchise rental income decreased by 0.3% year-over-year, from $59.12M to $58.94M.
What is the long-term trend for Wendy's's franchise rental income — franchise rental income?
Over 4 years (2021 to 2025), Wendy's's franchise rental income — franchise rental income has grown at a -0.1% compound annual growth rate (CAGR), from $236.66M to $235.75M.
What does franchise rental income — franchise rental income mean?
This metric represents the revenue generated by the company through the leasing or subleasing of restaurant properties to its franchisees. It reflects the income stream derived from real estate ownership or master lease arrangements that are integral to the franchise business model. Monitoring this figure helps investors assess the stability and predictability of the company's real estate-based revenue component within its broader franchise operations.

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