The Wendy's Company

The Wendy's Company remains a Strong Buy as turnaround efforts accelerate, including a major franchisee acquisition and strategic operational changes. WEN's U.S. sales remain pressured, but international growth and improved breakfast strategy signal early turnaround traction and future margin potential. Balance sheet risk persists with 5.2x net leverage and looming 2028+ maturities, but strong cash flow and refinancing runway provide flexibility.

Wendy's NASDAQ: WEN reported a 5.7% decline in U.S. same-restaurant sales for its fiscal 2026 third quarter, as falling traffic continued to pressure results. The company outlined a turnaround plan that includes making breakfast optional at U.S. restaurants and potentially acquiring up to 163 locations from bankrupt franchisee Meritage Hospitality Group.

The Wendy's Company ( WEN ) Q3 2026 Earnings Call November 5, 2026 8:30 AM EST Company Participants Aaron Broholm - Head of Investor Relations Robert Wright - President, CEO & Director Steven Cirulis - Chief Financial Officer & Chief Strategy Officer Conference Call Participants David Palmer - Evercore ISI Institutional Equities, Research Division Rahul Krotthapalli - JPMorgan Chase & Co, Research Division Danilo Gargiulo - Bernstein Institutional Services LLC, Research Division Margaret-May Binshtok - Wolfe Research, LLC Brian Bittner - Oppenheimer & Co. Inc., Research Division Christopher Carril - KeyBanc Capital Markets Inc., Research Division James Salera - Stephens Inc., Research Division Arian Razai - Guggenheim Securities, LLC, Research Division James Sanderson - Northcoast Research Partners, LLC Presentation Operator Good morning. Welcome to The Wendy's Company Earnings Results Conference Call.

Can BROS sustain its rapid expansion while WEN works to revive traffic? Compare growth prospects, sales outlooks and turnaround challenges to see which restaurant stock offers more upside.