The Wendy's Company (WEN) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 59.39M | 69.28M | 129.25M | 60.59M | 85.42M | 68.63M | 141.22M | 45.48M | 99.99M | 75.89M | 128.02M | 88.53M | 52.98M | 77.27M | 84.44M | 77.21M | 20.98M | 69.1M | 117.92M | 72.92M |
| Operating CF Margin % | 10.98% | 12.76% | 23.52% | 10.8% | 16.32% | 11.95% | 24.92% | 7.97% | 18.7% | 14.04% | 23.25% | 15.76% | 10.02% | 14.4% | 15.86% | 14.36% | 4.29% | 14.6% | 25.08% | 14.78% |
| Operating CF Growth % | -30.47% | 0.95% | -8.47% | 33.24% | -14.57% | -9.57% | 10.31% | -48.63% | 88.74% | -1.78% | 51.6% | 14.66% | 152.48% | 11.82% | -28.39% | 5.89% | -75.55% | -12.09% | -32.69% | 46.04% |
| Net Income | 22.71M | 26.48M | 44.25M | 55.11M | 39.23M | 47.5M | 50.22M | 54.64M | 41.99M | 46.94M | 58.05M | 59.63M | 39.82M | 41.27M | 50.54M | 48.15M | 37.4M | 52.13M | 41.17M | 65.72M |
| Depreciation & Amortization | 45.34M | 45.49M | 30.17M | 41.05M | 40.72M | 37.29M | 29.93M | 41.01M | 39.06M | 39.62M | 38.13M | 35.76M | 35.05M | 34.01M | 35.14M | 33.43M | 33.23M | 32.3M | 30.94M | 30.76M |
| Stock-Based Compensation | 5.25M | 4.79M | -934K | 5.13M | 5.57M | 4.53M | 6.81M | 5.82M | 5.85M | 6.98M | 6.55M | 5.61M | 4.61M | 7.04M | 5.03M | 6.1M | 6.35M | 5.28M | 5.7M | 5.88M |
| Deferred Taxes | 956K | 0 | 25.99M | 516K | 306K | -5.06M | -361K | -707K | 603K | -305K | -4.76M | 1.95M | 2.3M | -5.91M | 2.91M | 2.78M | 4.53M | -13.76M | 2.11M | -1.02M |
| Other Non-Cash Items | -2.28M | 17.86M | 10.13M | -6.84M | 11.08M | 10.57M | 4.05M | -6.09M | 9.01M | 9.04M | -9.11M | -1.22M | -6.36M | -15.89M | -10.35M | -8.76M | -1.99M | -10.82M | -5.38M | -16.69M |
| Working Capital Changes | -12.58M | -25.34M | 19.65M | -34.37M | -11.49M | -26.19M | 50.55M | -49.21M | 3.46M | -26.38M | 39.15M | -13.21M | -22.45M | 16.74M | 1.17M | -4.48M | -58.54M | 3.97M | 43.38M | -11.74M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -13.66M | -50.27M | -48.3M | -30.78M | -21.49M | -60.51M | -24.84M | -23.14M | -20.81M | -31.02M | -26.59M | -16.88M | -12.06M | -31.7M | -17.28M | -15.74M | -13.05M | -169.71M | -16.91M | 37.04M |
| Capital Expenditures | -11.88M | -37.88M | -24.99M | -21.37M | -17.68M | -42.03M | -17.9M | -17.11M | -17.35M | -29.33M | -25.52M | -17.92M | -12.24M | -35.51M | -19.09M | -18.45M | -12.5M | -34.58M | -19.33M | -13.71M |
| CapEx % of Revenue | 2.2% | 6.98% | 4.55% | 3.81% | 3.38% | 7.32% | 3.16% | 3% | 3.25% | 5.43% | 4.64% | 3.19% | 2.31% | 6.62% | 3.59% | 3.43% | 2.56% | 7.31% | 4.11% | 2.78% |
| Acquisitions | 0 | 0 | -1.3M | 1.3M | 0 | 1.72M | 2.62M | 575K | 26K | 1.83M | 0 | -7K | 287K | 4.51M | 2.71M | 753K | 263K | -125.49M | 2.13M | 50.53M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -4.58M | -12.39M | -32.71M | 0 | -3.81M | -20.21M | -21.04M | 127K | 1.26M | 2.46M | 490K | -16.7M | 110K | 423K | 268K | 2.3M | 141K | 296K | 296K | 214K |
| Cash from Financing | -40.48M | -14.35M | -56.95M | -93.37M | -179.32M | -52.53M | -88.19M | -89.75M | -72.63M | -131.08M | -126.95M | -114M | -132.28M | -35.83M | -38.2M | -90.09M | 452.8M | -185.26M | -86.41M | 120.59M |
| Debt Issued (Net) | -13.41M | 12.29M | -14.71M | -4.24M | -6.05M | -12.3M | -12.4M | -12.18M | -12.78M | -38.06M | -19.46M | -15.25M | -43.52M | -11.21M | -11.23M | -11.48M | 489.86M | -19.18M | -17.81M | 167.56M |
| Equity Issued (Net) | 0 | -12K | -14.05M | -63.73M | -122.51M | -17.32M | -23.25M | -26.95M | -6.36M | -47.14M | -54.22M | -50.2M | -33.85M | 2.2M | 709K | -51.95M | 1.59M | -140.08M | -42M | -28.94M |
| Dividends Paid | -26.65M | -26.63M | -26.71M | -26.81M | -49.43M | -51.03M | -50.78M | -51.25M | -51.37M | -51.38M | -52.16M | -52.61M | -53.1M | -26.63M | -26.61M | -26.64M | -26.91M | -25.88M | -26.68M | -22.12M |
| Share Repurchases | 0 | -12K | -14.25M | -63.73M | -122.78M | -17.32M | -25.81M | -26.95M | -7.29M | -47.14M | -55.48M | -50.2M | -36.73M | 0 | 0 | -51.95M | 0 | -142.88M | -42M | -28.05M |
| Other Financing | -423K | 0 | -1.47M | 1.42M | -1.33M | 28.12M | -1.75M | 636K | -2.12M | 5.51M | -1.12M | 4.07M | -1.81M | -188K | -1.08M | -29K | -11.74M | -121K | 78K | 4.09M |
| Net Change in Cash | 89.51M | -110.31M | 21.91M | -58.86M | -114.65M | -50.92M | 29.89M | -68.44M | 4.27M | -84.06M | -27.37M | -40.32M | -91.23M | 10.94M | 24.21M | -31.36M | 461.04M | -285.69M | 12.5M | 232.01M |
| Free Cash Flow | 47.51M | 31.4M | 104.26M | 39.22M | 67.74M | 26.6M | 123.32M | 28.36M | 82.63M | 46.56M | 102.5M | 70.61M | 40.73M | 41.76M | 65.35M | 58.77M | 8.49M | 34.52M | 98.59M | 59.22M |
| FCF Margin % | 8.79% | 5.78% | 18.97% | 6.99% | 12.94% | 4.63% | 21.76% | 4.97% | 15.45% | 8.61% | 18.62% | 12.57% | 7.7% | 7.78% | 12.27% | 10.93% | 1.74% | 7.29% | 20.97% | 12% |
| FCF Growth % | -29.86% | 18.03% | -15.46% | 38.28% | -18.03% | -42.87% | 20.32% | -59.83% | 102.86% | 11.5% | 56.84% | 20.14% | 380.03% | 20.98% | -33.72% | -0.76% | -88.76% | -36.68% | -38.27% | 78.59% |
| FCF per Share | 0.25 | 0.16 | 0.54 | 0.20 | 0.34 | 0.13 | 0.60 | 0.14 | 0.40 | 0.22 | 0.49 | 0.33 | 0.19 | 0.20 | 0.30 | 0.27 | 0.04 | 0.16 | 0.44 | 0.26 |
| FCF Conversion (FCF/Net Income) | 1.30x | 2.62x | 2.92x | 1.10x | 2.18x | 1.44x | 2.81x | 0.83x | 2.38x | 1.62x | 2.21x | 1.48x | 1.33x | 1.87x | 1.67x | 1.60x | 0.56x | 1.33x | 2.86x | 1.11x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |