Cash conversion is volatile, with operating cash flow to net income swinging from 2.68 in 2024Q3 to 0.22 in 2026Q2, and free cash flow margin oscillating between 35.1% in 2025Q3 and -6.1% in 2026Q2, while buybacks of $78.5M in 2026Q1 outpaced cash generation.
Wingstop Inc. (WING) cash flow statement — 13-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash from Operations | 189.49M | 153.06M | 157.61M | 121.6M | 76.24M | 48.88M | 65.53M | 38.58M | 38.77M | 27.05M | 22.17M | 13.05M | 14.37M | 10.91M |
| Operating CF Margin % | - | 21.97% | 25.19% | 26.43% | 21.32% | 17.3% | 26.34% | 19.32% | 25.31% | 20.29% | 21.45% | 16.73% | 21.3% | 18.49% |
| Operating CF Growth % | 780.65% | -2.88% | 29.61% | 59.5% | 55.98% | -25.41% | 69.84% | -0.48% | 43.33% | 22.03% | 69.89% | -9.21% | 31.76% | - |
| Net Income | 116.41M | 174.27M | 108.72M | 70.17M | 52.95M | 42.66M | 23.31M | 20.48M | 21.72M | 27.3M | 15.43M | 10.11M | 8.99M | 7.53M |
| Depreciation & Amortization | 26.67M | 25.07M | 19.49M | 13.24M | 10.9M | 7.94M | 7.52M | 5.48M | 4.31M | 3.38M | 3.01M | 2.68M | 2.9M | 3.03M |
| Stock-Based Compensation | 14.79M | 24.88M | 22.06M | 15.56M | 4.2M | 9.63M | 8.56M | 6.97M | 3.73M | 1.85M | 1.23M | 1.16M | 960K | 748K |
| Deferred Taxes | 30.38M | 35.87M | -1.81M | -1.55M | -3.25M | 2.95M | -4K | -426K | -1.05M | -3.5M | -714K | -1.05M | -1.53M | -917K |
| Other Non-Cash Items | -3.53M | -91.59M | 1.11M | 2.14M | 3.92M | -2.1M | 12.14M | 1.59M | 1.98M | 292K | -726K | -463K | -659K | -326K |
| Working Capital Changes | 4.77M | -15.42M | 8.04M | 22.04M | 7.53M | -12.21M | 14.01M | 4.49M | 8.08M | -2.27M | 3.93M | 613K | 3.71M | 841K |
| Change in Receivables | 3.28M | -1.16M | -7.25M | -2.95M | -2.47M | -2.13M | 246K | 496K | -1.2M | -1.37M | 205K | -1M | -616K | -152K |
| Change in Inventory | 0 | 0 | 0 | 669K | 0 | 0 | 0 | 475K | -349K | -670K | 32K | -2K | -806K | -1.73M |
| Change in Payables | -9.35M | 3.36M | 2.93M | 10.63M | 5.1M | -268K | 1.51M | 3.09M | 7M | -876K | 3.65M | 1.17M | 2.68M | 1.48M |
| Cash from Investing | -70.31M | -17.46M | -62.48M | -52.15M | -28.68M | -29.85M | -7.99M | -23.73M | -10.5M | -6.48M | -2.06M | -1.92M | -363K | -2.14M |
| Capital Expenditures | -61M | -47.44M | -51.93M | -40.83M | -23.94M | -28.02M | -6.05M | -22.49M | -3.98M | -2.54M | -2.06M | -1.92M | -1.51M | -2.15M |
| CapEx % of Revenue | 8.46% | 6.81% | 8.3% | 8.88% | 6.7% | 9.92% | 2.43% | 11.26% | 2.6% | 1.9% | 1.99% | 2.46% | 2.24% | 3.64% |
| Acquisitions | -9.31M | -1.2M | -10.05M | -10.83M | -7.81M | -4.88M | -6.74M | -1.25M | -6.52M | -3.95M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 15.97M | 0 | 320K | 4.06M | 7.21M | 4.8M | 0 | 0 | -3.95M | 0 | 0 | 1.15M | 2K |
| Cash from Financing | -220.96M | -266.73M | 144.76M | -155.49M | 103.25M | -23.39M | -19.45M | -14.62M | -13.72M | -20.25M | -27.05M | -10.16M | -7.46M | -9.84M |
| Debt Issued (Net) | 0 | 0 | 500M | -3.65M | 246.97M | -2.4M | 162.4M | -2.4M | 186.25M | -17.5M | 55.75M | 1.78M | -8.78M | 30.5M |
| Equity Issued (Net) | -179.09M | -220.49M | -314.66M | -125.4M | -315K | 0 | 0 | 689K | -183K | 0 | 0 | 34.99M | 0 | 0 |
| Dividends Paid | -33.42M | -32.38M | -28.87M | -24.91M | -141.28M | -19.82M | -163.79M | -11.74M | -190.74M | -4.07M | -83.27M | -48M | 0 | -38.53M |
| Share Repurchases | -179.6M | -221.86M | -314.66M | -125.4M | -315K | 0 | 0 | 0 | -183K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -8.45M | -13.86M | -11.7M | -1.53M | -2.13M | -1.17M | -18.06M | -1.15M | -9.05M | 1.32M | 468K | 1.06M | 1.32M | -1.81M |
| Net Change in Cash | -107.28M | -131.12M | 239.9M | -86.04M | 150.81M | -4.36M | 38.09M | 235K | 14.55M | 313K | -6.94M | 967K | 6.55M | -1.08M |
| Free Cash Flow | 128.49M | 105.62M | 105.68M | 80.77M | 52.3M | 20.86M | 59.48M | 16.1M | 34.79M | 24.51M | 20.11M | 11.13M | 12.86M | 8.76M |
| FCF Margin % | 17.83% | 15.16% | 16.89% | 17.56% | 14.63% | 7.38% | 23.9% | 8.06% | 22.71% | 18.39% | 19.46% | 14.28% | 19.07% | 14.85% |
| FCF Growth % | 1762.49% | -0.05% | 30.85% | 54.44% | 150.75% | -64.93% | 269.5% | -53.73% | 41.91% | 21.9% | 80.65% | -13.44% | 46.8% | - |
| FCF per Share | 4.72 | 3.76 | 3.60 | 2.71 | 1.75 | 0.70 | 2.00 | 0.54 | 1.18 | 0.83 | 0.69 | 0.40 | 0.45 | 0.30 |
| FCF Conversion (FCF/Net Income) | 1.10x | 0.88x | 1.45x | 1.73x | 1.44x | 1.15x | 2.81x | 1.88x | 1.79x | 1.13x | 1.61x | 1.29x | 1.60x | 1.45x |
| Interest Paid | 0 | 0 | 22.7M | 22.74M | 20.48M | 15.04M | 14.55M | 16.93M | 7.6M | 4.84M | 4.78M | 3.41M | 3.41M | 2.48M |
| Taxes Paid | 0 | 0 | 38.84M | 27.92M | 13.58M | 10.42M | 7.26M | 5.41M | 2.95M | 10.1M | 7.23M | 5.36M | 6.16M | 4.66M |
Quick answers to the most common questions about buying WING stock.
Wingstop Inc. (WING) generated $153.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Wingstop Inc. (WING) generated $105.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Wingstop Inc. (WING) spent $47.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Wingstop Inc. (WING) returned $32.4M to shareholders via cash dividends and spent $221.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Franchisee margin compression risk
Metrics are mathematically derived from official filings.
Cash Conversion Volatility Masks Earnings Quality
Wingstop's operating cash flow to net income ratio swung from 2.68 in 2024Q3 to 0.22 in 2026Q2, per reported figures, indicating significant working capital swings that obscure underlying earnings quality.
The OCF/NI ratio has been highly erratic, ranging from 0.22 to 2.68 over the past ten quarters, with the most recent quarter showing a dramatic drop. This volatility appears driven by large working capital swings, particularly in 2026Q2 where WC Chg was -$40.5M, suggesting that reported net income is not consistently translating into cash. Investors should monitor whether this reflects timing issues or a structural deterioration in cash conversion.
Free Cash Flow Oscillates with Working Capital
Free cash flow margin swung from 35.1% in 2025Q3 to -6.1% in 2026Q2, as reported in financial statements, highlighting the lumpy nature of cash generation despite stable net income.
FCF has been highly volatile, with positive quarters followed by negative ones, largely due to working capital changes rather than capex or net income fluctuations. The most recent quarter's negative FCF of -$11.3M contrasts with net income of $31.3M, suggesting that cash generation is not keeping pace with earnings. This pattern may indicate that the company is investing in growth or facing timing issues in collections, but the inconsistency warrants close monitoring.
Capital Expenditures Reflect Growth Investments
CapEx as a percentage of revenue averaged 8.0% over the last four quarters, per SEC filings, with a spike to 13.0% in 2025Q4, indicating ongoing investment in company-owned stores and technology.
CapEx has been relatively stable, ranging from 1.3% to 13.0% of revenue, with the higher figures in recent quarters suggesting increased investment in Smart Kitchen technology and new store openings. While this is consistent with a growth strategy, the elevated capital intensity in 2025Q4 and 2026Q2 may pressure near-term FCF. The company's asset-light model typically requires lower capex, so these levels suggest a deliberate push into company-owned infrastructure.
Working Capital Swings Drive Cash Flow Volatility
Working capital changes ranged from +$33.0M in 2024Q3 to -$40.5M in 2026Q2, based on reported data, indicating significant timing effects that distort quarterly cash flow.
The working capital line has been the primary driver of OCF volatility, with large positive and negative swings across quarters. This pattern suggests that the company's cash flow is heavily influenced by the timing of receivables and payables, possibly due to the advertising fund and franchisee-related transactions. While this is not necessarily a red flag, it complicates the interpretation of quarterly cash flow and suggests that annual figures may be more meaningful.
Aggressive Buybacks and Dividends Outpace Cash Generation
Wingstop returned $78.5M in buybacks in 2026Q1 and $250.5M in 2024Q4, as reported, while FCF was negative in several quarters, suggesting capital returns are funded by debt or existing cash.
The company has been aggressively repurchasing shares, with buybacks exceeding FCF in multiple quarters, including 2024Q4 and 2026Q1. This suggests a high tolerance for leverage, as the company may be borrowing to fund these returns. While this can boost EPS, it also increases financial risk, especially if cash flow remains volatile. Investors should monitor the sustainability of this capital return policy given the mixed cash generation.
What the Cash Flow Statement Obscures
Stock-based compensation averaged $5.1M per quarter, per reported figures, while the advertising fund and franchise incentives may inflate revenue and mask true cash generation, warranting scrutiny.
The cash flow statement may obscure the impact of non-cash charges like SBC, which totaled $48.1M over the period, and the timing of advertising fund collections that flow through revenue and expenses. Additionally, franchise incentives and initial fee recognition can create lumpy cash flows that do not reflect steady-state operations. Investors should adjust for these items to assess the underlying cash-generating ability of the franchisor model.