Revenue growth has normalized from a 45.3% peak in 2024Q2 to 7.4% in 2026Q1, while the strategic shift to franchising expanded gross margins to 82.8%.
| 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 |
|---|
| Sales/Revenue | 709.48M | 696.85M | 625.81M | 460.06M | 357.52M | 282.5M | 248.81M | 199.68M | 153.18M | 133.32M | 103.32M | 77.97M | 67.45M | 59M |
| Revenue Growth % | 8.96% | 11.35% | 36.03% | 28.68% | 26.56% | 13.54% | 24.61% | 30.35% | 14.9% | 29.03% | 32.52% | 15.6% | 14.32% | - |
| Cost of Goods Sold | 123.62M | 121.13M | 324.94M | 237.23M | 186.46M | 141.41M | 125.91M | 101.11M | 65.76M | 61.17M | 39.16M | 22.22M | 20.47M | 22.18M |
| COGS % of Revenue | - | 17.38% | 51.92% | 51.57% | 52.15% | 50.05% | 50.61% | 50.64% | 42.93% | 45.88% | 37.9% | 28.5% | 30.35% | 37.59% |
| Gross Profit | 585.86M | 575.73M | 300.87M | 222.83M | 171.06M | 141.1M | 122.9M | 98.56M | 87.42M | 72.15M | 64.17M | 55.75M | 46.98M | 36.82M |
| Gross Margin % | 82.58% | 82.62% | 48.08% | 48.43% | 47.85% | 49.95% | 49.39% | 49.36% | 57.07% | 54.12% | 62.1% | 71.5% | 69.65% | 62.41% |
| Gross Profit Growth % | - | 91.35% | 35.02% | 30.26% | 21.23% | 14.81% | 24.69% | 12.75% | 21.17% | 12.44% | 15.1% | 18.68% | 27.57% | - |
| Operating Expenses | 386.96M | 383.56M | 135.25M | 110.23M | 79.12M | 67.34M | 65.51M | 55.66M | 48.89M | 38.27M | 37.56M | 36.03M | 28.91M | 21.94M |
| OpEx % of Revenue | - | 55.04% | 21.61% | 23.96% | 22.13% | 23.84% | 26.33% | 27.88% | 31.92% | 28.71% | 36.35% | 46.21% | 42.86% | 37.19% |
| Selling, General & Admin | 386.96M | 383.56M | 116.8M | 96.9M | 67.06M | 62.9M | 61.08M | 50.18M | 44.58M | 34.9M | 34.55M | 33.35M | 26.01M | 18.91M |
| SG&A % of Revenue | - | 55.04% | 18.66% | 21.06% | 18.76% | 22.26% | 24.55% | 25.13% | 29.1% | 26.18% | 33.44% | 42.77% | 38.56% | 32.06% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 18.45M | 13.33M | 12.06M | 4.45M | 4.42M | 5.48M | 4.31M | 3.38M | 3.01M | 2.68M | 2.9M | 3.03M |
| Operating Income | 198.9M | 192.16M | 165.62M | 112.59M | 91.93M | 73.76M | 57.39M | 42.9M | 38.53M | 33.87M | 26.61M | 19.72M | 18.07M | 14.88M |
| Operating Margin % | 28.03% | 27.58% | 26.46% | 24.47% | 25.71% | 26.11% | 23.07% | 21.49% | 25.15% | 25.41% | 25.75% | 25.29% | 26.78% | 25.22% |
| Operating Income Growth % | - | 16.03% | 47.09% | 22.47% | 24.64% | 28.52% | 33.77% | 11.35% | 13.74% | 27.31% | 34.94% | 9.14% | 21.41% | - |
| EBITDA | 224.58M | 217.23M | 185.11M | 125.83M | 102.83M | 81.7M | 64.91M | 48.38M | 42.84M | 37.25M | 29.61M | 22.4M | 20.97M | 17.91M |
| EBITDA Margin % | 31.65% | 31.17% | 29.58% | 27.35% | 28.76% | 28.92% | 26.09% | 24.23% | 27.97% | 27.94% | 28.66% | 28.73% | 31.09% | 30.36% |
| EBITDA Growth % | 17.1% | 17.35% | 47.1% | 22.37% | 25.87% | 25.87% | 34.15% | 12.94% | 15.01% | 25.78% | 32.21% | 6.82% | 17.09% | - |
| D&A (Non-Cash Add-back) | 25.68M | 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 |
| EBIT | 198.9M | 192.16M | 168.48M | 112.54M | 90.55M | 73.89M | 43.73M | 42.9M | 37.05M | 33.87M | 26.35M | 19.32M | 17.98M | 14.89M |
| Net Interest Income | -36.64M | -34.59M | -21.29M | -18.23M | -21.23M | -14.98M | -16.78M | -17.14M | -10.12M | -5.13M | -4.4M | -3.48M | -3.68M | -2.86M |
| Interest Income | 0 | 1.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 36.64M | 35.78M | 21.29M | 18.23M | 21.23M | 14.98M | 16.78M | 17.14M | 10.12M | 5.13M | 4.4M | 3.48M | 3.68M | 2.86M |
| Other Income/Expense | -44.33M | 45.03M | -18.43M | -18.28M | -22.62M | -14.85M | -30.45M | -17.14M | -11.6M | -5.13M | -4.65M | -3.87M | -3.77M | -2.86M |
| Pretax Income | 154.57M | 237.19M | 147.19M | 94.31M | 69.32M | 58.91M | 26.94M | 25.77M | 26.93M | 28.74M | 21.96M | 15.85M | 14.3M | 12.02M |
| Pretax Margin % | 21.79% | 34.04% | 23.52% | 20.5% | 19.39% | 20.85% | 10.83% | 12.9% | 17.58% | 21.56% | 21.25% | 20.32% | 21.2% | 20.38% |
| Income Tax | 42.69M | 62.92M | 38.47M | 24.14M | 16.37M | 16.25M | 3.64M | 5.29M | 5.21M | 4.8M | 8.19M | 5.74M | 5.31M | 4.49M |
| Effective Tax Rate % | 27.62% | 26.53% | 26.14% | 25.59% | 23.62% | 27.58% | 13.5% | 20.53% | 19.34% | 16.71% | 37.29% | 36.22% | 37.15% | 37.37% |
| Net Income | 111.88M | 174.27M | 108.72M | 70.17M | 52.95M | 42.66M | 23.31M | 20.48M | 21.72M | 23.94M | 13.77M | 10.11M | 8.99M | 7.53M |
| Net Margin % | 15.77% | 25.01% | 17.37% | 15.25% | 14.81% | 15.1% | 9.37% | 10.25% | 14.18% | 17.96% | 13.33% | 12.96% | 13.32% | 12.76% |
| Net Income Growth % | -35.04% | 60.29% | 54.92% | 32.54% | 24.12% | 83.03% | 13.82% | -5.72% | -9.28% | 73.87% | 36.25% | 12.46% | 19.34% | - |
| Net Income (Continuing) | 111.88M | 174.27M | 108.72M | 70.17M | 52.95M | 42.66M | 23.31M | 20.48M | 21.72M | 23.94M | 13.77M | 10.11M | 8.99M | 7.53M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.05 | 6.21 | 3.70 | 2.35 | 1.77 | 1.42 | 0.78 | 0.69 | 0.73 | 0.93 | 0.53 | 0.36 | 0.31 | 0.26 |
| EPS Growth % | -32.66% | 67.84% | 57.45% | 32.77% | 24.65% | 82.05% | 13.04% | -5.48% | -21.51% | 75.47% | 47.22% | 16.13% | 19.23% | - |
| EPS (Basic) | - | 6.23 | 3.72 | 2.36 | 1.77 | 1.43 | 0.79 | 0.70 | 0.74 | 0.94 | 0.54 | 0.37 | 0.32 | 0.26 |
| Diluted Shares Outstanding | 27.59M | 28.07M | 29.38M | 29.86M | 29.96M | 29.94M | 29.8M | 29.67M | 29.59M | 29.42M | 28.98M | 27.82M | 28.76M | 28.76M |
| Basic Shares Outstanding | 27.48M | 27.97M | 29.26M | 29.77M | 29.89M | 29.77M | 29.6M | 29.41M | 29.23M | 29.02M | 28.64M | 27.5M | 28.44M | 28.44M |
| Dividend Payout Ratio | - | 18.58% | 26.55% | 35.49% | 266.83% | 46.47% | 702.79% | 57.35% | 878.2% | 17% | 604.75% | 474.96% | - | 511.66% |
Poultry commodity price volatility
According to recent financial disclosures, Wingstop's year-over-year revenue growth has decelerated from a high of 45.3% in 2024Q2 to 7.4% in 2026Q1, suggesting that the rapid expansion phase is transitioning toward a more sustainable, albeit slower, trajectory as the domestic unit footprint matures across key markets.
The deceleration in top-line growth appears to reflect a natural maturation of the store base and a potential cooling in transaction volume growth. Investors should monitor whether the company can maintain its current pace of unit openings without diluting the average unit volume that has historically supported its premium valuation.
As reported in quarterly filings, Wingstop achieved a significant gross margin expansion to 82.8% in 2026Q1, a sharp increase from the sub-50% levels observed in 2024, reflecting a strategic shift toward an asset-light franchisor model that minimizes direct exposure to volatile food commodity costs.
This margin profile suggests that the company has successfully offloaded the majority of its operational cost burden to franchisees. The sustainability of these elevated margins appears contingent on the company's ability to maintain high royalty rates while avoiding the need to re-acquire underperforming units.
Based on the provided income statement data, Wingstop's operating income reached $53.3 million in 2026Q1, demonstrating that the company is effectively scaling its overhead costs as operating margins improved to 29.0% compared to the 23.5% reported in the final quarter of 2023.
The ability to grow operating income faster than revenue suggests that the digital-first infrastructure is successfully driving labor and administrative efficiencies. This operating leverage appears to be a core component of the company's value proposition, though it warrants further investigation into the long-term maintenance costs of these proprietary platforms.
While Wingstop maintains strong profitability, the 2026Q1 EPS decline of 66.7% compared to the prior year, as noted in recent filings, highlights potential volatility in earnings quality that may challenge the market's current pricing of the stock as a high-growth, tech-enabled platform.
Short-term earnings fluctuations may indicate that the company's reliance on specific accounting treatments or non-operating items could be masking underlying operational pressures. Investors should remain cautious regarding whether the current valuation premium is fully supported by consistent, organic earnings growth rather than one-time financial adjustments.
Quick answers to the most common questions about buying WING stock.
For fiscal year 2025, Wingstop Inc. (WING) reported total revenue of $696.9M. This represents a 1081.1% increase compared to $59.0M in 2013.
Wingstop Inc. (WING) is profitable, generating $174.3M in net income for the fiscal year ending 2025 with a net profit margin of 25.0%.
Wingstop Inc. (WING) reported an operating income of $192.2M, resulting in an operating profit margin of 27.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Wingstop Inc. (WING) generated $575.7M in gross profit for the year, representing a gross profit margin of 82.6%. This demonstrates the company's core pricing power and production efficiency.