v3.26.1
Segment Information
 6 Months Ended
Jun. 28, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Wendy’s U.S. revenue, significant segment expenses and segment adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) are as follows:
Three Months EndedSix Months Ended
June 28,
2026		June 29,
2025		June 28,
2026		June 29,
2025
Wendy’s U.S. revenue$477,597 $461,142 $921,756 $890,756 
Wendy’s U.S. expense
Cost of sales201,605 189,258 395,901 370,495 
Franchise support and other costs17,275 13,677 35,531 26,855 
Advertising fund expense117,715 101,355 216,988 193,115 
General and administrative20,516 19,619 42,974 42,043 
Other segment items (a)12 74 25 112 
Wendy’s U.S. adjusted EBITDA$120,474 $137,159 $230,337 $258,136 
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(a)Other segment items for the three and six months ended June 28, 2026 and June 29, 2025 primarily include professional fees.
Wendy’s International revenue, significant segment expenses and segment adjusted EBITDA are as follows:
Three Months EndedSix Months Ended
June 28,
2026		June 29,
2025		June 28,
2026		June 29,
2025
Wendy’s International revenue$39,266 $38,850 $76,193 $73,571 
Wendy’s International expense
Cost of sales5,670 7,263 12,423 14,195 
Advertising fund expense (a)10,459 10,159 19,530 20,071 
General and administrative7,392 6,700 15,617 13,137 
Other segment items (b)3,822 1,502 6,121 3,498 
Wendy’s International adjusted EBITDA $11,923 $13,226 $22,502 $22,670 
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(a)Includes advertising fund expense of $183 and $342 for the three and six months ended June 29, 2025, respectively, related to the Company’s funding of incremental advertising. There was no funding of incremental advertising during the three and six months ended June 28, 2026. In addition, includes other international-related advertising (deficit) surplus of $(753) and $(756) for the three and six months ended June 28, 2026, respectively, and $34 and $(1,119) for the three and six months ended June 29, 2025, respectively.

(b)Other segment items primarily include franchise support and other costs.

Global Real Estate & Development revenue, significant segment expenses and segment adjusted EBITDA are as follows:
Three Months EndedSix Months Ended
June 28,
2026		June 29,
2025		June 28,
2026		June 29,
2025
Global Real Estate & Development revenue$53,708 $60,937 $113,259 $120,074 
Global Real Estate & Development expense
Franchise rental expense28,039 32,630 58,215 63,331 
General and administrative3,104 2,650 8,401 7,870 
Other segment items (a)(4,898)(1,627)(8,872)(3,087)
Global Real Estate & Development adjusted EBITDA$27,463 $27,284 $55,515 $51,960 
_______________

(a)Other segment items for the three and six months ended June 28, 2026 primarily include equity in earnings from our TimWen joint venture and lease buyout activity. Other segment items for the three and six months ended June 29, 2025 primarily include equity in earnings from our TimWen joint venture and franchise support and other costs. Equity in earnings from our TimWen joint venture was $3,173 and $5,536 for the three and six months ended June 28, 2026, respectively, and $3,060 and $5,312 for the three and six months ended June 29, 2025, respectively.
The following table reconciles profit by segment to the Company’s consolidated income before income taxes:
Three Months EndedSix Months Ended
June 28,
2026		June 29,
2025		June 28,
2026		June 29,
2025
Wendy’s U.S.$120,474 $137,159 $230,337 $258,136 
Wendy’s International11,923 13,226 22,502 22,670 
Global Real Estate & Development27,463 27,284 55,515 51,960 
Total segment adjusted EBITDA159,860 177,669 $308,354 $332,766 
Unallocated franchise support and other costs(769)(658)(1,079)(1,245)
Advertising funds surplus295 140 24 284 
Unallocated general and administrative (a)(35,149)(30,516)(72,012)(64,639)
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below)(38,061)(36,990)(78,636)(73,539)
Amortization of cloud computing arrangements(4,577)(4,056)(9,339)(8,223)
System optimization gains, net667 387 2,292 297 
Reorganization and realignment costs(10)(174)152 518 
Impairment of long-lived assets(3,120)(1,686)(5,692)(3,107)
Unallocated other operating income, net148 144 141 4,274 
Interest expense, net(33,850)(30,945)(67,956)(62,422)
Investment loss, net— — — (1,718)
Other income, net3,133 2,585 6,483 7,571 
Income before income taxes$48,567 $75,900 $82,732 $130,817 
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(a)Includes corporate overhead costs, such as employee compensation and related benefits.