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Segment Information | 9 Months Ended
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Sep. 28, 2025
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 Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
Wendy’s U.S. revenue | $ | 451,417 |  |  | $ | 468,725 |  |  | $ | 1,342,173 |  |  | $ | 1,384,163 |
Wendy’s U.S. expense |  |  |  |  |  |  |
Cost of sales | 195,837 |  |  | 187,941 |  |  | 566,332 |  |  | 566,920 |
Franchise support and other costs | 14,623 |  |  | 12,426 |  |  | 41,478 |  |  | 38,511 |
Advertising fund expense (a) | 97,073 |  |  | 119,719 |  |  | 290,188 |  |  | 329,445 |
General and administrative | 20,575 |  |  | 18,812 |  |  | 62,618 |  |  | 56,804 |
Other segment items (b) | 23 |  |  | 37 |  |  | 135 |  |  | 160 |
Wendy’s U.S. adjusted EBITDA | $ | 123,286 |  |  | $ | 129,790 |  |  | $ | 381,422 |  |  | $ | 392,323 |
_______________ (a)Includes advertising fund expense of $5,977 and $13,386 for the three and nine months ended September 29, 2024, respectively, related to the Company’s funding of incremental advertising. There was no funding of incremental advertising during the three and nine months ended September 28, 2025. (b)Other segment items for the three and nine months ended September 28, 2025 and September 29, 2024 primarily include professional fees. Wendy’s International revenue, significant segment expenses and segment adjusted EBITDA are as follows:
| Three Months Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
Wendy’s International revenue | $ | 39,912 |  |  | $ | 37,598 |  |  | $ | 113,483 |  |  | $ | 106,774 |
Wendy’s International expense |  |  |  |  |  |  |
Cost of sales | 8,422 |  |  | 7,697 |  |  | 22,617 |  |  | 20,717 |
Advertising fund expense (a) | 10,781 |  |  | 10,203 |  |  | 30,852 |  |  | 29,129 |
General and administrative | 7,780 |  |  | 6,816 |  |  | 20,917 |  |  | 19,363 |
Other segment items (b) | 1,861 |  |  | 1,836 |  |  | 5,359 |  |  | 5,154 |
Wendy’s International adjusted EBITDA | $ | 11,068 |  |  | $ | 11,046 |  |  | $ | 33,738 |  |  | $ | 32,411 |
_______________ (a)Includes advertising fund expense of $191 and $533 for the three and nine months ended September 28, 2025, respectively, and $622 and $1,387 for the three and nine months ended September 29, 2024, respectively, related to the Company’s funding of incremental advertising. In addition, includes other international-related advertising deficit of $650 and $1,769 for the three and nine months ended September 28, 2025, respectively, and $170 and $640 for the three and nine months ended September 29, 2024, respectively. (b)Other segment items for the three and nine months ended September 28, 2025 and September 29, 2024 primarily include franchise support and other costs. Global Real Estate & Development revenue, significant segment expenses and segment adjusted EBITDA are as follows:
| Three Months Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
Global Real Estate & Development revenue | $ | 58,187 |  |  | $ | 60,416 |  |  | $ | 178,261 |  |  | $ | 181,282 |
Global Real Estate & Development expense |  |  |  |  |  |  |
Franchise rental expense | 30,941 |  |  | 32,237 |  |  | 94,272 |  |  | 96,405 |
General and administrative | 5,748 |  |  | 4,723 |  |  | 13,618 |  |  | 13,591 |
Other segment items (a) | (6,082) |  |  | (3,781) |  |  | (9,169) |  |  | (8,194) |
Global Real Estate & Development adjusted EBITDA | $ | 27,580 |  |  | $ | 27,237 |  |  | $ | 79,540 |  |  | $ | 79,480 |
_______________ (a)Other segment items primarily include equity in earnings from our TimWen joint venture, gains on sales-type leases and franchise support and other costs. Equity in earnings from our TimWen joint venture was $3,081 and $8,393 for the three and nine months ended September 28, 2025, respectively, and $3,074 and $8,623 for the three and nine months ended September 29, 2024, respectively. The following table reconciles profit by segment to the Company’s consolidated income before income taxes:
| Three Months Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
Wendy’s U.S. | $ | 123,286 |  |  | $ | 129,790 |  |  | $ | 381,422 |  |  | $ | 392,323 |
Wendy’s International | 11,068 |  |  | 11,046 |  |  | 33,738 |  |  | 32,411 |
Global Real Estate & Development | 27,580 |  |  | 27,237 |  |  | 79,540 |  |  | 79,480 |
Total segment adjusted EBITDA | 161,934 |  |  | 168,073 |  |  | $ | 494,700 |  |  | $ | 504,214 |
Unallocated franchise support and other costs | (227) |  |  | (900) |  |  | (1,472) |  |  | (1,117) |
Advertising funds surplus | 173 |  |  | 190 |  |  | 457 |  |  | 651 |
Unallocated general and administrative (a) | (23,806) |  |  | (32,443) |  |  | (88,445) |  |  | (98,289) |
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below) | (38,393) |  |  | (36,996) |  |  | (111,932) |  |  | (110,006) |
Amortization of cloud computing arrangements | (5,226) |  |  | (3,576) |  |  | (13,449) |  |  | (10,637) |
System optimization gains, net | 29 |  |  | 420 |  |  | 326 |  |  | 573 |
Reorganization and realignment costs | (316) |  |  | (354) |  |  | 202 |  |  | (8,479) |
Impairment of long-lived assets | (2,257) |  |  | (178) |  |  | (5,364) |  |  | (2,873) |
Unallocated other operating income, net | 138 |  |  | 439 |  |  | 4,412 |  |  | 1,301 |
Interest expense, net | (31,543) |  |  | (31,270) |  |  | (93,965) |  |  | (92,800) |
Investment (loss) income, net | — |  |  | — |  |  | (1,718) |  |  | 11 |
Other income, net | 2,730 |  |  | 6,246 |  |  | 10,301 |  |  | 19,382 |
Income before income taxes | $ | 63,236 |  |  | $ | 69,651 |  |  | $ | 194,053 |  |  | $ | 201,931 |
_______________ (a)Includes corporate overhead costs, such as employee compensation and related benefits.

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- Definition The entire disclosure for reporting segments including data and tables. 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