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Revenue (Tables) | 9 Months Ended
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Sep. 28, 2025
Revenue [Abstract] |
Disaggregation of Revenue | The following tables disaggregate revenue by segment and source:
| Wendy’s U.S. |  | Wendy’s International |  | Global Real Estate & Development |  | Total
Three Months Ended September 28, 2025 |  |  |  |  |  |  |
Sales at Company-operated restaurants | $ | 225,264 |  |  | $ | 7,890 |  |  | $ | — |  |  | $ | 233,154 |
Franchise royalty revenue | 108,201 |  |  | 19,611 |  |  | — |  |  | 127,812 |
Franchise fees | 20,879 |  |  | 2,471 |  |  | 848 |  |  | 24,198 |
Franchise rental income | — |  |  | — |  |  | 57,339 |  |  | 57,339 |
Advertising funds revenue | 97,073 |  |  | 9,940 |  |  | — |  |  | 107,013 |
Total revenues | $ | 451,417 |  |  | $ | 39,912 |  |  | $ | 58,187 |  |  | $ | 549,516 |
Three Months Ended September 29, 2024 |  |  |  |  |  |  |
Sales at Company-operated restaurants | $ | 222,745 |  |  | $ | 7,658 |  |  | $ | — |  |  | $ | 230,403 |
Franchise royalty revenue | 114,379 |  |  | 18,222 |  |  | — |  |  | 132,601 |
Franchise fees | 17,859 |  |  | 2,306 |  |  | 1,102 |  |  | 21,267 |
Franchise rental income | — |  |  | — |  |  | 59,314 |  |  | 59,314 |
Advertising funds revenue | 113,742 |  |  | 9,412 |  |  | — |  |  | 123,154 |
Total revenues | $ | 468,725 |  |  | $ | 37,598 |  |  | $ | 60,416 |  |  | $ | 566,739 |
| Wendy’s U.S. |  | Wendy’s International |  | Global Real Estate & Development |  | Total
Nine Months Ended September 28, 2025 |  |  |  |  |  |  |
Sales at Company-operated restaurants | $ | 663,981 |  |  | $ | 21,536 |  |  | $ | — |  |  | $ | 685,517 |
Franchise royalty revenue | 325,449 |  |  | 56,271 |  |  | — |  |  | 381,720 |
Franchise fees | 62,555 |  |  | 7,126 |  |  | 2,057 |  |  | 71,738 |
Franchise rental income | — |  |  | — |  |  | 176,204 |  |  | 176,204 |
Advertising funds revenue | 290,188 |  |  | 28,550 |  |  | — |  |  | 318,738 |
Total revenues | $ | 1,342,173 |  |  | $ | 113,483 |  |  | $ | 178,261 |  |  | $ | 1,633,917 |
Nine Months Ended September 29, 2024 |  |  |  |  |  |  |
Sales at Company-operated restaurants | $ | 673,364 |  |  | $ | 19,717 |  |  | $ | — |  |  | $ | 693,081 |
Franchise royalty revenue | 341,229 |  |  | 53,370 |  |  | — |  |  | 394,599 |
Franchise fees | 53,511 |  |  | 6,584 |  |  | 3,344 |  |  | 63,439 |
Franchise rental income | — |  |  | — |  |  | 177,938 |  |  | 177,938 |
Advertising funds revenue | 316,059 |  |  | 27,103 |  |  | — |  |  | 343,162 |
Total revenues | $ | 1,384,163 |  |  | $ | 106,774 |  |  | $ | 181,282 |  |  | $ | 1,672,219 |
Contract Balances, assets and liabilities | The following table provides information about receivables and contract liabilities (deferred franchise fees) from contracts with customers:
| September 28, 2025 (a) |  | December 29, 2024 (a)
Receivables, which are included in “Accounts and notes receivable, net” (b) | $ | 61,654 |  |  | $ | 55,601 |
Receivables, which are included in “Advertising funds restricted assets” | 67,936 |  |  | 73,223 |
Deferred franchise fees (c) | 99,517 |  |  | 99,411 |
_______________ (a)Excludes funds collected from the sale of gift cards, which are primarily reimbursed to franchisees upon redemption at franchised restaurants and do not ultimately result in the recognition of revenue in the Company’s condensed consolidated statements of operations. (b)Includes receivables related to “Sales” and “Franchise royalty revenue and fees.” (c)Deferred franchise fees are included in “Accrued expenses and other current liabilities” and “Deferred franchise fees” and totaled $11,553 and $87,964, respectively, as of September 28, 2025, and $11,024 and $88,387, respectively, as of December 29, 2024.
Contract Balances, deferred franchise fee rollforward | Significant changes in deferred franchise fees are as follows:
| Nine Months Ended
| September 28, 2025 |  | September 29, 2024
Deferred franchise fees at beginning of period | $ | 99,411 |  |  | $ | 100,805 |
Revenue recognized during the period | (6,865) |  |  | (8,873) |
New deferrals due to cash received and other | 6,971 |  |  | 8,822 |
Deferred franchise fees at end of period | $ | 99,517 |  |  | $ | 100,754 |
Anticipated Future Recognition of Deferred Franchise Fees | The following table reflects the estimated franchise fees to be recognized in the future related to performance obligations that are unsatisfied at the end of the period:
Estimate for fiscal year: |
2025 (a) | $ | 6,373 |
2026 | 6,893 |
2027 | 6,742 |
2028 | 6,607 |
2029 | 6,508 |
Thereafter | 66,394 |
| $ | 99,517 |
_______________ (a)Represents franchise fees expected to be recognized for the remainder of 2025, which includes development-related franchise fees expected to be recognized over a duration of one year or less.

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