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Made with fresh, never frozen beef and served hot 'n juicy with fries and a drink, it's everything fans love about Wendy's for just $7.99

, /PRNewswire/ --

WHAT: Hot off the grill news: Wendy's® is putting a square deal on the table. Starting today, customers can score a Dave's Single® combo meal, featuring a Dave's Single hamburger, small Hot & Crispy Fries, and a small soft drink for just $7.99 – proving fans don't have to choose between quality and value at Wendy's.

Wendy’s Dave’s Single® Combo Meal offer proves you don’t have to compromise on quality when it comes to value —featuring a Dave’s Single, small Hot & Crispy Fries and a small soft drink for just $7.99.

Wendy's goes the extra mile for each customer, delivering quality food at a price that feels as good as it tastes. The Dave's Single is a delicious example of that standard. Named after Wendy's founder, Dave Thomas, the iconic hamburger is made to order with a quarter pound of 100% Fresh, Never Frozen beef*, American cheese, lettuce, tomato, pickle, ketchup, mustard, mayo and onion on a toasted potato bun.

WHEN & WHERE:

Starting October 19: For a limited time only, fans can order a Dave's Single combo meal – including a Dave's Single, small Hot & Crispy Fries and your choice of a small soft drink for just $7.99 at participating U.S. Wendy's restaurants.**
Available to order: In-restaurant, through the drive-thru or via the Wendy's app and Wendy's.com.
WHY: Wendy's knows great taste, quality ingredients and exceptional value should go hand in hand. The $7.99 Dave's Single Combo shines a spotlight on one of Wendy's most iconic menu items. With roots dating back to the brand's original five menu offerings, the Dave's Single has long reflected Wendy's commitment to serving fresh, quality food without cutting corners.

Whether it's a quick drive-thru visit or dinner for the family, customers can enjoy the Wendy's quality they love at a price that delivers outstanding value.

ABOUT WENDY'S
The Wendy's Company (Nasdaq: WEN) and Wendy's franchisees employ hundreds of thousands of people across more than 7,000 restaurants worldwide. Founded in 1969, Wendy's is committed to the promise of Fresh Famous Food, Made Right, For You, delivered to customers through its craveable menu including made-to-order square hamburgers using fresh beef, and fan favorites like the Spicy Chicken Sandwich and nuggets, Baconator®, and the Frosty® dessert. Wendy's supports the Dave Thomas Foundation for Adoption®, established by its founder, which seeks to dramatically increase the number of adoptions of children waiting in North America's foster care system. Learn more about Wendy's at www.wendys.com. For details on franchising, visit www.wendys.com/franchising. Connect with Wendy's on X, Instagram and Facebook.

*Approximate weight before cooking. Fresh beef available in the contiguous U.S. and Alaska, as well as Canada, Mexico, Puerto Rico, the UK, and other select international markets.

**Limited time only. U.S. price and participation may vary. Not valid with any other offer or discount. No substitutions. Prices may be higher for delivery.

SOURCE The Wendy's Company

The Wendy's Company (NASDAQ:WEN), the US fast-food chain, faces a longer and more expensive turnaround as Jefferies cuts earnings forecasts and lowers its price target to $6.50 from $7.50.

The broker maintains a 'hold' rating, arguing that soft quick-service restaurant (QSR) industry trends, potential franchise closures and higher investment requirements warrant a more conservative outlook under new chief executive Wright.

Jefferies expects US same-store sales, which track sales at established restaurants, to fall 6.8% in the third quarter, compared with the market consensus for a 6.5% decline, while international sales are forecast to drop 3%.

The broker also expects earnings per share (EPS) of $0.09 for the quarter, below the consensus estimate of $0.10, with earnings before interest, tax, depreciation and amortisation (EBITDA) forecast at $101 million against expectations of $103 million.

Jefferies expects Wendy’s to close a net of 291 US restaurants in 2026, compared with the market forecast of 277 closures, before further net reductions of 68 locations in 2027 and 60 in 2028.

The revised forecasts reflect concerns about financially stretched franchise operators facing high interest rates, rising beef and labour costs, and expensive restaurant construction.

One of Wendy’s largest franchisees filed for bankruptcy in September, although the company has contested the proceedings in light of an earlier termination of its franchise agreement.

Jefferies believes further closures are possible over the next 6 to 12 months as Wendy’s works to strengthen its franchise network, although it acknowledges limited visibility over the final outcome.

The broker has also cut its international restaurant growth forecasts slightly but expects the overseas business to remain a net contributor, with 94 net additions in 2026, 110 in 2027 and 122 in 2028.

Jefferies forecasts earnings per share of $0.48 in 2026, $0.40 in 2027 and $0.47 in 2028, below consensus estimates of $0.50, $0.52 and $0.61, respectively.

The reductions reflect additional spending on food quality, technology, franchisee training, operational support and incentives intended to improve the brand and its restaurant network.

Jefferies expects the market’s earnings forecasts to drift lower because analysts have yet to fully account for the transition, although it believes investors already understand the broad challenges facing the business.

The broker sees promise in Wright’s previous turnaround experience and familiarity with Wendy’s, alongside the appointment of new chief marketing officer Tariq Hassan, who joined from McDonald’s in August.

Jefferies values Wendy’s at about 8.5 times its reduced 2027 EBITDA forecast, while warning that the recovery will take time in a difficult operating environment.

On Oct. 12, 2026, one share of Wendy's (WEN +1.28%) costs $6.31. That's less than an $8 Baconator, and I mean just the sandwich, not the meal. If your local drive-through accepted payment by stock certificates, you would still have to add some change if you wanted a $7.30 Dave's Double.

That doesn't mean it's time to double down on Wendy's stock. A low share price doesn't necessarily mean anything, and this burger chain looks affordable for a reason.

WEN data by YCharts

Someone edited the recipe card Wendy's stock has lost 65.6% over the last three years. Around early 2024, the share price began to fall while the dividend yield began to rise. That combination looks tasty on a stock screener, but a yield inflated by a falling price often signals financial trouble and a rough road ahead.

At this point, Wendy's stock trades at just 9.6 times trailing earnings and 4.6 times free cash flow. The low P/E ratio comes with some fine print. Wendy's has a $1.2 billion market cap but a $4.8 billion enterprise value, thanks to a hefty debt load. Buyers of the stock get a small bun of robust free cash flow wrapped around a very large patty of debt.

New CEO Bob Wright is well aware of the company's troubles. He started at Wendy's 28 years ago, worked alongside founder Dave Thomas, and later rebuilt Potbelly's menu while growing sales by more than 40% in five years.

But this won't be an easy turnaround. On his first earnings call, Wright said cost-cutting decisions had weakened the quality that once defined the brand. That's a striking admission from a chain whose longtime slogan was "Quality Is Our Recipe."

Image source: Getty Images.

Customers noticed Wendy's cut its quarterly dividend from $0.25 to $0.14 in May 2025, then cut it again to $0.07 in August 2026. Many data sources still show a trailing yield near 7.8%, but the new payout works out to a forward yield of about 4.4%.

The dividend cuts reflect real operational problems. In the second quarter of 2026, U.S. same-restaurant sales fell 7% and customer traffic dropped 12.5%.

On the earnings call, CFO Steve Cirulis said that July traffic was no better. Wendy's closed 289 U.S. restaurants in the first half of 2026, and more closures seem likely. The company is in full turnaround mode, led by proven crisis-fixer Wright. If you lost count, that's Wendy's fourth CEO since February 2024.

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Wait for the new menu The low valuation ratios are either no-brainer buying opportunities or red flags with sparklers and neon lights. In Wendy's case, Wright faces a tough task. A loss of reputation for quality is a significant factor in the company's downturn.

So until this recovery project shows results, Wendy's stock looks cheap for a reason. The single-digit stock price is a red flag, not a buying window. Wright gets a chance to change my mind when Wendy's reports Q3 earnings on Nov. 5. I'll pay close attention to his second earnings call.

, /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) will release its third quarter 2026 results before the market opens on Thursday, November 5. The Company will host a conference call that same day at 8:30 a.m. ET, with a simultaneous webcast accessible from the Company's Investor Relations website at www.irwendys.com. The related presentation materials will also be available on the Company's Investor Relations website. The live conference call will be available by telephone at (833) 461-5787 for North American callers and (585) 542-9983 for international callers, both using event ID 536 954 295. A replay of the webcast will be available on the Company's Investor Relations website.

About Wendy's
The Wendy's Company (Nasdaq: WEN) and Wendy's® franchisees employ hundreds of thousands of people across more than 7,000 restaurants worldwide. Founded in 1969, Wendy's is committed to the promise of Fresh Famous Food, Made Right, For You, delivered to customers through its craveable menu including made-to-order square hamburgers using fresh beef*, and fan favorites like the Spicy Chicken Sandwich and nuggets, Baconator®, and the Frosty® dessert. Wendy's supports the Dave Thomas Foundation for Adoption®, established by its founder, which seeks to dramatically increase the number of adoptions of children waiting in North America's foster care system. Learn more about Wendy's at www.wendys.com. For details on franchising, visit www.wendys.com/franchising. Connect with Wendy's on X, Instagram and Facebook.

*Fresh beef available in the contiguous U.S. and Alaska, as well as Canada, Mexico, Puerto Rico, the UK, and other select international markets.

Investor Contact:
Aaron Broholm
Head of Investor Relations
(614) 764-3345; [email protected]

SOURCE The Wendy's Company

The Wendy’s Company (NASDAQ:WEN – Get Free Report)’s stock price hit a new 52-week low during mid-day trading on Monday. The company traded as low as $5.95 and last traded at $6.0080, with a volume of 795671 shares changing hands. The stock had previously closed at $6.12.

Wall Street Analyst Weigh In A number of equities analysts have weighed in on the company. Stephens reissued an “equal weight” rating and issued a $8.00 target price on shares of Wendy’s in a research report on Tuesday, June 23rd. Morgan Stanley set a $5.50 price objective on shares of Wendy’s in a report on Monday, August 10th. Weiss Ratings restated a “sell (d+)” rating on shares of Wendy’s in a research report on Friday, July 17th. BMO Capital Markets restated a “market perform” rating on shares of Wendy’s in a report on Monday, August 10th. Finally, Seaport Research Partners assumed coverage on shares of Wendy’s in a research report on Wednesday, September 16th. They issued a “neutral” rating for the company. Two analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $7.82.

Check Out Our Latest Stock Report on WEN

Wendy’s Stock Down 1.9% The company has a current ratio of 1.90, a quick ratio of 1.88 and a debt-to-equity ratio of 27.95. The stock has a market cap of $1.14 billion, a P/E ratio of 9.10, a PEG ratio of 0.63 and a beta of 0.40. The company’s 50 day moving average price is $7.66 and its two-hundred day moving average price is $7.40. Wendy’s (NASDAQ:WEN – Get Free Report) last announced its earnings results on Friday, August 7th. The restaurant operator reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. Wendy’s had a net margin of 5.72% and a return on equity of 115.31%. The business had revenue of $570.57 million during the quarter, compared to analysts’ expectations of $557.13 million. During the same period in the prior year, the company earned $0.29 earnings per share. The firm’s revenue was up 1.8% on a year-over-year basis. Equities analysts forecast that The Wendy’s Company will post 0.49 earnings per share for the current year.

Wendy’s Cuts Dividend The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were given a $0.07 dividend. The ex-dividend date was Tuesday, September 1st. This is a decrease from Wendy’s’s previous quarterly dividend of $0.14. This represents a $0.28 dividend on an annualized basis and a dividend yield of 4.7%. Wendy’s’s dividend payout ratio (DPR) is currently 42.42%.

Institutional Inflows and Outflows Several hedge funds have recently bought and sold shares of WEN. Envestnet Asset Management Inc. raised its holdings in Wendy’s by 62.6% during the second quarter. Envestnet Asset Management Inc. now owns 74,030 shares of the restaurant operator’s stock valued at $614,000 after acquiring an additional 28,508 shares during the period. State Street Corp lifted its holdings in Wendy’s by 20.1% in the 2nd quarter. State Street Corp now owns 6,566,985 shares of the restaurant operator’s stock worth $54,440,000 after purchasing an additional 1,101,063 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Wendy’s by 130.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 86,902 shares of the restaurant operator’s stock worth $720,000 after purchasing an additional 49,124 shares during the period. WINTON GROUP Ltd boosted its stake in Wendy’s by 48.8% in the 2nd quarter. WINTON GROUP Ltd now owns 291,578 shares of the restaurant operator’s stock worth $2,417,000 after purchasing an additional 95,596 shares during the period. Finally, NewEdge Advisors LLC grew its holdings in Wendy’s by 1,557.9% during the 2nd quarter. NewEdge Advisors LLC now owns 12,832 shares of the restaurant operator’s stock valued at $106,000 after buying an additional 12,058 shares in the last quarter. Institutional investors own 85.96% of the company’s stock.

Wendy’s Company Profile (Get Free Report)

Wendy’s Co (NASDAQ: WEN) operates and franchises the Wendy’s quick-service restaurant chain. Its menu primarily features hamburgers made with fresh, never-frozen beef, along with chicken sandwiches, nuggets, salads, french fries, breakfast items, beverages and the signature Frosty dessert.

Founded by Dave Thomas in Columbus, Ohio, in 1969, Wendy’s has grown into an international restaurant brand. The company serves customers through a network of company-operated and franchised restaurants, with a significant presence in the United States and additional locations in international markets.

In addition to restaurant sales, Wendy’s supports ordering through digital channels, including its mobile application and website, as well as delivery services.

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A sprawling Wendy’s franchisee that sought Chapter 11 bankruptcy protection earlier this month could close as many as 30 restaurants over the next few weeks as part of a cash collateral agreement, new court filings reveal. 

Meritage Hospitality Group, which is based in Grand Rapids, Michigan, and operates 314 Wendy’s locations across 15 states, says it has already identified five unprofitable stores that it planned to shut down and vacate this weekend.

In a bankruptcy docket filed late Friday, Meritage said it is seeking to cancel the leases and franchise agreements for the stores, which it has described as burdensome and unnecessary, as it seeks to restructure its operations.

The impacted Wendy’s restaurants are located in Virginia, Florida, Texas, and Oklahoma. 

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As of Saturday, the stores were still listed as open on Google and appearing on Wendy’s store locator, but phone calls to the stores went unanswered.

Fast Company reached out to The Wendy’s Company and Meritage Hospitality Group for comment. 

Why are these Wendy’s stores closing? Meritage has sought to use cash collateral for its day-to-day operations, a common and often necessary strategy for companies as they work through the Chapter 11 process. Last week, a bankruptcy judge approved Meritage’s use of cash collateral.

Explore Topicsbankruptciesfast foodRetailstore closureswendys

Wendy’s Co. (NASDAQ:WEN) shares are edging higher Monday, even though the stock just hit a fresh multi-year low following a string of escalating bad news over the past several weeks.

Wendy’s stock is gaining positive traction. Why are WEN shares climbing? A Franchisee Bankruptcy Capped Off a Rough MonthOne of the chain’s biggest operators, Meritage Hospitality, sought Chapter 11 protection on Thursday, a company running 314 Wendy’s outposts spread across 15 states along with a lone Bojangles and five stores carrying independent branding, according to CNBC. Because nearly all of its restaurants carry the Wendy’s name, the company said broader pressure on the chain had directly strained its own finances

Chief Executive Bob Schermer Jr. attributed a nearly 50% collapse in store-level profitability during 2025 to climbing beef costs paired with a heavier push toward discounts, with the firm pegging both what it owns and what it owes somewhere between $10 million and $50 million.

Wendy’s Chart Shows a Steady Downtrend, Not Just Bad NewsThe stock’s chart over the past three months backs up that narrative of steady deterioration rather than a single shock. Trading volume on the very first session of that window dwarfed every other spike on the chart, including the days tied to the failed take-private deal, making it the single most heavily traded moment of the entire period.

From mid-August into September, shares climbed gradually in a stair-step fashion toward a rounded peak near $9, plateaued rather than spiking sharply, then dropped straight through support in one large session, a pattern technicians often associate with sellers slowly gaining control rather than a sudden shock.

Zooming out further, the stock built three separate consolidation ranges over the period, each one sitting lower than the last, forming a staircase pattern even though price action within each range looked calm on its own. Both the highs and lows have been sliding together throughout, with major peaks and troughs each stepping progressively lower, forming a genuine downward channel rather than random noise.

The most recent sessions offer a small but notable change, with price compressing into a tighter, flatter range instead of continuing to fall, though it remains unclear whether that reflects the start of a genuine base or just a pause before another leg lower.

WEN Shares Are RisingWEN Price Action: Wendy’s shares were up 0.45% at $6.77 at the time of publication on Monday, according to Benzinga Pro.

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Shares of The Wendy’s Company (NASDAQ:WEN – Get Free Report) have been assigned a consensus rating of “Reduce” from the twenty-one research firms that are currently covering the company, MarketBeat.com reports. Six analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have assigned a buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $7.7763.

WEN has been the subject of a number of recent analyst reports. BMO Capital Markets restated a “market perform” rating on shares of Wendy’s in a report on Monday, August 10th. KeyCorp reiterated a “sector weight” rating on shares of Wendy’s in a report on Tuesday, August 11th. Stephens reiterated an “equal weight” rating and issued a $8.00 price objective on shares of Wendy’s in a research report on Tuesday, June 23rd. Morgan Stanley set a $5.50 target price on Wendy’s in a research note on Monday, August 10th. Finally, UBS Group reissued a “neutral” rating and set a $8.00 target price on shares of Wendy’s in a research note on Monday, August 10th.

Check Out Our Latest Analysis on WEN

Key Stories Impacting Wendy’s Here are the key news stories impacting Wendy’s this week: Positive Sentiment: Wendy’s plans to bring back its iconic yellow packaging after customer demand. The move could generate consumer engagement and modestly support traffic, although it is unlikely to offset broader operating challenges. Wendy’s bringing back iconic yellow packaging after fan demand Neutral Sentiment: The packaging relaunch is scheduled to begin September 28, while other coverage highlighted promotional offers and limited-time menu items. These initiatives may help attract customers, but their financial impact remains uncertain. Wendy’s revives classic yellow packaging starting Sept. 28 Neutral Sentiment: Wendy’s new CEO has outlined a strategy to improve results, giving investors a potential long-term turnaround plan; however, the company must still demonstrate that the initiatives can reverse the sales decline. Should You Avoid Wendy’s Stock, Even After a 66% Decline? Negative Sentiment: Meritage Hospitality Group, which operates more than 300 Wendy’s restaurants across roughly 15 states, filed for Chapter 11 bankruptcy protection. While the filing may allow restaurants to continue operating during restructuring, it raises concerns about franchisee financial health, possible store reductions and the stability of Wendy’s restaurant footprint. Wendy’s franchisee files for Chapter 11 bankruptcy protection as burger chain struggles Negative Sentiment: The bankruptcy comes as Wendy’s has reported six consecutive quarters of same-store sales declines, suggesting persistent customer-demand and execution problems. Investors are therefore viewing the filing as evidence of broader weakness rather than an isolated franchisee issue. A major Wendy’s franchisee with 314 stores just filed for bankruptcy Institutional Inflows and Outflows A number of large investors have recently bought and sold shares of WEN. Trian Fund Management L.P. purchased a new position in Wendy’s during the 2nd quarter valued at about $252,583,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Wendy’s during the first quarter worth about $26,062,000. Renaissance Technologies LLC increased its stake in Wendy’s by 2,612.4% during the first quarter. Renaissance Technologies LLC now owns 2,340,282 shares of the restaurant operator’s stock worth $16,265,000 after purchasing an additional 2,254,000 shares during the period. Jupiter Topco LLC acquired a new stake in shares of Wendy’s during the second quarter worth about $12,675,000. Finally, Bank of America Corp DE lifted its position in shares of Wendy’s by 5.6% during the first quarter. Bank of America Corp DE now owns 4,493,752 shares of the restaurant operator’s stock worth $31,232,000 after purchasing an additional 236,541 shares in the last quarter. Institutional investors and hedge funds own 85.96% of the company’s stock.

Wendy’s Stock Performance Shares of WEN stock opened at $6.74 on Friday. The company’s 50-day moving average price is $7.86 and its 200-day moving average price is $7.45. The company has a current ratio of 1.90, a quick ratio of 1.88 and a debt-to-equity ratio of 27.95. The stock has a market cap of $1.29 billion, a price-to-earnings ratio of 10.21, a PEG ratio of 0.68 and a beta of 0.39. Wendy’s has a twelve month low of $6.07 and a twelve month high of $10.12.

Wendy’s (NASDAQ:WEN – Get Free Report) last released its quarterly earnings data on Friday, August 7th. The restaurant operator reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.02. Wendy’s had a net margin of 5.72% and a return on equity of 115.31%. The firm had revenue of $570.57 million during the quarter, compared to analysts’ expectations of $557.13 million. During the same period last year, the business earned $0.29 earnings per share. Wendy’s’s revenue was up 1.8% compared to the same quarter last year. As a group, equities analysts predict that Wendy’s will post 0.5 earnings per share for the current year.

Wendy’s Cuts Dividend The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were issued a dividend of $0.07 per share. The ex-dividend date was Tuesday, September 1st. This represents a $0.28 dividend on an annualized basis and a dividend yield of 4.2%. Wendy’s’s dividend payout ratio is currently 42.42%.

About Wendy’s (Get Free Report)

The Wendy’s Company (NASDAQ: WEN) operates and franchises the Wendy’s quick-service restaurant chain. Its restaurants serve hamburgers, chicken sandwiches, salads, fries, breakfast items, baked goods, beverages and other menu offerings. The company also supports restaurant operations through digital ordering, delivery and loyalty programs.

Wendy’s was founded by Dave Thomas in Columbus, Ohio, in 1969. The brand is known for its square hamburgers, made-to-order preparation and “old-fashioned” positioning.

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Wendy's (WEN) is facing another sign of stress across its U.S. restaurant system after one of its largest franchise operators filed for Chapter 11 bankruptcy pr

Wendy’s Co. (NASDAQ:WEN) shares are trading lower Friday. Meritage Hospitality, one of the company’s largest U.S. franchisees, filed for Chapter 11 bankruptcy protection Thursday. Here’s what you should know.

Wendy’s shares are under pressure. Why are WEN shares declining? Meritage Hospitality Files For Chapter 11 BankruptcyMeritage Hospitality, which operates 314 Wendy’s locations across 15 states plus a Bojangles restaurant and five independently branded stores, entered Chapter 11 proceedings Thursday. Since nearly all of its restaurants carry the Wendy’s name, the company said broader pressure on the chain has directly strained its own finances, CNBC reported.

Meritage CEO Bob Schermer Jr said store-level earnings sank nearly 50% in 2025, driven by rising beef prices and heavier discounting. The company said the filing is meant to shore up its balance sheet while restaurants continue operating normally, and estimated both its assets and liabilities fall between $10 million and $50 million.

The filing comes as Wendy’s has posted same-store sales declines for six straight quarters amid frequent executive turnover, with the stock losing roughly two-thirds of its value over the past three years.

Wendy’s Chart Shows a Stock Struggling Below Key AveragesWEN remains stuck well beneath its major trend lines, trading roughly 14% under its 20-day average and about 11% under its 200-day mark, keeping bounces looking more like selling opportunities until the stock reclaims those levels. Even a golden cross that formed in August hasn’t been enough to lift shares back above their longer-term averages, and the stock remains down about 28% over the past year.

Momentum readings lean bearish too, with MACD below its signal line, suggesting buyers are losing ground unless momentum rebuilds quickly.

Traders are watching whether the stock can stabilize above its 52-week low of $6.07 rather than continuing to churn near the bottom of its yearly range, with $7.50 standing out as a nearby resistance level where past rebounds have stalled.

WEN Shares Are DippingWEN Price Action: Wendy’s shares were down 2.58% at $6.81 at the time of publication on Friday, according to Benzinga Pro.

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Meritage Hospitality, one of Wendy's largest U.S. franchisees, filed for Chapter 11 bankruptcy protection on Thursday.

The filing comes as the burger chain has struggled to win over diners who have become increasingly focused on value. For six straight quarters, Wendy's has reported same-store sales declines. A revolving door of chief executives in recent years has led to muddled turnaround strategies, and the company's stock has lost two-thirds of its value over the past three years.

"Because the substantial majority of Meritage's restaurant portfolio operates under Wendy's brand, those system-wide pressures have had a significant impact on the Company's financial position," Meritage said in a press release announcing the filing.

At an investor conference in June, Meritage CEO Bob Schermer Jr. said that store-level earnings before interest, taxes, depreciation and amortization had plummeted 48% in 2025. Rising beef costs and increased discounts weighed on the franchisee's profits.

Meritage said it filed for bankruptcy to strengthen its balance sheet, and the company plans to keep its restaurants running during the restructuring process. Meritage operates 314 Wendy's restaurants across 15 states, as well as one Bojangles location and five independently branded stores.

Meritage estimated that its assets are valued at $10 million to $50 million, with liabilities within the same range, according to a filing with the U.S. Bankruptcy Court for the Western District of Michigan. Quality Is Our Recipe LLC, the legal name for Wendy's franchise business, is listed as its top unsecured creditor with a claim of $24.9 million for deferred franchise fees.

Wendy's (WEN -5.76%) stock has generally traded down since an apparent plan to take the company private was abandoned in late August. On Wednesday, an analyst initiated coverage of the fast-food purveyor's stock with a rather lukewarm take, which didn't help improve investor sentiment -- the company's stock fell by nearly 6% that trading session.

Not a better burger Well before market open that morning, Seaport Global Securities formally began its tracking of Wendy's stock. Analyst Eric Gonzalez rated the veteran fast food purveyor's equity a neutral, and not only because of that scotched go-private effort.

Image source: Getty Images.

According to reports, Gonzalez waxed bearish about the company's fundamentals, writing that they are falling more quickly than at any time in its long history. The numbers back up this assertion, as Wendy's same-restaurant sales plummeted by 7% year over year in the company's most recently reported quarter. Customer traffic into the restaurants was also down notably, by 12.5%.

Other factors also make the prognosticator neutral on Wendy's equity. He pointed out that the company recently cut its quarterly dividend (to $0.07 per share), and speculated that sales won't reverse course in either the current (third) quarter or the final frame of this year.

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A tough business these days Current food-service trends in the U.S. don't favor Wendy's. Many diners favor healthier fare. Meanwhile, there are many burger-slingers competing for the consumer dollar. On top of that, aggressive discounting is hardly doing wonders for the fundamentals of sector players.

This one just doesn't seem to be finding its niche, and given that, I think there are more promising sector stocks.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Key Takeaways WEN's Q2 adjusted EBITDA fell $22.5M YoY to $124.1M as U.S. traffic declined 12.5%.WEN expects traffic to stay challenging and sees no systemwide sales growth in Q3 or Q4.Value, food quality, operations, digital and restaurant economics anchor WEN's turnaround plan. The Wendy’s Company (WEN - Free Report) is working to restore profitability as persistent traffic weakness and pressure on restaurant economics weigh on performance. During the second quarter of 2026, global systemwide sales declined 6.5% in constant currency, while U.S. same-restaurant sales fell 7% due to a 12.5% drop in traffic that was partially offset by a 5.6% increase in average check.

The profitability challenge is reflected in WEN’s second-quarter results. Adjusted EBITDA declined $22.5 million year over year to $124.1 million, while adjusted revenues fell 1.4% to $443.2 million. U.S. company-operated restaurant margin was 13.8%, with higher commodity and labor costs weighing on restaurant economics, partly offset by higher average check and labor efficiencies.

The second-half outlook provides an important checkpoint for the EBITDA recovery. WEN expects traffic trends to remain challenging, with July traffic consistent with second-quarter levels. The company does not expect to return to year-over-year systemwide sales growth in the third or fourth quarters and anticipates continued pressure on company-operated margins and adjusted EBITDA from sales deleverage, 5%-6% full-year commodity inflation and higher G&A tied to turnaround investments. WEN has also withdrawn its 2026 financial outlook.

The turnaround remains focused on addressing the underlying factors weighing on traffic and restaurant economics. WEN is prioritizing food quality and value, stronger branding and marketing, operational excellence, a better digital experience and healthier restaurant-level economics. Management identified quality degradation, challenges around value offerings, inconsistent operations and ineffective marketing as key areas requiring improvement.

WEN’s ability to generate EBITDA progress will likely depend on whether its turnaround can rebuild traffic through stronger value and quality, improve restaurant-level execution and strengthen the customer experience. These initiatives can support sales leverage and restaurant economics, while disciplined investment in the turnaround will be central to improving margins and restoring EBITDA growth.

Wendy’s Competitor LandscapeMcDonald’s Corporation (MCD - Free Report) provides a relevant benchmark for WEN because it is also addressing traffic weakness through improvements in value, digital engagement and restaurant execution. In the second quarter of 2026, McDonald’s U.S. comparable sales increased 0.8% despite traffic pressure linked to value execution and a pullback in digital offers. The company is responding with more national digital flash offers, personalized promotions and a greater focus on proven value initiatives to re-engage customers and improve baseline traffic.

Starbucks Corporation (SBUX - Free Report) offers another benchmark, with traffic recovery supported by loyalty engagement, product innovation and improvements in the customer experience. In the third quarter of fiscal 2026, global comparable sales increased 7.9%, driven by a 4% jump in transactions, while U.S. comparable sales rose 7.9% with transactions up 4.2%. Starbucks also reported 35.8 million 90-day active Rewards members in the United States, while initiatives such as targeted loyalty benefits and menu innovation are helping encourage repeat purchases and engagement.

Against this backdrop, WEN’s positioning depends on whether its turnaround can translate investments in value, food quality, marketing and operational execution into stronger traffic and restaurant-level economics. McDonald’s is emphasizing value, marketing and execution to strengthen its U.S. business, while Starbucks is demonstrating stronger transaction growth alongside loyalty and customer-experience initiatives. WEN’s differentiation will depend on how effectively it addresses the quality, value and operational issues weighing on traffic while improving restaurant economics and managing the cost pressures weighing on EBITDA.

WEN’s Price Performance, Valuation & EstimatesShares of Wendy’s have gained 12.7% over the past three months against the industry’s 8.5% drop.

WEN Three-Month Price Performance
Image Source: Zacks Investment Research

From a valuation standpoint, WEN trades at a forward price-to-sales (P/S) multiple of 0.66, below the industry’s average of 3.17.

WEN’s P/S Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for WEN’s 2026 earnings per share (EPS) implies a year-over-year decline of 44.3%. The EPS estimates for 2026 have declined in the past 30 days.

EPS Trend of WEN Stock
Image Source: Zacks Investment Research

WEN’s Zacks RankWEN stock currently has a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

For a few days in mid-August, Wendy's NASDAQ: WEN traded like a company about to be taken private. Reports surfaced on Aug. 12 that Trian Fund Management, Nelson Peltz's activist firm and a roughly 16% shareholder in Wendy's, was assembling a consortium to explore a buyout.

Wendy's Today

$8.40 +0.13 (+1.51%)

As of 12:48 PM Eastern

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$6.07▼

$10.453.34%

12.69

$7.78

The stock ripped nearly 15% higher. That briefly pushed shares toward the $9 mark, putting WEN in the green for 2026.

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The move didn't last. Reuters reported Trian has no current plans to bid, and the stock gave back the entire rally in a single session, sliding back toward the high-$7 range. Trian's stated reasoning (e.g., concerns about performance, valuation, and strategic direction) read less like a passing decision and more like a well-capitalized insider declining to catch a falling knife.

That reversal landed at a time when Wendy's was already struggling. In its Q2 2026 earnings report, delivered on Aug. 7, Wendy's reported a 7% drop in U.S. same-restaurant sales, a 41% decline in net income, and a withdrawn full-year 2026 outlook. CEO Bob Wright didn't sugarcoat it, telling investors performance was "not at our potential."

But that's not quite where the story ends. In the weeks since, WEN has quietly clawed back most of that move. That move is why it's taking the rally seriously, not rhetorically.

Why WEN Started Trading Like a Meme StockFive years ago, Wendy's was trading at an all-time high of around $25. Since then, WEN has been in a steep decline, bringing the stock to around $6.22 per share in June 2026. That put it perilously close to penny-stock territory.

It hasn't been without merit. The quick-service restaurant industry has been struggling to find the right mix of price and value for an increasingly stretched core consumer. Wendy's hasn't helped matters with execution errors.

So why did WEN start soaring 15% in such a brief time? It wasn't all about Trian. The stock has over 32% of its float sold short. Savvy traders saw an opportunity to cause some of those short sellers to cover their positions. The move can't be called a short squeeze, but that term does a better job of explaining why the stock moved so sharply.

This is an important distinction for investors. A stock with substantial short interest can move dramatically on relatively little new information. When sentiment is already heavily skewed to the bearish side, even a temporary positive catalyst can force traders to reassess their positions.

That doesn't necessarily mean the underlying business has improved.

It does, however, mean that WEN can remain unusually volatile as investors debate whether the worst of the company's decline has already been priced into the stock.

Wendy's Stock Technical Analysis Shows a Bullish Setup, But Not a Confirmed TurnaroundHowever, just as it did in early July, investors considering a position in WEN should watch the chart. The stock appears to be finding support at an ascending 50-day simple moving average. That could be the start of a bullish move.

The technical picture is particularly interesting because WEN has managed to recover after the initial Trian-related reversal rather than simply falling back to its June lows.

That creates a potential test for the bulls. If shares can continue holding above the 50-day moving average and establish higher lows, traders have a technical argument that the longer-term downtrend may be losing some of its force. Conversely, a decisive break below that moving average would weaken the bullish setup and suggest that the recent recovery was another temporary bounce.

The MACD may be the deciding factor. In the last few months, momentum has clearly been on the bulls' side. The coming weeks will determine whether that momentum was due to the Trian news or if investors see a genuine opportunity.

For technical traders, the distinction matters. Momentum that survives the removal of a major catalyst is generally more meaningful than momentum that disappears as soon as the catalyst does.

Why Betting Against WEN May Be the Wrong Bet76th Percentile

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Wendy's is giving investors a genuinely mixed picture. At around 12x earnings, WEN is overvalued by some measures.

Many investors won't get excited about it until the company can start showing positive year-over-year earnings.

That said, Wendy's has been clearing a low bar for earnings over the past several quarters.

Institutions have also been buying the stock. That wouldn't happen if they suspected the company would go private. Instead, it appears to be a calculation that the sell-off has been overdone.

That buying activity is directly contradicted by analyst sentiment, which leans bearish with a consensus Reduce rating. Furthermore, of the 21 analysts that MarketBeat tracks, six have a Sell rating on WEN.

So, Was the Rally Ever Real?The honest answer is, yes...partly. The initial 15% pop was driven mostly by enthusiasm for the deal and short covering. That part of the move was always going to unwind once Trian stepped back.

The subsequent recovery to the mid-$8 range looks different. That looks more like value buyers and technical traders stepping in at a level where the stock had already priced in a lot of bad news.

The catch is that without Trian as a backstop, there's no buyout floor left under the stock. Whatever happens from here rests entirely on Wright's turnaround plan actually working. The chart says momentum currently favors the bulls. The fundamentals say that momentum still has something to prove.

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Nelson Peltz’s Trian Fund Management has no plans to make a take-private bid for Wendy’s at this time, sources familiar with the matter told Reuters.

The move comes after the investment firm, a longtime Wendy’s shareholder with around 16% of the fast food chain, was earlier this month reported by Reuters and others to be working on preparing a bid with the help of a consortium of investors, including Bugatti-backed BlueFive Capital and Flynn Group, a Wendy’s franchisee.

News of a possible take-private sent the stock up 14.7% on Aug. 12, with further momentum since pushing it to around a nine-month high, leaving the company with a market value of around $1.7 billion.

Trian Fund Management reportedly had been working on a possible take-private bid with a consortium of other investors. Bloomberg via Getty Images On Wednesday Wendy’s stock price tumbled more than 14% in after-hours trading in reaction to the Trian news.

Trian has concerns about Wendy’s performance, including its recent trading price and valuation multiples, as well as its current strategic direction, said the sources who are familiar with the matter but cannot discuss Trian’s thinking publicly.

This leaves Trian keeping an open mind about its future intentions, the sources added, declining to elaborate further.

A representative for Trian declined to comment.

Wendy’s did not immediately respond to a request for comment.

By pulling back on a possible takeover offer, Trian could be offering new Wendy’s Chief Executive Bob Wright time to execute a turnaround plan to address declining sales that cost it the No. 2 spot among big burger chains.

On Monday, Wright issued a rare corporate mea culpa, telling the Wall Street Journal that the chain sacrificed quality to trim costs. He also rolled out a five-point plan to revive prospects.

Trian Fund Management, led by Nelson Peltz, owns 16% of Wendy’s. Bloomberg via Getty Images Earlier in August, Wendy’s reported a drop in quarterly global sales, lower net income, higher costs and a drop in earnings per share, all of which prompted Wright to say the company is “clearly not performing at (its) potential.”

Wright, who took the top job in May, is the fourth leader of Dublin, Ohio-headquartered Wendy’s in the last three years.

Even as takeover speculation helped support the stock price, Wendy’s shares still trade roughly 60% lower than they did five years ago.

Wendy’s has had a nearly two-decade-long relationship with Trian, with Trian co-founder Peter May sitting on its board for 18 years. Last year, Bradley Peltz, one of Nelson Peltz’s sons, joined the nine-person board. Nelson Peltz and another son, Matthew, had previously held board seats.

Trian also mulled taking Wendy’s private in 2022 and then backed away from such plans in 2023.

A report that Wendy's may be taken private caused shares to soar two weeks ago. A new report is causing them to tumble.

BlackRock Inc. lifted its holdings in shares of The Wendy’s Company (NASDAQ:WEN – Free Report) by 21.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,314,724 shares of the restaurant operator’s stock after purchasing an additional 4,576,075 shares during the quarter. BlackRock Inc. owned 13.81% of Wendy’s worth $218,149,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Global Retirement Partners LLC acquired a new position in Wendy’s in the 2nd quarter valued at $27,000. Hilton Head Capital Partners LLC acquired a new stake in shares of Wendy’s during the 4th quarter worth $30,000. Cassaday & Co Wealth Management LLC bought a new position in shares of Wendy’s in the first quarter worth $30,000. Fifth Third Bancorp increased its position in shares of Wendy’s by 161.0% in the fourth quarter. Fifth Third Bancorp now owns 3,829 shares of the restaurant operator’s stock worth $32,000 after purchasing an additional 2,362 shares during the period. Finally, SJS Investment Consulting Inc. acquired a new position in Wendy’s in the first quarter valued at about $32,000. 85.96% of the stock is currently owned by institutional investors and hedge funds.

Wendy’s Price Performance WEN stock opened at $7.82 on Friday. The company has a 50 day simple moving average of $7.87 and a 200 day simple moving average of $7.45. The stock has a market cap of $1.49 billion, a price-to-earnings ratio of 11.85, a P/E/G ratio of 0.75 and a beta of 0.37. The Wendy’s Company has a 1 year low of $6.07 and a 1 year high of $10.62. The company has a debt-to-equity ratio of 27.95, a current ratio of 1.90 and a quick ratio of 1.88.

Wendy’s (NASDAQ:WEN – Get Free Report) last issued its earnings results on Friday, August 7th. The restaurant operator reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The firm had revenue of $570.57 million for the quarter, compared to analyst estimates of $557.13 million. Wendy’s had a net margin of 5.72% and a return on equity of 115.31%. The company’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter last year, the business posted $0.29 earnings per share. Research analysts anticipate that The Wendy’s Company will post 0.51 EPS for the current fiscal year. Wendy’s Cuts Dividend The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.28 annualized dividend and a dividend yield of 3.6%. Wendy’s’s dividend payout ratio (DPR) is 84.85%.

Analyst Ratings Changes Several brokerages have recently commented on WEN. Stifel Nicolaus set a $6.00 target price on shares of Wendy’s in a research report on Thursday, April 30th. JPMorgan Chase & Co. restated an “underweight” rating and set a $6.00 price objective (down from $7.00) on shares of Wendy’s in a research report on Monday, May 11th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Wendy’s in a report on Friday, July 17th. Stephens reiterated an “equal weight” rating and issued a $8.00 price target on shares of Wendy’s in a research note on Tuesday, June 23rd. Finally, UBS Group reissued a “neutral” rating and set a $8.00 price target on shares of Wendy’s in a report on Monday, August 10th. Two research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and six have given a Sell rating to the company. According to MarketBeat, Wendy’s presently has a consensus rating of “Reduce” and a consensus target price of $7.76.

Check Out Our Latest Stock Report on Wendy’s

Wendy’s News Roundup Here are the key news stories impacting Wendy’s this week:

Positive Sentiment: Wendy’s appointed a former McDonald’s marketer to its leadership team, potentially strengthening its marketing and competitive positioning as the company works to improve traffic and brand perception. Wendy’s adds former McDonald’s marketer to leadership team Positive Sentiment: New CEO Kirk Tanner reportedly acknowledged that past cost-cutting hurt food quality. The candid assessment could support a turnaround if Wendy’s can restore product quality and win back customers. Wendy’s New CEO Did Something Rare. He Admitted the Company’s Mistakes Wendy’s Company Profile (Free Report)

The Wendy’s Company (NASDAQ:WEN) operates as a global quick-service restaurant chain, best known for its square-shaped beef patties, fresh ingredient sourcing and signature Frosty dessert. The company’s menu features a variety of hamburgers, chicken sandwiches, salads, breakfast sandwiches, sides and beverages, designed to appeal to a broad customer base seeking both classic and contemporary fast-food options. Wendy’s has placed particular emphasis on product innovation, introducing limited-time offerings and revamped core menu items to maintain customer interest and respond to evolving dining trends.

Founded in 1969 by entrepreneur Dave Thomas in Columbus, Ohio, Wendy’s expanded rapidly through both company-owned and franchised outlets.

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Wendy's stock is trading at a steep discount to fast-food rivals. Turnarounds at Domino's and McDonald's show what the burger chain needs to fix.

ToplineNew Wendy’s CEO Bob Wright on Monday publicly admitted the company hasn’t made food quality its top priority and said the decision played a role in losing its No. 2 burger-chain ranking to Burger King—a candid self-diagnosis as rumors swirl billionaire investor Nelson Peltz is considering a deal to take the chain private following a massive loss in stock value.

A container of Wendy's fries.

Gado via Getty Images

Key FactsWright, who took over as CEO in May, told the Wall Street Journal that Wendy’s has prioritized cost savings over ingredient quality and leaned too hard on discounts—moves he said are the reason it lost its No. 2 rank among the biggest burger chains in terms of U.S. sales to Burger King (McDonald’s is No. 1).

He acknowledged the chain has become "over-reliant on promotional activity" and said he plans to shift focus back to the core menu, because "that's where you deliver intrinsic value for the customer."

Wright used the interview to roll out what he says is a five-point plan to regain its ranking, targeting food quality, value, operations, store upgrades and digital sales, with Wright saying the menu must be rebuilt "at the ingredient level, at the item level, at the menu-category level."

The new plan comes as reports indicate Peltz, through his firm Trian Fund Management, is preparing a bid to take The Wendy's Company private.

Wendy's has lost more than half of its market value in the last two years, down from a high of around $20 per share in April of 2024 to under $9 on Monday.

Key backgroundWendy's has been losing ground for more than a decade to rivals that invested heavily in its food offerings. Burger King clawed its way back to the No. 2 U.S. burger-chain spot by overhauling its Whopper and renovating locations through a $700 million turnaround plan that utilized a product-first playbook Wendy's moved away from in favor of deals and cost discipline. Wright’s new strategy includes re-making the brand’s leadership team, and he said a former McDonald’s executive has been hired in the newly created role of chief marketing and customer growth officer.

TANGENTThe turnaround effort runs alongside a separate pressure point: Peltz. Trian Fund Management, a long-standing Wendy's shareholder with board seats, has been in talks with potential investors about strategic options, including a possible take-private of the company. Peltz first told the Securities and Exchange Commission in February he was evaluating ways to enhance shareholder value, including a plan to have Trian take “control of the company,” and said he thinks its stock, which has fallen significantly over the last year, is undervalued. The potential coalition would be led by Trian, which already owns a 16% stake, and is expected to include Flynn Group, one of Wendy's largest franchisees, and Abu Dhabi-based BlueFive Capital, according to the Financial Times.

SURPRISING FACTIt was only a few weeks ago that Wendy’s officially fell to Burger King in the ranking of chains in the U.S. by systemwide sales. Wendy's held the spot for six years but after reporting a 7% slip in domestic same-store sales a few weeks ago, it fell to No. 3. Burger King reported U.S. same-store sales growth of 8.5% in the second quarter.

Strengthened Leadership Team Marks Next Step in Company Turnaround Plan

, /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) announced the appointment of Tariq Hassan to the newly created role of Chief Marketing and Customer Growth Officer, effective immediately. He will report to President and Chief Executive Officer Bob Wright and serve on the Wendy's Senior Leadership Team. Lindsay Radkoski, who has served as Chief Marketing Officer, U.S. since 2024, will depart the organization after a transition period with Hassan over the coming weeks.

Hassan brings more than three decades of global marketing, customer experience, digital transformation and brand-building leadership to Wendy's, with deep experience across restaurants, technology and consumer brands. He previously served as Senior Vice President, U.S. Chief Marketing and Customer Experience Officer at McDonald's, where he helped modernize marketing, strengthened digital and loyalty engagement, and put customer-first insights at the center of culturally relevant campaigns and menu innovation. Prior to McDonald's, Hassan has held several senior leadership roles with prominent U.S. consumer brands and agencies where he built an impressive track record of repositioning brands, improving the customer experience and using data-driven marketing to create deeper customer relationships and measurable business impacts.

"Tariq's appointment is another meaningful step in returning Wendy's to profitable growth," said Bob Wright. "He is a proven brand and team builder with a distinctive ability to connect culture, technology and consumer insight to drive measurable growth. He has demonstrated the impact that highly effective marketing, digital activation, menu innovation and culturally relevant brand engagement can have on restaurant performance and customer loyalty. He will be instrumental in sourcing and developing talent and building new capabilities in the organization to help Wendy's recapture its position as the quality leader in the QSR industry."

"Wendy's is an iconic American brand that has something special most brands spend decades trying to build, a real point of view that our customers genuinely feel," said Hassan. "My focus will be on reigniting that passionate connection with our brand to show up more powerfully in every experience, everywhere our fans meet us. Working alongside Bob, the leadership team, our franchisees and restaurant teams, I see enormous opportunity to reshape how we tell this story, starting with the food itself, to drive growth for our customers, our franchisees, and our shareholders."

Wright also recognized Lindsay Radkoski for her service and leadership. "On behalf of the Wendy's Board and leadership team, I want to thank Lindsay for her many contributions over the past 15 years," Wright said. "Lindsay's commitment to Wendy's and dedication to our customers, franchisees and Company have always been a hallmark of her service. We are grateful that she will support a smooth transition and wish her continued success."

Forward-Looking Statements
This release contains certain statements that are not historical facts, including statements regarding our anticipated future performance, growth and value creation. Those statements constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). The forward-looking statements are based on our expectations at the time such statements are made, speak only as of the dates they are made and are susceptible to a number of risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement. These factors include, but are not limited to, the factors identified in the "Special Note Regarding Forward-Looking Statements and Projections" and "Risk Factors" sections of our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and in our other filings with the Securities and Exchange Commission. For all forward-looking statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act.

About Wendy's
The Wendy's Company (Nasdaq: WEN) and Wendy's® franchisees employ hundreds of thousands of people across more than 7,000 restaurants worldwide. Founded in 1969, Wendy's is committed to the promise of Fresh Famous Food, Made Right, For You, delivered to customers through its craveable menu including made-to-order square hamburgers using fresh beef*, and fan favorites like the Spicy Chicken Sandwich and nuggets, Baconator®, and the Frosty® dessert. Wendy's supports the Dave Thomas Foundation for Adoption®, established by its founder, which seeks to dramatically increase the number of adoptions of children waiting in North America's foster care system. Learn more about Wendy's at www.wendys.com. For details on franchising, visit www.wendys.com/franchising. Connect with Wendy's on X, Instagram and Facebook.

*Fresh beef available in the contiguous U.S. and Alaska, as well as Canada, Mexico, Puerto Rico, the UK, and other select international markets.

Investor Contact:
Aaron Broholm
Head of Investor Relations
(614) 764-3345; [email protected]

Media Contact:
Heidi Schauer
Vice President – Communications, Public Affairs & Customer Care
(614) 764-3368; [email protected] 

SOURCE The Wendy's Company

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Shares of Wendy’s (NASDAQ:WEN | WEN Price Prediction) are up 5% to $8.88 in midday trading Wednesday after reports that Nelson Peltz’s Trian Fund Management is assembling a consortium to take the company private. Adding to the catalyst, the burger chain confirmed it is reviving its chief operating officer role as part of a broader management reset.

Wendy’s stock was up 5% year to date through Tuesday’s close, an unusual gain given deteriorating same-restaurant sales and a withdrawn 2026 outlook. The rally reflects deal speculation rather than a change in the operating story, with investors treating this as a special situation.

Peltz Consortium Report Fuels the Rally According to reports from the Financial Times and Reuters, Trian has assembled a group that could submit an offer for Wendy’s in the coming weeks. The consortium is expected to include Abu Dhabi-based BlueFive Capital and Flynn Group, one of the world’s largest restaurant franchise operators.

Flynn Group operates about 309 Wendy’s restaurants in the United States plus additional locations in Australia and New Zealand. Peltz personally owns a 16.2% stake in Wendy’s, and Trian holds 7.9%, which combined make the pair the company’s largest shareholder.

Trian disclosed in a February regulatory filing that it believed Wendy’s stock was “undervalued” and that it was reaching out to co-investors about strategic options, including taking the company private. Morgan Stanley cut its price target on Wendy’s stock to $5.5 from $7 two days before the Financial Times report, and Wendy’s shares jumped 12% following that report.

COO Role Revival and Management Reset Wendy’s will revive its chief operating officer role upon the August 31 departure of Pete Suerken, currently its U.S. president. Suerken will return as president and CEO of Quality Supply Chain Co-op, an independent purchasing cooperative in the Wendy’s system.

The COO position was eliminated more than six years ago and was last held by current CEO Bob Wright, who left Wendy’s in 2019. Wright later led Potbelly through a turnaround that culminated in its 2025 acquisition by RaceTrac. The filing said Wendy’s “is evaluating restructuring and reorganization efforts.”

The Operating Reality Behind the Bid U.S. same-restaurant sales at Wendy’s fell 7% in the second quarter, the sixth consecutive quarterly decline, while traffic dropped 12.5%. The company withdrew its 2026 financial outlook and cut its quarterly dividend to $0.07 a share.

Wendy’s closed 289 restaurants in the United States during the first half of 2026. Wright told analysts, “Traffic is down, our value proposition has slipped, and franchisee economics are under pressure. We can’t just do what we’ve always done better. We do have to innovate.” CFO Steve Cirulis added that “the real challenge for us has been that underlying traffic trend.”

Peer Restaurant Stocks in 2026 McDonald’s (NYSE:MCD) stock trades at $269.26 and is down 12% year to date through Tuesday’s close. The pullback reflects softer traffic across the fast-food burger category and gives McDonald’s a chance to reset expectations heading into the back half.

Restaurant Brands International (NYSE:QSR) stock trades at $77.52 and is up 14% year to date. Restaurant Brands is the only one of the three major listed burger operators in positive territory for the year, reflecting stronger execution at Burger King relative to peers.

Jack in the Box (NASDAQ:JACK) stock trades at $17.39 and is down 12% year to date. Jack in the Box remains in turnaround mode with an interim CEO and suspended capital returns, a reminder that Wendy’s is far from alone in the QSR reset cycle.

Sector ETF Context The Invesco Food & Beverage ETF (NYSEARCA:PBJ) trades at $48.76 and is up 8% year to date. It is a broad food and beverage fund rather than a restaurant-specific vehicle, so single-restaurant catalysts like the Wendy’s bid report get diluted.

Position sizing on PBJ should reflect the diluted exposure to any single name. A WEN takeover would move only a sliver of the basket.

What to Watch Shareholders can watch for a formal Trian consortium offer, which reporting suggests could arrive in the coming weeks. Any follow-up 8-K filing on the COO search or additional restructuring at Wendy’s could shape the next leg for the stock.

Commentary from Wright at the next quarterly update may set the tone for how quickly the operational turnaround catches up with the takeover narrative currently driving Wendy’s shares. A cautious approach and moderate position sizing make sense for anyone playing this as a special situation.

Contact [email protected] for any questions or corrections.

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E.J. Wunsch, president of international, disposed of 18,826 shares of The Wendy's Company (WEN -0.12%) on August 12, according to an SEC Form 4 filing.

Transaction summaryMetricValueTransaction value$163,000Shares sold (direct)18,826Post-transaction shares (directly held)131,764Post-transaction value$1.14 millionTransaction value based on SEC Form 4 weighted average sale price ($8.66); post-transaction value based on the August 12 market close ($8.66).

Key questionsWhat prompted this disposition of shares?
The transaction was non-discretionary and occurred as shares were withheld to cover tax liabilities resulting from the first vesting installments of restricted stock units granted to the insider in August 2025.What is the current equity position of the insider?
Wunsch maintains 131,764 shares held directly and also holds 187,311 derivative securities, including unvested units scheduled to vest on the second and third anniversaries of the grant date.How significant is the insider's remaining interest in the company?
Following this transaction, the insider retains a direct ownership stake representing approximately 0.069% of the company's total shares outstanding.What is the current scale of the company's operations?
The Wendy's Company maintains a restaurant system with 14,900 employees and reported trailing twelve-month net income of $126.1 million as of the August 14 disclosure.Company OverviewMetricValueShare Price (as of market close 2026-08-13)$8.65Market Capitalization$1.60 billionRevenue (TTM)$2.20 billionNet Income (TTM)$126.10 millionCompany SnapshotThe Wendy's Company operates a quick-service restaurant system offering hamburger and chicken sandwiches, chicken tenders and nuggets, chili, french fries, baked potatoes, salads, and Frosty desserts, generating revenue through company-operated locations and franchise royalties across the United States and international markets.The company operates through a franchise-centric business model, generating revenue from royalties, franchise fees, and rent from franchisees, while maintaining company-operated restaurants that serve as brand ambassadors and contribute directly to consolidated revenues.The Wendy's Company serves value-conscious consumers seeking quick-service dining options, targeting families, young professionals, and budget-focused customers in both domestic and international markets through its network of franchised and company-operated locations.The Wendy's Company is a major quick-service restaurant operator with a market capitalization of $1.60 billion and TTM revenues of $2.20 billion, positioning it as a significant player in the casual dining segment. The company's asset-light franchise model provides recurring revenue streams while maintaining operational flexibility and capital efficiency. Wendy's competitive positioning is anchored by its differentiated menu offerings, brand recognition, and established franchise infrastructure across multiple geographies.

What this transaction means for investorsThe context around this small tax withholding is what makes it worth a look. Wendy's stock has been on a tear lately, up sharply from its June lows, amid Reddit trader chatter and especially after reports that Nelson Peltz's Trian Fund Management is assembling a group to take the company private. So Wunsch had shares withheld for taxes at $8.66, into a stock moving on buyout speculation rather than its own results, which are the reason Peltz sees an opening.

Earlier this month, Wendy's reported its sixth straight quarter of same-store sales declines, with U.S. comparable sales down 7% last quarter, and it pulled its full-year forecast and halved its dividend. New CEO Bob Wright, who ran a similar going-private process at Potbelly, is leading a turnaround built around value, marketing, and digital. Peltz already controls more than 24% of the company between his personal and Trian stakes, so a bid would carry real weight. For a shareholder, the stock is now trading on whether that bid materializes and at what price, since a struggling burger chain with declining sales is worth less on its own numbers than a buyout might likely pay. That said, longer-term the performance will really hinge on a turnaround.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Matthew P. Spessard, chief information officer of The Wendy's Company (WEN -0.12%), disposed of 7,487 shares on August 12, according to an SEC Form 4 filing.

Transaction summaryMetricValueTransaction value$64,837.42Shares sold7,487Post-transaction shares (directly held)31,505Post-transaction value$272,833.30Transaction value based on SEC Form 4 weighted average sale price ($8.66); post-transaction value based on the August 12 market close ($8.66).

Key questionsWhat was the nature of this transaction?
The disposal of 7,487 shares was a non-discretionary event executed to satisfy tax withholding obligations triggered by the vesting of restricted stock units on August 12.How does this affect the insider's overall equity position?
Spessard retains direct ownership of 31,505 shares of common stock and also holds 51,934 derivative securities, including vested and unvested awards.What was the source of the shares disposed of in this filing?
The shares originated from the vesting of the first installment of restricted stock units granted on August 12, 2025, which included accrued dividend equivalent units.Company OverviewMetricValueShare Price (as of market close 2026-08-13)$8.65Market Capitalization$1.6 billionRevenue (TTM)$2.2 billionNet Income (TTM)$126.1 millionCompany SnapshotThe Wendy's Company operates a global quick-service restaurant system offering hamburger and chicken sandwiches, chicken tenders and nuggets, chili, french fries, baked potatoes, salads, and Frosty desserts, generating revenue through both company-operated and franchised restaurant locations.The company operates through a franchise-centric business model, generating revenue from company-operated restaurants and franchise fees, royalties, and rent payments from franchisees across its Wendy's U.S., Wendy's International, and Global Real Estate & Development segments.The company serves quick-service restaurant consumers in the United States and internationally, targeting value-conscious customers seeking quality fast-casual dining options with emphasis on fresh ingredients and customizable menu offerings.The Wendy's Company operates one of the largest quick-service restaurant systems globally with approximately 14,900 employees and a market capitalization of $1.6 billion. The company's strategic focus on franchise expansion and real estate optimization enables capital-efficient growth while maintaining operational control through its diversified segment structure. Wendy's competitive positioning centers on its differentiated menu offerings, particularly its fresh beef hamburgers and premium chicken products, which distinguish it within the competitive quick-service restaurant landscape.

What this transaction means for investorsTwo opposite forces are acting on Wendy's stock at once, and a routine bit of tax withholding by its technology chief sits well outside both. On one side, the shares have jumped from their June lows, partly on word that billionaire investor Nelson Peltz's Trian is lining up backers for a possible buyout. On the other, the business itself keeps weakening, which is the very reason a buyer sees an opening.

Spessard's corner of that business, digital, is one the company is counting on to help dig out. Wendy's just reported its sixth consecutive quarter of falling same-store sales, with U.S. comparable sales off 7%, and pulled its full-year guidance while cutting its dividend in half to pay for the fixes ahead. CEO Bob Wright, who took the permanent job in May, named a stronger digital experience among the handful of priorities meant to rebuild customer frequency, and Spessard seeminly owns that effort.

Ultimately, the shares are being pulled between a potential deal price and a turnaround that has barely started, and until Peltz either makes a formal offer or walks, that tension is what sets where the stock trades.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Bloomberg's Matt Monks joins Romaine Bostick on "Bloomberg Deals." Shares of Wendy's jumped to their highest in seven weeks after the Financial Times reported that Nelson Peltz's Trian Fund Management is preparing a bid to take the struggling fast-food chain private.