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QSR & Coffee

Wendy’s

Parent: The Wendy’s Company · Public; mostly franchised

Nasdaq: WEN$8.30+1.8%close Nov. 9, 2026
Credit ratingNot rated
AAAAAABBBBBBCCCD

No verified agency rating.

Founded1969Source: Wikidata
EmployeesNot verifiedNo verified source
Locations7,180June 28, 2026; source: Wendy’s Form 10-Q (XBRL)
HeadquartersDublin, OhioQSR & Coffee

New Initiatives

How the real estate strategy is changing: openings, closures, formats, remodels, relocations and refranchising.

  • Franchisee closures continued as Meritage moved through bankruptcy.

    Source: USA Today

  • Meritage Hospitality Group, a franchisee with about 314 Wendy’s restaurants, filed for Chapter 11.

    Source: Fox Business

  • Expects incremental Project Fresh closures equal to 5% to 6% of its U.S. restaurants.

    Source: The Wendy’s Company Form 10-K (filed Feb. 23, 2026)

  • Under its Project Fresh plan, Wendy’s expects to close 5% to 6% of U.S. restaurants in 2026.

    Source: QSR Magazine

Wendy’s is a hamburger quick-service chain with most U.S. restaurants operated by franchisees. The company finances itself mainly through whole-business securitization notes, which carry structured finance ratings rather than a corporate rating.

Store count

7,180 as of June 28, 2026
-0.3%/yr annualized over 2.5 yrs (Dec 2023 to Jun 2026)
  1. 6,4792016
  2. 6,5372017
  3. 6,6342017
  4. 6,7112018
  5. 6,7882019
  6. 6,8282021
  7. 6,9492022
  8. 7,0952023
  9. 7,2402023
  10. 7,2402024
  11. 7,3972025
  12. 7,180Latest

Systemwide. Counts as reported at each period end. Sources: WEN 10-K filed 2024-02-26; WEN 10-K filed 2025-02-21; WEN 10-K filed 2026-02-23; Wendy’s Form 10-Q (XBRL) and 8 earlier sources.

What’s changing

  1. Bankruptcy

    Franchisee closures continued as Meritage moved through bankruptcy. Source: USA Today

  2. Bankruptcy

    Meritage Hospitality Group, a franchisee with about 314 Wendy’s restaurants, filed for Chapter 11. Source: Fox Business

SEC Filings

Annual reports filed by The Wendy’s Company. All filings on EDGAR

PeriodFormFiledDocument
Fiscal year ended Dec. 28, 202510-KFeb. 23, 2026View on sec.gov
Fiscal year ended Dec. 29, 202410-KFeb. 21, 2025View on sec.gov
Fiscal year ended Dec. 31, 202310-KFeb. 26, 2024View on sec.gov
Fiscal year ended Jan. 1, 202310-KMar. 1, 2023View on sec.gov
Latest quarter, period ended June 28, 202610-QAug. 7, 2026View on sec.gov

Credit ratings

AgencyRatingOutlookAs ofSource
S&P GlobalUnavailableCorporate rating not verified; securitization notes rated separatelyNot verified
Moody’sUnavailableNot verifiedNot verified

Share prices, Yahoo Finance, as of Nov. 9, 2026. Bond index yields and spreads, ICE BofA US corporate and high yield indices, ICE Data Indices, LLC, via FRED, Federal Reserve Bank of St. Louis. 10-year yield, U.S. Department of the Treasury.

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