Here are 1-3 brief analogies for Wendy's (WEN):

• A major fast-food burger chain, similar to McDonald's.
• One of the largest global fast-food chains, competing directly with McDonald's and Burger King.

• Hamburgers: Wendy's offers a variety of hamburgers featuring fresh, never-frozen beef patties in single, double, and triple configurations.
• Chicken Sandwiches & Nuggets: The menu includes various chicken options such as grilled, crispy, and spicy sandwiches, along with chicken nuggets.
• French Fries: Customers can purchase classic hot, crispy French fries seasoned with sea salt as a popular side item.
• Frosty: This iconic frozen dairy dessert comes in chocolate and vanilla flavors, known for its thick, spoonable consistency.
• Breakfast Menu Items: A dedicated morning menu offers a range of breakfast sandwiches, seasoned potatoes, and coffee to start the day.
• Salads: Wendy's provides several entree salads with fresh ingredients as a lighter meal option.

Company: Wendy's (WEN)

Wendy's sells primarily to individual consumers.

Here are up to three categories of customers that Wendy's serves:

1. Families and Groups: Customers looking for convenient, relatively quick, and affordable meal options for multiple people, often including children.
2. Young Adults and Commuters: Individuals seeking fast, accessible, and reasonably priced meals for lunch breaks, on-the-go dining, or casual dinners. This group often values speed and convenience.
3. Budget-Conscious Consumers: Customers who prioritize value and affordability, often seeking deals, combo meals, and competitive pricing compared to other dining options.

• The Coca-Cola Company (KO)

Ken Cook, Interim Chief Executive Officer and Chief Financial Officer

Ken Cook became the Interim Chief Executive Officer for The Wendy's Company in July 2025. He has also served as the Chief Financial Officer since December 2024, playing a significant role in developing Wendy's long-term growth strategy. Prior to joining Wendy's, Cook spent 20 years at United Parcel Service (UPS), where he held various finance roles, including Head of Financial Planning and Analysis and Chief Financial Officer for the U.S. Domestic segment. He also held leadership positions in Investor Relations and Treasury, and served as CFO of South Asia at UPS.

Liliana M. Esposito, Chief Corporate Affairs & Sustainability Officer

Liliana M. Esposito is a member of Wendy's Senior Leadership Team, serving as the Chief Corporate Affairs & Sustainability Officer.

John Min, Chief Legal Officer and Secretary

John Min joined Wendy's as Chief Legal Officer and Secretary in September 2024. He brings two decades of corporate legal experience, previously serving as Senior Vice President, Chief Legal Officer and Secretary of Kellanova following the separation of Kellogg Company. His background also includes roles as General Counsel in Europe and General Counsel of the Asia Pacific, Middle East, and Africa region at Kellanova and Kellogg Company, and he practiced law at Jenner & Block LLP and Jones Day.

Lindsay Radkoski, Chief Marketing Officer, U.S.

Lindsay Radkoski joined The Wendy's Company Senior Leadership team in May 2024 and has served as Chief Marketing Officer, U.S., since March 2023. Before this role, she was Wendy's Vice President, National Marketing, a position she held since November 2019. She initially joined Wendy's in 2011 as a Manager in Investor Relations. Radkoski is responsible for all marketing efforts for the U.S. business and oversees the Global Marketing Centers of Excellence.

Pete Suerken, President, U.S.

Pete Suerken was appointed President, U.S. in July 2025. Prior to his current role at The Wendy's Company, he served as the President & CEO of Wendy's Quality Supply Chain Co-op (QSCC) since 2021. Suerken has more than two decades of experience in the food, beverage, and restaurant industries, with a proven track record in transforming operations, building profitability, and leading innovation, including expertise in supply chain, strategic sourcing, and business transformation.

Global Market

The global fast food market was valued at approximately USD 809.79 billion in 2024 and is projected to reach USD 1,244.46 billion by 2033, growing at a compound annual growth rate (CAGR) of 4.89% during the forecast period (2025-2033). Another estimate places the global fast food market size at USD 797.14 billion in 2024, with a projection to reach around USD 1,286.14 billion by 2034, demonstrating a CAGR of 4.90% between 2025 and 2034. The global quick-service restaurant (QSR) market size was approximately USD 971.36 billion in 2024 and is projected to grow to USD 1,930.14 billion by 2032, exhibiting a CAGR of 9.01% during the forecast period.

Within the global fast food market, the burgers and sandwiches segment is a dominant category. In 2024, this segment accounted for a significant share, with estimates ranging from 38.1% to 51.2% of the market.

U.S. Market

The United States quick-service restaurants market is valued at approximately USD 447.20 billion in 2025 and is forecast to reach USD 731.60 billion by 2030, advancing at a 10.35% CAGR. Another report indicates that the U.S. fast food and quick services restaurants market size was valued at USD 254.11 billion in 2024 and is projected to grow at a CAGR of 3.4% from 2025 to 2030.

For specific product categories in the U.S., hamburgers emerged as the leading product segment in the fast food and quick services restaurants industry, holding a revenue share of 42.0% in 2024. Sales of burgers in the United States alone amounted to USD 69.9 billion in 2022.

Wendy's (WEN) is focusing on several key drivers to fuel its future revenue growth over the next 2-3 years:

1. Accelerated International Expansion: Wendy's is heavily investing in expanding its global footprint, with a strong emphasis on international markets. The company anticipates over 9% international net unit growth in 2025 and aims to add 1,000 net new restaurants globally by 2028, with a significant majority of these openings projected outside the United States. This aggressive unit development strategy is expected to drive substantial revenue growth from new markets and increased market penetration.

2. "Project Fresh" for U.S. Turnaround and AUV Growth: Wendy's has initiated "Project Fresh," a comprehensive strategic plan designed to revitalize its U.S. business. This initiative focuses on brand revitalization, operational excellence, system optimization, and capital allocation, with the primary goal of driving Average Unit Volume (AUV) growth and enhancing franchisee profitability in the U.S. Key actions include optimizing labor and operating hours, and adopting a returns-based approach to franchisee investments.

3. Enhanced Technology and Digital Integration: Significant investments in technology and digital platforms are crucial for improving the customer experience and operational efficiency, thereby contributing to revenue growth. This includes deploying digital menu boards, leveraging Fresh AI, and utilizing advanced data analytics to refine marketing strategies and adapt to consumer behavior. U.S. digital sales accounted for an all-time high of 20.3% of total sales in Q3 2025, demonstrating the increasing importance of this channel.

4. Menu Innovation and Brand Revitalization: Wendy's plans to refresh its core menu items and introduce impactful new products, such as the recently launched chicken tenders, to attract new customers and meet evolving consumer preferences. Alongside product innovation, the company is focusing on compelling, data-driven marketing to strengthen its brand positioning as a provider of high-quality food in the quick-service restaurant (QSR) sector.

Share Repurchases

• A new $500 million share repurchase authorization was approved in January 2023, set to expire in February 2027.
• The company repurchased $268.5 million in 2022 and $51.95 million in 2023.
• Wendy's plans to repurchase up to $200 million of its shares in 2025, with approximately $228.1 million remaining under its existing authorization as of February 2025.

Share Issuance

• Proceeds from stock option exercises amounted to $23.361 million in 2021, $30.003 million in 2022, and $4.865 million in 2023.
• The number of common shares outstanding was approximately 212.6 million as of February 21, 2023, and approximately 200.5 million as of February 19, 2025.
• Shares were issued to directors in October 2025 as compensation in lieu of cash retainers under the 2020 Omnibus Award Plan.

Inbound Investments

• As of December 31, 2024, institutional investors collectively held a significant 74% stake in Wendy's.
• In May 2022, Trian Fund Management, L.P., the largest shareholder, disclosed it was exploring a potential acquisition of the company, which could lead to Wendy's going private.

Capital Expenditures

• Capital expenditures for Wendy's were $68.969 million in 2021, $77.984 million in 2022, $85.021 million in 2023, and $94.388 million in 2024.
• For 2025, anticipated capital expenditures and franchise development fund investments are expected to range between $135 million and $145 million.
• A primary focus of capital expenditures includes technology investments such as AI-driven order taking platforms, digital menu boards, and supporting the "build-to-suit" program for new unit development.