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Here are 1-2 brief analogies for Wendy's:

• Like a McDonald's or Burger King, but known for its fresh, never-frozen beef hamburgers.
• Similar to McDonald's, it's a global fast-food company primarily operating through franchised hamburger restaurants.

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• Quick-Service Restaurant Food Items: Wendy's offers a menu of ready-to-eat food and beverage items, primarily specializing in hamburger sandwiches, for direct sale to consumers.
• Franchise Operations & Support: The company provides opportunities and support for independent operators to develop and run Wendy's restaurants under its brand and system.
• Real Estate Leasing: Wendy's owns and leases properties that are subsequently leased or subleased to its franchisees for their restaurant locations.

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Wendy's (WEN) primarily sells its products directly to individual consumers through its network of company-operated and franchised restaurants. Its major customer categories include:

• Families and Casual Diners: Individuals and groups, including families, who are looking for convenient, affordable, and quick meal solutions for various dining occasions, often attracted by family-friendly options and value.
• On-the-Go Consumers: Customers, such as office workers, commuters, and travelers, who prioritize speed, convenience, and accessibility for a quick meal during busy schedules, often utilizing drive-thru services or mobile ordering.
• Younger Demographics and Value Seekers: Teenagers, young adults, and other price-conscious individuals who are often drawn to value menus, promotional offers, late-night options, and engage with the brand through digital platforms.

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• Coca-Cola (KO)

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Ken Cook, Interim Chief Executive Officer & Chief Financial Officer

Ken Cook was appointed Interim Chief Executive Officer of The Wendy's Company in July 2025, following Kirk Tanner's departure to The Hershey Company. He has also served as Chief Financial Officer since December 2024. Prior to his time at Wendy's, Mr. Cook spent 20 years at United Parcel Service (UPS), holding various finance roles including Head of Financial Planning and Analysis and CFO for the U.S. Domestic segment. He is credited with playing a significant role in developing Wendy's long-term growth strategy.

Liliana M. Esposito, Chief Corporate Affairs & Sustainability Officer

Liliana M. Esposito joined The Wendy's Company in June 2014 and has served as Chief Corporate Affairs & Sustainability Officer since February 2021. In this role, she is responsible for communications, quality assurance, customer care, public affairs, and corporate responsibility. Previously, she served as Wendy's Chief Communications Officer from June 2014 to February 2021. Before joining Wendy's, Ms. Esposito was the Vice President of Corporate Communications and Public Affairs at Dean Foods. Her experience also includes serving as Public Affairs Manager with Mars, Incorporated and working as a public relations consultant for eight years in New York City. She serves on the board of trustees of the Mid-Ohio Food Collective and is the President of The Wendy's Foundation.

John Min, Chief Legal Officer and Secretary

John Min joined Wendy's in September 2024 as Chief Legal Officer and Secretary. In this position, he is responsible for guiding the company's global legal strategy and operations. Mr. Min brought a wealth of experience from his 14-year tenure at Kellanova and its predecessor, Kellogg Company, where he served as Senior Vice President, Chief Legal Officer, and Secretary. He also held roles as General Counsel in Europe and for the Asia Pacific, Middle East, and Africa region at Kellogg/Kellanova. Before his time at Kellogg/Kellanova, Mr. Min practiced law at Jenner & Block LLP and Jones Day. He holds a law degree from the University of Chicago Law School and a Bachelor of Arts in Economics from the University of Chicago.

M. Coley O'Brien, Chief People Officer

Coley O'Brien has served as Wendy's Chief People Officer since March 2018. He joined Wendy's in 2007 as National Director of Operations Training and was promoted to Vice President of Training in 2011, and Vice President of Human Resources and Field Capability in 2013. Mr. O'Brien is focused on company culture, talent development, and inclusion efforts, and he established the "Top General Manager" program at Wendy's. Before joining Wendy's, he worked at Sears Holdings Corporation for five years as Director of Retail Training. He began his business career with Arthur Andersen LLP as a Senior Consultant. Mr. O'Brien holds a Bachelor of Science in Education and a Master's in Instructional Systems Technology from Indiana University.

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. In this role, she directs all marketing efforts for the U.S. business and oversees Global Marketing Centers of Excellence, including Culinary Innovation, Digital Marketing, Customer Experience, Creative Strategy & Storytelling, and Partnerships and Social. Ms. Radkoski joined Wendy's in 2011 as Manager, Investor Relations, and advanced through various roles in Finance and Marketing, including Vice President, National Marketing. She co-founded Wendy's first employee resource group, "Women of Wendy's," in 2014. She has received industry recognition, including the Women's Foodservice Forum "Change Maker" award in 2019, QSR Magazine's "Young Restaurant Leader to Watch," and was an Ad Age 40 Under 40 honoree in 2023. Ms. Radkoski holds a Bachelor of Science degree in Marketing and Finance from The Ohio State University's Fisher College of Business.

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Here are the key risks to The Wendy's Company (WEN):

1. Consumer Spending Softness and Intense Competition: Wendy's is significantly impacted by economic pressures, particularly affecting lower-income consumers who are reducing discretionary spending on dining out and opting for more budget-friendly alternatives. This trend has led to declines in U.S. comparable sales and reduced customer traffic. The highly competitive quick-service restaurant industry further exacerbates this risk, with major rivals like McDonald's and Burger King constantly vying for market share through aggressive marketing and value offerings.
2. Rising Operating Costs: The company faces persistent challenges from increasing commodity costs, such as beef, and higher labor expenses. These inflationary pressures squeeze profit margins for both company-operated restaurants and franchisees, impacting overall profitability despite efforts to implement price increases.
3. Franchise Model Risks: Wendy's predominantly franchised business model, while asset-light, introduces risks tied to the performance and financial health of its franchisees. The ability to identify, attract, and retain qualified franchisees is crucial. The financial well-being of franchisees and their capacity to meet their commitments are vital to the brand's success and its plans for expansion and development.

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For the global Quick Service Restaurant (QSR) market, the size was valued at approximately USD 1.06 trillion in 2025 and is projected to reach around USD 2.46 trillion by 2035. Another estimate placed the global quick service restaurants market size at USD 1.055 trillion in 2025, with projections to grow to USD 2.31 trillion by 2034.

Specifically for the global market for burgers and sandwiches, this segment accounted for a significant portion of the fast-food market. In 2025, the burgers/sandwich segment held between 43% and 51.2% of the global fast food market revenue share. Based on a 2025 global QSR market size of approximately USD 1.06 trillion, the addressable market for hamburger sandwiches globally is estimated to be between USD 455.8 billion and USD 542.7 billion.

In the U.S. Quick Service Restaurant (QSR) market, the market was valued at USD 447.20 billion in 2025 and is estimated to grow to USD 789.65 billion by 2031. Another estimate indicated the U.S. fast food market was valued at USD 360 billion in 2024 and is estimated to reach USD 522 billion by 2033.

For the U.S. market for hamburgers, this product segment held a substantial share of the U.S. fast food and quick service restaurants market. In 2024, the hamburger segment accounted for a market share of between 38.96% and 42.0%. Using the 2025 U.S. QSR market size of USD 447.20 billion, the addressable market for hamburgers in the U.S. is estimated to be between approximately USD 174.2 billion and USD 187.8 billion.

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Wendy's (WEN) is focusing on several key drivers to fuel its revenue growth over the next 2-3 years, as outlined in recent investor communications and earnings reports:

1. Accelerated Global Unit Growth: Wendy's plans to significantly expand its restaurant footprint, aiming to add 1,000 net new restaurants globally by 2028. Approximately 70% of this expansion is targeted for international markets, including entry into new countries and scaling in existing stronghold markets. The company expects to achieve 3-4% annual net unit growth.
2. Enhanced Technology and Digital Integration: The company is investing in technology to create a seamless customer experience and drive digital sales. Initiatives include improving the Wendy's mobile app, expanding its loyalty program, rolling out digital menu boards, and implementing FreshAI automated ordering technology. These efforts contributed to a U.S. digital mix reaching an all-time high of 20.6% in the fourth quarter of 2025.
3. Menu Innovation and Core Product Development: Wendy's is committed to "Doubling Down on Fresh, Famous Food" by updating core menu items, introducing impactful innovations, and expanding into high-opportunity market segments. This strategy includes emphasizing its fresh, never-frozen beef, growing its chicken offerings, and launching new products and collaborations, such as Frosty Fusions™ and partnerships with brands like Takis®. The company has also introduced a permanent tiered value platform called "Biggie Deals."
4. Operational Excellence and Improved Customer Experience: As a core pillar of its "Project Fresh" initiative, Wendy's is intensifying its focus on operational execution to deliver a consistently high-quality customer experience. This involves prioritizing convenience, elevating hospitality, and ensuring consistency across its global system, both in-restaurant and through digital channels.

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Share Repurchases

• In January 2023, Wendy's announced a new share repurchase authorization of $500 million, set to expire in February 2027.
• The company repurchased 14.4 million shares for approximately $200 million in 2025.
• As of February 13, 2026, approximately $35 million remained available under the existing share repurchase authorization.

Capital Expenditures

• For 2025, capital expenditures were projected to be between $100 million and $110 million, with $70 million specifically allocated to the build-to-suit program to accelerate new unit development.
• Actual capital expenditures for 2025 included $52.4 million for technology initiatives, such as digital menu boards and app/digital enhancements, and $69.6 million for restaurant development.
• In 2023, over $53 million was allocated to digital initiatives, including AI-powered ordering systems, self-service kiosks, and mobile app enhancements. For 2026, capital expenditures and franchise development fund investments are projected to be $120 million to $130 million.