• KFC for wings
• The Domino's of wings
• A McDonald's for chicken wings

• Classic Wings: Traditional bone-in chicken wings, cooked to order and tossed in various flavors.
• Boneless Wings: All-white meat boneless chicken pieces, cooked to order and tossed in various flavors.
• Tenders: Strips of all-white meat chicken, cooked to order and tossed in various flavors.

Wingstop (WING) primarily sells its products directly to individual consumers and groups through its network of franchised and company-owned restaurants.

Here are up to three categories of customers that Wingstop serves:

• Individual Consumers: This category includes people purchasing meals for their personal consumption, whether dining in, taking out, or ordering for delivery. These customers are typically looking for a quick, flavorful, and customizable meal option for lunch or dinner.

• Families and Small Groups: Customers in this category purchase larger quantities of food to share among family members, friends, or small gatherings. Wingstop's menu, particularly its wings and tenders, is well-suited for group dining and sharing occasions.

• Event Organizers / Party Planners: Individuals or groups ordering substantial quantities of food for larger events, parties, or corporate gatherings. Wingstop's offerings are a popular choice for catering casual social events and sports viewing parties.

• Tyson Foods, Inc. (TSN)
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• Cargill, Inc.

Michael J. Skipworth, President & Chief Executive Officer

Michael J. Skipworth has served as President and Chief Executive Officer of Wingstop Inc. since March 2022. He joined Wingstop in December 2014, initially holding leadership roles in finance and accounting, including serving as Chief Financial Officer until August 2021. From August 2021 to March 2022, he was the company's President and Chief Operating Officer. Before joining Wingstop, Mr. Skipworth was Senior Vice President of Finance and Accounting and Vice President, Corporate Controller at Cardinal Logistics Holdings, LLC. He also worked in the audit and assurance practice at KPMG LLP.

Alex Kaleida, Chief Financial Officer

Alex Kaleida joined Wingstop in March 2019. He was appointed Chief Financial Officer in August 2021. Prior to this role, he served as Vice President for Financial Planning and Analysis and was responsible for investor relations at Wingstop.

Raj Kapoor, Chief Operating Officer

Raj Kapoor joined Wingstop in May 2023, initially serving as Senior Vice President and President of International. He was appointed Chief Operating Officer in January 2026. Before his time at Wingstop, Mr. Kapoor spent 27 years at 7-Eleven, where his roles included Senior Vice President of Fresh Food, Beverages and Restaurants from January 2018 to April 2023, and various other leadership positions across information technology and international operations.

Donnie S. Upshaw, Chief Brand & People Officer

Donnie S. Upshaw was appointed Chief People Officer in December 2021. He joined Wingstop in April 2018 as Vice President of People and later became Senior Vice President of People in November 2019. Prior to Wingstop, Mr. Upshaw served as Vice President of HR for Credit Corp for two years. He also held the position of Director of HR and Compliance at Energy Dispatch, a subsidiary of RaceTrac Petroleum Inc.

Brad Brewer, Chief Commercial Officer

Brad Brewer joined Wingstop in November 2024 and currently serves as Chief Commercial Officer. Previously, Mr. Brewer was a Partner at The Boston Consulting Group, Inc. He also held the position of Vice President at YETI Holdings, Inc.

Key Risks to Wingstop's Business:

1. Volatility in Raw Material Prices: Wingstop's profitability is significantly exposed to fluctuations in the cost of its primary ingredient, chicken. Increases in the price of bone-in chicken wings or other raw materials, such as spices and packaging, can directly impact the company's cost of sales and overall financial performance.
2. Intense Competition: The fast-casual and quick-service restaurant industry is highly competitive. Wingstop faces significant competition from other fast-food chains and specialized chicken wing providers, which could negatively impact its market share, sales, and profitability.
3. Dependence on Franchisees: As Wingstop operates predominantly through a franchise model (approximately 98% of its restaurants), its growth, revenue, and brand reputation are heavily reliant on the operational success, compliance, and expansion efforts of its independent franchisees. Any failure by franchisees to meet operational standards, comply with laws, or renew agreements could adversely affect the company's financial results and brand image.

Wingstop Inc. (WING) operates within the quick-service restaurant (QSR) industry, with its primary products being classic wings, boneless wings, and tenders. The addressable markets for these products can be assessed at both global and regional (U.S.) levels, largely falling under the broader chicken segment of the fast-food market.

Global Addressable Markets

• Global Chicken Wings Market: The global chicken wings market was valued at approximately USD 29.18 billion in 2026 and is projected to reach USD 46.7 billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of 5.3% from 2026 to 2035. Another estimate places the global chicken wings market size at USD 31.86 billion in 2025, with projections to reach USD 50.48 billion by 2033, exhibiting a CAGR of 6.1%. This market is primarily driven by the rising popularity of chicken wings as a flavorful and convenient snack, especially during sporting events, and increasing consumer preference for protein-rich foods.
• Global Chicken/Poultry Meat Market: The broader global chicken/poultry meat market, which encompasses products like wings and tenders, was valued at US$ 160.62 billion in 2024 and is expected to reach US$ 268.35 billion by 2033, with a CAGR of 5.87% from 2025 to 2033. The global poultry market size is also forecasted to be worth USD 482.57 billion in 2026, expected to achieve USD 662.67 billion by 2035.
• Global Quick Service Restaurants (QSR) and Fast Food Market: The overall global quick service restaurants and fast food market, which includes various fast-food offerings such as chicken, was valued at USD 1,064.44 billion in 2025 and is projected to reach USD 2462.71 billion by 2035, growing at a CAGR of 8.75%.

U.S. Addressable Markets

• U.S. Quick-Service Chicken Restaurants Segment: In the United States, the quick-service chicken restaurant segment is a significant market. As of 2025, U.S. quick-service chicken restaurants generated roughly USD 60–65 billion in annual revenue. This segment is projected to continue growing, reaching around USD 67 billion by 2030. The U.S. chicken QSR industry generates approximately USD 63.7 billion in annual revenue in 2025.
• U.S. Chicken Wings Market: The United States is a dominant market for chicken wings, accounting for over 50% of global consumption. North America, as a region, accounts for 38% of the global chicken wings market share, largely supported by high demand from quick-service restaurants.
• U.S. Chicken Market (including tenders): The broader U.S. chicken market, which includes various chicken products such as tenders, was valued at USD 46.41 billion in 2024 and is projected to reach USD 77.9 billion by 2032, growing at a CAGR of 6.7%. Chicken tenders, along with boneless fried chicken pieces and nuggets, contribute significantly to this market, appealing to a wide consumer base. The market for "further-processed, ready-to-eat (RTE) items like nuggets and pre-marinated tenders" falls under the larger U.S. chicken market.

Wingstop (WING) is expected to drive future revenue growth through several key initiatives over the next 2-3 years:

1. Global Unit Expansion: Wingstop is pursuing aggressive global unit growth, with plans to scale to over 10,000 restaurants worldwide. The company opened 493 net new restaurants in 2025, representing a 19.2% unit growth rate, and is targeting 15-16% global unit growth for 2026. This expansion includes a significant focus on international markets, with specific plans for accelerating development in regions such as the UK, where over 20 new sites are planned for 2025.
2. Domestic Same-Store Sales Growth: The company anticipates continued growth in domestic same-store sales, primarily driven by an increase in transactions. Wingstop reported 18.3% domestic same-store sales growth in 2023 and provided guidance for low double-digit domestic same-store sales growth in 2024, with an aim for approximately 20% for the full fiscal year 2024. For 2026, management expects flat to low-single-digit domestic same-store sales growth.
3. Digital Sales and Technology Investments: Digital sales consistently represent a significant portion of system-wide sales, reaching 68.3% in fiscal first quarter 2024. Wingstop's investment in an in-house technology platform, "My Wingstop," and the national rollout of the "Smart Kitchen" are intended to enhance efficiency and customer experience. Additionally, the launch of the "Club Wingstop" loyalty program is aimed at driving customer acquisition, retention, and increased frequency of visits.
4. Average Unit Volume (AUV) Expansion: Increasing average unit volumes (AUVs) is a key driver, as it strengthens returns for franchisees and supports further development. Domestic AUVs exceeded $1.9 million in the first quarter of 2024 and are projected to surpass the company's $2 million goal, with a long-term target of $3 million.

Share Repurchases

• Wingstop initiated a share repurchase program of up to $250 million in August 2023.
• In December 2024, the board authorized an additional $500 million for repurchases, and the company anticipated executing a $250 million accelerated share repurchase (ASR) program in Q4 2024.
• As of March 2026, the board authorized an additional $300 million for share repurchases. Since the program's inception in August 2023, Wingstop has invested nearly $700 million to repurchase approximately 2.6 million shares, including over 1.2 million shares in 2025. Approximately $91.3 million remained available under the program as of December 27, 2025.

Inbound Investments

• Sixth Street made a £400 million investment in Wingstop UK in October 2025.
• In December 2024, Wingstop completed a $500 million securitized financing transaction, increasing its outstanding debt to support its capital return strategy. The company also increased its revolving financing facility to $300 million for liquidity and general corporate purposes.

Outbound Investments

• In Q1 2025, Wingstop reinvested $75.4 million to acquire an 18.75% non-controlling equity stake in a newly formed entity after receiving $107.7 million from a transaction where it was a minority shareholder in LPH since 2021.

Capital Expenditures

• Wingstop's capital expenditures were $3.98 million in fiscal year 2023, $22 million in fiscal year 2024, and $47.4 million in fiscal year 2025.
• The primary focus of capital expenditures includes investments in technology, such as the development and implementation of new enterprise resource planning, human capital management, and global development technology systems, including the Wingstop Smart Kitchen.