• Bone-in Wings: Classic chicken wings, available in various flavors and quantities.
• Boneless Wings: Chicken breast pieces, breaded and fried, offered in multiple flavors.
• Crispy Tenders: Strips of breaded and fried chicken breast, served with dipping sauces.
• Fries: Fresh-cut, seasoned french fries, a popular side item.
• Dips & Sides: A selection of sauces, veggie sticks, and other complementary food items.

Wingstop (symbol: WING) primarily sells its products directly to individual consumers rather than to other companies. As such, it does not have major corporate customers.

Based on its business model as a fast-casual restaurant chain, Wingstop serves the following categories of individual customers:

1. Everyday Diners and Small Groups: This category encompasses individual consumers and small groups (e.g., families, couples) who are looking for a convenient, flavorful meal for lunch or dinner. These customers are seeking a quick service option for their daily food needs.
2. Event & Group Caterers: Customers who purchase larger quantities of wings and sides for social gatherings, parties, sporting events, or office lunches. This category highlights the role Wingstop plays in providing food for multiple people during special occasions or group activities.
3. Convenience & Delivery-Focused Customers: These customers prioritize ease of access and quick service. They often utilize Wingstop's digital ordering platforms, mobile app, and third-party delivery services to enjoy their meals with minimal effort, catering to a desire for hassle-free food solutions.

• Tyson Foods (TSN)
• The Coca-Cola Company (KO)

Michael J. Skipworth President & Chief Executive Officer

Michael J. Skipworth has served as President and Chief Executive Officer and a board director since March 2022. He previously held roles as President and Chief Operating Officer from August 2021. Skipworth joined Wingstop in December 2014, holding various leadership roles in finance and accounting, including Chief Financial Officer until August 2021. Prior to Wingstop, he was Vice President, Corporate Controller, and then Senior Vice President of Finance and Accounting at Cardinal Logistics Holdings, LLC. He also worked as an Audit Senior Manager at KPMG, LLP. He was a key player in taking Wingstop public in 2015.

Alex R. Kaleida Senior Vice President, Chief Financial Officer

Alex R. Kaleida has been Senior Vice President and Chief Financial Officer since 2021. He joined Wingstop in 2019 as Vice President of Financial Planning & Analysis. Prior to joining Wingstop, he held various leadership positions at Kraft Heinz Company and Wendy's.

Donnie S. Upshaw Senior Vice President, Corporate Restaurants and Chief People Officer

Donnie S. Upshaw serves as Senior Vice President, Corporate Restaurants and Chief People Officer.

Marisa J. Carona Senior Vice President, Chief U.S. Franchise Operations and Development Officer

Marisa J. Carona holds the position of Senior Vice President, Chief U.S. Franchise Operations and Development Officer.

Albert G. McGrath Senior Vice President, General Counsel and Secretary

Albert G. McGrath (also known as Gerry McGrath) serves as Senior Vice President, General Counsel and Secretary.

The key risks to Wingstop's business include:

1. Supply Chain Dependence: Wingstop relies on a single distributor and a limited group of suppliers for all its food items and packaging. This exposes the company to risks related to the distributor's and suppliers' timeliness, solvency, reputation, labor relations, freight costs, raw material prices, and adherence to health and safety standards. Wingstop has limited control over these entities.
2. Franchisee Performance and Expansion Challenges: A significant portion of Wingstop's revenue is derived from royalties from its franchised restaurants. Therefore, the company's success is highly dependent on the ability to recruit suitable franchisees and their capacity to open new restaurants as planned. Rapid expansion into new or existing markets also carries the risk of overpenetration or diminished local demand, especially if consumer spending weakens.
3. Consumer Discretionary Spending and Demand Volatility: Wingstop is sensitive to shifts in consumer discretionary spending, as evidenced by fluctuations in same-store sales. Sustained periods of softer consumer traffic or increased discounting could negatively impact comparable store sales and the financial health of its franchisees.

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The addressable markets for Wingstop's main products and services, primarily chicken wings and other chicken-based fast-food items, can be identified at both a global and U.S. regional level.

Global Market

The global chicken wings market is a significant addressable market. In 2025, the global chicken wings market size is valued at approximately USD 27.72 billion and is projected to reach USD 46.7 billion by 2035, growing at a compound annual growth rate (CAGR) of 5.3% from 2025 to 2035. Another estimate places the global chicken wings market size at approximately USD 50 billion in 2025, with a projection to exceed USD 80 billion by 2033 at a conservative CAGR of 5%.

U.S. Market

North America is a dominant region in the chicken wings market, expected to account for approximately 50.0% of the global market in 2025 due to high consumption rates and a well-established foodservice industry.

For the broader category of fast-food chicken restaurants in the U.S., the market size is estimated at USD 63.7 billion in 2025. This market experienced a CAGR of 5.6% between 2020 and 2025.

• Global Unit Expansion: Wingstop is aggressively pursuing new restaurant openings both domestically and internationally. The company increased its global unit growth guidance for 2025 to 475 to 485 net new restaurants and expects mid-teens unit growth in 2026. International expansion is a key focus, with new markets like Ireland, Thailand, and Italy on the horizon, and a significant development deal in India that could support over 1,000 restaurants.
• Same-Store Sales Growth Re-acceleration: Despite recent declines in domestic same-store sales, Wingstop anticipates a return to positive same-store sales growth in 2026. This re-inflection is expected to be driven by strategic initiatives such as the Smart Kitchen program, new marketing efforts, and the upcoming loyalty program launch.
• Advancements in Technology (Smart Kitchen & Digital Sales): The rollout of the Wingstop Smart Kitchen operating platform across over 2,000 restaurants is significantly reducing service times by over 50%. This technological enhancement is correlated with improved guest satisfaction and mid-single-digit sales outperformance in regions where it has been implemented longer. Furthermore, digital sales, which accounted for 72.8% of system-wide sales in Q3 2025, are projected to continue contributing over 70% of future revenue, targeting new customers and increasing transaction sizes.
• Loyalty Program Launch: Wingstop is piloting its "Club Wingstop" loyalty program in Q4 2025, with a full national launch planned for 2026. This program is designed to enhance customer engagement and drive increased frequency of visits, contributing to future revenue growth.
• Strategic Marketing and Product Innovation: The company is investing in new marketing campaigns, such as "Wingstop is Here," to broaden its customer reach. Additionally, product innovation, evidenced by the relaunch of crispy chicken tenders and the introduction of new flavors like Mexican Street Spice, aims to reactivate lapsed users and attract new customers by leveraging flavor variety as a competitive advantage.

Share Repurchases

• In August 2023, Wingstop authorized a $250 million share repurchase program.
• An additional $500 million share repurchase authorization was approved in December 2024.
• Since the program's inception in August 2023 through September 29, 2025, the company repurchased and retired 2,336,871 shares, with $151.3 million remaining available under the authorization as of that date.

Outbound Investments

• In May 2021, Wingstop made a minority investment in its UK franchisee, Lemon Pepper Holdings Ltd. (LPH), aimed at strengthening the development pipeline in the UK market.

Capital Expenditures

• As of June 28, 2025, Wingstop's capital expenditures amounted to approximately -$52.9 million.
• For the last 12 months ending November 4, 2025, capital expenditures were approximately -$40.96 million.
• A primary focus of capital expenditures during the fiscal third quarter of 2025 was on technology investments.