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Wendy's Rejects Takeover Bid and Launches Dave's Way Turnaround Plan
Read the full articleWendy's rejected an unsolicited $7.35-a-share buyout bid from Trian Partners, betting on its multi-year Dave's Way turnaround plan after global systemwide sales fell 5.9%. The company is shifting breakfast to location-specific service and declared a quarterly dividend of seven cents per share.
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Supporting evidence (18)
In its Nov. 5, 2026, earnings announcement and Securities and Exchange Commission filing, Dublin, Ohio-based The Wendy's Company reported third-quarter revenue of $547.0 million and net income of $15.1 million, or $0.08 per diluted share, for the period ended Sept. 27, 2026.
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Reported revenues of $547.0 million and global systemwide sales of approximately $3.3 billion
In its Nov. 5, 2026, earnings announcement and Securities and Exchange Commission filing, Dublin, Ohio-based The Wendy's Company reported third-quarter revenue of $547.0 million and net income of $15.1 million, or $0.08 per diluted share, for the period ended Sept. 27, 2026.
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Generated net income of $15.1 million and adjusted EBITDA of $113.4 million
In its Nov. 5, 2026, earnings announcement and Securities and Exchange Commission filing, Dublin, Ohio-based The Wendy's Company reported third-quarter revenue of $547.0 million and net income of $15.1 million, or $0.08 per diluted share, for the period ended Sept. 27, 2026.
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Reported diluted earnings per share was $0.08 and adjusted earnings per share was $0.13
In its Nov. 5, 2026, earnings announcement and Securities and Exchange Commission filing, Dublin, Ohio-based The Wendy's Company reported third-quarter revenue of $547.0 million and net income of $15.1 million, or $0.08 per diluted share, for the period ended Sept. 27, 2026.
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DUBLIN, Ohio, Nov. 5, 2026 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the third quarter ended September 27, 2026.
Global systemwide sales fell 5.9% to approximately $3.3 billion, with U.S. same-restaurant sales dropping 5.7%.
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Global systemwide sales decreased 5.9%, driven by a 7.6% decline in the U.S., partially offset by 3.5% growth in international
Global systemwide sales fell 5.9% to approximately $3.3 billion, with U.S. same-restaurant sales dropping 5.7%.
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Reported revenues of $547.0 million and global systemwide sales of approximately $3.3 billion
Global systemwide sales fell 5.9% to approximately $3.3 billion, with U.S. same-restaurant sales dropping 5.7%.
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U.S. same-restaurant sales decreased 5.7% and international same-restaurant sales decreased 2.2%
The company declared a regular quarterly dividend of $0.07 per share, payable Dec. 15, 2026, to shareholders of record on Dec. 1, 2026.
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The Company announced today the declaration of a quarterly cash dividend payment of $0.07 per share. The dividend is payable on December 15, 2026, to shareholders of record as of December 1, 2026.
In reconciliation disclosures accompanying the release, Wendy's identified several non-GAAP financial measures, including adjusted EBITDA of $113.4 million, adjusted earnings per share of $0.13 and free cash flow of $174.2 million through the first nine months of the year.
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See "Disclosure Regarding Non-GAAP Financial Measures" and the reconciliation tables that accompany this release for a discussion and reconciliation of the non-GAAP financial measures included in this release.
In reconciliation disclosures accompanying the release, Wendy's identified several non-GAAP financial measures, including adjusted EBITDA of $113.4 million, adjusted earnings per share of $0.13 and free cash flow of $174.2 million through the first nine months of the year.
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Generated net income of $15.1 million and adjusted EBITDA of $113.4 million
In reconciliation disclosures accompanying the release, Wendy's identified several non-GAAP financial measures, including adjusted EBITDA of $113.4 million, adjusted earnings per share of $0.13 and free cash flow of $174.2 million through the first nine months of the year.
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Reported diluted earnings per share was $0.08 and adjusted earnings per share was $0.13
In reconciliation disclosures accompanying the release, Wendy's identified several non-GAAP financial measures, including adjusted EBITDA of $113.4 million, adjusted earnings per share of $0.13 and free cash flow of $174.2 million through the first nine months of the year.
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Generated net cash provided by operating activities of $239.0 million and free cash flow of $174.2 million through the first nine months of the year
Chief Financial Officer Steve Cirulis cited approximately $413 million in cash and year-to-date free cash flow to support the company's multi-year "Dave's Way" turnaround strategy.
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said Steve Cirulis, Chief Financial Officer and Chief Strategy Officer of The Wendy's Company. "With approximately $413 million in cash and $174 million of free cash flow year-to-date
Chief Financial Officer Steve Cirulis cited approximately $413 million in cash and year-to-date free cash flow to support the company's multi-year "Dave's Way" turnaround strategy.
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Launches Dave's Way, a multi-year strategy focused on growing customer traffic and market share while strengthening restaurant profitability
As part of the strategy, Wendy's is shifting its breakfast daypart to location-specific operations rather than mandatory systemwide hours, which company estimates suggest could unlock up to $200 million in restaurant-level EBITDA.
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Revised breakfast strategy to be location specific; decision rooted in test results that yielded significant profit improvement
As part of the strategy, Wendy's is shifting its breakfast daypart to location-specific operations rather than mandatory systemwide hours, which company estimates suggest could unlock up to $200 million in restaurant-level EBITDA.
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could unlock up to $200 million in restaurant-level EBITDA across the system
Wendy's also signed a letter of intent to acquire up to 163 franchised restaurants from Meritage Hospitality Group and its lenders, subject to definitive agreements and court approval, and appointed Tariq Hassan as chief marketing and customer growth officer.
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Signed a letter-of-intent with Meritage Hospitality Group ("Meritage") and its lenders for the Company to acquire up to 163 Wendy's restaurants, subject to a definitive agreement, better and higher offers and court approval of the transaction.
Wendy's also signed a letter of intent to acquire up to 163 franchised restaurants from Meritage Hospitality Group and its lenders, subject to definitive agreements and court approval, and appointed Tariq Hassan as chief marketing and customer growth officer.
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Strengthened leadership with appointment of new Chief Marketing and Customer Growth Officer, Tariq Hassan
Supporting evidence (3)
Separately on Nov. 5, Wendy's announced that an independent board committee unanimously rejected an unsolicited $7.35-per-share cash takeover bid from Trian Fund Management and an investor group.
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DUBLIN, Ohio, Nov. 5, 2026 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) ("Wendy's" or the "Company") today announced that the previously constituted committee of independent directors of the Company's Board of Directors (the "Independent Committee"), which is unaffiliated with Trian Fund Management, L.P. ("Trian Partners") and its investor group, has unanimously rejected the unsolicited, non-binding proposal from Trian Partners, Flynn Group LP, BlueFive Capital and Sixth Street Partners (together, the "Investor Group") to acquire all of the outstanding shares of common stock of Wendy's not currently owned by the Investor Group for $7.35 per share in cash
The company's board also adopted a shareholder rights plan that has a one-year duration, expiring Nov. 3, 2027.
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the Board adopted a limited-duration Rights Plan on November 4, 2026.
The company's board also adopted a shareholder rights plan that has a one-year duration, expiring Nov. 3, 2027.
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The Rights Plan is effective immediately and has a one-year duration, expiring on November 3, 2027.