WEN

The Wendy's Company remains a Strong Buy as turnaround efforts accelerate, including a major franchisee acquisition and strategic operational changes. WEN's U.S. sales remain pressured, but international growth and improved breakfast strategy signal early turnaround traction and future margin potential. Balance sheet risk persists with 5.2x net leverage and looming 2028+ maturities, but strong cash flow and refinancing runway provide flexibility.

Wendy's NASDAQ: WEN reported a 5.7% decline in U.S. same-restaurant sales for its fiscal 2026 third quarter, as falling traffic continued to pressure results. The company outlined a turnaround plan that includes making breakfast optional at U.S. restaurants and potentially acquiring up to 163 locations from bankrupt franchisee Meritage Hospitality Group.

The Wendy's Company ( WEN ) Q3 2026 Earnings Call November 5, 2026 8:30 AM EST Company Participants Aaron Broholm - Head of Investor Relations Robert Wright - President, CEO & Director Steven Cirulis - Chief Financial Officer & Chief Strategy Officer Conference Call Participants David Palmer - Evercore ISI Institutional Equities, Research Division Rahul Krotthapalli - JPMorgan Chase & Co, Research Division Danilo Gargiulo - Bernstein Institutional Services LLC, Research Division Margaret-May Binshtok - Wolfe Research, LLC Brian Bittner - Oppenheimer & Co. Inc., Research Division Christopher Carril - KeyBanc Capital Markets Inc., Research Division James Salera - Stephens Inc., Research Division Arian Razai - Guggenheim Securities, LLC, Research Division James Sanderson - Northcoast Research Partners, LLC Presentation Operator Good morning. Welcome to The Wendy's Company Earnings Results Conference Call.

By turning down Trian's bid and enacting a defensive "poison pill," Wendy's leadership is sending a strong message of confidence in its standalone turnaround plan.

The headline numbers for Wendy's (WEN) give insight into how the company performed in the quarter ended September 2026, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

Wendy's rejected a $1.4 billion buyout from billionaire Nelson Peltz's Trian Fund Management, claiming that the offer “substantially undervalues” the company and adopting a “poison pill” plan to protect the company from a hostile takeover.

Wendy's (WEN) is back in the spotlight after rejecting a $1.4 billion take-private offer from a consortium led by activist investor Nelson Peltz's Trian Fund Management. The proposal offered shareholders $7.35 per share in cash, but Wendy's board concluded that the bid substantially undervalued the company and failed to reflect the benefits of its turnaround strategy.

Wendy's (WEN) came out with quarterly earnings of $0.13 per share, beating the Zacks Consensus Estimate of $0.1 per share. This compares to earnings of $0.24 per share a year ago.

Wendy's turned down $7.35 a share on Thursday. The independent committee of its board rejected a $1.

Company backs its own turnaround bid instead of being taken private by Nelson Peltz's hedge fund.