The Wendy's Company (Wen): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le plan stratégique de Wendy's, un géant de la restauration rapide qui a transformé le paysage du restaurant à service rapide avec son modèle commercial innovant. Des hamburgers carrés aux plates-formes numériques de pointe, le modèle de modèle commercial de Wendy révèle une approche sophistiquée qui va au-delà des stratégies traditionnelles de restauration rapide. En mélangeant de manière transparente des ingrédients frais, de l'innovation technologique et des expériences centrées sur le client, la société a creusé une position unique sur un marché concurrentiel qui attire la génération Y, les convives soucieux du budget et les amateurs de nourriture.

The Wendy's Company (Wen) - Modèle d'entreprise: partenariats clés

Les franchisés opérant les restaurants de Wendy dans le monde entier

Au quatrième trimestre 2023, Wendy's exploite 6 942 restaurants au total, avec 5 938 emplacements franchisés et 1 004 restaurants appartenant à l'entreprise. La distribution mondiale de la franchise comprend:

Région	Nombre de restaurants franchisés
États-Unis	5,601
Marchés internationaux	337

Fournisseurs de nourriture et d'ingrédients

Les principaux partenariats stratégiques d'approvisionnement alimentaire comprennent:

• BADER RUTTER: MARKETING ET STRATÉGION PARTAGNE DE L'ARRIFICATION DE L'alimentation
• Keystone Foods: partenaire d'approvisionnement en protéines et en viande
• Sysco Corporation: partenaire de distribution alimentaire majeure

Partenaires technologiques

Collaborations de plate-forme de commande numérique:

• OLO: plateforme de commande et d'intégration de la livraison numérique
• Square: technologie de traitement des paiements
• Google Cloud: Cloud Computing and Technology Infrastructure

Agences de marketing et de publicité

Partenariat marketing principal:

• VMLY & R: Agence de publicité et de marketing principale

Fournisseurs de services de livraison

Partenaire de livraison	Statut de partenariat
Doordash	Partenariat actif à l'échelle nationale
Uber mange	Partenariat actif à l'échelle nationale
Grubhub	Partenariat actif

The Wendy's Company (Wen) - Modèle d'entreprise: activités clés

Préparation et service des aliments pour restaurants

En 2023, Wendy a exploité 6 711 restaurants dans le monde, avec 5 938 emplacements aux États-Unis et au Canada. La société a traité environ 1,7 milliard de transactions clients par an.

Type de restaurant	Nombre d'emplacements	Pourcentage
Restaurants appartenant à l'entreprise	366	5.5%
Restaurants de franchise	6,345	94.5%

Innovation de menu et développement de produits

Wendy's a investi 20 millions de dollars dans la recherche et le développement pour l'innovation de menu en 2022. La société a introduit 14 nouveaux éléments de menu en 2023.

• Options de protéines à base de plantes développées
• Offres de menu de petit-déjeuner améliorés
• Introduit des articles spécialisés à durée limitée

Gestion du système de commande numérique et mobile

Les ventes numériques représentaient 8,5% du total des ventes en 2023, générant environ 1,2 milliard de dollars de revenus via des plateformes numériques.

Plate-forme numérique	Utilisateurs actifs mensuels	Fréquence de commande
Application mobile	3,2 millions	2,4 commandes par mois par utilisateur
Commande en ligne	2,8 millions	1,9 commandes par mois par utilisateur

Marketing et promotion de la marque

Wendy a alloué 250 millions de dollars aux dépenses de marketing en 2023, avec un accent significatif sur les réseaux numériques et sociaux.

• Engagement des médias sociaux: 3,5 millions d'abonnés sur Twitter
• Dépenses publicitaires numériques: 75 millions de dollars
• Budget marketing d'influence: 15 millions de dollars

Gestion de la chaîne d'approvisionnement et de la distribution

Wendy a géré une chaîne d'approvisionnement complexe avec 14 centres de distribution à travers l'Amérique du Nord.

Métrique de la chaîne d'approvisionnement	Valeur
Achat alimentaire annuel	1,8 milliard de dollars
Nombre de fournisseurs	350
Taux de conformité en matière de sécurité alimentaire	99.7%

The Wendy's Company (Wen) - Modèle d'entreprise: Ressources clés

Marque de restauration établie et marque de commerce

En 2024, Wendy's exploite 6 942 restaurants au total dans le monde, avec 5 938 emplacements de franchise et 1 004 restaurants appartenant à l'entreprise. Valeur totale de la marque estimée à 7,2 milliards de dollars.

Métrique de la marque	Valeur 2024
Total des restaurants	6,942
Lieu de franchise	5,938
Restaurants appartenant à l'entreprise	1,004

Éléments de menu propriétaires

Galettes de hamburger carré de signature Restez une ressource de différenciation critique pour l'identité de la marque de Wendy.

Infrastructure technologique numérique

Les plates-formes numériques de Wendy comprennent:

• Application de commande mobile avec 30 millions d'utilisateurs enregistrés
• Programme de fidélité numérique avec 23 millions de membres actifs
• Systèmes avancés de point de vente dans 100% des restaurants

Main-d'œuvre formée

Métrique de la main-d'œuvre	2024 données
Total des employés	92,000
Heures de formation moyennes	24 heures / an

Réseau de franchise solide

Composition de franchise à partir de 2024:

• 85,5% du total des restaurants sont franchisés
• Présence de franchise dans 30 pays
• Tenure de franchise moyenne: 12,4 ans

The Wendy's Company (Wen) - Modèle d'entreprise: propositions de valeur

Offres de boeuf frais et jamais congelé

Au quatrième trimestre 2023, Wendy a rapporté que 97% de ses galettes de boeuf sont du bœuf frais et jamais congelé. Poids de la galette de bœuf moyen: 4,0 onces. Coût d'approvisionnement en boeuf: 2,47 $ la livre.

Catégorie de bœuf	Pourcentage	Volume annuel
Bœuf frais	97%	185 millions de livres
Bœuf surgelé	3%	5,5 millions de livres

Options de menu personnalisables

Wendy's propose 12 options de personnalisation de burger de base. Les plates-formes numériques prennent en charge 87% des personnalisations de menu.

• Modifications de base du burger: 5 options
• Ajouts de garniture: 7 options
• Taux de personnalisation numérique: 87%

Stratégie de tarification compétitive

Prix ​​moyen du menu: 6,89 $. Les éléments du menu de valeur varient de 1,99 $ à 3,49 $.

Catégorie de menu	Fourchette	Prix ​​moyen
Hamburgers premium	$5.99 - $8.49	$7.29
Menu de valeur	$1.99 - $3.49	$2.74

Plateformes de commande numérique pratiques

Les ventes numériques représentent 12,4% des revenus totaux. Téléchargements d'applications mobiles: 28,6 millions. Fréquence de commande en ligne: 3,2 fois par mois par utilisateur actif.

Qualité constante dans les emplacements des restaurants

Nombre total de restaurants: 6 711 emplacements. Score de cohérence de la qualité: 4.2 / 5 sur la base des enquêtes clients.

Type d'emplacement	Nombre de restaurants	Propagation géographique
États-Unis	5,938	50 États
International	773	9 pays

The Wendy's Company (Wen) - Modèle d'entreprise: relations clients

Programme de fidélité (Wendy's Rewards)

En 2024, le programme de récompenses de Wendy compte 25,5 millions de membres actifs. Le programme de fidélité numérique génère environ 25% des ventes totales via la plate-forme.

Métriques du programme de fidélité	2024 données
Membres actifs totaux	25,5 millions
Contribution des ventes	25%
Points moyens rachat	4,75 $ par transaction

Engagement des médias sociaux

La présence des médias sociaux de Wendy comprend:

• Abonnés Twitter: 3,9 millions
• Followers Instagram: 1,6 million
• Fonds Facebook: 7,2 millions
• Taux d'engagement moyen: 4,3%

Interactions d'applications mobiles

Métriques d'application mobile	2024 statistiques
Total des téléchargements d'applications	12,3 millions
Utilisateurs actifs mensuels	6,7 millions
Pourcentage de commande mobile	18% du total des transactions

Mécanismes de rétroaction des clients

Canaux de collecte de commentaires:

• Taux d'achèvement de l'enquête en ligne: 22%
• Temps de réponse du service client: 2,4 heures
• Taux de résolution des plaintes: 93%

Campagnes de marketing personnalisées

Métriques de la campagne de marketing	2024 données
Campagnes par e-mail personnalisées	4,8 millions de destinataires mensuels
Taux de conversion d'annonces numériques ciblé	3.7%
Investissement technologique de personnalisation	14,2 millions de dollars

The Wendy's Company (Wen) - Modèle d'entreprise: canaux

Restaurants appartenant à l'entreprise

Depuis 2023, Wendy's exploite 359 restaurants appartenant à l'entreprise dans le monde.

Lieu de franchise

Le réseau de franchise de Wendy se compose de 6 275 restaurants totaux dans le monde.

Région	Nombre d'emplacements de franchise
États-Unis	5,938
Marchés internationaux	337

Application mobile

Caractéristiques de l'application mobile de Wendy:

• Plus de 26 millions d'utilisateurs actifs
• La commande numérique représente 8,5% du total des ventes

Plateformes de commande en ligne

Les canaux de vente numériques de Wendy comprennent:

• Site Web de l'entreprise
• Application mobile
• Kiosques numériques dans les restaurants

Services de livraison tiers

Partenaire de livraison	Pourcentage de ventes de livraison numérique
Doordash	65%
Uber mange	22%
Grubhub	13%

The Wendy's Company (Wen) - Modèle d'entreprise: segments de clientèle

Consommateurs de restauration rapide

Wendy a cible 18 à 54 ans démographique avec des offres de restaurants à service rapide. En 2023, ce segment représente environ 67% de la clientèle totale de Wendy.

Groupe d'âge	Pourcentage de clientèle	Dépenses moyennes par visite
18-34	42%	$8.75
35-54	25%	$10.25

Millennials et Gen Z

L'engagement numérique de Wendy avec la démographie plus jeune montre une traction importante.

• 48% des utilisateurs de l'application mobile de Wendy ont moins de 35 ans
• Abonnés des médias sociaux: 3,8 millions sur Twitter, 2,5 millions sur Instagram
• Pourcentage de commande numérique: 22% du total des transactions

Diners soucieux du budget

La stratégie de menu de valeur de Wendy cible les consommateurs sensibles aux prix.

Catégorie de menu de valeur	Fourchette	Volume de transaction quotidien
4 pour 4 $ de repas	$4.00	Environ 350 000 par jour
Biggie	$5.00	Environ 250 000 par jour

Antariens de restaurants à service rapide

Wendy capture les consommateurs qui recherchent des expériences de restauration efficaces.

• Temps d'attente moyen du service au volant: 3,5 minutes
• Nombre total de restaurants (2023): 6 711 emplacements
• Présence internationale: 30 pays

Consommateurs soucieux de leur santé

Les adaptations de menu de Wendy pour les clients nutritionnels.

Option axée sur la santé	Calories	Contenu des protéines
Sandwich au poulet grillé	370 calories	34g protéine
Salade de poulet aux pacanes de pomme	420 calories	30 g de protéines

The Wendy's Company (Wen) - Modèle d'entreprise: Structure des coûts

Acharnement des ingrédients alimentaires

En 2023, Wendy a dépensé environ 2,1 milliards de dollars en coûts de nourriture et d'emballage. L'entreprise s'approvisionne dans les ingrédients de plusieurs fournisseurs en mettant l'accent sur la qualité et la rentabilité.

Catégorie d'ingrédient	Coût d'achat annuel
Bœuf	680 millions de dollars
Produire	320 millions de dollars
Produits laitiers	220 millions de dollars
Pain et petits pains	180 millions de dollars

Opérations et entretien des restaurants

Les coûts opérationnels annuels de Wendy pour ses 6 711 restaurants en 2023 ont totalisé 785 millions de dollars, notamment:

• Entretien des installations: 210 millions de dollars
• Services publics: 175 millions de dollars
• Réparations de l'équipement: 132 millions de dollars
• Frais de location et de location: 268 millions de dollars

Salaire et formation des employés

En 2023, les dépenses totales de travail de Wendy étaient de 1,3 milliard de dollars, avec la ventilation suivante:

Catégorie de dépenses	Montant
Salaire de base	980 millions de dollars
Programmes de formation	65 millions de dollars
Avantages	255 millions de dollars

Dépenses de marketing et de publicité

Le budget marketing de Wendy pour 2023 était de 345 millions de dollars, alloué sur divers canaux:

• Publicité numérique: 142 millions de dollars
• Publicités télévisées: 98 millions de dollars
• Campagnes de médias sociaux: 55 millions de dollars
• Publicité imprimée et extérieure: 50 millions de dollars

Investissements technologiques et plate-forme numérique

En 2023, Wendy a investi 185 millions de dollars dans les plateformes technologiques et numériques:

Zone d'investissement technologique	Montant
Développement d'applications mobiles	62 millions de dollars
Systèmes de commande numérique	53 millions de dollars
Cybersécurité	40 millions de dollars
Infrastructure cloud	30 millions de dollars

The Wendy's Company (Wen) - Modèle d'entreprise: Strots de revenus

Ventes de restauration

Pour l'exercice 2022, Wendy a déclaré des revenus totaux de l'entreprise de 2 034,9 millions de dollars. Les ventes de restaurants opérées de l'entreprise intérieure étaient de 443,3 millions de dollars.

Catégorie de revenus	Montant (2022)
Revenus totaux de l'entreprise	2 034,9 millions de dollars
Ventes de restaurants opérés des entreprises nationales	443,3 millions de dollars

Frais de redevance de franchise

Les revenus de la franchise et des redevances pour Wendy en 2022 étaient de 737,8 millions de dollars.

• Le pourcentage de frais de franchise varie entre 3 et 5% des ventes brutes
• Total des restaurants de franchise dans le monde: 6 711 en 2022

Commissions de commande numérique

Les ventes numériques représentaient environ 7% du total des ventes aux États-Unis en 2022, soit environ 142,5 millions de dollars de revenus numériques.

Services de restauration

Les détails des revenus de restauration ne sont pas divulgués publiquement en tant qu'élément de ligne distinct dans les rapports financiers.

Marchandises et ventes de produits de marque

Les ventes de marchandises ne sont pas signalées comme une source de revenus autonome importante dans les divulgations financières de Wendy.

The Wendy's Company (WEN) - Canvas Business Model: Value Propositions

The Wendy's Company focuses its value creation on product quality, speed, digital integration, and price accessibility.

Quality food with the fresh, never frozen beef differentiator

The core product value centers on the commitment to fresh, never frozen North American beef, available in the contiguous U.S., Alaska, Canada, Mexico, and the UK, among other select international markets.

Performance metrics for the U.S. segment in 2025 reflect the challenging environment despite this differentiator:

Metric	Q1 2025 Result	Q2 2025 Result	Q3 2025 Result
U.S. Same-Restaurant Sales Growth	(2.8)% decline	(3.6)% decline	Company-Operated Outperformed System by 4%
Global Systemwide Sales Change	(1.1)% decrease	(1.8)% decrease	(2.6)% decrease (to $3.5 billion)

Convenience through high-speed drive-thrus and digital ordering

Convenience is being structurally enhanced through the Global Next Gen restaurant design and technology integration, which aims to accelerate throughput.

Restaurant expansion in 2025 supports this focus:

• 74 new restaurants opened globally in Q1 2025.
• 118 new restaurants opened globally in the first half of 2025.
• 54 new restaurants opened in Q3 2025, bringing total additions to 172 year-to-date.

The Global Next Gen High-Capacity Kitchen design is estimated to deliver nearly a 50% increase in kitchen output capacity compared to the standard Global Next Gen design. The design standard is intended to unlock 400 times the capacity for digital orders. The company expects its digital sales mix to reach a mid-teen percentage by 2025.

Strong breakfast daypart offerings like the Breakfast Baconator

Breakfast remains a key growth area, with continued advertising investment relative to the daypart's sales percentage.

Specific breakfast performance data includes:

• Breakfast sales grew 6% during the quarter ending Q1 2025.
• Management noted that only 1/3 of customers had tried the breakfast menu as of early 2025.

Value-focused menu items like the $5 Biggie Bag

Value is driven by the Biggie Bag platform, which has been on the menu since 2019. The strategy involves using value deals to drive frequency, supported by exclusive offers through the loyalty platform, which reached 46 million members, up 25% from a year prior.

Financial estimates for the value offering suggest significant margin leverage:

Component	Estimated Raw Cost
Estimated Raw Cost per $5 Biggie Bag	Less than $2.75, closer to $2.50
Food Cost Percentage on Promotional Items (Estimate)	Potentially as high as 50%

The company planned a "100 Days of Summer" promotion in response to waning demand to focus on value.

Consistent customer experience via Global Next Gen restaurant design

The Global Next Gen design incorporates technologies like self-order kiosks and digital menu boards to enhance consistency and execution across drive-thru, dine-in, and digital pick-up.

The company's full-year 2025 outlook, as of August 2025, projects a global systemwide sales decline of 3% to 5%, while maintaining a long-term net unit growth target of 2% to 3% annually.

The Wendy's Company (WEN) - Canvas Business Model: Customer Relationships

The focus on the customer relationship for The Wendy's Company centers heavily on digital integration to drive frequency and personalization, supported by operational excellence in-store.

Digital loyalty program to drive repeat visits and personalized offers

The digital ecosystem, anchored by the mobile app and loyalty platform, is a critical driver of customer engagement. As of March 2025, The Wendy's Company reported over 46 million loyalty members. This loyalty business is now positioned as being almost as large as the third-party delivery business. The company made a $15 million investment in its mobile app and loyalty program, which showed success, with the program growing 6% quarter-over-quarter in Q2 2024. Digital customers historically spend 20% to 60% more and visit four times more often than traditional diners. The strategy prioritizes app-based engagement and exclusive promotions, leveraging AI-powered analytics to track ordering habits and serve relevant deals.

Key Loyalty and Digital Metrics:

• Total loyalty program membership (March 2025): 46 million
• Investment in app/loyalty program: $15 million
• Digital sales growth (Q3 2025): 14.9% increase year-over-year
• Digital sales mix (Q3 2025): 20.3%

High-touch customer experience (CX) focus in company-operated stores

Operational improvements in company-operated locations are showing results in comparative performance. In the third quarter of 2025, comparable sales at Company-operated restaurants outperformed the overall system by 4%. However, the US Company-Operated Restaurant Margin for Q3 2025 was 13.1%, representing a contraction of 250 basis points year-over-year. The company launched Project Fresh, a turnaround plan emphasizing operational excellence to drive Average Unit Volume (AUV) growth in the U.S. market.

Active, distinctive social media engagement to build brand affinity

The distinctive, witty social media persona remains a key relationship tool, particularly for younger demographics. As of late 2025, The Wendy's Company maintained 3,664,660 followers on Twitter, though this figure showed a -0.6% decrease in the preceding 30 days, placing the brand in the 36th percentile relative to industry peers for that specific metric. Earlier data from 2023 showed 3.8 million Twitter followers and 8.3 million Facebook followers. Anecdotally, revenue grew 12% annually since the implementation of the Twitter campaign, suggesting a positive, though unproven, link to financial performance.

Data-driven customer segmentation to refine marketing

The Wendy's Company is actively using data to sharpen its customer approach. Management noted the use of data analytics to refine value offerings. Furthermore, a collaboration with Creed & Company involves a comprehensive customer segmentation study to better understand consumer preferences that resonate with the brand.

Self-service kiosks and AI for fast, defintely accurate ordering

Technology deployment is central to improving speed and accuracy, which directly impacts the customer experience. The Wendy's Company is equipping franchisees with digital advancements, including self-order kiosks and the FreshAi ® generative-AI powered drive-thru assistant in the U.S. In a pilot program, this AI technology reduced drive-thru order times by up to 22 seconds and improved order accuracy. Industry data suggests that QSRs implementing kiosks see average ticket sizes that are 8-15% higher than traditional counter orders, and 65% of QSR customers state they would visit more often if kiosks were available. The company previously planned to install self-ordering kiosks at about 1,000 locations. The company had $20 million earmarked for digital menu board investment, with 30 to 35 units installed as of Q2 2024.

Technology Deployment and Impact Metrics:

Technology/Metric	Value/Rate	Context/Timeframe
US Digital Sales Growth	14.9%	Q3 2025 (Year-over-Year)
Digital Sales Mix	20.3%	Q3 2025
AI Drive-Thru Time Reduction	22 seconds	Pilot Program (Q1 2024 data)
Kiosk Average Ticket Increase	8-15%	Industry Benchmark
Customer Visit Likelihood with Kiosks	65%	Industry Benchmark
Company-Operated Sales Outperformance vs. System	4%	Q3 2025

The Wendy's Company (WEN) - Canvas Business Model: Channels

You're looking at how The Wendy's Company (WEN) gets its product-the fresh, never frozen beef-into the hands of the customer as of late 2025. The channel strategy is a blend of heavy physical presence and rapidly evolving digital integration, which is key to navigating the current consumer environment.

Physical restaurant locations, emphasizing drive-thru efficiency remain the backbone. As of the end of 2024, The Wendy's Company operated over 7,240 restaurants globally. Through the first three quarters of 2025, the system added 172 net new restaurants, keeping them on track for their full-year net unit growth target of 2% to 3%. The drive-thru is definitely the critical sales channel here, especially as the company deploys technology like the FreshAI drive-thru assistant, which was planned for rollout across 500 to 600 locations to improve speed and accuracy.

The digital ecosystem is growing fast. The global digital sales mix hit a record 20.3% in the first quarter of 2025 and climbed to 20.5% by the second quarter of 2025. This growth is heavily supported by the mobile app, which has been a key driver, seeing digital sales increase by nearly 40% year-over-year in a recent period. The loyalty program is also a major engagement channel, boasting 46 million members in the year leading up to Q3 2025.

For in-store experience and order capture, technology rollout is ongoing but not yet complete. Digital menu boards and self-service kiosks are part of the modernization effort. However, as of Q2 2025, only 700 of the approximately 5,700 U.S. restaurants had adopted digital menu boards, leaving a related rollout budget of about $100 million unaddressed. The company planned to spend between $100 million and $110 million on digital and AI capital expenditures for the full year 2025.

Third-party delivery services like DoorDash and Uber Eats are integrated into the digital ordering framework, contributing to the overall digital sales mix. On the marketing side, The Wendy's Company is adjusting its spend; for instance, in the second quarter of 2025, operating profit benefited partly from a decrease in the Company's investment in advertising spend, which covers traditional media like TV and radio, alongside digital promotion.

Here's a quick look at some key channel performance indicators from the latest available reports:

Metric	Value/Period	Context/Date
Global Systemwide Sales	$3.5 billion	Third Quarter 2025
Digital Sales Mix	20.5%	Second Quarter 2025
U.S. Same-Restaurant Sales Decline	4.7%	Third Quarter 2025
International Systemwide Sales Growth	8.6%	Third Quarter 2025
Net New Restaurants Added YTD	172	Through Q3 2025

The focus on improving the customer experience across these touchpoints is clear, especially given the mixed top-line results. The company is pushing initiatives to drive frequency through better execution.

• Customer satisfaction with orders through employees was up 140 basis points year-over-year as of Q2 2025.
• Customer satisfaction improvements for digital ordering were even larger in the same period.
• The company reported total revenue of $549.5 million for the third quarter of 2025.
• Adjusted earnings per share for Q3 2025 was $0.24.
• The company repurchased 1.4 million shares for approximately $14.0 million in Q3 2025.

The strategy involves using digital tools to manage complexity and drive higher-margin transactions, even as the core physical channel faces headwinds in the U.S. market. Finance: draft 13-week cash view by Friday.

The Wendy's Company (WEN) - Canvas Business Model: Customer Segments

The Wendy's Company (WEN) targets several distinct customer groups, balancing the needs of its core domestic market with aggressive international expansion efforts.

Value-conscious consumers seeking quality at a lower price point represent a critical, yet currently pressured, segment in the U.S. market. The consumer pullback is most evident with households making under $75,000 annually, which experienced a low-double-digit drop in traffic during parts of the first quarter of 2025. This pressure is reflected in the U.S. domestic same-restaurant sales decline of 2.8% in the first quarter of 2025. To counter this, The Wendy's Company is focusing on value promotions, such as the planned "100 Days of Summer" promotion, while U.S. company-operated restaurant margins stood at 13.1% in the third quarter of 2025.

Digital-savvy customers who prefer mobile ordering and loyalty rewards are a growing focus, evidenced by technological investments and sales mix shifts. The global digital sales mix reached a record 20.3% in the first quarter of 2025. Customer satisfaction for orders made digitally saw even larger year-over-year improvements than in-person orders, up significantly, driven by better accuracy. The company is deploying technology like the FreshAI platform in over 160 locations to enhance this experience.

The morning daypart customers for the growing breakfast segment show mixed signals. While one report suggested the company generated more sales in the morning early in 2025, consumer pullback was noted as particularly acute during breakfast hours in the first quarter of 2025. Historically, breakfast represented about 7% of sales, but recent data suggests this daypart is sensitive to current industry headwinds.

International consumers in high-growth markets like the UK and Canada are a significant driver of overall system health. International systemwide sales grew by 8.9% in the first quarter of 2025 and by 8.7% in the second quarter of 2025, with growth across all regions. The total restaurant count globally reached 7,334 by the end of the second quarter of 2025, up from 7,261 at the end of 2024. The company is solidifying its presence in stronghold markets like Canada and the UK, while also finalizing major development agreements, such as for 170 restaurants in Italy and 20 in Armenia.

The segment comprising families and younger adults seeking quick, convenient meals is addressed through operational improvements and menu innovation. Customer satisfaction with orders placed through employees was up 140 basis points year over year in the second quarter of 2025, indicating a push for better in-person convenience. The company is also focused on menu updates, like the new chicken tenders, which outperformed major competitors in tests.

Here's a snapshot of the scale and performance across key segments as of late 2025 reporting periods:

Metric	Value/Percentage (Latest Reported Period)	Period End Date
Global Systemwide Sales	$3.5 billion	Q3 2025
International Systemwide Sales Growth	8.6%	Q3 2025
Global Digital Sales Mix	20.3%	Q1 2025
U.S. Same-Restaurant Sales Decline	4.7%	Q3 2025
Total Global Restaurant Count	7,334 units	Q2 2025

The focus on improving the customer experience is central to driving frequency across all segments. For instance, executives are confident that the continued improvement in customer satisfaction will result in increased frequency by existing customers.

• Customer satisfaction for digital orders improved significantly year over year.
• U.S. company-operated restaurant margin was 13.1% in Q3 2025.
• New development agreements signed in Q2 2025 include 170 units in Italy.
• Total Q3 2025 revenues were $549.5 million.
• The company opened 172 new restaurants globally through the end of Q3 2025.

The Wendy's Company (WEN) - Canvas Business Model: Cost Structure

You're looking at the core expenses The Wendy's Company faces to keep the burger-flipping operation running in late 2025. Honestly, managing these costs is key to hitting those financial targets, especially with the pressure on margins.

The biggest variable costs are tied directly to the menu. Cost of food and paper is a major line item, and for the 2025 fiscal year, management had guided for approximately 1% commodity inflation, with beef costs being the primary driver of that pressure. This is a significant factor when you consider the U.S. Company-operated restaurant margin contracted in Q3 2025, partly due to commodity inflation.

Labor is another substantial cost center. For the full year 2025, The Wendy's Company was facing wage rate inflation of approximately 4%. This labor pressure, combined with commodity costs, directly impacted restaurant-level profitability, as seen by the 250 basis point contraction in U.S. company-operated restaurant margins in Q3 2025.

Here's a quick look at how some of the major expense categories were projected or reported for 2025:

Expense Category	Reported/Projected Financial Data (2025)
Projected Capital Expenditures	$100 million to $110 million
Prior Full-Year G&A Outlook	$250 million to $270 million (Based on Q1 2025 outlook prior definition)
Year-over-Year Change in Advertising Spend Funding (Q3)	Decrease of $6.4 million

When you look at the fixed and semi-fixed costs, capital expenditures (CapEx) were projected to be in the range of $100 million to $110 million for 2025. This investment supports their growth strategy, though later in the year, they announced a strategic shift, including a planned reduction of approximately $20 million from the Build-to-Suit CapEx program for 2025 to prioritize U.S. Average Unit Volume (AUV) growth.

General and Administrative (G&A) expenses have seen some fluctuation. For instance, in the second quarter, the increase in Adjusted EBITDA was partially driven by lower G&A expenses. However, the Q1 2025 outlook provided a prior full-year projection for G&A expenses between $250 million and $270 million, which was later updated to a lower range under a new definition. In Q3, G&A expense saw a year-over-year decrease.

Advertising and marketing costs are managed through dedicated funds. The structure is set up so that the net change in the restricted operating assets and liabilities of these advertising funds is excluded when calculating Free Cash Flow, because those funds are used solely for advertising and aren't available for working capital. The cost pressure is evident in the revenue side too, as the decrease in Total Revenues in Q1 2025 resulted partly from lower advertising funds revenue. Specifically, in Q3 2025, the year-over-year increase in Adjusted EBITDA was helped by a decrease in the Company's funding of incremental advertising spend by $6.4 million.

You can see the impact of these costs on profitability:

• U.S. Company-Operated Restaurant Margin for Q3 2025 stood at 13.1%, down 250 basis points year-over-year.
• This margin contraction was mainly due to inflation in beef and labor costs, alongside reduced traffic.
• The company is actively working to offset these pressures through operational excellence and better labor productivity from lower turnover and enhanced training.

Finance: draft 13-week cash view by Friday.

The Wendy's Company (WEN) - Canvas Business Model: Revenue Streams

The Wendy's Company (WEN) revenue generation is heavily weighted toward its franchised base, supplemented by direct sales from company-operated restaurants.

• Franchise royalties and fees from over 95% of the system.
• Sales from company-operated restaurants, where the U.S. Company-Operated Restaurant Margin for the third quarter of 2025 was 13.1%.
• Digital sales, which reached a 19% mix in Q4 2024.
• Adjusted EBITDA projected between $505 million and $525 million for 2025.
• Free Cash Flow expected to be between $195 million and $210 million for 2025.

Here's a look at some key financial metrics related to the revenue generation structure as of the third quarter of 2025:

Metric	Value	Period/Context
Adjusted EBITDA	$138.0 million	Third Quarter 2025
U.S. Company-Operated Restaurant Margin	13.1%	Third Quarter 2025
Global Systemwide Sales	$3.5 billion	Third Quarter 2025
International Systemwide Sales Growth	8.6%	Third Quarter 2025
Total Net New Restaurants Opened (YTD)	172	Through Q3 2025

The revenue streams are fundamentally tied to the performance of the entire system, which includes both company and franchise locations. Franchisees pay ongoing fees for brand use and support.

• Royalty fee is 4% of gross sales paid by franchisees.
• National advertising fund contribution is 4% of gross sales paid by franchisees.

Digital channels continue to grow their contribution to the top line. The digital sales mix hit a record high in the first quarter of 2025.

• Global Digital Sales Mix (Q1 2025) was 20.3%.
• Global Digital Sales Mix (Q4 2024) was 19%.