The Wendy's Company (WEN) Cash Flow: Operating & Free Cash Flow

The Wendy's Company (WEN) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), The Wendy's Company generated $344.54M of operating cash flow and spent $101.93M on capital expenditures. That left free cash flow of $242.62M, down 7.0% from $260.92M a year earlier, or 11.1% of revenue. It returned $330.35M to shareholders through $129.59M in dividends and $200.77M in share buybacks.

The Wendy's Company Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for The Wendy's Company (WEN) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2022	FY 2021	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Jan 2023	Dec 2022	Jan 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	165.08	194.36	204.44	177.37	177.37	200.39	200.39	117.83	136.94	460.12	194.03
Depreciation & Amortization	170.87	157.94	148.57	135.81	135.81	125.54	125.54	132.78	131.69	128.88	125.69
Deferred Income Tax	23.46	-5.53	-0.81	-	4.31	-	-13.78	10.27	0.84	-6.57	-119.33
Stock Based Compensation	14.57	23.02	23.75	24.54	24.54	22.02	22.02	18.93	18.68	17.92	20.93
Change in Working Capital	-51.56	-21.38	-22.88	-45.11	-45.11	30.60	30.60	6.58	18.57	57.39	-30.67
Change in Accounts Receivable	-19.17	-5.16	0.43	-5.86	-5.86	-5.61	-5.61	-16.24	16.94	13.23	-17.34
Change in Inventory	-0.47	0.14	0.44	-1.20	-1.20	-0.87	-0.87	-0.84	-0.16	-0.43	-0.31
Change in Accounts Payable	-8.93	1.03	-8.83	-1.53	-1.53	7.59	7.59	1.62	1.05	-0.15	-2.29
Change in Other Working Capital	6.46	-5.61	-14.92	-69.42	-36.52	-37.48	29.50	22.04	0.75	44.74	-10.74
Other Operating Activities	6.46	-5.61	-7.65	12.98	-37.01	12.82	-19.00	-2.02	-17.78	-433.51	48.15
Net Cash from Operating Activities	344.54	355.31	345.42	259.90	259.90	345.77	345.77	284.36	288.93	224.23	238.79
Investing Activities
Capital Expenditures	-101.93	-94.39	-85.02	-85.54	-85.54	-77.98	-77.98	-68.97	-74.45	-69.86	-81.71
Acquisitions	-16.85	0.00	2.12	-	8.24	-123.07	-67.95	1.21	-1.60	-18.18	-5.27
Purchases of Investments	-38.41	-41.25	0.00	-	-3.61	-10.00	-10.00	68.97	74.45	-0.01	-0.38
Sales/Maturities of Investments	0.00	0.00	0.03	-	0.00	0.06	0.06	0.17	24.50	450.00	4.11
Other Investing Activities	1.95	-34.92	-3.67	-0.47	3.14	1.20	1.20	-69.63	-77.82	0.96	-9.00
Net Cash from Investing Activities	-150.83	-129.31	-86.55	-77.78	-77.78	-154.67	-154.67	-68.25	-54.93	362.91	-92.25
Financing Activities
Debt Repayment	-478.54	-49.65	-116.29	-44.06	455.94	-983.98	116.02	-46.53	-56.64	34.77	-26.98
Common Stock Issued	1.92	0.00	0.00	4.87	0.00	30.00	0.00	0.00	28.33	0.00	0.00
Common Stock Repurchased	-200.77	-77.38	-189.55	-55.12	-51.95	-273.04	-268.53	-62.17	-217.80	-269.81	-126.23
Dividends Paid	-129.59	-204.44	-209.25	-106.78	-106.78	-94.85	-94.85	-64.87	-96.36	-80.53	-68.32
Other Financing Activities	-12.51	-4.49	10.79	-10.23	-8.54	-20.87	4.62	15.66	14.32	9.81	5.74
Net Cash from Financing Activities	-343.99	-303.10	-504.30	288.67	288.67	-242.74	-242.74	-157.91	-365.30	-305.76	-215.80
Summary
Effect of Forex Changes on Cash	4.34	-8.11	2.45	-5.97	-5.97	0.36	0.36	1.33	3.49	-7.69	6.13
Net Change in Cash	-150.28	-77.10	-242.99	464.84	464.84	-51.28	-51.28	59.53	-127.81	273.69	-63.13
Cash at Beginning of Period	503.61	588.82	831.80	-	366.97	-	418.24	358.71	486.51	212.82	275.95
Cash at End of Period	357.67	503.61	588.82	-	831.80	-	366.97	418.24	358.71	486.51	212.82
Free Cash Flow	242.62	260.92	260.40	174.36	174.36	267.79	267.79	215.39	214.48	154.37	157.08
Supplemental Disclosures
Interest Paid	-	145.25	146.88	144.42	-	133.28	-	-	-	-	-
Income Taxes Paid	-	73.60	75.19	47.77	-	54.78	-	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About The Wendy's Company Cash Flow

What is The Wendy's Company's free cash flow?

The Wendy's Company generated free cash flow of $242.62M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $344.54M minus $101.93M of capital expenditures. That was down 7.0% from $260.92M a year earlier. Free cash flow equaled 11.1% of revenue.

How much does The Wendy's Company spend on capital expenditures?

The Wendy's Company spent $101.93M on capital expenditures in fiscal 2025, compared with $94.39M a year earlier. That equals 29.6% of operating cash flow.

Does The Wendy's Company pay dividends or buy back shares?

Yes. In fiscal 2025 The Wendy's Company returned $129.59M in dividends and $200.77M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition