Wingstop (WING) Cash Flow: Operating & Free Cash Flow

Wingstop (WING) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Wingstop generated $153.06M of operating cash flow and spent $47.44M on capital expenditures. That left free cash flow of $105.62M, down 0.1% from $105.68M a year earlier, or 15.2% of revenue. It returned $254.24M to shareholders through $32.38M in dividends and $221.86M in share buybacks.

Wingstop 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 Wingstop Inc. (WING) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	174.27	108.72	70.18	52.95	42.66	23.31	20.48	21.72	27.30
Depreciation & Amortization	25.07	19.49	13.24	10.90	7.94	7.52	5.48	4.31	3.38
Deferred Income Tax	35.87	-1.81	-1.55	-3.25	2.95	0.00	-0.43	-1.05	-3.51
Stock Based Compensation	24.88	22.06	15.56	4.20	9.63	8.56	6.97	3.73	1.85
Change in Working Capital	-15.42	8.04	22.04	7.53	-12.21	14.01	4.49	8.08	-2.27
Change in Accounts Receivable	-1.16	-7.25	-2.95	-2.47	-2.14	0.25	0.50	-1.20	-1.37
Change in Inventory	0.00	0.00	0.67	0.00	0.00	0.00	0.48	-0.35	-0.67
Change in Accounts Payable	3.36	2.93	10.63	5.10	-0.27	1.51	3.09	7.00	-0.88
Change in Other Working Capital	3.13	12.37	13.69	4.89	1.40	12.26	0.43	2.63	0.65
Other Operating Activities	3.13	1.11	2.14	3.92	1.40	12.14	1.59	1.98	0.29
Net Cash from Operating Activities	153.07	157.61	121.60	76.24	48.88	65.53	38.58	38.77	27.05
Investing Activities
Capital Expenditures	-47.44	-51.93	-40.83	-23.94	-28.02	-6.05	-22.49	-3.98	-2.54
Acquisitions	-18.53	-10.05	-10.83	-7.81	-4.88	-6.74	-1.25	-6.52	-3.95
Purchases of Investments	-76.51	-0.50	-0.81	-1.00	-4.16	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	107.70	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Investing Activities	15.97	0.00	0.32	4.06	7.21	4.80	0.00	0.00	-3.95
Net Cash from Investing Activities	-17.46	-62.48	-52.15	-28.68	-29.85	-7.99	-23.73	-10.50	-6.48
Financing Activities
Debt Repayment	0.00	500.00	-3.65	246.98	-2.40	162.40	-2.40	186.25	-17.50
Common Stock Issued	1.37	0.00	0.00	0.00	0.00	0.00	0.69	0.00	1.32
Common Stock Repurchased	-221.86	-314.66	-125.40	-0.32	0.00	0.00	0.00	-0.18	0.00
Dividends Paid	-32.38	-28.87	-24.91	-141.28	-19.82	-163.79	-11.74	-190.74	-4.07
Other Financing Activities	-13.86	-11.70	-1.53	-2.13	-1.92	-18.06	-1.15	-9.05	1.32
Net Cash from Financing Activities	-266.73	144.77	-155.49	103.25	-23.39	-19.45	-14.62	-13.72	-20.25
Summary
Net Change in Cash	-131.12	239.90	-86.04	150.81	-4.36	38.10	0.24	14.55	0.31
Cash at Beginning of Period	359.57	119.68	205.72	54.91	59.27	21.18	20.94	6.39	3.75
Cash at End of Period	228.45	359.57	119.68	205.72	54.91	59.27	21.18	20.94	4.06
Free Cash Flow	105.62	105.68	80.77	52.30	20.86	59.48	16.10	34.79	24.51
Supplemental Disclosures
Interest Paid	52.15	22.70	22.74	20.48	15.04	-	-	-	-
Income Taxes Paid	27.40	38.84	27.92	13.58	10.42	-	-	-	-

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

Frequently Asked Questions About Wingstop Cash Flow

What is Wingstop's free cash flow?

Wingstop generated free cash flow of $105.62M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $153.06M minus $47.44M of capital expenditures. That was down 0.1% from $105.68M a year earlier. Free cash flow equaled 15.2% of revenue.

How much does Wingstop spend on capital expenditures?

Wingstop spent $47.44M on capital expenditures in fiscal 2025, compared with $51.93M a year earlier. That equals 31.0% of operating cash flow.

Does Wingstop pay dividends or buy back shares?

Yes. In fiscal 2025 Wingstop returned $32.38M in dividends and $221.86M 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