A Wendy’s franchise cost runs $1,580,457 to $3,105,000 for a cash-funded new restaurant before land, or $409,691 to $785,000 in cash if the fee, building and equipment are financed, per Item 7 of the 2026 FDD.
Key takeaways
- Every new Wendy’s Restaurant carries a $50,000 Technical Assistance Fee at signing; non-traditional sites generally pay $25,000 and Franchise Flip buyers pay $25,000 per restaurant (Item 5, Wendy’s Franchise Disclosure Document, issued March 27, 2026, as amended May 29, 2026).
- Item 7 prices the building at $1,033,292 to $2,200,000 from 34 company-led projects that Wendy’s U.S. Executive Capital Committee (CAPCOM) reviewed between January 1, 2024 and December 28, 2025, 11 of them in California (Item 7, note 3).
- Letting Wendy’s find or own the site raises what you pay Wendy’s before opening: about $120,000 under REPP and $125,000 under Build-to-Suit, which also lifts the royalty to 6% (Items 5 and 6).
- After opening, the royalty is 4% of Gross Sales for a traditional or Groundbreaker restaurant, the 2025 WNAP Vote set national advertising at 4.0% for 2026 and 2027, and the Technology Fee is listed at $6,620 to $15,000 a year (Item 6).
- The FDD sets no net worth floor; the Wendy’s franchising FAQ asks for at least $1,000,000 net worth and $500,000 in liquid assets.
What does each Wendy’s build route cost to sign and open?
The 2026 Wendy’s FDD does not price one franchise; it prices routes. An owner-led new build pays Wendy’s $55,000 up front if you are new to the system, while REPP and Build-to-Suit add real estate and project fees, and buying an operating restaurant swaps the $50,000 fee for a transfer fee or a $25,000 Flip fee. The build cost itself sits in Item 7.
The franchisor is Quality Is Our Recipe, LLC, a Delaware company whose manager, Wendy’s International, LLC, runs the system day to day under a 2015 securitization structure (Item 1). The FDD on file with Minnesota is a marked copy dated March 27, 2026, as amended May 29, 2026; the May amendment changed Item 2 executive listings and left the fee and cost pages unmarked.
| Build route | Paid to Wendy’s or affiliates before opening | Royalty after opening | Build and site cost carried by you | FDD source |
|---|---|---|---|---|
| Owner-led new build (you find, lease or buy the site) | $50,000 TAF plus $5,000 Training Fee if new to the system | 4% of Gross Sales | Building $1,033,292 to $2,200,000; equipment $380,165 to $650,000; land or rent extra | Items 5, 6, 7 |
| Owner-led build with Wendy’s project management (FDP) | Adds a $35,000 Project Fee plus Wendy’s out-of-pocket travel costs | 4% | Same Item 7 ranges; you pay all construction, material and equipment | Item 5 |
| REPP (Wendy’s finds and leases the site, subleases to you) | $12,500 Real Estate Services Fee, $17,500 Transaction Services Fee, $35,000 Project Fee, then the $50,000 TAF | 4% | Construction and equipment; sublease rent to Wendy’s | Items 5, 7 |
| Build-to-Suit (Wendy’s secures land and develops) | $12,500, then $40,000 Real Estate Development Services Fee and $17,500 Transaction Services Fee (plus taxes), then the $50,000 TAF | 6% | Furniture, fixtures, equipment, signage and technology; sublease rent plus a lease administration fee of at least $6,000 a year | Items 5, 6, 10 |
| Non-traditional site (limited seating, unique real estate) | $25,000 TAF, generally | 4%; 6% on military bases | Not reflected in the Item 7 building range | Items 5, 6, 7 |
| Franchise Flip (buy restaurants from an exiting franchisee) | $25,000 Flip TAF per restaurant; new 20-year agreement | 4% | Price negotiated with the seller; reimage if required | Items 1, 5, 7 |
| Ordinary transfer from another franchisee | Transfer fee from $5,000 for 1 to 5 restaurants | Per the agreement you receive | Price negotiated with the seller | Items 5, 6 |
The chart below adds up only the fees owed to Quality Is Our Recipe, LLC or its affiliates before a restaurant opens. It leaves out $500 background checks per owner, taxes and Wendy’s travel expenses, which Item 5 bills on top.
Fees owed to Quality Is Our Recipe, LLC or its affiliates before opening range from $0 to $125,000 by route (Wendy’s FDD, March 27, 2026 as amended May 29, 2026, Items 5 to 7; accessed November 2, 2026).
| Route | Arithmetic from Item 5 | Total before opening |
|---|---|---|
| Build-to-Suit | $12,500 + $40,000 + $17,500 + $50,000 TAF + $5,000 Training Fee | $125,000 |
| REPP | $12,500 + $17,500 + $35,000 Project Fee + $50,000 TAF + $5,000 | $120,000 |
| Owner-led build with FDP | $50,000 TAF + $5,000 + $35,000 Project Fee | $90,000 |
| Owner-led build | $50,000 TAF + $5,000 Training Fee | $55,000 |
| Non-traditional site | $25,000 TAF + $5,000 | $30,000 |
| Franchise Flip, per restaurant | $25,000 Flip TAF | $25,000 |
| Transfer, 1 to 5 restaurants | Minimum transfer fee | $5,000 |
| Groundbreaker restaurant opened early, existing franchisee | TAF waived; Training Fee may be waived | $0 |
Where do the Item 7 totals of $1,580,457 and $409,691 come from?
Item 7 has three cost lines and one subtotal. The $50,000 fee, a building at $1,033,292 to $2,200,000 and equipment at $380,165 to $650,000 make $1,463,457 to $2,900,000; adding $117,000 to $205,000 for pre-opening costs gives $1,580,457 to $3,105,000. Land is listed as “Varies” and sits outside both totals.
| Item 7 line | Low | High | What the note says |
|---|---|---|---|
| Initial Technical Assistance Fee | $50,000 | $50,000 | Lump sum on signing; reduced for non-traditional units, waived under Pacesetter |
| Building | $1,033,292 | $2,200,000 | Permits, standard construction, site improvements; net of landlord tenant improvement allowance |
| Equipment | $380,165 | $650,000 | Furniture, fixtures, equipment, signage, technology, select security |
| Pre-opening, training and additional operating funds | $117,000 | $205,000 | $5,000 Training Fee, $14,000 to $27,000 inventory, about $10,000 grand opening, $88,000 to $163,000 prepaid for about 3 months |
| Total, cash purchase | $1,580,457 | $3,105,000 | Excludes real property |
| Total, TAF, building and equipment financed | $409,691 | $785,000 | Assumes 20% cash down payment (note 7) |
The financed column is arithmetic, not a separate estimate. Twenty percent of the $1,463,457 subtotal is $292,691, and adding the full $117,000 pre-opening line gives the printed $409,691; at the high end, 20% of $2,900,000 is $580,000, plus $205,000, which equals $785,000. A lender that asks for 25% or 30% down raises that cash figure.
Note 3 also limits where the building range applies. It excludes one conversion project from its sample, says converting an existing building may cost less, and states that drive thru only and certain nontraditional formats are not reflected. Upgrades from the March 2026 Exhibit F list, such as a Y-lane drive-thru or a covered patio, can push the total past the printed high end. For how Item 7 is laid out across franchise systems, the federal rule at 16 CFR 436.5(g) sets the required table, and our guide to reading the franchise disclosure document walks through each column.
What do REPP and Build-to-Suit charge for finding and owning the site?
Both programs move site work to Wendy’s and add fees in stages. REPP charges $12,500 at the letter of agreement, then $17,500 plus a $35,000 Project Fee once CAPCOM approves the site. Build-to-Suit charges $12,500, then $40,000 and $17,500, and adds 2% to the royalty for the initial term, for 6% in total (Items 5 and 6).
| Route | Step 1 | Step 2 | Step 3 | Step 4 |
|---|---|---|---|---|
| Owner-led new build | Preliminary Letter + $5,000 Training Fee | Site approved by Quality | Franchise Agreement + $50,000 TAF | Optional FDP: $35,000 Project Fee |
| REPP | REPP Letter + $12,500 fee | After CAPCOM: $17,500 + $35,000 | Franchise Agreement + $50,000 TAF | Sublease from Wendy’s |
| Build-to-Suit | Build-to-Suit Letter + $12,500 fee | After CAPCOM: $40,000 + $17,500 | Franchise Agreement + $50,000 TAF | 6% royalty + lease fee from $6,000 |
| Buy an operating unit | Seller and Quality agree on transfer | Transfer fee $5,000+ or Flip TAF $25,000 | New or assigned Franchise Agreement | Reimage if required: $150,000 to $2,515,000 |
Build-to-Suit rent has three parts under Item 5: the rent Wendy’s pays its landlord (or a fixed market rent reset every five years if Wendy’s buys the land), a monthly percentage rent set by CAPCOM, and a lease administration fee of at least $6,000 a year that can rise up to 5% a year. Note 3 to Item 7 says a Build-to-Suit franchisee should not typically expect the building line, but may owe a one-time capital contribution instead.
Two limits matter for multi-unit buyers. Build-to-Suit restaurants are not eligible for development incentives and are not typically available to meet a Development Agreement schedule, and when you sell a Build-to-Suit restaurant, Wendy’s may call due amounts covering its net book value and lease consideration at closing (Item 5). The $17,500 Transaction Services Fee is the only refundable piece, and only if the deal ends before a prime lease or purchase agreement is signed (Item 7, note 6).
What does buying an operating Wendy’s add: transfer, Franchise Flip or reimage?
An existing restaurant costs whatever you negotiate with the seller, plus Wendy’s charges. A franchisee-to-franchisee transfer carries no initial fee beyond a transfer fee from $5,000. A Franchise Flip deal gives you a new 20-year agreement for $25,000 per restaurant, and Item 7 prices a 2026 remodel at $150,000 to $2,515,000 by design.
| Acquisition path | Fee to Wendy’s | Other costs Item 7 names | Source |
|---|---|---|---|
| Transfer from a franchisee (change of control) | $5,000 for 1 to 5 restaurants, plus $1,000 for each additional restaurant; up to $10,000 or more per Restaurant for complex deals | Remodel to current standards as a transfer condition; renewal fee if you renew | Items 6 and 17 |
| Partial ownership change over 5% | $2,500 for 1 to 5 restaurants, plus $500 each additional | Background checks at $500 per owner | Items 5 and 6 |
| Franchise Flip | $25,000 Flip TAF per restaurant | Possible Relationship Agreement and Development Agreement | Items 1 and 5 |
| Company restaurant under System Optimization | TAF, rent, inventory and training costs may be reimbursed to Wendy’s | FDP fees paid up front for restaurants that must be reimaged | Items 5 and 7 |
| Any acquired restaurant needing work | $243.24 Facility Evaluation fee | Facility Evaluation repairs of about $20,000 to $150,000; remodel $150,000 to $2,515,000 | Item 7, note 3 |
Item 6 also lists Franchise Flip fees of $25,000 for a Pre-Offer Advisory Fee and $12,500 each for offer preparation and transaction advice per additional restaurant; Item 1 describes these as valuation and deal services Wendy’s provides to the selling franchisee. Item 20 counts 113 franchise transfers in 2025 after 312 in 2024. Our study of franchise transfer fees sets the $5,000 Wendy’s charge beside other systems.
How do Groundbreaker development terms cut or add fees?
The current New Groundbreaker Development Agreement has no up-front fee (Item 5). In return for committing at least one new or incremental restaurant on a schedule ending no later than December 31, 2028, the Top Builder Groundbreaker Incentive trims royalties and WNAP fees for 48 months, and a restaurant opened by November 30 of the year before its Required Open Date skips the $50,000 TAF.
| Development term | What the 2026 FDD says | Item |
|---|---|---|
| Months 1 to 12 after opening | Royalty reduced by 3%; WNAP fees reduced by 3.5% | 6, note 4 |
| Months 13 to 48 | Royalty reduced by 2%; WNAP fees reduced by 3% | 6, note 4 |
| Month 49 onward | Full 4% royalty; full WNAP rate | 6 |
| Open by November 30 of the prior year | $50,000 TAF waived; not for non-traditional sites | 5 and 6 |
| Miss the Required Open Date | Development Obligations Fee of $6,000 a month ($7,500 under an older Pacesetter agreement), for up to 10 years | 6 |
| Development Area | Typically a Designated Market Area or part of one; not exclusive | 12 |
| Transfer of development rights | Not allowed under any circumstances | 17 |
The Pacesetter agreement, which waived royalties for 36 months, is closed to new signers (Item 17). Item 1 says a buyer of a company restaurant may be asked to sign the Hybrid form in Exhibit C, the New Groundbreaker form in Exhibit D or a Relationship Agreement. Our report on area development agreements compares development fees and schedules across filed FDDs.
Which percentages and flat technology charges start after opening?
Three percentage charges and a handful of flat ones begin at opening. The royalty is 4% of Gross Sales for traditional restaurants, the advertising contribution totals at least 4% (all of it national in 2026 and 2027), and WETECH bills a Technology Fee of $7,620, $10,600 or $14,200 a year, set by each restaurant’s 2024 Gross Sales, with $14,200 for a newly built restaurant (Item 6, note 15).
| Charge | Amount in the 2026 FDD | When due | Source |
|---|---|---|---|
| Royalty | 4% traditional/Groundbreaker; 5% Pacesetter; 6% military bases and Build-to-Suit | 15th of each month | Item 6 |
| National advertising (WNAP) | 1.50-4.00% of Gross Sales; 4.0% in 2026 and 2027 after the 2025 WNAP Vote | 15th of each month | Item 6, note 5 |
| Local and regional advertising | .50% listed; 0.0% minimum in 2026 and 2027; a co-op vote can raise it | To the co-op or local media | Item 6, note 6; Item 9 |
| Technology Fee | $6,620 – $15,000 per restaurant per year; $1,000 less with the NCR/Dumac HelpDesk | Quarterly | Item 6, note 15 |
| Customer Care | $95 per month | Quarterly | Item 6 |
| Cyber insurance premium | About $800 per restaurant | Quarterly | Item 6 |
| Optional FreshAi | $1,667 a month, or $1,083 a month if committed through December 2028 by November 2026; $1,700 crew screen | Quarterly in arrears | Item 6, note 15 |
| Renewal | $12,500 per restaurant for a 10-year renewal | Before term ends | Item 6, note 9 |
The Item 6 table’s $6,620 to $15,000 range sits $1,000 below the lowest $7,620 tier at the bottom, matching the HelpDesk credit, and above the $14,200 top tier at the high end. Co-ops are required in any Nielsen market with 5 or more Restaurants, and note 6 gives the example of a 1.00% local vote producing a 5.0% total. WNAP spent 75.00% of last year’s outlays on working media and 4.00% on administration (Item 11). Our franchise advertising fund report covers how other systems split national and local money.
| Item 11 technology | Initial cost | Ongoing yearly |
|---|---|---|
| POS system (terminals, kitchen monitors, server, label printer) | $20,000 – $26,000 | $1,000 – $1,200 |
| WePayment card technology | $3,440 – $4,840 | In Technology Fee |
| Headsets and timers | $16,000 | $600 – $715 |
| Digital menu boards and pre-sell boards | $30,000 – $60,000 | Order display $300 – $400; software $1,800 |
| Music and TV (Mood Media) | $2,000 | $230 – $300 |
| Network switch and firewall | $1,500 – $4,000 | Access points $120 – $350 |
| Optional ordering kiosks | $16,000 to $21,000 | Not listed |
These one-time amounts are already inside the $380,165 to $650,000 equipment line (Item 11, note 2). An unreturned Aloha HASP license key costs $2,347 at closing. Our franchise technology requirements report lines up similar tech fees from other FDDs.
What do the site plan, lease and the 2027 refurbishment cycle require?
A typical Wendy’s is a freestanding building with single or double drive-through windows and parking for about 20 to 45 cars (Item 1). Exhibit F, dated March 2026, asks new builds for an 11 vehicle stack from the pickup window and 2-3 delivery driver stalls. Land is outside Item 7; note 8 cites $500,000 to $1,500,000 or more for company sites.
- Rent at company sites ran $20,000 to $70,000 or more for three months, per Item 7 note 8, which applies to limited geographic regions only.
- Item 1 requires a refurbish and remodel of every restaurant once every ten years and again before renewal; a new ten-year cycle starts in 2027.
- The Refresh Lite reimage design is offered only to lower volume restaurants whose owners are also building under a Development Agreement (Item 1).
- Item 11 estimates about 60 to 180 days from signing the Franchise Agreement to opening; under a Development Agreement, the Development Schedule governs.
- From 90%-95% of build-out and operating purchases must come from Wendy’s, its affiliates or approved suppliers or meet its specifications; affiliates earned $188,527,169 in fiscal 2025 from selling and leasing real estate and equipment to franchisees, 9.45% of their revenue (Item 8).
- Quality’s own financing, where offered, typically runs up to 5 years at a simple annual interest rate generally of 8.5% (Item 10).
Item 12 grants no exclusive territory: Wendy’s may place company or franchised restaurants, including airport, hospital and travel center units, near yours, and delivery orders carry no protected zone. Our franchise territory rights study shows how often other franchisors do the same.
Is Wendy’s a franchise, and how many franchised units closed in 2025?
Yes. As of December 28, 2025, 5,546 of the 5,969 U.S. Wendy’s Restaurants were franchised and 423 were company operated, about 92.9% franchised (Item 1). Item 20 shows franchised units fell from 5,627 at the end of 2023 to 5,546 at the end of 2025, with 53 ceasing operations in 2025 after 174 in 2024.
Franchised U.S. Wendy’s outlets opened 100 and ceased operations 53 in 2025, after 102 and 174 in 2024 (Wendy’s FDD 2026, Item 20, Table No. 3; accessed November 2, 2026).
| Year | Franchised at start | Opened | Terminated | Non-renewed | Reacquired by Wendy’s | Ceased operations | At year end |
|---|---|---|---|---|---|---|---|
| 2023 | 5,591 | 94 | 2 | 0 | 0 | 56 | 5,627 |
| 2024 | 5,627 | 102 | 3 | 0 | 0 | 174 | 5,552 |
| 2025 | 5,552 | 100 | 3 | 15 | 35 | 53 | 5,546 |
The 2024 figures include 8 restaurants that closed under one franchisee and reopened under another, counted in both columns, and the Opened column includes company restaurants sold to franchisees (Item 20, notes 2 and 3). Closures continue into 2026: the Wendy’s Company Form 10-K for fiscal 2025 reports 111 closures worldwide in 2025 (106 franchised) and says it expects Project Fresh closures of 5% to 6% of U.S. restaurants. Our public franchisor unit growth tracker follows those counts each filing season.
Why do published Wendy’s fee and net worth figures disagree?
Most mismatches trace to old filings or to mixing the official FAQ with the FDD. The 2026 FDD charges a $50,000 Technical Assistance Fee, not $40,000 or $0, and states no net worth floor in Items 5 or 7. The Wendy’s FAQ calls the $5,000 Training Fee an “Application Fee” and describes royalty on “net sales,” while Item 6 uses defined Gross Sales.
| Claim found in published guides | What the primary source says | Source |
|---|---|---|
| A 2026 guide on another site says the franchise fee is $0, citing the 2025 FDD | $50,000 TAF per restaurant; waived only for Pacesetter openings and Groundbreaker restaurants opened early | 2026 FDD, Item 5 |
| A listing page citing the 2025 FDD shows a $40,000 fee | $50,000; the FAQ also states $50,000 for a 20-year term | Item 5; Wendy’s FAQ |
| A lending guide says the FDD requires $2 million liquid and $5 million net worth | No minimum in Items 5 or 7; the FAQ asks for $1,000,000 net worth and $500,000 liquid | Wendy’s FAQ |
| An April 2025 profile lists national advertising at 1.5% to 3.5% | 1.50-4.00%, and 4.0% for 2026 and 2027 | Item 6, note 5 |
| Guides total ongoing fees at 8% of sales | 8% is royalty plus advertising only; the $6,620 to $15,000 Technology Fee and $95 monthly Customer Care fee are extra | Item 6 |
Our franchise affordability report uses the same $1,000,000 and $500,000 FAQ figures to estimate how many U.S. households qualify. For a side-by-side with a burger system that prices traditional and satellite formats separately, see the McDonald’s franchise cost breakdown.
Decision table: the first check for each Wendy’s build type
Each route shifts risk to a different document. Use the row that matches your starting point, then open the named exhibit before you sign, because the FDD cover requires that you receive it at least 14 calendar days before you sign or pay. This page is general information, not legal, financial or investment advice.
| If your starting point is… | Likely route | Check first | Threshold in the FDD |
|---|---|---|---|
| You control a pad site and have built QSRs before | Owner-led new build | Building range vs local bids; Exhibit F minimums | $1,033,292 to $2,200,000 building; 11 vehicle stack |
| You want Wendy’s to manage the build | FDP | Exhibit J Project Management Agreement | $35,000 new build, $20,000 remodel, plus travel costs |
| You have capital but no site pipeline | REPP | Exhibit K sublease and release | $120,000 to Wendy’s before opening, including TAF |
| You want to avoid owning land or a building | Build-to-Suit | Exhibit L rent formula and resale clawback | 6% royalty; lease fee from $6,000 a year |
| You can commit 1 or more new restaurants by 2028 | New Groundbreaker Development Agreement | Exhibit D schedule and Required Open Dates | $6,000 a month for each late restaurant |
| You would rather buy cash flow than build | Transfer or Franchise Flip | Facility Evaluation and reimage scope | $150,000 to $2,515,000 remodel; $25,000 Flip TAF |
| Your site is an airport, travel center or base | Non-traditional | Modified term and real estate terms | $25,000 TAF; 6% royalty on military bases |
For income questions, Item 19 of the same FDD contains three tables of historical results for company and franchise restaurants, which this page does not reproduce. Our Item 19 study explains how to read that kind of disclosure.
How we compiled this
We read the 686-page Minnesota-filed marked Wendy’s FDD (March 27, 2026, as amended May 29, 2026), checked its cost pages for redline markup and used Items 1, 5 to 12, 17, 20 and Exhibit F. We added the Wendy’s FY2025 Form 10-K from SEC EDGAR, the Wendy’s franchising FAQ and the FTC rule text, all opened in November 2026. We excluded every Item 19 figure, and the arithmetic tables are our sums of printed fees.
Frequently asked questions
Is Wendy's a franchise?
Yes. Quality Is Our Recipe, LLC franchises Wendy’s Restaurants in the United States, and as of December 28, 2025, 5,546 of the 5,969 U.S. restaurants were franchised and 423 were company operated, according to Item 1 of the 2026 Wendy’s FDD. Wendy’s International, LLC manages the system on Quality’s behalf under a 2015 securitization structure.
How much is the Wendy's franchise fee?
The 2026 FDD calls it a Technical Assistance Fee: $50,000 per restaurant, paid when the Franchise Agreement is signed (Item 5). Non-traditional sites generally pay $25,000, Franchise Flip buyers pay $25,000 per restaurant, and new franchisees also pay a $5,000 Training Fee. Early-opening Groundbreaker restaurants can have the fee waived.
How much does a Wendy's franchise owner make?
This site does not publish earnings figures. Owner income at a Wendy’s depends on sales minus the 4% royalty, the 4.0% WNAP contribution, the Technology Fee, rent and debt service on a build that Item 7 prices at $1,580,457 to $3,105,000. Item 19 of the 2026 FDD holds three tables of historical restaurant results to review with an accountant.
What net worth do you need to own a Wendy's?
The Wendy’s franchising FAQ lists a minimum net worth of at least $1,000,000 and liquid assets of at least $500,000 for U.S. and Canadian candidates. The 2026 FDD itself prints no minimum in Items 5 or 7, and Item 11 notes that about 90% of new Wendy’s franchisees in the past 12 months already had Wendy’s operating experience.
Why are Wendy's restaurants closing in 2026?
The Wendy’s Company says in its fiscal 2025 Form 10-K that it expects Project Fresh closures of underperforming restaurants equal to 5% to 6% of its U.S. restaurants. It closed 111 restaurants worldwide in 2025, 106 of them franchised, and Item 20 of the FDD shows 53 franchised U.S. units ceased operations in 2025.
Can you open a Wendy's without buying land?
Yes. You can lease a site yourself, use REPP so Wendy’s leases the site and subleases it to you, or use Build-to-Suit so Wendy’s secures and develops the property. Build-to-Suit adds about $70,000 in real estate fees, a 6% royalty and a lease administration fee of at least $6,000 a year (Items 5 and 6).
Sources
- Wendy’s Franchise Disclosure Document, issued March 27, 2026, as amended May 29, 2026, Items 1, 5, 6, 7, 8, 10, 11, 12, 17, 19, 20 and Exhibit F. Quality Is Our Recipe, LLC, Minnesota CARDS document 36754-202605-02 (marked copy). Accessed November 2, 2026.
- Wendy’s Franchise FAQs. The Wendy’s Company. Accessed November 2, 2026.
- The Wendy’s Company Form 10-K, fiscal year ended December 28, 2025. U.S. Securities and Exchange Commission (EDGAR). Accessed November 2, 2026.
- 16 CFR 436.5, Disclosure items. Legal Information Institute, Cornell Law School (official text copy). Accessed November 2, 2026.