Wingstop Inc.
For the period ended Sep 26, 2026. Filed Oct 28, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 26, 2026 · Filed Oct 28, 2026
WING$163.28-1.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-27; filed 2026-07-29.
0001628280-26-050580
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-26; filed 2026-10-28.
0001628280-26-067883
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 167 previous paragraphs and 166 current paragraphs.
103 unchanged; 53 reworded; 9 added; 9 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
•Total revenue increased 5.3% to $185.1 million;
Current report
•Net income increased 2.2% to $29.1 million, or $1.07 per diluted share;
Current report
•System-wide sales increased 5.7% to $4.2 billion;
Current report
•Net income decreased 38.8% to $90.3 million, or $3.30 per diluted share;
Current report
Labor costs as a percentage of company-owned restaurant sales were 24.7% for the thirteen weeks ended September 26, 2026, compared to 23.1% in the comparable period in 2025. This increase as a percentage of company-owned restaurant sales was primarily due to the increase in headcount-related costs associated with the acquisitions during the period and the impact of lower sales on fixed labor costs.
Current report
Thirty-Nine Weeks Ended September 26, 2026 compared to Thirty-Nine Weeks Ended September 27, 2025
Current report
Company-owned restaurant sales increased $6.9 million, primarily due to the sixteen corporate stores opened or acquired since the comparable period in 2025, including the thirteen stores acquired during the thirty-nine weeks ended September 26, 2026, as previously disclosed.
Current report
Labor costs as a percentage of company-owned restaurant sales were 23.8% for the thirty-nine weeks ended September 26, 2026, compared to 23.2% in the comparable period in 2025. This increase as a percentage of company-owned restaurant sales was primarily due to increased headcount-related costs associated to the acquisitions during the period and the impact of lower sales on fixed labor costs.
Current report
Other restaurant operating expenses as a percentage of company-owned restaurant sales were 18.4% for the thirty-nine weeks ended September 26, 2026, compared to 17.7% in the comparable period in 2025. The increase as a percentage of company-owned restaurant sales was primarily due to increased rent and repair and maintenance expenses related to the acquisitions during the period, as well as the impact of lower sales on other operating expenses..
Removed paragraphs (9)
Previous report
•Net income increased 16.9% to $31.3 million, or $1.15 per diluted share;
Previous report
•System-wide sales increased 5.6% to $2.8 billion;
Previous report
•Net income decreased 48.6% to $61.2 million, or $2.23 per diluted share;
Previous report
Labor costs as a percentage of company-owned restaurant sales were 22.7% for the thirteen weeks ended June 27, 2026, which was comparable to 22.9% for the thirteen weeks ended June 28, 2025.
Previous report
Investment income decreased by $0.2 million and was comparable to the prior year period.
Previous report
Twenty-Six Weeks Ended June 27, 2026 compared to Twenty-Six Weeks Ended June 28, 2025
Previous report
Company-owned restaurant sales increased $4.6 million, which was largely driven by company-owned restaurants opened and acquired since the prior fiscal second quarter.
Previous report
Labor costs as a percentage of company-owned restaurant sales were 23.3% for the twenty-six weeks ended June 27, 2026, which was comparable to the prior year period.
Previous report
Investment income, net
Reworded paragraphs (53)
Previous wording
Wingstop is the largest fast casual chicken wings-focused restaurant chain in the world, with over 3,250 locations worldwide. We are dedicated to serving the world flavor through an unparalleled guest experience and offering of classic wings, boneless wings, tenders, and chicken sandwiches, always cooked to order and hand-sauced-and-tossed in 12 bold, distinctive flavors.
Current wording
Wingstop is the largest fast casual chicken wings-focused restaurant chain in the world, with over 3,300 locations worldwide. We are dedicated to serving the world flavor through an unparalleled guest experience and offering of classic wings, boneless wings, tenders, and chicken sandwiches, always cooked to order and hand-sauced-and-tossed in 12 bold, distinctive flavors.
Previous wording
Highlights for the fiscal second quarter 2026 compared to the fiscal second quarter 2025:
Current wording
Highlights for the fiscal third quarter 2026 compared to the fiscal third quarter 2025:
Previous wording
•System-wide sales increased 5.3% to $1.4 billion;
Current wording
•System-wide sales increased 6.0% to $1.4 billion;
Previous wording
•102 net new openings in the fiscal second quarter 2026;
Current wording
•76 net new openings in the fiscal third quarter 2026;
Previous wording
•Domestic same store sales decreased 7.5%;
Current wording
•Domestic same store sales decreased 5.4%;
Previous wording
•Adjusted net income and adjusted earnings per diluted share, both non-GAAP measures, increased 14.8% to $64.6 million, or $2.35 per diluted share; and
Current wording
•Adjusted net income and adjusted earnings per diluted share, both non-GAAP measures, decreased 3.5% to $29.3 million, or $1.08 per diluted share; and
Previous wording
•Adjusted EBITDA, a non-GAAP measure, increased 12.5% to $66.6 million.
Current wording
•Adjusted EBITDA, a non-GAAP measure, increased 0.5% to $64.0 million.
Previous wording
Highlights for the year-to-date second quarter of 2026 compared to the year-to-date second quarter of 2025:
Current wording
Highlights for the year-to-date third quarter of 2026 compared to the year-to-date third quarter of 2025:
Previous wording
•199 net new openings in the year-to-date second quarter of 2026;
Current wording
•275 net new openings in the year-to-date third quarter of 2026;
Previous wording
•Domestic same store sales decreased 8.1% over the prior fiscal year-to-date period;
Current wording
•Domestic same store sales decreased 7.2% over the prior fiscal year-to-date period;
Previous wording
•Total revenue increased 6.9% to $369.3 million over the prior fiscal year-to-date period;
Current wording
•Total revenue increased 6.4% to $554.4 million over the prior fiscal year-to-date period;
Previous wording
•Adjusted net income and adjusted earnings per diluted share, both non-GAAP measures, increased 14.9% to $32.1 million, or $1.18 per diluted share; and
Current wording
•Adjusted net income and adjusted earnings per diluted share, both non-GAAP measures, increased 8.4% to $93.9 million, or $3.44 per diluted share; and
Previous wording
•Adjusted EBITDA, a non-GAAP measure, increased 11.2% to $132.0 million.
Current wording
•Adjusted EBITDA, a non-GAAP measure, increased 7.5% to $196.0 million.
Previous wording
The following table sets forth our key performance indicators for the thirteen and twenty-six weeks ended June 27, 2026 and June 28, 2025 (in thousands, except unit data):
Current wording
The following table sets forth our key performance indicators for the thirteen and thirty-nine weeks ended September 26, 2026 and September 27, 2025 (in thousands, except unit data):
Previous wording
(1) The percentage of system-wide sales attributable to company-owned restaurants was 2.4% and 2.4% for the thirteen and twenty-six weeks ended June 27, 2026 and June 28, 2025, respectively. The remainder was generated by franchised restaurants, as reported by our franchisees.
Current wording
(1) The percentage of system-wide sales attributable to company-owned restaurants was 2.4% for the thirteen and thirty-nine weeks ended September 26, 2026 and September 27, 2025. The remainder was generated by franchised restaurants, as reported by our franchisees.
Previous wording
Due to these limitations, EBITDA and Adjusted EBITDA should not be considered as measures of discretionary cash available to us to invest in the growth of our business. We compensate for these limitations by relying primarily on our GAAP results and using these non-GAAP measures only as performance measures and supplementally. As noted in the table below, Adjusted EBITDA includes adjustments for losses on debt extinguishment and financing transactions, transaction costs, costs and fees associated with investments in our strategic initiatives, certain system implementation costs, gains and losses on non-recurring transactions, certain restructuring charges, and stock-based compensation expense. We believe these adjustments are appropriate because the amounts recognized can vary significantly from period to period, do not directly relate to the ongoing operations of our restaurants, and complicate comparisons of our internal operating results and operating results of other restaurant companies over time. Each of the normal recurring adjustments and other adjustments described in this paragraph and in the reconciliation table below help management measure our core operating performance over time by removing items that are not related to day-to-day operations.
Current wording
Due to these limitations, EBITDA and Adjusted EBITDA should not be considered as measures of discretionary cash available to us to invest in the growth of our business. We compensate for these limitations by relying primarily on our GAAP results and using these non-GAAP measures only as performance measures and supplementally. As noted in the table below, Adjusted EBITDA includes adjustments for losses on debt extinguishment and financing transactions, transaction costs, costs and fees associated with investments in our strategic initiatives, certain system implementation costs, gains and losses on non-recurring transactions, certain restructuring charges, and stock-based compensation expense. We believe these adjustments are appropriate because the amounts recognized can vary significantly from period to period, do not directly relate to the ongoing operations of our restaurants, and complicate comparisons of our internal operating results and operating results of other restaurant companies over time. The adjustments described in this paragraph and in the reconciliation table below help management measure our core operating performance over time by removing items that are not related to day-to-day operations.
Previous wording
The following table reconciles net income to EBITDA and Adjusted EBITDA for the thirteen and twenty-six weeks ended June 27, 2026 and June 28, 2025 (in thousands):
Current wording
The following table reconciles net income to EBITDA and Adjusted EBITDA for the thirteen and thirty-nine weeks ended September 26, 2026 and September 27, 2025 (in thousands):
Previous wording
(c)Represents a non-recurring gain related to the sale of the Company’sunconsolidated equity method investmentin LPH during the fiscal first quarter 2025, which was included in Investment income, net on the Consolidated Statements of Comprehensive Income. Refer to Note 9 in the Consolidated Financial Statements for additional information.
Current wording
(c)Represents a non-recurring gain related to the sale of the Company’sunconsolidated equity method investmentin LPH during the fiscal first quarter 2025, which was included in Investment (income) expense on the Consolidated Statements of Comprehensive Income. Refer to Note 9 in the Consolidated Financial Statements for additional information.
Previous wording
(d)System implementation costs represent non-recurring expenses incurred related to the development and implementation of new enterprise resource planning, human capital management, and global development technology, which are included in Selling, general and administrative on the Consolidated Statements of Comprehensive Income. Costs related to these initiatives are not expected to recur beyond the current period.
Current wording
(d)System implementation costs represent non-recurring expenses incurred related to the development and implementation of new enterprise resource planning, human capital management, and global development technology, which are included in Selling, general and administrative on the Consolidated Statements of Comprehensive Income.
Previous wording
The following table reconciles net income to Adjusted net income and calculates adjusted earnings per diluted share for the thirteen and twenty-six weeks ended June 27, 2026 and June 28, 2025 (in thousands):
Current wording
The following table reconciles net income to Adjusted net income and calculates adjusted earnings per diluted share for the thirteen and thirty-nine weeks ended September 26, 2026 and September 27, 2025 (in thousands):
Previous wording
(c)Represents a non-recurring gain related to the sale of the Company’sunconsolidated equity method investmentin LPH during the fiscal first quarter 2025, which was included in Investment income, net on the Consolidated Statements of Comprehensive Income. Refer to Note 9 in the Consolidated Financial Statements for additional information.
Current wording
(c)Represents a non-recurring gain related to the sale of the Company’sunconsolidated equity method investmentin LPH during the fiscal first quarter 2025, which was included in Investment (income) expense on the Consolidated Statements of Comprehensive Income. Refer to Note 9 in the Consolidated Financial Statements for additional information.
Previous wording
(d) System implementation costs represent non-recurring expenses incurred related to the development and implementation of new enterprise resource planning, human capital management, and global development technology, which are included in Selling, general and administrative on the Consolidated Statements of Comprehensive Income. Costs related to these initiatives are not expected to recur beyond the current period.
Current wording
(d) System implementation costs represent non-recurring expenses incurred related to the development and implementation of new enterprise resource planning, human capital management, and global development technology, which are included in Selling, general and administrative on the Consolidated Statements of Comprehensive Income.
Previous wording
(g)Represents the tax effect of the aforementioned adjustments to reflect corporate income taxes at an assumed effective tax rate of 24% for the thirteen and twenty-six weeks ended June 27, 2026, which includes provisions for U.S. federal income taxes, and assumes the respective statutory rates for applicable state and local jurisdictions.
Current wording
(g)Represents the tax effect of the aforementioned adjustments to reflect corporate income taxes at an assumed effective tax rate of 24% for the thirteen and thirty-nine weeks ended September 26, 2026, which includes provisions for U.S. federal income taxes, and assumes the respective statutory rates for applicable state and local jurisdictions.
Previous wording
During the thirteen weeks ended June 27, 2026, total revenue was $185.6 million, an increase of $11.2 million, or 6.4%, compared to $174.3 million in the comparable period in 2025.
Current wording
During the thirteen weeks ended September 26, 2026, total revenue was $185.1 million, an increase of $9.4 million, or 5.3%, compared to $175.7 million in the comparable period in 2025.
Previous wording
Royalty revenue, franchise fees and other increased $7.0 million, primarily driven by $11.2 million from net new franchise restaurant development and a $0.8 million increase from vendor rebates, partially offset by a $5.0 million decrease attributable to a 7.5% decline in domestic same store sales.
Current wording
Royalty revenue, franchise fees and other increased $5.1 million, primarily driven by $8.6 million from net new franchise restaurant development, partially offset by a $3.6 million decrease attributable to a 5.4% decline in domestic same store sales.
Previous wording
Advertising fees increased $2.6 million due to a 5.3% increase in system-wide sales during the thirteen weeks ended June 27, 2026.
Current wording
Advertising fees increased $2.0 million due to a 6.0% increase in system-wide sales during the thirteen weeks ended September 26, 2026.
Previous wording
Company-owned restaurant sales increased $1.7 million, driven by three additional corporate stores opened or acquired since the prior year period.
Current wording
Company-owned restaurant sales increased $2.2 million, primarily due to the sixteen corporate stores opened or acquired since the comparable period in 2025, including the thirteen stores acquired during the thirteen weeks ended September 26, 2026, as previously disclosed.
Previous wording
Food, beverage and packaging costs as a percentage of company-owned restaurant sales were 35.2% in the thirteen weeks ended June 27, 2026, compared to 36.8% in the comparable period in 2025. This decrease as a percentage of company-owned restaurant sales was primarily due to a 9.1% decrease in the cost of bone-in chicken wings as compared to the prior year period.
Current wording
Food, beverage and packaging costs as a percentage of company-owned restaurant sales were 36.9% in the thirteen weeks ended September 26, 2026, compared to 36.2% in the comparable period in 2025. This increase as a percentage of company-owned restaurant sales was primarily due to a combination of increases in fries and packaging costs as compared to the prior year period.
Previous wording
Other restaurant operating expenses as a percentage of company-owned restaurant sales were 17.9% for the twenty-six weeks ended June 27, 2026, compared to 17.6% in the prior year period in 2025. The increase as a percentage of company-owned restaurant sales was primarily due to increased rent charges.
Current wording
Other restaurant operating expenses as a percentage of company-owned restaurant sales were 19.4% for the thirteen weeks ended September 26, 2026, compared to 17.9% for the comparable period in 2025. This increase as a percentage of company-owned restaurant sales was primarily due increased rent and repair and maintenance expenses related to the acquisitions during the period and the impact of lower sales on other operating expenses.
Previous wording
During the thirteen weeks ended June 27, 2026, advertising expenses were $68.4 million, an increase of $2.9 million compared to $65.5 million in the comparable period in 2025. Advertising expenses are recognized at the same time the related revenue is recognized, which does not necessarily correlate to the actual timing of the related advertising spend.
Current wording
During the thirteen weeks ended September 26, 2026, advertising expenses were $67.7 million, an increase of $2.2 million compared to $65.5 million in the comparable period in 2025. Advertising expenses are recognized at the same time the related revenue is recognized, which does not necessarily correlate to the actual timing of the related advertising spend.
Previous wording
During the thirteen weeks ended June 27, 2026, SG&A expense was $30.2 million, a decrease of $2.7 million compared to $32.9 million in the comparable period in 2025. The decrease in SG&A expense was primarily driven by $2.3 million in reduced stock compensation expense due to forfeitures recognized in the current period. Also contributing to the decrease was a $1.6 million reduction in payroll costs which was partially offset by a $1.5 million increase in professional fees.
Current wording
During the thirteen weeks ended September 26, 2026, SG&A expense was $30.5 million, a decrease of $0.2 million compared to $30.7 million in the comparable period in 2025. The decrease in SG&A expense was primarily driven by $2.0 million in reduced stock compensation expense due to forfeitures recognized in the current period which was partially offset by a $1.5 million increase in headcount related costs.
Previous wording
During the thirteen weeks ended June 27, 2026, depreciation and amortization was $7.2 million, an increase of $1.0 million compared to $6.2 million in the comparable period in 2025. The increase in depreciation and amortization was primarily due to capital expenditures placed in service during the period related to our technology investments.
Current wording
During the thirteen weeks ended September 26, 2026, depreciation and amortization was $9.0 million, an increase of $2.8 million compared to $6.2 million in the comparable period in 2025. The increase in depreciation and amortization was primarily due to capital expenditures placed in service subsequent to the comparable period in 2025 related to our technology investments.
Previous wording
During the thirteen weeks ended June 27, 2026, interest expense, net increased to $9.8 million from $8.5 million in the prior year period, primarily driven by a $1.0 million decline in interest income due to lower average cash balances and $0.3 million of additional interest expense.
Current wording
During the thirteen weeks ended September 26, 2026, interest expense, net increased to $10.6 million from $9.2 million in the prior year period, primarily driven by a $1.2 million decline in interest income due to lower average cash balances.
Previous wording
During the twenty-six weeks ended June 27, 2026, we recognized income tax expense of $24.1 million yielding an effective tax rate of 28.2%, compared to an effective tax rate of 25.6% in the prior year period. The increase in the effective tax rate is primarily related to the impact of nondeductible expenses for executive compensation during the twenty-six weeks ended June 27, 2026.
Current wording
During the thirteen weeks ended September 26, 2026, we recognized income tax expense of $10.9 million, yielding an effective tax rate of 27.3%, compared to an effective tax rate of 28.1% in the prior year period. The decrease in the effective tax rate was primarily due to a decrease in state income taxes and other non-deductible items.
Previous wording
The following table sets forth our results of operations for the twenty-six weeks ended June 27, 2026 and June 28, 2025 (dollars in thousands):
Current wording
The following table sets forth our results of operations for the thirty-nine weeks ended September 26, 2026 and September 27, 2025 (dollars in thousands):
Previous wording
During the twenty-six weeks ended June 27, 2026, total revenue was $369.3 million, an increase of $23.9 million, or 6.9%, compared to $345.4 million in the comparable period in 2025.
Current wording
During the thirty-nine weeks ended September 26, 2026, total revenue was $554.4 million, an increase of $33.3 million, or 6.4%, compared to $521.2 million in the comparable period in 2025.
Previous wording
Royalty revenue, franchise fees and other increased $15.7 million, of which $22.4 million was due to net new franchise restaurant development and a $4.1 million increase in vendor rebates, partially offset by a decrease of $10.8 million due to a decline in domestic same store sales growth of 8.1%.
Current wording
Royalty revenue, franchise fees and other increased $20.8 million, of which $28.7 million was due to net new franchise restaurant development and a $4.7 million increase in vendor rebates, partially offset by a decrease of $14.3 million due to a decline in domestic same store sales of 7.2%.
Previous wording
Advertising fees increased $3.6 million due to a 5.6% increase in system-wide sales during the twenty-six weeks ended June 27, 2026.
Current wording
Advertising fees increased $5.6 million due to a 5.7% increase in system-wide sales during the thirty-nine weeks ended September 26, 2026.
Previous wording
Food, beverage and packaging costs as a percentage of company-owned restaurant sales were 35.5% in the twenty-six weeks ended June 27, 2026, compared to 37.1% in the comparable period in 2025. The decrease as a percentage of company-owned restaurant sales was primarily due to a 10.7% decrease in the cost of bone-in chicken wings, which favorably impacted margins, as compared to the prior year period. This was partially offset by increases in other food costs during the period.
Current wording
Food, beverage and packaging costs as a percentage of company-owned restaurant sales were 36.0% in the thirty-nine weeks ended September 26, 2026, compared to 36.8% in the comparable period in 2025. The decrease as a percentage of company-owned restaurant sales was primarily due to an 8.3% decrease in the cost of bone-in chicken wings, which favorably impacted margins, as compared to the prior year period. This was partially offset by increases in fries and packaging costs during the period.
Previous wording
During the twenty-six weeks ended June 27, 2026, advertising expenses were $135.7 million, an increase of $4.4 million compared to $131.3 million in the comparable period in 2025. Advertising expenses are recognized at the same time the related revenue is recognized, which does not necessarily correlate to the actual timing of the related advertising spend.
Current wording
During the thirty-nine weeks ended September 26, 2026, advertising expenses were $203.5 million, an increase of $6.6 million compared to $196.9 million in the comparable period in 2025. Advertising expenses are recognized at the same time the related revenue is recognized, which does not necessarily correlate to the actual timing of the related advertising spend.
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Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
September 27, 2025. The decrease is primarily related to an additional $57 million in common stock repurchased under our share repurchase program in the prior year period compared to the current year period.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
•Total revenue increased 6.4% to $185.6 million;
Previous report — wording carried elsewhere
Other restaurant operating expenses as a percentage of company-owned restaurant sales were 18.1% for the thirteen weeks ended June 27, 2026, which was comparable to 17.9% for the thirteen weeks ended June 28, 2025.