Wingstop Inc.
For the period ended Sep 27, 2025. Filed Nov 4, 2025.
View on SEC.govAbout this filing
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 27, 2025 · Filed Nov 4, 2025
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 2025-06-28; filed 2025-07-30.
0001636222-25-000099
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-27; filed 2025-11-04.
0001636222-25-000110
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 160 previous paragraphs and 162 current paragraphs.
100 unchanged; 51 reworded; 10 added; 8 removed; 1 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 (10)
Current report
•System-wide sales increased 10.0% to $1.4 billion;
Current report
•Total revenue increased 8.1% to $175.7 million;
Current report
•Net income increased 10.7% to $28.5 million, or $1.02 per diluted share;
Current report
•System-wide sales increased 13.1% to $4.0 billion;
Current report
•Total revenue increased 12.3% to $521.2 million;
Current report
•Net income increased 80.0% to $147.5 million, or $5.24 per diluted share;
Current report
(e)Represents amortization associated with capitalized cloud computing costs related to our system implementation, which are included in Selling, general and administrative on the Consolidated Statements of Comprehensive Income.
Current report
(e) Represents amortization associated with capitalized cloud computing costs related to our system implementation, which are included in Selling, general and administrative on the Consolidated Statements of Comprehensive Income.
Current report
Labor costs as a percentage of company-owned restaurant sales were 23.1% for the thirteen weeks ended September 27, 2025, compared to 23.5% for the thirteen weeks ended September 28, 2024. The decrease as a percentage of company-owned restaurant sales was primarily due to sales leverage as a result of the sale of corporate restaurants in the New York market to an existing franchisee during the fiscal fourth quarter 2024.
Current report
Thirty-Nine Weeks Ended September 27, 2025 compared to Thirty-Nine Weeks Ended September 28, 2024
Removed paragraphs (8)
Previous report
•System-wide sales increased 13.9% to $1.3 billion;
Previous report
•Total revenue increased 12.0% to $174.3 million;
Previous report
•Net income decreased 2.6% to $26.8 million, or $0.96 per diluted share;
Previous report
•System-wide sales increased 14.8% to $2.6 billion;
Previous report
•Total revenue increased 14.6% to $345.4 million;
Previous report
•Net income increased 111.7% to $119.0 million, or $4.21 per diluted share;
Previous report
Labor costs as a percentage of company-owned restaurant sales were 22.9% for the thirteen weeks ended June 28, 2025, compared to 23.4% for the thirteen weeks ended June 29, 2024. The decrease as a percentage of company-owned restaurant sales was primarily due to sales leverage as a result of the sale of corporate restaurants in the New York market to an existing franchisee during the fiscal fourth quarter 2024, partially offset by an increase in company-owned restaurant wages.
Previous report
Twenty-Six Weeks Ended June 28, 2025 compared to Twenty-Six Weeks Ended June 29, 2024
Reworded paragraphs (51)
Previous wording
Wingstop is the largest fast casual chicken wings-focused restaurant chain in the world, with over 2,800 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 2,900 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 2025 compared to the fiscal second quarter 2024:
Current wording
Highlights for the fiscal third quarter 2025 compared to the fiscal third quarter 2024:
Previous wording
•129 net new openings in the fiscal second quarter 2025;
Current wording
•114 net new openings in the fiscal third quarter 2025;
Previous wording
•Domestic same store sales decreased 1.9%;
Current wording
•Domestic same store sales decreased 5.6%;
Previous wording
•Adjusted net income and adjusted earnings per diluted share, both non-GAAP measures, increased 1.6% to $27.9 million, or $1.00 per diluted share; and
Current wording
•Adjusted net income and adjusted earnings per diluted share, both non-GAAP measures, increased 15.6% to $30.4 million, or $1.09 per diluted share; and
Previous wording
•Adjusted EBITDA, a non-GAAP measure, increased 14.3% to $59.2 million.
Current wording
•Adjusted EBITDA, a non-GAAP measure, increased 18.6% to $63.7 million.
Previous wording
Highlights for the year-to-date second quarter of 2025 compared to the year-to-date second quarter of 2024:
Current wording
Highlights for the year-to-date third quarter of 2025 compared to the year-to-date third quarter of 2024:
Previous wording
•255 net new openings in the year-to-date second quarter of 2025;
Current wording
•369 net new openings in the year-to-date third quarter of 2025;
Previous wording
•Adjusted net income and adjusted earnings per diluted share, both non-GAAP measures, were $56.2 million, or $1.99 per diluted share; and
Current wording
•Adjusted net income and adjusted earnings per diluted share, both non-GAAP measures, were $86.6 million, or $3.08 per diluted share; and
Previous wording
•Adjusted EBITDA, a non-GAAP measure, increased 16.3% to $118.7 million.
Current wording
•Adjusted EBITDA, a non-GAAP measure, increased 17.1% to $182.4 million.
Previous wording
The following table sets forth our key performance indicators for the thirteen and twenty-six weeks ended June 28, 2025 and June 29, 2024 (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 27, 2025 and September 28, 2024 (in thousands, except unit data):
Previous wording
(1) The percentage of system-wide sales attributable to company-owned restaurants was 2.4% and 2.5% for the thirteen and twenty-six weeks ended June 28, 2025 and June 29, 2024, 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% and 2.5% for the thirteen and thirty-nine weeks ended September 27, 2025 and September 28, 2024, respectively. The remainder was generated by franchised restaurants, as reported by our franchisees.
Previous wording
The following table reconciles net income to EBITDA and Adjusted EBITDA for the thirteen and twenty-six weeks ended June 28, 2025 and June 29, 2024 (in thousands):
Current wording
The following table reconciles net income to EBITDA and Adjusted EBITDA for the thirteen and thirty-nine weeks ended September 27, 2025 and September 28, 2024 (in thousands):
Previous wording
(d)System implementation costs represent non-recurring expenses incurred related to the development and implementation of new enterprise resource planning and human capital management technology, which are included in Selling, general and administrative on the Consolidated Statements of Comprehensive Income.
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
(e)Includes non-cash, stock-based compensation, net of forfeitures.
Current wording
(f)Includes non-cash, stock-based compensation, net of forfeitures.
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 28, 2025 and June 29, 2024 (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 27, 2025 and September 28, 2024 (in thousands):
Previous wording
(d) System implementation costs represent non-recurring expenses incurred related to the development and implementation of new enterprise resource planning and human capital management technology, which are included in Selling, general and administrative on the Consolidated Statements of Comprehensive Income.
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
(e) 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 28, 2025, which includes provisions for U.S. federal income taxes, and assumes the respective statutory rates for applicable state and local jurisdictions.
Current wording
(f)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 27, 2025, 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 28, 2025, total revenue was $174.3 million, an increase of $18.6 million, or 12.0%, compared to $155.7 million in the comparable period in 2024.
Current wording
During the thirteen weeks ended September 27, 2025, total revenue was $175.7 million, an increase of $13.2 million, or 8.1%, compared to $162.5 million in the comparable period in 2024.
Previous wording
Royalty revenue, franchise fees and other increased $8.7 million, of which $9.8 million was due to net new franchise restaurant development, partially offset by a decrease of $1.4 million due to a decline in domestic same store sales growth of 1.9%.
Current wording
Royalty revenue, franchise fees and other increased $6.8 million, of which $10.6 million was due to net new franchise restaurant development, partially offset by a decrease of $3.6 million due to a decline in domestic same store sales growth of 5.6%.
Previous wording
Advertising fees increased $7.3 million primarily due to a 13.9% increase in system-wide sales during the fiscal second quarter 2025. $2.3 million of the increase was due to an increase in the national advertising fund contribution rate to 5.5%, effective the first day of the fiscal first quarter 2025.
Current wording
Advertising fees increased $5.3 million primarily due to a 10.0% increase in system-wide sales during the fiscal third quarter 2025. $2.3 million of the increase was due to an increase in the national advertising fund contribution rate to 5.5%, effective the first day of the fiscal first quarter 2025.
Previous wording
Company-owned restaurant sales increased $4.1 million, primarily due to company-owned same store sales growth of 2.5%, which was driven primarily by an increase in transactions.
Current wording
Company-owned restaurant sales increased $1.2 million, primarily due to company-owned same store sales growth of 3.8%, driven primarily by an increase in transactions.
Previous wording
Food, beverage and packaging costs as a percentage of company-owned restaurant sales were 37.1% in the twenty-six weeks ended June 28, 2025, compared to 35.3% in the comparable period in 2024. The increase as a percentage of company-owned restaurant sales was primarily due to a shift in mix to bone-in from boneless products during the second fiscal quarter 2025, as well as a 2.6% increase 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 36.2% in the thirteen weeks ended September 27, 2025, compared to 37.0% in the comparable period in 2024. This decrease as a percentage of company-owned restaurant sales was primarily due to a 15.9% decrease in the cost of bone-in chicken wings 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 thirteen weeks ended June 28, 2025, compared to 19.3% for the thirteen weeks ended June 29, 2024. The decrease as a percentage of company-owned restaurant sales was primarily due to sales leverage as a result of the sale of corporate restaurants in the New York market to an existing franchisee during the fiscal fourth quarter 2024, partially offset by an increase in the national advertising fund contribution rate to 5.5%, effective the first day of the fiscal first quarter 2025.
Current wording
Other restaurant operating expenses as a percentage of company-owned restaurant sales were 17.9% for the thirteen weeks ended September 27, 2025, compared to 20.0% for the thirteen weeks ended September 28, 2024. The decrease as a percentage of company-owned restaurant sales was primarily due to sales leverage as a result of the sale of corporate restaurants in the New York market to an existing franchisee during the fiscal fourth quarter 2024, partially offset by an increase in the national advertising fund contribution rate to 5.5%, effective the first day of the fiscal first quarter 2025.
Previous wording
During the thirteen weeks ended June 28, 2025, advertising expenses were $65.5 million, an increase of $7.0 million compared to $58.5 million in the comparable period in 2024. 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 27, 2025, advertising expenses were $65.5 million, an increase of $4.6 million compared to $61.0 million in the comparable period in 2024. 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 twenty-six weeks ended June 28, 2025, SG&A expense was $64.4 million, an increase of $11.1 million compared to $53.3 million in the comparable period in 2024. The increase in SG&A expense was driven by an increase in headcount related expenses, inclusive of stock-based compensation, of $7.5 million to support the growth in our business, and an increase in consulting and other professional fees of $3.3 million associated with our strategic initiatives, which includes $2.8 million of system implementation costs.
Current wording
During the thirteen weeks ended September 27, 2025, SG&A expense was $30.7 million, a decrease of $1.6 million compared to $32.3 million in the comparable period in 2024. The decrease in SG&A expense was driven by a decrease in headcount-related expenses, inclusive of stock-based compensation, of $3.2 million, partially offset by system implementation costs of $2.1 million during the fiscal third quarter 2025.
Previous wording
During the thirteen weeks ended June 28, 2025, depreciation and amortization was $6.2 million, an increase of $1.1 million compared to $5.2 million in the comparable period in 2024. The increase in depreciation and amortization was primarily due to capital expenditures related to our technology investments.
Current wording
During the thirteen weeks ended September 27, 2025, depreciation and amortization was $6.2 million, an increase of $1.2 million compared to $5.1 million in the comparable period in 2024. The increase in depreciation and amortization was primarily due to capital expenditures related to our technology investments.
Previous wording
During the thirteen weeks ended June 28, 2025, interest expense, net was $8.5 million, an increase of $3.3 million compared to $5.2 million of interest expense, net in the comparable period in 2024. The increase was primarily driven by $7.3 million in interest expense related to the securitized financing transaction completed on December 3, 2024, which increased our outstanding debt by $500 million, partially offset by additional interest income earned on our cash balances, as compared to the prior year period.
Current wording
During the thirteen weeks ended September 27, 2025, interest expense, net was $9.2 million, an increase of $4.1 million compared to $5.1 million of interest expense, net in the comparable period in 2024. The increase was primarily driven by $7.3 million in interest expense related to the securitized financing transaction completed on December 3, 2024, which increased our outstanding debt by $500 million, partially offset by additional interest income earned on our cash balances, as compared to the prior year period.
Previous wording
During the thirteen weeks ended June 28, 2025, we recognized income tax expense of $10.0 million, yielding an effective tax rate of 27.2%, comparable to an effective tax rate of 24.7% 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 thirteen weeks ended June 28, 2025.
Current wording
During the thirteen weeks ended September 27, 2025, we recognized income tax expense of $11.2 million, yielding an effective tax rate of 28.1%, compared to an effective tax rate of 27.5% 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 thirteen weeks ended September 27, 2025.
Previous wording
The following table sets forth our results of operations for the twenty-six weeks ended June 28, 2025 and June 29, 2024 (dollars in thousands):
Current wording
The following table sets forth our results of operations for the thirty-nine weeks ended September 27, 2025 and September 28, 2024 (dollars in thousands):
Previous wording
During the twenty-six weeks ended June 28, 2025, total revenue was $345.4 million, an increase of $43.9 million, or 14.6%, compared to $301.5 million in the comparable period in 2024.
Current wording
During the thirty-nine weeks ended September 27, 2025, total revenue was $521.2 million, an increase of $57.2 million, or 12.3%, compared to $464.0 million in the comparable period in 2024.
Previous wording
Royalty revenue, franchise fees and other increased $20.4 million, of which $20.3 million was due to net new franchise restaurant development, partially offset by a decrease of $1.1 million due to a decline in domestic same store sales growth of 0.7%.
Current wording
Royalty revenue, franchise fees and other increased $27.2 million, of which $31.3 million was due to net new franchise restaurant development, partially offset by a decrease of $4.5 million due to a decline in domestic same store sales growth of 2.4%.
Previous wording
Advertising fees increased $19.4 million due to a 14.8% increase in system-wide sales during the twenty-six weeks ended June 28, 2025, and $7.9 million of the increase was due to an increase in the national advertising fund contribution rate to 5.5%, effective the first day of the fiscal first quarter 2025.
Current wording
Advertising fees increased $24.7 million due to a 13.1% increase in system-wide sales during the thirty-nine weeks ended September 27, 2025, and $10.2 million of the increase was due to an increase in the national advertising fund contribution rate to 5.5%, effective the first day of the fiscal first quarter 2025.
Previous wording
Company-owned restaurant sales increased $2.6 million, of which $1.8 million was related to company-owned same store sales growth of 3.6%, driven primarily by an increase in transactions, and $0.8 million was related to company-owned restaurants opened and acquired since the prior fiscal second quarter.
Current wording
Company-owned restaurant sales increased $5.3 million, of which $2.7 million was related to company-owned same store sales growth of 3.0%, which was driven primarily by an increase in transactions, and $2.6 million was related to company-owned restaurants opened and acquired since the prior fiscal third quarter.
Previous wording
Food, beverage and packaging costs as a percentage of company-owned restaurant sales were 36.8% in the thirteen weeks ended June 28, 2025, compared to 35.8% in the comparable period in 2024. This increase as a percentage of company-owned restaurant sales was primarily due to a shift in mix to bone-in from boneless products during the second fiscal quarter 2025, partially offset by a 6.0% 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 36.8% in the thirty-nine weeks ended September 27, 2025, compared to 35.9% in the comparable period in 2024. The increase as a percentage of company-owned restaurant sales was primarily due to an increase in other food costs during the third fiscal quarter 2025, partially offset by a 4.5% decrease in the cost of bone-in chicken wings as compared to the prior year period.
Previous wording
Labor costs as a percentage of company-owned restaurant sales were 23.3% for the twenty-six weeks ended June 28, 2025, compared to 23.4% in the comparable period in 2024. The decrease as a percentage of company-owned restaurant sales was primarily due to sales leverage as a result of the sale of corporate restaurants in the New York market to an existing franchisee during the fiscal fourth quarter 2024, offset by an increase in company-owned restaurant wages.
Current wording
Labor costs as a percentage of company-owned restaurant sales were 23.2% for the thirty-nine weeks ended September 27, 2025, compared to 23.4% in the comparable period in 2024. The decrease as a percentage of company-owned restaurant sales was primarily due to sales leverage as a result of the sale of corporate restaurants in the New York market to an existing franchisee during the fiscal fourth quarter 2024.
Previous wording
Other restaurant operating expenses as a percentage of company-owned restaurant sales were 17.6% for the twenty-six weeks ended June 28, 2025, comparable to 19.1% in the prior fiscal year period in 2024. The decrease as a percentage of company-owned restaurant sales was primarily due to sales leverage as a result of the sale of corporate restaurants in the New York market to an existing franchisee during the fiscal fourth quarter 2024, partially offset by an increase in the national advertising fund contribution rate to 5.5%, effective the first day of the fiscal first quarter 2025.
Current wording
Other restaurant operating expenses as a percentage of company-owned restaurant sales were 17.7% for the thirty-nine weeks ended September 27, 2025, compared to 19.4% in the prior fiscal year period in 2024. The decrease as a percentage of company-owned restaurant sales was primarily due to sales leverage as a result of the sale of corporate restaurants in the New York market to an existing franchisee during the fiscal fourth quarter 2024, partially offset by an increase in the national advertising fund contribution rate to 5.5%, effective the first day of the fiscal first quarter 2025.
Previous wording
During the twenty-six weeks ended June 28, 2025, advertising expenses were $131.3 million, an increase of $19.6 million compared to $111.7 million in the comparable period in 2024. 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 27, 2025, advertising expenses were $196.9 million, an increase of $24.2 million compared to $172.7 million in the comparable period in 2024. 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 28, 2025, SG&A expense was $32.9 million, an increase of $4.8 million compared to $28.1 million in the comparable period in 2024. The increase in SG&A expense was driven by an increase in headcount related expenses, inclusive of stock-based compensation, of $3.8 million to support the growth in our business and system implementation costs of $1.5 million during the fiscal second quarter 2025, partially offset by a decrease of $2.0 million in professional and other fees.
Current wording
During the thirty-nine weeks ended September 27, 2025, SG&A expense was $95.0 million, an increase of $9.5 million compared to $85.6 million in the comparable period in 2024. The increase in SG&A expense was driven by an increase in headcount-related expenses, inclusive of stock-based compensation, of $5.2 million to support the growth in our business and system implementation costs of $4.9 million during the thirty-nine weeks ended September 27, 2025.
Previous wording
During the twenty-six weeks ended June 28, 2025, depreciation and amortization was $12.4 million, an increase of $3.9 million compared to $8.6 million in the comparable period in 2024. The increase in depreciation and amortization was primarily due to capital expenditures related to our technology investments.
Current wording
During the thirty-nine weeks ended September 27, 2025, depreciation and amortization was $18.7 million, an increase of $5.1 million compared to $13.6 million in the comparable period in 2024. The increase in depreciation and amortization was primarily due to capital expenditures related to our technology investments.
Showing the first 40 of 51 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
•Domestic same store sales decreased 2.4%;
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•Domestic same store sales decreased 0.7%;