Wendy's traffic plunges 7.8%, CEO interim, activist Trian explores strategic alternatives

Filed May 8, 2026 · Period ending March 29, 2026 · Compared to 10-Q May 2, 2025 · ~2 min read

Key Changes

• high

  U.S. same-restaurant sales fell 7.8% in Q1 2026 vs. 2.8% decline in Q1 2025, driven by decreased traffic despite higher prices. Company-operated margins compressed 350 basis points to 10.8% from 14.3% prior year.

  MD&A: Same-Restaurant Sales & Margins verify on EDGAR →
• high

  CEO title changed to Interim CEO; activist investor Trian filed 13D/A indicating intent to explore potential transactions to enhance shareholder value, with company warning such exploration may adversely impact business.

  Controls & Risk Factors verify on EDGAR →
• high

  System contracted by 146 net restaurants in Q1 2026 (50 openings, 196 closures) vs. 68 net additions in Q1 2025. Quarterly dividend cut 44% from $0.25 to $0.14 per share; share repurchases suspended entirely after $124 million deployed in Q1 2025.

  MD&A: Restaurant Count & Capital Allocation verify on EDGAR →