The Wendy’s Company is the second-largest burger quick-service restaurant, or QSR, chain in the United States by systemwide sales, with $12.3 billion in 2023, narrowly edging Burger King ($11.5 billion) and clocking in well behind wide-moat McDonald’s ($53.1 billion). After divestitures of Tim Hortons (2006) and Arby’s (2011), the firm manages just the burger banner, generating sales across a footprint that spanned almost 7,157 total stores in 30 countries as of year-end 2023. Wendy’s generates revenue from the sale of hamburgers, chicken sandwiches, salads, and fries throughout its company-owned footprint, through franchise royalty and marketing fund payments remitted by its franchisees, which account for 94% of stores, and through franchise flipping and advisory fees.

The Wendy’s Company is the second-largest burger quick-service restaurant, or QSR, chain in the United States by systemwide sales, with $12.3 billion in 2023, narrowly edging Burger King ($11.5 billion) and clocking in well behind wide-moat McDonald’s ($53.1 billion). After divestitures of Tim Hortons (2006) and Arby’s (2011), the firm manages just the burger banner, generating sales across a footprint that spanned almost 7,157 total stores in 30 countries as of year-end 2023. Wendy’s generates revenue from the sale of hamburgers, chicken sandwiches, salads, and fries throughout its company-owned footprint, through franchise royalty and marketing fund payments remitted by its franchisees, which account for 94% of stores, and through franchise flipping and advisory fees.

Wendy's operates quick-service restaurants, with approximately 6,500 franchised and company-owned restaurants in the U.S. and 30 other countries. With a market cap of approximately $3.9 billion, the shares are generally considered mid-cap growth. In February 2024, Kirk Tanner began as CEO and President; he had worked for PepsiCo for decades, with experience in both the company's food and beverage services businesses.

U.S. stocks were lower on Friday morning following higher-than-expected inflation numbers, which lowers expectations for a rate cut in the near term. The Producer Price Index (PPI) rose 0.3%. Core PPI rose 0.6%, the largest increase since January 2023, with both readings well ahead of their expected 0.1% increase. The latest readings bring annual PPI to 0.9% and core PPI to 2.6%. On the earnings front, Coinbase Global (COIN) shares rose 15% after it reported a profit. The S&P 500 was nearly flat, up 0.01%, the Dow was down less than 0.1% and the Nasdaq fell 0.2%. Crude oil traded above $78 per barrel and gold was up 0.3% to $2021 per ounce.