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Restaurants · Consumer Cyclical · Fiscal year ends Dec 26
Wingstop reported revenue of $697M in the fiscal year ended Dec 2025, up 11.4% from the year before. Operating income was $179M, an operating margin of 25.7%, and net income was $174M. Operating cash flow of $153M less capital expenditure of $47M left free cash flow of $106M. Net debt was $1B.
Ranks among the 15 restaurants companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 283 | 358 | 460 | 626 | 697 |
| Cost of revenue | 57.4 | 63.4 | 70.6 | 91.6 | 96.1 |
| Gross profit | 225 | 294 | 389 | 534 | 601 |
| Selling, general & admin | 62.9 | 67.1 | 96.9 | 117 | 128 |
| Operating income | 73.8 | 91.9 | 113 | 166 | 179 |
| Pre-tax income | 58.9 | 69.3 | 94.3 | 147 | 237 |
| Income tax | 16.2 | 16.4 | 24.1 | 38.5 | 62.9 |
| Net income | 42.7 | 52.9 | 70.2 | 109 | 174 |
| Diluted EPS | 1.42 | 1.77 | 2.35 | 3.70 | 6.21 |
| Diluted shares | 29.9 | 30.0 | 29.9 | 29.4 | 28.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 48.6 | 184 | 90.2 | 316 | 197 |
| Receivables | 7.0 | 9.5 | 12.4 | 19.7 | 20.8 |
| Inventory | 0.5 | 0.4 | 0.5 | – | – |
| Current assets | 70.1 | 227 | 144 | 396 | 267 |
| Net PP&E | 54.5 | 66.9 | 91.3 | 126 | 131 |
| Goodwill | 56.9 | 62.5 | 67.7 | 74.7 | 83.9 |
| Total assets | 249 | 424 | 378 | 716 | 693 |
| Payables | 5.4 | 5.2 | 4.7 | 6.9 | 12.8 |
| Deferred revenue | 3.7 | 4.5 | 4.8 | 6.0 | 6.9 |
| Current liabilities | 39.7 | 62.4 | 71.0 | 87.4 | 82.0 |
| Short-term debt | 0.0 | 7.3 | 0.0 | 0.0 | 0.0 |
| Long-term debt | 469 | 707 | 712 | 1,206 | 1,209 |
| Total liabilities | 559 | 815 | 835 | 1,392 | 1,430 |
| Shareholders' equity | −310 | −391 | −457 | −676 | −737 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 48.9 | 76.2 | 122 | 158 | 153 |
| Capital expenditure | 28.0 | 23.9 | 40.8 | 51.9 | 47.4 |
| Free cash flow | 20.9 | 52.3 | 80.8 | 106 | 106 |
| Depreciation & amortisation | 7.9 | 10.9 | 13.2 | 19.5 | 25.1 |
| Stock-based compensation | 9.6 | 4.2 | 15.6 | 22.1 | 24.9 |
| Share buybacks | 0.0 | 0.0 | 125 | 315 | 222 |
| Dividends paid | 19.8 | 141 | 24.9 | 28.9 | 32.4 |
| Dividend per share | 0.62 | 0.72 | 0.82 | 0.98 | 1.14 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 26.6% | 28.7% | 36.0% | 11.4% |
| Operating income growth (YoY) | – | 24.6% | 22.5% | 47.1% | 8.3% |
| EPS growth (YoY) | – | 24.6% | 32.8% | 57.4% | 67.8% |
| Gross margin | 79.7% | 82.3% | 84.6% | 85.4% | 86.2% |
| Operating margin | 26.1% | 25.7% | 24.5% | 26.5% | 25.7% |
| Net margin | 15.1% | 14.8% | 15.3% | 17.4% | 25.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 35.2% | 25.4% | 36.7% | 26.3% | 29.3% |
| Free cash flow margin | 7.4% | 14.6% | 17.6% | 16.9% | 15.2% |
| Cash conversion (CFO ÷ net income) | 1.15x | 1.44x | 1.73x | 1.45x | 0.88x |
| Receivable days | 9 | 10 | 10 | 11 | 11 |
| Inventory days | 3 | 2 | 3 | – | – |
| Payable days | 34 | 30 | 24 | 28 | 49 |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 421 | 530 | 622 | 890 | 1,013 |
| Current ratio | 1.77x | 3.63x | 2.03x | 4.52x | 3.26x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.