10-Q · April 29, 2026
Wingstop reported Q1 2026 revenues of $183.7 million, up 7.4% year-over-year, but below estimates by 2.0%. Diluted EPS came in at $1.18, exceeding expectations by 15.7%. Despite growth in total revenue, net income fell…
Earnings analysis · 10-Q
WING earnings analysis
Filed July 29, 2026 · Our reading of the company's report
The latest report
Wingstop delivered 6.4% Q2 revenue growth to $185.564 million and 16.9% net-income growth to $31.288 million, with GAAP EPS of $1.15 and operating margin expanding to 29.4%. Franchise-unit growth and lower wing costs…
Read full summary
Wingstop delivered 6.4% Q2 revenue growth to $185.564 million and 16.9% net-income growth to $31.288 million, with GAAP EPS of $1.15 and operating margin expanding to 29.4%. Franchise-unit growth and lower wing costs more than offset a 7.5% domestic same-store-sales decline, but the falling $1.893 million domestic AUV and $1.2 billion debt balance remain central concerns. Year-to-date cash generation improved to $68.301 million, though the increase was substantially influenced by advertising-fund payment timing and working capital.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.15
What stood out
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Revenue growth resumed sequentially
Q2 revenue increased 6.4% year over year to $185.564 million and was up approximately 1.0% from Q1 2026 revenue of $183.725 million. Growth was led by an 8.7% increase in royalty, franchise-fee and other revenue to $86.844 million.
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EPS and profit growth accelerated
GAAP diluted EPS was $1.15, up from $0.96 in Q2 2025 and $1.08 in Q1 2026. Net income rose 16.9% year over year to $31.288 million, while adjusted diluted EPS was $1.18 versus $1.00.
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Margins expanded materially
Operating income grew 20.8% to $54.631 million, lifting operating margin to 29.4% from 25.9% a year ago and 27.4% in Q1 2026. Calculated gross margin expanded to 86.5% from 86.0% a year ago.
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Unit growth supported system sales
System-wide sales increased 5.3% to $1.411 billion as the system added 102 net restaurants in Q2, ending at 3,255 locations versus 2,818 a year earlier.
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Lower wing costs aided profitability
Company-owned food, beverage and packaging costs improved to 35.2% of sales from 36.8%, principally reflecting a 9.1% decline in bone-in wing costs. Adjusted EBITDA increased 12.5% to $66.627 million.
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Operating cash flow strengthened
Year-to-date operating cash flow increased to $68.301 million from $31.876 million, although management attributed the $36.425 million increase primarily to Ad Fund payment timing and working-capital changes.
What to watch
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Domestic comparable-sales pressure persists
Domestic same-store sales declined 7.5% in Q2 and 8.1% year to date; domestic AUV fell to $1.893 million from $2.112 million a year earlier. The comparable-sales decline reduced quarterly royalty revenue by $5.0 million.
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Leverage and interest burden remain elevated
Cash, cash equivalents and restricted cash were $157.4 million at June 27, 2026 after declining $71.013 million year to date, while long-term debt totaled $1.2 billion. Quarterly net interest expense rose 15.9% to $9.813 million.
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Chicken-wing commodity exposure remains
Bone-in chicken wings represented 19.4% of company-owned restaurant cost of sales year to date. Management estimates that a hypothetical 10% increase in wing costs would increase cost of sales by approximately $1.0 million.
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Technology investment raises cash demands
Investing cash outflow was $35.936 million year to date versus $16.915 million of inflow a year earlier, as capital expenditures increased for technology and equipment. The filing does not disclose a standalone capex amount, so free cash flow cannot be calculated from the filing.
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No risk-factor updates in the 10-Q
No updated risk factors were presented in Item 1A; it refers investors to the Annual Report. Accordingly, this 10-Q does not identify a newly added or revised risk factor relative to the 2025 10-K.
Management's outlook
The 10-Q does not provide quantitative revenue or EPS guidance. Management states that operating cash flow and its securitized financing facility are expected to meet capital-expenditure, working-capital, and debt-service requirements for at least the next 12 months.
Earlier filings 4
10-K · February 18, 2026
Wingstop positions itself as the largest fast-casual wings-focused chain with scale (more than 3,050 locations) and an asset-light, ~98% franchised model that it says drives high margins and capital-efficient growth.…
10-Q · November 4, 2025
Wingstop reported a stronger quarter with revenue of $175.736M (up $13.238M or +8.2% vs. $162.498M a year ago) and diluted EPS of $1.02 (vs. $0.88 prior year). Operating income improved to $48.961M (up $9.143M, +23.0%)…
10-Q · July 30, 2025
Wingstop reported quarterly revenue of $174.3M (thirteen weeks ended June 28, 2025), up year-over-year from $155.7M, with diluted EPS of $0.96 (vs. $0.93 a year ago). Operating income was $45.2M (≈26.0% operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.