Wingstop is a fast casual restaurant chain focused on chicken wings, operating roughly 3,050 locations globally with ~98% of restaurants franchised. The menu centers on bone-in wings, boneless wings, tenders, and sandwiches, served across 12 proprietary sauces and seasonings. Wingstop's business model is almost purely asset-light: the company earns a 6% royalty on franchisee gross sales, plus a 5.5% contribution to a national advertising fund. Because Wingstop's cost base is largely fixed, incremental royalty dollars from unit growth or same-store sales growth flow through at high margins. Wingstop also operates ~51 company-owned restaurants, primarily in Dallas-Fort Worth, mainly as a testing ground. Internationally, Wingstop has ~470 locations across 18 countries under master franchise agreements. Digital sales represent over 60% of system-wide sales, and Wingstop has built a first-party digital database of over 60 million users. Wingstop's growth strategy targets over 10,000 restaurants globally and AUVs of $3.0M (vs. ~$2.0M today). Key initiatives include the "Wingstop Smart Kitchen," an AI-enabled platform rolled out across domestic restaurants in 2025 that targets cutting average ticket times from ~18–20 minutes to 10 minutes, and "Club Wingstop," a loyalty program piloted in Q4 2025 with a national launch planned for mid-2026. New unit openings are the primary growth driver, with 90%+ of openings driven by existing franchisees and a record pipeline of ~2,300 committed restaurants.