Wendy's operates and franchises quick-service hamburger and chicken restaurants globally. Its menu centers on made-to-order square burgers using fresh, never-frozen beef, along with chicken sandwiches, tenders, nuggets, and signature sides like the Frosty and chili. Wendy's operates roughly 7,400 restaurants across the U.S. and 38 foreign countries, with about 94% of locations franchised and the remainder company-operated. The franchise-heavy model generates royalties (4% of franchisee sales), advertising fund contributions, and rental income from franchisees leasing sites from Wendy's — a capital-light, relatively predictable revenue stream tied to system-wide sales. Company-operated restaurants contribute direct sales revenue, with profitability driven by traffic, average check, and food and labor costs. Beef is the most significant commodity input, and Wendy's commitment to fresh beef makes margins sensitive to beef inflation. Wendy's organizes its business into three segments: U.S. (the core, roughly 80% of the system), International (a consistent growth engine), and Global Real Estate & Development (rental income and franchise transfer fees). In late 2025, Wendy's launched a turnaround plan called Project Fresh, focused on brand revitalization, operational improvements across the franchisee base, closing the weakest-performing U.S. locations, and redirecting capital toward average unit volume growth rather than new U.S. unit development. Wendy's carries roughly $2.3B in net debt and funds a meaningful dividend, with free cash flow generation as a defining characteristic of the business.