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- **Revenue & Growth**: 19% unit growth (369 net new restaurants), system-wide sales up 13%, EBITDA +19%. 
- **Smart Kitchen Success**: 2,000+ restaurants with 10-minute service, Southwest comps +mid-single digits. 
- **Strategic Momentum**: India expansion for 1,000+ restaurants, loyalty program pilot success, and 2026 comps growth outlook. 
- **Financial Strength**: 70%+ cash-on-cash returns, $420M net income, $1.08 EPS. 
- **Capital Allocation**: $8.3M dividend, $140K shares repurchased, $151M buyback remaining. 


**【CEO Summary Section】**
- **Revenue Growth & Expansion**: Q3 2025 revenue grew 15% YoY, driven by 19% unit growth (369 net new restaurants). Global system-wide sales exceeded $5 billion, with 13% growth and 17% adjusted EBITDA expansion. 
- **Smart Kitchen Rollout**: Over 2,000 restaurants now use the Wingstop Smart Kitchen, achieving 10-minute speed of service (50% improvement), with Southwest region comps outperforming system average by mid-single digits. 
- **Strategic Initiatives**: New marketing campaign ('Wingstop Is Here') targets 2+ person occasions, loyalty program (Club Wingstop) pilot shows strong engagement, and India expansion agreement for over 1,000 restaurants. 
- **Challenges**: Q3 same-store sales declined 5.6% due to macro softness, but AUVs remain strong at $2.1 million with 70%+ cash-on-cash returns. 

**【CFO Financial Commentary】**
- **Financial Performance**: Q3 2025 GAAP net income $420M, Non-GAAP EPS $1.08 (15.6% YoY growth). Adjusted EBITDA $63.6M (19% YoY). 
- **Unit Economics**: Domestic AUVs $2.1M, 3.8% same-store sales growth for company-owned restaurants. Food cost stability (mid-30% range) and 300bps margin improvement. 
- **Capital Returns**: $8.3M quarterly dividend declared, $140K shares repurchased, with $151.3M remaining under buyback. 
- **Guidance**: 2025 unit growth 475-485 restaurants, 2026 comps expected to return to growth with Smart Kitchen, loyalty, and marketing execution. 

**【Q&A Highlights】**
- **Smart Kitchen Impact**: Southwest region with longest Smart Kitchen tenure shows mid-single-digit comp outperformance. Early Q4 trends stabilize, with dinner daypart growth. 
- **Loyalty & Marketing**: Club Wingstop pilot success, Q2 2026 national launch. New ad campaign broadens funnel, targeting 20% fair share of demand space. 
- **India Expansion**: Landmark agreement for over 1,000 restaurants, leveraging proven operator for market entry. 
- **Franchisee Confidence**: 70%+ cash-on-cash returns drive mid-teens 2026 unit growth, with pipeline supporting 10,000+ global restaurants. 


Wingstop Inc. (WING) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

WING

WING fundamentals

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