WING on Nasdaq

Wingstop

Logo: https://www.wingstop.com/, Non-free logo, via Wikipedia5

American restaurant company

Wingstop Inc. is an American international fast food chain that primarily sells buffalo wings. The restaurant chain was founded in 1994 in Garland, Texas, and began offering franchises in 1997. As of 2026, Wingstop had over 3,000 restaurants in the world.3 Wikipedia text CC BY-SA 4.0

Price unavailable

Last updated Oct 21, 2026.

Overview

1994Founded1

Compare with Sweetgreen, Portillo's Restaurants or ONE Group Hospitality, Inc., or pick any stock.

  • TickerWING on Nasdaq1
  • Industryrestaurant1
  • HeadquartersDallas1
  • Websitewww.wingstop.com
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business address2801 N Central Expressway, Suite 1600, Dallas, Tx 752046
  • Filer categoryLarge accelerated filer6
  • LEI549300SSH3F8HPIM3Q474
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O The Corporation Trust Company, 19801 Wilmington, United States4
Wingstop chicken and chips
Photo: VulcanSphere, CC BY 4.0, via Wikimedia Commons9

Wingstop Inc. is an American international fast food chain that primarily sells buffalo wings.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

25.7%Operating margin10
25.0%Net margin10
11.4%Revenue growth, 202510
$105.6MFree cash flow10

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Royalty, Franchise Fees And Other brought in 26% of the revenue Wingstop broke down this way in fiscal 2025.

  1. Royalty, Franchise Fees And Other$321.8M1026%up 12% from 2024
  2. Royalty$292.5M1024%up 13% from 2024
  3. Advertising$247.6M1020%up 14% from 2024
  4. Advertising Fees$247.6M1020%up 14% from 2024
  5. Franchisor Owned Outlet$127.5M1010%up 6% from 2024
  6. Franchise$6.5M101%up 7% from 2024
Products and services by year
Products and services202320242025
Royalty, Franchise Fees And Other$207.1M$288.4M$321.8M
Royalty$186.5M$259.6M$292.5M
Advertising$157.1M$217.6M$247.6M
Advertising Fees$157.1M$217.6M$247.6M
Franchisor Owned Outlet$95.8M$119.8M$127.5M
Franchise$5.1M$6.1M$6.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Selling, general and admin18¢$128.4M
  • Other costs48¢$331.3M
  • Income tax9¢$62.9M
  • Profit25¢$174.3M

Out of $696.9M in revenue.10

Where each dollar of operating cash went, fiscal 2025

  • Capital spending16¢$47.4M
  • Dividends paid11¢$32.4M
  • Share buybacks74¢$221.9M

Out of $153.1M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.10

Financial statements

Revenue1112131410$696.9M in 2025+249% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $199.7M$199.7M20192020: $248.8M$248.8M2020+25%2021: $282.5M$282.5M2021+14%2022: $357.5M$357.5M2022+27%2023: $460.1M$460.1M2023+29%2024: $625.8M$625.8M2024+36%2025: $696.9M$696.9M2025+11%
Operating income1112131410$179.3M in 2025+318% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $42.9M$42.9M20192020: $57.4M$57.4M2020+34%2021: $73.8M$73.8M2021+29%2022: $91.9M$91.9M2022+25%2023: $112.6M$112.6M2023+22%2024: $165.6M$165.6M2024+47%2025: $179.3M$179.3M2025+8%
Net income1112131410$174.3M in 2025+751% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $20.5M$20.5M20192020: $23.3M$23.3M2020+14%2021: $42.7M$42.7M2021+83%2022: $52.9M$52.9M2022+24%2023: $70.2M$70.2M2023+33%2024: $108.7M$108.7M2024+55%2025: $174.3M$174.3M2025+60%

Every line of the income statement as filed: the last 3 fiscal years, latest first.10

Period ending2025-12-312024-12-312023-12-31
Total revenue$696.9M$625.8M$460.1M
Cost of sales$96.1M$91.6M$70.6M
Advertising expenses$261.5M$233.3M$166.6M
Selling, general and administrative$128.4M$116.8M$96.9M
Depreciation and amortization$25.1M$19.5M$13.2M
(Gain) loss on disposal of assets$6.5M-$1.0M$95.0K
Total costs and expenses$517.6M$460.2M$347.5M
Operating income$179.3M$165.6M$112.6M
Interest expense, net$35.8M$21.3M$18.2M
Investment (income) expense-$93.7M-$2.9M$57.0K
Income before income tax expense$237.2M$147.2M$94.3M
Income tax expense$62.9M$38.5M$24.1M
Net income$174.3M$108.7M$70.2M
Basic (in usd per share)$6.23$3.72$2.36
Diluted (in usd per share)$6.21$3.70$2.35
Currency translation adjustment$6.8M-$160.0K$296.0K
Other comprehensive income (loss)$6.8M-$160.0K$296.0K
Comprehensive income$181.1M$108.6M$70.5M

Compare Wingstop with another company

Corporate structure

Wingstop sits at the top of its group. 19 entities, 10 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Wingstop

  • Wingstop Dallas, Texas, United States
    • Wingstop (Canada) Inc. Subsidiary · Canada
    • Wingstop (India) Private Limited Subsidiary · India
    • Wingstop (Middle East) Managing Office Ltd. Subsidiary · United Arab Emirates
    • Wingstop (Netherlands) B.V. Subsidiary · Netherlands
    • Wingstop (Singapore) Pte. Ltd. Subsidiary · Singapore
    • Wingstop (UK) Ltd. Subsidiary · United Kingdom
    • Wingstop Australia Pty Ltd. Subsidiary · Australia
    • Wingstop Beverages II, Inc. Subsidiary · Texas, United States
    • Wingstop Beverages III, Inc. Subsidiary · Texas, United States
    • Wingstop Beverages, Inc. Subsidiary · Texas, United States
    • Wingstop France SAS Subsidiary · France
    • Wingstop Franchising LLC Subsidiary · Delaware, United States
    • Wingstop Funding LLC Subsidiary · Delaware, United States
    • Wingstop GCM, LLC Subsidiary · Florida, United States
    • Wingstop Guarantor LLC Subsidiary · Delaware, United States
    • Wingstop Holdings, Inc. Subsidiary · Delaware, United States
    • Wingstop Restaurant Management (Shanghai) Company Limited Subsidiary · China
    • Wingstop Restaurants Inc. Subsidiary · Texas, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Wingstop reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$188.4M10 Dec 27, 2025$172.3M10 Dec 28, 2024+9.4%
Accumulated depreciation$57.9M10 Dec 27, 2025$46.4M10 Dec 28, 2024+24.8%
Property and equipment, net$130.6M10 Dec 27, 2025$126.0M10 Dec 28, 2024+3.7%
Operating-lease assets (leased space)$48.6M10 Dec 27, 2025$49.0M10 Dec 28, 2024−0.8%

Real estate and locations

ItemLatestA year beforeChange
Restaurants3,05610 Dec 27, 20252,56314 Dec 28, 2024+19.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$196.6M10 Dec 27, 2025$315.9M10 Dec 28, 2024−37.8%
Stakes in other companies (equity method)$85.6M10 Dec 27, 2025
Long-term investments$87.2M10 Dec 27, 2025$8.5M10 Dec 28, 2024+924.1%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$83.9M10 Dec 27, 2025$74.7M10 Dec 28, 2024+12.3%
Intangible assets, net (excluding goodwill)$56.9M10 Dec 27, 2025$52.1M10 Dec 28, 2024+9.2%
Indefinite-lived intangibles (excluding goodwill)$32.7M10 Dec 27, 2025$32.7M10 Dec 28, 20240%
Accumulated amortization$32.1M10 Dec 27, 2025$27.8M10 Dec 28, 2024+15.4%

Properties, in its own words

The Company leases an office building in Dallas, Texas containing approximately 112,200 square feet, which we use as our corporate headquarters and global support center.

All company-owned restaurant real estate facilities are leased by us, typically under five- to ten-year leases with one or two five-year renewal options, often containing rent escalation provisions, and generally requiring us to pay a proportionate share of real estate taxes, insurance and common area and other operating costs in addition to base or fixed rent. All domestic and international franchise restaurants are leased or owned directly by the respective franchisees.

The rest of Item 2

Due to lower square footage requirements, our restaurants can be located in a variety of locations. They tend to be located primarily in shopping centers, as in-line or end-cap locations. Our restaurants generally occupy approximately 1,700 square feet of leased retail space. As of December 27, 2025, we and our franchisees operated 3,056 restaurants in 47 states and 18 countries and U.S. territories.

Item 2 of the 10-K filed Feb 18, 2026.18

The story

Wingstop was founded in 1994 in Garland, Texas by Antonio Swad and Bernadette Fiaschetti. The first franchised location opened in 1997, and by 2002, the brand claimed to have served two million wings. In 2005, Wingstop began serving lunch, and in 2009 it began selling boneless products.

Between 2014 and 2016, Wingstop was the third-fastest-growing restaurant chain in the US as measured by both system-wide sales and unit growth, according to Nation's Restaurant News. In 2015, Wingstop went public at an initial public offering price of $19 per share. That year, their profits more than doubled.

In 2019, Wingstop began using the tagline Where Flavor Gets Its Wings. The next year, Wingstop became available for delivery in Dallas, Texas through DoorDash As of 2019, the Wingstop Team Member Foundation acted as an employee-funded nonprofit that gave money to other employees experiencing financial hardship due to an emergency.

On June 21, 2021, WingStop announced a digital-only restaurant called ThighStop, which sells chicken thighs instead of wings. The company cited cost-saving measures as the reason for the change.

From Wikipedia’s article on Wingstop, shared under CC BY-SA 4.0.7

Leadership

Who has led Wingstop, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (40)

Products and brands

  • chicken as food

Listed on Wikidata.1

International operations

Wingstop opened its first international restaurant in Mexico in 2010.

In April 2013, Wingstop announced that they are opening the first store in Southeast Asia, starting in Singapore. In February 2014, Wingstop announced the opening of stores in the Philippines. The first Philippine store opened in June 2014. In the same month, plans were announced for Wingstop to open in Indonesia with 100 stores by 2021.

Franchises began opening in London, UK in 2018 and have now grown to 20 locations in the Greater London area. Originally introduced to England by Lemon Pepper Holdings, the majority stakeholder in the franchise is now Sixth Street Partners - the same investment firm that owns the Far West Services franchises on the US West Coast.

In 2021, Wingstop made an agreement with JPK Capital to develop 100 Wingstop locations in Canada. The first restaurant in Canada opened in June 2022.

Read the full text

In May 2022, Wingstop announced plans to enter South Korea.

As of November 26, 2025, Wingstop operates in 15 countries internationally. Recent expansions include Australia, Bahrain, Kuwait, Puerto Rico, Saudi Arabia, and the Netherlands. On this same day, Wingstop reiterated its intentions to expand into Thailand, Italy and Ireland.

The first Wingstop in Australia opened on May 17, 2025. The first Dutch outlet opened on August 8 2025, at Amsterdam Airport Schiphol. The first Irish outlet on December 8, 2025 at Dublin's Liffey Valley shopping centre. On December 13, 2025, Wingstop entered the Thailand market, in MBK Center.

Products

Wingstop's menu includes a wide range of chicken products such as bone-in and boneless wings, chicken tenders, and fried chicken sandwiches.

There are 13 wing sauces, with some sauces available for limited periods as part of marketing efforts.

Sides include fries, fried corn, and veggie sticks (carrots and/or celery). Sauces include ranch, blue cheese, honey mustard, and cheese sauce.

The menu also includes chocolate brownies as a dessert option.

From Wikipedia’s article on Wingstop, shared under CC BY-SA 4.0.7

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Wingstop (Canada) Inc. Canada8
  • Wingstop (India) Private Limited India8
  • Wingstop (Middle East) Managing Office Ltd. United Arab Emirates8
  • Wingstop (Netherlands) B.V. Netherlands8
  • Wingstop (Singapore) Pte. Ltd. Singapore8
  • Wingstop (UK) Ltd. United Kingdom8
  • Wingstop Australia Pty Ltd. Australia8
  • Wingstop Beverages II, Inc. Texas8
  • Wingstop Beverages III, Inc. Texas8
  • Wingstop Beverages, Inc. Texas8
  • Wingstop France SAS France8
  • Wingstop Franchising LLC Delaware8
  • Wingstop Funding LLC Delaware8
  • Wingstop GCM, LLC Florida8
  • Wingstop Guarantor LLC Delaware8
  • Wingstop Holdings, Inc. Delaware8
  • Wingstop Restaurant Management (Shanghai) Company Limited China8
  • Wingstop Restaurants Inc. Texas8
  • Wingstop Restaurants LLC Nevada8

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Aug 25, 20268-K Executive or director change68
  2. Aug 6, 20268-K Executive or director change69
  3. Jul 29, 20268-K Results of operations; Other events70
  4. May 22, 20268-K Bylaws or fiscal year changed; Shareholder vote71
  5. Apr 29, 20268-K Results of operations; Other events72
  6. Mar 11, 20268-K Other events73
  7. Feb 18, 20268-K Results of operations; Other events74
  8. Jan 13, 20268-K Executive or director change75
  9. Nov 4, 20258-K Results of operations; Other events76
  10. Sep 15, 20258-K Executive or director change77
  11. Jul 30, 20258-K Results of operations; Other events78
  12. May 23, 20258-K Bylaws or fiscal year changed; Shareholder vote79
  13. May 10, 2022New chief executive Michael Skipworth becomes CEO19
  14. Jun 11, 2015New chief executive Charles R. Morrison becomes CEO20
  15. 1994Founded Founded1

Calendar

Coming up

  1. Oct 28, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $1.09 a share, on Nov 4, 2025.80

When it reported results

  1. Jul 29, 2026Reported quarterly or annual results70
  2. Apr 29, 2026Reported quarterly or annual results72
  3. Feb 18, 2026Reported quarterly or annual results74
  4. Nov 4, 2025Reported quarterly or annual results76
  5. Jul 30, 2025Reported quarterly or annual results78
  6. Apr 30, 2025Reported quarterly or annual results81
  7. Feb 19, 2025Reported quarterly or annual results82
  8. Oct 30, 2024Reported quarterly or annual results83

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

390 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 47 major events, 234 insider forms, 42 large holders, 47 other. The latest 20:

  1. Sep 29, 20264 EDGAR
  2. Sep 29, 20263 EDGAR
  3. Aug 25, 20268-K EDGAR
  4. Aug 14, 2026SCHEDULE 13G/A EDGAR
  5. Aug 10, 20264 EDGAR
  6. Aug 10, 20263 EDGAR
  7. Aug 6, 20268-K EDGAR
  8. Jul 29, 202610-Q EDGAR
  9. Jul 29, 20268-K EDGAR
  10. Jun 9, 20264/A EDGAR
  11. Jun 9, 20264/A EDGAR
  12. Jun 9, 20264/A EDGAR
  13. Jun 9, 20264/A EDGAR
  14. Jun 9, 20264/A EDGAR
  15. Jun 9, 20264/A EDGAR
  16. Jun 9, 20264/A EDGAR
  17. Jun 9, 20264/A EDGAR
  18. Jun 9, 20264/A EDGAR
  19. May 29, 2026144 EDGAR
  20. May 26, 20264 EDGAR

The 390 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

52 open-market trades by officers, directors and large owners since October 2021: 0 buys and 52 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 12, 2026Fallon ChristopherFormer SVP & CIOSale250$125.93$31.5KForm 4
Mar 10, 2026Fallon ChristopherFormer SVP & CIOSale177$220.78$39.1KForm 4
Feb 25, 2026Madati KilandigaluDirectorSale2,700$260.73$704.0KForm 4
Feb 23, 2026MCDONALD WESLEY SDirectorSale566$250.00$141.5KForm 4
Nov 25, 2025Madati KilandigaluDirectorSale269$259.97$69.9KForm 4
Aug 1, 2025Kaleida AlexSVP, Chief Financial OfficerSale5,400$376.09$2.0MForm 4
Aug 1, 2025Carona MarisaSenior Vice PresidentSale11,938$370.34$4.4MForm 4
Aug 1, 2025Skipworth MichaelPresident and CEOSale4,500$370.34$1.7MForm 4
Jun 2, 2025Caine Lynn CrumpDirectorSale499$345.60$172.5KForm 4
May 27, 2025Skipworth MichaelPresident and CEOSale10,000$337.33$3.4MForm 4
May 5, 2025Kapoor RajSVP, Chief Operating OfficerSale637$273.07$173.9KForm 4
Mar 2, 2025Upshaw DonnieChief Brand & People OfficerSale91$234.78$21.4KForm 4
Dec 12, 2024Kapoor RajSVP, Chief Operating OfficerSale266$324.38$86.3KForm 4
Aug 8, 2024Upshaw DonnieChief Brand & People OfficerSale3,199$372.71$1.2MForm 4
Jun 5, 2024Madati KilandigaluDirectorSale645$395.74$255.3KForm 4
May 21, 2024Smith AniaDirectorSale566$380.91$215.6KForm 4
May 9, 2024Lavelle Kate SDirectorSale750$394.57$295.9KForm 4
May 8, 2024McGrath Albert GSVP General Counsel, SecretarySale4,230$396.40$1.7MForm 4
Mar 8, 2024Carona MarisaSenior Vice PresidentSale2,586$371.96$961.9KForm 4
Feb 23, 2024Skipworth MichaelPresident and CEOSale10,843$337.40$3.7MForm 4

All 52 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Michael J. Skipworth48$959.2K$35.3M95
2025Alex R. Kaleida48$544.9K$2.6M95
2025Rajneesh Kapoor56$531.8K$2.2M95
2025Marisa J. Carona$534.9K$2.1M95
2025Donnie S. Upshaw47$530.6K$2.0M95
2024President and Chief Executive Officer$789.8K$9.3M95
2024Senior Vice PresidentChief Financial Officer$509.7K$2.6M95
2024Senior Vice President, Chief U.S.Franchise Operations and Development Officer$484.0K$2.1M95
2023President and Chief Executive Officer$740.0K$6.8M95
2023Senior Vice President, Chief U.S.Franchise Operations and Development Officer$435.0K$1.6M95
2023Senior Vice PresidentChief Financial Officer$435.0K$1.6M95

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Fmr LLC4,092,059$709.6M0.0%+1,945,719
BlackRock, Inc.2,775,585$481.3M0.0%−351,047
Darsana Capital Partners LP1,500,000$260.1M1.2%+250,000
Massachusetts Financial Services Co /ma/1,307,004$226.6M0.1%+11,456
Vanguard Capital Management LLC1,230,190$213.3M0.0%−5,389
Vanguard Portfolio Management LLC1,184,820$205.5M0.0%+29,572
American Century Companies Inc961,668$166.8M0.1%−148,368
Marshall Wace, Llp961,328$166.7M0.1%New
Alyeska Investment Group, L.P.942,943$163.5M0.4%+290,501
State Street Corp863,951$149.8M0.0%+16,907
Jupiter Topco LLC850,244$147.4M0.1%New
Geode Capital Management, LLC568,096$98.5M0.0%−13,337
Tremblant Capital Group546,553$94.8M2.7%+69,452
Capital International Investors536,785$93.1M0.0%+146,072
Raymond James Financial Inc465,013$80.6M0.0%+43,568
Bank of New York Mellon Corp463,965$80.5M0.0%−24,248
Stephens Investment Management Group LLC462,635$80.2M0.9%+265,742
Clearbridge Investments, LLC448,957$77.9M0.1%−53,008
Citigroup Inc433,366$75.1M0.0%+105,914
Bamco Inc /ny/430,165$74.6M0.1%+222,178
UBS Group AG414,861$71.9M0.0%+182,253
Federated Hermes, Inc.409,330$71.0M0.1%+92,275
Dimensional Fund Advisors LP388,888$67.4M0.0%+32,596
Wasatch Advisors LP376,706$65.3M0.4%−195,376
Wellington Management Group Llp374,483$64.9M0.0%+326,568

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Wingstop is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARWingstop Inc.2
  • CIK0001636222
  • Employer ID (EIN)47-349486218
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company18
  • Incorporated inDelaware18
  • Fiscal year endsDecember 262
  • Industry code (SIC)5812 Retail-Eating Places2
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance2
  • Business address2801 N Central Expressway, Suite 1600, Dallas, TX 752042
  • Phone972-686-65002
  • Shares outstanding27,242,546 as of Jul 28, 202616
  • Public float$9.7B as of Jun 27, 202518
  • AuditorKPMG LLP, Dallas, Texas PCAOB ID 185; it also attests to the company’s internal control over financial reporting18
  • On EDGAR sinceMar 27, 20152
  • Filings864 in all: 4 (458), 8-K (124), 3 (46), SC 13G/A (45), 10-Q (34), 144 (24), SC 13G (12), UPLOAD (12)2
    All 36 form types

    10-K (11), 4/A (11), CORRESP (11), DEF 14A (11), DEFA14A (10), SCHEDULE 13G/A (10), SCHEDULE 13G (7), ARS (4), S-1/A (4), 424B3 (3), 424B4 (3), EFFECT (3), PRE 14A (3), S-8 (3), S-1 (2), 3/A (1), 5 (1), 8-A12B (1), 8-K/A (1), CERTNAS (1), DRS (1), DRS/A (1), DRSLTR (1), PX14A6G (1), S-1MEF (1), S-3 (1), S-3/A (1), S-8 POS (1)

  • Latest filingsAnnual report (10-K) Feb 18, 2026
    Quarterly report (10-Q) Jul 29, 2026
    Proxy statement (DEF 14A) Apr 2, 2026
    Latest 8-K (8-K) Aug 25, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01 per shareWINGNASDAQ Global Select Market

From the cover page of the 10-K filed Feb 18, 2026 (Section 12(b) of the Exchange Act).18

Risk factors and legal proceedings

The risks Wingstop names in Item 1A of its 10-K filed Feb 18, 2026: 36 risks under these headings, as written.18

  • Risks Related to Our Business and Our Industry
  • If we fail to successfully implement our growth strategy, which includes opening new restaurants, our ability to increase our revenue and operating profits could be materially adversely affected.
  • Our success depends in significant part on the future performance of existing and new franchise restaurants, and we are subject to a variety of additional risks associated with our franchisees.
  • If we fail to identify, recruit and contract with a sufficient number of qualified franchisees, our ability to open new franchised restaurants and increase our revenue could be materially adversely affected.
  • Our stated sales to investment ratio and target unlevered cash-on-cash return may not be indicative of future results of any new franchised restaurant.
  • Food safety and food-borne illness concerns may have a material adverse effect on our business.
  • Our expansion into new and existing markets may present increased risks.
  • Our success depends on our ability to compete with many other restaurants.
  • Changes in food and supply costs could materially adversely affect our results of operations.
  • Interruptions in the supply of product to company-owned restaurants and franchisees could materially adversely affect our revenue.
  • Cyber incidents or deficiencies in cybersecurity could negatively impact our business by causing data loss, a disruption to our operations, a compromise or corruption of confidential or personal information, damage to our employee and business relationships and reputation, and/or litigation and liability, all of which could subject us to loss and harm our brand.
  • Our increasing reliance on credit or debit cards for payment increases the risk of regulatory compliance and security breaches or intrusions, which could materially adversely impact our business, financial condition, or results of operations.
The other 25 risks
  • Changing regulations relating to privacy, information security, and data protection could increase our costs and affect or limit how we collect and use personal information.
  • We and our franchisees rely on information technology to process transactions and manage our business, and a disruption or a failure of such systems or issues with our key technology providers or technology could harm our ability to effectively manage our business and/or result in the loss of guests.
  • There are risks associated with our increasing dependence on digital commerce platforms to maintain and grow sales, and limitations, disruptions or unavailability of our digital commerce platforms, or our ability to distribute our apps, could harm our ability to compete and conduct our business.
  • Any failure by us or our third-party delivery providers to provide timely and reliable delivery services may materially adversely affect our business and reputation.
  • Our business activities subject us and our franchisees to litigation risk that could subject us to significant money damages and other remedies or by increasing our and our franchisees’ litigation expense.
  • We may engage in litigation or arbitration with our franchisees.
  • Our business could be adversely affected by increased labor costs.
  • Our success depends in part upon effective advertising and marketing campaigns, which may not be successful, and franchisee support of such advertising and marketing campaigns.
  • We are vulnerable to changes in consumer preferences and regulation of consumer eating habits that could harm our business, financial condition, and results of operations.
  • Our operating results may fluctuate significantly and could fall below the expectations of securities analysts and investors due to certain factors, some of which are beyond our control, resulting in a decline in our stock price.
  • Uncertainty in the law with respect to the assignment or allocation of liabilities in the franchise business model could materially adversely impact our profitability.
  • Because many of our restaurants are concentrated in certain geographic areas, we are susceptible to economic and other trends and developments, including adverse weather conditions, in these areas.
  • Economic conditions have adversely affected and could continue to adversely affect our business, financial condition, and results of operations.
  • Unexpected events have impacted and may in the future impact our business, financial condition and results of operations.
  • Our current insurance and the insurance of our franchisees may not provide adequate levels of coverage against claims.
  • Damage to our reputation could negatively impact our business, financial condition, and results of operations.
  • Our expansion into international markets exposes us to a number of risks that may differ in each country where we have franchise restaurants.
  • The loss of key employees or difficulties recruiting and retaining qualified employees or effectively managing changes in our workforce could adversely impact our business, financial condition, and operating results.
  • Our failure or inability to enforce our trademarks or other proprietary rights could adversely affect our competitive position or the value of our brand.
  • Environmental, social and corporate governance (ESG) matters may impact our business and reputation.
  • Risks Related to our Indebtedness
  • The terms of our securitized debt financing through certain of our wholly-owned subsidiaries include restrictive terms, and our failure to comply with any of these terms could result in a default, which would have a material adverse effect on our business and prospects.
  • We may be unable to generate sufficient cash flow to satisfy our significant debt service obligations, which would materially adversely affect our financial condition and results of operations.
  • Risks Related to Ownership of our Common Stock
  • Our stock price may be volatile or may decline regardless of our operating performance.
  • Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of us more difficult, limit attempts by our stockholders to replace or remove our current management and limit the market price of our common stock.
  • Our amended and restated certificate of incorporation designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.

Legal proceedings

We are currently involved in various claims and legal actions that arise in the ordinary course of our business, including claims and actions resulting from employment-related and franchise-related matters. None of these matters, some of which are covered by insurance, has had a material effect on us, and, as of the date of this report, we are not party to any pending legal proceedings that we believe would have a material adverse effect on our business, financial condition, results of operations or cash flows. However, a significant increase in the number of these claims or an increase in amounts owing under successful claims could materially and adversely affect our business, financial condition, results of operations or cash flows.

The opening of Item 3, Legal Proceedings.18

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