Wingstop — Feb 17, 2026 release

FOR IMMEDIATE RELEASE Wingstop Inc. Reports Fourth Quarter and Fiscal Year 2025 Financial Results Record 493 Net New Openings in 2025, 19.2% Unit Growth Achieves 12.1% System-wide Sales Growth for Fiscal Year 2025 Introduces 2026 Guidance Dallas, February 18, 2026 - (PRNewswire) - Wingstop Inc. (NASDAQ: WING) today announced financial results for the fourth quarter and fiscal year ended December 27, 2025. “Our team continues to demonstrate operational excellence as we opened 493 net new restaurants and expanded into six new international markets,” said Michael Skipworth, President & Chief Executive Officer. “I am proud of our efforts as we implemented the Wingstop Smart Kitchen in all of our 2,586 domestic restaurants in just 10 months. In a year marked by uncertainty, the structural advantages of our operating model are reflected in our 15% Adjusted EBITDA growth in 2025. This year’s performance reflects the compelling returns of our unit economics, but also the confidence in our strategy that will enable our vision of reaching more than 10,000 restaurants globally.” Fourth Quarter 2025 Highlights ▪ System-wide sales of $1.3 billion increased 9.3% vs. 2024 ▪ 124 net new openings ▪ Domestic restaurant AUV of $2.0 million ▪ Domestic same store sales decreased 5.8% vs. 2024 ▪ Digital sales represented 73.2% of system-wide sales ▪ Total revenue of $175.7 million, an increase of 8.6% vs. 2024 ▪ Net income of $26.8 million, or $0.96 per diluted share ▪ Adjusted net income 1 of $27.8 million and adjusted earnings per diluted share 1 of $1.00 ▪ Adjusted EBITDA 1 , increased 9.8% vs. 2024 to $61.9 million Fiscal Year 2025 Highlights ▪ System-wide sales increased 12.1% vs. 2024 to $5.3 billion ▪ 493 net new openings ▪ Domestic same store sales decreased 3.3% vs. 2024 ▪ Total revenue of $696.9 million, an increase of 11.4% vs. 2024 ▪ Net income increased 60.3% vs. 2024 to $174.3 million, or $6.21 per diluted share ▪ Adjusted net income 1 increased 3.8% vs. 2024 to $114.5 million, while adjusted earnings per diluted share 1 increased to $4.08 from $3.75 in 2024 ▪ Adjusted EBITDA 1 , increased 15.2% vs. 2024 to $244.2 million 1 See “Non-GAAP Financial Measures“ and the reconciliation tables accompanying this release for a discussion and reconciliation of certain non-GAAP financial measures included in this release. 1 Key Operating Metrics Thirteen Weeks Ended December 27, 2025 December 28, 2024 Number of system-wide restaurants open at end of period 3,056  2,563  Number of domestic franchise restaurants open at end of period 2,529  2,154  Number of international franchise restaurants open at end of period (1) 470  359  System-wide sales (in millions) $ 1,347  $ 1,232  Domestic AUV (in thousands) $ 2,000  $ 2,138  Domestic same store sales growth (5.8) % 10.1  % Company-owned domestic same store sales growth 1.6  % 3.8  % Net income (in thousands) $ 26,760  $ 26,753  Adjusted net income (in thousands) $ 27,830  $ 27,743  Adjusted EBITDA (in thousands) $ 61,878  $ 56,348  (1) Including U.S. territories. Fourth Quarter 2025 Financial Results Total revenue for the fourth quarter 2025 increased to $175.7 million from $161.8 million in the prior fourth quarter. Royalty revenue, franchise fees and other increased $6.2 million, of which $10.6 million was due to net new franchise development, partially offset by a decrease of $3.6 million due to a 5.8% decline in domestic same store sales. Advertising fees increased $5.3 million due to a 9.3% increase in system-wide sales in the fourth quarter 2025, as well as an increase in the national advertising fund contribution rate to 5.5% from 5.3%, effective the first day of the fiscal first quarter 2025. Company-owned restaurant sales increased $2.3 million due to company-owned restaurant same store sales growth of 1.6%, driven primarily by an increase in transactions. Cost of sales was $24.5 million compared to $23.3 million in the prior fourth quarter. As a percentage of company-owned restaurant sales, cost of sales decreased to 75.6% from 77.6% in the prior fourth quarter. The decrease as a percentage of company-owned restaurant sales was primarily driven by sales leverage on other operating expenses, as well as a decline in food, beverage and packaging costs primarily resulting from a decrease in the cost of bone-in chicken wings as compared to the prior fourth quarter. Selling, general & administrative (“SG&A”) expense increased $2.1 million to $33.3 million from $31.2 million in the prior fourth quarter. The increase in SG&A expense was driven by an increase in headcount related expenses. Interest expense, net increased $2.8 million to $9.2 million from $6.4 million in the prior fourth quarter. The increase was primarily driven by interest expense related to the securitized financing transaction completed in December 2024 to support our return of capital strategy, which increased our outstanding debt by $500 million, partially offset by additional interest income earned on our investments, as compared to the prior year period. 2 Fiscal Year 2026 Guidance • Flat to low-single digit domestic same store sales growth; • Global unit growth rate of 15% to 16%; • SG&A of between $151 - $154 million, which includes $3 million of restructuring charges related to corporate realignment; • Stock-based compensation expense of approximately $32 million; • Interest expense, net of approximately $43 million; and • Depreciation and amortization of approximately $30 million. Restaurant Development As of December 27, 2025, there were 3,056 Wingstop restaurants system-wide. This included 2,586 restaurants in the United States, of which 2,529 were franchised restaurants and 57 were company-owned, and 470 franchised restaurants were in international markets, including U.S. territories. During the fourth quarter 2025, there were 124 net system-wide Wingstop restaurant openings. Quarterly Dividend In recognition of our strong cash flow generation and our commitment to returning value to stockholders, on February 17, 2026, our board of directors authorized and declared a quarterly dividend of $0.30 per share of common stock, resulting in a total dividend of approximately $8.3 million. This dividend will be paid on March 27, 2026 to stockholders of record as of March 6, 2026. Share Repurchase During the fourth quarter of 2025, we repurchased and retired 248,278 shares of our common stock at an average price of $241.65 per share. As of December 27, 2025, $91.3 million remained available under the share repurchase program previously approved by our Board of Directors. Since the inception of our share repurchase program in August 2023, we have repurchased and retired 2,585,149 shares of our common stock at an average price of $258.64 per share. The following definitions apply to these terms as used in this release: Domestic average unit volume (“AUV”) consists of the average annual sales of all restaurants that have been open for a trailing 52-week period or longer. This measure is calculated by dividing sales during the applicable period for all restaurants being measured by the number of restaurants being measured. Domestic AUV includes revenue from both company-owned and franchised restaurants. Domestic AUV allows management to assess our domestic company-owned and franchised restaurant economics. Changes in domestic AUV are primarily driven by increases in same store sales and are also influenced by opening new restaurants. Domestic same store sales reflects the change in year-over-year sales for the same store restaurant base. We define the same store restaurant base to include those restaurants open for at least 52 full weeks. This measure highlights the performance of existing restaurants, while excluding the impact of new restaurant openings and permanent closures. We review same store sales for domestic company-owned restaurants as well as system-wide domestic restaurants. Domestic same store sales growth is driven by increases in transactions and average transaction size. Transaction size increases are driven by price increases or favorable mix shift from either an increase in items purchased or shifts into higher priced items. 3 System-wide sales represents net sales for all of our company-owned and franchised restaurants, as reported by franchisees. This measure allows management to better assess changes in our royalty revenue, our overall store performance, the health of our brand and the strength of our market position relative to competitors. Our system-wide sales growth is driven by new restaurant openings as well as increases in same store sales. Adjusted EBITDA is defined as net income before interest expense, net, income tax expense (benefit), and depreciation and amortization (EBITDA), further adjusted for losses on debt extinguishment and financing transactions, transaction costs, costs and fees associated with investments in our strategic initiatives, gains and losses on non-recurring transactions, certain system implementation costs, and stock-based compensation expense. Adjusted net income is defined as net income adjusted for losses on debt extinguishment and financing transactions, transaction costs, costs and fees associated with investments in our strategic initiatives, gains and losses on non-recurring transactions, certain system implementation costs, and related tax adjustments. Adjusted earnings per diluted share is defined as adjusted net income divided by weighted average diluted share count. We caution investors that amounts presented in accordance with our definitions above may not be comparable to similar measures disclosed by our competitors because not all companies and analysts calculate certain non-GAAP measurements in the same manner. Conference Call and Webcast We will host a conference call today to discuss the fourth quarter and fiscal year 2025 financial results at 10:00 AM Eastern Time. The conference call can be joined telephonically by dialing 1-877-259-5243 or 1-412-317-5176 (international) and asking for the Wingstop conference call. A replay will be available two hours after the call and can be accessed by dialing 1-855-669-9658 or 1-412-317-0088 (international), then entering the replay code 4161830. The replay will be available through Wednesday, February 25, 2026. The conference call will also be webcast live and later archived on the investor relations section of Wingstop’s corporate website at ir.wingstop.com under the ‘News & Events’ section. About Wingstop Founded in 1994 and headquartered in Dallas, TX, Wingstop Inc. (NASDAQ: WING) operates and franchises more than 3,000 restaurants worldwide, with approximately 98% of the total restaurant count owned by brand partners. Generating over $5 billion in system-wide sales in fiscal 2025, Wingstop offers made-to-order, always fresh classic and boneless wings, tenders, and chicken sandwiches in 12 bold, distinctive flavors, alongside signature sides and iconic housemade ranch and bleu cheese dips. Dedicated to Serving the World Flavor, Wingstop is the Official Chicken Partner of the NBA with a vision to become a Top 10 Global Restaurant Brand. Learn more at wingstop.com or follow @Wingstop on X, Instagram, Facebook and TikTok. Non-GAAP Financial Measures To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use non-GAAP financial measures, including those indicated above. By providing non-GAAP financial measures, together with a reconciliation to the most comparable GAAP measure, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. These measures are not intended to be considered in isolation or as substitutes for, or superior to, financial measures prepared and presented in accordance with GAAP. The non- 4 GAAP measures used in this press release may be different from the measures used by other companies. A reconciliation of each measure to the most directly comparable GAAP measure is available in this news release. In addition, the Current Report on Form 8-K furnished to the Securities and Exchange Commission (the “SEC”) concurrent with the issuance of this press release includes a more detailed description of each of these non-GAAP financial measures, together with a discussion of the usefulness and purpose of such measures. Forward-looking Statements This news release includes statements of our expectations, intentions, plans and beliefs that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to come within the safe harbor protection provided by those sections. These statements, which involve risks and uncertainties, relate to the discussion of our business strategies and our expectations concerning future operations, margins, profitability, trends, liquidity and capital resources and to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms “may,” “will,” “should,” “expect,” “intend,” “plan,” “outlook,” “guidance,” “anticipate,” “believe,” “think,” “estimate,” “seek,” “predict,” “can,” “could,” “project,” “potential” or, in each case, their negative or other variations or comparable terminology, although not all forward-looking statements are accompanied by such terms. Examples of forward-looking statements in this news release include, but are not limited to, our 2026 fiscal year outlook for domestic same store sales growth, global unit growth, SG&A expense, stock-based compensation expense, interest expense, net and depreciation and amortization. These forward-looking statements are made based on expectations and beliefs concerning future events affecting us and are subject to uncertainties, risks, and factors relating to our operations and business environments, all of which are difficult to predict and many of which are beyond our control, that could cause our actual results to differ materially from those matters expressed or implied by these forward-looking statements. Please refer to the risk factors discussed in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which can be found at the SEC’s website www.sec.gov. The discussion of these risks is specifically incorporated by reference into this news release. When considering forward-looking statements in this news release or that we make in other reports or statements, you should keep in mind the cautionary statements in this news release and future reports we file with the SEC. New risks and uncertainties arise from time to time, and we cannot predict when they may arise or how they may affect us. Any forward-looking statement in this news release speaks only as of the date on which it was made. Except as required by law, we assume no obligation to update or revise any forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future. Media Contact Kyra Harbert Media@wingstop.com Investor Contact Sarah Niehaus IR@wingstop.com 5 WINGSTOP INC. AND SUBSIDIARIES Consolidated Balance Sheets (amounts in thousands, except share and per share data) December 27, 2025 December 28, 2024 Assets Current assets Cash and cash equivalents $ 196,572  $ 315,910  Restricted cash 25,994  20,868  Accounts receivable, net 20,823  19,661  Prepaid expenses and other current assets 7,956  6,520  Advertising fund assets, restricted 16,143  32,659  Total current assets 267,488  395,618  Property and equipment, net 130,581  125,953  Operating lease assets 48,637  49,046  Goodwill 83,875  74,718  Trademarks 32,700  32,700  Investments 87,164  8,511  Other non-current assets, net 42,964  29,700  Total assets $ 693,409   $ 716,246   Liabilities and stockholders' deficit Current liabilities Accounts payable $ 12,846  $ 6,943  Current portion of operating lease liabilities 3,232  1,059  Other current liabilities 49,744  46,782  Advertising fund liabilities 16,143  32,659  Total current liabilities 81,965  87,443  Long-term debt, net 1,209,094  1,206,201  Operating lease liabilities 58,080  58,169  Deferred revenues, net of current 47,721  38,877  Deferred income tax liabilities, net 33,142  1,085  Other non-current liabilities 169  57  Total liabilities 1,430,171  1,391,832  Commitments and contingencies Stockholders' deficit Common stock, $0.01 par value; 100,000,000 shares authorized; 27,540,619 and 28,662,614 shares issued and outstanding as of December 27, 2025 and December 28, 2024, respectively 275  287  Additional paid-in-capital 1,529  1,568  Retained deficit (744,915) (676,940) Accumulated other comprehensive income (loss) 6,349  (501) Total stockholders' deficit (736,762) (675,586) Total liabilities and stockholders' deficit $ 693,409   $ 716,246   6 WINGSTOP INC. AND SUBSIDIARIES Consolidated Statements of Operations (amounts in thousands, except per share data) Thirteen Weeks Ended Fiscal Year Ended December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024 (Unaudited) (Unaudited) Revenue: Royalty revenue, franchise fees and other $ 81,931  $ 75,702  $ 321,782  $ 288,354  Advertising fees 61,367  56,063  247,619  217,630  Company-owned restaurant sales 32,396  30,056  127,452  119,823  Total revenue 175,694  161,821  696,853  625,807  Costs and expenses: Cost of sales (1) 24,476  23,321  96,058  91,632  Advertising expenses 64,676  60,601  261,545  233,306  Selling, general and administrative 33,320  31,232  128,356  116,801  Depreciation and amortization 6,387  5,865  25,068  19,490  (Gain) loss on disposal of assets —  (1,038) 6,535  (1,038) Total costs and expenses 128,859  119,981  517,562  460,191  Operating income 46,835  41,840  179,291  165,616  Interest expense, net 9,205  6,418  35,784  21,292  Investment (income) expense 29  (1,292) (93,682) (2,866) Income before income tax expense 37,601  36,714  237,189  147,190  Income tax expense 10,841  9,961  62,922  38,473  Net income $ 26,760  $ 26,753  $ 174,267  $ 108,717  Earnings per share Basic $ 0.97  $ 0.92  $ 6.23  $ 3.72  Diluted $ 0.96  $ 0.92  $ 6.21  $ 3.70  Weighted average shares outstanding Basic 27,698  29,091  27,974  29,262  Diluted 27,778  29,210  28,074  29,384  Dividends per share $ 0.30  $ 0.27  $ 0.84  $ 0.71  (1) Cost of sales includes all operating expenses of company-owned restaurants, including advertising expenses, but excludes depreciation and amortization, which are presented separately. 7 WINGSTOP INC. AND SUBSIDIARIES Unaudited Supplemental Information Cost of Sales Margin Analysis (amounts in thousands) Thirteen Weeks Ended December 27, 2025 December 28, 2024 In dollars As a % of company-owned restaurant sales In dollars As a % of company-owned restaurant sales Cost of sales: Food, beverage and packaging costs $ 11,932  36.8  % $ 11,184  37.2  % Labor costs 7,480  23.1  % 7,299  24.3  % Other restaurant operating expenses 5,911  18.2  % 5,589  18.6  % Vendor rebates (847) (2.6) % (751) (2.5) % Total cost of sales $ 24,476  75.6  % $ 23,321  77.6  % Fiscal Year Ended December 27, 2025 December 28, 2024 In dollars As a % of company-owned restaurant sales In dollars As a % of company-owned restaurant sales Cost of sales: Food, beverage and packaging costs $ 46,893  36.8  % $ 43,371  36.2  % Labor costs 29,576  23.2  % 28,317  23.6  % Other restaurant operating expenses 22,751  17.9  % 23,025  19.2  % Vendor rebates (3,162) (2.5) % (3,081) (2.6) % Total cost of sales $ 96,058  75.4  % $ 91,632  76.5  % 8 WINGSTOP INC. AND SUBSIDIARIES Unaudited Supplemental Information Restaurant Count Thirteen Weeks Ended Fiscal Year Ended December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024 Domestic Franchised Activity Beginning of period 2,450  2,064  2,154  1,877  Openings 85  83  384  274  Closures (4) —  (4) —  Acquired by Company (2) —  (5) (4) Re-franchised by Company —  7  —  7  Restaurants end of period 2,529  2,154  2,529  2,154  Domestic Company-Owned Activity Beginning of period 55  56  50  49  Openings —  1  3  4  Closures —  —  (1) —  Acquired by Company 2  —  5  4  Re-franchised to franchisees —  (7) —  (7) Restaurants end of period 57  50  57  50  Total Domestic Restaurants 2,586   2,204   2,586   2,204   International Franchised Activity (1) Beginning of period 427  338  359  288  Openings 49  22  122  77  Closures (6) (1) (11) (6) Restaurants end of period 470  359  470  359  Total System-wide Restaurants 3,056   2,563   3,056   2,563   (1) Includes U.S. territories. 9 WINGSTOP INC. AND SUBSIDIARIES Non-GAAP Financial Measures - EBITDA and Adjusted EBITDA (Unaudited) (amounts in thousands) Thirteen Weeks Ended Fiscal Year Ended December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024 Net income $ 26,760  $ 26,753  $ 174,267  $ 108,717  Interest expense, net 9,205  6,418  35,784  21,292  Income tax expense 10,841  9,961  62,922  38,473  Depreciation and amortization 6,387  5,865  25,068  19,490  EBITDA $ 53,193  $ 48,997  $ 298,041  $ 187,972  Additional adjustments: Transaction costs (a) —  316  497  316  Loss on sale of building (b) —  —  6,534  —  Gain on sale of investment (c) —  —  (92,485) —  System implementation costs (d) 931  986  5,839  1,713  Amortization of capitalized system implementation costs (e) 477  —  934  —  Stock-based compensation expense (f) 7,277  6,049  24,878  22,060  Adjusted EBITDA $ 61,878  $ 56,348  $ 244,238  $ 212,061  (a) Represents non-recurring transaction costs that are not part of our ongoing operations and were incurred to execute the sale and subsequent reinvestment of the Company’s unconsolidated equity method investment in Lemon Pepper Holdings, Ltd. (“LPH”), Wingstop’s United Kingdom master franchisee, during the fiscal first quarter 2025; all transaction costs are included in Selling, general and administrative on the Consolidated Statements of Operations. (b) Represents a non-recurring loss on sale of an office building during the fiscal first quarter 2025, which was included in Loss on disposal of assets on the Consolidated Statements of Operations. (c) Represents a non-recurring gain related to the sale of the Company’s unconsolidated equity method investment in LPH during the fiscal first quarter 2025, which was included in Investment income, net on the Consolidated Statements of Operations. (d) System implementation costs represent non-recurring expenses incurred related to the development and implementation of new enterprise resource planning, human capital management, and global development technology, which are included in Selling, general and administrative on the Consolidated Statements of Operations. (e) Represents amortization associated with capitalized cloud computing costs related to our system implementation, which are included in Selling, general and administrative on the Consolidated Statements of Operations. (f) Includes non-cash, stock-based compensation, net of forfeitures. 10 WINGSTOP INC. AND SUBSIDIARIES Non-GAAP Financial Measures - Adjusted Net Income and Adjusted EPS (Unaudited) (amounts in thousands, except per share data) Thirteen Weeks Ended Fiscal Year Ended December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024 Numerator: Net income $ 26,760  $ 26,753  $ 174,267  $ 108,717  Adjustments: Transaction costs (a) —  316  497  316  Loss on disposal of building (b) —  —  6,534  —  Gain on sale of investment (c) —  —  (92,485) —  System implementation costs (d) 931  986  5,839  1,713  Amortization of capitalized system implementation costs (e) 477  —  934  —  Tax effect of adjustments (f) (338) (312) 18,883  (487) Adjusted net income $ 27,830  $ 27,743  $ 114,469  $ 110,259  Denominator: Weighted-average shares outstanding - diluted 27,778  29,210  28,074  29,384  Adjusted earnings per diluted share $ 1.00  $ 0.95  $ 4.08  $ 3.75  (a) Represents non-recurring transaction costs that are not part of our ongoing operations and were incurred to execute the sale and subsequent reinvestment of the Company’s unconsolidated equity method investment in LPH, the Company’s United Kingdom master franchisee, during the 2025 fiscal year; all transaction costs are included in Selling, general and administrative on the Consolidated statements of Comprehensive Income. (b) Represents a non-recurring loss on sale of an office building during the fiscal first quarter 2025, which was included in Loss on disposal of assets on the Consolidated Statements of Operations. (c) Represents a non-recurring gain related to the sale of the Company’s unconsolidated equity method investment in LPH during the fiscal first quarter 2025, which was included in Investment income, net on the Consolidated Statements of Operations (d) System implementation costs represent non-recurring expenses incurred related to the development and implementation of new enterprise resource planning and human capital management technology, which are included in Selling, general and administrative on the Consolidated Statements of Operations. (e) Represents amortization associated with capitalized cloud computing costs related to our system implementation, which are included in Selling, general and administrative on the Consolidated Statements of Operations. (f) Represents the tax effect of the aforementioned adjustments to reflect corporate income taxes at an assumed effective tax rate of 24% for the thirteen weeks ended December 27, 2025, which includes provisions for U.S. federal income taxes, and assumes the respective statutory rates for applicable state and local jurisdictions. 11