Highlights 

  • 114 net new openings in Q3 2025; 19.3% net unit growth 
  • Adjusted EBITDA up 18.6% YoY to USD 63.7M, highest in company history. 
  • The company's total revenue increased 8.1% YoY to USD 175.7M. 

Wingstop Inc. (NASDAQ:WING) released its financial results for the fiscal third quarter ended September 27, 2025, reporting total revenue of USD 175.7M, an 8.1% rise from USD 162.5M in Q3 2024. The increase was driven by higher system-wide sales and continued restaurant expansion. 

System-wide sales climbed 10.0% year-over-year to USD 1.36B, supported by 114 net new restaurant openings, representing 19.3% unit growth. Domestic average unit volume reached USD 2.1M, while domestic same-store sales declined 5.6% from the prior year. Digital channels contributed 72.8% of total system-wide sales. 

Net income grew 10.7% year-over-year to USD 28.5M, or USD 1.02 per diluted share, up from USD 25.7M or USD 0.95 per share in Q3 2024. Adjusted net income, excluding certain non-recurring items, increased 15.6% to USD 30.4M, while adjusted earnings per diluted share rose to USD 1.09. 

Adjusted EBITDA advanced 18.6% year-over-year to USD 63.7M, marking the company’s strongest quarterly performance to date. 

Management Commentary 

“Our third-quarter performance underscores the strength and durability of our business model, delivering 18.6% Adjusted EBITDA growth fueled by strong unit economics, strategic investments, and disciplined execution,” said Michael Skipworth, President and Chief Executive Officer. “With 114 net new openings this quarter, we achieved over 19% unit growth year-over-year. Our consistent development momentum and margin strength reinforce our vision to position Wingstop among the world’s top 10 restaurant brands.” 

Operating Metrics 

As of September 27, 2025, Wingstop operated 2,932 restaurants system-wide, up from 2,458 a year earlier. This included 2,450 domestic franchised units, 55 company-owned stores, and 427 international franchised locations, including U.S. territories. 

Cost of sales totaled USD 24.3M, accounting for 74.8% of company-owned restaurant sales, compared with 77.8% in Q3 2024. The improvement resulted mainly from lower food, beverage, and packaging costs, including a decline in bone-in chicken wing prices. 

Selling, general, and administrative expenses fell by USD 1.6M to USD 30.7M, primarily due to lower personnel-related costs, partially offset by USD 2.1M in system implementation expenses. 

Depreciation and amortization increased to USD 6.2M, reflecting continued investment in digital and operational infrastructure, while net interest expense rose to USD 9.2M, mainly linked to financing activities supporting capital return initiatives. 

Dividend and Share Repurchase 

On November 3, 2025, Wingstop’s Board of Directors declared a quarterly dividend of USD 0.30 per share, amounting to approximately USD 8.3M, payable on December 12, 2025, to shareholders of record as of November 21, 2025. 

During the quarter, the company repurchased and retired 140,103 shares at an average price of USD 285.26 per share. As of September 29, 2025, USD 151.3M remained authorized under its share repurchase program. 

Outlook 

For fiscal 2025, Wingstop now projects: 

  • Domestic same-store sales to decline 3%–4%, revised from prior guidance of ~1% growth 
  • 475–485 global net new openings, previously guided at 17%–18% global unit growth 
  • SG&A expenses between USD 131M and USD 132M, including USD 4.5M in system implementation costs 
  • Depreciation and amortization around USD 26M and net interest expense of approximately USD 37.5M 

The company reaffirmed its stock-based compensation expense forecast of USD 26M for the full year.