WING

Wingstop remains a best-in-class asset-light franchisor: 98% franchised, 3,056 system units (+19.2% YoY), $5.3B system sales (+12.1%), and a $2.0M domestic AUV. The FY2025 P&L looks spectacular on paper — revenue $697M (+11.4%), net income $174M (+60.3%), diluted EPS $6.21 (+67.8%), 25.7% operating margin and 25.0% net margin — but management itself flags that headline net income is inflated versus operating reality: adjusted net income was only $114.5M ($4.08 adj. EPS), well below the GAAP $174M. On the adjusted basis, true earnings growth was a much more pedestrian ~4% ($110.3M → $114.5M), and adjusted EBITDA grew 15.2% to $244M — solid, but nowhere near the 60% GAAP optics.

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