As of Q3 2025, Wingstop operates 2,932 system-wide restaurants, with 2,505 in the United States (mostly franchised) and 427 internationally. The company opened 114 net new restaurants in Q3 with 19% unit growth versus prior year, demonstrating momentum toward scaling to a top 10 global restaurant brand. MyWingstop digital platform has grown to 60 million members, with a loyalty program pilot launching in Q4 2025 and system-wide rollout planned for 2026.
Cyborg Score Rationale
Q3 2025 delivered 18.6% Adjusted EBITDA growth to $63.7 million and 15.6% adjusted net income growth to $30.4 million. Strong cash generation supports quarterly dividends, and aggressive expansion at 19%+ unit growth demonstrates market confidence. However, same-store sales growth declined for the first time in over 20 years, creating near-term headwinds despite long-term growth potential.
Top Insights
Adjusted EBITDA grew 18.6% to $63.7 million in Q3 2025, with improved margin performance
Supply chain strategy is mitigating commodity volatility with food costs maintained in mid-30% range and visibility into wing pricing for 2025-2026
International expansion accelerating with France market opening after successful Olympic pop-up, with opportunity size comparable to UK market
Same-store sales growth declined for the first time in over 20 years, signaling market saturation or consumer demand challenges
Named Competitors
Chipotle — Fast-casual Mexican focused QSR
Shake Shack — Premium fast-casual burger concept
CAVA — Mediterranean fast-casual concept
Dutch Bros — Drive-through coffee and beverage concept
Recent Developments
(February 2026) Stock trading at $259.70 with recent 7.83% daily decline amid earnings expectations concerns
(December 2024) Completed $500 million securitized financing transaction to fund growth and capital returns
(Q4 2025) MyWingstop loyalty program pilot launch planned following 30% growth in digital guest database
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