Financial Analysis

Commitments and Contingencies The Company is subject to legal proceedings, claims, and liabilities, including claims and actions resulting from employment-related and franchise-related matters, which arise in the ordinary course of business and are generally covered by insurance. In the opinion of management, the amount of ultimate liability with respect to such actions is not likely to have a material adverse impact on the Companys financial position, results of operations, or cash flows. …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt Obligations Long-term debt consisted of the following components (in thousands): June 27, 2026 December 27, 2025 2020-1 Class A-2 Senior Secured Notes $ 472,800 $ 472,800 2022-1 Class A-2 Senior Secured Notes 248,125 248,125 2024-1 Class A-2 Senior Secured Notes 500,000 500,000 Debt issuance costs, net of amortization (10,336) (11,831) Total debt 1,210,589 1,209,094 The Companys outstanding debt was issued by Wingstop Funding LLC, a limited-purpose, bankruptcy-remote, wholly-owned indirect subsidiary of Wingstop Inc. and consists of (i) Series 2020-1 2.84% Fixed Rate Senior Secured Notes, Class A-2 (the 2020 Class A-2 Notes), (ii) Series 2022-1 3.734% Fixed Rate Senior Secured Notes, Class A-2 (the 2022 Class A-2 Notes), (iii) Series 2024-1 5.858% Fixed Rate Senior Secured Notes, Class A-2 (the 2024 Class A-2 Notes), and (iv) a revolving financing facility of Series 2022-1 Variable Funding Senior Notes, Class A-1 (the Variable Funding Notes), which permits borrowings of up to a maximum principal amount of $300 million, subject to certain borrowing conditions, a portion of which may be used to issue letters of credit. No borrowings were outstanding under the Variable Funding Notes as of June 27, 2026 and December 27, 2025. As of June 27, 2026, the Companys leverage ratio under the 2020 Class A-2 Notes, the 2022 Class A-2 Notes, and the 2024 Class A-2 Notes was less than 5.0x. Per the terms of the Companys debt agreements, principal payments can be suspended at the borrowe …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table represents a disaggregation of revenue from contracts with customers for the thirteen and twenty-six weeks ended June 27, 2026 and June 28, 2025 (in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 Royalty revenue $ 78,571 $ 72,905 $ 155,372 $ 144,853 Franchise fees and other 8,273 6,984 18,942 13,811 Royalty revenue, franchise fees and other 86,844 79,889 174,314 158,664 Advertising fees and related income 64,536 61,962 127,805 124,234 Company-owned restaurant sales 34,184 32,478 67,170 62,525 Total revenue 185,564 174,329 369,289 345,423

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Stock-Based Compensation During the twenty-six weeks ended June 27, 2026, the Company granted 51,709 restricted stock units (RSUs) to certain employees. The RSUs granted generally vest ratably over a three-year period subsequent to the grant date and had a weighted-average grant-date fair value of $210.89 per unit. In addition, the Company granted 40,012 performance stock units (PSUs) to certain employees during the twenty-six weeks ended June 27, 2026. Of the total PSUs granted, 27,358 PSUs are subject to a service condition and a performance vesting condition based on return on incremental invested capital (ROIIC PSUs). The ROIIC PSUs are generally eligible to cliff-vest approximately three years from the grant date, and the maximum vesting percentage that could be realized for each of the ROIIC PSUs is 250% based on the level of performance achieved for the awards. An additional 4,311 PSUs granted are subject to a service condition and a performance vesting condition based on the number of net new restaurants opened over the performance period (NNR PSUs). The NNR PSUs vest ratably over a three-year period, and the maximum vesting percentage that could be realized for each of the NNR PSUs is 100% based on the level of performance achieved for the awards. The remaining 8,343 PSUs granted are subject to a service condition and performance vesting conditions based on the Companys net new unit growth and Adjusted EBITDA growth, and include a same-store sales growth modifier, ov …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements Fair value is the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. Assets and liabilities are classified using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value as follows: Level 1 Unadjusted quoted prices for identical instruments traded in active markets. Level 2 Observable market-based inputs or unobservable inputs corroborated by market data. Level 3 Unobservable inputs reflecting managements estimates and assumptions. The carrying values of cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to their short-term nature. Certain assets are measured at fair value on a non-recurring basis using Level 3 inputs. The fair value of the Companys preference share investment in the Companys United Kingdom master franchisee, Lemon Pepper Holdings Ltd. (LPH), which is accounted for as a held-to-maturity debt security, was estimated using a discounted cash flow model that incorporates unobservable inputs, including expected cash flows, discount rates, and an assumed maturity term of approximately five years. Based on this valuation approach, the estimated fair value of the preference share investment was determined at $96.9 million. The carrying value of the investment as of …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes Income tax expense and the effective tax rate were $13.4 million and 29.9%, respectively, for the thirteen weeks ended June 27, 2026, and $10.0 million and 27.2%, respectively, for the thirteen weeks ended June 28, 2025. Income tax expense and the effective tax rate were $24.1 million and 28.2%, respectively, for the twenty-six weeks ended June 27, 2026, and $40.9 million and 25.6%, respectively, for the twenty-six weeks ended June 28, 2025. T he increase in the effective tax rate was primarily due to an increase in state income taxes and other non-deductible items. The decrease in total tax expense for the twenty-six weeks ended June 27, 2026 is primarily related to the taxable gain on the sale of our non-controlling interest in LPH during the first fiscal quarter of 2025.

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Recently issued accounting pronouncements. We reviewed all recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on our consolidated financial statements. There have been no changes to the recently issued accounting pronouncements not yet adopted that were previously disclosed in the Annual Report.

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Revenue from Contracts with Customers The following table represents a disaggregation of revenue from contracts with customers for the thirteen and twenty-six weeks ended June 27, 2026 and June 28, 2025 (in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 Royalty revenue $ 78,571 $ 72,905 $ 155,372 $ 144,853 Franchise fees and other 8,273 6,984 18,942 13,811 Royalty revenue, franchise fees and other 86,844 79,889 174,314 158,664 Advertising fees and related income 64,536 61,962 127,805 124,234 Company-owned restaurant sales 34,184 32,478 67,170 62,525 Total revenue 185,564 174,329 369,289 345,423 Franchise fee, development fee, and international territory fee payments received by the Company are recorded as deferred revenue on the Consolidated Balance Sheets, which represents a contract liability. Deferred revenue is reduced as fees are recognized in revenue over the term of the franchise license for the respective restaurant. As the term of the franchise license is typically ten years, substantially all of the franchise and other fees revenue recognized in the thirteen and twenty-six weeks ended June 27, 2026 was included in the deferred revenue balance as of December 27, 2025. Approximately $13.9 million and $13.6 million of deferred revenue as of June 27, 2026 and December 27, 2025, respectively, relates to restaurants that have not yet opened, so the fees are not yet being amortized. The weighted average remai …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Information The Company has one reportable segment, and the measure of restaurant segment assets is reported as Total assets on the Consolidated Balance Sheets. Financial information for the Companys reportable segment is as follows (in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 Revenue: Royalty revenue, franchise fees and other $ 86,844 $ 79,889 $ 174,314 $ 158,664 Advertising fees 64,536 61,962 127,805 124,234 Company-owned restaurant sales 34,184 32,478 67,170 62,525 Total revenue 185,564 174,329 369,289 345,423 Cost of sales: Food, beverage and packaging costs 12,040 11,937 23,835 23,178 Labor 7,763 7,441 15,652 14,594 Other operating costs 6,180 5,821 12,049 11,012 Vendor rebates (915) (794) (1,752) (1,544) Total cost of sales 25,068 24,405 49,784 47,240 Advertising expenses 68,417 65,533 135,728 131,328 Selling, general & administrative: Transaction costs 497 System implementation costs 514 1,534 1,060 2,846 Amortization of capitalized system implementation costs 467 934 Restructuring charges 77 2,467 Stock-based compensation expense 3,893 6,217 8,716 11,529 Other segment expense (1) 25,285 25,186 51,508 49,505 Total selling, general and administrative 30,236 32,937 64,685 64,377 Depreciation and amortization 7,212 6,220 14,053 12,448 Loss on disposal of assets 6,535 Interest expense, net 9,813 8,469 19,577 17,379 Investment (income) expense 167 239 (93,839) Income tax expense 13,363 10,002 …

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Basis of Presentation and Update to Significant Accounting Policies Nature of operations. Wingstop Inc., together with its consolidated subsidiaries (collectively, Wingstop or the Company), is in the business of franchising and operating Wingstop restaurants. As of June 27, 2026, the Company had a total of 3,255 restaurants system-wide. The Companys restaurant base is approximately 98% franchised, with 3,198 franchised locations (including 527 restaurants in international locations and U.S. territories) and 57 company-owned restaurants as of June 27, 2026. Basis of presentation. The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Consequently, financial information and disclosures normally included in financial statements prepared annually in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted. Balance sheet amounts are as of June 27, 2026 and December 27, 2025, and operating results are for the thirteen and twenty-six weeks ended June 27, 2026 and June 28, 2025. Certain reclassifications have been made to the financial statements and accompanying footnotes to conform to the Companys current period presentation. In the Companys opinion, all necessary adjustments have been made for the fair presentation of the results of the interim periods presented. The resul …

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Stockholders Deficit Dividends In connection with the Companys regular dividend program, our Board of Directors declared a quarterly dividend of $0.30 per share of common stock in the second quarter of 2026. Subsequent to the second quarter, on July 28, 2026, our Board of Directors declared a regular quarterly dividend of $0.33 per share of common stock for stockholders of record as of August 15, 2026. The regular quarterly dividend is to be paid on September 5, 2026, totaling approximately $9.0 million. Share Repurchase Program The following table summarizes shares repurchased and retired, and the average price per share, during the periods presented: June 27, 2026 December 27, 2025 # of shares Weighted average price per share # of shares Weighted average price per share 2023 & 2024 ASR Agreements $ 317,202 $ 292.28 Share repurchases 374,324 208.08 901,191 243.81 Total share repurchases 374,324 $ 208.08 1,218,393 $ 256.43 On March 5, 2026, the Companys Board of Directors authorized the purchase of up to an additional $300.0 million of the Companys common stock under the share repurchase program. On December 9, 2024, the Company entered into an accelerated share repurchase agreement (the ASR Agreement) with a third-party financial institution to repurchase $250.0 million of the Companys common stock under its Share Repurchase Program. Pursuant to the terms of the ASR Agreement, the Company paid the financial institution $250.0 million and, on December 9, 2024, the Company …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Event Subsequent to the end of the fiscal second quarter 2026, the Company entered into 2 agreements to purchase 13 restaurants for an aggregate price of $32 million, anticipated to be funded by cash on hand. The first transaction closed on July 27, 2026, and the second transaction is expected to close during the fiscal third quarter 2026.

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