Wingstop vs Yum! Brands: Revenue, Profit and Business Model
Wingstop had $696.9M of annual revenue in FY2025 and $174.3M of net income. Yum! Brands had $8.2B of annual revenue in FY2025 and $1.6B of net income.
Latest financial snapshot
Wingstop
- Latest annual revenue
- $696.9M (FY2025)
- Net income
- $174.3M
- Net margin
- 25.0%
- Revenue growth
- +23.6% a year, FY2016–FY2025
Yum! Brands
- Latest annual revenue
- $8.2B (FY2025)
- Net income
- $1.6B
- Net margin
- 19.0%
- Revenue growth
- +2.9% a year, FY2016–FY2025
Financial summary
Wingstop
Revenue rose 11.4% to $696.9 million in fiscal 2025 (ended December 27, 2025). GAAP net income jumped 60.3% to $174.3 million, but that figure includes a one-time gain on the sale of Wingstop's minority stake in Lemon Pepper Holdings, its UK master franchisee; adjusted net income grew 3.8% to $114.5 million and adjusted EBITDA rose 15.2% to $244.2 million. In Q2 2026 (ended June 27, 2026) revenue grew 6.4% to $185.6 million and net income rose 16.9% to $31.3 million, as new restaurants offset a 7.5% drop in domestic same store sales. Wingstop Inc. is an incredibly fast-growing American multinational chain of aviation-themed restaurants specializing entirely in chicken wings, commanding a massive market valuation exceeding $10 billion.
Yum! Brands
Fiscal 2025 total revenues were $8.214 billion, up 9%, with GAAP net income of $1.559 billion and GAAP EPS of $5.55 (EPS excluding Special Items of $6.05, up 10%). Fourth-quarter 2025 revenue was $2.514 billion. In the second quarter of 2026 revenue rose about 12% to $2.169 billion, GAAP EPS was $3.08 and EPS excluding Special Items was $1.62. Pizza Hut sale proceeds of about $2.7 billion arrived in the third quarter of 2026, subject to purchase price adjustments.
Revenue and profit by year
Wingstop
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $696.9M | $174.3M | 25.0% | +11.4% | Source |
| FY2024 | $625.8M | $108.7M | 17.4% | +36.0% | Source |
| FY2023 | $460.1M | $70.2M | 15.3% | +28.7% | Source |
| FY2022 | $357.5M | $52.9M | 14.8% | +26.6% | Source |
| FY2021 | $282.5M | $42.7M | 15.1% | +13.5% | Source |
| FY2020 | $248.8M | $23.3M | 9.4% | +24.6% | Source |
| FY2019 | $199.7M | $20.5M | 10.3% | +30.4% | Source |
| FY2018 | $153.2M | $21.7M | 14.2% | +14.9% | Source |
| FY2017 | $133.3M | $23.9M | 18.0% | +29.0% | Source |
| FY2016 | $103.3M | $13.8M | 13.3% | — | Source |
Yum! Brands
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $8.2B | $1.6B | 19.0% | +8.8% | Source |
| FY2024 | $7.5B | $1.5B | 19.7% | +6.7% | Source |
| FY2023 | $7.1B | $1.6B | 22.6% | +3.4% | Source |
| FY2022 | $6.8B | $1.3B | 19.4% | +3.9% | Source |
| FY2021 | $6.6B | $1.6B | 23.9% | +16.5% | Source |
| FY2020 | $5.7B | $904M | 16.0% | +1.0% | Source |
| FY2019 | $5.6B | $1.3B | 23.1% | -1.6% | Source |
| FY2018 | $5.7B | $1.5B | 27.1% | -3.2% | Source |
| FY2017 | $5.9B | $1.3B | 22.8% | -7.5% | Source |
| FY2016 | $6.4B | $1.6B | 25.8% | — | Source |
Where the revenue comes from
Wingstop
- Royalty revenue, franchise fees and other
~47% (Q4 2025)
Royalties on franchisee sales, development and franchise fees, and vendor rebates. This line was $81.9 million in Q4 2025.
- Advertising fees
Not disclosed here
Contributions to the national advertising fund, set at 5.5% of sales from fiscal 2025. These fees pay for system-wide marketing.
- Company-owned restaurant sales
Not disclosed here
Food and beverage sales at company-owned restaurants, which numbered 57 at the end of Q2 2026.
Yum! Brands
- Franchise and license fees and income
Not formally reported
Royalties based on franchisee sales plus initial and renewal fees, including the license fee from Yum China.
- Franchise contributions for advertising and other services
Not formally reported
Franchisee payments into advertising funds and for technology and other services provided by Yum.
- Company sales
Not formally reported
Sales from company-operated restaurants, including most Habit Burger & Grill units.
- Franchise rental income
Not formally reported
Rent on properties Yum owns or leases and subleases to franchisees.
Business model and strategy
Wingstop
How it makes money
Wingstop earns most of its money from franchisees rather than from selling food itself. It reports three revenue lines: royalty revenue, franchise fees and other; advertising fees paid into the national advertising fund (5.5% of sales since fiscal 2025); and sales at a small group of company-owned restaurants (57 at the end of Q2 2026).
Growth strategy
Growth rests on new franchised units in the US and abroad (102 net openings in Q2 2026, six new international markets in 2025), the Smart Kitchen platform installed in all 2,586 domestic restaurants during 2025, the national Club Wingstop loyalty launch in 2026, and flavor and value promotions.
Competitive advantage
Wingstop's edge comes from a franchised, low-capital model, a digital ordering base that handles roughly seven in ten orders, a simple menu, and a development pipeline that added 493 net new restaurants in 2025.
Yum! Brands
How it makes money
Most Yum restaurants are owned and run by franchisees. Yum collects franchise and license fees (royalties tied to sales, plus upfront fees on new units), franchise contributions to advertising funds, rental income on some properties it subleases, and sales from a smaller set of company-operated restaurants, including most Habit locations.
Growth strategy
Under Chris Turner, Yum is concentrating on KFC unit growth in emerging and developed international markets, Taco Bell growth in the U.S. and abroad, and its Byte by Yum digital platform for ordering, kitchen, and delivery management. The 2026 portfolio review ended with the Pizza Hut sale.
Competitive advantage
KFC's development system opens restaurants at a pace few chains match, with 660 gross openings across 55 markets in the second quarter of 2026. Taco Bell holds a leading position in U.S. Mexican-style quick service. The franchise model keeps capital spending low and turns system growth into royalty income.
Questions about Wingstop vs Yum! Brands
Which company has higher revenue — Wingstop Inc. or Yum! Brands, Inc.?
Wingstop Inc. had $696.9M (FY2025), while Yum! Brands, Inc. had $8.2B (FY2025). By latest annual revenue, Yum! Brands, Inc. is the larger business, with Wingstop Inc. showing a smaller revenue base.
What is the market cap of Wingstop Inc. vs Yum! Brands, Inc.?
Yum! Brands, Inc. has a market capitalisation of $42.0B. A public market cap figure for Wingstop Inc. was not available (it may be privately held).
How does revenue per employee compare for Wingstop Inc. and Yum! Brands, Inc.?
Wingstop Inc. has $594k / employee in revenue per employee, while Yum! Brands, Inc. has $228k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Wingstop Inc. and Yum! Brands, Inc. make money?
Wingstop Inc. and Yum! Brands, Inc. generate revenue in fundamentally different ways. Wingstop Inc.: Wingstop earns most of its money from franchisees rather than from selling food itself. Yum! Brands, Inc.: Most Yum restaurants are owned and run by franchisees.
Is Wingstop Inc. bigger than Yum! Brands, Inc.?
By last reported revenue, Yum! Brands, Inc. ($8.2B (FY2025)) is the larger company compared to Wingstop Inc. ($696.9M (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Wingstop vs Yum! Brands overview