Filings desk
WEN$6.14▼ 0.8%
WEN$6.14▼ 0.8%Trian backed Wendy's payouts in 2023. Now it bids $7.35, saying the chain needs capital
Nelson Peltz's Trian and franchisee Flynn Group made the cash offer before the market opened on Oct. 28, a filing shows. Wendy's paid shareholders $1.01 billion over 2023 to 2025, and its debt barely moved.
KeyVex News··6 min readFact-checked against 17 public recordsKeyVex News··6 min readFact-checked against 17 public recordsWEN$6.14▼ 0.8%Close, Oct. 27. Prices from Tiingo.The short versionTap to readTap to close
- In January 2023, Trian, which called itself Wendy's largest shareholder, decided not to bid. It said returning more cash through buybacks and bigger dividends was "the appropriate path" at that time.
- Wendy's then paid shareholders $1.01 billion over 2023 to 2025, nearly all the cash its operations brought in. Its debt stayed near $2.8 billion.
- Trian's new letter says Wendy's needs significant capital to cut debt and turn its business around. Notes worth $1.33 billion have anticipated repayment dates in 2028 and 2029.
- The $7.35 offer is about 20% above the Oct. 27 close. It is about a third of Wendy's $21.78 close on Jan. 12, 2023.
- The offer is not binding. Wendy's reports its third quarter on Nov. 5.
The offer: Nelson Peltz's Trian Fund Management and Flynn Group offered $7.35 a share in cash for Wendy's on Oct. 28, in a letter Trian filed with the SEC before the market opened.Letter13D/A Flynn is one of Wendy's largest franchisees, and the investment firms BlueFive Capital and Sixth Street joined the letter.Letter The price is about 20% above Wendy's Oct. 27 close of $6.14.Chart data For every share, counting options and stock awards as the letter does, it comes to about $1.4 billion, by KeyVex's math. That total includes Trian's own stake, which it plans to roll over rather than sell.Letter
The history: Peltz was Wendy's non-executive chairman from 2007 until September 2024, and Trian's funds and partners own 16.25% of its stock.8-K13D/A Peter May, Trian's president, is Wendy's senior vice chairman.DEF 14A In May 2022 Trian told the board it would explore a deal.13D/A On Jan. 12, 2023, it said it would not propose one, and that returning more cash through buybacks and bigger dividends was "the appropriate path" at that time, citing Wendy's "current business momentum and strong liquidity position."13D/A Wendy's closed at $21.78 that day. The new offer is about a third of that.Chart data
Why it matters: Over 2023 to 2025, Wendy's paid its shareholders $1.01 billion, nearly all the cash its operations brought in, and its debt barely moved.10-K10-K10-K Now Trian's group wants to buy the company, and its letter says the business "requires significant capital investment to de-lever and execute the strategic initiatives needed to turn system performance around."Letter The letter also points to pressure on U.S. consumers, commodity inflation and tougher competition among burger chains. It does not mention Trian's 2023 position.Letter
Wendy's stock and the Trian story's key datesDaily close, Jan. 3, 2022 to Oct. 27, 2026 ▼ 74.3%Show chartHide chart
WENS&P 500 (rebased)1News in this story
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Daily closes as traded · Close Prices from Tiingo.comColored dots are filings · White numbered dots are the news in this story · WEN on KeyVex
- 1May 25, 2022 Trian says it will explore a deal for Wendy's. Its filing was accepted after the close on May 24, 2022.
- 2Jan. 13, 2023 Trian says it will not propose a deal. It backs more buybacks and higher dividends instead. It told the board on Jan. 12.
- 3Sept. 6, 2024 Nelson Peltz steps down as chairman. He had been non-executive chairman since 2007 and is named chairman emeritus.
- 4Feb. 18, 2026 Trian says it has talked with possible financing sources. It says it may propose a deal, alone or with others.
- 5Aug. 7, 2026 Wendy's halves its dividend and withdraws its 2026 outlook. The quarterly dividend goes to $0.07 from $0.14.
- 6Oct. 27, 2026 The last close before the offer. $6.14. Trian's group offers $7.35 the next morning.
View the data (1209 trading days)
| Date | Close | Day change |
|---|---|---|
| 2026-10-27 | $6.14 | −0.8% |
| 2026-10-26 | $6.19 | −0.5% |
| 2026-10-23 | $6.22 | −5.3% |
| 2026-10-22 | $6.57 | +4.6% |
| 2026-10-21 | $6.28 | −3.7% |
| 2026-10-20 | $6.52 | −2.4% |
| 2026-10-19 | $6.68 | −0.3% |
| 2026-10-16 | $6.70 | 0.0% |
| 2026-10-15 | $6.70 | +4.0% |
| 2026-10-14 | $6.44 | +1.4% |
| 2026-10-13 | $6.35 | +0.6% |
| 2026-10-12 | $6.31 | +1.3% |
| 2026-10-09 | $6.23 | +0.2% |
| 2026-10-08 | $6.22 | +1.8% |
| 2026-10-07 | $6.11 | −0.8% |
| 2026-10-06 | $6.16 | +1.0% |
| 2026-10-05 | $6.10 | −0.3% |
| 2026-10-02 | $6.12 | −2.1% |
| 2026-10-01 | $6.25 | −2.0% |
| 2026-09-30 | $6.38 | −2.4% |
| 2026-09-29 | $6.54 | +2.3% |
| 2026-09-28 | $6.39 | −2.4% |
| 2026-09-25 | $6.55 | +0.7% |
| 2026-09-24 | $6.50 | −3.3% |
| 2026-09-23 | $6.73 | −1.2% |
| 2026-09-22 | $6.81 | +1.6% |
| 2026-09-21 | $6.70 | −0.6% |
| 2026-09-18 | $6.74 | −3.6% |
| 2026-09-17 | $6.99 | −0.6% |
| 2026-09-16 | $7.03 | −5.8% |
| 2026-09-15 | $7.46 | −2.2% |
| 2026-09-14 | $7.63 | 0.0% |
| 2026-09-11 | $7.63 | +2.6% |
| 2026-09-10 | $7.44 | −1.3% |
| 2026-09-09 | $7.54 | −0.9% |
| 2026-09-08 | $7.61 | −5.2% |
| 2026-09-04 | $8.03 | +1.9% |
| 2026-09-03 | $7.88 | −4.4% |
| 2026-09-02 | $8.24 | −0.4% |
| 2026-09-01 | $8.27 | −0.4% |
| 2026-08-31 | $8.30 | +0.4% |
| 2026-08-28 | $8.27 | +5.8% |
| 2026-08-27 | $7.82 | −13.6% |
| 2026-08-26 | $9.04 | −0.9% |
| 2026-08-25 | $9.12 | +3.2% |
| 2026-08-24 | $8.84 | −1.9% |
| 2026-08-21 | $9.01 | +2.3% |
| 2026-08-20 | $8.81 | −1.3% |
| 2026-08-19 | $8.93 | +5.8% |
| 2026-08-18 | $8.44 | −2.1% |
| 2026-08-17 | $8.62 | −0.2% |
| 2026-08-14 | $8.64 | −0.1% |
| 2026-08-13 | $8.65 | −0.1% |
| 2026-08-12 | $8.66 | +14.7% |
| 2026-08-11 | $7.55 | +3.4% |
| 2026-08-10 | $7.30 | −5.1% |
| 2026-08-07 | $7.69 | +4.1% |
| 2026-08-06 | $7.39 | −7.5% |
| 2026-08-05 | $7.99 | +3.9% |
| 2026-08-04 | $7.69 | +2.1% |
| 2026-08-03 | $7.53 | +2.3% |
| 2026-07-31 | $7.36 | 0.0% |
| 2026-07-30 | $7.36 | −3.8% |
| 2026-07-29 | $7.65 | −0.3% |
| 2026-07-28 | $7.67 | +4.9% |
| 2026-07-27 | $7.31 | +4.6% |
| 2026-07-24 | $6.99 | −2.5% |
| 2026-07-23 | $7.17 | −3.1% |
| 2026-07-22 | $7.40 | −3.0% |
| 2026-07-21 | $7.63 | −2.8% |
| 2026-07-20 | $7.85 | +1.2% |
| 2026-07-17 | $7.76 | −0.9% |
| 2026-07-16 | $7.83 | +5.1% |
| 2026-07-15 | $7.45 | +0.4% |
| 2026-07-14 | $7.42 | −1.1% |
| 2026-07-13 | $7.50 | −0.7% |
| 2026-07-10 | $7.55 | −0.5% |
| 2026-07-09 | $7.59 | +1.9% |
| 2026-07-08 | $7.45 | −4.2% |
| 2026-07-07 | $7.78 | −1.5% |
| 2026-07-06 | $7.90 | −8.1% |
| 2026-07-02 | $8.60 | −3.8% |
| 2026-07-01 | $8.94 | +7.8% |
| 2026-06-30 | $8.29 | +0.4% |
| 2026-06-29 | $8.26 | +5.8% |
| 2026-06-26 | $7.80 | +6.4% |
| 2026-06-25 | $7.33 | −6.7% |
| 2026-06-24 | $7.86 | +25.7% |
| 2026-06-23 | $6.25 | +1.4% |
| 2026-06-22 | $6.17 | −9.3% |
| 2026-06-18 | $6.80 | −2.2% |
| 2026-06-17 | $6.95 | +2.7% |
| 2026-06-16 | $6.77 | −2.0% |
| 2026-06-15 | $6.91 | +1.8% |
| 2026-06-12 | $6.79 | 0.0% |
| 2026-06-11 | $6.79 | +2.4% |
| 2026-06-10 | $6.63 | −1.2% |
| 2026-06-09 | $6.71 | −0.4% |
| 2026-06-08 | $6.74 | +0.4% |
| 2026-06-05 | $6.71 | −0.6% |
| 2026-06-04 | $6.75 | −1.5% |
| 2026-06-03 | $6.85 | −5.0% |
| 2026-06-02 | $7.21 | −8.2% |
| 2026-06-01 | $7.85 | +1.9% |
| 2026-05-29 | $7.70 | +2.7% |
| 2026-05-28 | $7.50 | +0.1% |
| 2026-05-27 | $7.49 | +1.8% |
| 2026-05-26 | $7.36 | −5.8% |
| 2026-05-22 | $7.81 | +2.5% |
| 2026-05-21 | $7.62 | −1.7% |
| 2026-05-20 | $7.75 | −4.6% |
| 2026-05-19 | $8.12 | +3.6% |
| 2026-05-18 | $7.84 | −2.2% |
| 2026-05-15 | $8.02 | −1.1% |
| 2026-05-14 | $8.11 | −1.0% |
| 2026-05-13 | $8.19 | +3.7% |
| 2026-05-12 | $7.90 | +16.9% |
| 2026-05-11 | $6.76 | −7.4% |
| 2026-05-08 | $7.30 | +5.0% |
| 2026-05-07 | $6.95 | +4.5% |
| 2026-05-06 | $6.65 | +0.6% |
| 2026-05-05 | $6.61 | +1.1% |
| 2026-05-04 | $6.54 | −2.4% |
| 2026-05-01 | $6.70 | −3.7% |
| 2026-04-30 | $6.96 | +3.0% |
| 2026-04-29 | $6.76 | −0.7% |
| 2026-04-28 | $6.81 | −1.3% |
| 2026-04-27 | $6.90 | −3.4% |
| 2026-04-24 | $7.14 | +3.0% |
| 2026-04-23 | $6.93 | −2.4% |
| 2026-04-22 | $7.10 | −0.1% |
| 2026-04-21 | $7.11 | −0.3% |
| 2026-04-20 | $7.13 | +2.6% |
| 2026-04-17 | $6.95 | +1.5% |
| 2026-04-16 | $6.85 | −0.7% |
| 2026-04-15 | $6.90 | +1.8% |
| 2026-04-14 | $6.78 | +1.2% |
| 2026-04-13 | $6.70 | −2.8% |
| 2026-04-10 | $6.89 | −3.0% |
| 2026-04-09 | $7.10 | +0.6% |
| 2026-04-08 | $7.06 | +2.5% |
| 2026-04-07 | $6.89 | −2.8% |
| 2026-04-06 | $7.09 | +3.1% |
| 2026-04-02 | $6.88 | −0.3% |
| 2026-04-01 | $6.90 | −0.7% |
| 2026-03-31 | $6.95 | +2.5% |
| 2026-03-30 | $6.78 | −0.3% |
| 2026-03-27 | $6.80 | −2.7% |
| 2026-03-26 | $6.99 | −2.1% |
| 2026-03-25 | $7.14 | +0.6% |
| 2026-03-24 | $7.10 | −0.8% |
| 2026-03-23 | $7.16 | +1.0% |
| 2026-03-20 | $7.09 | +0.4% |
| 2026-03-19 | $7.06 | +1.0% |
| 2026-03-18 | $6.99 | −0.3% |
| 2026-03-17 | $7.01 | −0.4% |
| 2026-03-16 | $7.04 | −1.8% |
| 2026-03-13 | $7.17 | −0.6% |
| 2026-03-12 | $7.21 | +2.0% |
| 2026-03-11 | $7.07 | +1.3% |
| 2026-03-10 | $6.98 | −4.0% |
| 2026-03-09 | $7.27 | −2.0% |
| 2026-03-06 | $7.42 | +2.3% |
| 2026-03-05 | $7.25 | +1.4% |
| 2026-03-04 | $7.15 | −4.8% |
| 2026-03-03 | $7.51 | +0.9% |
| 2026-03-02 | $7.44 | −2.9% |
| 2026-02-27 | $7.66 | −1.0% |
| 2026-02-26 | $7.74 | +3.3% |
| 2026-02-25 | $7.49 | −3.1% |
| 2026-02-24 | $7.73 | −0.5% |
| 2026-02-23 | $7.77 | −4.0% |
| 2026-02-20 | $8.09 | −2.8% |
| 2026-02-19 | $8.32 | +1.7% |
| 2026-02-18 | $8.18 | +16.9% |
| 2026-02-17 | $7.00 | −6.4% |
| 2026-02-13 | $7.48 | +2.9% |
| 2026-02-12 | $7.27 | −7.7% |
| 2026-02-11 | $7.88 | +0.8% |
| 2026-02-10 | $7.82 | +0.1% |
| 2026-02-09 | $7.81 | −2.6% |
| 2026-02-06 | $8.02 | −0.2% |
| 2026-02-05 | $8.04 | −0.2% |
| 2026-02-04 | $8.06 | +3.6% |
| 2026-02-03 | $7.78 | +1.2% |
| 2026-02-02 | $7.69 | −1.3% |
| 2026-01-30 | $7.79 | +0.9% |
| 2026-01-29 | $7.72 | −2.8% |
| 2026-01-28 | $7.94 | −0.5% |
| 2026-01-27 | $7.98 | −1.2% |
| 2026-01-26 | $8.08 | −4.0% |
| 2026-01-23 | $8.42 | −0.1% |
| 2026-01-22 | $8.43 | +0.8% |
| 2026-01-21 | $8.36 | +2.3% |
| 2026-01-20 | $8.17 | −1.8% |
| 2026-01-16 | $8.32 | −2.6% |
| 2026-01-15 | $8.54 | +0.7% |
| 2026-01-14 | $8.48 | +1.7% |
| 2026-01-13 | $8.34 | −1.9% |
| 2026-01-12 | $8.50 | −1.7% |
| 2026-01-09 | $8.65 | +3.2% |
| 2026-01-08 | $8.38 | +1.9% |
| 2026-01-07 | $8.22 | −2.6% |
| 2026-01-06 | $8.44 | +4.1% |
| 2026-01-05 | $8.11 | −0.7% |
| 2026-01-02 | $8.17 | −1.9% |
| 2025-12-31 | $8.33 | +0.6% |
| 2025-12-30 | $8.28 | −0.5% |
| 2025-12-29 | $8.32 | −0.4% |
| 2025-12-26 | $8.35 | +0.7% |
| 2025-12-24 | $8.29 | +0.9% |
| 2025-12-23 | $8.22 | −0.8% |
| 2025-12-22 | $8.29 | −1.1% |
| 2025-12-19 | $8.38 | −0.7% |
| 2025-12-18 | $8.44 | −0.6% |
| 2025-12-17 | $8.49 | +1.7% |
| 2025-12-16 | $8.35 | +1.5% |
| 2025-12-15 | $8.23 | −4.4% |
| 2025-12-12 | $8.61 | +1.4% |
| 2025-12-11 | $8.49 | +3.8% |
| 2025-12-10 | $8.18 | +0.2% |
| 2025-12-09 | $8.16 | −1.4% |
| 2025-12-08 | $8.28 | −1.9% |
| 2025-12-05 | $8.44 | −1.2% |
| 2025-12-04 | $8.54 | −0.2% |
| 2025-12-03 | $8.56 | +0.8% |
| 2025-12-02 | $8.49 | +3.2% |
| 2025-12-01 | $8.23 | −2.6% |
| 2025-11-28 | $8.45 | −0.9% |
| 2025-11-26 | $8.53 | +1.2% |
| 2025-11-25 | $8.43 | +6.7% |
| 2025-11-24 | $7.90 | −4.7% |
| 2025-11-21 | $8.29 | +5.3% |
| 2025-11-20 | $7.87 | −3.1% |
| 2025-11-19 | $8.12 | −1.3% |
| 2025-11-18 | $8.23 | −2.0% |
| 2025-11-17 | $8.40 | −2.6% |
| 2025-11-14 | $8.62 | −1.0% |
| 2025-11-13 | $8.71 | −0.2% |
| 2025-11-12 | $8.73 | −1.4% |
| 2025-11-11 | $8.85 | +3.6% |
| 2025-11-10 | $8.54 | −4.8% |
| 2025-11-07 | $8.97 | +1.6% |
| 2025-11-06 | $8.83 | −2.8% |
| 2025-11-05 | $9.08 | +2.1% |
| 2025-11-04 | $8.89 | +5.5% |
| 2025-11-03 | $8.43 | −1.3% |
| 2025-10-31 | $8.54 | +0.4% |
| 2025-10-30 | $8.51 | −1.4% |
| 2025-10-29 | $8.63 | −1.1% |
| 2025-10-28 | $8.73 | −2.2% |
| 2025-10-27 | $8.93 | −0.6% |
| 2025-10-24 | $8.98 | −0.4% |
| 2025-10-23 | $9.02 | −2.2% |
| 2025-10-22 | $9.22 | −1.2% |
| 2025-10-21 | $9.33 | +4.5% |
| 2025-10-20 | $8.93 | +0.6% |
| 2025-10-17 | $8.88 | +0.1% |
| 2025-10-16 | $8.88 | +0.1% |
| 2025-10-15 | $8.87 | −0.6% |
| 2025-10-14 | $8.92 | +2.9% |
| 2025-10-13 | $8.67 | −0.5% |
| 2025-10-10 | $8.71 | −1.4% |
| 2025-10-09 | $8.83 | −1.7% |
| 2025-10-08 | $8.98 | −1.4% |
| 2025-10-07 | $9.11 | −2.4% |
| 2025-10-06 | $9.33 | −2.3% |
| 2025-10-03 | $9.55 | +1.5% |
| 2025-10-02 | $9.41 | −0.5% |
| 2025-10-01 | $9.46 | +3.3% |
| 2025-09-30 | $9.16 | +0.3% |
| 2025-09-29 | $9.13 | −0.9% |
| 2025-09-26 | $9.21 | +0.5% |
| 2025-09-25 | $9.16 | −1.4% |
| 2025-09-24 | $9.29 | +2.2% |
| 2025-09-23 | $9.09 | −2.4% |
| 2025-09-22 | $9.31 | −0.2% |
| 2025-09-19 | $9.33 | −2.0% |
| 2025-09-18 | $9.52 | +0.5% |
| 2025-09-17 | $9.47 | −0.9% |
| 2025-09-16 | $9.56 | −1.1% |
| 2025-09-15 | $9.67 | +0.1% |
| 2025-09-12 | $9.66 | −2.3% |
| 2025-09-11 | $9.89 | +0.6% |
| 2025-09-10 | $9.83 | −0.9% |
| 2025-09-09 | $9.92 | −1.5% |
| 2025-09-08 | $10.07 | −2.5% |
| 2025-09-05 | $10.33 | +1.6% |
| 2025-09-04 | $10.17 | +1.5% |
| 2025-09-03 | $10.02 | −2.4% |
| 2025-09-02 | $10.27 | −3.2% |
| 2025-08-29 | $10.61 | +1.0% |
| 2025-08-28 | $10.50 | +0.4% |
| 2025-08-27 | $10.46 | +1.9% |
| 2025-08-26 | $10.27 | −2.4% |
| 2025-08-25 | $10.52 | −1.1% |
| 2025-08-22 | $10.64 | +2.8% |
| 2025-08-21 | $10.35 | +0.8% |
| 2025-08-20 | $10.27 | −2.9% |
| 2025-08-19 | $10.58 | −0.9% |
| 2025-08-18 | $10.68 | +1.0% |
| 2025-08-15 | $10.57 | +0.2% |
| 2025-08-14 | $10.55 | +1.3% |
| 2025-08-13 | $10.41 | +3.0% |
| 2025-08-12 | $10.11 | −1.8% |
| 2025-08-11 | $10.30 | +2.1% |
| 2025-08-08 | $10.09 | +1.3% |
| 2025-08-07 | $9.96 | −0.8% |
| 2025-08-06 | $10.04 | +0.9% |
| 2025-08-05 | $9.95 | +1.3% |
| 2025-08-04 | $9.82 | −1.4% |
| 2025-08-01 | $9.96 | +1.1% |
| 2025-07-31 | $9.85 | −2.5% |
| 2025-07-30 | $10.10 | −0.8% |
| 2025-07-29 | $10.18 | −1.7% |
| 2025-07-28 | $10.36 | −3.7% |
| 2025-07-25 | $10.76 | +0.8% |
| 2025-07-24 | $10.67 | −5.7% |
| 2025-07-23 | $11.32 | +4.4% |
| 2025-07-22 | $10.84 | +5.0% |
| 2025-07-21 | $10.32 | −1.4% |
| 2025-07-18 | $10.47 | −0.9% |
| 2025-07-17 | $10.57 | +1.1% |
| 2025-07-16 | $10.45 | −0.6% |
| 2025-07-15 | $10.51 | −3.6% |
| 2025-07-14 | $10.90 | −1.1% |
| 2025-07-11 | $11.02 | −2.4% |
| 2025-07-10 | $11.29 | +0.5% |
| 2025-07-09 | $11.23 | −0.5% |
| 2025-07-08 | $11.29 | −0.1% |
| 2025-07-07 | $11.30 | −3.3% |
| 2025-07-03 | $11.68 | +0.2% |
| 2025-07-02 | $11.66 | −1.9% |
| 2025-07-01 | $11.88 | +4.0% |
| 2025-06-30 | $11.42 | −1.2% |
| 2025-06-27 | $11.56 | −1.6% |
| 2025-06-26 | $11.75 | −1.0% |
| 2025-06-25 | $11.87 | −4.1% |
| 2025-06-24 | $12.38 | +0.6% |
| 2025-06-23 | $12.31 | +2.5% |
| 2025-06-20 | $12.01 | +6.0% |
| 2025-06-18 | $11.33 | +0.8% |
| 2025-06-17 | $11.24 | +0.2% |
| 2025-06-16 | $11.22 | +0.4% |
| 2025-06-13 | $11.18 | −2.2% |
| 2025-06-12 | $11.43 | −0.4% |
| 2025-06-11 | $11.48 | +0.8% |
| 2025-06-10 | $11.39 | −0.6% |
| 2025-06-09 | $11.46 | −2.0% |
| 2025-06-06 | $11.69 | +0.1% |
| 2025-06-05 | $11.68 | −2.0% |
| 2025-06-04 | $11.92 | +2.9% |
| 2025-06-03 | $11.58 | 0.0% |
| 2025-06-02 | $11.58 | +1.6% |
| 2025-05-30 | $11.40 | +2.6% |
| 2025-05-29 | $11.11 | −0.6% |
| 2025-05-28 | $11.18 | −0.3% |
| 2025-05-27 | $11.21 | −2.0% |
| 2025-05-23 | $11.44 | −0.5% |
| 2025-05-22 | $11.50 | −1.0% |
| 2025-05-21 | $11.62 | −5.1% |
| 2025-05-20 | $12.25 | −0.7% |
| 2025-05-19 | $12.34 | +0.7% |
| 2025-05-16 | $12.26 | +2.5% |
| 2025-05-15 | $11.96 | +0.7% |
| 2025-05-14 | $11.88 | −0.4% |
| 2025-05-13 | $11.93 | −3.0% |
| 2025-05-12 | $12.30 | +2.5% |
| 2025-05-09 | $12.00 | −1.0% |
| 2025-05-08 | $12.12 | +3.1% |
| 2025-05-07 | $11.76 | −0.9% |
| 2025-05-06 | $11.87 | −5.2% |
| 2025-05-05 | $12.52 | −0.2% |
| 2025-05-02 | $12.55 | +0.5% |
| 2025-05-01 | $12.49 | −0.1% |
| 2025-04-30 | $12.50 | −0.7% |
| 2025-04-29 | $12.59 | −1.6% |
| 2025-04-28 | $12.80 | +0.2% |
| 2025-04-25 | $12.78 | −0.4% |
| 2025-04-24 | $12.83 | +0.8% |
| 2025-04-23 | $12.73 | +1.3% |
| 2025-04-22 | $12.57 | −0.2% |
| 2025-04-21 | $12.59 | −0.7% |
| 2025-04-17 | $12.68 | +1.1% |
| 2025-04-16 | $12.54 | −4.8% |
| 2025-04-15 | $13.17 | −0.4% |
| 2025-04-14 | $13.22 | +3.4% |
| 2025-04-11 | $12.79 | −0.8% |
| 2025-04-10 | $12.89 | −1.8% |
| 2025-04-09 | $13.12 | +5.6% |
| 2025-04-08 | $12.42 | −5.8% |
| 2025-04-07 | $13.18 | −0.9% |
| 2025-04-04 | $13.30 | −5.5% |
| 2025-04-03 | $14.07 | −4.0% |
| 2025-04-02 | $14.65 | −0.5% |
| 2025-04-01 | $14.72 | +0.6% |
| 2025-03-31 | $14.63 | 0.0% |
| 2025-03-28 | $14.63 | −2.5% |
| 2025-03-27 | $15.01 | +1.8% |
| 2025-03-26 | $14.74 | +1.3% |
| 2025-03-25 | $14.55 | −3.5% |
| 2025-03-24 | $15.07 | −1.2% |
| 2025-03-21 | $15.26 | −1.1% |
| 2025-03-20 | $15.43 | +1.0% |
| 2025-03-19 | $15.28 | −1.2% |
| 2025-03-18 | $15.47 | +1.0% |
| 2025-03-17 | $15.31 | −0.3% |
| 2025-03-14 | $15.35 | +0.7% |
| 2025-03-13 | $15.25 | 0.0% |
| 2025-03-12 | $15.25 | −1.4% |
| 2025-03-11 | $15.47 | −0.7% |
| 2025-03-10 | $15.58 | +0.3% |
| 2025-03-07 | $15.53 | +2.4% |
| 2025-03-06 | $15.16 | +1.4% |
| 2025-03-05 | $14.95 | +0.2% |
| 2025-03-04 | $14.92 | −0.1% |
| 2025-03-03 | $14.93 | −3.7% |
| 2025-02-28 | $15.50 | −0.6% |
| 2025-02-27 | $15.60 | +0.6% |
| 2025-02-26 | $15.50 | −2.6% |
| 2025-02-25 | $15.91 | −0.2% |
| 2025-02-24 | $15.94 | +4.8% |
| 2025-02-21 | $15.21 | −0.2% |
| 2025-02-20 | $15.24 | −1.7% |
| 2025-02-19 | $15.51 | +3.5% |
| 2025-02-18 | $14.99 | +4.8% |
| 2025-02-14 | $14.30 | −3.1% |
| 2025-02-13 | $14.76 | +3.8% |
| 2025-02-12 | $14.22 | −0.7% |
| 2025-02-11 | $14.32 | −0.1% |
| 2025-02-10 | $14.34 | −0.6% |
| 2025-02-07 | $14.43 | −3.3% |
| 2025-02-06 | $14.93 | −0.1% |
| 2025-02-05 | $14.95 | −0.9% |
| 2025-02-04 | $15.08 | +0.3% |
| 2025-02-03 | $15.03 | +1.3% |
| 2025-01-31 | $14.83 | −0.4% |
| 2025-01-30 | $14.89 | +0.5% |
| 2025-01-29 | $14.82 | +1.4% |
| 2025-01-28 | $14.61 | +0.6% |
| 2025-01-27 | $14.53 | +1.6% |
| 2025-01-24 | $14.30 | +0.6% |
| 2025-01-23 | $14.22 | +0.4% |
| 2025-01-22 | $14.17 | 0.0% |
| 2025-01-21 | $14.17 | −2.9% |
| 2025-01-17 | $14.60 | −1.7% |
| 2025-01-16 | $14.85 | −1.9% |
| 2025-01-15 | $15.13 | 0.0% |
| 2025-01-14 | $15.13 | +0.8% |
| 2025-01-13 | $15.01 | +0.5% |
| 2025-01-10 | $14.94 | −1.6% |
| 2025-01-08 | $15.18 | −1.4% |
| 2025-01-07 | $15.39 | −2.7% |
| 2025-01-06 | $15.81 | −2.2% |
| 2025-01-03 | $16.17 | +0.3% |
| 2025-01-02 | $16.12 | −1.1% |
| 2024-12-31 | $16.30 | +0.2% |
| 2024-12-30 | $16.26 | −1.5% |
| 2024-12-27 | $16.50 | −0.5% |
| 2024-12-26 | $16.58 | −0.3% |
| 2024-12-24 | $16.63 | +0.9% |
| 2024-12-23 | $16.48 | −1.0% |
| 2024-12-20 | $16.65 | +0.5% |
| 2024-12-19 | $16.57 | −0.7% |
| 2024-12-18 | $16.68 | −2.2% |
| 2024-12-17 | $17.06 | +1.0% |
| 2024-12-16 | $16.89 | −1.3% |
| 2024-12-13 | $17.11 | −1.0% |
| 2024-12-12 | $17.29 | −0.6% |
| 2024-12-11 | $17.40 | −0.5% |
| 2024-12-10 | $17.48 | −0.5% |
| 2024-12-09 | $17.57 | +0.5% |
| 2024-12-06 | $17.48 | −1.2% |
| 2024-12-05 | $17.69 | −1.6% |
| 2024-12-04 | $17.97 | +0.7% |
| 2024-12-03 | $17.85 | −1.2% |
| 2024-12-02 | $18.06 | −1.6% |
| 2024-11-29 | $18.36 | −0.9% |
| 2024-11-27 | $18.53 | +0.8% |
| 2024-11-26 | $18.39 | −1.0% |
| 2024-11-25 | $18.58 | +3.3% |
| 2024-11-22 | $17.98 | −0.7% |
| 2024-11-21 | $18.11 | +1.1% |
| 2024-11-20 | $17.92 | −0.6% |
| 2024-11-19 | $18.02 | −0.2% |
| 2024-11-18 | $18.05 | −0.4% |
| 2024-11-15 | $18.12 | −1.9% |
| 2024-11-14 | $18.48 | +0.3% |
| 2024-11-13 | $18.42 | +0.2% |
| 2024-11-12 | $18.38 | −2.2% |
| 2024-11-11 | $18.79 | −3.8% |
| 2024-11-08 | $19.54 | −1.8% |
| 2024-11-07 | $19.89 | −2.5% |
| 2024-11-06 | $20.39 | +3.1% |
| 2024-11-05 | $19.77 | +0.3% |
| 2024-11-04 | $19.72 | +0.3% |
| 2024-11-01 | $19.66 | +2.9% |
| 2024-10-31 | $19.11 | −5.9% |
| 2024-10-30 | $20.31 | +0.1% |
| 2024-10-29 | $20.28 | −0.6% |
| 2024-10-28 | $20.40 | +4.4% |
| 2024-10-25 | $19.54 | +0.4% |
| 2024-10-24 | $19.47 | +1.5% |
| 2024-10-23 | $19.18 | +1.1% |
| 2024-10-22 | $18.98 | −1.5% |
| 2024-10-21 | $19.26 | −2.2% |
| 2024-10-18 | $19.70 | +0.1% |
| 2024-10-17 | $19.68 | −1.6% |
| 2024-10-16 | $19.99 | +2.4% |
| 2024-10-15 | $19.52 | +0.6% |
| 2024-10-14 | $19.40 | +4.2% |
| 2024-10-11 | $18.62 | +3.3% |
| 2024-10-10 | $18.03 | +2.5% |
| 2024-10-09 | $17.59 | −0.5% |
| 2024-10-08 | $17.67 | −0.5% |
| 2024-10-07 | $17.76 | +0.7% |
| 2024-10-04 | $17.63 | +2.0% |
| 2024-10-03 | $17.29 | −0.5% |
| 2024-10-02 | $17.38 | −1.6% |
| 2024-10-01 | $17.66 | +0.8% |
| 2024-09-30 | $17.52 | −1.5% |
| 2024-09-27 | $17.79 | +0.6% |
| 2024-09-26 | $17.69 | +2.0% |
| 2024-09-25 | $17.34 | −1.4% |
| 2024-09-24 | $17.58 | −0.6% |
| 2024-09-23 | $17.69 | +1.4% |
| 2024-09-20 | $17.44 | −2.4% |
| 2024-09-19 | $17.87 | +1.4% |
| 2024-09-18 | $17.63 | −0.8% |
| 2024-09-17 | $17.77 | +0.2% |
| 2024-09-16 | $17.73 | +0.9% |
| 2024-09-13 | $17.57 | +4.0% |
| 2024-09-12 | $16.90 | +0.4% |
| 2024-09-11 | $16.83 | +1.2% |
| 2024-09-10 | $16.63 | −3.0% |
| 2024-09-09 | $17.15 | +0.9% |
| 2024-09-06 | $16.99 | +1.5% |
| 2024-09-05 | $16.74 | −0.1% |
| 2024-09-04 | $16.76 | +1.7% |
| 2024-09-03 | $16.48 | −2.6% |
| 2024-08-30 | $16.92 | +1.6% |
| 2024-08-29 | $16.65 | −0.7% |
| 2024-08-28 | $16.77 | −1.0% |
| 2024-08-27 | $16.94 | −0.1% |
| 2024-08-26 | $16.95 | +0.3% |
| 2024-08-23 | $16.90 | +1.0% |
| 2024-08-22 | $16.74 | −1.4% |
| 2024-08-21 | $16.98 | 0.0% |
| 2024-08-20 | $16.98 | +1.2% |
| 2024-08-19 | $16.78 | −0.9% |
| 2024-08-16 | $16.93 | −1.5% |
| 2024-08-15 | $17.19 | +0.4% |
| 2024-08-14 | $17.13 | +0.2% |
| 2024-08-13 | $17.09 | +2.2% |
| 2024-08-12 | $16.73 | −2.3% |
| 2024-08-09 | $17.12 | −0.3% |
| 2024-08-08 | $17.17 | +1.2% |
| 2024-08-07 | $16.97 | +1.3% |
| 2024-08-06 | $16.76 | +0.4% |
| 2024-08-05 | $16.70 | −1.1% |
| 2024-08-02 | $16.88 | −0.5% |
| 2024-08-01 | $16.96 | +0.2% |
| 2024-07-31 | $16.93 | −2.9% |
| 2024-07-30 | $17.43 | +2.0% |
| 2024-07-29 | $17.09 | +1.8% |
| 2024-07-26 | $16.79 | −1.1% |
| 2024-07-25 | $16.98 | +2.4% |
| 2024-07-24 | $16.59 | −1.0% |
| 2024-07-23 | $16.75 | −2.7% |
| 2024-07-22 | $17.22 | −2.4% |
| 2024-07-19 | $17.65 | −2.3% |
| 2024-07-18 | $18.07 | −0.9% |
| 2024-07-17 | $18.24 | +1.5% |
| 2024-07-16 | $17.97 | +4.5% |
| 2024-07-15 | $17.19 | +2.9% |
| 2024-07-12 | $16.70 | −0.4% |
| 2024-07-11 | $16.77 | +5.7% |
| 2024-07-10 | $15.86 | +0.1% |
| 2024-07-09 | $15.84 | +0.1% |
| 2024-07-08 | $15.83 | −2.6% |
| 2024-07-05 | $16.26 | −0.1% |
| 2024-07-03 | $16.28 | −0.1% |
| 2024-07-02 | $16.30 | −0.8% |
| 2024-07-01 | $16.43 | −3.1% |
| 2024-06-28 | $16.96 | +0.1% |
| 2024-06-27 | $16.94 | +0.8% |
| 2024-06-26 | $16.80 | −0.4% |
| 2024-06-25 | $16.86 | +0.8% |
| 2024-06-24 | $16.73 | +0.4% |
| 2024-06-21 | $16.67 | +1.5% |
| 2024-06-20 | $16.42 | −0.7% |
| 2024-06-18 | $16.53 | −0.5% |
| 2024-06-17 | $16.61 | −0.4% |
| 2024-06-14 | $16.68 | −1.1% |
| 2024-06-13 | $16.86 | +1.2% |
| 2024-06-12 | $16.66 | +1.0% |
| 2024-06-11 | $16.49 | +0.5% |
| 2024-06-10 | $16.40 | −1.6% |
| 2024-06-07 | $16.67 | −2.2% |
| 2024-06-06 | $17.04 | +1.1% |
| 2024-06-05 | $16.86 | −2.4% |
| 2024-06-04 | $17.28 | −0.3% |
| 2024-06-03 | $17.33 | −0.7% |
| 2024-05-31 | $17.45 | +1.7% |
| 2024-05-30 | $17.16 | +1.0% |
| 2024-05-29 | $16.99 | −1.5% |
| 2024-05-28 | $17.25 | −2.9% |
| 2024-05-24 | $17.77 | −0.1% |
| 2024-05-23 | $17.78 | −0.5% |
| 2024-05-22 | $17.87 | +0.2% |
| 2024-05-21 | $17.84 | −1.4% |
| 2024-05-20 | $18.09 | −1.6% |
| 2024-05-17 | $18.39 | −1.1% |
| 2024-05-16 | $18.60 | +1.0% |
| 2024-05-15 | $18.42 | −1.1% |
| 2024-05-14 | $18.63 | +1.5% |
| 2024-05-13 | $18.36 | −3.4% |
| 2024-05-10 | $19.00 | −2.2% |
| 2024-05-09 | $19.43 | +0.3% |
| 2024-05-08 | $19.38 | −0.5% |
| 2024-05-07 | $19.47 | +1.6% |
| 2024-05-06 | $19.17 | −3.9% |
| 2024-05-03 | $19.94 | +0.1% |
| 2024-05-02 | $19.92 | +1.5% |
| 2024-05-01 | $19.62 | −1.9% |
| 2024-04-30 | $19.99 | −0.4% |
| 2024-04-29 | $20.07 | −0.3% |
| 2024-04-26 | $20.14 | +1.6% |
| 2024-04-25 | $19.82 | 0.0% |
| 2024-04-24 | $19.82 | −0.7% |
| 2024-04-23 | $19.96 | +1.3% |
| 2024-04-22 | $19.71 | +2.4% |
| 2024-04-19 | $19.25 | +1.3% |
| 2024-04-18 | $19.00 | −0.1% |
| 2024-04-17 | $19.02 | +1.1% |
| 2024-04-16 | $18.82 | +0.3% |
| 2024-04-15 | $18.76 | +0.9% |
| 2024-04-12 | $18.60 | −0.5% |
| 2024-04-11 | $18.70 | −0.8% |
| 2024-04-10 | $18.85 | +1.3% |
| 2024-04-09 | $18.60 | +0.2% |
| 2024-04-08 | $18.57 | +0.7% |
| 2024-04-05 | $18.44 | +1.5% |
| 2024-04-04 | $18.16 | −0.9% |
| 2024-04-03 | $18.33 | −1.0% |
| 2024-04-02 | $18.51 | −0.4% |
| 2024-04-01 | $18.59 | −1.3% |
| 2024-03-28 | $18.84 | −0.3% |
| 2024-03-27 | $18.90 | +3.8% |
| 2024-03-26 | $18.20 | −0.3% |
| 2024-03-25 | $18.26 | −1.7% |
| 2024-03-22 | $18.57 | −2.6% |
| 2024-03-21 | $19.06 | +2.7% |
| 2024-03-20 | $18.56 | +0.9% |
| 2024-03-19 | $18.39 | +1.0% |
| 2024-03-18 | $18.21 | −0.7% |
| 2024-03-15 | $18.33 | +0.4% |
| 2024-03-14 | $18.25 | −1.5% |
| 2024-03-13 | $18.52 | +0.7% |
| 2024-03-12 | $18.39 | −0.3% |
| 2024-03-11 | $18.45 | +0.2% |
| 2024-03-08 | $18.42 | +0.3% |
| 2024-03-07 | $18.36 | −1.5% |
| 2024-03-06 | $18.64 | +1.1% |
| 2024-03-05 | $18.44 | +0.8% |
| 2024-03-04 | $18.29 | +1.5% |
| 2024-03-01 | $18.02 | −0.5% |
| 2024-02-29 | $18.11 | −1.8% |
| 2024-02-28 | $18.45 | +1.9% |
| 2024-02-27 | $18.11 | −0.5% |
| 2024-02-26 | $18.20 | −0.5% |
| 2024-02-23 | $18.29 | +1.8% |
| 2024-02-22 | $17.97 | +0.6% |
| 2024-02-21 | $17.87 | −0.6% |
| 2024-02-20 | $17.97 | −2.5% |
| 2024-02-16 | $18.43 | −2.9% |
| 2024-02-15 | $18.99 | −1.5% |
| 2024-02-14 | $19.28 | +0.8% |
| 2024-02-13 | $19.12 | −2.0% |
| 2024-02-12 | $19.52 | +1.0% |
| 2024-02-09 | $19.32 | +1.3% |
| 2024-02-08 | $19.08 | +0.8% |
| 2024-02-07 | $18.92 | −0.3% |
| 2024-02-06 | $18.98 | +0.9% |
| 2024-02-05 | $18.81 | −1.4% |
| 2024-02-02 | $19.07 | −1.1% |
| 2024-02-01 | $19.29 | +1.1% |
| 2024-01-31 | $19.08 | −0.7% |
| 2024-01-30 | $19.22 | −0.9% |
| 2024-01-29 | $19.40 | +1.1% |
| 2024-01-26 | $19.18 | +0.4% |
| 2024-01-25 | $19.10 | +0.6% |
| 2024-01-24 | $18.98 | −0.5% |
| 2024-01-23 | $19.08 | +0.6% |
| 2024-01-22 | $18.97 | −1.1% |
| 2024-01-19 | $19.19 | −0.4% |
| 2024-01-18 | $19.26 | +0.9% |
| 2024-01-17 | $19.09 | +0.3% |
| 2024-01-16 | $19.03 | −2.3% |
| 2024-01-12 | $19.47 | +0.2% |
| 2024-01-11 | $19.44 | −0.4% |
| 2024-01-10 | $19.52 | −0.8% |
| 2024-01-09 | $19.67 | +0.7% |
| 2024-01-08 | $19.53 | +2.8% |
| 2024-01-05 | $18.99 | +0.5% |
| 2024-01-04 | $18.90 | −1.0% |
| 2024-01-03 | $19.09 | −1.3% |
| 2024-01-02 | $19.35 | −0.7% |
| 2023-12-29 | $19.48 | −0.3% |
| 2023-12-28 | $19.53 | −0.2% |
| 2023-12-27 | $19.57 | −1.5% |
| 2023-12-26 | $19.87 | +0.4% |
| 2023-12-22 | $19.79 | +0.3% |
| 2023-12-21 | $19.73 | −0.6% |
| 2023-12-20 | $19.85 | −1.4% |
| 2023-12-19 | $20.14 | +0.3% |
| 2023-12-18 | $20.08 | +0.8% |
| 2023-12-15 | $19.93 | −2.4% |
| 2023-12-14 | $20.43 | +2.4% |
| 2023-12-13 | $19.95 | +3.2% |
| 2023-12-12 | $19.34 | −0.7% |
| 2023-12-11 | $19.47 | +1.8% |
| 2023-12-08 | $19.13 | −0.1% |
| 2023-12-07 | $19.14 | −0.7% |
| 2023-12-06 | $19.28 | −0.3% |
| 2023-12-05 | $19.33 | −2.6% |
| 2023-12-04 | $19.84 | +1.5% |
| 2023-12-01 | $19.54 | +4.2% |
| 2023-11-30 | $18.75 | −0.2% |
| 2023-11-29 | $18.79 | −0.7% |
| 2023-11-28 | $18.92 | −1.9% |
| 2023-11-27 | $19.28 | −0.6% |
| 2023-11-24 | $19.40 | +0.5% |
| 2023-11-22 | $19.31 | +2.6% |
| 2023-11-21 | $18.82 | −1.0% |
| 2023-11-20 | $19.01 | −1.5% |
| 2023-11-17 | $19.30 | +2.3% |
| 2023-11-16 | $18.86 | −0.8% |
| 2023-11-15 | $19.01 | +0.6% |
| 2023-11-14 | $18.89 | +1.3% |
| 2023-11-13 | $18.65 | −1.4% |
| 2023-11-10 | $18.91 | +1.6% |
| 2023-11-09 | $18.61 | −0.7% |
| 2023-11-08 | $18.74 | −0.4% |
| 2023-11-07 | $18.81 | −1.4% |
| 2023-11-06 | $19.07 | −0.9% |
| 2023-11-03 | $19.25 | +2.9% |
| 2023-11-02 | $18.70 | −1.5% |
| 2023-11-01 | $18.99 | −0.2% |
| 2023-10-31 | $19.02 | −1.1% |
| 2023-10-30 | $19.24 | +1.1% |
| 2023-10-27 | $19.03 | −0.5% |
| 2023-10-26 | $19.12 | +0.1% |
| 2023-10-25 | $19.10 | −0.9% |
| 2023-10-24 | $19.28 | +1.7% |
| 2023-10-23 | $18.96 | −1.0% |
| 2023-10-20 | $19.15 | −0.6% |
| 2023-10-19 | $19.26 | +0.8% |
| 2023-10-18 | $19.11 | +1.5% |
| 2023-10-17 | $18.82 | +0.1% |
| 2023-10-16 | $18.81 | +1.2% |
| 2023-10-13 | $18.59 | +1.4% |
| 2023-10-12 | $18.33 | −4.1% |
| 2023-10-11 | $19.11 | −1.8% |
| 2023-10-10 | $19.47 | +1.1% |
| 2023-10-09 | $19.25 | +1.3% |
| 2023-10-06 | $19.01 | −2.9% |
| 2023-10-05 | $19.58 | +1.3% |
| 2023-10-04 | $19.32 | −0.4% |
| 2023-10-03 | $19.40 | −3.2% |
| 2023-10-02 | $20.04 | −1.8% |
| 2023-09-29 | $20.41 | 0.0% |
| 2023-09-28 | $20.42 | +0.3% |
| 2023-09-27 | $20.35 | −1.2% |
| 2023-09-26 | $20.59 | −0.1% |
| 2023-09-25 | $20.62 | +0.7% |
| 2023-09-22 | $20.47 | +0.4% |
| 2023-09-21 | $20.38 | −1.9% |
| 2023-09-20 | $20.78 | +1.8% |
| 2023-09-19 | $20.41 | −0.2% |
| 2023-09-18 | $20.45 | +1.7% |
| 2023-09-15 | $20.11 | −0.5% |
| 2023-09-14 | $20.22 | +1.4% |
| 2023-09-13 | $19.94 | +0.2% |
| 2023-09-12 | $19.91 | +0.5% |
| 2023-09-11 | $19.82 | +0.7% |
| 2023-09-08 | $19.69 | −1.0% |
| 2023-09-07 | $19.88 | −1.3% |
| 2023-09-06 | $20.14 | +0.5% |
| 2023-09-05 | $20.04 | +0.5% |
| 2023-09-01 | $19.94 | +0.8% |
| 2023-08-31 | $19.79 | −2.4% |
| 2023-08-30 | $20.27 | −0.1% |
| 2023-08-29 | $20.30 | 0.0% |
| 2023-08-28 | $20.30 | +0.6% |
| 2023-08-25 | $20.18 | −0.7% |
| 2023-08-24 | $20.32 | +0.9% |
| 2023-08-23 | $20.13 | −1.2% |
| 2023-08-22 | $20.38 | −1.3% |
| 2023-08-21 | $20.65 | 0.0% |
| 2023-08-18 | $20.64 | −0.7% |
| 2023-08-17 | $20.78 | −2.2% |
| 2023-08-16 | $21.24 | −0.8% |
| 2023-08-15 | $21.42 | −0.8% |
| 2023-08-14 | $21.60 | +0.3% |
| 2023-08-11 | $21.53 | −0.1% |
| 2023-08-10 | $21.56 | +1.3% |
| 2023-08-09 | $21.29 | −2.0% |
| 2023-08-08 | $21.73 | −0.5% |
| 2023-08-07 | $21.83 | +1.1% |
| 2023-08-04 | $21.59 | +0.5% |
| 2023-08-03 | $21.49 | 0.0% |
| 2023-08-02 | $21.48 | +0.4% |
| 2023-08-01 | $21.39 | −0.5% |
| 2023-07-31 | $21.49 | +0.2% |
| 2023-07-28 | $21.45 | −0.7% |
| 2023-07-27 | $21.60 | +0.1% |
| 2023-07-26 | $21.58 | +1.3% |
| 2023-07-25 | $21.31 | −0.5% |
| 2023-07-24 | $21.42 | −0.9% |
| 2023-07-21 | $21.62 | −0.6% |
| 2023-07-20 | $21.74 | +0.4% |
| 2023-07-19 | $21.66 | +2.3% |
| 2023-07-18 | $21.18 | −0.7% |
| 2023-07-17 | $21.34 | −0.1% |
| 2023-07-14 | $21.36 | +0.1% |
| 2023-07-13 | $21.34 | −0.8% |
| 2023-07-12 | $21.51 | +0.6% |
| 2023-07-11 | $21.38 | +0.2% |
| 2023-07-10 | $21.33 | 0.0% |
| 2023-07-07 | $21.32 | +0.2% |
| 2023-07-06 | $21.28 | −1.2% |
| 2023-07-05 | $21.54 | −1.2% |
| 2023-07-03 | $21.80 | +0.2% |
| 2023-06-30 | $21.75 | −0.4% |
| 2023-06-29 | $21.83 | +1.7% |
| 2023-06-28 | $21.47 | +0.2% |
| 2023-06-27 | $21.43 | +0.7% |
| 2023-06-26 | $21.29 | −0.6% |
| 2023-06-23 | $21.41 | −3.3% |
| 2023-06-22 | $22.13 | −1.0% |
| 2023-06-21 | $22.36 | −0.5% |
| 2023-06-20 | $22.48 | 0.0% |
| 2023-06-16 | $22.47 | +1.8% |
| 2023-06-15 | $22.08 | +0.5% |
| 2023-06-14 | $21.97 | −0.2% |
| 2023-06-13 | $22.01 | −0.4% |
| 2023-06-12 | $22.10 | −0.5% |
| 2023-06-09 | $22.22 | 0.0% |
| 2023-06-08 | $22.21 | 0.0% |
| 2023-06-07 | $22.20 | −0.6% |
| 2023-06-06 | $22.34 | −0.2% |
| 2023-06-05 | $22.38 | −1.6% |
| 2023-06-02 | $22.75 | +0.5% |
| 2023-06-01 | $22.63 | +2.8% |
| 2023-05-31 | $22.01 | −1.0% |
| 2023-05-30 | $22.23 | +0.1% |
| 2023-05-26 | $22.20 | −0.1% |
| 2023-05-25 | $22.22 | −1.0% |
| 2023-05-24 | $22.44 | +0.4% |
| 2023-05-23 | $22.36 | −1.4% |
| 2023-05-22 | $22.68 | −3.1% |
| 2023-05-19 | $23.40 | −0.4% |
| 2023-05-18 | $23.50 | +0.3% |
| 2023-05-17 | $23.42 | −0.3% |
| 2023-05-16 | $23.48 | −1.5% |
| 2023-05-15 | $23.83 | +1.7% |
| 2023-05-12 | $23.44 | +0.9% |
| 2023-05-11 | $23.22 | 0.0% |
| 2023-05-10 | $23.21 | +1.0% |
| 2023-05-09 | $22.97 | +0.5% |
| 2023-05-08 | $22.86 | +1.0% |
| 2023-05-05 | $22.63 | +2.7% |
| 2023-05-04 | $22.04 | +0.7% |
| 2023-05-03 | $21.89 | −0.6% |
| 2023-05-02 | $22.02 | −0.7% |
| 2023-05-01 | $22.18 | +0.4% |
| 2023-04-28 | $22.10 | +0.3% |
| 2023-04-27 | $22.04 | +0.8% |
| 2023-04-26 | $21.87 | −1.5% |
| 2023-04-25 | $22.20 | −1.6% |
| 2023-04-24 | $22.56 | −0.4% |
| 2023-04-21 | $22.66 | +1.0% |
| 2023-04-20 | $22.44 | +1.6% |
| 2023-04-19 | $22.09 | +0.5% |
| 2023-04-18 | $21.98 | −0.2% |
| 2023-04-17 | $22.03 | +2.4% |
| 2023-04-14 | $21.51 | −0.5% |
| 2023-04-13 | $21.61 | +0.2% |
| 2023-04-12 | $21.56 | −1.7% |
| 2023-04-11 | $21.94 | +1.1% |
| 2023-04-10 | $21.70 | 0.0% |
| 2023-04-06 | $21.71 | +0.1% |
| 2023-04-05 | $21.69 | −0.1% |
| 2023-04-04 | $21.71 | −2.6% |
| 2023-04-03 | $22.28 | +2.3% |
| 2023-03-31 | $21.78 | +2.6% |
| 2023-03-30 | $21.23 | +0.4% |
| 2023-03-29 | $21.14 | +0.2% |
| 2023-03-28 | $21.09 | −0.3% |
| 2023-03-27 | $21.16 | +0.7% |
| 2023-03-24 | $21.02 | +1.2% |
| 2023-03-23 | $20.77 | −0.1% |
| 2023-03-22 | $20.79 | −2.8% |
| 2023-03-21 | $21.39 | +1.6% |
| 2023-03-20 | $21.05 | +2.2% |
| 2023-03-17 | $20.59 | −1.5% |
| 2023-03-16 | $20.90 | +1.0% |
| 2023-03-15 | $20.69 | 0.0% |
| 2023-03-14 | $20.68 | +1.2% |
| 2023-03-13 | $20.43 | −2.2% |
| 2023-03-10 | $20.88 | −0.9% |
| 2023-03-09 | $21.08 | −2.0% |
| 2023-03-08 | $21.50 | 0.0% |
| 2023-03-07 | $21.49 | −1.2% |
| 2023-03-06 | $21.75 | −0.8% |
| 2023-03-03 | $21.93 | −2.2% |
| 2023-03-02 | $22.43 | +1.0% |
| 2023-03-01 | $22.20 | +1.1% |
| 2023-02-28 | $21.96 | −1.3% |
| 2023-02-27 | $22.26 | −1.1% |
| 2023-02-24 | $22.50 | −0.4% |
| 2023-02-23 | $22.58 | 0.0% |
| 2023-02-22 | $22.59 | +0.2% |
| 2023-02-21 | $22.55 | −1.5% |
| 2023-02-17 | $22.90 | 0.0% |
| 2023-02-16 | $22.89 | −0.3% |
| 2023-02-15 | $22.96 | +1.5% |
| 2023-02-14 | $22.62 | −0.2% |
| 2023-02-13 | $22.66 | +1.6% |
| 2023-02-10 | $22.31 | −0.7% |
| 2023-02-09 | $22.46 | −0.3% |
| 2023-02-08 | $22.52 | −0.9% |
| 2023-02-07 | $22.73 | +1.1% |
| 2023-02-06 | $22.49 | +0.9% |
| 2023-02-03 | $22.28 | −0.4% |
| 2023-02-02 | $22.37 | +0.3% |
| 2023-02-01 | $22.31 | 0.0% |
| 2023-01-31 | $22.30 | +2.2% |
| 2023-01-30 | $21.82 | +1.5% |
| 2023-01-27 | $21.49 | −1.6% |
| 2023-01-26 | $21.83 | −1.0% |
| 2023-01-25 | $22.06 | −0.1% |
| 2023-01-24 | $22.09 | −1.2% |
| 2023-01-23 | $22.35 | −0.6% |
| 2023-01-20 | $22.48 | +1.4% |
| 2023-01-19 | $22.17 | −1.3% |
| 2023-01-18 | $22.46 | −1.6% |
| 2023-01-17 | $22.82 | −1.1% |
| 2023-01-13 | $23.08 | +6.0% |
| 2023-01-12 | $21.78 | −1.4% |
| 2023-01-11 | $22.08 | −1.8% |
| 2023-01-10 | $22.49 | +0.8% |
| 2023-01-09 | $22.32 | −2.0% |
| 2023-01-06 | $22.77 | +0.4% |
| 2023-01-05 | $22.69 | −0.6% |
| 2023-01-04 | $22.82 | +3.7% |
| 2023-01-03 | $22.00 | −2.8% |
| 2022-12-30 | $22.63 | −0.7% |
| 2022-12-29 | $22.78 | +0.4% |
| 2022-12-28 | $22.68 | −0.8% |
| 2022-12-27 | $22.86 | −1.2% |
| 2022-12-23 | $23.13 | +0.7% |
| 2022-12-22 | $22.98 | +0.4% |
| 2022-12-21 | $22.88 | −0.3% |
| 2022-12-20 | $22.95 | +0.7% |
| 2022-12-19 | $22.80 | −1.3% |
| 2022-12-16 | $23.10 | −0.6% |
| 2022-12-15 | $23.24 | −1.0% |
| 2022-12-14 | $23.48 | +0.3% |
| 2022-12-13 | $23.40 | +0.3% |
| 2022-12-12 | $23.34 | +1.0% |
| 2022-12-09 | $23.11 | −0.7% |
| 2022-12-08 | $23.28 | +1.5% |
| 2022-12-07 | $22.93 | −1.0% |
| 2022-12-06 | $23.17 | +0.3% |
| 2022-12-05 | $23.11 | +0.4% |
| 2022-12-02 | $23.01 | +1.4% |
| 2022-12-01 | $22.69 | +0.6% |
| 2022-11-30 | $22.56 | +1.2% |
| 2022-11-29 | $22.30 | +0.5% |
| 2022-11-28 | $22.18 | −1.1% |
| 2022-11-25 | $22.42 | +2.3% |
| 2022-11-23 | $21.92 | +1.6% |
| 2022-11-22 | $21.57 | +0.9% |
| 2022-11-21 | $21.38 | +2.2% |
| 2022-11-18 | $20.92 | +1.2% |
| 2022-11-17 | $20.68 | −0.2% |
| 2022-11-16 | $20.72 | −0.4% |
| 2022-11-15 | $20.80 | +1.5% |
| 2022-11-14 | $20.50 | −2.7% |
| 2022-11-11 | $21.06 | −1.5% |
| 2022-11-10 | $21.38 | +1.7% |
| 2022-11-09 | $21.03 | +3.0% |
| 2022-11-08 | $20.41 | −0.9% |
| 2022-11-07 | $20.60 | +0.8% |
| 2022-11-04 | $20.43 | +0.4% |
| 2022-11-03 | $20.35 | −0.7% |
| 2022-11-02 | $20.50 | −1.5% |
| 2022-11-01 | $20.82 | +0.2% |
| 2022-10-31 | $20.78 | −0.9% |
| 2022-10-28 | $20.97 | +1.9% |
| 2022-10-27 | $20.58 | +1.1% |
| 2022-10-26 | $20.35 | −0.2% |
| 2022-10-25 | $20.39 | +1.6% |
| 2022-10-24 | $20.07 | −0.6% |
| 2022-10-21 | $20.20 | +1.7% |
| 2022-10-20 | $19.86 | −1.2% |
| 2022-10-19 | $20.10 | −0.7% |
| 2022-10-18 | $20.25 | +1.5% |
| 2022-10-17 | $19.96 | +2.6% |
| 2022-10-14 | $19.46 | −1.4% |
| 2022-10-13 | $19.74 | +2.6% |
| 2022-10-12 | $19.24 | −0.6% |
| 2022-10-11 | $19.36 | +0.1% |
| 2022-10-10 | $19.34 | +1.3% |
| 2022-10-07 | $19.10 | −2.3% |
| 2022-10-06 | $19.54 | −0.1% |
| 2022-10-05 | $19.56 | +0.5% |
| 2022-10-04 | $19.47 | +2.7% |
| 2022-10-03 | $18.95 | +1.4% |
| 2022-09-30 | $18.69 | −0.4% |
| 2022-09-29 | $18.76 | −2.8% |
| 2022-09-28 | $19.30 | +2.7% |
| 2022-09-27 | $18.79 | −0.8% |
| 2022-09-26 | $18.94 | −0.7% |
| 2022-09-23 | $19.07 | −0.4% |
| 2022-09-22 | $19.14 | −1.9% |
| 2022-09-21 | $19.52 | −2.1% |
| 2022-09-20 | $19.93 | −0.4% |
| 2022-09-19 | $20.02 | +0.8% |
| 2022-09-16 | $19.86 | +0.3% |
| 2022-09-15 | $19.80 | −1.4% |
| 2022-09-14 | $20.09 | +0.4% |
| 2022-09-13 | $20.00 | −3.3% |
| 2022-09-12 | $20.69 | +0.8% |
| 2022-09-09 | $20.53 | +4.1% |
| 2022-09-08 | $19.73 | +1.9% |
| 2022-09-07 | $19.37 | +1.9% |
| 2022-09-06 | $19.01 | −1.6% |
| 2022-09-02 | $19.32 | −0.4% |
| 2022-09-01 | $19.40 | +1.1% |
| 2022-08-31 | $19.18 | −1.1% |
| 2022-08-30 | $19.40 | −0.4% |
| 2022-08-29 | $19.47 | +0.4% |
| 2022-08-26 | $19.39 | −4.0% |
| 2022-08-25 | $20.20 | −0.1% |
| 2022-08-24 | $20.23 | +0.6% |
| 2022-08-23 | $20.10 | +0.9% |
| 2022-08-22 | $19.93 | −5.8% |
| 2022-08-19 | $21.15 | −0.8% |
| 2022-08-18 | $21.33 | −0.7% |
| 2022-08-17 | $21.48 | +0.9% |
| 2022-08-16 | $21.29 | +0.6% |
| 2022-08-15 | $21.16 | −1.1% |
| 2022-08-12 | $21.40 | +0.5% |
| 2022-08-11 | $21.29 | +2.7% |
| 2022-08-10 | $20.74 | −1.8% |
| 2022-08-09 | $21.11 | −0.5% |
| 2022-08-08 | $21.21 | +1.5% |
| 2022-08-05 | $20.89 | −1.8% |
| 2022-08-04 | $21.28 | −0.7% |
| 2022-08-03 | $21.44 | +1.9% |
| 2022-08-02 | $21.05 | −0.8% |
| 2022-08-01 | $21.22 | +0.9% |
| 2022-07-29 | $21.03 | −0.6% |
| 2022-07-28 | $21.15 | +2.5% |
| 2022-07-27 | $20.64 | +0.6% |
| 2022-07-26 | $20.51 | +0.6% |
| 2022-07-25 | $20.38 | −1.2% |
| 2022-07-22 | $20.62 | +0.6% |
| 2022-07-21 | $20.49 | −0.5% |
| 2022-07-20 | $20.59 | +0.7% |
| 2022-07-19 | $20.45 | +2.4% |
| 2022-07-18 | $19.97 | −0.6% |
| 2022-07-15 | $20.10 | +2.6% |
| 2022-07-14 | $19.59 | −0.5% |
| 2022-07-13 | $19.68 | +0.6% |
| 2022-07-12 | $19.56 | +0.3% |
| 2022-07-11 | $19.51 | −0.1% |
| 2022-07-08 | $19.53 | −0.9% |
| 2022-07-07 | $19.70 | +0.1% |
| 2022-07-06 | $19.69 | −1.5% |
| 2022-07-05 | $20.00 | +3.3% |
| 2022-07-01 | $19.36 | +2.5% |
| 2022-06-30 | $18.88 | −0.2% |
| 2022-06-29 | $18.92 | +1.1% |
| 2022-06-28 | $18.72 | −1.6% |
| 2022-06-27 | $19.03 | −0.5% |
| 2022-06-24 | $19.13 | +4.8% |
| 2022-06-23 | $18.26 | +2.2% |
| 2022-06-22 | $17.87 | −0.4% |
| 2022-06-21 | $17.94 | +1.0% |
| 2022-06-17 | $17.76 | +3.5% |
| 2022-06-16 | $17.16 | −4.7% |
| 2022-06-15 | $18.01 | +1.9% |
| 2022-06-14 | $17.67 | −1.8% |
| 2022-06-13 | $18.00 | −0.9% |
| 2022-06-10 | $18.16 | −2.7% |
| 2022-06-09 | $18.66 | −1.0% |
| 2022-06-08 | $18.84 | +0.3% |
| 2022-06-07 | $18.78 | −0.1% |
| 2022-06-06 | $18.79 | −0.5% |
| 2022-06-03 | $18.89 | +0.8% |
| 2022-06-02 | $18.74 | +1.1% |
| 2022-06-01 | $18.54 | −0.5% |
| 2022-05-31 | $18.64 | −1.2% |
| 2022-05-27 | $18.86 | +1.5% |
| 2022-05-26 | $18.59 | +4.1% |
| 2022-05-25 | $17.86 | +9.8% |
| 2022-05-24 | $16.27 | −2.3% |
| 2022-05-23 | $16.66 | +0.2% |
| 2022-05-20 | $16.62 | +1.2% |
| 2022-05-19 | $16.42 | −2.1% |
| 2022-05-18 | $16.78 | −4.8% |
| 2022-05-17 | $17.62 | +1.3% |
| 2022-05-16 | $17.39 | +0.3% |
| 2022-05-13 | $17.33 | +0.8% |
| 2022-05-12 | $17.20 | +7.0% |
| 2022-05-11 | $16.07 | −11.2% |
| 2022-05-10 | $18.10 | +1.4% |
| 2022-05-09 | $17.85 | −3.1% |
| 2022-05-06 | $18.43 | −2.2% |
| 2022-05-05 | $18.84 | −2.7% |
| 2022-05-04 | $19.36 | +0.7% |
| 2022-05-03 | $19.22 | −1.6% |
| 2022-05-02 | $19.53 | −1.2% |
| 2022-04-29 | $19.76 | −2.0% |
| 2022-04-28 | $20.17 | +1.6% |
| 2022-04-27 | $19.85 | −0.2% |
| 2022-04-26 | $19.88 | −2.6% |
| 2022-04-25 | $20.41 | +1.9% |
| 2022-04-22 | $20.03 | −3.6% |
| 2022-04-21 | $20.78 | −0.1% |
| 2022-04-20 | $20.80 | +1.2% |
| 2022-04-19 | $20.56 | +0.5% |
| 2022-04-18 | $20.45 | −2.1% |
| 2022-04-14 | $20.89 | 0.0% |
| 2022-04-13 | $20.89 | +1.9% |
| 2022-04-12 | $20.50 | −2.4% |
| 2022-04-11 | $21.00 | −0.2% |
| 2022-04-08 | $21.04 | −0.2% |
| 2022-04-07 | $21.08 | −0.6% |
| 2022-04-06 | $21.21 | −0.4% |
| 2022-04-05 | $21.30 | −3.1% |
| 2022-04-04 | $21.98 | +1.3% |
| 2022-04-01 | $21.70 | −1.2% |
| 2022-03-31 | $21.97 | −2.4% |
| 2022-03-30 | $22.52 | +0.6% |
| 2022-03-29 | $22.38 | +1.9% |
| 2022-03-28 | $21.96 | +0.2% |
| 2022-03-25 | $21.92 | −0.2% |
| 2022-03-24 | $21.97 | +2.2% |
| 2022-03-23 | $21.50 | −1.9% |
| 2022-03-22 | $21.92 | +0.1% |
| 2022-03-21 | $21.90 | −1.6% |
| 2022-03-18 | $22.26 | +1.6% |
| 2022-03-17 | $21.92 | +0.8% |
| 2022-03-16 | $21.75 | +1.2% |
| 2022-03-15 | $21.49 | +1.8% |
| 2022-03-14 | $21.10 | −0.8% |
| 2022-03-11 | $21.26 | +0.9% |
| 2022-03-10 | $21.07 | −1.4% |
| 2022-03-09 | $21.37 | +1.5% |
| 2022-03-08 | $21.06 | +0.6% |
| 2022-03-07 | $20.94 | −2.7% |
| 2022-03-04 | $21.53 | −2.1% |
| 2022-03-03 | $22.00 | −3.0% |
| 2022-03-02 | $22.68 | −0.1% |
| 2022-03-01 | $22.71 | −0.1% |
| 2022-02-28 | $22.74 | +0.1% |
| 2022-02-25 | $22.72 | +1.3% |
| 2022-02-24 | $22.43 | +2.0% |
| 2022-02-23 | $22.00 | −1.7% |
| 2022-02-22 | $22.37 | −1.5% |
| 2022-02-18 | $22.71 | 0.0% |
| 2022-02-17 | $22.71 | −1.9% |
| 2022-02-16 | $23.14 | −0.4% |
| 2022-02-15 | $23.24 | +1.6% |
| 2022-02-14 | $22.87 | −0.3% |
| 2022-02-11 | $22.94 | −0.1% |
| 2022-02-10 | $22.97 | −2.1% |
| 2022-02-09 | $23.46 | +2.8% |
| 2022-02-08 | $22.82 | +1.3% |
| 2022-02-07 | $22.53 | −0.7% |
| 2022-02-04 | $22.69 | +0.4% |
| 2022-02-03 | $22.60 | −1.1% |
| 2022-02-02 | $22.86 | −1.3% |
| 2022-02-01 | $23.15 | +0.5% |
| 2022-01-31 | $23.03 | +1.9% |
| 2022-01-28 | $22.61 | +2.0% |
| 2022-01-27 | $22.17 | −0.2% |
| 2022-01-26 | $22.21 | −0.2% |
| 2022-01-25 | $22.25 | −0.7% |
| 2022-01-24 | $22.41 | +2.0% |
| 2022-01-21 | $21.98 | −0.9% |
| 2022-01-20 | $22.18 | −4.4% |
| 2022-01-19 | $23.19 | +1.2% |
| 2022-01-18 | $22.91 | −1.8% |
| 2022-01-14 | $23.32 | −1.2% |
| 2022-01-13 | $23.60 | +0.2% |
| 2022-01-12 | $23.55 | −1.4% |
| 2022-01-11 | $23.89 | −0.3% |
| 2022-01-10 | $23.97 | −0.4% |
| 2022-01-07 | $24.07 | 0.0% |
| 2022-01-06 | $24.06 | +0.9% |
| 2022-01-05 | $23.85 | −0.1% |
| 2022-01-04 | $23.87 | −0.1% |
| 2022-01-03 | $23.89 |
The offer came before the market opened on Oct. 28; this chart ends at the Oct. 27 close. Source: Tiingo end-of-day closes, as traded, via KeyVex.
$0M$300M$600M$900M$1.20B
$1.05B
-$543M
-$468M
$34M
Cash from operations2023 to 2025Dividends2023 to 2025Buybacks2023 to 2025LeftBefore capital spending. KeyVex's math
View the data
| Amount | Note | |
|---|---|---|
| Cash from operations (2023 to 2025) | $1.05B | $345.4M + $355.3M + $344.5M, from Wendy's annual reports |
| Dividends (2023 to 2025) | -$543M | $209.3M + $204.4M + $129.6M |
| Buybacks (2023 to 2025) | -$468M | $189.6M + $77.4M + $200.8M |
| Left (Before capital spending. KeyVex's math) | $34M | $1,045.3M less $543.3M less $467.7M |
"Left" is KeyVex's math and is before capital spending. Source: Wendy's Form 10-K filings for 2024 and 2025.
Where the money went
The 2023 payout plan was the board's: it authorized up to $500 million of buybacks that January, running through February 2027.10-Q Trian, which called itself the largest shareholder, said it strongly supported the plan.13D/A
From 2023 through 2025, Wendy's operations brought in $1.05 billion of cash. It paid $543 million in dividends and $468 million to buy back its own stock.10-K10-K Its cash fell from $746 million at the start of 2023 to $301 million at the end of 2025. Its long-term debt went from $2.85 billion to $2.76 billion.10-K10-K
That debt is almost all securitized notes: bonds backed by most of Wendy's U.S. revenue-producing assets, including its franchise agreements, some restaurants and real estate, and its intellectual property.10-K At June 28, 2026, seven series were outstanding, $2.77 billion in all.10-Q Notes with anticipated repayment dates in 2028 come to $429 million, and those in 2029 to $900 million. The letter describes a company working "against approaching debt maturities."10-QLetter
The payouts have since shrunk. Wendy's quarterly dividend was $0.25 at the start of 2025 and $0.14 by the second quarter. In August it cut it to $0.07, saying it wanted "additional flexibility to invest" in its turnaround.10-Q8-K It bought back no stock in the first half of 2026, leaving $35 million unused under the 2023 authorization.10-Q
The offer beside Wendy's debt and its recent payoutsShow chartHide chart
View the data
| Amount | Note | |
|---|---|---|
| Securitized notes (Principal outstanding, June 28, 2026) | $2.77B | Seven series; Trian's letter expects they would stay in place |
| The offer ($7.35 x 194.0 million diluted shares. KeyVex's math) | $1.43B | Share count from Trian's letter. Includes Trian's own stake (16.25% of outstanding shares), which it plans to roll over rather than sell |
| Paid to shareholders (Dividends and buybacks, 2023 to 2025) | $1.01B | From Wendy's annual reports |
The offer figure is KeyVex's math: $7.35 times the 194.0 million diluted shares in Trian's letter. Trian's letter expects Wendy's existing securitized financing to stay in place. The offer total includes Trian's own stake. Sources: Trian's Oct. 28 letter; Wendy's 10-Q and 10-K filings.
The business the offer is for
In the second quarter, sales at Wendy's U.S. restaurants open at least 15 months fell 7.0% from a year earlier.8-K10-Q In August the company withdrew its 2026 forecast while its new leadership drew up a turnaround plan.8-K
I returned to Wendy's because I believe we can fix our issues
Trian's letter says private ownership "is the better path," and that shareholders would "realize certain value at an attractive premium."Letter
How the deal would be approved
The letter proposes a merger that needs approval from a majority of all of Wendy's shares, and Trian would agree to vote its own 16.25% in favor. The letter does not say whether the other holders would also vote separately.Letter Trian would roll its shares into the new company rather than sell them. The deal would need no new debt, the letter says, and the group expects Wendy's existing securitized debt to stay in place.Letter
Trian expects a special committee of independent directors to weigh the offer. The offer is non-binding, and Trian can withdraw or change it at any time.Letter
Trian has sent a letter like this before
In October 2025, Trian and General Catalyst offered $46 a share for Janus Henderson, the asset manager in which Trian owned about 20.4%. As with Wendy's, the two bidders signed a side agreement to work together on the bid, which Trian's filings on both companies call a "Proposal Cooperation Letter."13D/A13D/A The two sides signed a deal at $49 in December 2025, raised it to $52 in March 2026, and closed it on June 30, 2026.13D/A13D/A13D/A
The Wendy's letter cites that deal by name. It says the group may change or withdraw its proposal at any time, and expects to negotiate a deal "over the coming weeks."Letter
What to watch
The paper trail
Trian's filings on Wendy's and Janus Henderson, and the Wendy's filings this story uses, May 24, 2022 through Oct. 28, 2026.
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| May 24, 2022, 5:02 p.m. | 13D/A | Trian | Amendment No. 56: Trian tells the board it will explore a deal. |
| Jan. 13, 2023, 7:14 a.m. | 13D/A | Trian | Amendment No. 57: no deal; Trian backs buybacks and higher dividends. |
| Sept. 6, 2024 | 8-K | Wendy's | Peltz steps down as chairman and is named chairman emeritus. |
| Oct. 27, 2025, 8:12 a.m. | 13D/A | Trian (Janus Henderson) | $46-a-share proposal with General Catalyst, delivered Oct. 26. |
| Dec. 22, 2025, 9:56 p.m. | 13D/A | Trian (Janus Henderson) | Merger agreement at $49, signed Dec. 21. |
| Feb. 18, 2026, 9:03 a.m. | 13D/A | Trian | Amendment No. 64: Trian has spoken with possible financing sources and co-investors. |
| March 24, 2026 | 13D/A | Trian (Janus Henderson) | Price raised to $52. |
| June 30, 2026 | 13D/A | Trian (Janus Henderson) | Deal closes. |
| Aug. 7, 2026 | 8-K | Wendy's | Second-quarter results; dividend cut to $0.07; 2026 outlook withdrawn. |
| Aug. 7, 2026 | 10-Q | Wendy's | Debt table with repayment dates; buyback authorization. |
| Oct. 28, 2026, 8:34 a.m. | 13D/A | Trian | Amendment No. 65: the $7.35 offer letter and the cooperation agreement with Flynn. |
Sources
19 sources, 17 of them public records
Public records
- Trian Fund Management, Schedule 13D/A on The Wendy's Co., Amendment No. 65SEC EDGAR · Oct. 28, 2026
- Exhibit 46: Trian and Flynn Group non-binding proposal letter to Wendy's boardSEC EDGAR · Oct. 28, 2026
- Exhibit 47: Proposal Cooperation Letter, Trian Fund Management and Flynn GroupSEC EDGAR · Oct. 28, 2026
- Trian Fund Management, Schedule 13D/A on The Wendy's Co., Amendment No. 64SEC EDGAR · Feb. 18, 2026
- Trian Fund Management, Schedule 13D/A on The Wendy's Co., Amendment No. 57SEC EDGAR · Jan. 13, 2023
- Trian Fund Management, Schedule 13D/A on The Wendy's Co., Amendment No. 56SEC EDGAR · May 24, 2022
- The Wendy's Co., Form 10-Q for the quarter ended June 28, 2026SEC EDGAR · Aug. 7, 2026
- The Wendy's Co., Form 8-K, Exhibit 99.1: second-quarter 2026 resultsSEC EDGAR · Aug. 7, 2026
- The Wendy's Co., Form 10-K for 2025SEC EDGAR · 2026
- The Wendy's Co., Form 10-K for 2024SEC EDGAR · 2025
- The Wendy's Co., Form 10-K for 2023SEC EDGAR · 2024
- The Wendy's Co., Form 8-K, Exhibit 99.1: Peltz named chairman emeritusSEC EDGAR · Sept. 6, 2024
- The Wendy's Co., definitive proxy statement (DEF 14A)SEC EDGAR · April 2, 2026
- Trian Fund Management, Schedule 13D/A on Janus Henderson Group, Amendment No. 14SEC EDGAR · Oct. 27, 2025
- Trian Fund Management, Schedule 13D/A on Janus Henderson Group, Amendment No. 15SEC EDGAR · Dec. 22, 2025
- Trian Fund Management, Schedule 13D/A on Janus Henderson Group, Amendment No. 16SEC EDGAR · March 24, 2026
- Trian Fund Management, Schedule 13D/A on Janus Henderson Group, Amendment No. 19SEC EDGAR · June 30, 2026
Rules and references
- "The Wendy's Company to Report Third Quarter 2026 Results on November 5"The Wendy's Co. · Oct. 8, 2026
Data
- End-of-day prices for WEN, and SPY and QQQ on the chart (Tiingo)KeyVex · through Oct. 27, 2026
How we got these numbers
- Prices are end-of-day closes as traded, not adjusted for dividends. The offer came before the market opened on Oct. 28, so the chart ends at the Oct. 27 close. The S&P 500 and Nasdaq 100 lines follow SPY and QQQ, rebased to Wendy's close at the start of the range shown. The Filings switch shows the filing markers from KeyVex's Wendy's stock page, a selection of filings, not every filing, and not only those tied to this story.
- The offer's total, about $1.43 billion, is KeyVex's math: $7.35 times the 194.0 million diluted shares Trian's letter counts. The premium, about 20%, is the letter's own figure and matches $7.35 against the $6.14 close.
- Cash from operations, dividends and buybacks for 2023, 2024 and 2025 are as reported in Wendy's annual reports (fiscal years ended Dec. 31, 2023, Dec. 29, 2024 and Dec. 28, 2025). "Left" in the cash chart is KeyVex's subtraction, before capital spending. Long-term debt includes the current portion; securitized-note amounts are principal outstanding at June 28, 2026, before unamortized issuance costs.
- The header image was generated for KeyVex by an image model. It is an illustration, not a photograph of a real Wendy's restaurant.