
Wingstop
Food & Beverage · Quick-Service Restaurants
- Active units
- 1,877
- Avg unit volume
- $1.8M
- Royalty
- 6.0%
Franchised, year-end 2023
of weekly Net Sales
About Wingstop
Wingstop is a popular quick-service restaurant chain in the United States that specializes in serving chicken wings. The company was founded in 1994 by Antonio Swad and Bernadette Fiaschetti in Garland, Texas. It quickly gained popularity for its unique and flavorful menu options, becoming one of the fastest-growing restaurant chains in the country. Wingstop's headquarters are located in Dallas, Texas. The company operates more than 1,400 restaurants globally, with locations in the United States, Mexico, Singapore, the Philippines, the United Arab Emirates, and several other countries. It has successfully expanded through various franchise partnerships, making it a widely recognized brand in the chicken wing industry. The main product offered by Wingstop is, of course, its delicious chicken wings. Customers can choose from a variety of flavors, including classic options such as Original Hot, Louisiana Rub, and Garlic Parmesan, as well as more unique flavors like Mango Habanero and Hawaiian. Wingstop also serves boneless chicken wings, boneless strips, and a range of side dishes such as fries, coleslaw, and baked beans. The company takes pride in its made-to-order wings and high-quality ingredients. In terms of its market position, Wingstop has experienced significant growth and success. As of 2021, the company reported annual global sales of over $2 billion. It competes with other major players in the fast-food industry, including Buffalo Wild Wings, Hooters, and Domino's Pizza, among others. Wingstop's focus on its core product, chicken wings, has helped it carve out a niche and establish a loyal customer base. Wingstop has aimed to continuously innovate and adapt its offerings to meet customer demands. In recent years, the company introduced a virtual brand called Thighstop, offering crispy chicken thighs as an alternative menu item. Additionally, Wingstop has been expanding its presence through delivery partnerships with third-party platforms like DoorDash and Uber Eats, making its food easily accessible to customers. As of the latest updates, Wingstop continues to expand its footprint domestically and internationally. The company has ambitious plans for further growth and aims to open approximately 2,500 restaurants globally over the next 10 years. With its strong brand recognition, flavorful menu options, and commitment to customer satisfaction, Wingstop is poised for continued success in the quick-service restaurant industry.
Key terms
- Franchise fee
$25k
- Underdeveloped markets incentives
We periodically may incentivize development in underdeveloped markets. Such incentives may include waiver or abatement of a portion of the development fee, the franchise fee and/or royalties.
- Brand fund
5.5% of Net Sales
- Local advertising
0.0% of Net Sales
- Footprint
1,200 – 2,000 sq ft
- Development Agreement
$25k
- Veteran discount
Not offered
Brand Percentile Rankings
Rankings compare brands in the same operating year. Fee and investment figures come from the FDD (2026 filing); filings on file: 2024, 2025, 2026.
Growth
- Total locations2529
Franchised units open at year-end
- New openings384
Gross new units opened during the calendar year
- 1-year unit growth rate17.4%
Net unit growth versus prior year
- 3-year unit CAGR16.1%
Compound annual growth rate of unit count over the trailing 3 years
- Unit growth ratio42.7×
Cumulative opens / closures through year-end
Unit economics
- Annual unit volume (Median)—
Per FDD Item 19 disclosure
- Annual unit volume (25th percentile)—
Per FDD Item 19 disclosure
- Annual unit volume (75th percentile)—
Per FDD Item 19 disclosure
- 1-year Median AUV growth rate17.2%
Year-over-year change in median AUV
- Store-level EBITDA Margin—
Median unit-level EBITDA / AUV
Investment profile
- Estimated initial investment$679k
Midpoint of estimated initial investment range
↓ Lower is better - Time to open—
Midpoint of average time from agreement to opening
- Royalty rate6.0%
Percent of net sales paid to the franchisor
↓ Lower is better - Sales-to-investment ratio—
Median AUV / estimated initial investment midpoint
- Cash-on-cash returns—
Median unit-level EBITDA / estimated initial investment midpoint. Steady-state estimate; year 1 returns will be lower as the unit ramps to median volumes.
Franchisee healthLocked
- Unit closure ratio
- Transfer vs. closure ratio
- Percent multi-unit franchisees
- Litigation rate
- EBITDA multiple on sales & transfers
Create your free Glidepath account to access full brand information.