As of November 7, 2026, 3 holders' latest Schedule 13D or 13G filings report owning 5% or more of The Wendy's Company. The largest reported stake is Trian Fund Management, L.P.'s, at 16.23%. 16 filings are on record since July 8, 2025 (Schedule 13D/A, October 28, 2026).
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Key facts
- · Holder: Trian Fund Management, L.P. · Percent: 16.23% · Shares: 14,943,466 · SCHEDULE 13D/A
- · Reporting person: Vanguard Portfolio Management · Sole voting: 149,167 · Shared voting: 0 · Sole dispositive: 10,450,899 · Shared dispositive: 0 · SCHEDULE 13G, 2026-07-31
- · Reporting person: BlackRock, Inc. · Sole voting: 24,139,957 · Shared voting: 0 · Sole dispositive: 24,419,760 · Shared dispositive: 0 · SCHEDULE 13G/A, 2026-07-30
- · Holder: Harris Associates L P · Percent: 3.1% · SCHEDULE 13G/A
- · Holder: AQR Capital Management, LLC · Percent: 1.64% · SCHEDULE 13G/A
The Wendy's Company has 16 Schedule 13D or 13G filings on record since 2025-07-08. 3 holders' latest filing reports 5% or more of common stock, par value $.10 per share. Each figure below is the holder's own, as filed, with the filing linked.
Holders
| Holder | Percent | Shares | Latest | Event date |
|---|---|---|---|---|
| Trian Fund Management, L.P. | 16.23% | 14,943,466 | SCHEDULE 13D/A, 2026-10-28 | 2026-10-28 |
| BlackRock, Inc. | 12.8% | 24,419,760 | SCHEDULE 13G/A, 2026-07-30 | 2026-06-30 |
| Vanguard Portfolio Management | 5.48% | 10,450,899 | SCHEDULE 13G, 2026-07-31 | 2026-06-30 |
| Harris Associates L P | 3.1% | 5,929,801 | SCHEDULE 13G/A, 2026-05-15 | 2026-03-31 |
| AQR Capital Management, LLC | 1.64% | 3,113,100 | SCHEDULE 13G/A, 2026-05-14 | 2026-03-31 |
| The Vanguard Group | 0% | 0 | SCHEDULE 13G/A, 2026-03-27 | 2026-03-13 |
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Keep reading
More on The Wendy's Company and the records around it.
The Wendy's Company elsewhere on the record
- Leadership changes Aug 2026
- Who owns it
Companies that share a holder
- Nelson Peltz also filed stake reports on 1 other company: JANUS HENDERSON GROUP PLC (Jun 2026)
- HARRIS ASSOCIATES L P also filed stake reports on 19 other companies: Corebridge Financial, Inc. (May 2026), ICON plc (May 2026), Lithia Motors, Inc. (May 2026)
- AQR Capital Management, LLC also filed stake reports on 190 other companies: Bold Eagle Acquisition Corp. (Nov 2026), Centurion Acquisition Corp. (Aug 2026), FG Merger II Corp. n/k/a BOXABL Inc. (Aug 2026)
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Voting and dispositive power, as filed
| Reporting person | Sole voting | Shared voting | Sole dispositive | Shared dispositive | Filing |
|---|---|---|---|---|---|
| Nelson Peltz | 0 | 30,946,510 | 9,959,519 | 0 | SCHEDULE 13D/A, 2026-10-28 |
| Peter W. May | 0 | 30,739,821 | 5,571,285 | 0 | SCHEDULE 13D/A, 2026-10-28 |
| Trian Fund Management, L.P. | 0 | 14,943,466 | 0 | 14,943,466 | SCHEDULE 13D/A, 2026-10-28 |
| Trian Fund Management GP, LLC | 0 | 14,943,466 | 0 | 14,943,466 | SCHEDULE 13D/A, 2026-10-28 |
| Trian Partners GP, L.P. | 0 | 12,798 | 0 | 12,798 | SCHEDULE 13D/A, 2026-10-28 |
| Trian Partners General Partner, LLC | 0 | 12,798 | 0 | 12,798 | SCHEDULE 13D/A, 2026-10-28 |
| Trian Partners, L.P. | 0 | 5,014,628 | 0 | 5,014,628 | SCHEDULE 13D/A, 2026-10-28 |
| Trian Partners Master Fund, L.P. | 0 | 6,297,077 | 0 | 6,297,077 | SCHEDULE 13D/A, 2026-10-28 |
| Trian Partners Parallel Fund I, L.P. | 0 | 1,172,869 | 0 | 1,172,869 | SCHEDULE 13D/A, 2026-10-28 |
| Trian Partners Strategic Fund G-II, L.P. | 0 | 825,291 | 0 | 825,291 | SCHEDULE 13D/A, 2026-10-28 |
| Trian Partners Strategic Fund-K, L.P. | 0 | 1,620,803 | 0 | 1,620,803 | SCHEDULE 13D/A, 2026-10-28 |
| Matthew Peltz | 132,132 | 327,827 | 132,132 | 327,827 | SCHEDULE 13D/A, 2026-10-28 |
| BlackRock, Inc. | 24,139,957 | 0 | 24,419,760 | 0 | SCHEDULE 13G/A, 2026-07-30 |
| Vanguard Portfolio Management | 149,167 | 0 | 10,450,899 | 0 | SCHEDULE 13G, 2026-07-31 |
The latest filing identifies The Wendy's Company by CUSIP 95058W100 and gives its principal executive office as ONE DAVE THOMAS BLVD, DUBLIN, OH 43017 (SCHEDULE 13D/A, 2026-10-28).
Purpose of Transaction (Item 4)
Trian Fund Management, L.P.
Item 4 is hereby amended and restated in its entirety to read in full as follows: On October 28, 2026, Trian Management, which, together with its affiliated funds and related parties, beneficially owns approximately 16.25% of the outstanding Common Stock, and Flynn, together with BlueFive and Sixth Street, submitted to the Board a non-binding proposal (the "Proposal") for a newly formed entity to acquire all of the outstanding shares of Common Stock not currently beneficially owned by the Filing Persons (the "Proposed Transaction") for a price of $7.35 per share in cash (the "Per Share Price"), assuming approximately 194.0 million shares of Common Stock outstanding on a fully diluted basis using the treasury stock method, consisting of approximately (a) 190.7 million shares of Common Stock, (b) 12.0 million outstanding stock options with a weighted average exercise price of $15.57 per share and (c) 3.3 million restricted stock units, inclusive of RSUs, RSAs and PSUs, as disclosed in the Company's most recent public filings. In connection with the Proposal, Trian Management and Flynn have entered into a letter agreement (the "Proposal Cooperation Letter") pursuant to which, among other things, the parties thereto have agreed to cooperate with respect to the Proposal and the Proposed Transaction and allocate costs, expenses and responsibilities related thereto. In addition, the Proposal Cooperation Letter prohibits Flynn, its Affiliates and its Representatives (in each case …The first part of Item 4 of the SCHEDULE 13D/A filed 2026-10-28; the filing has the rest
Timeline
| Filed | Holder | Percent | Filing |
|---|---|---|---|
| 2025-07-08 | Trian Fund Management, L.P. | 16.09% | SCHEDULE 13D/A |
| 2025-07-29 | The Vanguard Group | 11.07% | SCHEDULE 13G/A |
| 2025-08-14 | AQR Capital Management, LLC | 7.21% | SCHEDULE 13G/A |
| 2025-08-14 | Harris Associates L P | 5.8% | SCHEDULE 13G |
| 2025-10-17 | BlackRock, Inc. | 12.1% | SCHEDULE 13G/A |
| 2025-10-31 | The Vanguard Group | 9.75% | SCHEDULE 13G/A |
| 2025-11-14 | AQR Capital Management, LLC | 4.45% | SCHEDULE 13G/A |
| 2026-02-13 | AQR Capital Management, LLC | 6.15% | SCHEDULE 13G |
| 2026-02-18 | Trian Fund Management, L.P. | 16.24% | SCHEDULE 13D/A |
| 2026-03-27 | The Vanguard Group | 0% | SCHEDULE 13G/A |
| 2026-04-24 | BlackRock, Inc. | 10.4% | SCHEDULE 13G/A |
| 2026-05-14 | AQR Capital Management, LLC | 1.64% | SCHEDULE 13G/A |
| 2026-05-15 | Harris Associates L P | 3.1% | SCHEDULE 13G/A |
| 2026-07-30 | BlackRock, Inc. | 12.8% | SCHEDULE 13G/A |
| 2026-07-31 | Vanguard Portfolio Management | 5.48% | SCHEDULE 13G |
| 2026-10-28 | Trian Fund Management, L.P. | 16.23% | SCHEDULE 13D/A |
Questions about who owns The Wendy's Company
Who owns The Wendy's Company?
On this page, 3 holders' latest ownership filings report 5% or more of The Wendy's Company: Trian Fund Management, L.P. (16.23%, Schedule 13D/A, filed 2026-10-28), BlackRock, Inc. (12.8%, Schedule 13G/A, filed 2026-07-30) and Vanguard Portfolio Management (5.48%, Schedule 13G, filed 2026-07-31).
Who are the largest shareholders of The Wendy's Company?
By the share each holder's latest filing reports, the largest holders of The Wendy's Company on this page are Trian Fund Management, L.P. (16.23%), BlackRock, Inc. (12.8%) and Vanguard Portfolio Management (5.48%).
When did Trian Fund Management, L.P. buy into The Wendy's Company?
The filings give report dates, not purchase dates. The earliest filing from Trian Fund Management, L.P. on this page is the Schedule 13D/A, filed 2025-07-08, reporting 16.09%; its latest, Schedule 13D/A filed 2026-10-28, reports 16.23%. That earliest filing is itself an amendment, which updates an earlier report.
Is this an audit or a full list?
Neither. The ownership list on this page covers only Schedule 13D and 13G filings, which holders make once they own 5% or more of a class of shares (an amendment can report a stake that has since fallen below 5%); 16 such filings are shown here. It is not an audit and not a full cap table: holders who never reached 5% are not listed, and a stake can change after its latest filing.
Also on the record for The Wendy's Company
| Date | Record | Figure | Our page | Source |
|---|---|---|---|---|
| August 17, 2026 | Leadership change: Pete Suerken departs, President and Chief Executive Officer | — | Leadership changes | Source |
| June 23, 2026 | Leadership change: Steven W. Cirulis appointed, Chief Financial Officer and Chief Strategy Officer | — | Leadership changes | Source |
| June 9, 2026 | Leadership change: Suzanne M. Thuerk departs, Chief Accounting Officer, and 1 more | — | Leadership changes | Source |
| May 20, 2026 | Leadership change: Robert D. Wright appointed, President and Chief Executive Officer, and 1 more | — | Leadership changes | Source |
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Where this comes from
Anyone who comes to own more than 5% of a class of a listed company's voting shares has to tell the SEC. A holder who may seek to change or influence the company files Schedule 13D, and has to say in Item 4, "Purpose of Transaction", what it intends to do. A holder with no such intent, such as many index and passive funds, may file the shorter Schedule 13G. Both are amended when the stake changes, including when it falls below 5%.
Every row here is one of those filings, linked to the filing itself. Percentages and share counts are exactly as the holder filed them, for the holder the filing names; an amendment showing a lower figure is shown as filed. Item 4 text is quoted word for word. Where a 13D's Item 4 contains a sentence stating a definite intent to influence the company, that sentence is marked and quoted; the page does not describe the holder or its motives beyond the words it filed. Nothing here is investment advice.