As of October 27, 2026, 3 holders' latest Schedule 13D or 13G filings report owning 5% or more of Wendy's Co. The largest reported stake is Trian Fund Management, L.P.'s, at 16.24%. 15 filings are on record since July 8, 2025 (Schedule 13D/A, February 18, 2026).
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Key facts
- · Holder: Vanguard Portfolio Management · Percent: 5.48% · SCHEDULE 13G
- · Holder: BlackRock, Inc. · Percent: 12.8% · SCHEDULE 13G/A
- · Holder: Harris Associates L P · Percent: 3.1% · SCHEDULE 13G/A
- · Holder: AQR Capital Management, LLC · Percent: 1.64% · SCHEDULE 13G/A
- · Holder: BlackRock, Inc. · Percent: 10.4% · SCHEDULE 13G/A
Wendy's Co has 15 Schedule 13D or 13G filings on record since 2025-07-08. 3 holders' latest filing reports 5% or more of common stock. 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. | 16.24% | 14,943,466 | SCHEDULE 13D/A, 2026-02-18 | 2026-02-18 |
| 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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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: The Filing Persons hold a significant equity investment in the Company and believe that the Company's Common Stock is currently undervalued. The Filing Persons have reviewed and continue to review alternatives with respect to their investment in the Company on a continuing basis and from time to time communicate with knowledgeable industry participants and other third parties regarding their investment. Depending on various factors, including, without limitation, the Company's financial position, results of operations, strategic direction, price levels of the Common Stock, actions taken by the board of directors (the "Board") and management of the Company, the Filing Persons' overall investment strategies, liquidity requirements and other portfolio management considerations, other investment opportunities available to the Filing Persons, applicable legal and regulatory constraints, conditions in the securities and capital markets, and general economic and industry conditions, the Filing Persons may, from time to time and at any time, either alone or as part of a group, seek to (a) acquire additional securities of the Company (including through derivative securities or other instruments that are convertible into or exchangeable for securities of the Company), through open-market purchases, privately negotiated transactions or otherwise, (b) dispose of all or a portion of the securities of the …The first part of Item 4 of the SCHEDULE 13D/A filed 2026-02-18; 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 |
Questions about who owns Wendy's Co
Who owns Wendy's Co?
On this page, 3 holders' latest ownership filings report 5% or more of Wendy's Co: Trian Fund Management, L.P. (16.24%, Schedule 13D/A, filed 2026-02-18), 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 Wendy's Co?
By the share each holder's latest filing reports, the largest holders of Wendy's Co on this page are Trian Fund Management, L.P. (16.24%), BlackRock, Inc. (12.8%) and Vanguard Portfolio Management (5.48%).
When did Trian Fund Management, L.P. buy into Wendy's Co?
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 2026-02-18, reports 16.24%. 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%); 15 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.
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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.