Wingstop Inc. (NASDAQ:WING) shares moved lower despite delivering an earnings beat, as softer sales trends weighed on investor sentiment.

Pressure from declining same-store sales overshadowed continued expansion, strong digital engagement and ongoing margin growth.

• Wingstop shares are sliding. Why are WING shares down?

Quarterly Details

The company reported first-quarter adjusted earnings per share of $1.18, beating the analyst consensus estimate of $1.03. Quarterly sales of $183.725 million (+7.4% year over year) missed the Street view of $189.109 million.

Adjusted EBITDA rose 9.9% year over year to $65.4 million in the first quarter.

Domestic same-store sales fell 8.7% from the prior year, while digital sales accounted for 72.5% of system-wide sales.

“Despite the decline in same-store sales, we delivered system-wide sales growth and double-digit Adjusted EBITDA growth in the quarter, supported by 17% unit growth,” said CEO Michael Skipworth.

Company-owned restaurant sales increased $2.9 million due to the six additional corporate stores opened or acquired since the prior year period.

As of March 28, 2026, there were 3,153 Wingstop restaurants system-wide. During the first quarter of 2026, there were 97 net system-wide Wingstop restaurant openings.

Dividend

The firm declared a quarterly dividend of 30 cents per share of common stock, resulting in a total dividend of approximately $8.2 million. This dividend will be paid on June 5.

Share Repurchase

As previously announced, during the fiscal first quarter of 2026, the firm authorized the purchase of up to an additional $300 million of outstanding shares of common stock under the existing share repurchase program.

Outlook

The company said its 2026 outlook remains tied to an uncertain macro environment. It now expects a low-single-digit decline in domestic same-store sales.

SG&A is projected at $146 million to $149 million, including $3 million in restructuring costs, with stock-based compensation around $28 million.

The company reiterated expectations for global unit growth of 15% to 16%, net interest expense of about $43 million, and depreciation and amortization of about $30 million.

WING Price Action: Wingstop shares are trading lower by 4.68% to $164.87 at publication on Wednesday.

Photo by Piotr Swat via Shutterstock