Wingstop Inc. is a renowned chain specializing in chicken wings, celebrated for its distinctive flavors and rapid expansion. Understanding who owns Wingstop provides insight into the company’s growth and market strategy.
History of Wingstop
Wingstop was founded in 1994 by Antonio Swad in Garland, Texas. Swad, an experienced restaurateur, had previously co-founded Pizza Patrón, a pizza chain focused on the Latino community. He saw an opportunity in the growing demand for buffalo-style chicken wings and decided to launch a concept dedicated solely to wings. The first Wingstop location featured a retro aviation theme, which became a signature aspect of the brand.
By 1997, Wingstop began franchising, allowing independent entrepreneurs to operate locations under the Wingstop brand. The franchise model proved highly successful, and by 2002, the company had served its one-billionth chicken wing. The rapid expansion led to Wingstop becoming one of the fastest-growing chicken wing chains in the United States.
Acquisitions and Ownership Changes
In 2003, Gemini Investors, a private equity firm, acquired Wingstop, helping to accelerate its growth. The investment enabled the company to expand its franchise network and enhance operations.
By 2010, Wingstop had reached over 450 locations, catching the attention of larger investment firms. That year, Roark Capital Group, a private equity firm specializing in franchise businesses, acquired Wingstop. Roark Capital’s portfolio included major restaurant brands like Arby’s, Jimmy John’s, and Dunkin’, making it a strategic owner for Wingstop.
Under Roark Capital’s ownership, Wingstop continued expanding rapidly. The company focused on digital sales, online ordering, and delivery services, positioning itself ahead of competitors in the fast-food industry.
In 2015, Wingstop went public on the NASDAQ stock exchange under the ticker symbol WING. The IPO was a major milestone, valuing the company at around $600 million. Roark Capital gradually reduced its stake in the company following the public listing, allowing institutional investors to acquire shares.
International Expansion
After its IPO, Wingstop intensified its international expansion. The brand entered new markets, including:
- Mexico (2009): One of Wingstop’s strongest international markets, with over 100 locations.
- United Kingdom (2017): The first European expansion, with locations in London and other major cities.
- Indonesia (2014): Entry into Southeast Asia, targeting a growing fast-food market.
- United Arab Emirates (2020): Expansion into the Middle East with franchise partners.
Today, Wingstop has over 2,000 locations worldwide and continues to grow through franchising and digital innovation. The company remains focused on its core menu of wings, fries, and sauces, making it a dominant player in the chicken wing segment of the quick-service restaurant industry.
Who Owns Wingstop?
Wingstop Inc. is a publicly traded company listed on the NASDAQ stock exchange under the ticker symbol WING. As a public entity, its ownership is distributed among various institutional and individual shareholders. No single shareholder possesses a controlling interest; instead, ownership is shared among several major institutional investors.
List of Wingstop Shareholders
The major Wingstop shareholders and investors include:
| Shareholder | Ownership Percentage | Details |
|---|---|---|
| BlackRock Advisors LLC | 11.76% | Largest shareholder; global asset management firm influencing major decisions. |
| Vanguard Group | 10.03% | Second-largest investor; primarily invests through index and ETF funds. |
| American Century Companies, Inc. | 4.21% | Asset management firm focused on growth stocks; holds strong voting power. |
| T. Rowe Price International Ltd. | 4.01% | Global investment firm with a history of investing in successful growth companies. |
| Federated MDTA LLC | 3.54% | Institutional investor focusing on mutual funds and investment portfolios. |
| State Street Corporation | 3.10% | Major provider of financial services to institutional investors. |
| Massachusetts Financial Services (MFS) | 2.80% | Global asset management firm known for active investment strategies. |
| Franklin Resources, Inc. (Franklin Templeton) | 2.48% | Specializes in mutual funds and sees Wingstop as a valuable growth investment. |
| Renaissance Technologies LLC | 2.42% | Quantitative hedge fund using data-driven strategies for investing. |
| AllianceBernstein L.P. | 2.00% | Global asset management firm with a focus on financial growth potential. |
| Marshall Wace LLP | 1.91% | Hedge fund with expertise in alternative investments. |
| ClearBridge Investments, LLC | 1.88% | Global equity manager focused on long-term investment strategies. |
| Geode Capital Management, LLC | 1.85% | Investment management firm reflecting confidence in Wingstop’s performance. |
| Squarepoint OPS LLC | 1.80% | Quantitative investment firm utilizing financial analysis models. |
| Eagle Asset Management, Inc. | 1.62% | Investment advisory firm focused on high-growth industry segments. |
BlackRock Advisors LLC – 11.76%
BlackRock is the largest shareholder of Wingstop, owning approximately 11.76% of the company’s outstanding shares. BlackRock is the world’s largest asset management firm, overseeing trillions in investments across various industries.
As the top shareholder, BlackRock holds significant voting power in major corporate decisions. However, since Wingstop is a widely held public company, BlackRock does not exercise direct control over operations but influences strategic decisions through its voting rights.
Vanguard Group – 10.03%
Vanguard is the second-largest shareholder of Wingstop, with a 10.03% stake in the company. Vanguard is a well-known investment management firm that primarily invests through index funds and exchange-traded funds (ETFs).
Vanguard’s interest in Wingstop signals long-term confidence in the company’s growth. Like BlackRock, it does not participate in day-to-day management but has a say in board elections and major corporate policies.
American Century Companies, Inc. – 4.21%
American Century Companies owns 4.21% of Wingstop, making it a notable institutional investor. The firm is a privately controlled asset management company with a strong focus on growth stocks.
Its investment in Wingstop suggests confidence in the company’s ability to expand and maintain profitability. Though smaller than BlackRock and Vanguard, American Century’s stake still gives it some influence over shareholder votes.
T. Rowe Price International Ltd. – 4.01%
T. Rowe Price, a global investment management firm, holds 4.01% of Wingstop’s shares. The company specializes in actively managed funds and has a history of investing in successful growth companies.
T. Rowe Price’s stake in Wingstop is part of its broader strategy of investing in high-performing restaurant chains. Its ownership stake grants it some say in corporate governance but does not give it a controlling influence.
Federated MDTA LLC – 3.54%
Federated MDTA is another institutional investor with a 3.54% stake in Wingstop. While smaller than the top shareholders, this investment firm still holds millions of dollars in Wingstop stock.
Federated MDTA primarily focuses on mutual funds and investment portfolios, indicating that it sees Wingstop as a solid long-term investment.
State Street Corporation – 3.10%
State Street Corporation holds approximately 3.10% of Wingstop’s shares. As one of the world’s leading providers of financial services to institutional investors, State Street’s investment underscores its confidence in Wingstop’s market position and growth potential.
Massachusetts Financial Services Company – 2.80%
Massachusetts Financial Services Company (MFS) owns about 2.80% of Wingstop’s shares. MFS is a global asset management firm known for its active investment strategies. Its stake in Wingstop reflects a belief in the company’s future performance.
Franklin Resources, Inc. – 2.48%
Franklin Resources, operating as Franklin Templeton Investments, holds a 2.48% stake in Wingstop. This global investment management organization specializes in mutual funds and sees Wingstop as a valuable addition to its diverse portfolio.
Renaissance Technologies LLC – 2.42%
Renaissance Technologies, a quantitative hedge fund, owns approximately 2.42% of Wingstop’s shares. Known for its mathematical and statistical approaches to investing, Renaissance’s involvement indicates a data-driven confidence in Wingstop’s market trajectory.
AllianceBernstein L.P. – 2.00%
AllianceBernstein L.P. holds a 2.00% ownership in Wingstop. As a global asset management firm, AllianceBernstein’s investment signifies its positive assessment of Wingstop’s financial health and growth prospects.
Marshall Wace LLP – 1.91%
Marshall Wace LLP possesses 1.91% of Wingstop’s shares. This hedge fund specializes in global alternative investments, and its stake suggests a strategic interest in the quick-service restaurant sector.
ClearBridge Investments, LLC – 1.88%
ClearBridge Investments holds approximately 1.88% of Wingstop. As a global equity manager, ClearBridge focuses on long-term investing, indicating a belief in Wingstop’s sustained growth.
Geode Capital Management, LLC – 1.85%
Geode Capital Management owns about 1.85% of Wingstop’s shares. Geode provides investment management services and its stake reflects confidence in Wingstop’s market performance.
Squarepoint OPS LLC – 1.80%
Squarepoint OPS LLC holds a 1.80% stake in Wingstop. This global investment management firm employs quantitative strategies, and its investment indicates a favorable analysis of Wingstop’s financial metrics.
Eagle Asset Management, Inc. – 1.62%
Eagle Asset Management possesses 1.62% of Wingstop’s shares. As an investment advisory firm, Eagle’s stake suggests a strategic interest in the restaurant industry’s growth segments.
Who Controls Wingstop?
Although Wingstop is publicly traded, its control is divided among institutional investors, the board of directors, and executive leadership. No single entity has a majority stake, meaning decision-making power is distributed among key stakeholders.
Board of Directors
The Board of Directors plays a crucial role in overseeing Wingstop’s strategic direction, financial performance, and corporate policies. The board includes independent members and executives who guide major business decisions.
Key responsibilities of the board include:
- Approving long-term strategies and financial planning.
- Overseeing mergers, acquisitions, and major investments.
- Ensuring compliance with corporate governance standards.
- Appointing and evaluating the CEO and other executives.
As of 2024, Wingstop’s board consists of experienced leaders from various industries, ensuring strong governance and growth strategies.
Executive Leadership
The executive leadership team is responsible for the day-to-day operations and implementation of the company’s strategic goals. The CEO, CFO, and other key executives manage Wingstop’s business activities, innovation, and expansion.
Michael Skipworth – President & CEO
Michael Skipworth serves as the President and Chief Executive Officer of Wingstop. He has been with the company for several years, previously serving as Chief Financial Officer before being promoted to CEO. Under his leadership, Wingstop has expanded its digital sales, strengthened franchise partnerships, and focused on international growth.
Alex Kaleida – Chief Financial Officer (CFO)
As Chief Financial Officer, Alex Kaleida oversees the company’s financial health, including budgeting, revenue growth, and investment strategies. He plays a key role in ensuring the company remains profitable and meets shareholder expectations.
Marisa Carona – Chief Growth Officer (CGO)
Marisa Carona leads growth initiatives, marketing, and brand expansion at Wingstop. She is responsible for driving customer engagement, increasing brand awareness, and optimizing franchise partnerships.
Donnie Upshaw – Chief People Officer (CPO)
Donnie Upshaw oversees human resources and corporate culture at Wingstop. He ensures employee development, franchisee support, and workplace culture align with the company’s mission.
Institutional Investors’ Influence
Institutional investors, including BlackRock, Vanguard, and State Street, hold large stakes in Wingstop and influence key corporate decisions through shareholder voting. While they do not directly manage operations, they vote on board elections, executive compensation, and major company policies.
Franchise Owners’ Role
Since Wingstop operates a franchise-based model, individual franchisees also play a crucial role in the company’s success. Franchise owners manage daily operations at local restaurants, following corporate guidelines but retaining control over staffing, marketing, and customer service at their locations.
Annual Revenue and Net Worth of Wingstop
In the fiscal year ending December 31, 2024, Wingstop reported a total revenue of $625.8 million marking a 36.0% increase from the previous year. Net income for the same period was $108.7 million reflecting a 54.9% growth year-over-year. These figures underscore Wingstop’s strong market presence and operational efficiency.
As of March 2025, the net worth of Wingstop is well over $6.57 billion.
Here’s the historical revenue and net worth of Wingstop:
| Fiscal Year | Revenue (in millions) | YoY Growth Rate |
|---|
| 2013 | $59.0 | — |
| 2014 | $67.4 | 14.32% |
| 2015 | $78.0 | 15.60% |
| 2016 | $103.3 | 32.52% |
| 2017 | $133.3 | 29.03% |
| 2018 | $153.2 | 14.90% |
| 2019 | $199.7 | 30.35% |
| 2020 | $248.8 | 24.61% |
| 2021 | $282.5 | 13.54% |
| 2022 | $357.5 | 26.56% |
| 2023 | $460.1 | 28.68% |
| 2024 | $625.8 | 36.03% |
Wingstop’s Market Share and Competitors
Wingstop Inc. has carved a niche in the fast-casual dining sector, particularly within the chicken wing segment. As of the fourth quarter of 2024, Wingstop’s market share stood at approximately 2.5% within the broader quick-service restaurant (QSR) industry. This positions Wingstop as a notable player, though it faces competition from several larger and well-established brands.
Below is an overview of Wingstop’s primary competitors:
McDonald’s Corporation
McDonald’s is the largest fast-food chain globally, boasting a market capitalization of approximately $212.11 billion. While primarily known for its burgers, McDonald’s extensive menu and global presence make it a formidable competitor in the quick-service restaurant industry.
Starbucks Corporation
Starbucks leads the coffeehouse sector with a market capitalization of around $106.58 billion. Its focus on beverages and light food items positions it differently from Wingstop, but its dominance in the fast-casual space is noteworthy.
Chipotle Mexican Grill
Chipotle specializes in Mexican cuisine and holds a market capitalization of about $72.54 billion. Its emphasis on fresh ingredients and quick service appeals to a similar demographic as Wingstop.
Yum! Brands Inc.
Yum! Brands operates several well-known fast-food chains, including KFC, Pizza Hut, and Taco Bell, with a combined market capitalization of approximately $38.55 billion. KFC, in particular, is a direct competitor to Wingstop in the chicken segment.
Darden Restaurants Inc.
Darden owns and operates multiple casual dining brands such as Olive Garden and LongHorn Steakhouse, with a market capitalization of around $20.24 billion. While focusing more on sit-down dining, Darden’s market presence impacts the broader restaurant industry.
Domino’s Pizza Inc.
Domino’s is a leader in pizza delivery and carryout services, holding a market capitalization of about $15.54 billion. Its efficient delivery model and brand recognition make it a strong competitor in the quick-service sector.
Texas Roadhouse Inc.
Texas Roadhouse is a casual dining chain specializing in steaks and American cuisine, with a market capitalization of approximately $10 billion. Its focus on hearty meals and dine-in experience differentiates it from Wingstop’s model.
Dutch Bros Inc.
Dutch Bros is a drive-thru coffee chain with a market capitalization of around $6.3 billion. Though primarily beverage-focused, its rapid expansion poses competitive pressure in the fast-casual market.
Shake Shack Inc.
Shake Shack offers burgers, hot dogs, and shakes, holding a market capitalization of about $4.32 billion. Its emphasis on quality ingredients and urban locations attracts a customer base similar to Wingstop’s.
The Wendy’s Company
Wendy’s is a global fast-food chain known for its burgers and holds a market capitalization of approximately $3.72 billion. Its extensive menu and established brand presence contribute to its competitive stance in the industry.
Brands Owned by Wingstop
Wingstop Inc. is primarily known for its namesake brand, Wingstop, and operates various subsidiaries to support its operations. Below is an overview of the key entities under Wingstop Inc.:
Wingstop Holdings, Inc.
Wingstop Holdings, Inc. is a Delaware-incorporated subsidiary that serves as the holding company for Wingstop’s various business units. It plays a central role in managing the corporation’s assets and overseeing its strategic initiatives.
Wingstop Restaurants Inc.
Incorporated in Texas, Wingstop Restaurants Inc. is responsible for the direct operation and management of company-owned Wingstop restaurant locations. This subsidiary ensures that corporate-owned outlets adhere to the brand’s standards and operational guidelines.
Wingstop Franchising LLC
Wingstop Franchising LLC, based in Delaware, manages the franchising aspect of the business. It oversees relationships with franchisees, provides support, and ensures that franchised locations maintain consistency with the brand’s image and quality.
Wingstop Funding LLC
This Delaware-based subsidiary handles financial operations, including securing funding and managing financial transactions essential for the company’s growth and expansion strategies.
Wingstop Beverages, Inc.
Wingstop Beverages, Inc., along with its subsequent entities Wingstop Beverages II and III, all incorporated in Texas, focuses on the beverage offerings within Wingstop restaurants. They manage the procurement, development, and distribution of drink options to complement the food menu.
Wingstop GCM, LLC
Operating out of Florida, Wingstop GCM, LLC is involved in supply chain management, ensuring that ingredients and products are efficiently sourced and delivered to various restaurant locations.
Wingstop (UK) Ltd
Wingstop (UK) Ltd manages the brand’s operations in the United Kingdom. Established to expand Wingstop’s presence internationally, this subsidiary oversees the growth and management of locations throughout the UK.
Wingstop (Singapore) Pte. Ltd.
Similarly, Wingstop (Singapore) Pte. Ltd. handles operations in Singapore, focusing on bringing Wingstop’s flavors to the Southeast Asian market and ensuring adherence to the brand’s standards in this region.
Final Words on Who Owns Wingstop
Wingstop Inc.’s ownership is characterized by substantial institutional investment, with major shareholders like BlackRock and Vanguard holding significant stakes. The company’s experienced leadership team, under the guidance of Board Chair Lynn Crump-Caine, steers its strategic direction. With impressive financial growth and a dedicated focus on its core brand, Wingstop continues to strengthen its position in the competitive QSR market.
FAQs
Who founded Wingstop?
Wingstop was founded in 1994 in Garland, Texas, focusing on buffalo-style chicken wings. The founders’ dedication to flavor and quality service propelled the brand’s early success.
Is Wingstop a franchise?
Yes, Wingstop operates on a franchise model. The first franchised location opened in 1997, and since then, the brand has expanded significantly, with thousands of locations worldwide. The franchise model has contributed to its rapid growth and global presence.
How many locations does Wingstop have?
As of 2024, Wingstop has over 2,000 locations globally. The company continues to expand, with a strong presence in the United States and international markets, including Mexico, the United Kingdom, and Southeast Asia.
Does Wingstop own other restaurant brands?
No, Wingstop focuses solely on its flagship brand. Unlike competitors that diversify across multiple brands, Wingstop concentrates on perfecting its chicken wings and enhancing customer experience under a single identity.
Who is the CEO of Wingstop?
As of 2024, Michael Skipworth serves as the President and Chief Executive Officer of Wingstop. He has been instrumental in driving the company’s growth and digital transformation, ensuring its continued success in the fast-food industry.
What is Wingstop’s stock symbol?
Wingstop is publicly traded on the NASDAQ stock exchange under the ticker symbol WING. Investors can buy and sell shares of the company through stock market exchanges.
What makes Wingstop different from competitors?
Wingstop differentiates itself with its aviation-themed restaurants, bold flavors, and commitment to fresh, made-to-order chicken wings. The company’s focus on digital sales and delivery has also helped it stay ahead of traditional fast-food competitors.
Does Wingstop offer vegetarian options?
While Wingstop specializes in chicken wings, it does offer some vegetarian-friendly options like fries, veggie sticks, and select dipping sauces. However, its menu is primarily designed for wing lovers.
Where is Wingstop’s headquarters?
Wingstop’s corporate headquarters is located in Addison, Texas, United States.
How profitable is Wingstop?
Wingstop has shown strong financial performance, with significant revenue and profit growth in recent years. The company’s strategic expansion, digital innovation, and franchise model contribute to its profitability and market strength.
Can you invest in a Wingstop franchise?
Yes, Wingstop offers franchising opportunities. Interested investors must meet financial and operational requirements set by the company to open and manage a Wingstop location.