The restaurants themselves are almost all owned by franchisees. Company-owned restaurants made up only 2.4% of Wingstop's $5.3 billion in system-wide sales in 2025, according to the 10-K.
Who owns Wingstop today?
Holders of more than 5%, from Wingstop's 2026 proxy statement (as of February 28, 2026, based on each firm's own filings):
| Shareholder | Shares | Stake |
|---|---|---|
| BlackRock | 2,738,198 | 9.96% |
| T. Rowe Price Associates | 2,153,306 | 7.83% |
| Lone Pine Capital | 1,491,245 | 5.43% |
| Massachusetts Financial Services (MFS) | 1,405,894 | 5.12% |
| All 18 directors and executive officers together | 145,564 | Less than 1% |
| CEO Michael Skipworth | 44,100 | Less than 1% |
Wingstop had 27,242,546 shares outstanding on July 28, 2026. At the closing price of $119.54 on October 23, 2026 (Yahoo Finance), the whole company was worth about $3.3 billion, my math. That is far below its peak: the stock closed July 2025 at $377.34 and has fallen as US same store sales declined 8.1% in the first half of 2026.
Every Wingstop CEO
| CEO | Years | Background | What changed |
|---|---|---|---|
| Antonio Swad | 1994 to 2003 | Founder; opened the first restaurant in Garland, Texas | Started franchising in 1997; sold the chain to Gemini Investors in 2003 to focus on his Pizza Patrón chain |
| James "Jim" Flynn | 2003 to June 2012 | Joined after the Gemini purchase, when Wingstop had 88 locations in 15 states | Grew it to 515 locations in 34 states and Mexico; stayed on through the 2010 sale to Roark, then became executive chairman |
| Charlie Morrison | June 2012 to March 2022 | Former CEO of Rave Restaurant Group (Pizza Inn) | Took Wingstop public in 2015; left to run Salad and Go |
| Michael Skipworth | March 2022 to today | Joined in 2014; CFO from 2018, president from August 2021 | Restaurant count passed 3,000; system-wide sales reached $5.3 billion in 2025 |
Sources: PR Newswire, June 12, 2012; Nation's Restaurant News, 2010; Restaurant Dive, March 2022; Wingstop 2026 proxy; Wikipedia.
Wingstop's 10-K says it added more than 1,000 net new restaurants, a 56% increase, from the start of fiscal 2023 to the end of 2025, all under Skipworth.
Wingstop ownership timeline
- 1994
Antonio Swad opens the first Wingstop in Garland, Texas
- 1997
Wingstop starts franchising; the first franchised restaurant opens in April 1998
- 2003
Swad sells the chain to private equity firm Gemini Investors; Jim Flynn becomes CEO
- 2010
Gemini sells Wingstop to Atlanta private equity firm Roark Capital on April 9
- 2012
Charlie Morrison becomes CEO in June; Flynn becomes executive chairman
- 2015
Wingstop goes public on Nasdaq on June 12; Roark keeps about 70%
- 2016
Roark sells its last 6,765,858 shares in November, ending its control
- 2022
Michael Skipworth becomes CEO in March after Morrison resigns
- 2025
System-wide sales reach $5.3 billion across 3,056 restaurants
- 2026
Restaurant count reaches 3,255 by June 27; the share price falls about 50% in 2026 through October 23
How big is Wingstop?
| Measure | Figure | Date |
|---|---|---|
| System-wide sales | $5.3 billion | 2025 |
| Total revenue | $696.9 million | 2025 |
| Net income | $174.3 million | 2025 |
| Restaurants | 3,255 worldwide | June 27, 2026 |
| Digital share of sales | 73.2% | Fourth quarter 2025 |
| Domestic average unit volume | $2.0 million | 2025 |
Sources: Wingstop 2025 10-K and second quarter 2026 10-Q.
Wingstop's revenue is much smaller than its sales because franchisees keep most of what customers spend. Wingstop earns royalties, advertising fees and sales from about 2.4% of restaurants it runs itself.
Who founded Wingstop?
Antonio Swad, in 1994 in Garland, Texas. Wikipedia also credits Bernadette Fiaschetti as a co-founder. Swad sold the chain in 2003 to focus on Pizza Patrón, the pizza chain he had founded earlier. Wingstop is now based in Dallas.
Related reading
Sources & methodology
Observations retain their source, period and definition. Uncertainty is preserved; missing values are not zero.
- Wingstop Inc. 2026 proxy statement (SEC EDGAR) ↗
SEC EDGAR · 2026-04-02T00:00:00.000Z
- Wingstop Inc. 2025 annual report on Form 10-K (SEC EDGAR) ↗
SEC EDGAR · 2026-02-18T00:00:00.000Z
- Wingstop Inc. quarterly report for the period ended June 27, 2026 (SEC EDGAR) ↗
SEC EDGAR · 2026-07-29T00:00:00.000Z
- Wingstop Inc. IPO prospectus (SEC EDGAR) ↗
SEC EDGAR · 2015-06-12T00:00:00.000Z
- Wingstop Inc. prospectus supplement, Roark share sale (SEC EDGAR) ↗
SEC EDGAR · 2016-11-02T00:00:00.000Z
- Wingstop Names Charles Morrison President and CEO (PR Newswire) ↗
PR Newswire · 2012-06-12T00:00:00.000Z
- Wingstop optimistic about 2010 (Nation's Restaurant News) ↗
Nation's Restaurant News
- Wingstop's CEO steps down after 10 years (Restaurant Dive) ↗
Restaurant Dive · 2022-03-15T00:00:00.000Z
- Wingstop (Wikipedia) ↗
Wikipedia
Accessed 2026-10-25.
- WING share price (Yahoo Finance) ↗
Yahoo Finance · 2026-10-23T00:00:00.000Z