WASHINGTON, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15 (d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

          Date of report (Date of earliest event reported) May 12, 2003

                             TRIARC COMPANIES, INC.
             (Exact name of registrant as specified in its charter)

          DELAWARE                   1-2207              38-0471180
          ------------               -------             --------------
          (State or other            (Commission         (I.R.S. Employer
          jurisdiction of            File No.)           Identification No.)
          incorporation of

          280 Park Avenue
          New York, NY                                    10017
          --------------------------                     ----------
          (Address of principal executive office)        (Zip Code)

         Registrant's telephone number, including area code:   (212) 451-3000

         ------------------------------                  ------------
         (Former name or former address,                  (Zip Code)
         if changed since last report)

Item 9. Regulation FD Disclosure (including information provided under
        Item 12, "Results of Operations and Financial Condition")

     The  information  required  by Item 12 is being  furnished  under Item 9 in
accordance with the Securities and Exchange Commission's interim filing guidance
provided in SEC Release No. 33-8216.

     On May 12, 2003,  Triarc  Companies,  Inc. (the  "Company")  issued a press
release  announcing its financial results for the fiscal quarter ended March 30,
2003. A copy of the press release is furnished as Exhibit 99.1 to this report.

     The information in this report,  including the Exhibit,  is being furnished
and  shall not be  deemed  to be  "filed"  for  purposes  of  Section  18 of the
Securities  Exchange  Act of 1934,  as  amended,  or  otherwise  subject  to the
liabilities  of that  Section.  In  addition,  the  information  in this report,
including the Exhibit,  shall not be  incorporated by reference into the filings
of the Company under the Securities  Act of 1933, as amended,  or the Securities
Exchange  Act of 1934,  as amended,  except as shall be  expressly  set forth by
specific reference in such filing.


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                           TRIARC COMPANIES, INC.

                                           By: Francis T. McCarron
                                               Francis T. McCarron
                                               Senior Vice President and
                                               Chief Financial Officer

Dated:   May 12, 2003

                                  EXHIBIT INDEX

Exhibit       Description

99.1          Press Release dated May 12, 2003

                                                  Exhibit 99.1

                                           For Immediate Release

CONTACT:  Anne A. Tarbell
          (212) 451-3030


     New York, NY, May 12, 2003 - Triarc  Companies,  Inc. (NYSE: TRY) announced
today the results of  operations  for its first  quarter  ended March 30,  2003.

o    Consolidated revenues increased to $69.7 million in the first quarter of
     2003 from $22.4 million in the first quarter of 2002 primarily reflecting
     the December 2002 acquisition of Sybra, Inc. ("Sybra"), the owner of 239
     Arby's(R) restaurants as of March 30, 2003. Sybra's net sales for the first
     quarter of 2003 were $48.5 million.

o    Consolidated revenues were also positively impacted by royalties from 115
     restaurants opened since March 31, 2002 with generally higher sales volumes
     replacing the royalties from 56 generally underperforming restaurants
     closed since March 31, 2002. Partially offsetting the above was the
     elimination upon consolidation of $1.7 million of Sybra royalties paid to
     Arby's, Inc. in the 2003 first quarter and a decline in same store sales.

o    System wide same store sales declined (2.0)% in the first quarter of 2003
     versus a strong 4.0% increase in the 2002 first quarter, reflecting the
     adverse effects in 2003 of severe weather, restaurant industry discounting
     and sluggish economic conditions.

o    Consolidated operating profit increased to $3.6 million in the 2003 first
     quarter from $1.3 million in the 2002 first quarter. Consolidated operating
     profit included operating profit of our restaurant operations which
     increased to $16.1 million in the 2003 first quarter from $13.5 million in
     the 2002 first quarter. These increases reflect a $2.3 million positive net
     impact on operating profit of the Sybra acquisition. The remaining increase
     was mainly due to an increase in royalties as a result of net new store

o    Consolidated depreciation and amortization increased to $3.4 million in the
     2003 first quarter from $1.6 million in the 2002 first quarter.
     Consolidated depreciation and amortization included depreciation and
     amortization of our restaurant operations which increased to $2.0 million
     in the 2003 first quarter from $0.3 million in the 2002 first quarter as a
     result of the Sybra acquisition.

o    Consolidated interest expense increased to $(8.5) million in the 2003 first
     quarter from $(6.4) million in the 2002 first quarter reflecting the
     inclusion of approximately $98 million of Sybra debt as of the beginning of
     the 2003 first quarter, the effect of which was partially offset by lower
     balances of the Arby's securitization debt.

o    Consolidated net investment income declined to $3.1 million in the 2003
     first quarter from $6.1 million in the 2002 first quarter primarily due to
     lower net realized gains on the sale of investments and to a lesser extent
     lower available yields on cash equivalents and short-term debt instruments.

o    The 2003 first quarter consolidated net loss was $(2.0) million, or $(.10)
     per share, compared to a net loss of $(1.0) million, or $(.05) per share,
     for the first quarter of 2002. This change reflects the effect of the
     increase in operating profit discussed above which was more than offset by
     the effects of higher consolidated interest expense and a decline in
     consolidated net investment income, also discussed above.

o    In the first quarter of 2003, the Arby's system opened 17 new units and
     closed 15 units (generally underperforming stores). As of March 30, 2003,
     Arby's had commitments from franchisees to build approximately 550 new
     units through 2010.

     Commenting on corporate  developments,  Nelson Peltz, Triarc's Chairman and
Chief Executive Officer,  said: "With our significant cash, cash equivalents and
short-term  investments,  potential to issue  equity  securities  and  borrowing
capacity beyond that, I believe we are well positioned to make  acquisitions.  I
am confident that our selection process will yield the right opportunities."

     Peltz added: "The Sybra integration is progressing smoothly. We are excited
about the many  opportunities  that Sybra will present to strengthen  the Arby's
brand which we believe can enhance Triarc shareholder value."

     Discussing restaurant  operations,  Peter May, Triarc's President and Chief
Operating Officer, said: "Over the last several months, Arby's, like many of its
restaurant  peers,  was impacted by several  factors  which  adversely  affected
financial results. Looking ahead, Arby's management,  together with franchisees,
have  developed a number of growth  initiatives  for 2003,  including new Market
Fresh(R)  sandwiches,  new  `artisan'  breads,  new equipment  technologies  and
exciting new advertising.  We believe that these  initiatives can bridge the gap
between fast food and fast casual  offerings,  thus  broadening  Arby's consumer

     Triarc is a holding company and through its subsidiaries, the franchisor of
the  Arby's(R)  restaurant  system and, as of March 30, 2003, an operator of 239
Arby's restaurants located in the United States.

                                      # # #
                            Note and Table To Follow

                              NOTE TO PRESS RELEASE

     The  statements  in this  press  release  that  are not  historical  facts,
including,  most importantly,  information concerning possible or assumed future
results  of  operations  of  Triarc   Companies,   Inc.  and  its   subsidiaries
(collectively,  "Triarc" or the "Company") and statements  preceded by, followed
by, or that include the words "may," "believes," "expects," "anticipates" or the
negation   thereof,   or  similar   expressions,   constitute   "forward-looking
statements" within the meaning of the Private  Securities  Litigation Reform Act
of 1995 (the "Reform Act"). All statements which address operating  performance,
events or developments  that are expected or anticipated to occur in the future,
including  statements  relating to revenue growth,  earnings per share growth or
statements  expressing  general  optimism about future  operating  results,  are
forward-looking   statements  within  the  meaning  of  the  Reform  Act.  These
forward-looking statements are based on our current expectations,  speak only of
the  date of this  press  release  and are  susceptible  to a number  of  risks,
uncertainties   and  other  factors.   Our  actual   results,   performance  and
achievements  may differ  materially  from any future  results,  performance  or
achievements expressed or implied by such forward-looking  statements. For those
statements,  we claim the  protection  of the  safe-harbor  for  forward-looking
statements  contained in the Reform Act. Many important factors could affect our
future  results and could cause those  results to differ  materially  from those
expressed  in the  forward-looking  statements  contained  herein.  Such factors
include, but are not limited to, the following:  competition,  including pricing
pressures,  the potential  impact of  competitors'  new units on sales by Arby's
restaurants  and  consumers'  perceptions of the relative  quality,  variety and
value  of  the  food  products  offered;   success  of  operating   initiatives;
development and operating  costs;  advertising and  promotional  efforts;  brand
awareness;  the  existence or absence of positive or adverse  publicity;  market
acceptance  of new product  offerings;  new product and concept  development  by
competitors;  changing  trends in  consumer  tastes and  preferences  (including
changes resulting from health or safety concerns with respect to the consumption
of beef, french fries or other foods or the effects of food-borne illnesses) and
in spending and demographic  patterns;  the business and financial  viability of
key  franchisees;  availability,  location  and  terms of sites  for  restaurant
development  by the Company and its  franchisees;  the ability of franchisees to
open new restaurants in accordance with their development commitments, including
the ability of franchisees to finance restaurant development;  delays in opening
new restaurants or completing remodels;  anticipated or unanticipated restaurant
closures by the Company and its  franchisees;  the ability to identify,  attract
and retain  potential  franchisees  with  sufficient  experience  and  financial
resources  to develop  and  operate  Arby's  restaurants;  changes  in  business
strategy  or  development  plans;  quality  of the  Company's  and  franchisees'
management;  availability,  terms and deployment of capital;  business abilities
and  judgment of the  Company's  and  franchisees'  personnel;  availability  of
qualified  personnel  to the  Company  and to  franchisees;  labor and  employee
benefit costs;  availability and cost of energy, raw materials,  ingredients and
supplies;  the  potential  impact  that  interruptions  in the  distribution  of
supplies of food and other products to Arby's restaurants could have on sales at
Company-owned   restaurants   and  the  royalties  that  Arby's   receives  from
franchisees;   availability  and  cost  of  workers'  compensation  and  general
liability  premiums and claims  experience;  changes in  national,  regional and
local  economic,  business or political  conditions  in the  countries and other
territories  in which  the  Company  and its  franchisees  operate;  changes  in
government  regulations,   including  franchising  laws,  accounting  standards,
environmental  laws,  minimum wage rates and taxation  requirements;  the costs,
uncertainties  and other  effects  of legal,  environmental  and  administrative
proceedings;  the impact of general  economic  conditions on consumer  spending,
including  a  slower  consumer  economy  and  the  effects  of war or  terrorist
activities;  adverse  weather  conditions;  and other  risks  and  uncertainties
affecting the Company and its  subsidiaries  detailed in the Company's Form 10-K
for  the  fiscal  year  ended  December  29,  2002  (see  especially   "Item  1.
Business-Risk  Factors"  and "Item 7.  Management's  Discussion  and Analysis of
Financial  Condition and Results of  Operations"),  and in our other current and
periodic filings with the Securities and Exchange  Commission,  all of which are
difficult or impossible to predict  accurately  and many of which are beyond our
control.  We will not  undertake  and  specifically  decline any  obligation  to
publicly  release  the  results  of  any  revisions  which  may be  made  to any
forward-looking  statements to reflect events or circumstances after the date of
such  statements or to reflect the occurrence of  anticipated  or  unanticipated
events.  In  addition,  it is our  policy  generally  not to make  any  specific
projections  as to  future  earnings,  and we do  not  endorse  any  projections
regarding future performance that may be made by third parties.

                             Triarc Companies, Inc.
               Condensed Consolidated Statements of Operations (a)
                 Quarter Ended March 31, 2002 and March 30, 2003

                                                                              2002            2003
                                                                              ----            ----
                                                                     (In thousands except per share amounts)

   Net sales                                                             $        --      $   48,497
   Royalties and franchise and related fees (b)                               22,381          21,237
                                                                         -----------      ----------
                                                                              22,381          69,734
                                                                         -----------      ----------

Costs and expenses:
   Cost of sales, excluding depreciation and amortization                         --          36,255
   Advertising and selling                                                        45           3,100
   General and administrative                                                 19,461          23,380
   Depreciation and amortization, excluding amortization
     of deferred financing costs                                               1,581           3,383
                                                                         -----------      ----------
                                                                              21,087          66,118
                                                                         -----------      ----------
       Operating profit                                                        1,294           3,616
Interest expense                                                              (6,360)         (8,458)
Insurance expense related to long-term debt                                   (1,175)         (1,092)
Investment income, net                                                         6,062           3,141
Other income (expense), net                                                     (570)            557
                                                                         -----------      ----------
       Loss before income taxes                                                 (749)         (2,236)
(Provision for) benefit from income taxes                                       (297)            262
                                                                         -----------      ----------
       Net loss                                                          $    (1,046)     $   (1,974)
                                                                         ===========      ==========

Loss per share:
   Basic                                                                 $      (.05)     $     (.10)
                                                                         ===========      ==========
   Diluted                                                               $      (.05)     $     (.10)
                                                                         ===========      ==========

Shares used to calculate loss per share:
   Basic                                                                      20,422          20,413
                                                                         ===========      ==========
   Diluted(c)                                                                 20,422          20,413
                                                                         ===========      ==========

(a)      On December 27, 2002, the Company completed the acquisition of Sybra,
         Inc. As of March 30, 2003, Sybra owned and operated 239 Arby's
         restaurants in nine states and, prior to the Sybra Acquisition, was the
         second largest franchisee of Arby's restaurants. As a result of the
         Sybra Acquisition, the consolidated results of operations for the 2003
         first quarter include Sybra's results but do not include royalties and
         franchise and related fees paid by Sybra to Arby's, Inc., which are
         eliminated in consolidation. The consolidated results of operations for
         the 2002 first quarter, however, include royalties and franchise fees
         from Sybra but do not include Sybra's results.

(b)      Includes royalties from Sybra for the 2002 first quarter whereas the
         royalties from Sybra for the 2003 first quarter were eliminated in
         consolidation. Such royalties were approximately $1.7 million in both

(c)      The shares used to calculate  diluted  loss per share for the quarters
         ended March 31, 2002 and March 30, 2003 are the same as those used to
         calculate  basic loss per share since the Company  reported a net loss
         and, therefore,  the effect of all potentially  dilutive securities
         would have been antidilutive.  Had the Company reported net income for
         the quarters ended March 31, 2002 and March 30, 2003, the shares used
         to calculate diluted income per share would have been  21,823,000 and
         21,747,000, respectively, reflecting the effect of dilutive stock
         options.  The effects of dilutive stock options represented in such
         amounts reflect the average price of the Company's stock during the
         indicated periods.  These dilutive effects may  not be representative
         of the effects that may occur in future  periods.  Accordingly,  this
         information is presented for informational purposes only.