Fast-food chain Wendy’s (NASDAQ: WEN) will be announcing earnings results this Friday morning. Here’s what investors should know.

Wendy's beat analysts’ revenue expectations by 0.6% last quarter, reporting revenues of $560.9 million, down 1.7% year on year. It was a mixed quarter for the company, with an impressive beat of analysts’ EBITDA estimates but full-year EBITDA guidance missing analysts’ expectations.

Is Wendy's a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting Wendy’s revenue to decline 5.9% year on year to $533 million, a reversal from the 2.9% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.20 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Wendy's has missed Wall Street’s revenue estimates five times over the last two years.

Looking at Wendy’s peers in the traditional fast food segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Dutch Bros delivered year-on-year revenue growth of 25.2%, beating analysts’ expectations by 2.3%, and Restaurant Brands reported revenues up 6.9%, topping estimates by 2.4%. Restaurant Brands’s stock price was unchanged following the results.

Read our full analysis of Dutch Bros’s results here and Restaurant Brands’s results here.

Questions about potential tariffs and corporate tax changes have caused much volatility in 2025. While some of the traditional fast food stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 2.7% on average over the last month. Wendy’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $11.13 (compared to the current share price of $9.10).

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