The Wendy's Company could show a turnaround from the first quarter or another quarter of slower traffic when the fast food giant reports second-quarter financial results before market open Friday.

Here are the analyst earnings estimates and key items to watch.

Earnings Estimates: Analysts expect Wendy's to report second-quarter revenue of $560.4 million, down from $570.7 million, according to data from Benzinga Pro.

The company missed analyst estimates in the first quarter and has missed estimates in six of the last 10 quarters overall.

Analysts expect Wendy's to report earnings per share of 26 cents. That’s down from 27 cents per share in last year's second quarter.

Wendy’s reported in-line earnings in the first quarter and has beaten analyst estimates in six of the last 10 quarters.

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Key Items to Watch: There was a lot happening at Wendy's in the second quarter and some items that could help offset any weakness and factor into future guidance.

A Placer.ai report shows that Wendy's visits were down 3.0% year-over-year in the second quarter. That compares to Placer.ai's data for the first quarter, which showed visits down 4.7% year-over-year.

Wendy's reported a sales decline of 2.1% year-over-year in the first quarter and had U.S sales declines of 2.6% year-over-year.

The second quarter featured several promotions and limited-time offerings like the launch of new Frosty's and the Cajun Crunch Spicy Chicken, along with free fries offerings.

Wendy's lowered its full-year guidance after first-quarter results and a poor second quarter could see guidance coming down again.

In the third quarter, Wendy's had a new promotion that could bring traffic to restaurants. The company is launching the "Meal of Misfortune" through a partnership with Netflix Inc ( NFLX ) hit series "Wednesday."

The promotion launches on Aug. 4 in the U.S. and Aug. 11 globally and features new items like the "Raven's Blood" Frosty and four mystery "Dips of Dread" sauces.

The "Meal of Misfortune" includes nuggets, fries and the frosty along with the mystery sauces and playful names for the food items.

The highly anticipated second season of "Wednesday" premieres on Netflix ( NFLX ) on Wed. Aug 6.

McDonald's Corporation , which recently reported quarterly financial results, was helped by "Minecraft" inspired meals during the second quarter. The restaurant company beat analyst estimates for revenue and earnings per share in the second quarter.

While the "Wednesday" meal and food items won't help Wendy's in the second quarter, they could factor into guidance or the company's future growth. Wendy’s doesn’t get the same hype around its kid’s meals and toys as McDonald’s, but limited time entertainment collaborations could prove powerful.

Other items to watch include the search for a new CEO with Kirk Tanner leaving to lead The Hershey Company and Wendy's placing CFO Ken Cook as interim CEO during the search for a new leader.

Wendy's could also highlight international expansion during the quarterly results and conference call. The company recently finalized two new franchise agreements to add up to 190 new Wendy's in Italy and Armenia.

The company has a plan to achieve 70% of its unit growth outside the U.S. and to reach 2,000 international restaurants by 2028.

Price Action: Wendy's stock is flat at $10.02 on Thursday versus a 52-week trading range of $9.74 to $20.60. Wendy's stock is down 37.8% year-to-date.

McDonald's shares are up 0.7% on Thursday and the stock is up 4.4% year-to-date in 2025.

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