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Wendy's’s Q2 Earnings Call: Our Top 5 Analyst Questions

By: StockStory

WEN Cover Image

Wendy’s delivered second-quarter results that modestly topped Wall Street’s revenue and profit expectations, despite a year-over-year decline in sales. Management attributed weaker U.S. performance to shifting consumer behavior and a crowded promotional calendar, which complicated execution at the restaurant level. Interim CEO Ken Cook acknowledged the challenges, noting, “Our U.S. top line results and rest of year outlook are below the expectations we set at the beginning of the year as the consumer and competitive environment looks much different today than we anticipated.” Cook’s remarks reflected a more cautious and self-critical tone, with a focus on implementing operational changes to address the softer sales environment.

Is now the time to buy WEN? Find out in our full research report (it’s free).

Wendy's (WEN) Q2 CY2025 Highlights:

  • Revenue: $560.9 million vs analyst estimates of $557.6 million (1.7% year-on-year decline, 0.6% beat)
  • Adjusted EPS: $0.29 vs analyst estimates of $0.25 (14% beat)
  • Adjusted EBITDA: $146.6 million vs analyst estimates of $138.5 million (26.1% margin, 5.8% beat)
  • Management lowered its full-year Adjusted EPS guidance to $0.86 at the midpoint, a 10% decrease
  • EBITDA guidance for the full year is $515 million at the midpoint, below analyst estimates of $533.1 million
  • Operating Margin: 18.6%, up from 17.4% in the same quarter last year
  • Locations: 7,334 at quarter end, up from 7,261 in the same quarter last year
  • Same-Store Sales fell 2.9% year on year (0.8% in the same quarter last year)
  • Market Capitalization: $2.01 billion

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Wendy's’s Q2 Earnings Call

  • David Palmer (Evercore ISI) asked about the shift from broad collaborations to core menu innovation and the impact on marketing investment. CEO Kenneth Cook explained the need to simplify and sequence programming, stopping broad $1 promotions in favor of focused product launches and targeted digital discounts.

  • Jeffrey Bernstein (Barclays) inquired about franchisee sentiment and willingness to pursue value initiatives. Cook described ongoing efforts to improve franchisee communication and prioritization, emphasizing that more precise value targeting through app offers is a central strategy.

  • Rahul Krotthapalli (JPMorgan) questioned the timeline for improved customer satisfaction to translate into same-store sales gains for franchise locations. Cook responded that rising satisfaction scores are being tracked and should drive higher visit frequency as operational improvements compound.

  • Brian Mullan (Piper Sandler) asked about core menu pricing strategy amid industry value perceptions. Cook said Wendy’s plans to use new analytics capabilities to assess pricing and emphasized the importance of retelling the brand’s quality story alongside price considerations.

  • Jake Bartlett (Truist) sought clarification on the marketing calendar’s complexity and the rationale behind focusing on chicken. Cook admitted that too many concurrent offers confused customers and staff, and highlighted that chicken tenders performed well in testing versus competitors.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will be watching (1) whether the streamlined promotional calendar and focused menu innovation produce measurable improvements in U.S. same-store sales, (2) the sustained momentum and profitability of international operations as new markets ramp, and (3) the effectiveness of technology-driven customer engagement, including digital sales mix and AI-powered ordering. The impact of franchisee engagement and operational improvements on system-wide performance will also be closely monitored.

Wendy's currently trades at $10.54, up from $9.97 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free).

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