McDonald’s (MCD) investor relations material

Executive summary

• Global systemwide sales rose 5% (4% in constant currency) to $37 billion for the quarter ended June 30, 2026, with global comparable sales up 1.3% and positive growth across all segments.

• U.S. comparable sales increased 0.8%, below expectations due to inconsistent execution, operational complexity, and underperforming marketing programs, with negative guest counts offset by higher average checks.

• International Operated Markets saw 1.5% comparable sales growth, led by Germany, Australia, and the U.K., with strong value menu and marketing execution, while France underperformed.

• New beverage platform launches in the U.S., Canada, and Germany exceeded expectations, driving higher guest checks and new daypart occasions.

• Skye Anderson was appointed President of the U.S. segment to drive performance and operational discipline.

Financial highlights

• Consolidated revenues increased 4% year-over-year to $7.1 billion for the quarter and 6% to $13.6 billion for the six months.

• Adjusted EPS for Q2 was $3.38, up 5% year-over-year on a constant currency basis, including a $0.03 FX benefit; diluted EPS was $3.32 for the quarter (up 6%).

• Net income for the quarter was $2.36 billion, up 5% year-over-year; for the six months, $4.35 billion, up 5%.

• Restaurant margins exceeded $4 billion in Q2; year-to-date adjusted operating margin was 46.9%.

• Cash provided by operations was $5.2 billion for the six months, exceeding capital expenditures by $3.7 billion.

Outlook and guidance

• Net restaurant unit expansion expected to contribute ~2.5% to 2026 systemwide sales growth, with a global restaurant count target of 50,000 pushed to 2028 due to inflation and consumer environment.

• Full-year 2026 operating margin projected in the mid-to-high 40% range.

• 2026 capital expenditures forecasted at $3.7–$3.9 billion, with ~2,600 new restaurants planned globally.

• U.S. execution improvements expected to show fastest impact in operations, with marketing and value initiatives to follow in Q4 and 2027.

• IOM and IDL segments expected to accelerate comp sales growth sequentially in Q3.