McDonald's 8-K

PositiveEarningsNew guidanceRestructuring

Stronger check and product mix drove U.S. comparable sales growth, partly offset by lower guest counts.

Filed 2026-08-04 07:01 ET

Summary

Q2 2026 results and FY2026 outlook. Comparable sales grew 1.3% across all segments; Systemwide sales rose 5% (4% in constant currencies), and revenue increased 4%. McDonald’s also appointed Skye Anderson president of McDonald’s USA.

Key Figures

Metric Q2 2026 Q2 2025 Y/Y
Revenue $7.10B $6.84B 4%
Operating income, GAAP $3.34B $3.23B 3%
Operating income, non-GAAP $3.39B $3.28B 4%
Net income, GAAP $2.36B $2.25B 5%
Net income, non-GAAP $2.40B $2.29B 5%
Diluted EPS, GAAP $3.32 $3.14 6%
Diluted EPS, non-GAAP $3.38 $3.19 6%
Metric 6M 2026 6M 2025 Y/Y
Revenue $13.6B $12.8B 6%
Operating income, GAAP $6.29B $5.88B 7%
Operating income, non-GAAP $6.39B $5.99B 7%
Net income, GAAP $4.35B $4.12B 5%
Net income, non-GAAP $4.42B $4.21B 5%
Diluted EPS, GAAP $6.10 $5.74 6%
Diluted EPS, non-GAAP $6.21 $5.86 6%
  • Comparable sales increased 1.3% in Q2 (U.S. 0.8%, International Operated Markets 1.5%, International Developmental Licensed Markets 1.9%); six-month growth was 2.5%. Q2 U.S. growth reflected positive check and product mix, partly offset by lower guest counts.
  • Results primarily reflected higher sales-driven franchised margins and other operating income, partly offset by higher selling, general and administrative expenses. Foreign currency translation added $0.03 to Q2 diluted EPS. Q2 included $52M in net pre-tax charges ($0.06 per share), primarily for restructuring; six-month charges were $99M ($0.11 per share). Restructuring charges are expected to continue through 2027.
  • Q2 dividends totaled $1.3B ($1.86 per share); share repurchases were 3.0M shares for $858M. Six-month repurchases totaled 4.2M shares for $1.3B, and diluted weighted-average shares fell 1% to 711.1M from 717.6M. Six-month dividends totaled $2.6B.
  • Loyalty sales across 70 markets grew more than 20% to $40B for the trailing 12 months; 90-day active loyalty users rose 13% to nearly 220M.

Guidance

Metric Period Guidance Prior Direction
Net restaurant unit expansion contribution to Systemwide sales growth, constant currencies FY2026 ≈2.5% — —
Selling, general and administrative expenses as a share of Systemwide sales FY2026 ≈2.2% — —
Operating margin FY2026 Mid-to-high 40% range — —
Interest expense growth FY2026 4%-6% increase — —
Effective income tax rate FY2026 21%-23% — —
Capital expenditures FY2026 $3.7B-$3.9B — —
Restaurant openings FY2026 ≈2,600 total; ≈750 in the U.S. and International Operated Markets; more than 1,800 by developmental licensees and affiliates — —
Net restaurant additions FY2026 ≈2,100 — —
Free cash flow conversion rate FY2026 Low-to-mid 80% range — —
Global restaurant units 2028 Target of 50,000 — —

Investor Takeaways

  • Watch U.S. comparable sales and guest counts: Q2 growth relied on stronger check and product mix, while guest counts remained a partial offset.
  • FY2026 restaurant openings and net additions will show progress toward the 50,000-unit target for 2028.

The summary is written by an AI model reading the filing.

Model 005 · prompt 01d34d48e3

Feedback