OpenNashEarnings

McDonald's (MCD) · Restaurants

McDonald's Q2 2026 earnings: summary, key numbers & outlook

Results filed 4 Aug 2026 · Quarter ended 30 Jun 2026

Press release ↗Investor relations ↗

Summaries and transcripts are machine-generated and can contain errors.

In brief

McDonald's second quarter 2026: Global Systemwide sales increased 5% (4% in constant currencies) to $37 billion, global comparable sales increased 1.3%, and diluted earnings per share was $3.32, an increase of 6%.

McDonald's grew in every segment in the second quarter. Global comparable sales rose 1.3%, led by International Developmental Licensed Markets at 1.9%, while the U.S. rose only 0.8%. Revenues were $7,099 million, up 4%, and diluted earnings per share was $3.32, up 6%. Excluding restructuring charges, EPS was $3.38. Loyalty is a bright spot: 90-day active users rose 13% to nearly 220 million. The company named Skye Anderson President of McDonald's USA.

For 2026, management expects net restaurant unit expansion to add about 2.5% to Systemwide sales growth, operating margin in the mid-to-high 40% range, and capital expenditures of $3.7 to $3.9 billion. The main tension is the U.S., the largest market. Its growth was slow and guest counts were negative, and the leadership change signals pressure to improve. Selling, general and administrative expenses also rose 17%, and restructuring charges continue through 2027.

Key numbers

Total revenues · GAAP
$7.1B

up 4% (2% in constant currencies)

Net income · GAAP
$2,362 million

up 5% (4% in constant currencies)

Diluted earnings per share · GAAP
$3.32

an increase of 6% (5% in constant currencies)

Diluted earnings per share excluding charges · non-GAAP
$3.38

an increase of 6% (5% in constant currencies)

Operating income · GAAP
$3.3B

up 3% (2% in constant currencies)

Non-GAAP operating margin · non-GAAP
46.9%

vs 46.8% a year ago

Segment or metricValueChange
Systemwide sales$37 billionincreased 5% (4% in constant currencies)
U.S. comparable sales0.8%vs 2.5% a year ago
International Operated Markets comparable sales1.5%vs 4.0% a year ago
International Developmental Licensed Markets comparable sales1.9%vs 5.6% a year ago
Global comparable sales1.3%vs 3.8% a year ago
90-day active loyalty usersnearly 220 millionup 13%
Systemwide restaurants46,028up 1,915 from a year ago
Where each number comes from
  • Total revenues: “Revenues | $7,099 | $6,843 | 4% | 2% | $13,616 | $12,799 | 6% | 3%”
  • Net income: “For the quarter, net income increased 5% (4% in constant currencies) to $2,362 million, and diluted earnings per share increased 6% (5% in constant currencies) to $3.32.”
  • Diluted earnings per share: “Diluted earnings per share was $3.32, an increase of 6% (5% in constant currencies).”
  • Diluted earnings per share excluding charges: “Excluding the current year charges described above of $0.06 per share, diluted earnings per share was $3.38, an increase of 6% (5% in constant currencies)”
  • Operating income: “OPERATING INCOME | 3,338 | 3,232 | 106 | 3 Interest expense | 409 | 390 | 19 | 5”
  • Non-GAAP operating margin: “Non-GAAP operating income | $3,391 | $3,275 | 4% | 2% | $6,391 | $5,989 | 7% | 3% Non-GAAP operating margin | 46.9% | 46.8%”
  • Systemwide sales: “Global Systemwide sales* increased 5% (4% in constant currencies) to $37 billion for the quarter”
  • U.S. comparable sales: “U.S. increased 0.8% •International Operated Markets increased 1.5% •International Developmental Licensed Markets increased 1.9%”
  • International Operated Markets comparable sales: “U.S. increased 0.8% •International Operated Markets increased 1.5% •International Developmental Licensed Markets increased 1.9%”
  • International Developmental Licensed Markets comparable sales: “U.S. increased 0.8% •International Operated Markets increased 1.5% •International Developmental Licensed Markets increased 1.9%”
  • Global comparable sales: “Global comparable sales increased 1.3%: •U.S. increased 0.8% •International Operated Markets increased 1.5% •International Developmental Licensed Markets increased 1.9%”
  • 90-day active loyalty users: “with 90-day active loyalty users up 13% to nearly 220 million as of quarter-end”
  • Systemwide restaurants: “Systemwide restaurants | 46,028 | 44,113 | 1,915 Countries | 114 | 114 | —”

Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.

From the filingQ2 2026vs year agovs last quarter
Revenue$7.1B+3.7%+8.9%
Operating income$3.3B+3.3%+13.0%
Net income$2.4B+4.8%+19.1%
Diluted EPS$3.32+5.7%+19.4%
Free cash flow$2.0B+57.6%+14.2%
Operating margin47.0%−0.2 pts+1.7 pts

Calculated by code from XBRL, not by the model.

Outlook

MetricPeriodOutlook
Capital expenditures2026$3.7 and $3.9 billion
Effective income tax ratefull year 2026between 21% and 23%
Operating margin percent2026mid-to-high 40% range
SG&A as a percent of Systemwide salesfull year 2026about 2.2%
Interest expense increasefull year 2026between 4% and 6%
Net restaurant unit expansion contribution to Systemwide sales growth2026approximately 2.5%
Free cash flow conversion rate2026low-to-mid 80% range

Key takeaways

  1. Comparable sales grew in every segment

    Global comparable sales increased 1.3%, with the U.S. up 0.8%, International Operated Markets up 1.5% and International Developmental Licensed Markets up 1.9%. Growth slowed from 3.8% a year earlier.

  2. U.S. weakness prompted a leadership change

    U.S. comparable sales were driven by positive check growth but partly offset by negative comparable guest counts. Skye Anderson was appointed President of McDonald's USA.

  3. Earnings grew faster than sales

    Diluted earnings per share rose 6% to $3.32 on revenues up 4%, helped by a lower share count of 711.1 million and a 19.5% effective tax rate.

  4. Selling, general and administrative costs rose sharply

    Selling, general and administrative expenses increased $117 million, or 17%, on higher employee costs, including incentive-based compensation, and the 2026 Worldwide Owner/Operator convention.

  5. Loyalty program keeps scaling

    Systemwide sales to loyalty members for the trailing twelve months increased over 20% to $40 billion across 70 markets, with 90-day active users up 13% to nearly 220 million.

Charts

Revenue$7.1B+3.7% y/yQ2 2026
Q4 2024: $6.4B (worked out from the annual figure)Q4 ’24$6.4BQ1 2025: $6.0BQ1 ’25$6.0BQ2 2025: $6.8BQ2 ’25$6.8BQ3 2025: $7.1BQ3 ’25$7.1BQ4 2025: $7.0B (worked out from the annual figure)Q4 ’25$7.0BQ1 2026: $6.5BQ1 ’26$6.5BQ2 2026: $7.1BQ2 ’26$7.1BQ3 2026: $7.2BQ3 ’26$7.2B

Fourth quarter worked out from the annual figure.

Data
Q4 2024$6.4B *
Q1 2025$6.0B
Q2 2025$6.8B
Q3 2025$7.1B
Q4 2025$7.0B *
Q1 2026$6.5B
Q2 2026$7.1B
Q3 2026$7.2B
Diluted EPS (GAAP)$3.32+5.7% y/yQ2 2026
Q1 2025: $2.60Q1 ’25$2.60Q2 2025: $3.14Q2 ’25$3.14Q3 2025: $3.18Q3 ’25$3.18Q1 2026: $2.78Q1 ’26$2.78Q2 2026: $3.32Q2 ’26$3.32Q3 2026: $3.51Q3 ’26$3.51
Data
Q1 2025$2.60
Q2 2025$3.14
Q3 2025$3.18
Q1 2026$2.78
Q2 2026$3.32
Q3 2026$3.51

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin47.0%−0.2 pts y/yQ2 2026
Q4 2024: 44.9%Q4 ’2444.9%Q1 2025: 44.5%Q1 ’2544.5%Q2 2025: 47.2%Q2 ’2547.2%Q3 2025: 47.4%Q3 ’2547.4%Q4 2025: 45.0%Q4 ’2545.0%Q1 2026: 45.3%Q1 ’2645.3%Q2 2026: 47.0%Q2 ’2647.0%Q3 2026: 50.2%Q3 ’2650.2%
Data
Q4 202444.9%
Q1 202544.5%
Q2 202547.2%
Q3 202547.4%
Q4 202545.0%
Q1 202645.3%
Q2 202647.0%
Q3 202650.2%
Free cash flow$2.0B+57.6% y/yQ2 2026
Q4 2024: $1.8BQ4 ’24$1.8BQ1 2025: $1.9BQ1 ’25$1.9BQ2 2025: $1.3BQ2 ’25$1.3BQ3 2025: $2.4BQ3 ’25$2.4BQ4 2025: $1.6BQ4 ’25$1.6BQ1 2026: $1.7BQ1 ’26$1.7BQ2 2026: $2.0BQ2 ’26$2.0BQ3 2026: $2.1BQ3 ’26$2.1B
Data
Q4 2024$1.8B
Q1 2025$1.9B
Q2 2025$1.3B
Q3 2025$2.4B
Q4 2025$1.6B
Q1 2026$1.7B
Q2 2026$2.0B
Q3 2026$2.1B

Operating cash flow minus capital expenditure, from cash flow statements.

Questions

What were McDonald's second quarter 2026 results?

Revenues were $7,099 million, up 4%, and diluted earnings per share was $3.32, up 6%. Systemwide sales rose 5% to $37 billion.

How did U.S. sales perform?

U.S. comparable sales rose 0.8%, down from 2.5% a year earlier, with positive check growth offset by negative comparable guest counts.

What is McDonald's 2026 outlook?

Management expects operating margin in the mid-to-high 40% range, capital expenditures of $3.7 to $3.9 billion, and an effective tax rate of 21% to 23%. It also expects about 2,100 net restaurant additions.

What were the restructuring charges?

Pre-tax charges were $52 million, or $0.06 per share, versus $43 million a year earlier. Excluding them, diluted EPS was $3.38.

How much cash did McDonald's return to shareholders?

In the quarter it paid dividends of $1.86 per share, or $1.3 billion, and repurchased 3.0 million shares for $858 million.

Documents

SEC filing