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
- Net income · GAAP
- $2,362 million
- Diluted earnings per share · GAAP
- $3.32
- Diluted earnings per share excluding charges · non-GAAP
- $3.38
- Operating income · GAAP
- $3.3B
- Non-GAAP operating margin · non-GAAP
- 46.9%
up 4% (2% in constant currencies)
up 5% (4% in constant currencies)
an increase of 6% (5% in constant currencies)
an increase of 6% (5% in constant currencies)
up 3% (2% in constant currencies)
vs 46.8% a year ago
| Segment or metric | Value | Change |
|---|---|---|
| Systemwide sales | $37 billion | increased 5% (4% in constant currencies) |
| U.S. comparable sales | 0.8% | vs 2.5% a year ago |
| International Operated Markets comparable sales | 1.5% | vs 4.0% a year ago |
| International Developmental Licensed Markets comparable sales | 1.9% | vs 5.6% a year ago |
| Global comparable sales | 1.3% | vs 3.8% a year ago |
| 90-day active loyalty users | nearly 220 million | up 13% |
| Systemwide restaurants | 46,028 | up 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 filing | Q2 2026 | vs year ago | vs 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 margin | 47.0% | −0.2 pts | +1.7 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Capital expenditures | 2026 | $3.7 and $3.9 billion |
| Effective income tax rate | full year 2026 | between 21% and 23% |
| Operating margin percent | 2026 | mid-to-high 40% range |
| SG&A as a percent of Systemwide sales | full year 2026 | about 2.2% |
| Interest expense increase | full year 2026 | between 4% and 6% |
| Net restaurant unit expansion contribution to Systemwide sales growth | 2026 | approximately 2.5% |
| Free cash flow conversion rate | 2026 | low-to-mid 80% range |
Key takeaways
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.
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.
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.
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.
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
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 |
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.
Data
| Q4 2024 | 44.9% |
| Q1 2025 | 44.5% |
| Q2 2025 | 47.2% |
| Q3 2025 | 47.4% |
| Q4 2025 | 45.0% |
| Q1 2026 | 45.3% |
| Q2 2026 | 47.0% |
| Q3 2026 | 50.2% |
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