# McDonald's (MCD) Q2 2026 earnings

Results filed 2026-08-04 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/mcd/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/63908/000006390826000067/0000063908-26-000067-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Total revenues | $7,099 | up 4% (2% in constant currencies) | GAAP |
| Net income | $2,362 million | up 5% (4% in constant currencies) | GAAP |
| Diluted earnings per share | $3.32 | an increase of 6% (5% in constant currencies) | GAAP |
| Diluted earnings per share excluding charges | $3.38 | an increase of 6% (5% in constant currencies) | non-GAAP |
| Operating income | 3,338 | up 3% (2% in constant currencies) | GAAP |
| Non-GAAP operating margin | 46.9% | vs 46.8% a year ago | non-GAAP |

## Segments and operating metrics

| Name | 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 |

## 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

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.

## 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.