Jun 2026 (Q2 FY26) — Aug 4, 2026
McDonald's Q2 FY26 — U.S. Underperforms Amidst Execution Challenges, International Strength Continues
Read the full callMCDONALDS (MCD) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
MCDONALDS earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 7,099 | +3.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 47.0 | −0.2 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 2,362 | +4.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
28 of 30 judged targets kept · 31 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| International Developmental Licensed Markets quarterly comparable sales growth | decelerate from the 3.4% in Q1 | Mar 2026 | Turning to the international developmental license markets. Comparable sales increased 1.9%. | Achieved |
| U.S. quarterly comparable sales growth | meaningful deceleration from the 3.9% in Q1, with acceleration on a 2-year stack | Mar 2026 | the business slowed significantly, posting comparable sales growth of 0.8% in the quarter. This was below our expectations | Missed |
| Foreign currency translation impact on full-year EPS | tailwind totaling in the range of $0.20 to $0.30 | Dec 2025 | We currently estimate a tailwind of about $0.15 from the impact of foreign currency translation on full year 2026 adjusted EPS based on current exchange rates. That's down from our previously estimated range of a $0.20 to $0.30 tailwind. | Revised Down |
2 of MCDONALDS CORP's 61 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 58 more targets are in the full ledger.
Claimed
- System-wide sales grew 4% in constant currency, reflecting the growing contribution from new unit openings.
- Global comparable sales grew 1.3%, with positive comparable sales growth across each of our operating segments.
- International Operated Markets (IOM) comparable sales increased 1.5%, driven by strong performance in Germany, Australia, and the U.K.
- International Developmental Licensed Markets (IDL) comparable sales increased 1.9%, led by Japan's tenth consecutive quarter of positive comparable guest count growth.
- Adjusted earnings per share reached $3.38, representing a 5% increase versus the prior year on a constant currency basis.
Qualified
- U.S. comparable sales grew only 0.8%, below expectations, due to inconsistent execution and marketing underperformance.
- Only 60%-65% of the U.S. system consistently executed the new 'under $3 everyday affordable price (EDAP)' menu, leading to lower incrementality than expected.
- Restaurant teams were overwhelmed by too many deployments in the quarter, impacting customer service times and satisfaction scores.
- Marketing programs, including the FIFA campaign, did not deliver against expectations.
- The target to reach 50,000 restaurants globally was pushed out from the end of 2027 to 2028 due to the pressured consumer environment and cumulative inflationary impact on development costs.
Price
$242.67 −0.12% · −$0.3
Performance −21.2% 1Y
1Y: $308.09 on 17 Oct 2025 → $242.67. High $341.06 (27 Feb 2026), low $230.88 (7 Oct 2026).
- Previous close
- $242.97
- 52-week range
- $230.88 – $341.06
- One year
- −21.15%
Overview
- Symbol
- MCD
- Sector
- Consumer Discretionary
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
28 of 30 judged targets kept · 31 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| International Developmental Licensed Markets quarterly comparable sales growth | decelerate from the 3.4% in Q1 | Mar 2026 | Turning to the international developmental license markets. Comparable sales increased 1.9%. | Achieved |
| U.S. quarterly comparable sales growth | meaningful deceleration from the 3.9% in Q1, with acceleration on a 2-year stack | Mar 2026 | the business slowed significantly, posting comparable sales growth of 0.8% in the quarter. This was below our expectations | Missed |
| Foreign currency translation impact on full-year EPS | tailwind totaling in the range of $0.20 to $0.30 | Dec 2025 | We currently estimate a tailwind of about $0.15 from the impact of foreign currency translation on full year 2026 adjusted EPS based on current exchange rates. That's down from our previously estimated range of a $0.20 to $0.30 tailwind. | Revised Down |
Claimed
- System-wide sales grew 4% in constant currency, reflecting the growing contribution from new unit openings.
- Global comparable sales grew 1.3%, with positive comparable sales growth across each of our operating segments.
- International Operated Markets (IOM) comparable sales increased 1.5%, driven by strong performance in Germany, Australia, and the U.K.
- International Developmental Licensed Markets (IDL) comparable sales increased 1.9%, led by Japan's tenth consecutive quarter of positive comparable guest count growth.
- Adjusted earnings per share reached $3.38, representing a 5% increase versus the prior year on a constant currency basis.
Qualified
- U.S. comparable sales grew only 0.8%, below expectations, due to inconsistent execution and marketing underperformance.
- Only 60%-65% of the U.S. system consistently executed the new 'under $3 everyday affordable price (EDAP)' menu, leading to lower incrementality than expected.
- Restaurant teams were overwhelmed by too many deployments in the quarter, impacting customer service times and satisfaction scores.
- Marketing programs, including the FIFA campaign, did not deliver against expectations.
- The target to reach 50,000 restaurants globally was pushed out from the end of 2027 to 2028 due to the pressured consumer environment and cumulative inflationary impact on development costs.
The full ledger
Open MCDONALDS CORP’s full ledger
A free account opens 5 company ledgers a month. All 61 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 7, 2026
McDonald's Q1 FY26 — Value-Driven Growth Amid Macro Headwinds
Read the full callDec 2025 (Q4 FY25) — Feb 11, 2026
McDonald's Q4 FY25 — Strong Global Sales & Accelerated Expansion
Read the full callEvery analysed call
MCDONALDS earnings calls (MCD)
Financials
What the filings say
Net profit, year on year: +5% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 6,873 | 6,388 | 5,956 | 6,843 | 7,078 | 7,008 | 6,517 | 7,099 |
| Expenses | 3,685 | 3,520 | 3,308 | 3,611 | 3,721 | 3,852 | 3,564 | 3,760 |
| Operating profit | 3,188 | 2,868 | 2,648 | 3,232 | 3,357 | 3,156 | 2,953 | 3,338 |
| Operating margin | 46.4% | 44.9% | 44.5% | 47.2% | 47.4% | 45.0% | 45.3% | 47.0% |
| Other income | -36 | 229 | -57 | -18 | 1 | 161 | -11 | -6 |
| Interest | 381 | 380 | 376 | 390 | 406 | 410 | 400 | 409 |
| Net profit | 2,255 | 2,017 | 1,868 | 2,253 | 2,278 | 2,164 | 1,983 | 2,362 |
| EPS ($ per share) | 3.15 | — | 2.61 | 3.15 | 3.20 | — | 2.79 | 3.33 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 |
| Reserves | 50,487 | 52,931 | 53,908 | 57,535 | 59,544 | 63,480 | 66,834 | 70,282 |
| Total liabilities | 39,070 | 55,721 | 60,452 | 58,455 | 56,439 | 60,854 | 58,979 | 61,306 |
| Fixed assets | 22,843 | 24,160 | 24,958 | 24,721 | 23,774 | 24,908 | 25,295 | 28,241 |
| Total assets | 32,811 | 47,511 | 52,627 | 53,854 | 50,436 | 56,147 | 55,182 | 59,515 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 6,967 | 8,122 | 6,265 | 9,142 | 7,387 | 9,612 | 9,447 | 10,551 |
| Cash from investing | -2,455 | -3,071 | -1,546 | -2,166 | -2,678 | -3,185 | -5,346 | -3,822 |
| Cash from financing | -5,950 | -4,995 | -2,249 | -5,596 | -6,580 | -4,374 | -7,495 | -7,125 |
| Net cash flow | -1,598 | 33 | 2,551 | 1,260 | -2,126 | 1,996 | -3,494 | -311 |
| Capital expenditure | -2,742 | -2,394 | -1,641 | -2,040 | -1,899 | -2,357 | -2,775 | -3,365 |
| Free cash flow | 4,225 | 5,728 | 4,624 | 7,102 | 5,488 | 7,255 | 6,672 | 7,186 |
MCD revenue by segment
International Operated Markets grew from 48% to 51% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| International Operated Markets | 48% | 50% | 49% | 51% | 52% | 51% | 51% | 51% | +4.1% |
| US Market | — | — | 42% | 41% | 39% | 40% | 40% | 40% | +1.7% |
| International Developmental Licensed Markets and Corporate | 12% | 9% | 9% | 9% | 9% | 9% | 9% | 9% | +11.5% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
87 filings between Nov 5, 2025 and Aug 7, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$40.53M
22 sales by 8 insiders
86% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 47
- Option exercise — converted options into shares
- 17
- Tax withheld — shares kept back by the company to cover tax
Also filed: 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Kempczinski Christopher J | — | $17.47M | Feb 13, 2026 |
| Erlinger Joseph M. | — | $6.21M | Jun 10, 2026 |
| Steijaert Manuel JM | — | $5.95M | Dec 1, 2025 |
| Borden Ian Frederick | — | $5.31M | Nov 21, 2025 |
| Banner Jonathan | — | $2.07M | Feb 23, 2026 |
| Flatley Edith Morgan | — | $1.76M | Feb 12, 2026 |
| Ralls-Morrison Desiree | — | $1.56M | May 28, 2026 |
| Baroni Dario | — | $194.3K | Mar 18, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 7, 2026 | Elting Lauren B VP - CAO and Corp Controller | Option exercise | 48 | $0 |
| Aug 7, 2026 | Elting Lauren B VP - CAO and Corp Controller | Tax withheld | 304 | $83.4K |
| Aug 7, 2026 | Elting Lauren B VP - CAO and Corp Controller | Option exercise | 990 | $0 |
| Jun 10, 2026 | Erlinger Joseph M. President, McDonald's USA | Sale 10b5-1 plan | 5,252 | $1.49M |
| Jun 10, 2026 | Erlinger Joseph M. President, McDonald's USA | Option exercise 10b5-1 plan | 5,252 | $828.7K |
| May 28, 2026 | Ralls-Morrison Desiree EVP, Chief Legal Officer | Sale 10b5-1 plan | 2,763 | $769.1K |
| May 26, 2026 | Erlinger Joseph M. President, McDonald's USA | Sale 10b5-1 plan | 333 | $93.3K |
| Apr 23, 2026 | Erlinger Joseph M. President, McDonald's USA | Sale 10b5-1 plan | 333 | $100.8K |
| Apr 10, 2026 | Erlinger Joseph M. President, McDonald's USA | Sale 10b5-1 plan | 2,626 | $806.2K |
| Apr 10, 2026 | Erlinger Joseph M. President, McDonald's USA | Option exercise 10b5-1 plan | 2,626 | $414.4K |
| Mar 23, 2026 | Erlinger Joseph M. President, McDonald's USA | Sale 10b5-1 plan | 333 | $104.4K |
| Mar 18, 2026 | Baroni Dario President, IDL | Sale 10b5-1 plan | 600 | $194.3K |
| Mar 10, 2026 | Erlinger Joseph M. President, McDonald's USA | Sale 10b5-1 plan | 2,626 | $862.2K |
| Mar 10, 2026 | Erlinger Joseph M. President, McDonald's USA | Option exercise 10b5-1 plan | 2,626 | $414.4K |
| Feb 23, 2026 | Banner Jonathan EVP - Chief Impact Officer | Sale | 4,600 | $1.53M |
| Feb 23, 2026 | Erlinger Joseph M. President, McDonald's USA | Sale 10b5-1 plan | 333 | $110.0K |
| Feb 23, 2026 | Banner Jonathan EVP - Chief Impact Officer | Option exercise | 4,600 | $1.22M |
| Feb 23, 2026 | Banner Jonathan EVP - Chief Impact Officer | Sale | 1,601 | $533.7K |
| Feb 13, 2026 | Borden Ian Frederick EVP - CFO | Tax withheld | 2,368 | $775.7K |
| Feb 13, 2026 | Borden Ian Frederick EVP - CFO | Option exercise | 430 | $0 |
| Feb 13, 2026 | Borden Ian Frederick EVP - CFO | Option exercise | 5,949 | $0 |
| Feb 13, 2026 | Kempczinski Christopher J Chairman and CEO | Option exercise 10b5-1 plan | 1,395 | $0 |
| Feb 13, 2026 | Banner Jonathan EVP - Chief Impact Officer | Tax withheld | 1,938 | $634.8K |
| Feb 13, 2026 | Banner Jonathan EVP - Chief Impact Officer | Option exercise | 290 | $0 |
| Feb 13, 2026 | Banner Jonathan EVP - Chief Impact Officer | Option exercise | 4,015 | $0 |
| Feb 13, 2026 | Kempczinski Christopher J Chairman and CEO | Tax withheld 10b5-1 plan | 9,183 | $3.01M |
| Feb 13, 2026 | Kempczinski Christopher J Chairman and CEO | Option exercise 10b5-1 plan | 19,333 | $0 |
| Feb 13, 2026 | Kempczinski Christopher J Chairman and CEO | Sale 10b5-1 plan | 26,276 | $8.76M |
| Feb 13, 2026 | Kempczinski Christopher J Chairman and CEO | Option exercise 10b5-1 plan | 26,276 | $3.37M |
| Feb 13, 2026 | Erlinger Joseph M. President, McDonald's USA | Option exercise | 5,577 | $0 |
| Feb 13, 2026 | McDonald Gillian EVP, Global Rest. Exp. Ofc. | Tax withheld | 2,022 | $662.4K |
| Feb 13, 2026 | Boyd Tiffanie L. EVP - Chief People Officer | Tax withheld | 304 | $99.5K |
| Feb 13, 2026 | McDonald Gillian EVP, Global Rest. Exp. Ofc. | Option exercise | 4,090 | $0 |
| Feb 13, 2026 | Steijaert Manuel JM EVP - President, IOM | Option exercise | 237 | $0 |
| Feb 13, 2026 | Steijaert Manuel JM EVP - President, IOM | Option exercise | 3,272 | $0 |
| Feb 13, 2026 | Steijaert Manuel JM EVP - President, IOM | Tax withheld | 1,639 | $537.0K |
| Feb 13, 2026 | Rice Brian S EVP-Global Chief Info. Officer | Tax withheld | 808 | $264.5K |
| Feb 13, 2026 | Rice Brian S EVP-Global Chief Info. Officer | Option exercise | 188 | $0 |
| Feb 13, 2026 | Rice Brian S EVP-Global Chief Info. Officer | Option exercise | 2,602 | $0 |
| Feb 13, 2026 | Ralls-Morrison Desiree EVP, Chief Legal Officer | Tax withheld | 1,383 | $453.0K |
| Feb 13, 2026 | Ralls-Morrison Desiree EVP, Chief Legal Officer | Option exercise | 279 | $0 |
| Feb 13, 2026 | McDonald Gillian EVP, Global Rest. Exp. Ofc. | Option exercise | 296 | $0 |
| Feb 13, 2026 | Ralls-Morrison Desiree EVP, Chief Legal Officer | Option exercise | 3,867 | $0 |
| Feb 13, 2026 | McDonald Gillian EVP, Global Rest. Exp. Ofc. | Option exercise | 2,231 | $0 |
| Feb 13, 2026 | McDonald Gillian EVP, Global Rest. Exp. Ofc. | Option exercise | 161 | $0 |
| Feb 13, 2026 | McDonald Gillian EVP, Global Rest. Exp. Ofc. | Tax withheld | 1,103 | $361.2K |
| Feb 13, 2026 | Erlinger Joseph M. President, McDonald's USA | Tax withheld | 2,312 | $757.4K |
| Feb 13, 2026 | Erlinger Joseph M. President, McDonald's USA | Option exercise | 403 | $0 |
| Feb 13, 2026 | Banner Jonathan EVP - Chief Impact Officer | Option exercise | 2,975 | $0 |
| Feb 13, 2026 | Banner Jonathan EVP - Chief Impact Officer | Option exercise | 215 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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