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McDonald's

McDonald's (MCD) Q2 2026 Earnings

Reported Aug 4, 2026 at 7:01 AM ET · SEC Source

Q2 26 EPS

$3.38

BEAT +1.77%

Est. $3.32

Q2 26 Revenue

$7.10B

MISS 0.39%

Est. $7.13B

vs S&P Since Q2 26

+3.1%

BEATING MARKET

MCD +3.3% vs S&P +0.2%

Market Reaction

Did MCD Beat Earnings? Q2 2026 Results

McDonald's posted a solid if uneven second quarter for fiscal 2026, beating profit expectations while falling just short on revenue as slowing traffic trends weighed on top-line momentum. Adjusted diluted EPS came in at $3.38, edging past the $3.32 c… Read more McDonald's posted a solid if uneven second quarter for fiscal 2026, beating profit expectations while falling just short on revenue as slowing traffic trends weighed on top-line momentum. Adjusted diluted EPS came in at $3.38, edging past the $3.32 consensus estimate by 1.77%, while revenue of $7.10 billion rose 3.7% year-over-year but trailed the $7.13 billion analyst forecast by 0.39%. The earnings beat was partly aided by a lower effective tax rate of 19.5%, down from 21.3% a year ago, though a 17% surge in SG&A expenses tied to higher employee costs and a global operator convention created meaningful headwinds to operating leverage. Global comparable sales grew just 1.3%, a notable deceleration from 3.8% in the year-ago quarter, reinforcing pre-earnings concerns about pressure on budget-conscious consumers. Looking ahead, McDonald's maintained its capital expenditure guidance of $3.70 to $3.90 billion for 2026, targeting approximately 2,600 new restaurant openings as it pursues its goal of reaching 50,000 global locations by 2028.

Key Takeaways

  • • Positive comparable sales growth across all segments
  • • Higher sales-driven franchised margins across all segments
  • • Positive check growth including favorable product mix in U.S.
  • • Loyalty program growth with nearly 220 million 90-day active users and over $40 billion in trailing twelve-month systemwide sales to loyalty members
  • • Positive impact of foreign currency translation, primarily from Euro and Australian Dollar strengthening
  • • Higher other operating income including gains on sales of restaurant businesses
  • • Net restaurant unit expansion of 1,915 restaurants year-over-year to 46,028 systemwide

MCD Forward Guidance & Outlook

McDonald's expects net restaurant unit expansion to contribute approximately 2.5% to 2026 Systemwide sales growth in constant currencies. Full year 2026 SG&A is expected at about 2.2% of Systemwide sales. Operating margin is expected in the mid-to-high 40% range. Interest expense is expected to increase 4-6% for full year 2026 driven by higher average interest rates. The effective income tax rate is expected between 21% and 23%. Capital expenditures are projected at $3.7-3.9 billion, with approximately 2,600 new restaurant openings and approximately 2,100 net restaurant additions in 2026, targeting 50,000 global units by 2028. Free cash flow conversion rate is expected in the low-to-mid 80% range.

24/7 Wall St

MCD YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

MCD Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26
24/7 Wall St

MCD Revenue by Geography

With YoY comparisons, source: SEC Filings

Q2 25 Q2 26

“This quarter McDonald's delivered positive comparable sales growth across every segment and acted decisively to strengthen execution as we prime McDonald's for the next era of long-term growth.”

— Chris Kempczinski, Q2 2026 Earnings Press Release

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