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McDonald's

McDonald's (MCD) Q1 2026 Earnings

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

Q1 26 EPS

$2.83

BEAT +3.11%

Est. $2.74

Q1 26 Revenue

$6.52B

BEAT +0.79%

Est. $6.47B

vs S&P Since Q1 26

-5.3%

TRAILING MARKET

MCD -3.6% vs S&P +1.7%

Market Reaction

Did MCD Beat Earnings? Q1 2026 Results

McDonald's kicked off 2026 with a confident beat on both top and bottom lines, posting first-quarter earnings per share of $2.83 against a consensus estimate of $2.74, a 3.11% beat, while revenue of $6.52 billion edged past expectations by 0.79% and … Read more McDonald's kicked off 2026 with a confident beat on both top and bottom lines, posting first-quarter earnings per share of $2.83 against a consensus estimate of $2.74, a 3.11% beat, while revenue of $6.52 billion edged past expectations by 0.79% and climbed 9.4% year over year. The headline driver was a broad-based global comparable sales recovery, with worldwide comps rising 3.8% after a negative 1.0% reading in the year-ago period; all three operating segments contributed positively, led by U.S. Comps of 3.9% on positive check growth and matching gains in International Operated Markets. Loyalty program momentum added further texture, with systemwide sales to members exceeding $9.00 billion in the quarter alone. A strengthening Euro also provided a $313.00 million favorable currency tailwind. Despite some pre-earnings caution from analysts who had flagged profit growth running below sector peers, the results spoke clearly. Looking ahead, McDonald's targets operating margin in the mid-to-high 40% range for full-year 2026, with approximately 2,600 new restaurant openings and capital expenditures of $3.70 to $3.90 billion.

Key Takeaways

  • • Global comparable sales increased 3.8%, with consistently solid growth across all segments
  • • U.S. comparable sales driven by positive check growth
  • • International Operated Markets led by U.K., Germany and Australia
  • • International Developmental Licensed Markets led by Japan
  • • Higher sales-driven franchised margins across all segments
  • • Favorable foreign currency translation impact of $313 million on revenues, primarily from strengthening Euro
  • • Systemwide sales to loyalty members exceeded $9 billion for the quarter across 70 markets

MCD Forward Guidance & Outlook

For full-year 2026, McDonald's expects net restaurant unit expansion to contribute approximately 2.5% to Systemwide sales growth in constant currencies. SG&A expenses are 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% 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 restaurant openings globally (about 750 in U.S. and International Operated Markets, more than 1,800 by developmental licensees/affiliates) and approximately 2,100 net restaurant additions. Free cash flow conversion rate is expected in the low-to-mid 80% range.

24/7 Wall St

MCD YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

MCD Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26
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MCD Revenue by Geography

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“McDonald's delivered this quarter. Our 6% global Systemwide sales growth shows how we executed with discipline, proving that we can drive results even in a challenging environment. And it's our commitment to going three-for-three that sets McDonald's apart. Our value leadership, breakthrough marketing, and menu innovation continue to serve up what customers want.”

— Chris Kempczinski, Q1 2026 Earnings Press Release

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