MCDONALDS (MCD) Company Report

Delivered $140 billion system-wide sales in 2025, up 5.5% in constant currency, with full-year comparable sales +3% and Q4 comparable sales +5.7% globally (U.S. +6.8%).
Opened 2,275 restaurants in 2025 and plans to open 2,600 in 2026, targeting 50,000 total restaurants by end-2027.
Reported Q4 adjusted EPS of $3.12, up 7% on a constant-currency basis (including a $0.10 FX benefit), and achieved a full-year adjusted operating margin of 46.9%.
Invested $3.4 billion in capital expenditures in 2025, slightly above guidance, and expects capex to rise by $300–500 million in 2026 to support unit growth.

Feb 11, 2026, 9:30 PM

Transcript

McDonald’s reports Q4 2025 results and issues 2026 guidance

MCD

Earnings

Guidance Update

New Projects/Investments

McDonald’s delivered system-wide sales of nearly $140 billion, up 5.5% in constant currency for FY 2025, with Q4 global comparable sales up 5.7% (U.S. comps + 6.8%). Adjusted EPS was $3.12, up 7% on a constant-currency basis, and full-year adjusted operating margin was 46.9%.
In 2025, McDonald’s opened 2,275 gross restaurants (net + 1,880) and plans ~ 2,600 gross openings in 2026 (4.5% unit growth), aiming for 50,000 total restaurants by end-2027.
For 2026, the company expects ~ 2.5% system-wide sales growth from restaurant expansion, operating margin in the mid- to high-40% range, G&A at ~ 2.2% of sales, interest expense up 4%–6%, an effective tax rate of 21%–23%, and a foreign-currency tailwind of $0.20–$0.30 to EPS; net income-to-free-cash-flow conversion is targeted at low- to mid-80%.
Capital expenditures are forecast at $3.7–$3.9 billion in 2026 to support new openings and technology investments; the company remains committed to its dividend (increased 49 consecutive years) and share repurchase program.

Feb 11, 2026, 9:30 PM

Transcript

McDonald’s reports Q4 2025 results

MCD

Earnings

Guidance Update

McDonald’s delivered 5.7% global comparable sales growth in Q4, led by 6.8% comp growth in the U.S. and 5.2% in International Operated Markets, with positive guest counts across all segments.
Loyalty engagement accelerated, with nearly 210 million 90-day active users across 70 markets by year-end, almost doubling 2023 levels and underpinning higher visit frequency.
The company sold 50 million pairs of collectible socks during its Grinch campaign and saw nearly 500 million Monopoly digital games played, illustrating powerful brand-led marketing initiatives.
For 2026, McDonald’s expects net restaurant expansion to drive ~2.5% system-wide sales growth, an operating margin in the mid- to high-40% range (above 46.9% in 2025), and a G&A ratio of ~2.2% of sales.
Capital plans include 2,600 gross openings (≈2,100 net) for ~4.5% unit growth, $3.7–$3.9 billion in CapEx, and a targeted net income-to-free cash flow conversion of low- to mid-80%.

Feb 11, 2026, 9:30 PM

Transcript

McDonald’s reports Q4 and full-year 2025 results

MCD

Earnings

Dividends

Guidance Update

Fourth-quarter comparable sales rose 5.7%, with revenues of $7.009 billion (+10%; +6% cc) and diluted EPS of $3.03 (+8%; +5% cc)
Full-year systemwide sales exceeded $139 billion (+7%; +5% cc), revenues were $26.885 billion (+4%; +2% cc) and diluted EPS was $11.95 (+5%; +4% cc)
Quarterly cash dividend increased 5% to $1.86 per share
2026 outlook: net unit expansion to drive ~2.5% systemwide sales growth; SG&A ~2.2% of systemwide sales; operating margin mid-to-high 40%; capex of $3.7–$3.9 billion; ~2,600 global openings; free cash flow conversion low-to-mid 80%

Feb 11, 2026, 9:02 PM

8-K

McDonald's reports Q4 and full‐year 2025 results

MCD

Earnings

Dividends

Q4 comparable sales rose 5.7% (U.S. +6.8%, International Operated +5.2%, International Licensed +4.5%), consolidated revenues grew 10%, and systemwide sales increased 11% in constant currencies.
Diluted EPS for Q4 was $3.03, up 8% (and $3.12 excluding charges, up 10%).
For the full year, comparable sales increased 3.1%, consolidated revenues grew 4%, and systemwide sales rose 7% in constant currencies.
Full-year diluted EPS was $11.95, up 5% (and $12.20 excluding charges, up 4%).
The Board approved a 5% increase in the quarterly cash dividend to $1.86 per share.

Feb 11, 2026, 9:01 PM

Press Release

McDonald’s reports Q4 2025 earnings beat

MCD

Earnings

Guidance Update

McDonald’s Q4 revenue rose 10% year-over-year to $7.01 billion, topping the $6.83 billion consensus; adjusted EPS was $3.12, above the $3.04 expected.
Global same-store sales increased 5.7%, with U.S. comparable sales up 6.8%, driven by value-meal promotions.
The chain invested $75 million in Q4 to support franchisees’ costs for value-meal discounts and reintroduced popular low-priced items.
High-profile marketing stunts—including a Monopoly comeback and Grinch-themed meal—lifted demand; the company sold 50 million pairs of Grinch socks.
Management cautioned that growth may ease in Q1 due to seasonal weather and broader industry headwinds.

Feb 11, 2026, 5:53 PM

Bloomberg

JOLT to Acquire Volta Media Network

MCD

M&A

New Projects/Investments

JOLT signed an agreement to acquire a substantial portion of Shell’s Volta Media Network, entering the U.S. market with thousands of EV charging and DOOH sites across 34 states and 64 DMAs.
The deal, expected to close Jan. 1, 2026, will merge Volta’s assets with JOLT’s data-driven charging and advertising platform, enhancing offerings for drivers, advertisers, and property partners.
Post-closure, JOLT plans to expand further in major U.S. markets throughout 2026, leveraging its combined network to support electrification and media monetization.

Nov 12, 2025, 2:30 PM

Press Release

McDonald's reports 3.6% global sales growth in Q3 2025

MCD

Earnings

Global comparable sales increased 3.6%, with systemwide sales exceeding $36 billion, up 8% year-over-year.
Consolidated revenues reached $7.08 billion, up 3% year-over-year, and operating income was $3.36 billion, up 5% (3% in constant currencies).
US same-store sales grew about 2.5%, driven by value promotions such as the $5 meal deal and the return of the Snack Wrap at $2.99.
Recorded $39 million in pre-tax restructuring charges; excluding these, operating income rose 3% (1% in constant currencies).
International Operated Markets sales grew 4.3% and International Developmental Licensed Markets sales grew 4.7%, with positive results across all regions.

Nov 5, 2025, 9:09 PM

Bloomberg

McDonald’s announces Q3 2025 results

MCD

Earnings

Product Launch

McDonald’s delivered global comparable sales growth of 3.6%, with U.S. comps up 2.4% and International Operated Markets comps up 4.3% in Q3 2025.
The company relaunched Extra Value Meals (EVMs) at $5/$8 price points to strengthen value perception, co-investing with franchisees through Q1 2026 to support the program.
Key menu and marketing initiatives included the return of Snack Wraps (purchased by ~20% of U.S. customers), beverage tests in 500 restaurants driving higher checks, and the reintroduction of Monopoly to boost digital engagement.
Management expects comp sales growth to accelerate in Q4, benefiting from lapping last year’s food-safety incident and ongoing promotions, while remaining cautious on consumer pressures into 2026.

Nov 5, 2025, 1:30 PM

Transcript

McDonald’s reports Q3 2025 results

MCD

Earnings

McDonald’s delivered global comparable sales growth of 3.6% and system-wide sales growth of over 6% (constant currency) for the second consecutive quarter.
U.S. comp sales rose 2.4%, driven by the national relaunch of Snack Wraps and the roll-out of Extra Value Meals ($5/$8), which now represent ~30% of U.S. transactions.
Internationally Operated Markets comp sales increased 4.3%, led by Germany and Australia, while International Developmental Licensed Markets grew 4.7%, led by Japan.
Adjusted EPS was $3.22, and full-year adjusted operating margin stands at 47.2% through Q3.
Full-year effective tax rate guidance tightened to 21–22%, with Q4 adjusted EPS expected to benefit by ~$0.05 from foreign currency tailwinds.

Nov 5, 2025, 1:30 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for MCDONALDS.

Q4 2025

Feb 11, 2026

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Q3 2025

Nov 5, 2025

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Q2 2025

Aug 6, 2025

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View All Transcripts

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MCDONALDS (MCD)

Analyst Earnings Quarterly Reports

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Executives

Christopher Kempczinski

Desiree Ralls-Morrison

Gillian McDonald

Ian Borden

Joseph Erlinger

Manuel Steijaert

Tiffanie Boyd

Board Members

Amy Weaver

Anthony Capuano

Catherine Engelbert

Jennifer Taubert

Kareem Daniel

Lloyd Dean

Margaret Georgiadis

Michael Hsu

Miles White

Paul Walsh

Analyst Coverage

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David Tarantino

Dennis Geiger

Jeffrey Bernstein

John Ivankoe

Jon Tower

Lauren Silberman

Sara Senatore

David Palmer

Andrew Charles

Andrew Barish

Eric Gonzalez

Gregory Francfort

Brian Bittner

Danilo Gargiulo

Dave Palmer

Greg Francfort

Christine Cho

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