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McDonald’s (MCD) investor relations material
McDonald’s Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary6 Aug, 2025
Executive summary
Global systemwide sales grew over 6% in constant currency, with global comparable sales up 3.8%-4% in Q2 2025, driven by value platforms, marketing, and menu innovation.
Consolidated revenues increased 5% year-over-year for the quarter, led by strong international performance.
US comp sales rose 2.5%, outperforming competitors, but QSR traffic remains challenged, especially among low-income consumers.
The Accelerating the Arches strategy focuses on value, menu, marketing, digital transformation, and restaurant development.
Technology and digital investments, including loyalty programs, enhanced customer and crew experiences.
Financial highlights
Adjusted EPS was $3.19, up 5%-7% year-over-year in constant currency; diluted EPS grew 12% to $3.14.
Net income for the quarter was $2.25 billion, up 11% year-over-year.
Operating income increased 11% to $3.23 billion for the quarter.
Adjusted operating margin for H1 was nearly 47%; quarterly margin reached 45.9%.
Free cash flow for the six months was $3.1 billion, with cash from operations at $4.4 billion.
Outlook and guidance
Full-year adjusted operating margin expected in the mid-high 40% range; effective tax rate guidance remains 20%-22%.
On track to open ~2,200 restaurants globally in 2025, with over 4% unit growth from ~1,800 net additions.
G&A as a percentage of systemwide sales targeted at 2.1%-2.2% for the year.
Capital expenditures for 2025 are forecast at $3.0–$3.2 billion.
Free cash flow conversion rate anticipated in the low-to-mid 80% range.
What drove positive comparable sales in the U.S.?
How much did systemwide sales to loyalty members grow?
Explain the impact of Accelerating the Organization.
How will core menu pricing be addressed in the US?
Assess the impact of edge computing deployment.
What drove IOM strength & is it sustainable?
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Next McDonald’s earnings date
Q3 20255 Nov, 2025
Next McDonald’s earnings date
Q3 20255 Nov, 2025
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Frequently asked questions
The Golden Arches
McDonald's, an iconic name in the fast-food industry, is a global powerhouse with roots tracing back to 1940 when Richard and Maurice McDonald opened their first restaurant in San Bernardino, California. Initially starting as a single drive-in, it has since transformed into a global phenomenon, operating in urban areas, as well as in rural communities and along major roadways. McDonald's offers a menu that, while anchored by the famous Big Mac, fries, and Happy Meal, diversifies its offerings to cater to regional tastes. The brand has become synonymous with quick service and consistent dining experiences. The company’s logo, the golden arches, has become synonymous with McDonald’s and is instantly recognizable.
The Founder(s)
Siblings Richard and Maurice McDonald opened the first McDonald's in San Bernardino, California, in 1940. Their innovative "Speedee Service System", unveiled in 1948, streamlined the fast-food concept, building upon practices earlier introduced by White Castle.
Ray Kroc, although joining post the brand's inception, is largely recognized for McDonald's corporate founding in 1955 and his ambitions greatly influenced the brand's trajectory. After a series of disagreements with the McDonald brothers, Kroc acquired their company shares in 1961 for a staggering $2.7 million. Under Kroc's leadership, McDonald's grew into an international phenomenon, becoming not just a food chain but a symbol of American culture.
Franchises, Franchises, Franchises
McDonald's franchising strategy is foundational to its global success. The company primarily operates through franchisees, who are local entrepreneurs trained to maintain McDonald’s standards, service quality, and brand consistency. These franchisees invest their own capital, assume operation costs, and pay the company both a one-time franchise fee and ongoing royalties based on sales. In return, McDonald's provides them with a proven business model, brand recognition, and continual support in areas like marketing and training. This strategy allows McDonald’s to expand rapidly with lower capital expenditure, while also benefiting from a local operator's understanding of regional tastes and preferences.
A Strong Market Position
McDonald's, with its iconic Golden Arches, holds a dominant position in the global fast-food market. It operates in over 100 countries with around 40,000 locations, serving millions daily. Its expansive menu and effective marketing campaigns have helped it maintain its stronghold in the competitive fast-food market. When looking at publicly traded competitors, one finds names such as Restaurant Brands International, Yum! Brands, and Wendy’s.
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