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Edge25 Jul 2025
Global Doughmination: Breaking Down Domino's Pizza
Inside the rise of Domino's Pizza: how franchising, delivery control, and supply chain mastery built one of the world's most efficient food empires.
McDonald’s (MCD) investor relations material
McDonald’s Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Global comparable sales grew 3.6% year-over-year, with all segments contributing; U.S. comp sales rose 2.4%, International Operated Markets 4.3%, and International Developmental Licensed Markets 4.7%, led by Germany, Australia, and Japan.
Systemwide sales increased 8% for the quarter (6% in constant currency), exceeding $36 billion, driven by new unit openings, loyalty program engagement, and digital initiatives.
Consolidated revenues rose 3% for the quarter to $7.08 billion, with strong international performance and positive check growth in the U.S.
Systemwide sales to loyalty members reached $9 billion for the quarter and $34 billion for the trailing twelve months across 60 markets.
All segments showed positive growth despite a challenging consumer environment.
Financial highlights
Adjusted EPS was $3.22 for the quarter (flat year-over-year), including a $0.04 FX benefit; diluted EPS was $3.18 (up 2%), and net income was $2.28 billion (up 1%).
Operating income grew 5% to $3.36 billion for the quarter; operating margin was approximately 47%.
Total restaurant margin dollars exceeded $4 billion for the first time, up 4% in constant currency.
Year-to-date adjusted operating margin reached 47.2%, up from 46.7% in the prior year.
Effective income tax rate for the quarter was 22.8%; full-year guidance narrowed to 21–22%.
Outlook and guidance
Q4 U.S. comp sales growth expected to accelerate, aided by the Monopoly campaign and EVM relaunch; international segment Q4 comp sales may decelerate due to tougher comparisons, but two-year stack growth is expected to accelerate.
Net restaurant unit expansion expected to contribute over 2% to 2025 Systemwide sales growth, with 2,200 new restaurants planned globally and capital expenditures forecasted at $3.0–$3.2 billion.
2025 operating margin projected in the mid-to-high 40% range; effective tax rate expected between 21% and 22%.
Inflation, especially in beef, is expected to remain above average into 2026, keeping pressure on margins and consumer spending.
On track to meet full-year financial targets, including impacts from tariffs.
Why did company-owned sales decline in Q3?
Explain the Q3 SG&A expense increase.
Assess loyalty program's impact on sales.
What sustains EVM pricing post-Q1 2026?
Global beverage strategy post-U.S. test?
How will sticky inflation shape 2026 promotions?
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Next McDonald’s earnings date
Q4 20259 Feb, 2026
Next McDonald’s earnings date
Q4 20259 Feb, 2026
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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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