McDonald’s (MCD) Q3 2026 earnings summary

Executive summary

• Global comparable sales grew 1.5% and systemwide sales rose 4% in constant currency to over $38B; international growth offset a 0.2% U.S. comps decline.

• U.S. comps improved through the quarter, turning positive in September; priorities include entry-level value, digital offers, execution, and the multi-year McDonald’s > NEXT strategy.

Financial highlights

• Q3 revenue increased 1% to $7.157B, operating income rose 7% to $3.595B, and net income grew 9% to $2.486B.

• Diluted EPS was $3.51, up 10% reported; adjusted diluted EPS was $3.57, up 11% excluding currency translation and prior-year charges, with a $0.01 FX headwind.

• Nine-month revenue was $20.773B, operating income $9.887B, net income $6.831B, and diluted EPS $9.61.

• Q3 franchised restaurant revenue increased 3% to $4.487B; company-operated sales declined 3% to $2.480B.

Outlook and guidance

• Q4 operating conditions are expected to remain largely consistent with Q3; management did not confirm that Q4 U.S. comps would improve.

• U.S. entry-level value test results are expected in early 2027, with a national program targeted for early 2027.

• 2026 SG&A is expected at ~2.2% of systemwide sales; efficiency benefits from systems and data investments are expected to begin in 2027.

• 2026 capital expenditures are expected at the low end of the prior $3.7B–$3.9B range; gross openings are expected at 2,500 and net openings at ~2,100.

• 2027 food and paper inflation is expected in the mid-single digits; Q4 adjusted EPS FX translation impact is currently estimated at zero YoY, subject to exchange rates.