McDonald's Holdings Company (Japan) (2702) Q2 2025 earnings summary

Executive summary

• H1 system-wide sales reached ¥429.7B, up 6.4% YoY; same-store sales grew 4.9%, extending the growth streak to 39 consecutive quarters.

• H1 operating income increased 10.4% YoY to ¥26,222M, while net income attributable to owners rose 12.8% to ¥16,796M.

• System-wide sales and operating income exceeded plan, supported by growth strategy and improved restaurant experience.

Financial highlights

• H1 net sales were ¥203,314M, up 1.2% YoY; ordinary income rose 7.7% to ¥26.1B.

• Operating income reached ¥26,222M, up 10.4% YoY; operating margin improved to 12.9% from 11.8%.

• Net income attributable to owners increased 12.8% YoY to ¥16,796M.

• Gross profit improved to ¥42,507M from ¥40,337M YoY.

• Cash and cash equivalents at period-end were ¥68,823M, up ¥1,496M from the previous year-end.

Outlook and guidance

• FY2025 forecast revised upward: net sales ¥412,500M, operating income ¥51,000M and net income ¥31,000M.

• FY2025 system-wide sales forecast is ¥880.0B, up 6.1% YoY; operating margin forecast is 12.4%.

• FY2025 net income per share forecast is ¥233.15; dividend per share forecast increased to ¥56.00.

• Net restaurant count is expected to increase by ~30 for the year, with portfolio replacement activity set to accelerate in H2.

• H2 plans include continued campaigns and customer-focused activities to support brand value and demand.