FOR IMMEDIATE RELEASE FOR MORE INFORMATION CONTACT:
FOR IMMEDIATE RELEASE FOR MORE INFORMATION CONTACT: 11/4/2026 Investors: Dexter Congbalay, investor.relations@us.mcd.com Media: Lauren Altmin, lauren.altmin@us.mcd.com
• Consolidated operating income increased 7% and adjusted operating income increased 8% for the quarter
• Systemwide sales to loyalty members across 70 loyalty markets were $41 billion for the trailing twelve-month period and more than $11 billion for the quarter
CHICAGO, IL - McDonald's Corporation today announced results for the third quarter ended September 30, 2026.
“McDonald’s delivered another quarter of global growth, with solid performance across much of our international business. In the U.S., we're encouraged by improvement as the quarter progressed following our intervention on value,” said Chris Kempczinski, Chairman and CEO. “We’re focused on building from here, strengthening the business today and investing in the next chapter of growth.”
• Consolidated operating income increased 7% (7% in constant currencies). Results reflected pre-tax charges of $56 million and $39 million for the current year and prior year, respectively, primarily related to restructuring charges associated with Accelerating the Organization. Excluding these current and prior year charges, consolidated operating income increased 8% (8% in constant currencies).**
• Diluted earnings per share was $3.51, an increase of 10% (11% in constant currencies). Excluding the current year charges described above of $0.06 per share, diluted earnings per share was $3.57, an increase of 11% (11% in constant currencies) when also excluding prior year charges.**
• The Company declared a 4% increase in its quarterly cash dividend to $1.93 per share.
**Refer to pages 2 and 3 for additional details on our results for the third quarter 2026 and 2025. 1 COMPARABLE SALES
Increase/(Decrease) Quarters Ended September 30, 2026 2025 U.S. -0.2 % 2.4 % International Operated 1.4 4.3 Markets International Developmental Licensed 4.2 4.7 Markets Total Company 1.5 % 3.6 %
• U.S.: Comparable sales declined slightly as negative comparable guest counts were largely offset by positive check growth.
• International Operated Markets: Most markets reflected positive comparable sales, led by Germany and Australia, partly offset by France.
• International Developmental Licensed Markets: All geographic regions reflected positive comparable sales. Positive comparable sales were led by Japan, partly offset by negative comparable sales in China.
• Net pre-tax charges of $56 million, or $0.06 per share, for the quarter and $155 million, or $0.17 per share, for the nine months, primarily related to restructuring charges associated with the Company's internal effort to modernize ways of working ( Accelerating the Organization )
• Net pre-tax charges of $39 million, or $0.04 per share, for the quarter and $148 million, or $0.16 per share, for the nine months, primarily related to restructuring charges associated with Accelerating the Organization
Excluding the above items, results for the quarter and nine months ended September 30, 2026 were primarily driven by higher Other operating income and higher sales-driven Franchised margins. Results for the nine months were partly offset by higher Selling, general and administrative expenses. 2 NET INCOME AND EARNINGS PER SHARE-DILUTED RECONCILIATION
Constant currency results exclude the effects of foreign currency translation and are calculated by translating current year results at prior year average exchange rates. Management reviews and analyzes business results excluding the effect of foreign currency translation, impairment and other charges and gains, as well as material regulatory and other income tax impacts, and bases incentive compensation plans on these results because the Company believes this better represents underlying business trends.
Comparable sales and comparable guest counts are compared to the same period in the prior year and represent sales and transactions, respectively, at all restaurants, whether owned and operated by the Company or by franchisees, in operation at least thirteen months, including those temporarily closed. Some of the reasons restaurants may be temporarily closed include reimaging or remodeling, rebuilding, road construction, natural disasters, pandemics and acts of war, terrorism or other hostilities. Comparable sales exclude the impact of currency translation and the sales of any market considered hyperinflationary (generally identified as those markets whose cumulative inflation rate over a three-year period exceeds 100%), which management believes more accurately reflects the underlying business trends. Comparable sales are driven by changes in guest counts and average check, the latter of which is affected by changes in pricing and product mix.
Systemwide sales include sales at all restaurants, whether owned and operated by the Company or by franchisees. Systemwide sales to loyalty members are comprised of all sales to customers who self-identify as a loyalty member when transacting with both Company-owned and operated and franchised restaurants. Systemwide sales to loyalty members are measured across 70 markets with loyalty programs. Systemwide sales to loyalty members represents an aggregation of the prior four quarters of sales to loyalty members active in the last 90 days of the respective quarter. While franchised sales are not recorded as revenues by the Company, management believes the information is important in understanding the Company's financial performance because these sales are the basis on which the Company calculates and records franchised revenues and are indicative of the financial health of the franchisee base. The Company's revenues consist of sales by Company-owned and operated restaurants and fees from franchised restaurants operated by conventional franchisees, developmental licensees and affiliates. Changes in Systemwide sales are primarily driven by comparable sales and net restaurant unit expansion.
Free cash flow , defined as cash provided by operations less capital expenditures, and free cash flow conversion rate, defined as free cash flow divided by net income, are measures reviewed by management in order to evaluate the Company’s ability to convert net profits into cash resources, after reinvesting in the core business, that can be used to pursue opportunities to enhance shareholder value.
This press release should be read in conjunction with Exhibit 99.2 to the Company's Form 8-K filing for supplemental information related to the Company's results for the quarter and nine months ended September 30, 2026.
McDonald’s Corporation will broadcast its investor earnings conference call live over the Internet at 7:30 a.m. (Central Time) on November 4, 2026. A link to the live webcast will be available at www.investor.mcdonalds.com . There will also be an archived webcast available for a limited time thereafter.
For important news and information regarding McDonald's, including the timing of future investor conferences and earnings calls, visit the Investor Relations section of the Company's Internet home page at www.investor.mcdonalds.com . McDonald's uses this website as a primary channel for disclosing key information to its investors, some of which may contain material and previously non-public information.
McDonald’s is the world’s leading global foodservice retailer with over 45,000 locations in over 100 countries. Approximately 95% of McDonald’s restaurants worldwide are owned and operated by independent local business owners.
This release contains certain forward-looking statements, which reflect management's expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from expectations are detailed in the Company’s filings with the Securities and Exchange Commission, including the risk factors discussed in Exhibit 99.2 to the Company’s Form 8-K filing on November 4, 2026. The Company undertakes no obligation to update such forward-looking statements, except as may otherwise be required by law. 4
Dollars and shares in millions, except per share data Quarters Ended September 30, 2026 2025 Inc/ (Dec) ────────────────────────────────────────────────────────────────────────────── Revenues Revenues from $ 4,487 $ 4,363 $ 124 3 % franchis… restaura… Sales by Company-… and 2,480 2,563 -83 -3 operated restaura… Other 189 151 39 26 revenues TOTAL 7,157 7,078 79 1 REVENUES Operating costs and expenses Franchis… restaura… 687 666 20 3 expenses Company-… and operated 2,088 2,172 -84 -4 restaura… expenses Other restaura… 167 135 31 23 expenses Selling, general & administ… expenses Deprecia… and 118 121 -2 -2 amortiza… Other 641 664 -23 -3 Other operating (income) -139 -37 -102 n/m expense, net Total operating 3,561 3,721 -160 -4 costs and expenses OPERATING 3,595 3,357 239 7 INCOME Interest 408 406 1 — expense Nonopera… (income) -1 1 -2 n/m expense, net Income before provision 3,188 2,949 239 8 for income taxes Provision for 702 671 31 5 income taxes NET $ 2,486 $ 2,278 $ 208 9 % INCOME EARNINGS PER $ 3.51 $ 3.18 $ 0.33 10 % SHARE-DI… Weighted average 708.3 715.9 -7.6 -1 % shares outstand…
Full text with the tables
Exhibit 99.1
FOR IMMEDIATE RELEASE FOR MORE INFORMATION CONTACT:
11/4/2026 Investors: Dexter Congbalay,
investor.relations@us.mcd.com
Media: Lauren Altmin, lauren.altmin@us.mcd.com
McDONALD'S REPORTS THIRD QUARTER 2026 RESULTS
• Global Systemwide sales* increased 4% to over $38 billion for the quarter
• Consolidated operating income increased 7% and adjusted operating income
increased 8% for the quarter
• Systemwide sales to loyalty members across 70 loyalty markets were $41 billion
for the trailing twelve-month period and more than $11 billion for the quarter
CHICAGO, IL - McDonald's Corporation today announced results for the third
quarter ended September 30, 2026.
“McDonald’s delivered another quarter of global growth, with solid performance
across much of our international business. In the U.S., we're encouraged by
improvement as the quarter progressed following our intervention on value,” said
Chris Kempczinski, Chairman and CEO. “We’re focused on building from here,
strengthening the business today and investing in the next chapter of growth.”
Third quarter financial performance:
• Global comparable sales increased 1.5%:
• U.S. decreased 0.2%
• International Operated Markets increased 1.4%
• International Developmental Licensed Markets increased 4.2%
• Consolidated revenues increased 1% (1% in constant currencies).
• Systemwide sales increased 4% (4% in constant currencies).
• Consolidated operating income increased 7% (7% in constant currencies).
Results reflected pre-tax charges of $56 million and $39 million for the current
year and prior year, respectively, primarily related to restructuring charges
associated with Accelerating the Organization. Excluding these current and prior
year charges, consolidated operating income increased 8% (8% in constant
currencies).**
• Diluted earnings per share was $3.51, an increase of 10% (11% in constant
currencies). Excluding the current year charges described above of $0.06 per
share, diluted earnings per share was $3.57, an increase of 11% (11% in constant
currencies) when also excluding prior year charges.**
• The Company declared a 4% increase in its quarterly cash dividend to $1.93 per
share.
*Refer to page 4 for a definition of Systemwide sales.
**Refer to pages 2 and 3 for additional details on our results for the third
quarter 2026 and 2025.
1
COMPARABLE SALES
Increase/(Decrease)
Quarters Ended September
30,
2026 2025
U.S. -0.2 % 2.4 %
International Operated 1.4 4.3
Markets
International
Developmental Licensed 4.2 4.7
Markets
Total Company 1.5 % 3.6 %
• U.S.: Comparable sales declined slightly as negative comparable guest counts
were largely offset by positive check growth.
• International Operated Markets: Most markets reflected positive comparable
sales, led by Germany and Australia, partly offset by France.
• International Developmental Licensed Markets: All geographic regions reflected
positive comparable sales. Positive comparable sales were led by Japan, partly
offset by negative comparable sales in China.
KEY FINANCIAL METRICS - CONSOLIDATED
Dollars in millions, except per share data
… … …
… … … …
… … … …
… … … …
… … … … … …
──────────────────────────────────────────────────────────────────────────────
$ … 1 % $ … 5 %
… 7 … 7
… 9 … 7
$ … … % $ … 8 %
Results for 2026 included the following:
• Net pre-tax charges of $56 million, or $0.06 per share, for the quarter and
$155 million, or $0.17 per share, for the nine months, primarily related to
restructuring charges associated with the Company's internal effort to modernize
ways of working ( Accelerating the Organization )
Results for 2025 included the following:
• Net pre-tax charges of $39 million, or $0.04 per share, for the quarter and
$148 million, or $0.16 per share, for the nine months, primarily related to
restructuring charges associated with Accelerating the Organization
Excluding the above items, results for the quarter and nine months ended
September 30, 2026 were primarily driven by higher Other operating income and
higher sales-driven Franchised margins. Results for the nine months were partly
offset by higher Selling, general and administrative expenses.
2
NET INCOME AND EARNINGS PER SHARE-DILUTED RECONCILIATION
Dollars in millions, except per share data
…
… … … …
… … … …
… … … …
… … - …
… … … … … …
──────────────────────────────────────────────────────────────────────────────
$ … 9 % $ … … %
… …
$ … … % $ … … %
…
…
… … … …
… … … …
… … … …
… … - …
… … … … … …
──────────────────────────────────────────────────────────────────────────────
$ … 7 % $ … 8 %
… …
$ … 7 % $ … 8 %
3
THE FOLLOWING DEFINITIONS APPLY TO THESE TERMS AS USED THROUGHOUT THIS
RELEASE
Constant currency results exclude the effects of foreign currency translation
and are calculated by translating current year results at prior year average
exchange rates. Management reviews and analyzes business results excluding the
effect of foreign currency translation, impairment and other charges and gains,
as well as material regulatory and other income tax impacts, and bases incentive
compensation plans on these results because the Company believes this better
represents underlying business trends.
Comparable sales and comparable guest counts are compared to the same period in
the prior year and represent sales and transactions, respectively, at all
restaurants, whether owned and operated by the Company or by franchisees, in
operation at least thirteen months, including those temporarily closed. Some of
the reasons restaurants may be temporarily closed include reimaging or
remodeling, rebuilding, road construction, natural disasters, pandemics and acts
of war, terrorism or other hostilities. Comparable sales exclude the impact of
currency translation and the sales of any market considered hyperinflationary
(generally identified as those markets whose cumulative inflation rate over a
three-year period exceeds 100%), which management believes more accurately
reflects the underlying business trends. Comparable sales are driven by changes
in guest counts and average check, the latter of which is affected by changes in
pricing and product mix.
Systemwide sales include sales at all restaurants, whether owned and operated by
the Company or by franchisees. Systemwide sales to loyalty members are comprised
of all sales to customers who self-identify as a loyalty member when transacting
with both Company-owned and operated and franchised restaurants. Systemwide
sales to loyalty members are measured across 70 markets with loyalty programs.
Systemwide sales to loyalty members represents an aggregation of the prior four
quarters of sales to loyalty members active in the last 90 days of the
respective quarter. While franchised sales are not recorded as revenues by the
Company, management believes the information is important in understanding the
Company's financial performance because these sales are the basis on which the
Company calculates and records franchised revenues and are indicative of the
financial health of the franchisee base. The Company's revenues consist of sales
by Company-owned and operated restaurants and fees from franchised restaurants
operated by conventional franchisees, developmental licensees and affiliates.
Changes in Systemwide sales are primarily driven by comparable sales and net
restaurant unit expansion.
Free cash flow , defined as cash provided by operations less capital
expenditures, and free cash flow conversion rate, defined as free cash flow
divided by net income, are measures reviewed by management in order to evaluate
the Company’s ability to convert net profits into cash resources, after
reinvesting in the core business, that can be used to pursue opportunities to
enhance shareholder value.
RELATED COMMUNICATIONS
This press release should be read in conjunction with Exhibit 99.2 to the
Company's Form 8-K filing for supplemental information related to the Company's
results for the quarter and nine months ended September 30, 2026.
McDonald’s Corporation will broadcast its investor earnings conference call live
over the Internet at 7:30 a.m. (Central Time) on November 4, 2026. A link to the
live webcast will be available at www.investor.mcdonalds.com . There will also
be an archived webcast available for a limited time thereafter.
UPCOMING COMMUNICATIONS
For important news and information regarding McDonald's, including the timing of
future investor conferences and earnings calls, visit the Investor Relations
section of the Company's Internet home page at www.investor.mcdonalds.com .
McDonald's uses this website as a primary channel for disclosing key information
to its investors, some of which may contain material and previously non-public
information.
ABOUT McDONALD’S
McDonald’s is the world’s leading global foodservice retailer with over 45,000
locations in over 100 countries. Approximately 95% of McDonald’s restaurants
worldwide are owned and operated by independent local business owners.
FORWARD-LOOKING STATEMENTS
This release contains certain forward-looking statements, which reflect
management's expectations regarding future events and operating performance and
speak only as of the date hereof. These forward-looking statements involve a
number of risks and uncertainties. Factors that could cause actual results to
differ materially from expectations are detailed in the Company’s filings with
the Securities and Exchange Commission, including the risk factors discussed in
Exhibit 99.2 to the Company’s Form 8-K filing on November 4, 2026. The Company
undertakes no obligation to update such forward-looking statements, except as
may otherwise be required by law.
4
McDONALD'S CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
Dollars
and
shares in
millions,
except
per share
data
Quarters
Ended
September
30, 2026 2025 Inc/ (Dec)
──────────────────────────────────────────────────────────────────────────────
Revenues
Revenues
from $ 4,487 $ 4,363 $ 124 3 %
franchis…
restaura…
Sales by
Company-…
and 2,480 2,563 -83 -3
operated
restaura…
Other 189 151 39 26
revenues
TOTAL 7,157 7,078 79 1
REVENUES
Operating
costs and
expenses
Franchis…
restaura… 687 666 20 3
expenses
Company-…
and
operated 2,088 2,172 -84 -4
restaura…
expenses
Other
restaura… 167 135 31 23
expenses
Selling,
general &
administ…
expenses
Deprecia…
and 118 121 -2 -2
amortiza…
Other 641 664 -23 -3
Other
operating
(income) -139 -37 -102 n/m
expense,
net
Total
operating 3,561 3,721 -160 -4
costs and
expenses
OPERATING 3,595 3,357 239 7
INCOME
Interest 408 406 1 —
expense
Nonopera…
(income) -1 1 -2 n/m
expense,
net
Income
before
provision 3,188 2,949 239 8
for
income
taxes
Provision
for 702 671 31 5
income
taxes
NET $ 2,486 $ 2,278 $ 208 9 %
INCOME
EARNINGS
PER $ 3.51 $ 3.18 $ 0.33 10 %
SHARE-DI…
Weighted
average 708.3 715.9 -7.6 -1 %
shares
outstand…
n/m Not meaningful
5
McDONALD'S CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
Dollars
and
shares
in
million…
except
per
share
data
Nine
Months
Ended
Septemb… Inc/
30, 2026 2025 (Dec)
──────────────────────────────────────────────────────────────────────────────
Revenues
Revenues
from $ 12,887 $ 12,238 $ 649 5 %
franchi…
restaur…
Sales by
Company…
and 7,322 7,154 168 2
operated
restaur…
Other 565 485 80 16
revenues
TOTAL 20,773 19,876 897 5
REVENUES
Operati…
costs
and
expenses
Franchi…
restaur… 2,042 1,940 102 5
expenses
Company…
and
operated 6,258 6,109 149 2
restaur…
expenses
Other
restaur… 496 424 71 17
expenses
Selling,
general
&
adminis…
expenses
Depreci…
and 340 333 7 2
amortiz…
Other 1,995 1,834 161 9
Other
operati…
(income) -245 -1 -244 n/m
expense,
net
Total
operati…
costs 10,885 10,639 246 2
and
expenses
OPERATI… 9,887 9,237 650 7
INCOME
Interest 1,217 1,172 45 4
expense
Nonoper…
(income) 4 -75 79 n/m
expense,
net
Income
before
provisi… 8,666 8,140 526 6
for
income
taxes
Provisi…
for 1,835 1,740 94 5
income
taxes
NET $ 6,831 $ 6,399 $ 432 7 %
INCOME
EARNINGS
PER $ 9.61 $ 8.92 $ 0.69 8 %
SHARE-D…
Weighted
average 711.0 717.2 -6.2 -1 %
shares
outstan…
n/m Not meaningful
6