McDonald's
What matters nowUpdated 5 h ago
- At its September 23, 2026 Investor Day, McDonald's unveiled the NEXT plan, which targets an operating margin in the low-to-mid 50% range by 2030 and about $8.5 billion of franchisee partnering support through 2036 1. The plan includes ArchIQ, an AI restaurant operating system, with the Archy drive-thru voice assistant in early test restaurants and U.S. rollout tied to 2027 2.
- The pooled 24/7 venue price was $236.81 at 16:00 UTC on October 13, up 0.32% on the day, after a 5.02% fall on September 23, the day of Investor Day. Shares were already down about 4% in morning trading that day as investors weighed franchisee support that brings cash out now for benefits that take years to arrive 3.
- Second-quarter 2026 revenue rose 4% to $7.10 billion, global comparable sales rose 1.3%, U.S. comparable sales slowed to 0.8%, and diluted EPS was $3.32. Trailing twelve-month revenue is $27.7 billion, up 6.3% year on year, with a 46.2% operating margin and $7.8 billion of free cash flow as of June 30, 2026.
- On the June 30, 2026 fundamentals, the $167.6 billion market cap equals 19.2 times trailing earnings and 15.6 times EV/EBITDA, with a 4.6% free cash flow yield. Over the past 180 days insiders made four planned sales totalling 8,681 shares for $2.46 million and bought no shares.
- Next: the September consumer price index is due October 14 at 12:30 UTC. Q3 2026 earnings are estimated for November 4 and are not yet confirmed. The $1.93 quarterly dividend has a December 1 record date and a December 15 payment date. Polymarket puts 81.5% on no change at the October 2026 Fed meeting and 17.5% on a 25 basis point increase.
SEC Form 8-K, Exhibit 99.1 (McDonald's) · Sep 23
Restaurant Dive · Sep 23
24/7 Wall St. · Sep 23
McDonald's is the world's largest quick-service restaurant chain by system size. It had 46,028 restaurants in more than 100 countries at June 30, 2026, and about 95% of them were franchised. Revenue in fiscal 2025 was $26.9 billion, of which $16.5 billion came from franchised restaurants and $9.7 billion from company-operated sales. Q2 2026 consolidated revenue rose 4% to $7.10 billion, global comparable sales rose 1.3% and diluted EPS was $3.32. U.S. comparable sales slowed to 0.8% in the quarter. At its September 23, 2026 Investor Day the company unveiled McDonald's > NEXT, a plan to lift operating margin to the low-to-mid 50% range by 2030.
How it makes money
McDonald's is primarily a franchisor. Most restaurants are run by independent franchisees under 20-year agreements. The company usually owns or leases the land and building and earns rent plus a percentage of sales as royalty, along with initial fees. Company-operated restaurants add direct sales. Developmental licensees and affiliates in markets such as China and Japan run their own restaurants and pay royalties, so the company puts in little restaurant capital there.
Last 12 monthsChart & venues →
Valuation & fundamentalsFull financials →
TTM through 2026-06-30 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price. Quarterly statements →
Biggest businessesAll products & projects →
U.S. restaurants
U.S. comparable sales rose 0.8% in Q2 2026 and 2.3% over the first half, a slower pace that traders watch closely.
International Operated Markets
Comparable sales rose 1.5% in Q2 2026 and 2.6% over the first half, the strongest of the three segments in the quarter.
International Developmental Licensed Markets
Comparable sales rose 1.9% in Q2 2026, the fastest of the three segments, even as growth slowed from 2025.
McCafe beverages
The expanded U.S. drink lineup started on May 6, 2026, with refreshers, dirty sodas and caffeinated energizers.
Next: Target: +1.5 pp beverage share by 2030 · 2030-12-31
Latest newsAll news →
McDonald's > NEXT Investor Day: margin target low-to-mid 50% by 2030, $8.5B franchisee support
At its September 23, 2026 Investor Day, McDonald's unveiled the NEXT plan, which targets operating margin in the low-to-mid 50% range by 2030, about 250 basis points of restaurant-level efficiency gains, and about $8.5 billion of franchisee partnering support through 2036.
McDonald's shares fall about 4% on Investor Day as investors weigh upfront franchisee costs
McDonald's stock dropped about 4% in Wednesday morning trading on September 23, 2026, the day of its NEXT Investor Day, while Wendy's and Yum! Brands moved much less.
McDonald's to roll out ArchIQ AI operating system; U.S. drive-thru voice AI tied to 2027
McDonald's presented ArchIQ, an AI-powered restaurant operating system, as a core part of the NEXT plan at Investor Day.
McDonald's details Make It Golden and a tiered loyalty program with partner perks
At Investor Day, McDonald's said Make It Golden, a multi-year hospitality effort that began October 5, is part of the NEXT plan.
SpongeBob x One Piece Happy Meal confirmed for U.S. launch on September 15
McDonald's confirmed on August 31, 2026 that its SpongeBob SquarePants x One Piece Happy Meal will launch at participating U.S.
Spicy Chicken McNuggets return for a limited time starting September 1
McDonald's announced that Spicy Chicken McNuggets will return for a limited time starting September 1, 2026, at participating U.S.
Products & businesses
U.S. restaurants
U.S. comparable sales rose 0.8% in Q2 2026 and 2.3% over the first half, a slower pace that traders watch closely.
International Operated Markets
Comparable sales rose 1.5% in Q2 2026 and 2.6% over the first half, the strongest of the three segments in the quarter.
International Developmental Licensed Markets
Comparable sales rose 1.9% in Q2 2026, the fastest of the three segments, even as growth slowed from 2025.
McCafe beverages
The expanded U.S. drink lineup started on May 6, 2026, with refreshers, dirty sodas and caffeinated energizers.
Next: Target: +1.5 pp beverage share by 2030 · 2030-12-31
Restaurant development
The system had 46,028 restaurants at June 30, 2026, up from 45,356 at the end of 2025.
Next: Unit expansion adds nearly 2.5% to systemwide sales growth · 2027-12-31
What it's building next
Segments
| Segment | Revenue | Share | |
|---|---|---|---|
| U.S. The company's largest market, with about 13,700 restaurants at year-end 2025, around 95% of them franchised. Segment revenue of $10.5 billion in FY2025 comes from franchised rent and royalties and from company-operated sales. | $10.49B | 39.0% | |
| International Operated Markets Markets where McDonald's owns and operates restaurants and also franchises them, including Australia, Canada, France, Germany, Italy, Poland, Spain and the U.K. Segment revenue was $13.4 billion in FY2025, and company-operated sales make up a large share of it. | $13.41B | 49.9% | |
| International Developmental Licensed Markets & Corporate Developmental licensee and affiliate markets, including equity-method investments in China and Japan, plus corporate activities. Restaurants here are run by licensees and affiliates, who pay royalties. Segment revenue was $2.3 billion in FY2025. Other revenues of $647 million are not allocated to any segment in the filing. | $2.34B | 8.7% |
Fiscal 2025 · from the annual report
Valuation & fundamentals
TTM through 2026-06-30 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price.
Financial statements
| Metric | TTM | Q2 FY2026 2026-06-30 | Q1 FY2026 2026-03-31 | Q4 FY2025 2025-12-31 | Q3 FY2025 2025-09-30 | Q2 FY2025 2025-06-30 | Q1 FY2025 2025-03-31 | Q4 FY2024 2024-12-31 | Q3 FY2024 2024-09-30 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27.70B | $7.10B +4% | $6.52B +9% | $7.01Bd +10% | $7.08B +3% | $6.84B +5% | $5.96B -3% | $6.39Bd -0% | $6.87B +3% |
| Gross profit | — | $6.42Bd +4% | $5.84Bd +9% | — | $6.41Bd +3% | $6.19Bd +6% | $5.34Bd -4% | — | $6.23Bd +3% |
| Operating income | $12.80B | $3.34B +3% | $2.95B +12% | $3.16Bd +10% | $3.36B +5% | $3.23B +11% | $2.65B -3% | $2.87Bd +2% | $3.19B -1% |
| Net income | $8.79B | $2.36B +5% | $1.98B +6% | $2.16Bd +7% | $2.28B +1% | $2.25B +11% | $1.87B -3% | $2.02Bd -1% | $2.25B -3% |
| EPS (diluted) | $12.31 | $3.32 +6% | $2.78 +7% | $3.03d +8% | $3.18 +2% | $3.14 +12% | $2.60 -2% | $2.80d +0% | $3.13 -1% |
| Operating cash flow | $11.34B | $2.81B +40% | $2.41B -1% | $2.70Bd +3% | $3.43B +25% | $2.00B +18% | $2.43B +2% | $2.63Bd +6% | $2.74B -10% |
| Capital expenditure | $3.58B | $831.0M +12% | $682.0M +24% | $1.06Bd +31% | $1.01B +27% | $744.0M +18% | $551.0M +1% | $807.0Md +7% | $794.0M +39% |
| Share buybacks | $2.33B | $856.0M +70% | $396.0M -17% | $573.0Md +14% | $501.0M +7% | $505.0M -46% | $477.0M -48% | $503.0Md -41% | $469.0M -56% |
| Cash & equivalents | $822.0M | $822.0M | $1.17B | $774.0M | $2.41B | $1.88B | $1.24B | $1.08B | $1.22B |
| Total debt | $39.86B | $39.86B | $40.10B | $40.77Bd | $41.28Bd | $41.40Bd | $38.92Bd | $39.21Bd | $39.59Bd |
| Shares outstanding | 707.6M | 707.6M | 710.5M | 710.4M | 712.2M | 713.6M | 715.0M | 714.5M | 716.6M |
| Metric | FY2025 2025-12-31 | FY2024 2024-12-31 | FY2023 2023-12-31 | FY2022 2022-12-31 |
|---|---|---|---|---|
| Revenue | $26.89B +4% | $25.92B +2% | $25.49B +10% | $23.18B |
| Cost of revenue | — | — | — | — |
| Gross profit | — | — | — | — |
| Operating income | $12.39B +6% | $11.71B +1% | $11.65B +24% | $9.37B |
| EBIT | $12.39B +6% | $11.71B +1% | $11.65B +24% | $9.37B |
| Depreciation & amortization | $457.0M +2% | $447.0M +17% | $382.0M +3% | $370.0M |
| Interest expense | $1.58B +5% | $1.51B +11% | $1.36B +13% | $1.21B |
| Income tax | $2.33B +10% | $2.12B +3% | $2.05B +25% | $1.65B |
| Net income | $8.56B +4% | $8.22B -3% | $8.47B +37% | $6.18B |
| EPS (diluted) | $11.95 +5% | $11.39 -1% | $11.56 +39% | $8.33 |
| Dividends per share | $7.17 +6% | $6.78 +9% | $6.23 +10% | $5.66 |
| Diluted shares (weighted) | 716 | 722 | 732 | 741 |
| Operating cash flow | $10.55B +12% | $9.45B -2% | $9.61B +30% | $7.39B |
| Capital expenditure | $3.37B +21% | $2.77B +18% | $2.36B +24% | $1.90B |
| Share buybacks | $2.06B -27% | $2.82B -8% | $3.05B -22% | $3.90B |
| Dividends paid | $5.12B +5% | $4.87B +7% | $4.53B +9% | $4.17B |
| Cash & equivalents | $774.0M | $1.08B | $4.58B | $2.58B |
| Long-term debt (incl. current portion) | $39.97B | $38.42B | $39.34B | $35.90B |
| Total debt | $40.77Bd | $39.21Bd | $41.88Bd | $35.90Bd |
| Total assets | $59.52B | $55.18B | $56.15B | $50.44B |
| Total liabilities | $61.31Bd | $58.98Bd | $60.85Bd | $56.44Bd |
| Shareholders' equity | −$1.79B | −$3.80B | −$4.71B | −$6.00B |
| Shares outstanding | 710.4M | 714.5M | 722.1M | 731.5M |
From XBRL data in SEC filings. Small figures under each value: change vs the same period a year earlier. d = derived (e.g. Q4 = full year − first nine months).
NewsFull archive →
McDonald's > NEXT Investor Day: margin target low-to-mid 50% by 2030, $8.5B franchisee support
At its September 23, 2026 Investor Day, McDonald's unveiled the NEXT plan, which targets operating margin in the low-to-mid 50% range by 2030, about 250 basis points of restaurant-level efficiency gains, and about $8.5 billion of franchisee partnering support through 2036.
McDonald's shares fall about 4% on Investor Day as investors weigh upfront franchisee costs
McDonald's stock dropped about 4% in Wednesday morning trading on September 23, 2026, the day of its NEXT Investor Day, while Wendy's and Yum! Brands moved much less.
McDonald's to roll out ArchIQ AI operating system; U.S. drive-thru voice AI tied to 2027
McDonald's presented ArchIQ, an AI-powered restaurant operating system, as a core part of the NEXT plan at Investor Day.
McDonald's details Make It Golden and a tiered loyalty program with partner perks
At Investor Day, McDonald's said Make It Golden, a multi-year hospitality effort that began October 5, is part of the NEXT plan.
SpongeBob x One Piece Happy Meal confirmed for U.S. launch on September 15
McDonald's confirmed on August 31, 2026 that its SpongeBob SquarePants x One Piece Happy Meal will launch at participating U.S.
Spicy Chicken McNuggets return for a limited time starting September 1
McDonald's announced that Spicy Chicken McNuggets will return for a limited time starting September 1, 2026, at participating U.S.
McDonald's Q2 2026: revenue up 4%, EPS $3.38 adjusted, comparable sales slow to 1.3%
McDonald's reported second-quarter 2026 revenue of $7.10 billion, up 4%, and GAAP diluted EPS of $3.32, up 6%.
Skye Anderson named President of McDonald's USA; Joe Erlinger moves to adviser
McDonald's named Skye Anderson, previously its chief operating officer, as President of McDonald's USA, the company's largest market.
McDonald's unveils McDonald's > NEXT growth and productivity strategy for franchisees
CEO Chris Kempczinski introduced McDonald's > NEXT, a new corporate strategy aimed at making restaurants easier to run for franchisees and winning back lower-income customers who have cut visits.
McDonald's Q1 2026 EPS of $2.78 with global comparable sales up 3.8%
McDonald's reported first-quarter 2026 revenue of $6.52 billion, up 9%, and diluted EPS of $2.78, up 7%.
Expanded U.S. McCafe drink lineup set to launch May 6
McDonald's set its expanded U.S.
McDonald's USA adds Under $3 menu and $4 breakfast deal to McValue from April 21
McDonald's USA said on April 2, 2026 that it is adding an Under $3 Menu of at least 10 items and a $4 breakfast meal deal, starting April 21 at participating U.S.
McDonald's raised $1.16 billion of long-term debt and bought back $393 million of stock in Q1
In the first quarter of 2026 McDonald's issued $1.16 billion of long-term debt and repurchased 1.3 million shares for $393 million.
McDonald's announces Big Arch burger as a U.S. limited-time item from March 3
McDonald's said the Big Arch, a double-patty burger already on the UK and Ireland menus, will launch in the U.S.
McDonald's guides 2026 capex to $3.7-3.9 billion and operating margin to mid-to-high 40%
With its Q4 2025 results, McDonald's gave its 2026 outlook: capital expenditure of $3.7 to $3.9 billion, about 2,600 gross restaurant openings and about 2,100 net additions.
McDonald's Q4 2025 revenue rose 10% and U.S. comparable sales jumped 6.8%
McDonald's reported fourth-quarter 2025 revenue of $7.01 billion, up 10%, and diluted EPS of $3.03, up 8%.
Forter to provide fraud and identity protection for McDonald's digital orders
Fraud-prevention vendor Forter announced a global partnership with McDonald's covering online ordering, payments and the loyalty program.
Class action says McRib is ground lower-grade pork, not rib meat
A federal class action in Chicago alleges the McRib is made from ground pork shoulder, heart and scalded stomach and that its rib shape and name mislead buyers.
McDonald's reports fiscal Q3 2025 results: revenue $7.08B, up 3% from a year earlier
McDonald's filed a Form 8-K with the SEC on Nov 5, 2025, 7:01 AM ET, reporting an event dated Nov 5, 2025.
SEC filings
| Oct 2, 26 | 4 | Form 4: Dean Lloyd H (Director) — derivative/holdings only | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: Taubert Jennifer L (Director) — derivative/holdings only | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: Hsu Michael D. (Director) — derivative/holdings only | sec.gov ↗ |
| Sep 23, 26 | 8-K | 8-K: Regulation FD Disclosure (Item 7.01) | sec.gov ↗ |
| Aug 14, 26 | 3 | Form 3: Initial insider ownership statement | sec.gov ↗ |
| Aug 11, 26 | 4 | Form 4: Elting Lauren B (VP - CAO and Corp Controller) — option exercise 1,038 sh, tax withholding 304 sh | sec.gov ↗ |
| Aug 7, 26 | 10-Q | 10-Q: Quarterly report for the period ended Jun 30, 2026 | sec.gov ↗ |
| Aug 7, 26 | SCHEDULE 13G | SCHEDULE 13G: Passive ownership report (5%+) | sec.gov ↗ |
| Aug 4, 26 | 8-K | 8-K: Director/Officer Change, Regulation FD Disclosure (Items 5.02, 7.01) | sec.gov ↗ |
| Aug 4, 26 | 8-K | 8-K: Results of Operations (Item 2.02) | sec.gov ↗ |
| Jul 2, 26 | 4 | Form 4: Taubert Jennifer L (Director) — derivative/holdings only | sec.gov ↗ |
| Jul 2, 26 | 4 | Form 4: Dean Lloyd H (Director) — derivative/holdings only | sec.gov ↗ |
| Jul 2, 26 | 4 | Form 4: Hsu Michael D. (Director) — derivative/holdings only | sec.gov ↗ |
| Jun 18, 26 | 11-K | 11-K: Employee stock plan annual report | sec.gov ↗ |
| Jun 10, 26 | 4 | Form 4: Erlinger Joseph M. (President, McDonald's USA) — option exercise 5,252 sh, open-market sale 5,252 sh | sec.gov ↗ |
| Jun 10, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Jun 1, 26 | 4 | Form 4: Ralls-Morrison Desiree (EVP, Chief Legal Officer) — open-market sale 2,763 sh | sec.gov ↗ |
| May 28, 26 | SD | SD: Specialized disclosure (conflict minerals) | sec.gov ↗ |
| May 27, 26 | 4 | Form 4: Erlinger Joseph M. (President, McDonald's USA) — open-market sale 333 sh | sec.gov ↗ |
| May 26, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| May 22, 26 | 8-K | 8-K: Shareholder Vote Results (Item 5.07) | sec.gov ↗ |
| May 12, 26 | SCHEDULE 13G | SCHEDULE 13G: Passive ownership report (5%+) | sec.gov ↗ |
| May 7, 26 | 10-Q | 10-Q: Quarterly report for the period ended Mar 31, 2026 | sec.gov ↗ |
| May 7, 26 | 8-K | 8-K: Results of Operations (Item 2.02) | sec.gov ↗ |
| Apr 30, 26 | SCHEDULE 13G | SCHEDULE 13G: Passive ownership report (5%+) | sec.gov ↗ |
Insider trades, 12 months
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-10 | Erlinger Joseph M. President, McDonald's USA | Sale 10b5-1 plan | 5.3K | $284.32 | $1.5M |
| 2026-05-28 | Ralls-Morrison Desiree EVP, Chief Legal Officer | Sale 10b5-1 plan | 2.8K | $278.36 | $769.1K |
| 2026-05-26 | Erlinger Joseph M. President, McDonald's USA | Sale 10b5-1 plan | 333 | $280.11 | $93.3K |
| 2026-04-23 | Erlinger Joseph M. President, McDonald's USA | Sale 10b5-1 plan | 333 | $302.72 | $100.8K |
| 2026-04-10 | Erlinger Joseph M. President, McDonald's USA | Sale 10b5-1 plan | 2.6K | $307.00 | $806.2K |
| 2026-03-23 | Erlinger Joseph M. President, McDonald's USA | Sale 10b5-1 plan | 333 | $313.47 | $104.4K |
| 2026-03-18 | Baroni Dario President, IDL | Sale 10b5-1 plan | 600 | $323.77 | $194.3K |
| 2026-03-10 | Erlinger Joseph M. President, McDonald's USA | Sale 10b5-1 plan | 2.6K | $328.34 | $862.2K |
| 2026-02-23 | Banner Jonathan EVP - Chief Impact Officer | Sale | 6.2K | $333.29 | $2.1M |
| 2026-02-23 | Erlinger Joseph M. President, McDonald's USA | Sale 10b5-1 plan | 333 | $330.43 | $110.0K |
| 2026-02-13 | Kempczinski Christopher J Chairman and CEO, Director | Sale 10b5-1 plan | 26.3K | $333.54 | $8.8M |
| 2026-02-12 | Flatley Edith Morgan EVP - Global CMO | Sale 10b5-1 plan | 4.7K | $331.00 | $1.6M |
| 2026-02-12 | Kempczinski Christopher J Chairman and CEO, Director | Sale 10b5-1 plan | 26.3K | $331.35 | $8.7M |
| 2026-02-10 | Erlinger Joseph M. President, McDonald's USA | Sale 10b5-1 plan | 2.6K | $325.25 | $854.1K |
| 2026-01-12 | Erlinger Joseph M. President, McDonald's USA | Sale 10b5-1 plan | 2.6K | $306.58 | $805.1K |