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. It also guided operating margin to the mid-to-high 40% range, interest expense up 4% to 6% and a 21% to 23% tax rate. For traders, the capex step-up and higher interest costs are the cost side of the unit-growth story.

• Capital expenditures $3.7 to $3.9 billion in 2026
• About 2,600 gross openings and about 2,100 net restaurant additions
• Operating margin in the mid-to-high 40% range
• Interest expense up 4% to 6%; effective tax rate 21% to 23%; SG&A about 2.2% of systemwide sales