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McDonald's (MCD)
NYSE:MCD
Earnings Data
Report Date
Apr 23, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
2.77Last Year’s EPS
2.67Same Quarter Last Year
Moderate Buy
Based on 26 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong operational momentum (robust comps, guest growth, record marketing activations), aggressive unit expansion, meaningful digital/loyalty progress, and solid margins — while acknowledging manageable headwinds (weather-related Q1 drag, regional macro pressure especially China, margin pressures earlier in the year, and ongoing investments and execution risks). The positive growth, margin resilience in Q4, and clear multi-year development and digital targets substantially outweigh the listed challenges.Company Guidance
Strong System-Wide Sales Growth
System-wide sales of nearly $140 billion in 2025, up 5.5% in constant currency for the full year, reflecting accelerating new restaurant openings and broad-based comp strength.
Robust Comparable Sales and Guest Count Momentum
Global comparable sales up 5.7% in Q4 2025 with positive comparable guest counts; U.S. Q4 comps up 6.8% (driven by check and guest count growth); International operated markets comps up 5.2%; International developmental license markets comps up 4.5%.
Store Growth Acceleration
Opened ~2,275 gross restaurants in 2025 (net openings ~1,880); targeting ~2,600 gross openings in 2026 and on track for 50,000 restaurants by end of 2027; expecting ~4.5% unit growth in 2026 from ~2,100 net restaurant additions.
Marketing and Cultural Reach
Record-setting global campaigns: largest global campaign (Minecraft movie), MONOPOLY drove ~500 million games played and significant digital acquisition, Grinch campaign produced the highest single sales day in company history and sold ~50 million pairs of themed socks in early days of the promotion.
Loyalty and Digital Expansion
Major digital traction: ~46 million 90-day active users in the U.S. app (during MONOPOLY) and nearly 210 million 90-day active users across 70 markets in 2025; loyalty members demonstrated materially higher visit frequency (example: U.S. customers visited ~10.5x before joining and ~26x after joining).
Menu and Category Wins
Successful menu innovations and rollouts: Snack Wraps return in U.S., McWings in Australia, Big Arch scaling (permanent in UK), Best Burger rolled out in 85+ markets, McCrispy equity deployed in major markets, and chicken category share grew across top 10 markets.
Financial Performance and Margin Resilience
Adjusted EPS of $3.12 for the quarter (includes $0.10 FX benefit); adjusted EPS on a constant currency basis up ~7% YoY for the quarter; full-year adjusted operating margin of 46.9%; total restaurant margin dollars > $15 billion; targeting operating margin expansion in 2026.
Capital Allocation and Cash Conversion
2025 CapEx of $3.4 billion (slightly above guidance as investments accelerated); 2026 CapEx guidance $3.7–$3.9 billion to support openings; targeting net income to free cash flow conversion in low- to mid-80% range (84% in 2025); continued dividend priority and share repurchases with excess FCF.
MCD Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
MCD Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 11, 2026 | $323.21 | $332.08 | +2.74% |
Nov 05, 2025 | $297.42 | $303.85 | +2.16% |
Aug 07, 2025 | $304.10 | $304.34 | +0.08% |
May 01, 2025 | $314.17 | $308.26 | -1.88% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does McDonald's (MCD) report earnings?
McDonald's (MCD) is schdueled to report earning on Apr 23, 2026, Before Open (Confirmed).
What is McDonald's (MCD) earnings time?
McDonald's (MCD) earnings time is at Apr 23, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is MCD EPS forecast?
MCD EPS forecast for the fiscal quarter 2026 (Q1) is 2.77.
