- McDonald’s shares have fallen roughly one-fifth from their March peak as U.S. customers visit less often and value deals have not restored traffic as they did in 2025.
- Q2 net income rose to $2.36 billion and adjusted EPS beat consensus, but U.S. comparable sales grew only 0.8%, driven by higher average checks despite fewer guest visits.
- Management is focusing on value menus, digital ordering, delivery and loyalty engagement, with a Sept. 23 Chicago investor day set to provide more detail on the McDonald’s > NEXT growth plan.
- The largely franchised model remains a source of recurring fee, rent and royalty revenue, but same-store sales, traffic and franchise margins are the key near-term indicators.
Quotes
“We don’t have a strategy problem”
“We simply didn’t execute at the level we needed to in the second quarter.”
“While our playbook is working around the world, we see an opportunity to raise the bar in the U.S. and accelerate performance in our largest market”