McDonald's Corporation (MCD) Earnings Call Transcripts

McDonald's Corporation's Latest Earnings Call - Q2 FY2026

In the second quarter of fiscal year 2026, McDonald's Corporation (MCD:US) reported system-wide sales growth of 4% in constant currency, with global comparable sales increasing by 1.3%. Adjusted earnings per share (EPS) came in at $3.38, reflecting a 5% increase year-over-year. However, U.S. comparable sales growth of only 0.8% fell short of expectations, prompting management to signal a focus on improving execution and marketing strategies moving forward. The company has adjusted its timeline for reaching 50,000 restaurants globally to 2028, citing inflationary pressures and the need for quality over quantity in expansion efforts.

Reported metrics

Guidance from management

Management is focused on improving execution and marketing strategies in the U.S. and has indicated that they will not get beaten on value. They expect to see improvements in comparable sales as they address these execution challenges.

What management said

Thanks for the question, John. I felt like I knew every industry acronym, but you stop me on ICS. So tell me tell me what that is and what it revealed and then I can answer the question.

Thank you, everyone, for joining us today. We will -- I'm happy to take follow-up calls later on today and over the next week or so. Please e-mail me if you would like a meeting. and we will talk to you later. Thank you. .

What analysts pressed on

Analysts expressed concerns regarding the execution issues impacting U.S. sales and the effectiveness of the EDAP menu. There were questions about the pace of recovery in sales and the potential impact of franchisee cash flow pressures on future investments.

Main topics on the call

• U.S. Comparable Sales Performance — U.S. comparable sales growth was only 0.8% in Q2, significantly below expectations. Management stated, "We don't have a strategy problem. We simply didn't execute at the level we needed to in the second quarter."
• Execution Challenges — Management identified execution inconsistencies as a major issue, with approximately 60-65% of the system effectively implementing the new EDAP menu. Chris Kempczinski noted, "We had a miss when we launched the EDAP menu...
• International Market Performance — International markets showed resilience with comparable sales growth of 1.5%, driven by strong performances in Germany, Australia, and the U.K. Ian Borden highlighted, "These markets continue to demonstrate that our play...
• New Beverage Platform Success — The new beverage platform launched in May has exceeded expectations, with early results indicating strong average check increases. Management stated, "More than half of the traffic is coming after lunch... average check ...

Read the full McDonald's Corporation transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 37 McDonald's Corporation earnings call transcripts on record, spanning January 29, 2020 to August 4, 2026. Based on this history, McDonald's Corporation reports quarterly. The most recent call on file is dated August 4, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

MCD

Exchange

NYSE

Country

US

Sector

Consumer Discretionary

Industry

Hotels, Restaurants and Leisure

Calls on record

37

First call

January 29, 2020

Most recent

August 4, 2026

Reporting cadence

quarterly