MCD · Earnings call · 2026Q3T · Full report

Store Count and Expansion

MCDONALDS CORP · 2026-11-04 · Importance 59 · Surprise 32 · In source text

McDonald’s expected 2,500 gross restaurant openings globally in 2026, slightly below its 2,600 target, while remaining on track for approximately 2,100 net openings. The company expected 2026 capital expenditures of about $3.7 billion, at the low end of its prior $3.7 billion to $3.9 billion range. Management attributed the lower capex expectation to slightly fewer gross openings in owned markets and foreign currency effects. The company said the opening outlook reflects disciplined development decisions based on attractive long-term returns for McDonald’s and franchisees.

Key facts

• McDonald’s expects 2026 capital expenditures of about $3.7 billion, at the low end of the prior $3.7 billion-$3.9 billion range, reflecting fewer gross openings in owned markets and foreign currency.
• McDonald’s has refranchised about 175 U.S. and IOM restaurants so far in 2026 and is progressing toward a 98% globally franchised portfolio by 2028.
• McDonald’s expected refranchising activity at about the 2026 level to continue through the next couple of years, targeting 98% franchised globally by the end of 2028.
• McDonald’s expects 2,500 gross global restaurant openings in 2026, slightly below the 2,600 target, and remains on track for approximately 2,100 net openings.

Impact estimates