MCD · Earnings call · 2026Q3T · Full report
Operating Margin Drivers
MCDONALDS CORP · 2026-11-04 · Importance 44 · Surprise 24 · In source text
McDonald’s generated nearly $4.2 billion in restaurant margins in the third quarter. Year-to-date adjusted operating margin was 48.3%, reflecting higher other operating income, including larger gains on restaurant sales from refranchising. Management said about 175 U.S. and IOM restaurants had been refranchised so far in 2026 and expected a similar level of activity over the next couple of years. The company’s goal is to have 98% of its global restaurant portfolio franchised by the end of 2028.
Key facts
- Year-to-date adjusted operating margin was 48.3%, reflecting higher other operating income, including higher gains on restaurant sales from refranchising.
- McDonald’s generated nearly $4.2 billion in restaurant margins in Q3.
- China's operational efficiency supported improved bottom-line performance versus the prior-year quarter.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | — | Year-to-date adjusted operating margin was 48.3%, reflecting higher other operating income, including higher gains on restaurant sales… |