MCD · Earnings call · 2026Q3T · Full report

Revenue Performance and Mix

MCDONALDS CORP · 2026-11-04 · Importance 31 · Surprise 32

Global comparable sales increased 1.5% in the third quarter, while system sales grew 4% in constant currency, reflecting contributions from new restaurant openings. McDonald’s refranchised about 175 restaurants across the U.S. and International Operated Markets (IOM) during 2026, shifting revenue from 100% company-operated restaurant sales to franchised revenue. Management said this refranchising activity was one reason revenue was down in Q3, but did not quantify the decline.

Key facts

• McDonald’s estimates no foreign-currency translation impact on Q4 adjusted EPS versus the prior year, based on current exchange rates; the estimate is directional.
• Q3 adjusted EPS was $3.57, including a $0.01 foreign-currency translation headwind; constant-currency adjusted EPS increased 11% year over year.
• Refranchising shifts revenue from 100% company revenue to franchised revenue contribution; management said it contributed to lower Q3 revenue.
• Q3 2026 global comparable sales grew 1.5% and system sales grew 4% in constant currency.
• Q3 2026 global comparable sales grew 1.5% in a soft consumer environment, particularly in Europe.