MCD · Earnings call · 2026Q3T · Full report

International Comparable Sales Growth

MCDONALDS CORP · 2026-11-04 · Importance 25 · Surprise 32

IOM comparable sales increased 1.4%, led by Australia and Germany, while International Developmental Licensed Markets (IDL) comparable sales increased 4.2%, with all geographic regions positive. Japan led IDL performance and recorded its 44th consecutive quarter of comparable-sales growth; China’s results tempered IDL growth, although its operational efficiency supported improved bottom-line performance versus the prior-year quarter. IOM results were below expectations in France and were affected by reduced restaurant operating hours related to the escalation of the war in Ukraine; excluding those factors, IOM comparable sales would have exceeded expectations. Management said most large international markets held or gained share and expected Q4 conditions to be largely consistent with Q3.

Key facts

• Japan delivered 44 consecutive quarters of comparable-sales growth.
• McDonald’s said IOM value options had been in place longer and were a fundamental baseline driver of consistent results and share gains in challenging markets.
• Q3 International Operated Markets comparable sales increased 1.4%, led by Australia and Germany.
• Excluding France and Ukraine, IOM comparable sales would have exceeded expectations for Q3.
• Q3 International Developmental Licensed Markets comparable sales increased 4.2%, with positive comparable sales in all geographic regions.