MCD · Earnings call · 2026Q3T · Full report

Geographic Market Commentary

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

In China, third-party delivery providers pulled back offers after a period when subsidized delivery was cheaper than ordering at a restaurant. Management said the pullback negatively affected traffic in the broader Chinese market and at McDonald’s. By contrast, delivery globally is still growing at mid- to high-single digits, with management citing share gains for McDonald’s.

Key facts

• McDonald’s said France and Ukraine were weighing on IOM performance and expected the impact to continue into Q4, with hopes for improvement in 2027.
• IOM comparable sales decelerated slightly from Q2, primarily reflecting France's underperformance versus expectations and restaurant-hours impacts from the escalation of the war in Ukraine.
• China tempered IDL comparable-sales growth amid a challenging near-term macro and consumer environment.
• McDonald’s gained or held share across the majority of its top markets in Q3.
• McDonald’s said the European macroeconomic environment was muted and it was maintaining or gaining share in most markets across Europe and internationally.
• The pullback in third-party delivery offers in China negatively impacted traffic in the broader Chinese market and McDonald’s.