MCD · 10-Q · 2026Q3 · Full report

Geographic Market Commentary

MCDONALDS CORP · 2026-11-06 · Importance 14 · Surprise 24

Within International Operated Markets, Germany and Australia led comparable sales growth in both periods, and the U.K. also contributed for the nine months. France recorded negative comparable sales in both periods. In International Developmental Licensed Markets, Japan led growth and all broader geographic regions had positive comparable sales, while China was a partial offset.

Key facts

• McDonald’s exposure to government actions, including price, foreign-exchange or trade tariffs and controls, trade policies, sanctions, closures and asset seizures, may disrupt operations or cause price volatility in a market and adversely affect business and financial results. source
• McDonald’s faces heightened risks in developing markets, including political instability, economic volatility, crime, corruption and social and ethnic unrest. source
• McDonald’s results are substantially affected by economic conditions, including inflation, which can affect consumer disposable income and spending habits and vary significantly by market. source
• Unfavorable currency fluctuations could adversely affect McDonald’s reported earnings. source
• International Operated Markets comparable sales were positive in most markets for both periods, led by Germany and Australia, and by the U.K. for the nine months; France was negative in both periods. source
• International Developmental Licensed Markets comparable sales were positive across broader geographic regions for both periods, led by Japan, and partly offset by negative comparable sales in China. source
• The nine-month results also benefited from favorable foreign-currency translation in International Operated Markets and International Developmental Licensed Markets. source
• Equity in earnings of unconsolidated affiliates increased in both periods primarily because of improved restaurant operating performance in China. source