McDonald's Corporation delivered a mixed second-quarter 2026 report, with adjusted earnings beating expectations but revenues falling short as U.S. traffic remained soft. Adjusted earnings were $3.38 per share, up 6% year over year and 1.8% above the Zacks Consensus Estimate of $3.32, while revenues rose 4% to $7.10 billion but missed the consensus mark of $7.14 billion by 0.5%. Franchised restaurant margins increased 4.3% to $3.71 billion and represented roughly 90% of total restaurant margin dollars, while company-operated restaurant margins rose 1.8% overall but U.S. margins fell 6% to $91 million. U.S. comparable sales increased 0.8%, supported by positive average check growth and favorable product mix, but lower guest counts limited the result, and management estimated that value execution issues accounted for about two-thirds of the customer traffic shortfall versus expectations. International Operated Markets comparable sales rose 1.5%, led by Germany, Australia and the United Kingdom, and International Developmental Licensed Markets increased 1.9%, with Japan leading growth while China remained a drag. McDonald's still expects to open about 2,600 restaurants in 2026, producing roughly 2,100 net additions, and continues to expect a full-year operating margin in the mid-to-high 40% range.
McDonald’s CorporationAdjusted EPS beat estimates, though revenue missed and U.S. traffic soft.
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