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Sentiment · FY2026 Q2
On August 3, 2026, Joseph M. Erlinger, Executive Vice President and President of McDonald's USA, notified the company of his intention to leave his role effective August 4, 2026. He will serve in an advisory role until early 2027 to facilitate an orderly transition, with no change to his compensation. The Board appointed Skye Anderson, most recently Chief Operating Officer of McDonald's USA and a 26-year company veteran, to the role effective August 4, 2026.
Global comps grew 3.8% with system-wide sales up 6% in constant currency as the McValue platform continued driving U.S. traffic and affordability positioning. Adjusted EPS of $2.83 included a $0.13 FX benefit while adjusted operating margin was 46%, with beef inflation pressuring franchisee profitability. Full-year 2026 financial targets were reaffirmed as outlined in February.
Demand | Product Launch | Pricing | Margin | Cost Pressure | Geographic Expansion | Macroeconomic | Innovation & R&D | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 2 | 2 | 3 | 2 | 1 | 2 | |
| 2025Q1 | 6 | 5 | 4 | 2 | 2 | 2 | ||
| 2025Q2 | 6 | 4 | 2 | 2 | 1 | 2 | 1 | 1 |
| 2025Q3 | 7 | 2 | 4 | 2 | 2 | 2 | 2 | 1 |
| 2025Q4 | 2 | 4 | 3 | 2 | 1 | 1 | 3 | |
| 2026Q1 | 4 | 2 | 2 | 3 | 4 | 1 | 3 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 6 | 6 | 6 | 7 | 2 | 4 |
| Product Launch | 2 | 5 | 4 | 2 | 4 | 2 |
| Pricing | 2 | 4 | 2 | 4 | 3 | 2 |
| Margin | 3 | 2 | 2 | 2 | 2 | 3 |
| Cost Pressure | 2 | 1 | 2 | 4 | ||
| Geographic Expansion | 1 | 2 | 2 | 2 | 1 | 1 |
| Macroeconomic | 2 | 1 | 2 | 1 | 3 | |
| Innovation & R&D | 2 | 1 | 1 | 3 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $6.39B | -0.3% | $2.80 | 0.0% | 44.9% | 31.6% | $1.82B |
| FY2025 Q1 | $5.96B | -3.5% | $2.60 | -2.3% | 44.5% | 31.4% | $1.88B |
| FY2025 Q2 | $6.84B | +5.4% | $3.14 | +12.1% | 47.2% | 32.9% |
| $1.25B |
| FY2025 Q3 | $7.08B | +3.0% | $3.18 | +1.6% | 47.4% | 32.2% | $2.42B |
| FY2025 Q4 | $7.01B | +9.7% | $3.03 | +8.2% | 45.0% | 30.9% | $1.64B |
| FY2026 Q1 | $6.52B | +9.4% | $2.78 | +6.9% | 44.3% | 30.4% | $1.73B |
| FY2026 Q2 | $7.10B | +3.7% | $3.32 | +5.7% | 47.0% | 33.3% | — |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Dennis Geiger | UBS | 7 (0%) |
| Jon Tower | Citigroup | 7 (0%) |
| David Tarantino | Robert W. Baird | 7 (14%) |
| Sara Senatore | Bank of America | 7 (0%) |
| Brian Harbour | Morgan Stanley | 7 (29%) |
| Lauren Silberman | Deutsche Bank | 7 (0%) |
| John Ivankoe | JPMorgan | 7 (14%) |
| Jeff Bernstein | Barclays | 6 (17%) |
| Dave Palmer | Evercore ISI | 6 (17%) |
| Andrew Charles | TD Cowen | 5 (40%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bank of America | 1 | 7 (0%) |
| Citigroup | 1 | 7 (0%) |
| Deutsche Bank | 1 | 7 (0%) |
| JPMorgan | 1 |
What MCD and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We have a fantastic and very long-standing partnership with McDonald's, and that's intact, right?”
Coca-Cola reaffirms its long-standing foodservice partnership with McDonald's as intact despite news of McDonald's adding Red Bull.
| 7 (14%) |
| Morgan Stanley | 1 | 7 (29%) |
| Robert W. Baird | 1 | 7 (14%) |
| UBS | 1 | 7 (0%) |
| Evercore ISI | 1 | 6 (17%) |
“there were some things that we needed to do in partnership with Red Bull to be able to meet the demand that didn't line up perfectly with this May launch”
McDonald's is partnering with Red Bull to add Red Bull-infused energy drinks to its new US beverage platform, with supply readiness timing pushing that portion past the May launch.
“we launched the KPop Demon Hunters partnership with Netflix, a campaign built for a more digitally native customer”
McDonald's ran a Happy Meal marketing partnership with Netflix's KPop Demon Hunters IP, leveraging Netflix content for a digitally native customer campaign.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
MCD McDonald's Corporation | 7 | +9.4% | |
| CMG Chipotle Mexican Grill | 5 | +7.4% | |
| DPZ Domino's | 5 | +3.5% | |
| DRI Darden Restaurants | 5 | +5.9% | |
| SBUX Starbucks | 9 | +8.8% | |
| YUM Yum! Brands | 9 | +15.2% |