Earnings Call Intelligence Subscribe
Home › Call Sheets › MCD › Q2'26
Call sheet · Q2'26

McDonald's (MCD)

Q2'26 earnings call · held August 4, 2026 · compared with the Q1'26 call · management-credibility review
9/12
Disclosure score
2 medium, 1 low flags
Financial quality
Bottom line
US comparable sales grew 0.8%, below management expectations, even though slower growth had already been forecast. The useful distinction is expected deceleration versus the additional execution shortfall. Management reported only 60%-65% participation in recommended EDAP pricing and called reduced digital offers a bad trade. Track restored-offer traffic, pricing participation and restaurant returns together. The 50,000-restaurant milestone moves into 2028 while about 2,600 gross openings remain targeted for 2026.

The 30-second version

  • Value execution fell short even after slower growth was expected
  • Recommended pricing reached only 60%-65% of the system
  • The 50,000-restaurant goal moves into 2028

What changed this quarter

MetricQ1'26Q2'26Change
Global comparable sales+3.8% YoY+1.3% YoY-250 bps deceleration
US comparable sales+3.9%+0.8%, below expectationsSharp deceleration, management calls it a miss
IOM comparable sales+3.9%+1.5%-240 bps
IDL comparable sales+3.4%+1.9%-150 bps
Adjusted EPS$2.83, +1% CC$3.38, +5% CCAdjusted EPS grew 5% year over year in constant currency; quarterly levels are seasonally different
Restaurant margins ($)>$3.6B>$4.0BBoth are rounded lower-bound dollar amounts; an exact sequential growth rate cannot be calculated
Adjusted operating margin46.0% (Q1)46.9% YTDQ1 standalone versus first-half cumulative margin, not Q2 standalone
FX tailwind guidance (FY26 EPS)$0.20-$0.30$0.15Guidance cut mid-year
50,000 restaurant target dateEnd of 20272028Revised from end-2027 to an unspecified point in 2028
G&A % of system-wide salesFull-year targets reaffirmed; cited passage does not specify the G&A percentage2.2%, on track for FYUnchanged

Accountability tracked

7 new promises made5 narrative shifts flagged5 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
Read the full MCD Q2'26 report Subscribe
About Research ↗Call SheetsCredibility IndexMissed PromisesScreens13F BooksData & InstitutionalPrivacyTermsSubscribe
This is a free preview. The full write-up and promise ledger are published to subscribers on Substack.
Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

Follow what management promises next

Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.

Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.