Analyst Consensus ?
ConsensusBuy61 ratings
Bullish3659.0%
Neutral2439.4%
Bearish11.6%
McDonald's Corporation · MCD · FY2026 Q1 · Calendar Q2 2026
McDonald's Q1 2026: Comp Sales Up 3.8% as Value Platform Drives Traffic
McDonald's entered FY2026 with solid but moderating growth. Global comparable sales rose 3.8% in Q1, down from 5.7% in Q4 2025, yet the company gained share in nearly all top markets. EPS of $2.83 beat estimates by 3.3% on revenue of $6.52B. The value platform (McValue under-$3 menu, Extra Value Meals) remains the primary traffic driver, complemented by high-impact marketing partnerships (Netflix, FIFA, Super Mario) and an expanding McCafe beverage lineup. International markets — notably the UK, Germany, and Australia — delivered mid- to high-single-digit comp growth. The key watch item is U.S. company-operated margins, which underperformed and triggered a strategic review of the ownership mix with potential refranchising. Management maintained full-year guidance and struck a confident tone, but the deceleration from Q4 and margin pressure in the U.S. warrant monitoring.
Reported Before market openNYSEConsumer Cyclical
$192.31B market cap
100quality score
Company context
Snapshot as of publicationMcDonald's Corporation operates and licenses its renowned fast-food chain worldwide, with a significant presence in both the United States and international markets. Their comprehensive menu offers classic items like hamburgers and cheeseburgers, a variety of chicken options including sandwiches and nuggets, alongside lighter choices such as wraps, french fries, and salads. For breakfast, patrons can select from offerings like biscuit and bagel sandwiches, breakfast burritos, and hotcakes. Additionally, the company provides oatmeal, an assortment of desserts including milkshakes, sundaes, and soft-serve ice cream, plus a selection of baked goods. A wide array of soft drinks, coffee, and other beverages completes their offering. By December 31, 2021, the corporation's global network encompassed 40,031 establishments. McDonald's Corporation, founded in 1940, has its main corporate office located in Chicago, Illinois.
Earnings scorecard
Reported versus consensus
Reported EPS
$2.83
Consensus $3
EPS surprise
+3.3%
Reported versus consensus
Reported revenue
$6.52B
Consensus $6.47B
Revenue surprise
+0.7%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$253.46Current
$222.5Low
$312.08Average
$385High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 11, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Argus Research | Buy | Buy | Maintain | Aug 26, 2026 |
| Guggenheim | Neutral | Neutral | Maintain | Aug 6, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Aug 5, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Aug 5, 2026 |
| Citigroup | Buy | Buy | Maintain | Aug 5, 2026 |
| BTIG | Buy | Buy | Maintain | Aug 5, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Jul 31, 2026 |
| UBS | Buy | Buy | Maintain | Jul 27, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 23, 2026 |
| Tigress Financial | Buy | Buy | Maintain | Jul 17, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 16, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 16, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | May 11, 2026 |
| Barclays | Overweight | Overweight | Maintain | May 8, 2026 |
| TD Cowen | Hold | Hold | Maintain | May 7, 2026 |
| Rothschild & Co | Neutral | Sell | Upgrade | Apr 23, 2026 |
| Truist Securities | Buy | Buy | Maintain | Feb 12, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Feb 12, 2026 |
| Jefferies | Buy | Buy | Maintain | Feb 12, 2026 |
| Oppenheimer | Outperform | Perform | Upgrade | Jan 6, 2026 |
| Baird | Neutral | Neutral | Maintain | Nov 6, 2025 |
| BMO Capital | Outperform | Outperform | Maintain | Sep 4, 2025 |
| Stifel | Hold | Hold | Maintain | Aug 22, 2025 |
| B of A Securities | Neutral | Neutral | Maintain | Jul 18, 2025 |
| Goldman Sachs | Buy | Neutral | Upgrade | Jul 10, 2025 |
| Redburn Atlantic | Sell | Buy | Downgrade | Jun 10, 2025 |
| Loop Capital | Hold | Buy | Downgrade | Jun 6, 2025 |
| TD Securities | Hold | Hold | Maintain | Jun 5, 2025 |
| Wedbush | Outperform | Outperform | Maintain | Feb 11, 2025 |
| Deutsche Bank | Buy | Buy | Maintain | Jul 30, 2024 |
| Erste Group | Hold | Buy | Downgrade | Apr 3, 2024 |
| Stephens & Co. | Overweight | Overweight | Maintain | Feb 6, 2024 |
| DZ Bank | Buy | Hold | Upgrade | Oct 31, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Apr 26, 2023 |
| Northcoast Research | Buy | Neutral | Upgrade | Apr 10, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Oct 28, 2022 |
| Bernstein | Perform | Market Perform | Maintain | Sep 8, 2022 |
| Kalinowski Research | Buy | Neutral | Upgrade | Aug 15, 2022 |
| Atlantic Equities | Overweight | Neutral | Upgrade | Jun 29, 2022 |
| MKM Partners | Buy | Buy | Maintain | Apr 29, 2022 |
| Telsey Advisory Group | Outperform | Outperform | Maintain | May 4, 2021 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | May 1, 2020 |
| Kalinowski | Buy | Neutral | Upgrade | Jan 22, 2020 |
| Longbow Research | Buy | Neutral | Upgrade | Nov 8, 2019 |
| Piper Jaffray | Neutral | Overweight | Downgrade | Nov 4, 2019 |
| Stifel Nicolaus | Hold | Hold | Maintain | Jul 29, 2019 |
| Bank of America | Buy | Buy | Maintain | Jun 7, 2019 |
| Gordon Haskett | Buy | Buy | Maintain | Oct 19, 2018 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| Nomura | Buy | Buy | Maintain | Feb 1, 2018 |
| Canaccord Genuity | Hold | Hold | Maintain | Aug 22, 2016 |
| BTIG Research | Buy | Buy | Maintain | Apr 25, 2016 |
| PiperJaffray | Overweight | Neutral | Upgrade | Oct 23, 2015 |
| Cleveland Research | Neutral | Neutral | Maintain | Jul 8, 2015 |
| Susquehanna | Neutral | Positive | Downgrade | Jul 23, 2014 |
| Sterne Agee | Neutral | Buy | Downgrade | Jul 23, 2014 |
| Janney Montgomery Scott | Neutral | Buy | Downgrade | Jul 17, 2013 |
| Janney Capital | Neutral | Buy | Downgrade | Jul 17, 2013 |
| Credit Agricole | Outperform | Buy | Maintain | Apr 22, 2013 |
| Raymond James | Market Perform | Outperform | Downgrade | Jan 9, 2013 |
| Lazard | Neutral | Buy | Downgrade | Nov 26, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $253.46. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Argus Research | Analyst unavailable | $310 | $267.07 | +22.3% | Aug 26, 2026 |
| Guggenheim | Analyst unavailable | $290 | $273.21 | +14.4% | Aug 5, 2026 |
| Bernstein | Danilo Gargiulo | $295 | $273.92 | +16.4% | Aug 5, 2026 |
| UBS | Analyst unavailable | $305 | $273.35 | +20.3% | Aug 5, 2026 |
| Morgan Stanley | Analyst unavailable | $319 | $273.25 | +25.9% | Aug 5, 2026 |
| Robert W. Baird | Analyst unavailable | $285 | $268.34 | +12.4% | Aug 5, 2026 |
| Deutsche Bank | Lauren Silberman | $345 | $268.34 | +36.1% | Aug 5, 2026 |
| Piper Sandler | Analyst unavailable | $286 | $267.34 | +12.8% | Aug 4, 2026 |
| UBS | Dennis Geiger | $340 | $267.14 | +34.1% | Jul 27, 2026 |
| BTIG | Analyst unavailable | $350 | $262.8 | +38.1% | Jul 24, 2026 |
| Evercore ISI | Analyst unavailable | $320 | $262.58 | +26.3% | Jul 23, 2026 |
| Wells Fargo | Analyst unavailable | $300 | $264.95 | +18.4% | Jul 16, 2026 |
| Morgan Stanley | Analyst unavailable | $322 | $268.94 | +27.0% | Jul 15, 2026 |
| Deutsche Bank | Analyst unavailable | $325 | $273.98 | +28.2% | Jul 9, 2026 |
| KeyBanc | Analyst unavailable | $315 | $269.76 | +24.3% | Jun 29, 2026 |
| Morgan Stanley | Analyst unavailable | $331 | $281.05 | +30.6% | May 8, 2026 |
| Evercore ISI | Analyst unavailable | $350 | $279.42 | +38.1% | May 8, 2026 |
| Wells Fargo | Analyst unavailable | $320 | $283.7 | +26.3% | May 8, 2026 |
| Robert W. Baird | Analyst unavailable | $305 | $283.7 | +20.3% | May 7, 2026 |
| Redburn Partners | Analyst unavailable | $306 | $300.07 | +20.7% | Apr 23, 2026 |
| KeyBanc | Analyst unavailable | $345 | $311.36 | +36.1% | Apr 20, 2026 |
| Tigress Financial | Ivan Feinseth | $385 | $325.44 | +51.9% | Mar 6, 2026 |
| Argus Research | John Staszak | $380 | $332.08 | +49.9% | Feb 13, 2026 |
| Guggenheim | Analyst unavailable | $320 | $332.08 | +26.3% | Feb 13, 2026 |
| Truist Financial | Jake Bartlett | $370 | $330.19 | +46.0% | Feb 12, 2026 |
| RBC Capital | Logan Reich | $330 | $330.56 | +30.2% | Feb 12, 2026 |
| Jefferies | Analyst unavailable | $375 | $323.88 | +48.0% | Feb 12, 2026 |
| Barclays | Analyst unavailable | $380 | $330.2 | +49.9% | Feb 12, 2026 |
| Robert W. Baird | David Tarantino | $335 | $323.21 | +32.2% | Feb 12, 2026 |
| UBS | Analyst unavailable | $365 | $323.21 | +44.0% | Feb 12, 2026 |
| Bernstein | Danilo Gargiulo | $340 | $323.21 | +34.1% | Feb 12, 2026 |
| BTIG | Analyst unavailable | $370 | $323.21 | +46.0% | Feb 12, 2026 |
| Wells Fargo | Analyst unavailable | $355 | $323.21 | +40.1% | Feb 12, 2026 |
| Mizuho Securities | Analyst unavailable | $325 | $323.48 | +28.2% | Feb 6, 2026 |
| Guggenheim | Gregory Francfort | $325 | $318.53 | +28.2% | Feb 3, 2026 |
| UBS | Dennis Geiger | $350 | $318.17 | +38.1% | Feb 2, 2026 |
| BTIG | Analyst unavailable | $360 | $315 | +42.0% | Feb 2, 2026 |
| Truist Financial | Jake Bartlett | $356 | $304.16 | +40.5% | Jan 8, 2026 |
| Bernstein | Jeffrey Bernstein | $372 | $302.77 | +46.8% | Jan 7, 2026 |
| Oppenheimer | Brian Bittner | $355 | $302.77 | +40.1% | Jan 6, 2026 |
| Mizuho Securities | Analyst unavailable | $300 | $310 | +18.4% | Oct 27, 2025 |
| Piper Sandler | Brian Mullan | $325 | $312.3 | +28.2% | Oct 22, 2025 |
| Barclays | Analyst unavailable | $362 | $307.48 | +42.8% | Oct 22, 2025 |
| KeyBanc | Eric Gonzalez | $335 | $308.09 | +32.2% | Oct 20, 2025 |
| Morgan Stanley | Brian Harbour | $335 | $307.07 | +32.2% | Oct 17, 2025 |
| Wells Fargo | Analyst unavailable | $340 | $305.25 | +34.1% | Oct 16, 2025 |
| Guggenheim | Analyst unavailable | $295 | $293.81 | +16.4% | Oct 10, 2025 |
| RBC Capital | Analyst unavailable | $320 | $294.4 | +26.3% | Oct 8, 2025 |
| Stifel Nicolaus | Chris O'Cull | $315 | $314.07 | +24.3% | Aug 22, 2025 |
| BMO Capital | Andrew Strelzik | $345 | $315.72 | +36.1% | May 5, 2025 |
| Truist Financial | Jake Bartlett | $350 | $311.96 | +38.1% | May 2, 2025 |
| KeyBanc | Eric Gonzalez | $340 | $312.69 | +34.1% | Mar 27, 2025 |
| BMO Capital | Andrew Strelzik | $335 | $291.52 | +32.2% | Oct 30, 2024 |
| Truist Financial | Jake Bartlett | $342 | $295 | +34.9% | Oct 29, 2024 |
| Robert W. Baird | David Tarantino | $290 | $296.79 | +14.4% | Oct 29, 2024 |
| Wedbush | Nick Setyan | $295 | $297.62 | +16.4% | Oct 23, 2024 |
| Goldman Sachs | Christine Cho | $325 | $314.69 | +28.2% | Oct 23, 2024 |
| Guggenheim | Gregory Francfort | $285 | $314.69 | +12.4% | Oct 23, 2024 |
| Evercore ISI | David Palmer | $340 | $314.69 | +34.1% | Oct 23, 2024 |
| Bank of America Securities | Sara Senatore | $322 | $316.56 | +27.0% | Oct 21, 2024 |
| Morgan Stanley | Brian Harbour | $340 | $313.34 | +34.1% | Oct 15, 2024 |
| UBS | Dennis Geiger | $345 | $301.9 | +36.1% | Oct 9, 2024 |
| KeyBanc | Eric Gonzalez | $330 | $303.76 | +30.2% | Oct 7, 2024 |
| Citigroup | Jon Tower | $317 | $302.98 | +25.1% | Oct 2, 2024 |
| Citigroup | Jon Tower | $301 | $292.35 | +18.8% | Sep 13, 2024 |
| Bank of America Securities | Sara Senatore | $278 | $264.8 | +9.7% | Jul 30, 2024 |
| Bernstein | Jeffrey Bernstein | $300 | $263.49 | +18.4% | Jul 30, 2024 |
| Loop Capital Markets | Alton Stump | $342 | $266.44 | +34.9% | Jul 30, 2024 |
| BMO Capital | Andrew Strelzik | $315 | $266.44 | +24.3% | Jul 30, 2024 |
| Citigroup | Jon Tower | $275 | $261.42 | +8.5% | Jul 30, 2024 |
| KeyBanc | Eric Gonzalez | $305 | $261.42 | +20.3% | Jul 30, 2024 |
| Wells Fargo | Jon Tower | $285 | $261.42 | +12.4% | Jul 30, 2024 |
| Jefferies | Andy Barish | $310 | $262.56 | +22.3% | Jul 29, 2024 |
| Truist Financial | Jake Bartlett | $295 | $261.42 | +16.4% | Jul 29, 2024 |
| Stifel Nicolaus | Chris O'Cull | $257 | $262.1 | +1.4% | Jul 29, 2024 |
| Deutsche Bank | Lauren Silberman | $295 | $252 | +16.4% | Jul 29, 2024 |
| Stifel Nicolaus | Chris O'Cull | $265 | $257.28 | +4.6% | Jul 22, 2024 |
| Guggenheim | Gregory Francfort | $280 | $249.99 | +10.5% | Jul 2, 2024 |
| Maxim Group | Thomas Forte | $222.5 | $126.18 | -12.2% | Jun 13, 2024 |
| Goldman Sachs | Christine Cho | $288 | $254.48 | +13.6% | Jun 13, 2024 |
| Loop Capital Markets | Eric Gonzalez | $310 | $252.07 | +22.3% | May 31, 2024 |
| Truist Financial | Jake Bartlett | $320 | $274.43 | +26.3% | May 2, 2024 |
| BMO Capital | Andrew Strelzik | $330 | $272.07 | +30.2% | May 1, 2024 |
| Stifel Nicolaus | Chris O'Cull | $285 | $273.04 | +12.4% | Apr 30, 2024 |
| Morgan Stanley | Brian Harbour | $320 | $266.8 | +26.3% | Apr 12, 2024 |
| Stifel Nicolaus | Chris O'Cull | $300 | $268.67 | +18.4% | Apr 11, 2024 |
| Piper Sandler | Aisling Grueninger | $299 | $267.56 | +18.0% | Apr 9, 2024 |
| UBS | Dennis Geiger | $335 | $270.09 | +32.2% | Apr 5, 2024 |
| Truist Financial | Jake Bartlett | $340 | $283.46 | +34.1% | Feb 6, 2024 |
| Stephens | Joshua Long | $320 | $285.94 | +26.3% | Feb 5, 2024 |
| RBC Capital | Christopher Carril | $315 | $262.17 | +24.3% | Oct 31, 2023 |
| Stephens | Joshua Long | $325 | $294.03 | +28.2% | Jul 28, 2023 |
| Oppenheimer | Brian Bittner | $315 | $288.55 | +24.3% | Apr 13, 2023 |
| RBC Capital | Analyst unavailable | $283 | $263.74 | +11.7% | Feb 3, 2023 |
| Credit Suisse | Analyst unavailable | $300 | $267.23 | +18.4% | Feb 1, 2023 |
| Truist Financial | Analyst unavailable | $292 | $267.4 | +15.2% | Feb 1, 2023 |
| Citigroup | Jon Tower | $266.29 | $267.4 | +5.1% | Feb 1, 2023 |
| Citigroup | Analyst unavailable | $277 | $267.4 | +9.3% | Feb 1, 2023 |
| Barclays | Analyst unavailable | $310 | $264.39 | +22.3% | Jan 5, 2023 |
| Jefferies | Analyst unavailable | $315 | $267.25 | +24.3% | Dec 21, 2022 |
| Citigroup | Analyst unavailable | $246 | $243.76 | -2.9% | Sep 27, 2022 |
| Bernstein | Analyst unavailable | $267 | $258.42 | +5.3% | Sep 8, 2022 |
| Piper Sandler | Analyst unavailable | $270 | $254.39 | +6.5% | Sep 7, 2022 |
| Tigress Financial | Analyst unavailable | $320 | $255.16 | +26.3% | Aug 30, 2022 |
| BMO Capital | Analyst unavailable | $300 | $266.82 | +18.4% | Aug 18, 2022 |
| Credit Suisse | Analyst unavailable | $287 | $256.43 | +13.2% | Jul 27, 2022 |
| Barclays | Analyst unavailable | $285 | $257.09 | +12.4% | Jul 27, 2022 |
| Citigroup | Analyst unavailable | $275 | $257.09 | +8.5% | Jul 27, 2022 |
| RBC Capital | Analyst unavailable | $305 | $257.09 | +20.3% | Jul 27, 2022 |
| BMO Capital | Analyst unavailable | $285 | $257.09 | +12.4% | Jul 27, 2022 |
| Cowen & Co. | Analyst unavailable | $290 | $257.09 | +14.4% | Jul 27, 2022 |
| Morgan Stanley | Analyst unavailable | $285 | $254.22 | +12.4% | Jul 18, 2022 |
| Deutsche Bank | Analyst unavailable | $263 | $252.5 | +3.8% | Jul 7, 2022 |
| Atlantic Equities | Edward Lewis | $278 | $242.83 | +9.7% | Jun 29, 2022 |
| Barclays | Analyst unavailable | $289 | $245.61 | +14.0% | Jun 9, 2022 |
| Truist Financial | Analyst unavailable | $273 | $242.21 | +7.7% | May 25, 2022 |
| Atlantic Equities | Edward Lewis | $245 | $243.5 | -3.3% | May 16, 2022 |
| J.P. Morgan | Analyst unavailable | $275 | $242.77 | +8.5% | May 3, 2022 |
| MKM Partners | Analyst unavailable | $295 | $252.32 | +16.4% | Apr 29, 2022 |
| RBC Capital | Analyst unavailable | $295 | $254.19 | +16.4% | Apr 29, 2022 |
| Citigroup | Analyst unavailable | $273 | $254.19 | +7.7% | Apr 29, 2022 |
| BTIG | Peter Saleh | $280 | $250.14 | +10.5% | Apr 25, 2022 |
| RBC Capital | Christopher Carril | $287 | $248.16 | +13.2% | Apr 25, 2022 |
| Citigroup | Jon Tower | $270 | $250.51 | +6.5% | Apr 17, 2022 |
| UBS | Dennis Geiger | $290 | $249.25 | +14.4% | Apr 3, 2022 |
| Morgan Stanley | John Glass | $287 | $241.58 | +13.2% | Mar 25, 2022 |
| Oppenheimer | Brian Bittner | $280 | $237.47 | +10.5% | Mar 17, 2022 |
| Stephens | James Rutherford | $280 | $222.79 | +10.5% | Mar 8, 2022 |
| Robert W. Baird | David Tarantino | $283 | $222.79 | +11.7% | Mar 8, 2022 |
| Bernstein | Jeffrey Bernstein | $305 | $260.06 | +20.3% | Feb 6, 2022 |
| Barclays | Jeff Bernstein | $305 | $254.67 | +20.3% | Jan 28, 2022 |
| Wedbush | Nick Setyan | $270 | $254.67 | +6.5% | Jan 28, 2022 |
| Credit Suisse | Lauren Silberman | $285 | $254.67 | +12.4% | Jan 28, 2022 |
| BMO Capital | Andrew Strelzik | $270 | $254.67 | +6.5% | Jan 28, 2022 |
| Evercore ISI | David Palmer | $300 | $254.67 | +18.4% | Jan 28, 2022 |
| Stifel Nicolaus | Chris O`Cull | $260 | $247.36 | +2.6% | Jan 27, 2022 |
| Jefferies | Andy Barish | $306 | $247.36 | +20.7% | Jan 27, 2022 |
| Goldman Sachs | Jared Garber | $284 | $247.36 | +12.0% | Jan 27, 2022 |
| RBC Capital | Christopher Carril | $303 | $247.36 | +19.5% | Jan 27, 2022 |
| Truist Financial | Jake Bartlett | $280 | $247.36 | +10.5% | Jan 27, 2022 |
| BTIG | Peter Saleh | $295 | $247.36 | +16.4% | Jan 27, 2022 |
| KeyBanc | Eric Gonzalez | $285 | $248.47 | +12.4% | Jan 26, 2022 |
| Piper Sandler | Nicole Miller | $282 | $268.58 | +11.3% | Jan 3, 2022 |
| Argus Research | John Staszak | $300 | $265.73 | +18.4% | Dec 30, 2021 |
| Loop Capital Markets | Alton Stump | $306 | $247.95 | +20.7% | Dec 3, 2021 |
| Guggenheim | Gregory Francfort | $275 | $242.8 | +8.5% | Oct 28, 2021 |
| Deutsche Bank | Brian Mullan | $268 | $242.8 | +5.7% | Oct 28, 2021 |
| Wells Fargo | Jon Tower | $276 | $239.98 | +8.9% | Oct 13, 2021 |
| Gordon Haskett Capital Corporation | Jeff Farmer | $260 | $230.43 | +2.6% | Jul 20, 2021 |
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What changed
Q1 FY2026 global comp sales growth of 3.8% decelerated from 5.7% in Q4 2025. U.S. company-operated restaurant margins underperformed, prompting management to review the ownership mix and consider refranchising underperforming company-operated stores — a new development not flagged in the prior quarter. The McCafe beverage platform expansion now includes a planned Red Bull-infused energy drink line launching later in 2026. Management noted that Middle East geopolitical volatility, while creating a challenging operating environment, had no material impact on Q1 results. The prior quarter's capex guidance of $3.7-$3.9B for 2026 was not revisited in Q1 commentary.
Guidance delta
Management maintained full-year targets and guidance sentiment was unchanged from the prior quarter. No new guidance figures were introduced, and capex outlook was not mentioned in Q1 commentary (prior quarter set $3.7-$3.9B for 2026). The company reaffirmed its target of 50,000 restaurants globally by end-2027 and plans to open approximately 1,000 new restaurants in China this year.
Key takeaways
- Global comparable sales grew 3.8% with market-share gains in nearly all top markets, though growth decelerated from 5.7% in Q4 2025.
- EPS of $2.83 beat consensus by 3.3%; revenue of $6.52B beat by 0.7%.
- Value initiatives (McValue, Extra Value Meals) continue to drive traffic and incremental sales.
- U.S. company-operated margins underperformed, triggering a strategic review of the ownership mix and potential refranchising.
- International markets delivered solid growth: UK, Germany, and Australia posted mid- to high-single-digit comp sales increases.
- New McCafe beverage platform expanding, with Red Bull-infused energy drinks planned for later in 2026.
Management priorities
- Launch additional McCafe beverage flavors and Red Bull-infused energy drinks throughout 2026.
- Continue the McValue under-$3 menu and meal-deal promotions.
- Execute FIFA World Cup partnership activities across North America in June.
- Open approximately 1,000 new restaurants in China this year, targeting 50,000 globally by end-2027.
- Hold worldwide franchisee convention in June and Investor Day on September 23.
- Review U.S. company-operated store ownership mix and evaluate refranchising opportunities.
Related earnings events
Consumer CyclicalSources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-28T13:31:39.169561+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T13:31:39.166732+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.