McDonald's U.S. Comparable Sales Turn Negative

The Tip Desk · November 4, 2026 · 2 min read

Global comparable sales rose 1.5% in the third quarter as U.S. traffic fell and diluted earnings reached $3.51 a share.

McDonald's Corporation (MCD) reported global comparable sales of 1.5% for the third quarter ended September 30, 2026, as U.S. traffic turned negative and the company posted diluted earnings of $3.51 a share.

The world's leading global foodservice retailer said U.S. comparable sales declined 0.2%, reversing a 0.8% increase in the second quarter and a 3.9% gain in the first. The company said negative comparable guest counts were largely offset by positive check growth.

Chairman and CEO Chris Kempczinski said the company was “encouraged by improvement as the quarter progressed following our intervention on value.”

International Developmental Licensed Markets comparable sales accelerated to 4.2% from 1.9% in the second quarter. The company said all geographic regions reflected positive comparable sales, led by Japan, partly offset by negative comparable sales in China. International Operated Markets comparable sales were 1.4%, with most markets positive, led by Germany and Australia, partly offset by France.

Consolidated revenues were $7.157 billion, up 1% from a year earlier, after 4% growth in the second quarter and 9% in the first. Franchised revenues were $4.487 billion. Sales by Company-owned and operated restaurants were $2.480 billion. Other revenues were $189 million.

Consolidated operating income was $3.595 billion, up 7%. Results included net pre-tax charges of $56 million, or $0.06 a share, primarily related to restructuring associated with Accelerating the Organization, versus $39 million a year earlier. Excluding those charges, operating income increased 8%. Diluted earnings per share rose 10% to $3.51 from $3.18. Excluding current-year charges, diluted earnings per share was $3.57.

Systemwide sales increased 4% to over $38 billion. Franchised sales were $35.625 billion. U.S. systemwide sales rose 1%, International Operated Markets 3%, and International Developmental Licensed Markets 9%.

Franchised restaurant margins were $3.800 billion. Company-owned and operated margins were $392 million. Total restaurant margins were $4.192 billion. Franchised margins benefited from positive franchised sales across all segments, the company said.

Systemwide sales to loyalty members across 70 loyalty markets were more than $11 billion for the quarter and $41 billion for the trailing twelve-month period.

The company declared a 4% increase in its quarterly cash dividend to $1.93 a share, payable December 15, 2026. During the quarter it paid a dividend of $1.86 a share, or $1.3 billion, and repurchased 1.9 million shares for $519 million.

Accelerating the Organization is described as an initiative to modernize ways of working. The company said it will continue to incur various restructuring charges through anticipated completion during 2027.