MCD · McDonald's Corporation

McDonald's Corporation reported strong first-quarter 2026 results, demonstrating resilience and effective execution in a challenging operating environment. Global comparable sales increased 3.8%, with all segments contributing positively: U.S. up 3.9%, International Operated Markets up 3.9%, and International Developmental Licensed Markets up 3.4%. The U.S. growth was primarily driven by positive check growth, while International Operated Markets benefited from strong performances in the U.K., Germany, and Australia. Consolidated revenues rose 9% (4% in constant currencies) to $6.5 billion, reflecting broad-based sales growth across segments. Systemwide sales increased 11% (6% in constant currencies) to over $34 billion, underscoring the strength of McDonald's brand and its ability to drive traffic. Operating income grew 12% (6% in constant currencies) to $2.95 billion, with operating margin expanding to 45.3% from 44.5% in the prior year. Excluding restructuring charges related to the Accelerating the Organization initiative, non-GAAP operating income increased 11% (5% in constant currencies). Diluted earnings per share rose 7% (2% in constant currencies) to $2.78, or $2.83 on a non-GAAP basis. The company continued to return capital to shareholders, paying $1.3 billion in dividends and repurchasing $393 million in stock. Management commentary highlighted value leadership, breakthrough marketing, and menu innovation as key drivers. The results reflect disciplined execution and a strong global business model, positioning McDonald's well for continued growth.