Full Transcript: McDonald's Q2 2026 Earnings Call

Key takeaways

• McDonald’s Q2 earnings fell short of expectations due to weaker U.S. sales and a smaller currency tailwind, but the company remains on track for 2028 restaurant expansion and digital growth.
• System‑wide sales up 4% in constant currency
• Global comparable sales up 1.3%
• Adjusted EPS $3.38

What happened

McDonald’s reported Q2 2026 results with system‑wide sales up 4% in constant currency and global comparable sales up 1.3%. Adjusted EPS was $3.38, slightly below the $3.50‑$3.60 range previously expected, largely due to a smaller foreign‑currency tailwind of $0.03 versus the $0.20‑$0.30 forecast. The company highlighted a 5% increase in U.S. comparable sales in the first half, but only 0.8% growth in the quarter, citing execution challenges on value‑menu programs. McDonald’s reiterated its…

Why it matters

The earnings miss signals that McDonald’s value‑menu execution is lagging, which could pressure same‑store sales and margin growth in the near term. The reduced foreign‑currency benefit indicates weaker upside from currency movements than previously priced. The restaurant‑count target delay may affect long‑term scale…

Short-term and longer-term

Short-term. For traders, the Q2 miss and weaker U.S. comps suggest a short‑term sell‑side bias; watch for a potential 1‑2% dip in MCD shares as analysts revise EPS guidance. The company’s focus on digital and delivery could…

Longer-term. Investors should note that while the Q2 results fell short, McDonald’s remains on track for its 2028 restaurant expansion and is investing heavily in digital platforms and operational modernization.