McDonald's Q3 2026 Earnings Call Transcript
Key takeaways
- McDonald’s Q3 2026 shows steady growth, stronger earnings, and a clear path to a higher franchised portfolio, supporting a positive outlook.
- Global comparable sales +1.5%
- System sales +4%
- Adjusted $3.57 (+11%)
EPS
Earnings per share — profit for one share of the company, in dollars.
What happened
McDonald’s reported third‑quarter 2026 results with global comparable sales up 1.5% and system sales up 4% in constant currency. Adjusted earnings per share rose 11% to $3.57, driven by stronger top‑line growth and refranchising gains. The company expects 2,500 gross restaurant openings this year, slightly below its 2,600 target, and plans 98% of its global portfolio to be franchised by 2028. Capital expenditures are projected at $3.7 billion, the lower end of its $3.7‑$3.9 billion range.
Why it matters
The results show McDonald’s maintaining solid growth despite a soft consumer environment, especially in Europe and international markets. The company’s refranchising strategy is generating higher margins and contributing to earnings growth. The What a company says it expects for future sales or profits — a forecast from the company, not a guarantee.guidance
Short-term and longer-term
Short-term. Over the next few days, watch for the U.S.
Longer-term. For the coming months, the focus will be on how the refranchising program and specialty beverage rollout progress.
Words on this card
- Comparable sales
- Sales growth adjusted for store openings and currency changes
- System sales
- Total sales from all company‑owned and franchised restaurants
- Refranchising
- Selling company‑owned restaurants to franchisees, which can increase margins
- Capex
- Capital expenditures, or money spent on new restaurants and remodels
- EPS Learn
- Earnings per share — profit for one share of the company, in dollars.
- Guidance
- What a company says it expects for future sales or profits — a forecast from the company, not a guarantee.