MCD Q4 2025 Earnings
Reported Feb 11, 2026 at 11:02 AM ET · SEC Source
Q4 25 EPS
$3.12
BEAT +2.63%
Est. $3.04
Q4 25 Revenue
$7.01B
vs S&P Since Q4 25
-18.7%
TRAILING MARKET
MCD -12.9% vs S&P +5.8%
Full Year 2025 Results
FY 25 EPS
$12.20
BEAT +0.49%
Est. $12.14
FY 25 Revenue
$26.89B
BEAT +0.73%
Est. $26.69B
Market Reaction
Did MCD Beat Earnings? Q4 2025 Results
McDonald's closed out fiscal 2025 on a high note, posting fourth-quarter earnings per share of $3.12 against a consensus estimate of $3.04, a 2.63% beat, while revenue of $7.01 billion topped expectations of $6.82 billion by 2.85% and climbed 9.7% ye… Read more McDonald's closed out fiscal 2025 on a high note, posting fourth-quarter earnings per share of $3.12 against a consensus estimate of $3.04, a 2.63% beat, while revenue of $7.01 billion topped expectations of $6.82 billion by 2.85% and climbed 9.7% year over year. The headline driver was a sharp rebound in global comparable sales, which rose 5.7% in the quarter, a dramatic acceleration from the 0.4% comp recorded in Q4 2024, with U.S. Comparable sales jumping 6.8% as both guest counts and average check moved higher, reversing a 1.4% decline in the prior-year period. CEO Chris Kempczinski credited the company's value leadership strategy and strengthened affordability scores for drawing customers back through the door, with positive global comparable guest counts signaling genuine traffic recovery. Loyalty program momentum added further depth to the results, with annual sales to members approaching $37.00 billion. Looking ahead, McDonald's expects net restaurant unit expansion to contribute roughly 2.5% to systemwide sales growth, with analysts at multiple firms raising price targets following the print.
Key Takeaways
- • Global comparable sales increased 5.7% in Q4 with positive comparable guest counts across all segments
- • U.S. comparable sales increased 6.8%, driven by positive check and guest count growth from successful marketing promotions
- • International Operated Markets comparable sales increased 5.2%, led by the U.K., Germany and Australia
- • International Developmental Licensed Markets comparable sales increased 4.5%, led by Japan
- • Higher sales-driven franchised margins across all segments drove operating income growth
- • Loyalty program Systemwide sales grew 20% to nearly $37 billion with 90-day active users up 19% to nearly 210 million
- • Franchised margins represented approximately 90% of restaurant margin dollars
MCD Forward Guidance & Outlook
For 2026, McDonald's expects net restaurant unit expansion to contribute approximately 2.5% to Systemwide sales growth in constant currencies. The company plans to open approximately 2,600 restaurants globally, with about 2,100 net additions. Capital expenditures are expected to be between $3.7 billion and $3.9 billion, with the majority directed toward new restaurant unit expansion across the U.S. and International Operated Markets. SG&A expenses are expected to be about 2.2% of Systemwide sales. Operating margin percent is expected in the mid-to-high 40% range. Interest expense is expected to increase between 4% and 6%, driven primarily by higher average interest rates. The effective income tax rate is expected to be between 21% and 23%. The company expects to achieve a free cash flow conversion rate in the low-to-mid 80% range.
MCD YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
MCD Revenue by Segment
With YoY comparisons, source: SEC Filings
MCD Revenue by Geography
Regional revenue distribution
“McDonald's value leadership is working. By listening to customers and taking action, we have improved traffic and strengthened our value & affordability scores. That focus helped increase global systemwide sales by 8% and delivered strong comp sales growth across all segments this quarter. The momentum we've built reinforces the progress we've made with our strategy and has earned us the right to look forward together as a system.”
— Chris Kempczinski, Q4 2025 Earnings Press Release
MCD Earnings Trends
MCD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MCD EPS Trend
Earnings per share: estimate vs actual
MCD Revenue Trend
Quarterly revenue: estimate vs actual
MCD Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 BEAT FY | $3.04 | $3.12 | +2.63% | $7.01B | — |
| FY Full Year | $12.14 | $12.20 | +0.49% | $26.89B | +0.73% |
| Q3 25 MISS | $3.33 | $3.22 | -3.38% | $7.08B | -0.16% |
| Q2 25 BEAT | $3.15 | $3.19 | +1.31% | $6.84B | +2.10% |
| Q1 25 MISS | $2.67 | $2.67 | -0.02% | $5.96B | -2.78% |