McDonald's reported strong fourth-quarter results with accelerated global comparable sales growth driven by effective value leadership and improved traffic. Full-year performance also showed positive trends, with increased systemwide sales and operating income, reinforcing the company's strategic direction.
Global comparable sales increased 5.7% in Q4, accelerating from 0.4% in the prior year quarter, with positive growth across all segments.
positiveConsolidated revenues increased 10% in Q4 (6% in constant currencies), demonstrating strong top-line growth.
positiveDiluted earnings per share was $3.03 in Q4, an increase of 8% (5% in constant currencies).
positiveFull year global comparable sales increased 3.1%, with positive growth across all segments.
positiveFull year diluted earnings per share was $11.95, an increase of 5% (4% in constant currencies).
positiveThe Company declared a 5% increase in its quarterly cash dividend to $1.86 per share.
positiveFull year net income increased by 4% to $8,563 million, a deceleration from the 7% increase in the fourth quarter.
attentionFull year operating income increased by 6% to $12,393 million, a deceleration from the 10% increase in the fourth quarter.
attentionRestructuring charges associated with 'Accelerating the Organization' amounted to $229 million for the full year 2025, impacting reported operating income and net income.
attentionSales by Company-owned and operated restaurants decreased by 1% for the full year 2025.
negativeMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
U.S. | N/A | — | — | — |
International Operated Markets | N/A | — | — | — |
International Developmental Licensed Markets | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
| Metric | Value | Period | Specificity | vs Prior |
|---|---|---|---|---|
| gross restaurant openings | approximately 2600 | FY2026 | — | — |
| gross restaurant openings | approximately 2,600 | FY2026 | — | — |
| net restaurant additions | about 4.5% | FY2026 | — | — |
| capital expenditure spend | between 3.7 and 3.9 billion | FY2026 | — | — |
| operating margin | mid to high 40% range | FY2026 | — | — |
| GNA as a percentage of systemwide sales | about 2.2% | FY2026 | — | — |
| interest expense | increase between 4% to 6% | FY2026 | — | — |
| effective tax rate | between 21% and 23% | FY2026 | — | — |
| EPS benefit from foreign currency | 20 cents to 30 cents | FY2026 | — | — |
| net income to free cash flow conversion rate | low to mid 80% range | FY2026 | — | — |
| systemwide sales growth | approximately 2.5% | FY2026 | — | — |
| share of low-income traffic | gained share in December | Q4 FY2025 | — | — |
| value and affordability scores | meaningful increase | Q4 FY2025 | — | — |
| comp sales | up 6.8% | Q4 FY2025 | — | — |
| comp sales | up 5.7% | Q4 FY2025 | — | — |
| comp sales | up 5.2% | Q4 FY2025 | — | — |
| comp sales | up 4.5% | Q4 FY2025 | — | — |
| adjusted earnings per share | $3.12 | Q4 FY2025 | — | — |
| adjusted earnings per share growth (constant currency) | 7% | Q4 FY2025 | — | — |
| total adjusted operating margin | 46.9% | FY2025 | — | — |
| capital expenditure spend | 3.44 billion | FY2025 | — | — |
| gross openings | about 2,275 | FY2025 | — | — |
| net openings | 1,880 | FY2025 | — | — |
| net income to free cash flow conversion rate | 84% | FY2025 | — | — |
| systemwide sales | nearly 140 billion | FY2025 | — | — |
| systemwide sales growth (constant currency) | 5.5% | FY2025 | — | — |
| comp sales growth | more than 3% | FY2025 | — | — |
| comp sales growth | over 5.5% | Q4 FY2025 | — | — |
| gross restaurant openings | 2,275 | FY2025 | — | — |
| loyalty program active users | nearly 210 million | FY2025 | — | — |
| loyalty program active users | 250 million | end of 2027 | — | — |
| restaurant openings | 50,000 | end of 2027 | — | — |
| loyalty program active users | 210 million | 2025 | — | — |
| chicken category share growth | at least 1 percentage point | end of 2026 | — | — |
| Best Burger rollout | nearly all markets | end of 2026 | — | — |
| US beverage lineup launch | later this year | FY2026 | — | — |
| comp sales progression | decelerate sequentially | Q1 FY2026 | — | — |
| weather impact on Q1 comp sales | about 100 basis points | Q1 FY2026 | — | — |
| international comp sales deceleration | sequentially | Q1 FY2026 | — | — |
| IDL comp sales deceleration | sequentially | Q1 FY2026 | — | — |
| loyalty membership goal | 250 million 90-day active users | end of 2027 | — | — |
| loyalty program visit frequency increase | more than two and a half times | post-loyalty program enrollment | — | — |
| capital budget increase | 3 to 500 million every year | FY2026 | — | — |
| capital expenditure spend | 3.4 billion | FY2025 | — | — |
| capital expenditure increase | 300 to 500 million | FY2026 | — | — |
| traffic with lower income consumers | gained share in December | Q4 FY2025 | — | — |
| traffic with upper income consumers | mid single digit growth | balance of FY2026 | — | — |
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
McDonald's value leadership is working, leading to improved traffic and strengthened value & affordability scores.
The company achieved strong comparable sales growth across all segments in the fourth quarter.
Global systemwide sales increased by 8% in constant currencies for the fourth quarter.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.