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McDonald’s
McDonald’s (MCD) investor relations material
McDonald’s Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
Executive summary
System-wide sales reached nearly $140 billion in 2025, up 5.5% in constant currency year-over-year, with strong comparable sales growth across all segments and accelerated new restaurant openings.
Global comparable sales rose 5.7% in Q4 2025, with all segments showing growth and positive guest counts.
Full-year global comparable sales increased 3.1%, with systemwide sales up 7% to over $139 billion.
Opened 2,275 restaurants in 2025, targeting 2,600 gross openings in 2026, aiming for 50,000 restaurants by end of 2027.
Loyalty program reached 210 million ninety-day active users across 70 markets, nearly doubling sales to loyalty members since 2023.
Financial highlights
Q4 consolidated revenues grew 10% year-over-year to $7.0 billion; full-year revenues up 4% to $26.9 billion.
Q4 net income increased 7% to $2.16 billion; full-year net income up 4% to $8.56 billion.
Adjusted EPS for Q4 was $3.12, including a $0.10 FX benefit; constant currency adjusted EPS up 7% year-over-year.
Adjusted operating margin for 2025 was 46.9%; total restaurant margin dollars exceeded $15 billion.
Capital expenditures were $3.4 billion in 2025, above guidance, to support future development.
Outlook and guidance
2026 system-wide sales growth expected to benefit from net restaurant expansion, contributing about 2.5%.
Operating margin expected to expand to mid- to high-40% range; G&A targeted at 2.2% of system-wide sales.
Interest expense projected to rise 4%-6%; effective tax rate expected between 21%-23%.
CapEx for 2026 guided at $3.7-$3.9 billion, mainly for new unit openings.
Net income to free cash flow conversion rate targeted in low- to mid-80% range.
Loyalty program's impact on guest count growth
Future benefits of Accelerating the Organization
Reason for full-year decline in company-owned sales
How will franchisees sustain EVM post-support?
Menu strategy for GLP-1 consumer behavior shifts?
Rationale for accelerated unit growth in mature markets?
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Next McDonald’s earnings date
Q1 202630 Apr, 2026
McDonald’s
Next McDonald’s earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
The Golden Arches
McDonald's, an iconic name in the fast-food industry, is a global powerhouse with roots tracing back to 1940 when Richard and Maurice McDonald opened their first restaurant in San Bernardino, California. Initially starting as a single drive-in, it has since transformed into a global phenomenon, operating in urban areas, as well as in rural communities and along major roadways. McDonald's offers a menu that, while anchored by the famous Big Mac, fries, and Happy Meal, diversifies its offerings to cater to regional tastes. The brand has become synonymous with quick service and consistent dining experiences. The company’s logo, the golden arches, has become synonymous with McDonald’s and is instantly recognizable.
The Founder(s)
Siblings Richard and Maurice McDonald opened the first McDonald's in San Bernardino, California, in 1940. Their innovative "Speedee Service System", unveiled in 1948, streamlined the fast-food concept, building upon practices earlier introduced by White Castle.
Ray Kroc, although joining post the brand's inception, is largely recognized for McDonald's corporate founding in 1955 and his ambitions greatly influenced the brand's trajectory. After a series of disagreements with the McDonald brothers, Kroc acquired their company shares in 1961 for a staggering $2.7 million. Under Kroc's leadership, McDonald's grew into an international phenomenon, becoming not just a food chain but a symbol of American culture.
Franchises, Franchises, Franchises
McDonald's franchising strategy is foundational to its global success. The company primarily operates through franchisees, who are local entrepreneurs trained to maintain McDonald’s standards, service quality, and brand consistency. These franchisees invest their own capital, assume operation costs, and pay the company both a one-time franchise fee and ongoing royalties based on sales. In return, McDonald's provides them with a proven business model, brand recognition, and continual support in areas like marketing and training. This strategy allows McDonald’s to expand rapidly with lower capital expenditure, while also benefiting from a local operator's understanding of regional tastes and preferences.
A Strong Market Position
McDonald's, with its iconic Golden Arches, holds a dominant position in the global fast-food market. It operates in over 100 countries with around 40,000 locations, serving millions daily. Its expansive menu and effective marketing campaigns have helped it maintain its stronghold in the competitive fast-food market. When looking at publicly traded competitors, one finds names such as Restaurant Brands International, Yum! Brands, and Wendy’s.
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