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MCD · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
A solid, steady quarter — revenue and net income both up mid-single digits on higher franchised margins and other operating income, though U.S. comparable sales growth slowed sharply to just 0.8% and restructuring charges continue to shave a few cents off EPS.
Net Income
$2,362M
up 5% y/y
Total Revenues
$7,099M
up 4% y/y
Operating Income
$3,338M
up 3% y/y
Gross Contribution
$4,118M
up 5% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Franchised Revenues | $4,393 · +4% |
| Company-operated Sales | $2,525 · +3% |
| Other Revenues | $182 · +6% |
| Total Revenues | $7,099 · +4% |
| Franchised Occupancy Exp. | $680 · +4% |
| Company Restaurant Exp. | $2,138 · +3% |
| Other Restaurant Exp. | $163 · +9% |
| Gross Contribution | $4,118 · +5% |
| D&A (SG&A) | $111 · +5% |
| SG&A Other | $706 · +19% |
| Other Operating Income* | $37 · n/m |
| Operating Income | $3,338 · +3% |
| Interest Expense | $409 · +5% |
| Nonoperating Income* | $6 · -66% |
| Pre-Tax Income | $2,936 · +3% |
| Income Tax | $574 · -6% |
| Net Income | $2,362 · +5% · EPS $3.32 · +6% |
Verdict: a solid, steady quarter — revenue and net income both up mid-single digits on higher franchised margins and other operating income, though U.S. comparable sales growth slowed sharply to just 0.8% and restructuring charges continue to shave a few cents off EPS.
Diluted EPS $3.32 (+6%), non-GAAP EPS $3.38 excluding $52M restructuring charges; Systemwide sales +5% to $37B; global comparable sales +1.3%.
Source and notation
* marks non-cash / ≈ estimated. Source: McDonald's Corporation press release / 10-Q (SEC EDGAR).
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Chart: “MCD Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/mcd/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/mcd/q2-2026"><img src="https://whoreportstoday.com/t/mcd/q2-2026/sankey.png" alt="MCD Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/mcd/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/mcd/q2-2026">MCD Q2 2026 earnings chart (Who Reports Today)</a>
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- Operating income included $52M of pre-tax restructuring charges tied to 'Accelerating the Organization' (vs $43M in Q2'25); excluding these, operating income rose 4% vs the reported 3%.
- Non-GAAP net income was $2,402M ($3.38 EPS) vs GAAP $2,362M ($3.32 EPS), a $40M/$0.06 gap from charges, net of tax.
- U.S. comparable sales growth decelerated to 0.8% from 2.5% a year ago, driven by favorable check/mix but offset by negative guest counts — the softest of the three segments.
- Other operating income swung to a $37M gain from a $29M expense a year ago, a meaningful tailwind to operating income.
- SG&A 'Other' expenses rose 19% y/y ($595M→$706M), the largest expense growth driver, partly offsetting margin gains.
- Diluted share count fell 1% y/y (711.1M vs 717.6M) from buybacks, adding modestly to EPS growth beyond net income growth.
What distorts the picture in this report and what to watch beyond the headlines.
MCD — McDonald's is a global fast-food chain specializing in hamburgers, fries, and other quick-service menu items.
It operates restaurants in over 100 countries and is headquartered in Chicago, Illinois.
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