10-Q · May 7, 2026
McDonald's Q1 2026 results showed strong growth with revenue of $6.52 billion and EPS at $2.78, surpassing estimates of $6.47 billion and $2.74, respectively. All segments demonstrated positive sales trends, especially…
Earnings analysis · 10-Q
MCD earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
Q2 2026 revenue of $7.099 billion and diluted EPS of $3.38 improved meaningfully from the prior quarter and increased year over year; EPS also exceeded consensus by $0.04. The available filing text does not disclose…
Read full summary
Q2 2026 revenue of $7.099 billion and diluted EPS of $3.38 improved meaningfully from the prior quarter and increased year over year; EPS also exceeded consensus by $0.04. The available filing text does not disclose current-quarter margins, free cash flow, segment results, balance-sheet changes, or quantitative guidance. Capital returns remained substantial, with 2,973,917 shares repurchased, while the ongoing multi-year systems and operating-model transformation introduces execution risk.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.38
What stood out
-
Revenue rebounded sequentially
Revenue was $7.099 billion in Q2 2026, up approximately 8.9% from $6.52 billion in Q1 2026 and 3.8% from $6.84 billion in Q2 2025.
-
EPS improved and beat consensus
Diluted EPS was $3.38, up 21.6% from $2.78 in Q1 2026 and 7.6% from $3.14 in Q2 2025; EPS exceeded the $3.34 consensus estimate by $0.04.
-
Meaningful share repurchases continued
McDonald’s repurchased 2,973,917 shares during the quarter at an average price of $288.62, leaving $11.732 billion available under the repurchase authorization as of June 30, 2026.
-
Disclosure controls remained effective
Management reported that disclosure controls were effective as of June 30, 2026, providing reasonable assurance that required information was reported within applicable SEC time periods.
-
Transformation program remains underway
The company is executing a multi-year technology and operating-model transformation involving new systems and the centralization or outsourcing of routine functions to improve efficiency.
What to watch
-
Technology transformation execution risk
The multi-year technology transformation includes implementation of new systems and modified financial-control processes; management stated the changes were not in response to an identified deficiency or weakness, but continued implementation could create execution and control-monitoring risk during the transition.
-
Large capital-return commitment
The company repurchased 2,973,917 shares in Q2 2026 and had $11.732 billion remaining under its authorization as of June 30, 2026, representing a significant use of capital that could reduce financial flexibility if operating conditions weaken.
-
No new risk-factor changes disclosed
The filing states there were no material changes to the risk-factor disclosures from the December 31, 2025 Form 10-K and no material changes to legal-proceeding disclosures, so the available text does not identify a newly added quantified risk.
Management's outlook
The supplied 10-Q text does not provide quantitative revenue or EPS guidance, nor a change to prior outlook. No numeric outlook was identified in the available MD&A text.
Earlier filings 4
10-K · February 24, 2026
McDonald’s 2025 results show steady, margin-accretive growth under its Accelerating the Arches strategy: consolidated revenues rose 4% to $26.9 billion, operating margin improved to 46.1% and diluted EPS increased to…
10-Q · August 6, 2025
McDonald’s reported a solid quarter: revenues rose to $6,843 million (up $353 million vs Q2 2024) and operating income increased to $3,232 million, lifting operating margin to ~47.2%. Diluted EPS rose to $3.14 from…
10-Q · May 12, 2025
McDonald’s reported quarterly revenue of $5,956 million (down $213 million vs $6,169 million in Q1 2024) and diluted EPS of $2.60 (down $0.06 vs $2.66). Operating income was $2,648 million, leaving an operating margin…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.