McDonald's (MCD.US) US same-store sales fell 0.2% in Q3, and the rise in customer unit prices recovered from the decline

The Zhitong Finance App learned that before the US stock market on November 4, McDonald's (MCD.US) announced the results for the third quarter of 2026. According to financial reports, McDonald's revenue for the quarter was US$7.157 billion, up only 1% year on year, below the agreed market expectations of about US$7.29 billion; adjusted earnings per share of US$3.57, up 11% year on year, higher than expectations of about US$3.40; and net profit of US$2.486 billion, up 9% year on year.

The US market performed better than feared. Same-store sales in the US fell 0.2% during the quarter, ending five consecutive quarters of growth, but the decline was less than analysts' average expectations — the company warned in late September that the quarter's results would be “slightly negative”, partly because a series of low-priced menus launched earlier this year failed to attract traffic as expected.

Financial reports show that the increase in customer unit prices has basically offset the decline in customer traffic. CEO Chris Kempczinski said the company's intervention in value strategy paid off, and “the US business continues to improve as the quarter progresses.”

The US market accounts for about 38% of McDonald's revenue, and the company is under pressure to improve local performance: it is using a new value plan to replace the current disappointing menu under $3, shifting from short-term promotions to forms that have had a good response in the past, such as the “Extra Value” package, and reverting to in-app offers that were previously phased out. The company also appointed Skye Anderson as the new president of the US region, whose top priorities include improving the value menu and streamlining restaurant operations.

At the same time, the company is promoting drinks to drive traffic — Red Bull Energy Drink was launched in August, and the Spicy Chicken and SpongeBob SquarePants Happy Land meal was launched in the third quarter — and plans to provide franchisees with $8.5 billion in rent and capital support for restaurant, menu, service and marketing upgrades.

The international market had mixed feelings: same-store sales in the international direct market increased by only 1.4% year on year, Germany and Australia led the way, and France weakened; the international development licensing market grew 4.2% year over year, Japan led the way, and same-store sales in China declined. However, China is still the fastest growing market for McDonald's stores: as of the end of September, there were 8,395 stores in China, a net increase of 893 compared to a year ago, contributing about 60% of the IDL sector's net increase in stores (1,424). It is one of the single markets with the largest number of McDonald's stores and the fastest expansion in the world.

The financial report also mentioned that the equity income of Chinese joint ventures increased year-on-year, reflecting an improvement in the operating performance of local restaurants. Global systems sales increased 4% year over year to over $38 billion, with loyalty member sales exceeding $11 billion.