View Full Earnings Release

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Highlights from the Earnings Release

• Global comparable sales in the fourth quarter increased 5.7%, with positive global comparable guest counts and strong comparable sales growth across all segments
• Global Systemwide sales* for the full year increased 7% (5% in constant currencies) to over $139 billion, or growth of $9 billion ($7 billion in constant currencies)
• Across 70 loyalty markets, Systemwide sales to loyalty members for the full year increased 20% to nearly $37 billion, with 90-day active loyalty users up 19% to nearly 210 million as of year-end

CHICAGO, IL - McDonald's Corporation today announced results for the fourth quarter and year ended December 31, 2025.

“McDonald's value leadership is working,” said Chairman and CEO Chris Kempczinski. “By listening to customers and taking action, we have improved traffic and strengthened our value & affordability scores. That focus helped increase global systemwide sales by 8% and delivered strong comp sales growth across all segments this quarter. The momentum we’ve built reinforces the progress we've made with our strategy and has earned us the right to look forward together as a system.”

Fourth quarter financial performance:

• Global comparable sales increased 5.7%:
  • U.S. increased 6.8%
  • International Operated Markets increased 5.2%
  • International Developmental Licensed Markets increased 4.5%
• Consolidated revenues increased 10% (6% in constant currencies).
• Systemwide sales increased 11% (8% in constant currencies).
• Consolidated operating income increased 10% (6% in constant currencies). Results included pre-tax charges of $80 million primarily related to restructuring charges associated with Accelerating the Organization. Excluding these current year charges, as well as prior year pre-tax net charges of $3 million, consolidated operating income increased 13% (9% in constant currencies).**
• Diluted earnings per share was $3.03, an increase of 8% (5% in constant currencies). Excluding the current year charges described above of $0.09 per share, diluted earnings per share was $3.12, an increase of 10% (7% in constant currencies) when also excluding prior year charges.**
• The Company declared a 5% increase in its quarterly cash dividend to $1.86 per share.

Full year financial performance:

• Global comparable sales increased 3.1%:
  • U.S. increased 2.1%
  • International Operated Markets increased 3.2%
  • International Developmental Licensed Markets increased 4.6%
• Consolidated revenues increased 4% (2% in constant currencies).
• Systemwide sales increased 7% (5% in constant currencies).
• Consolidated operating income increased 6% (4% in constant currencies). Results included net pre-tax charges of $229 million primarily related to restructuring charges associated with Accelerating the Organization. Excluding these current year charges, as well as prior year net pre-tax charges of $291 million, consolidated operating income increased 5% (3% in constant currencies).**
• Diluted earnings per share was $11.95, an increase of 5% (4% in constant currencies). Excluding the current year charges described above of $0.25 per share, diluted earnings per share was $12.20, an increase of 4% (3% in constant currencies) when also excluding prior year charges.**

*Refer to page 5 of the full release for a definition of Systemwide sales.

**Refer to pages 3 and 4 of the full release for additional details on our results for the fourth quarter and full year 2025 and 2024.