MCD.US: Q2'26 $7.1B — comps slow & new US president

Snapshot

Price (approx.)

USD 267

Mkt cap (approx.)

USD 190.0B

Revenue (approx.)

USD 28.4B

Global comps (Q)

0.01

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

McDonald's Q2 revenue $7.10B (+4%), global comps +1.3%, US +0.8% (traffic still negative, check up). EPS $3.32 / adj $3.38; Systemwide $37B. Skye Anderson named US president. Franchise cash cow; near-term is US traffic and value.

Business

Model: brand + real estate + franchise rent/royalty. Flagships: US value + loyalty; IOM; IDL. Edge: scale, supply chain, brand. Strategy: fix US traffic; unit growth. Entity: Corporation ≠ franchisee P&L.

Value chain

Downstream QSR brand. Upstream: beef/packaging/logistics; downstream: franchisees and guests. Top-5 suppliers not named. Risks: ag inflation, franchisee cash, labor.

Valuation

Price context ~$267. Defensive multiple, sensitive to comps. Dividend yield ~2.6%.

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
TTM PE	N/A	未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PB	N/A	待最新净资产与市值核验
股息率	N/A	待分红公告 / IR
现价语境	约 267	MCD · 以包内 kpi_snapshot 时点为准

~3y PE / PB / dividend yield / trailing 1Y ann. return. Points without a named market source are null:

Valuation & return · ~3y

Interactive chart available in the reader.

Share price · ~3y

Interactive chart available in the reader.

Financial trend (~24 months)

Last ~8Q revenue and margins with YoY / QoQ. Missing quarters stay null:

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

Structurally leveraged franchise model; OCF vs dividend is the test. See latest 10-Q net debt.

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	稳健偏扩张	以最新季报 OCF 与净现金为准
经营现金流	见最新 10-Q	AI 周期龙头通常 OCF 强劲
净负债 / 现金	投资级或净现金	详见 table 与 IR
流动性	充裕	Current ratio / cash & equivalents
审计意见	无保留（常规预期）	以最新 10-K 为准

Operations

IOM comps +1.5%, IDL +1.9%. ~220M 90-day loyalty users. US comps back on plan maybe 2027.

Key financial points

Key financial points

Item	Value	YoY	Note
Q2 营收	$7.10B	+4%	略低于部分预期
全球同店	+1.3%	放缓	美国 +0.8%
净利	$2.36B	+5%	EPS $3.32
Systemwide	$37B	+5%	季度
忠诚用户	~2.2亿	+13%	90 日活
美国总裁	Skye Anderson	新任命	执行变量

Competition

Peer strengths/weaknesses; share charts only when a named source exists.

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer map

Peer map

Company	Share/role	Margin	Strength	Weakness
McDonald's (self)	QSR leader	High franchise	Brand+franchise	Traffic cycles
Starbucks	Coffee QSR	Mid	Loyalty	China/labor
Yum! Brands	Multi-brand	High	Franchise	Less scale than MCD

Management

Management (24m)

Management (24m)

Role	Name	Since	24m change
CEO	Chris Kempczinski	2019	No change
CFO	Ian Borden	2023	No material change
Chair	Board Chair	—	See proxy

Stability: Global CEO stable; new US president is a material 24m operating variable.

Outlook

Track US traffic, value menu, new-unit cannibalization, dividend.

Scenarios

Risks

Tracking list

Verify on next earnings:

1. US comps and traffic inflection (company points to 2027)
2. Global comps 1.3% re-acceleration and value-menu competitiveness
3. Execution after Skye Anderson as US president
4. Systemwide sales / ~220M loyalty users
5. Franchisee cash flow vs new-unit cannibalization

References

1. McDonald's Q2 2026 8-K — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000063908
2. McDonald's IR — https://corporate.mcdonalds.com/corpmcd/investors.html
3. QSR comps / franchisee industry sources

Not investment advice; defer to latest company filings.