CHICAGO, February 11, 2026, 18:31 CST
McDonald’s said global comparable sales, a measure of sales at restaurants open at least 13 months, rose 5.7% in the fourth quarter, helped by value meal deals and marketing pushes. Revenue climbed 10% to $7.01 billion, and adjusted earnings were $3.12 per share; the company lifted its quarterly dividend 5% to $1.86. For 2025, systemwide sales — which include franchised and company-run restaurants — rose 7% to more than $139 billion, and sales to loyalty members grew 20% to nearly $37 billion, it said.
That matters now because big chains are fighting harder for visits from shoppers who are still cautious, especially at the low end. Investors have worried that a fresh round of discounting could lift sales but pinch margins, or spark more friction with franchisees.
Analysts had penciled in a 3.7% rise in global comparable sales and a 4.9% lift in the U.S., Reuters reported, citing LSEG data, and McDonald’s U.S. result was its biggest jump in about two years after a 1.4% dip a year earlier tied to an E. coli outbreak. Peers have leaned on cheaper bundles too: Yum Brands said Taco Bell’s same-store sales rose 7% and KFC grew 3%, while Chipotle Mexican Grill posted a 1.7% decline earlier this month. Jim Sanderson at Northcoast Research said McDonald’s needs to “continue to grind away” with value and marketing, warning cost inflation can pressure margins without steady traffic. (Reuters)
McDonald’s cut prices on some U.S. combo meals in September and later relaunched Extra Value Meals, alongside its McValue menu, AP reported. Chief executive Chris Kempczinski said the changes helped the chain regain share with households earning $45,000 or less and vowed it “is not going to get beat on value and affordability.” He said a Grinch meal promotion in December sold 50 million pairs of socks in its first few days, and CFO Ian Borden said the company is “really confident” in the underlying momentum; McDonald’s shares were flat in after-hours trading. (AP News)
Growth was broad this time. McDonald’s said most major markets posted higher comparable sales, with the U.S. leading gains and overseas partners turning in solid demand.
But executives signaled a cooler start to 2026 after the holiday quarter, pointing to severe weather in late January that pressured industry traffic; Kempczinski pegged the drag at about 100 basis points. The company’s support for discounted Extra Value Meals is “timely, targeted, and temporary,” he said, adding: “We don’t subsidize pricing on a permanent basis.” Borden said McDonald’s expects 2026 capital spending of $3.7 billion to $3.9 billion, about 2,600 gross openings and an operating margin in the mid-to-high 40% range — a profit measure — while noting inflation bites harder when top-line growth slows. (Investing)
McDonald’s has used discounts as a traffic tool before, but the model leaves franchisees to set most menu prices and carry much of the cost of promotions. That can get messy when sales are uneven across markets.
Management is also trying to stretch beyond burgers and fries into drinks, a higher-margin category where chains have been betting on cold coffee and flavored beverages to add visits. It has framed that push as a way to pull in younger customers and give loyalty users more reasons to open the app.
For now, the question is whether McDonald’s can keep that value pitch fresh once the headline promotions fade and weather normalises. If traffic slips, the margin math gets tougher.
