CHICAGO, February 11, 2026, 18:31 CST
McDonald’s reported a 5.7% increase in global comparable sales for the fourth quarter, driven by value meal deals and strong marketing. Revenue jumped 10% to $7.01 billion, with adjusted earnings hitting $3.12 per share. The company also raised its quarterly dividend by 5%, to $1.86. For 2025, systemwide sales — covering both franchised and company-operated outlets — rose 7% to over $139 billion. Sales to loyalty members surged 20%, reaching nearly $37 billion, McDonald’s added.
This matters because major chains are stepping up efforts to attract cautious shoppers, particularly in the budget segment. Investors worry that another wave of discounting might boost sales but squeeze margins—or trigger more conflicts with franchisees.
Analysts expected a 3.7% increase in global comparable sales and a 4.9% gain in the U.S., according to LSEG data cited by Reuters. McDonald’s U.S. performance marked its largest jump in nearly two years, bouncing back from a 1.4% drop last year linked to an E. coli outbreak. Competitors leaned on value bundles as well: Yum Brands reported Taco Bell’s same-store sales up 7%, KFC up 3%, while Chipotle Mexican Grill saw a 1.7% decline earlier this month. Jim Sanderson from Northcoast Research noted McDonald’s must “continue to grind away” with value and marketing efforts, cautioning that cost inflation could squeeze margins if traffic doesn’t hold steady. 1
In September, McDonald’s lowered prices on select U.S. combo meals and later brought back its Extra Value Meals alongside the McValue menu, AP reported. CEO Chris Kempczinski said these moves helped the chain win back customers from households earning $45,000 or less, and he promised the company “is not going to get beat on value and affordability.” He also noted that a December Grinch meal promo sold 50 million pairs of socks within days. CFO Ian Borden expressed strong confidence in the company’s momentum. McDonald’s shares remained flat in after-hours trading. 2
This time, growth came from all directions. McDonald’s reported that most major markets showed higher comparable sales, led by the U.S., while international partners delivered strong demand as well.
Executives hinted at a slower start to 2026 following the holiday quarter, citing severe weather in late January that hit industry traffic hard; Kempczinski estimated the impact at around 100 basis points. He described the company’s push for discounted Extra Value Meals as “timely, targeted, and temporary,” stressing, “We don’t subsidize pricing on a permanent basis.” Borden outlined McDonald’s plans for 2026 capital spending between $3.7 billion and $3.9 billion, roughly 2,600 gross openings, and an operating margin in the mid-to-high 40% range — a key profit metric — while warning that inflation stings more when top-line growth slows. 3
McDonald’s has leaned on discounts to drive traffic before, but franchisees typically control most menu prices and shoulder much of the promotion costs. This setup can cause headaches when sales fluctuate wildly between markets.
Management is pushing beyond just burgers and fries, targeting drinks—a higher-margin area where chains are focusing on cold coffee and flavored beverages to boost visits. They see this move as a way to attract younger customers and give loyal users extra reasons to open the app.
The real test will be if McDonald’s can sustain that value appeal after the big promotions wind down and the weather settles. A drop in customer traffic would squeeze margins even tighter.
