McDonald's Corporation: EPS $3.57 vs $3.38 expected; revenue $7.16B vs $7.28B
Key Facts
Q3 FY2026 results
| Metric | Actual | Estimate | Surprise | Year ago |
|---|---|---|---|---|
| EPS (USD) | 3.57 | 3.38 | +5.6% | 3.22 |
| Revenue (USD bn) | 7.16 | 7.28 | −1.7% | 7.08 |
Recent reports: actual vs estimate
| Reported | Period | EPS (USD) | Estimate | Surprise | Revenue (USD bn) | Estimate | Surprise |
|---|---|---|---|---|---|---|---|
| Nov 4, 2026 | Q3 FY2026 | 3.57 | 3.38 | +5.6% | 7.16 | 7.28 | −1.7% |
| Aug 4, 2026 | Q2 FY2026 | 3.38 | 3.32 | +1.8% | 7.10 | 7.13 | −0.4% |
| May 7, 2026 | Q1 FY2026 | 2.83 | 2.74 | +3.3% | 6.52 | 6.47 | +0.7% |
| Feb 11, 2026 | Q4 FY2025 | 3.12 | 3.05 | +2.3% | 7.01 | 6.84 | +2.5% |
| Nov 5, 2025 | Q3 FY2025 | 3.22 | 3.33 | −3.3% | 7.08 | 7.08 | −0.1% |
| Aug 6, 2025 | Q2 FY2025 | 3.19 | 3.14 | +1.6% | 6.84 | 6.70 | +2.2% |
| May 1, 2025 | Q1 FY2025 | 2.67 | 2.66 | +0.4% | 5.96 | 6.10 | −2.4% |
| Feb 10, 2025 | Q4 FY2024 | 2.83 | 2.85 | −0.7% | 6.39 | 6.45 | −1.0% |
Source: Figures from the EL7 database. Estimates are the analyst consensus carried by our data vendor (FMP), not official figures.
McDonald's Corporation results: EPS $3.57 vs $3.38 expected; revenue $7.16B vs $7.28B. The results cover the company's Q3 FY2026. EPS came in above analysts' estimate by 5.6%; revenue below the estimate by 1.7%.
Revenue was up 1.1% from $7.08 billion a year earlier (Q3 FY2025). EPS was up 10.9% from $3.22 a year earlier. On its record, EPS topped analysts' estimates in 5 of 7 earlier comparable reports.
What the results mean
McDonald's Corporation's results show international operations supporting growth while customer visits in the United States remain weak despite an increase in average check. Management highlighted improvement in U.S. performance as the period progressed following its intervention on value, making the recovery in visits central to understanding demand strength.
Germany, Australia and Japan supported international performance, while France and China were areas of pressure. This divergence means global growth does not reflect uniform demand across markets, so performance needs to be understood through the differing contributions of individual markets.
Operating profit growth drew support from increased other operating income and sales-driven improvement in franchised margins, alongside continuing restructuring charges to modernize ways of working. The results illustrate the importance of the franchise model: sales at franchised restaurants support the fees the company receives, but are not recorded in full as corporate revenue.
What to watch on the earnings call: The response of U.S. customer visits to the value intervention, the relationship between average check and traffic, reasons for divergent international performance, the sources and durability of increased other operating income, the effects of value initiatives and restructuring costs on company and franchisee margins, and the role of loyalty programs in repeat visits.
For the full analysis of McDonald's Corporation stock — valuation, scores and financial statements — see the stock page linked with this story.