McDonald's's results for Q3 2026 (quarter ended Sep 30, 2026) come from the company's own earnings release, filed with the SEC on 2026-11-04. Everything below is taken from that filing; quotes are copied exactly. Company outlooks are the company's own.
At a glance
| Item | Value |
|---|---|
| Revenue (GAAP) | $7,157 million (+1.1% vs a year earlier) |
| Diluted EPS (GAAP) | $3.51 |
| Adjusted per-share figure (company's non-GAAP measure; FFO/AFFO for REITs) | $3.57 |
| Full-year guidance | Stated (no change given) |
Guidance
McDonald's expects 2026 operating margin in the mid-to-high 40% range, capex about $3.7 billion and free cash flow conversion in the low-to-mid 80% range.
Why this label: EX-99.2 Outlook gives only operating margin, SG&A, unit-growth contribution, tax, capex and FCF conversion, with no prior figures; no revenue/EPS guidance.
| Metric | Period | New | Prior (as stated in the release) |
|---|---|---|---|
| operating margin | FY2026 | mid-to-high 40% range | not stated |
| SG&A as % of Systemwide sales | FY2026 | about 2.2% | not stated |
| net unit expansion contribution to Systemwide sales growth (constant currency) | FY2026 | approximately 2.5% | not stated |
| interest expense growth | FY2026 | +4% to +6% | not stated |
| effective tax rate | FY2026 | 21%–23% | not stated |
| capital expenditures | FY2026 | about $3.7 billion | not stated |
| free cash flow conversion rate | FY2026 | low-to-mid 80% range | not stated |
From the release
Revenue: "TOTAL REVENUES · 7,157 · 7,078 · 79 · 1"
Earnings per share: "Diluted earnings per share was $3.51, an increase of 10% (11% in constant currencies). Excluding the current year charges described above of $0.06 per share, diluted earnings per share was $3.57"
operating margin: "The Company expects 2026 operating margin percent to be in the mid-to-high 40% range."
SG&A as % of Systemwide sales: "The Company expects full year 2026 Selling, general and administrative expenses of about 2.2% of Systemwide sales."
net unit expansion contribution to Systemwide sales growth (constant currency): "The Company expects net restaurant unit expansion will contribute approximately 2.5% to 2026 Systemwide sales growth, in constant currencies."
Quotes are copied from the filing; in table rows, cell borders are shown as “·”.
Key fact: Global comparable sales rose 1.5%; U.S. comparable sales slipped 0.2%.
Source
McDonald's earnings release (SEC filing), accession 0000063908-26-000080, filed 2026-11-04.
Part of the Q3 2026 Guidance Tracker. Educational only, not advice. Free weekly recap every Sunday: yieldterminalpro.com/newsletter.