McDonald’s (MCD) Q2 2026 earnings

McDonald’s on Tuesday reported mixed quarterly results as the chain’s U.S. performance fell short of executives’ expectations.

“We don’t have a strategy problem,” CEO Chris Kempczinski said on the company’s earnings conference call. “We simply didn’t execute at the level we needed to in the second quarter.”

The company also announced that Skye Anderson is assuming the role of president of its U.S. business, effective Tuesday, as it tries to boost performance in its home market. She succeeds Joe Erlinger, who led the division for more than six years. Anderson, a 26-year McDonald’s veteran, previously served as chief operating officer of McDonald’s USA and led its Global Business Services unit before that.

“While our playbook is working around the world, we see an opportunity to raise the bar in the U.S. and accelerate performance in our largest market,” Kempczinski said in a statement.

Shares of the company closed about 1% higher on Tuesday.

Here’s what the company reported for its second quarter ended June 30 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: $3.38 adjusted vs. $3.32 expected
• Revenue: $7.10 billion vs. $7.13 billion expected

The burger giant reported second-quarter net income of $2.36 billion, or $3.32 per share, up from $2.25 billion, or $3.14 per share, a year earlier. Excluding restructuring charges and other items, McDonald’s earned $3.38 per share.

Net revenue rose 4% to $7.1 billion.

The company’s global same-store sales ticked up 1.3%, meeting Wall Street’s expectations, according to StreetAccount estimates.

McDonald’s U.S. same-store sales increased 0.8% in the quarter. The chain said that average check rose, but traffic to its domestic restaurants fell.

Executives said that McDonald’s U.S. performance was disappointing, starting with the implementation of its value strategy.

Kempczinski said that its U.S. restaurants, which are predominantly operated by franchisees, have not consistently executed its strategy for discounts. McDonald’s allows franchisees to set their own prices, although the company assesses how operators’ menu prices help the chain deliver value. For franchisees, discounts can grow sales but eat into profits.

Only about 60% to 65% of its system has implemented its “under $3 menu,” which should include 10 items, according to Kempczinski. The loose $3 parameter meant some franchisees actually raised prices on items like a small-size order of fries. At the same time, McDonald’s pulled back on many national digital offers, which play an important role in McDonald’s loyalty program.

“There was a fairly significant amount of price [increases] that got taken in Q2 as a result of those two moves,” Kempczinski said.

Additionally, too many complicated launches slowed down…