McDonald's (MCD) Q3 2026 Earnings Call: Guidance and Outlook
The company provided specific updates on capital expenditures, restaurant openings, and SG&A for the full year 2026, while offering directional guidance on foreign currency impacts for the fourth quarter.
About McDonald's. McDonald's Corporation operates and licenses its renowned fast-food chain worldwide, with a significant presence in both the United States and international markets.
Call date
Sentiment score
+25 Balanced
Management tone, -100 to +100
Sentiment change
+30
vs Q2 2026 call
Sector
Consumer Discretionary, Hotels, Restaurants and Leisure
No impact on adjusted earnings per share expected for the fourth quarter versus the prior year based on current exchange rates.
Annual guidance
Gross restaurant openings
Now expecting 2,500 openings, slightly below the previous target of 2,600.
Net restaurant openings
On track for approximately 2,100 net openings.
Capital expenditures
Now expecting about $3.7 billion, at the low end of the previous $3.7 billion to $3.9 billion range.
SG&A expenses
Expected to be approximately 2.2% of system-wide sales for the full year.
Outlook
U.S. Value
The company is testing two new everyday affordable price menu constructs in 1,900 restaurants, with a national launch planned for early 2027.
Inflation
Management expects mid-single-digit food and paper inflation in 2027.
France
The company expects short-term disruptions to continue into the fourth quarter but is better positioned for growth following a franchisee vote to simplify governance.
Beverage Strategy
The company aims to capture an additional 1.5 percentage points of beverage market share by 2030.
Delivery
Delivery remains a growth area, expanding at a mid- to high-single-digit rate globally.
Refranchising
The company remains on track to reach 98% global franchising by 2028.
Dombey's summary of the McDonald's Q3 2026 earnings call held Nov 4, 2026, written from the call itself. Every figure on this page was checked against what was said on the call, and quoted lines are management's own words; we do not add estimates or prices. The tone score is our read of management's wording, guidance and answers. Check figures against the company's SEC filings before acting. This is research, not investment advice.
