McDONALD’S REPORTS THIRD QUARTER 2025 RESULTS
- Global comparable sales increased 3.6%, with broad-based growth across all segments
- Global Systemwide sales were over $36 billion for the quarter, an increase over prior year of 8% (6% in constant currency)
- Systemwide sales to loyalty members across 60 loyalty markets were approximately $34 billion for the trailing twelve-month period and over $9 billion for the quarter
CHICAGO, IL – McDonald’s Corporation today announced results for the third quarter ended September 30, 2025.
“We increased global Systemwide sales by 6% and grew comp sales across all segments, a testament to our ability to deliver sustainable growth even in a challenging environment,” said Chairman and CEO Chris Kempczinski. “We’re fueling momentum by delivering everyday value and affordability, menu innovation, and compelling marketing that continue to bring customers through our doors.”
Third quarter financial performance:
- Global comparable sales increased 3.6%:
- U.S. increased 2.4%
- International Operated Markets increased 4.3%
- International Developmental Licensed Markets increased 4.7%
- Consolidated revenues increased 3% (1% in constant currencies).
- Systemwide sales increased 8% (6% in constant currencies).
- Consolidated operating income increased 5% (3% in constant currencies). Results included pre-tax charges of $39 million primarily related to restructuring charges associated with Accelerating the Organization. Excluding these current year charges, as well as prior year pre-tax charges of $98 million, consolidated operating income increased 3% (1% in constant currencies).
- Diluted earnings per share was $3.18, an increase of 2% (flat in constant currencies). Excluding the current year charges described above of $0.04 per share, diluted earnings per share was flat at $3.22 (a decrease of 1% in constant currencies) when also excluding prior year charges.
Comparable Sales
| Increase/(Decrease) Quarters Ended September 30, | ||
| 2025 | 2024 | |
| U.S. | 2.4 % | 0.3 % |
| International Operated Markets | 4.3 | (2.1) |
| International Developmental Licensed Markets | 4.7 | (3.5) |
| Total Company | 3.6 % | (1.5)% |
- U.S.: Comparable sales results were primarily driven by positive check growth.
- International Operated Markets: All markets reflected positive comparable sales, led by Germany and Australia.
- International Developmental Licensed Markets: Positive comparable sales were led by Japan, with all geographic regions reflecting positive comparable sales.
KEY FINANCIAL METRICS – CONSOLIDATED
Dollars in millions, except per share data
| Quarters Ended September 30, | Nine Months Ended September 30, | |||||||
| 2025 | 2024 | Inc/(Dec) | Inc/ (Dec) Excluding Currency Translation | 2025 | 2024 | Inc/(Dec) | Inc/ (Dec) Excluding Currency Translation | |
| Revenues | $7,078 | $6,873 | 3% | 1% | $19,876 | $19,532 | 2% | 1% |
| Operating income | 3,357 | 3,188 | 5 | 3 | 9,237 | 8,844 | 4 | 3 |
| Net income | 2,278 | 2,255 | 1 | — | 6,399 | 6,207 | 3 | 2 |
| Earnings per share-diluted | $3.18 | $3.13 | 2% | —% | $8.92 | $8.59 | 4% | 3% |
Results for 2025 included the following:
- Net pre-tax charges of $39 million, or $0.04 per share, for the quarter and $148 million, or $0.16 per share, for the nine months, primarily related to restructuring charges associated with the Company’s internal effort to modernize ways of working (Accelerating the Organization)
Results for 2024 included the following:
- Net pre-tax charges of $52 million, or $0.05 per share, for the quarter and $142 million, or $0.15 per share, for the nine months, primarily consisted of transaction costs and non-cash impairment charges associated with the sale of McDonald’s business in South Korea and transaction costs associated with the acquisition of McDonald’s business in Israel
- Pre-tax charges of $46 million, or $0.05 per share, for the quarter and $146 million, or $0.15 per share, for the nine months, related to restructuring charges associated with Accelerating the Organization
Excluding the above items, operating income growth for both periods was primarily driven by higher sales-driven Franchised margins, partly offset by higher Selling, general, and administrative expenses.