Daily newsletter · Thu 5 Nov 2026
McDonald's US sales fell for the first time in six quarters, and the shares went up
Sales at McDonald's American restaurants open at least a year fell 0.2% in the September quarter. That ends five straight quarters of growth, and the shares rose about 6% on the day.
The fall was smaller than the market had braced for. Analysts had expected 0.5%. Adjusted earnings were US$3.57 a share against the US$3.38 forecast, and operating income rose 7% to US$3.60 billion.
Revenue was the miss. It grew 1% to US$7.16 billion, short of the roughly US$7.29 billion expected. Sales in the licensed markets that include Japan and China grew 4.2%, which carried the quarter.
The whole sector is quiet. Foot traffic across American fast food fell 2.6% over the three months. Chris Kempczinski, the chief executive, put the result down to solid trading across much of the international business.
a gain about four times the market's is generous for a quarter in which American customers came in less often. Margins held up because the average order got bigger, and that works only while people keep trading up.
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