McDonald‘s Corp (MCD.N): Setting the Table for 2Q26: The Low Water Mark Before SSS Are Re-Energized

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McDonald‘s Corp (MCD.N): Setting the Table for 2Q26: The Low Water Mark Before SSS Are Re-Energized

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14 Jul 2026 20:07:49 ET │ 17 pages

McDonald's Corp (MCD.N)

Setting the Table for 2Q26: The Low Water Mark Before SSS Are Re-

Energized

CITI'S TAKE

Data suggest MCD was unable to power through industry challenges in 2Q, Buy

and we are modeling US SSS down 2%/reaching a multi-year low in relative

performance vs the fast food benchmark, and IOM also felt the pinch of Price (14 Jul 26 16:00) US$268.94

energy prices and a heat wave. With beverages on the horizon, we think this Target price US$335.00↓

can be the low-water mark for both SSS and the multiple before a Sept

from US$375.00investor event gives MCD the opportunity to make the case for asset

investments/a faster pace of menu innovation/beverages as multi-year Expected share price return 24.6%

sales drivers. Expected dividend yield 2.8%

Expected total return 27.4%

Key topics for the call — 2Q26 EPS due 8/4 BMO; call at 8:30 AM ET. (1) How is

MCD viewing a broader competitive set than just national fast-food players and Market Cap US$191,083M

where C-stores/regional chains may be presenting as new competitive threats?

Does MCD think trade down to FAH is a factor for their core customer? (2) Continued

consumer response to EVMs (Sep-25 launch) and April McValue revamp and trends

in value/affordability scores. Have these platforms reached a run rate in terms of Price Performance

mix/traffic contribution yet? (3) Innovation plans in the US, including: Energy (RIC: MCD.N, BB: MCD US)

drinks/refreshers, coffee upgrades, and potential new form factors or sauce

platforms for chicken. (4) Additional insight into US remodel plans, in terms of key

elements and potential lift.