McDonald‘s Corp (MCD.N): 2Q26 First Bite: Global SSS Generally In-Line with Street & Guidance Unchanged; Change Atop US Business

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McDonald‘s Corp (MCD.N): 2Q26 First Bite: Global SSS Generally In-Line with Street & Guidance Unchanged; Change Atop US Business

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04 Aug 2026 08:04:40 ET │ 13 pages

McDonald's Corp (MCD.N)

2Q26 First Bite: Global SSS Generally In-Line with Street & Guidance

Unchanged; Change Atop US Business

CITI'S TAKE Buy

Price (03 Aug 26 16:00) US$265.23 The in-line US/IOM comps should offer enough evidence to investors that

Target price US$335.00 the company's top-line efforts can work to cut through ongoing

inflationary pressures on their core guest. However, management changes Expected share price return 26.3%

in the US (new president of the business, long-time MCD vet Skye Expected dividend yield 2.9%

Anderson) signal the company is not pleased with results in the business Expected total return 29.2%

and that the brand may accelerate the cadence of top & bottom-line Market Cap US$188,447M

drivers for the segment (including potential asset reinvestment & McOpCo

refranchising). Shares are down ~13% and we think today's

results/outlook (as well as upcoming management meetings with

investors/sell-side in northeast) are enough for a NT rebound. Jon Tower, CFAAC

+1-212-816-6238

jon.tower@citi.com

Key topics for the call (8:30AM ET) — How is MCD viewing a broader competitive

set than just national fast-food players and 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 mix/traffic contribution yet? (3)

Innovation plans in the US including: energy drinks/refreshers, coffee upgrades, and