McDonald's stock weighs U.S. traffic pressure against global growth

McDonald's reported mixed third-quarter results on Wednesday, November 4, as international growth and higher earnings contrasted with weaker U.S. comparable sales. In its third-quarter earnings release, the company said global comparable sales increased 1.5%, while the U.S. declined 0.2%.

McDonald's stock traded at 247.50 euros on Lang & Schwarz at 13:16 CET on Friday, November 13, 2026. The quote provides a current trading reference for investors, while the company's operating update remains the central issue for the shares.

U.S. traffic remains the key test

Chief Executive Chris Kempczinski said the company was encouraged by improvement as the quarter progressed after interventions focused on value. McDonald's has been working to make its offers more compelling for customers while strengthening execution at the restaurant level.

The U.S. comparable-sales decline indicates that higher average spending per visit did not fully offset weaker traffic. That leaves customer frequency and the effectiveness of value promotions as important indicators for the next phase of the turnaround. A sustained recovery would need to attract more visits without undermining franchisee economics or margins.

International growth supports results

Outside the United States, comparable sales increased 1.4% in International Operated Markets and 4.2% in International Developmental Licensed Markets. The broader geographic performance helped lift global systemwide sales by 4% to more than 38 billion U.S. dollars for the quarter.

Consolidated revenue increased 1%, while consolidated operating income rose 7%. Adjusted operating income increased 8%, excluding restructuring-related charges associated with the company's organizational acceleration program.

Earnings growth cushions pressure

Diluted earnings per share rose 10% to 3.51 U.S. dollars. Excluding 0.06 U.S. dollars per share of current-year charges, adjusted diluted earnings per share was 3.57 U.S. dollars and increased 11% when the comparable prior-year charges were also excluded.

McDonald's also declared a 4% increase in its quarterly cash dividend to 1.93 U.S. dollars per share. The dividend increase and earnings growth support the income and quality case for the stock, but they do not remove the need for a clearer U.S. traffic recovery.

For the wider market backdrop, investors can follow the S&P 500 alongside consumer and restaurant stocks.

Further company-specific coverage is available in more news and analyses on McDonald's stock.