McDonald's (MCD) Q2 2026 (USD): Adj. EPS 3.32 (exp. 3.32), Revenue 7.1bln (exp. 7.13bln)

• Global comp sales +1.3% (exp. 1.4%).
• US comp sales +0.8% (exp. 0.9%).

An in-line print across the board: EPS on the consensus number, revenue and comp sales a fraction light. Prints of this kind at McDonald's have historically produced a muted first reaction, since the stock trades less on quarterly beats and misses than on the direction of US traffic and the value-perception narrative, and there is little here to reprice either. The marginal softness sits in the US comp, which is the line that has mattered most in recent reporting cycles, given investor focus on lower-income consumer resilience and the company's reliance on value promotions to hold traffic. The usual sequence after a near-consensus report is for attention to shift to the call: franchisee economics, marketing cadence, and any commentary on international markets, where the tags flag exposure across Japan, the UK and Europe. Global comps slightly under the whisper in a defensive name typically leave the stock trading off guidance language rather than the headline numbers. Worth noting whether management frames the US softness as traffic or mix, as that distinction has separated durable weakness from promotional noise in past quarters.