McDonald’s Q4 2025 earnings beat as $5 value meals pull customers back

CHICAGO, Feb 11, 2026, 16:24 (CST)

• Fourth-quarter global same-store sales climbed 5.7%, while U.S. locations posted a 6.8% gain.
• Revenue climbed 10% to $7.01 billion, while adjusted earnings landed at $3.12 a share.
• The company bumped up its quarterly dividend and reported loyalty sales approaching $37 billion in 2025

McDonald’s credited value offerings and special deals for driving a stronger-than-expected jump in global same-store sales during the fourth quarter, as budget-minded customers came back. Revenue landed at $7.01 billion, with adjusted earnings per share hitting $3.12. 1

This tweak matters: “value” is now the main fight in U.S. fast food. With lower-income diners pulling back, the big chains are scrambling to hang onto foot traffic—without cutting too deep into margins. McDonald’s has doubled down on meal bundles and flashy marketing tie-ins, hoping customers still see sharp deals, but not at the cost of profits. 2

Investors are eyeing whether that balance sticks. A wave of discounts has the potential to spark a pricing battle, putting pressure on franchise operators, who handle local menu pricing.

McDonald’s reported a 5.7% increase in global comparable sales for the quarter ended Dec. 31, pointing to stronger performance at restaurants that have been open for at least a year. “By listening to customers and taking action, we have improved traffic and strengthened our value & affordability scores,” said Chairman and CEO Chris Kempczinski. 3

U.S. comparable sales climbed 6.8%, with international segments also delivering gains. Operating income moved up 10%, despite restructuring charges stemming from “Accelerating the Organization,” McDonald’s initiative aimed at reshaping its internal operations and structure.

Stateside, the company has piled multiple discounts together—think the McValue menu plus fresh Extra Value Meal combo deals. Snack Wraps, reintroduced last year at $2.99, played a part too, with the company saying they changed how customers perceive affordability.

McDonald’s relied on some old tricks, too, reviving its Monopoly game and rolling out a holiday Grinch meal. Executives said the Grinch campaign drove what they described as the company’s biggest single sales day.

Loyalty has been moving the needle, too. The company reported systemwide sales to loyalty members jumped 20%, hitting close to $37 billion in 2025. By year-end, almost 210 million users had been active within a 90-day span across its 70 markets.

The value push comes as competitors roll out similar strategies. Yum Brands, owner of Taco Bell and KFC, posted a 7% jump in same-store sales at Taco Bell and a 3% uptick at KFC last quarter. Earlier this month, Chipotle saw sales slip, according to Reuters. “MCD has to continue to grind away with marketing and value promotions,” said Jim Sanderson, analyst at Northcoast Research. The chain also outlined capital spending between $3.7 billion and $3.9 billion for 2026, with plans for roughly 2,600 new restaurants globally, and noted it’s been piloting an expanded beverage menu in select U.S. markets. 4

But value isn’t a giveaway. When food, labor, or utility bills refuse to budge, or competitors start slashing prices to grab more diners, the upside can evaporate quickly — usually squeezing margins right at the restaurant level.

McDonald’s bumped up its quarterly cash dividend by 5%, taking it to $1.86 per share. The move suggests the company remains confident in its cash flow, despite outlays on fresh locations, remodeling projects, and various promotions.