New York, Feb 12, 2026, 05:12 EST — Premarket
- McDonald’s shares slipped in premarket action, with investors weighing Q4 numbers and the company’s 2026 outlook.
- Cheap deals pulled in more shoppers, though management cautioned those discount subsidies aren’t sticking around for good.
- Attention now turns to 2026 margin goals, outlays for expansion, and Friday’s U.S. inflation numbers.
McDonald’s Corp (NYSE: MCD) dropped 0.9% before the bell Thursday, with shares off $2.79 to $323.21.
For investors sizing up the U.S. consumer, the fast-food chain has become something of a bellwether. Cheap eats and small indulgences tend to stick around when wallets tighten, but now the focus is on whether those value menus can be pushed further before they start to squeeze margins for both the company and its franchisees.
McDonald’s said zeroing in on value lured budget-minded diners back toward the end of last year, boosting both traffic and average check size. Global same-store sales posted a 5.7% gain for the fourth quarter. Revenue hit $7.01 billion, up 10%. Adjusted earnings came in at $3.12 per share. The company flagged tough winter weather as a possible drag on results for early 2026. 1
LSEG figures had pegged the global comparable sales increase at just 3.7%, but McDonald’s U.S. division came through with a 6.8% jump, doing the heavy lifting. CEO Chris Kempczinski pointed out a surge in low-income customer visits, crediting stepped-up discounts. Still, he cautioned, “We don’t subsidize pricing on a permanent basis,” signaling the chain is winding down “extra value” meal support. “McDonald’s has to continue to grind away,” said Northcoast Research’s Jim Sanderson, referencing value and marketing efforts. Competitors showed mixed results: Taco Bell logged a 7% same-store climb, KFC notched 3%, while Chipotle fell 1.7% over the quarter. For 2026, McDonald’s is targeting operating margins in the mid-to-high 40% range, plans to open roughly 2,600 locations, and is gearing up for a wider McCafe beverage rollout. 2
McDonald’s reported that global systemwide sales jumped 7% in 2025, topping $139 billion. Sales to loyalty members surged 20%, hitting nearly $37 billion, and the company closed out the year with around 210 million active loyalty users over 90 days in 70 markets. The board approved a 5% bump in the quarterly dividend, now at $1.86 per share. “McDonald’s value leadership is working,” CEO Kempczinski said. 3
Even so, value battles have a way of getting complicated. Should food and labor costs stick at current levels—or if customers start to retreat as deals fade—the company might struggle to maintain its margin targets, more so despite adding new stores.
SPY hovered near flat early, while DIA slipped roughly 0.1%. QQQ ticked up around 0.3% as broader U.S. shares showed a mixed picture before the bell.
Friday brings the next big macro read: January’s U.S. consumer price index drops at 8:30 a.m. ET. That inflation print could shift rate expectations and swing sentiment for consumer stocks heading into the weekend. 4
