McDonald’s Corporation (MCD) - Aktienbericht

In the second quarter of fiscal year 2026, revenue was $7.1 billion, up 4% year over year, and operating income was $3.3 billion.

Diluted earnings per share were $3.32 in the second quarter of fiscal year 2026.

Operating cash flow was $5.2 billion against $1.5 billion of capital spending in the six months ended June 30, 2026, leaving about $3.7 billion after investment.

The key operating issue is whether system demand stays firm enough to keep rent and royalty income growing across a business that was about 95% franchised at June 30, 2026.

Sustained demand matters because franchising gives McDonald’s more profit weight than revenue weight, so modest sales growth can support operating income and cash. That matters more in 2026 because the company expects approximately $250 million of restructuring charges through its anticipated completion during 2027.

McDonald’s is mainly a franchisor, meaning local operators pay to use its brand, menu, and restaurant system. Customers buy everyday meals and drinks, such as burgers and fries or coffee, from restaurants, while franchisees pay rent, royalties, and other fees to the parent company.

McDonald’s also records sales from company-run restaurants. Revenue was $7.1 billion in the quarter ended June 30, 2026, up 4% year over year, which shows the system still translated restaurant demand into higher reported revenue.

McDonald’s operated 46,028 restaurants in more than 100 countries at June 30, 2026, and about 95% were franchised. That leaves a smaller company-run base and a much larger partner-run base.

Management reports three groups: the U.S.; International Operated Markets; and International Developmental Licensed Markets & Corporate. This structure matters because franchised restaurants send fee income, while company-run restaurants bring full sales and restaurant-level costs.

Management is prioritizing Accelerating the Arches and an internal modernization effort called Accelerating the Organization. The key operating dependency is franchisee sales because rent and royalties rise or fall with restaurant sales across this heavily franchised system.

Operating income was $3.3 billion in the quarter ended June 30, 2026. For investors, the main question is whether global franchisee sales can keep lifting parent-company profit.