McDonald’s missed Wall Street’s earnings expectations on Wednesday, but its U.S. restaurants outperformed forecasts for same-store sales growth, according to the company’s third-quarter results.
CEO Chris Kempczinski said the results demonstrate McDonald’s ability to deliver steady growth despite economic headwinds. For over a year, the chain—often viewed as a key indicator of consumer spending has cautioned about weaker restaurant demand, especially among low-income customers. That slowdown continued through the third quarter.
We’re seeing a clear divide in consumer behaviour,” Kempczinski said during the company’s earnings call. “Traffic from lower-income guests at quick-service restaurants continues to fall by nearly double digits, while visits from higher-income customers are climbing at a similar pace. He added that McDonald’s expects these financial pressures on consumers to persist well into 2026.
Company-wide, same-store sales rose 3.6%, reversing a 1.5% decline from the same period last year and matching StreetAccount estimates. In the U.S., same-store sales were up 2.4%, surpassing expectations of 1.9%. The company said higher average checks drove the growth, indicating that customers are paying more per order even as fast-food brands intensify their “value wars.
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