麦当劳：第四季度营收70.1亿美元，预估68.3亿美元。 来源：滚动播报 ...

Core Viewpoint - McDonald's reported strong quarterly earnings and revenue that exceeded analysts' expectations, driven by a focus on value and affordability, leading to increased customer traffic [1]. Financial Performance - The company reported a fourth-quarter net income of $2.16 billion, or $3.03 per share, an increase from $2.02 billion, or $2.80 per share, a year earlier [1]. - Excluding restructuring charges, McDonald's earned $3.12 per share, surpassing the expected $3.05 [5]. - Net revenue rose by 10% to $7 billion, exceeding the expected $6.84 billion [5]. Same-Store Sales Growth - Same-store sales increased by 5.7%, outperforming Wall Street's projection of 3.9% [2]. - U.S. same-store sales grew by 6.8%, rebounding from a decline of 1.4% in the previous year due to an E. coli outbreak [3]. - Internationally, same-store sales growth was reported in nearly all markets, with the international operated markets segment achieving 5.2% growth and the international developmental licensed markets division seeing a 4.5% increase [4]. Promotions and Value Offerings - The company attributed its sales growth to successful promotions, such as the Grinch meal and Monopoly, which enhanced customer traffic and sales [3]. - McDonald's expanded its value offerings by relaunching Extra Value Meals, providing approximately a 15% discount on combo meals [3].

Exhibit 99.2 McDonald's Corporation Supplemental Information (Unaudited) Quarter and Year Ended December 31, 2025 | Impact of Foreign Currency Translation | 1 | | --- | --- | | Net Income and Diluted Earnings per Share | 2 | | Revenues | 4 | | Comparable Sales | 5 | | Systemwide Sales and Franchised Sales | 6 | | Restaurant Margins | 7 | | Selling, General & Administrative Expenses | 8 | | Other Operating (Income) Expense, Net | 8 | | Operating Income | 9 | | Interest Expense | 10 | | Nonoperating (Income) ...

Core Insights - McDonald's reported a 20% increase in systemwide sales to loyalty members, reaching nearly $37 billion for the full year 2025, with 90-day active loyalty users up 19% to nearly 210 million [1] - Global systemwide sales increased by 7% to over $139 billion, with a growth of $9 billion, while comparable sales for the fourth quarter rose by 5.7% [1] - The company's diluted earnings per share for the fourth quarter was $3.03, an increase of 8%, and for the full year, it was $11.95, up 5% [1] Financial Performance - Fourth quarter global comparable sales increased by 5.7%, with the U.S. market growing by 6.8%, International Operated Markets by 5.2%, and International Developmental Licensed Markets by 4.5% [1] - For the full year, global comparable sales rose by 3.1%, with the U.S. increasing by 2.1%, International Operated Markets by 3.2%, and International Developmental Licensed Markets by 4.6% [1] - Consolidated operating income for the fourth quarter increased by 6%, while for the full year, it rose by 6% as well, despite net pre-tax charges of $229 million related to restructuring [1] Revenue and Expenses - Total revenues for the fourth quarter were $7,009 million, a 10% increase from the previous year, while full-year revenues reached $26,885 million, up 4% [3] - Revenues from franchised restaurants for the fourth quarter were $4,311 million, a 9% increase, while sales from company-owned and operated restaurants were $2,536 million, a 10% increase [3] - Operating costs and expenses for the fourth quarter totaled $3,853 million, up 9% from the previous year, with significant increases in occupancy expenses and other restaurant expenses [3] Cash Flow and Investments - Cash provided by operations for the full year was $10,551 million, compared to $9,447 million in the previous year, indicating strong operational cash flow [3] - Free cash flow for the year was $7,186 million, up from $6,672 million, reflecting the company's ability to convert net profits into cash resources [3] - Capital expenditures for the year were $3,365 million, an increase from $2,775 million, indicating ongoing investment in the business [3]

McDonald's is set to report its fourth quarter after the close on Wednesday, with Wall Street expecting another strong quarter for US same-store sales. US same-store sales are expected to have risen 5.1% during the quarter, according to data from Bloomberg, with full-year US same-store sales expected to have risen 1.6%. McDonald's is expected to report that its global same-store sales rose 3.8% in the fourth quarter and 2.6% for the full year. Adjusted earnings per share are expected to be $3.04 for the ...

Core Insights - McDonald's is facing a food safety incident in China, alongside cost pressures and local competition, leading to slight fluctuations in its stock price [1] Recent Events - On February 9, 2026, a consumer reported finding hair in a hamburger at McDonald's Beijing Gongda Bridge store, prompting an investigation by the company, which may lead to short-term brand scrutiny [2] - On February 5, 2026, McDonald's China raised prices on some core menu items by 0.5-1 yuan in December 2025, reflecting cost pressures in the fast-food industry, with the price increase trending on social media [2] - On February 10, 2026, Burger King and McDonald's accelerated localization efforts in the Chinese market, with key figure Patrick Siewert involved in McDonald's China, indicating a trend of multinational companies adjusting leadership to better connect with local markets, which may impact long-term growth [2] - On February 4, 2026, McDonald's launched a Spring Festival marketing campaign titled "One Light, One Wish," integrating intangible cultural heritage to enhance emotional brand connections, reaching over 7,700 restaurants nationwide [2] - On February 6, 2026, the Ronald McDonald House celebrated its tenth anniversary in China, having served 1,890 families, showcasing the company's long-term commitment to philanthropy, with plans for further expansion [2] Stock Performance - Over the past 7 days (February 5 to 11, 2026), McDonald's (MCD.N) stock price decreased by 0.22% with a volatility of 2.24%. The latest stock price on February 11 was $322.99, down 0.92% for the day, with a trading volume of approximately $200 million; on February 5, the trading volume reached $1.278 billion, indicating active trading. Year-to-date, the stock has increased by 5.68%, but this performance is below that of the S&P 500 index [3]

We recently published 9 Stocks Jim Cramer Talked About. McDonald’s Corporation (NYSE:MCD) is one of the stocks that Jim Cramer talked about. Fast food giant McDonald’s Corporation (NYSE:MCD)’s shares are up by 5% over the past year and by 7.5% year-to-date. Ahead of the firm’s earnings report, investment bank UBS reiterated a Buy rating and a $350 share price target. It pointed out that McDonald’s Corporation (NYSE:MCD) shows strong same-store sales growth and momentum in international markets. It added t ...

Quick Read McDonald’s (MCD) and Yum Brands (YUM) face double-digit traffic declines from lower-income U.S. consumers in Q3. KFC dominates India with 600+ locations and unified franchise structure. McDonald’s operates 500 stores split between two partners. Yum’s Taco Bell U.S. same-store sales grew 7% in Q3. McDonald’s U.S. comparable sales rose just 2.4%. A recent study identified one single habit that doubled Americans’ retirement savings and moved retirement from dream, to reality. Read more here ...

Core Insights - McDonald's and Yum! Brands are facing significant challenges in the U.S. market, with both companies experiencing double-digit traffic declines among lower-income consumers in Q3 2025. This trend has persisted for nearly two years, driven by rising labor costs, consumer resistance to pricing, market saturation, and competition in value menus [1] - India presents a substantial growth opportunity for both companies, with a population of 1.4 billion, a median age of 29, and a rapidly expanding middle class projected to reach 600 million by 2030. The underpenetration of Western QSR brands in India further enhances this potential [1] Company Strategies and Market Position - Yum! Brands has a structural advantage in India, with KFC being the largest Western QSR by store count, operating over 600 locations. The brand's chicken-forward menu requires minimal cultural adaptation, unlike McDonald's, which has pivoted to vegetarian offerings to accommodate local dietary preferences [1] - McDonald's operates over 500 locations in India, split between two franchise partners, leading to a fragmented operational structure. This contrasts with Yum's unified partnership with Devyani International, which is India's largest QSR franchisee [1] - Yum! Brands' multi-brand portfolio, including Taco Bell and Pizza Hut, allows for risk diversification and has shown stronger performance in emerging markets compared to McDonald's [1] Financial Performance - In Q3 2025, McDonald's U.S. comparable sales grew by only 2.4%, while Yum! Brands reported a 7% increase in same-store sales for Taco Bell and a 2% increase for KFC. Yum's digital sales reached a record $10 billion, indicating strong platform performance [1] - Yum! Brands derives a higher percentage of revenue from emerging markets, with India being a top-five global market for KFC. This positions Yum favorably for growth in India, while McDonald's faces challenges in the U.S. market [1] - Over the past year, Yum! Brands' stock return was 7.22%, outperforming McDonald's return of 5.69%, reflecting the differing market dynamics and growth strategies of the two companies [1]

Core Viewpoint - The restaurant sector, particularly McDonald's, is focusing on value messaging to attract consumers in a competitive economy, which may boost sales but has caused friction among franchise operators [1][6]. Group 1: Franchise Standards and Operator Sentiment - McDonald's implemented new franchise standards on January 1, assessing locations based on their pricing value, while allowing franchisees to set their own prices [2]. - The National Owners Association introduced a Franchisee Bill of Rights, emphasizing the right of franchisees to set prices independently without fear of repercussions [3][4]. - A survey indicated that all responding franchisees opposed the changes to national franchising standards, marking a historic consensus in the survey's history [7]. Group 2: Operator Relations and Performance Metrics - Franchisees rated their relationship with McDonald's corporate at an average of 1.37 on a scale of 1 to 5, a decline from the previous average of 1.71 [8]. - Despite tensions, McDonald's stock performed relatively well, increasing by 5% in a challenging year for the restaurant sector [9]. - Franchisees rated their business outlook for the next six months at an average of 2.58, the highest in 11 quarters, indicating some optimism [10]. Group 3: Value Strategy and Market Position - McDonald's has been effective in promoting value to quick-service consumers, outperforming other burger chains [11]. - Analysts expect the shift in value strategy to lead to significant earnings growth for McDonald's, marking the most meaningful growth since 2023 [11].