Filing Flows › McDonald's (MCD) › Q1 2026
McDonald's (MCD) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
McDonald's (MCD) reported revenue of $6.5B for the first quarter 2026 (Q1 2026), +9% from a year earlier and -7% from the quarter before. Operating margin was 45.3%, net earnings $2.0B (30.4% of revenue).
McDonald's, Q1 2026: revenue $6.5B (+9% year over year), operating margin 45.3%, net earnings $2.0B, operating cash flow $2.4B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.5B | -7% | +9% |
| Operating profit | $3.0B | -6% | +12% |
| Net earnings | $2.0B | -8% | +6% |
| Operating cash flow | $2.4B | -11% | -0.7% |
| Free cash flow | $1.7B | +6% | -8% |
What changed
Revenue was $6.5B in Q1 2026, up 9% year over year and down 7% from the previous quarter. International Operated Markets was the largest line at 51% of revenue. International Operated Markets added $0.41B year over year (up 14%), 73% of the total change.
Operating profit was $3.0B, a 45.3% margin (up 0.9 points year over year). Of the extra revenue versus Q1 2025, 54% reached operating profit, above the 44% margin then. Total costs grew 8% against revenue growth of 9%. The fastest-growing cost line was SG&A (+11%). Net earnings were $2.0B, up 6% year over year. The effective tax rate was 22.0%.
Operating cash flow was $2.4B (down 1% year over year), 122% of net earnings. Non-cash charges added back $0.11B of depreciation and amortization and $0.06B of share-based compensation. Working capital and other items added $0.26B. Capital expenditures of $0.68B left free cash flow of $1.7B.
Questions
What was McDonald's revenue in the first quarter 2026?
McDonald's (MCD) reported revenue of $6.5B for the first quarter 2026 (Q1 2026), +9% from a year earlier and -7% from the quarter before.
Was McDonald's profitable in the first quarter 2026?
Operating profit was $3.0B (45.3% of revenue) and net earnings $2.0B.
Source: McDonald's 10-Q on SEC EDGAR.