Filing Flows › McDonald's (MCD) › Q2 2026 › vs Q1 2026
McDonald's (MCD) Q2 2026 vs Q1 2026 (quarter over quarter)
McDonald's's revenue rose $582M (+9%) from $6.5B in Q1 2026 to $7.1B in Q2 2026. The biggest changes: International Operated Markets +$278M (+8%); U.S. Market +$244M (+9%); International Developmental Licensed Markets and Corporate +$59.0M (+10%). Operating margin 47.0% against 45.3% (+1.7 pts).
McDonald's, Q2 2026: revenue $7.1B (+4% year over year), operating margin 47.0%, net earnings $2.4B, operating cash flow $2.8B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 47.0% | 45.3% | +1.7 pts |
| Net margin | 33.3% | 30.4% | +2.8 pts |
| Free cash flow margin | 27.8% | 26.5% | +1.3 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| International Operated Markets | $3.6B | $3.3B | $278M | +8% |
| U.S. Market | $2.8B | $2.6B | $244M | +9% |
| International Developmental Licensed Markets and Corporate | $669M | $610M | $59.0M | +10% |
| Revenue | $7.1B | $6.5B | $582M | +9% |
| Operating profit | $3.3B | $3.0B | $385M | +13% |
| Costs & expenses | $3.8B | $3.6B | $197M | +6% |
| Pre-tax earnings | $2.9B | $2.5B | $394M | +15% |
| Other expense, net | $402M | $411M | −$9.0M | -2% |
| Cost of revenue | $680M | $676M | $4.0M | +0.6% |
| SG&A | $817M | $759M | $58.0M | +8% |
| Other operating costs | $2.3B | $2.1B | $135M | +6% |
| Net earnings | $2.4B | $2.0B | $379M | +19% |
| Income tax | $574M | $559M | $15.0M | +3% |
| Depreciation & amortization | $111M | $111M | $0 | 0% |
| Share-based compensation | $39.0M | $60.0M | −$21.0M | -35% |
| Working capital & other | $295M | $258M | $37.0M | +14% |
| Operating cash flow | $2.8B | $2.4B | $395M | +16% |
| Free cash flow (OCF − capex) | $2.0B | $1.7B | $246M | +14% |
| Capital expenditures | $831M | $682M | $149M | +22% |
Questions
How much did McDonald's's revenue grow quarter over quarter in Q2 2026?
McDonald's's revenue rose $582M (+9%) from $6.5B in Q1 2026 to $7.1B in Q2 2026.
What drove McDonald's's revenue change in Q2 2026?
International Operated Markets +$278M (+8%); U.S.