Filing Flows › McDonald's (MCD) › Q2 2026 › vs Q2 2025
McDonald's (MCD) Q2 2026 vs Q2 2025 (year over year)
McDonald's's revenue rose $256M (+4%) from $6.8B in Q2 2025 to $7.1B in Q2 2026. The biggest changes: International Operated Markets +$141M (+4%); International Developmental Licensed Markets and Corporate +$69.0M (+12%); U.S. Market +$46.0M (+2%). Operating margin 47.0% against 47.2% (-0.2 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 47.0% | 47.2% | -0.2 pts |
| Net margin | 33.3% | 32.9% | +0.3 pts |
| Free cash flow margin | 27.8% | 18.3% | +9.5 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| International Operated Markets | $3.6B | $3.5B | $141M | +4% |
| U.S. Market | $2.8B | $2.8B | $46.0M | +2% |
| International Developmental Licensed Markets and Corporate | $669M | $600M | $69.0M | +12% |
| Revenue | $7.1B | $6.8B | $256M | +4% |
| Operating profit | $3.3B | $3.2B | $106M | +3% |
| Costs & expenses | $3.8B | $3.6B | $150M | +4% |
| Pre-tax earnings | $2.9B | $2.9B | $75.0M | +3% |
| Other expense, net | $402M | $371M | $31.0M | +8% |
| Cost of revenue | $680M | $654M | $26.0M | +4% |
| SG&A | $817M | $700M | $117M | +17% |
| Other operating costs | $2.3B | $2.3B | $7.0M | +0.3% |
| Net earnings | $2.4B | $2.3B | $109M | +5% |
| Income tax | $574M | $608M | −$34.0M | -6% |
| Depreciation & amortization | $111M | $106M | $5.0M | +5% |
| Share-based compensation | $39.0M | $44.0M | −$5.0M | -11% |
| Working capital & other | $295M | −$405M | $700M | — |
| Operating cash flow | $2.8B | $2.0B | $809M | +40% |
| Free cash flow (OCF − capex) | $2.0B | $1.3B | $722M | +58% |
| Capital expenditures | $831M | $744M | $87.0M | +12% |
Questions
How much did McDonald's's revenue grow year over year in Q2 2026?
McDonald's's revenue rose $256M (+4%) from $6.8B in Q2 2025 to $7.1B in Q2 2026.
What drove McDonald's's revenue change in Q2 2026?
International Operated Markets +$141M (+4%); International Developmental Licensed Markets and Corporate +$69.0M (+12%); U.S.