McDonald’s (MCD) Q3 2025 earnings

McDonald’s on Wednesday fell short of Wall Street’s earnings expectations, but the company’s U.S. restaurants reported better-than-expected same-store sales growth.

CEO Chris Kempczinski said in a statement that the results are “a testament to our ability to deliver sustainable growth even in a challenging environment.” For more than a year, McDonald’s, long considered a bellwether for the financial health of consumers, has been sounding the alarm about a pullback in restaurant spending, particularly from low-income diners.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: $3.22 adjusted vs. $3.33 expected
• Revenue: $7.08 billion vs. $7.1 billion expected

The fast-food giant reported third-quarter net income of $2.28 billion, or $3.18 per share, up from $2.26 billion, or $3.13 per share, a year earlier. McDonald’s saw a higher effective tax rate during the quarter, which weighed on its earnings.

Excluding restructuring charges and other items, the burger chain earned $3.22 per share.

Revenue rose 3% to $7.08 billion.

The company’s same-store sales increased 3.6%, a reversal from the year-ago period’s decline of 1.5% and roughly in line with Wall Street’s expectations, according to StreetAccount.

In the United States, McDonald’s same-store sales increased 2.4%, topping StreetAccount estimates of 1.9%. The company credited growth in average check, suggesting that diners are paying more for their meals despite the ongoing “value wars” between fast-food chains.

In an appeal to budget-conscious consumers, McDonald’s brought back its Snack Wraps for the first time in nine years and priced them at $3.99. And in September, the chain reintroduced Extra Value Meals, which it last promoted before the Covid-19 pandemic.

Outside of the U.S., McDonald’s saw even stronger same-store sales growth. Its international operated markets division, which includes Australia and Canada, reported a 4.3% increase in same-store sales. And its international developmental licensed markets segment saw its same-store sales grow 4.7%, lifted by demand in Japan.