McDonald’s Q4 Earnings And Supersized Growth Plan

McDonald’s came in with Q4 results that suggest the golden arches still know how to pull traffic even when budgets get picky. The earnings call on February 11, 2026 posted a fourth quarter (ended Dec. 31, 2025) where global comparable sales rose 5.7% and U.S. comps jumped 6.8%, both ahead of expectations. Management credited a mix of meal deals and marketing hits - including a holiday Grinch promotion and the return of Monopoly - for keeping traffic moving even as consumers stay price-conscious.

Traffic and check both cooperated, helped by value promotions and marketing that actually moved the needle. The company reported revenue up 10% to $7.01 billion and adjusted EPS of $3.12. CEO Chris Kempczinski emphasized on the earnings call that there’s “growing evidence” the value strategy is working — including higher visits from lower - income customers, along with franchisee subsidies for certain value items tapering off.

But "cheap" doesn’t have to mean weak - McDonald’s is pairing affordability with scale in a brand momentum combo meal. It’s planning about 2,600 new restaurants globally in 2026, supported by $3.7B–$3.9B of capex, most of which is directed toward new unit expansion. For shareholders, it also declared a 5% increase in the quarterly dividend to $1.86 per share — because nothing says "I'm lovin' it" like raising the cash return while still building more golden arches.

Even the McFlurry machine of fundamentals comes with a note on margins - management and analysts pointed to ongoing cost inflation as a headwind, with McDonald’s forecasting 2026 operating margin in the mid-to-high 40% range. If value is the "loss leader", it’s currently leading to the most important thing in restaurant P&Ls — consistent traffic that creates operating leverage. The market will likely focus next on whether that traffic strength can keep offsetting cost inflation and support the company’s target of mid-to-high 40% operating margin. Attention will also be on whether management’s expansion and value strategy can keep delivering the kind of consistency that made this quarter stand out, even as the stock traded slightly lower after the call.

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