McDonald’s said fewer customers came into its U.S. restaurants in the third quarter, but bigger checks largely made up for it. In its Nov. 4 earnings release, the company said “negative guest counts were largely offset by positive check growth,” and reported total revenue of $7.16 billion, up 1%. U.S. comparable sales slipped 0.2%.
The release does not give a percentage for either the drop in visits or the rise in the check. It credits the company’s “intervention on value,” meaning the cheaper deals and bundles McDonald’s has pushed to win back customers who have been cutting back. Chairman and CEO Chris Kempczinski said on the investor call that “customers should see a clear and compelling value proposition every time they consider McDonald’s.”
Anyone who eats at McDonald’s a few times a month has probably seen the result: a $5 meal deal, a McValue menu and in-app offers that come and go. The Associated Press reported that the chain’s U.S. same-store sales turned positive in September and October after it restored some app deals and moved marketing money to value meals. Those later-quarter gains are the reason the company is calling the trend encouraging.
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How big was the miss in U.S. sales?
A 0.2% decline in U.S. comparable sales, which track restaurants open at least a year, was smaller than the 0.5% drop Wall Street expected, the AP reported. It was the first decline for McDonald’s in the U.S. since early 2025. A year earlier, U.S. comparable sales had risen 2.4%.
Globally, comparable sales rose 1.5%, down from 3.6% a year earlier. International operated markets such as Germany and Australia grew 1.4%, with France weaker. The developmental licensed markets, which include Japan and China, grew 4.2%, with Japan leading and China negative.
Revenue of $7.16 billion fell short of the $7.28 billion analysts expected, the AP said, while adjusted earnings of $3.57 a share beat the $3.38 forecast. Shares rose more than 5% in morning trading. Across the U.S. fast-food industry, the AP cited consultant Revenue Management Solutions in reporting that foot traffic fell 2.6% in the third quarter, so McDonald’s 0.2% sales dip came in a market where fewer people were walking in.
Global systemwide sales, which count sales at every restaurant including franchised ones, rose 4% to more than $38 billion. McDonald’s also said loyalty members generated more than $11 billion in systemwide sales for the quarter and $41 billion over the past 12 months across 70 markets.
Which deals is McDonald’s counting on?
The $5 Meal Deal launched in June 2024, and the McValue menu and Extra Value Meals followed the next year. The AP reported that the meals carry a 15% discount compared with buying items one by one. In April the company revamped McValue with 10 items priced at $3 or less, a response to Taco Bell, which sells 10 items at the same price or below.
CFO Ian Borden said on the earnings call that unit sales of the company’s top Extra Value Meals are up about 7% from a year ago, and he cited a $5 Sausage McMuffin with Egg Meal and an $8 Big Mac Meal as recent national offers. Beverages helped the check: Borden said transactions that include a drink run about 50% above the average day’s check.
What does McDonald’s plan for the cheapest orders?
The AP reported that McDonald’s is running an eight-week test of mix-and-match and fixed-price bundles at about 1,900 U.S. restaurants, one example being a McChicken with a small fries for $3.50. Kempczinski said earlier efforts fell short because they lacked compelling deals at the low end, and he named lower-income customers specifically. “You need to have good entry-level value, particularly with the low-income consumer,” he said.
The company’s stated goal is to launch a new program nationally in early 2027, according to Kempczinski on the call. In August, only 60% of U.S. locations were offering the revamped McValue menu, the AP reported. About 95% of U.S. restaurants are owned by franchisees, and roughly 4,000 of them have launched bundles of their own.
What is happening to McDonald’s own costs and profit?
Kempczinski said he expects “mid-single-digit food and paper inflation” in 2026. He also said base menu prices in the U.S. are at a discount in most restaurants and that the company has learned to move “very cautiously” on price. The release itself shows a profitable quarter, with net income of $2.49 billion, up 9%, and diluted earnings of $3.51 a share.
Operating income rose 7% to $3.60 billion, and the company raised its quarterly dividend 4% to $1.93 a share. McDonald’s operates in more than 100 countries with more than 45,000 restaurants. Through nine months, revenue is $20.77 billion, up 5%, and net income is $6.83 billion, up 7%. Its release includes no financial guidance for the rest of the year.
Looking for lower prices than a $5 meal deal at the counter?
McDonald’s is chasing customers who have cut back on eating out, and the company expects mid-single-digit food and paper inflation this year. People on a fixed income feel the same squeeze on every bill, and most of the discounts that offset it are never offered unless someone asks.
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This article was produced with AI assistance and edited for accuracy against the sources linked above.
Warren Cohen is a finance writer based in Phoenix, Arizona, covering personal finance topics including credit, banking, and beginner investing. He earned his degree in business administration from Arizona State University and began his career working in consumer finance, where he gained direct experience with lending and credit systems. He now writes for personal finance websites and fintech platforms, focusing on clear, practical content that helps readers make informed financial decisions.
