McDonald's (MCD) reported net income of $2.5 billion ($2,486 million) in the third quarter of 2026, up 9% from the same period the previous year, when it was $2,278 million. Earnings per share (EPS) were $3.51, an increase of 10%. Excluding restructuring charges, adjusted earnings per share (non-GAAP, which excludes items the company considers non-recurring) came in at $3.57, up 11%.
Revenue totaled $7.2 billion ($7,157 million), up 1%. Operating income was $3,595 million, an increase of 7%, and adjusted operating income was $3,651 million, up 8%. The result includes pre-tax charges of $56 million, mainly restructuring tied to the Accelerating the Organization program, compared with $39 million a year earlier. Systemwide sales rose 4% to more than $38 billion.
Global comparable sales (same restaurants, open for at least 13 months) grew 1.5%. In the US, they fell 0.2%; in the international operated markets, they rose 1.4%; in the licensed markets, they increased 4.2%.
In September, the company declared a 4% increase in the quarterly dividend to $1.93 per share, payable on December 15, 2026. In the quarter, it paid a dividend of $1.86 per share ($1.3 billion) and repurchased 1.9 million shares for $519 million. In the nine months, repurchases totaled 6.2 million shares, or $1.8 billion.
For 2026, the company projects capital expenditures of about $3.7 billion, about 2,500 restaurant openings and an operating margin in the mid-to-high 40% range. It also expects general and administrative expenses of about 2.2% of systemwide sales and an effective tax rate between 21% and 23%.
