McDonald’s has reported net income of $2.27bn for the third quarter (Q3) of 2025, a 1% increase from $2.25bn in the same period of the previous year.
Earnings per diluted share were $3.18, up from $3.13.
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For the quarter ended 30 September 2025, revenues rose 3% to $7.08bn, compared with $6.87bn in the same quarter of 2024.
Operating income increased 5% to $3.36bn from $3.19bn.
The company’s earnings statement announce that global comparable sales grew 3.6%, with gains across all operating segments.
The company’s structure comprises three divisions: the US segment; the International Operated Markets segment, which includes Australia, Canada, France, Germany, Italy, Poland, Spain and the UK, and the International Developmental Licensed Markets and Corporate segment, which includes equity method investments in China and Japan and corporate activities.
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By GlobalDataAs of 30 September 2025, the US segment was 95% franchised, International Operated Markets 89% franchised, and International Developmental Licensed Markets 99% franchised.
Comparable sales in the US segment rose 2.4%, in the International Operated Markets increased 4.3%, and in International Developmental Licensed Markets 4.7%.
Systemwide sales grew 8% for the quarter, or 6% in constant currencies. Consolidated operating income increased 5%, or 3% in constant currencies.
McDonald’s chairman and CEO Chris Kempczinski stated: “We increased global systemwide sales by 6% and grew comp sales across all segments, a testament to our ability to deliver sustainable growth even in a challenging environment.
“We’re fuelling momentum by delivering everyday value and affordability, menu innovation and compelling marketing that continue to bring customers through our doors.”
The company anticipates that net restaurant unit growth will add slightly above 2% to 2025 systemwide sales growth on a constant-currency basis.
Selling, general and administrative expenses are projected at 2.2% of systemwide sales for the year. The operating margin is anticipated to be between 40% and 50%.
Capital expenditures for 2025 are forecast between $3bn and $3.2bn, mainly for new unit growth in the US and International Operated Markets.
The company plans to open 2,200 restaurants globally, including 600 in the US and International Operated Markets, with developmental licensees and affiliates funding 1,600 openings in their markets.
Net restaurants additions are expected to be close to 1,800 in 2025.
McDonald’s expects a free cash flow conversion rate in the low-to-mid 80% range for the full year.
