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- **Global Growth Momentum**: 3.6% global comparable sales growth, with U.S. high-income traffic up double digits and international markets like Australia and Japan outperforming.
- **Value Strategy Success**: EVM relaunch drives lower-income traffic, with $40 million in marketing support and 12-month value pricing in Australia.
- **Operational Resilience**: $4 billion+ restaurant margins and solid franchisee cash flow despite inflation.
- **Innovation and Expansion**: Beverage test shows promise, with plans for global evaluation, and 1,000 new China restaurants on track for 2025.

**【CEO Summary Section】**
- Global comparable sales growth of 3.6% in Q3 2025, driven by strong performance across all segments.
- U.S. market shows bifurcated consumer trends: low-income traffic down double digits, high-income traffic up double digits.
- Relaunch of Extra Value Meals (EVMs) in September, featuring $5 and $8 meal options, aimed at improving value perception and gaining lower-income consumer traffic.
- International markets like Australia and Japan show sustained growth, with Australia locking in value pricing for 12 months and Japan achieving 6 consecutive quarters of market share gains.
- Beverage test in U.S. shows strong satisfaction scores and incremental check growth, with plans to evaluate global expansion.

**【CFO Financial Commentary】**
- Adjusted EPS of $3.22, with a 1% decline in constant currency due to higher tax rates.
- Total restaurant margin dollars exceed $4 billion for the first time, reflecting operational resilience.
- U.S. franchisees' cash flow remains solid despite inflationary pressures.
- $40 million in incremental marketing support for EVM relaunch, with co-investment in price discounts through Q4 2025.
- Effective tax rate projected between 21% and 22% for the full year.

**【Q&A Highlights】**
- U.S. sales momentum expected to continue in Q4, with MONOPOLY campaign and EVM reintroduction driving traffic.
- EVM program requires $15 million in Q3 support and $75 million in Q4, with franchisee co-investment to sustain long-term success.
- Beverage test in 500 U.S. restaurants shows potential for incremental check growth and value differentiation.
- China faces macroeconomic challenges but maintains comp sales growth and new unit expansion.
- Global focus on menu innovation (chicken, beverages) and digital engagement to drive guest count-led growth.

McDonald's Corporation (MCD) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MCD

MCD fundamentals

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