McDonald’s grows but doesn’t shine: revenue and profit miss estimates despite international momentum

In the third quarter of 2025, the fast-food giant reported rising global sales and solid results, but the numbers still fell short of Wall Street expectations.

McDonald’s ended the third quarter of 2025 with mixed results: consolidated revenue rose 3% year over year to $7.08 billion, slightly below analysts’ expectations of $7.1 billion. At constant currency, growth was limited to 1%.

Global comparable sales increased 3.6%, confirming the brand’s resilience. In the United States, growth was more modest (+2.4%), while international operated markets showed greater dynamism (+4.3%), driven mainly by Germany and Australia. In licensed developing markets, performance was even stronger (+4.7%), thanks to a solid contribution from Japan. Systemwide sales were up 8% (+6% at constant currency).

Consolidated operating income rose 5% to $3.36 billion (+3% at constant currency), despite $39 million in pre-tax charges, mainly related to the Accelerating the Organization restructuring program. Excluding these and the prior year’s charges, operating income increased 3% (+1% at constant currency).

Diluted earnings per share (EPS) came in at $3.18, up 2% (flat at constant currency). Excluding special items, adjusted EPS stood at $3.22, slightly below market expectations of $3.41.

Chris Kempczinski, President and CEO of the American giant, emphasized the company’s ability to deliver tangible results even in today’s challenging environment, adding that McDonald’s will continue to focus on innovation and engaging marketing to make its menus ever more appealing and flavorful.

In short, McDonald’s remains healthy and continues to grow globally, but the slowdown in the U.S. market and pressure on margins prevented the fast-food giant from serving up a truly “super-size” quarter.

Andrea Pelucchi