McDonald’s delivered a solid second quarter in 2025, with growth across all major geographic segments. Global comparable sales rose 3.8%, supported by positive results in the U.S., International Operated Markets, and International Developmental Licensed Markets. Revenue, operating income, net income, and earnings per share all increased year over year, while Systemwide sales grew 8%. Management attributed the performance to its focus on value, marketing, menu innovation, loyalty, and technology investments. At the same time, the company continued to incur restructuring costs related to its “Accelerating the Organization” initiative, and year-to-date Company-owned restaurant margins faced some pressure, particularly in the U.S. Overall, McDonald’s entered the second half of 2025 with positive sales momentum and continued emphasis on digital capabilities, loyalty, and execution across its global system.
Key Financial Highlights
For Q2 2025, McDonald’s generated $6.84 billion in revenue, up 5% year over year, or 4% in constant currencies. Operating income increased 11% to $3.23 billion, while net income increased 11% to $2.25 billion. Diluted EPS reached $3.14, up 12%; adjusted EPS excluding specified charges was $3.19, up 7%. Global comparable sales increased 3.8%, consisting of 2.5% growth in the U.S., 4.0% in International Operated Markets, and 5.6% in International Developmental Licensed Markets. Systemwide sales increased 8%, or 6% in constant currencies.
Franchised restaurant revenue increased 7% to $4.21 billion, while sales from Company-owned restaurants were essentially flat at $2.46 billion. For the first six months of 2025, total revenue was $12.80 billion, net income was $4.12 billion, and diluted EPS was $5.74.
Strategic Initiatives and Market Performance
McDonald’s continued to emphasize value, marketing, menu innovation, digital capabilities, and loyalty as key growth drivers. Management specifically highlighted technology investments and its ability to scale digital solutions throughout the global restaurant system. Loyalty remains an important strategic platform: Systemwide sales to loyalty members across 60 markets reached approximately $33 billion for the trailing 12 months and approximately $9 billion during Q2 alone.
Geographically, performance was broad-based. U.S. comparable sales increased 2.5%, primarily due to positive average-check growth. International Operated Markets posted 4.0% comparable-sales growth, with every market producing positive comparable sales. International Developmental Licensed Markets grew 5.6%, led by Japan, with all geographic regions contributing positive growth.
The company also continued its “Accelerating the Organization” program, an internal effort intended to modernize its ways of working. Restructuring costs associated with the initiative amounted to $43 million before tax in Q2 and $109 million for the first six months of 2025.
Challenges
A key challenge remains cost and margin pressure within the Company-operated restaurant business. Although consolidated earnings improved, management noted that first-half operating income growth was partly offset by lower Company-owned and operated margins, driven by the U.S. Company-owned restaurant sales were essentially unchanged in Q2 and declined 5% during the first six months of 2025.
McDonald’s also continues to absorb restructuring expenses from its organizational modernization program. In addition, foreign-exchange movements affect reported growth, as demonstrated by the difference between reported and constant-currency revenue, Systemwide sales, operating income, and EPS growth.
Outlook
The earnings release does not provide specific full-year 2025 revenue, EPS, comparable-sales, or margin guidance, so a quantitative outlook cannot be drawn from this document alone. Management’s qualitative commentary nevertheless remains focused on continuing to drive growth through compelling value, marketing, menu innovation, loyalty, technology, and scaled digital solutions. The Q2 results indicate positive momentum across all geographic segments entering the second half of 2025, although Company-operated margin pressures, restructuring costs, currency effects, and broader operating risks remain factors to monitor.
