McDonald's $MCD beat analysts' earnings expectations in the first quarter, with higher customer spending at U.S. restaurants and a new supersized burger helping lift results across all major markets, the company said Thursday.
Net income for the quarter came in at $1.98 billion, or $2.78 per share, while total revenue jumped 9% to $6.52 billion. Stripping out restructuring charges, per-share earnings landed at $2.83 — topping the $2.74 Wall Street had penciled in, with revenue also clearing the $6.47 billion consensus estimate, per CNBC.
McDonald's stock rose more than 3% in premarket trading Thursday.
Global comparable sales increased 3.8% for the quarter. Domestically, a 3.9% same-store sales gain was powered by higher average check sizes, a sharp turn from the 3.6% drop seen a year earlier. Across the international operated markets division — home to major territories such as France, Germany, and Australia — comparable sales matched that 3.9% figure. The international developmental licensed segment added 3.4%, with Japan standing out as the strongest individual market.
Global systemwide sales increased 11% to over $34 billion. Loyalty program sales topped $9 billion for the quarter across 70 markets.
"McDonald's delivered this quarter," CEO Chris Kempczinski said in a statement. "Our value leadership, breakthrough marketing, and menu innovation continue to serve up what customers want."
The Big Arch, a limited-time supersized burger that launched in the U.S. in early March, contributed to the quarter's momentum. Footage of Kempczinski biting into the Big Arch spread widely across social media, drawing both ridicule from rivals and renewed foot traffic.
McDonald's has also been deepening its value push to attract budget-conscious diners. Early April brought two additions to the value lineup: a menu capped at under $3 and a dedicated $4 breakfast deal, supplementing the $5 to $6 meal bundles already on offer. Those moves extend a value-focused strategy that stretches back nearly two years, including $5 meal deals in 2024 and $1 options introduced in January 2025.
Six new specialty beverages — among them refreshers and customizable sodas that blend creamer with flavored syrups — were unveiled by the chain toward the end of April, with pricing positioned to undercut rivals like Starbucks $SBUX and Dutch Bros. The drinks fulfill a promise made in May 2024 to bring select menu items from CosMc's, McDonald's now-shuttered beverage-focused experimental locations, into its main restaurants.