McDonald's U.S. same-store sales retreat as value deals lift September

McDonald's U.S. same-store sales fell 0.2% in the July-September quarter, the Chicago burger chain's first retreat since early 2025.

The company reported the result Wednesday. Same-store sales cover locations open at least one year. The 0.2% decline was less severe than Wall Street's expected 0.5% drop. Lower visits reflected pressure from higher gas prices and the elevated cost of living.

Revenue Management Solutions, a restaurant industry consultant, measured and reported a 2.6% fall in foot traffic across the entire U.S. fast-food sector during the July-September quarter. That figure belongs to the sector, not McDonald's, and cannot establish the chain's own traffic decline. It does show that customers cut visits broadly.

A lower-visit market can still produce a smaller sales decline when spending rises. The report provides no check average to test that possibility.

What did U.S. value offers change?

McDonald's restored in-app deals and focused its marketing on value during the quarter. Those actions helped push same-store sales into positive territory in September, offering a better finish after the overall three-month decline.

Chairman and CEO Chris Kempczinski addressed the same pressure during an investor presentation last month. He said: “This is the environment that we’re in right now. You have to be on your game and deliver that value.” He also warned: “The pressure around cost of living isn’t going away.”

The available figures omit the size of the restored deals, redemption rates, and any effect on average checks, restaurant-level margins, or sales per open restaurant. Value marketing therefore cannot be tied to a measured profit gain or loss from these results.

Why did global sales hold up?

Global same-store sales rose 1.3% in the same period, even as U.S. results fell. Strong performance in Germany and Australia offset weakness in France. Protests that began in September disrupted the French market.

The company supplied no country-level sales rates or traffic figures, so investors cannot determine how much international strength came from visits rather than pricing, or how long the French disruption lasted.

How did revenue and profit diverge?

Revenue rose 1% to $7.16 billion for the quarter, below Wall Street's $7.28 billion expectation. The company missed the revenue forecast despite posting growth.

Net income rose 9% to $2.49 billion. After adjusting for one-time items, McDonald's reported $3.57 per share, ahead of the analysts' forecast of $3.38.

The results therefore paired a revenue miss with an adjusted earnings beat, but the report does not explain which costs or accounting changes produced that split. It also does not identify the one-time items. Revenue and profit growth do not prove that restaurants generated stronger margins. The available data stop at the consolidated level.

What operating economics remain unclear?

The report does not separate company-operated restaurant results from franchised locations. It also omits food and beverage costs, labor expenses, restaurant-level margins, and general and administrative expenses, leaving no basis for a clean assessment of margin pressure or the drivers behind higher net income.

The available data do not split McDonald's sales change into transaction counts and average checks. September's recovery may reflect more visits, higher spending, or both. The figures do not identify the mix.

September's positive same-store result is the clearest near-term signal. It does not erase the quarter's decline or establish a durable trend. The figures do not show how much improvement came from the restored deals.

The next test is whether restored value offers can keep U.S. same-store sales positive after September while preserving restaurant-level margins. Kempczinski's warning about persistent cost-of-living pressure raises the stakes, although the available figures cannot predict the outcome.