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McDonald's (MCD +2%) is trading modestly higher after reporting strong Q4 results, rebounding from a rare EPS miss in Q3 with its largest EPS beat in two years. Revenue increased 9.7% yr/yr to $7.01 bln, well above consensus and marking its strongest top-line growth since 3Q23, fueled by an aggressive value push and the successful return of Snack Wraps in the U.S. The somewhat muted stock reaction appears tied to ambitious 2026 cap-ex plans and a sizable run in shares since mid-January.

• Global same-restaurant sales rose +5.7%, the highest comp in nearly three years, accelerating from +3.6% in Q3 and +3.8% in Q2.
• US comps jumped 6.8%, up from +2.4% in Q3 and +2.5% in Q2, and exceeded internal expectations. The US performance reflects traction from McValue, the relaunch of Extra Value Meals (EVM) in September, and marketing initiatives that drove share gains among low-income consumers.
• McDonald's reported meaningful improvement in its value and affordability scores and stated it does not intend to get beat on value.
• Q4 marketing campaigns included Monopoly, one of its largest digital customer acquisition events ever, the Minecraft Movie collaboration spanning more than 100 markets, and The Grinch Meal, which set new sales records.
• McDonald's expects 2026 cap-ex of $3.7-3.9 bln, up from $3.4 bln in 2025, with the majority allocated to new unit openings in the US and International Operated Markets (IOM). The company opened 2,275 restaurants in 2025 and is targeting approximately 2,600 gross openings in 2026, keeping it on track to reach 50,000 restaurants by the end of 2027.

Briefing.com Analyst Insight:

McDonald's delivered an impressive quarter, highlighted by its strongest global comp growth in nearly three years and clear evidence that its value-focused strategy is resonating with consumers. The acceleration in US comps, combined with strong digital engagement and creative marketing partnerships, reinforces the brand's pricing power and customer relevance across income cohorts. However, the step-up in 2026 capital expenditures and an even faster pace of unit expansion may be tempering investor enthusiasm in the near term. While higher investment supports long-term growth and scale advantages, it also raises execution risk and could weigh modestly on free cash flow. Overall, we view the quarter as a strong operational performance, with the stock's muted reaction reflecting valuation and spending considerations rather than any fundamental weakness.