McDonald's Records 5.7% Growth in Comparable Sales in Q4 2025
McDonald's released its results for the fourth quarter and the full year of 2025 on Thursday. The company has shown an acceleration in its business momentum with global comparable sales up by 5.7% in the last quarter and an annual growth of 3.1%.
Q4 2025 Performance Overview
In the fourth quarter of 2025, McDonald's global comparable sales increased by 5.7%, driven by a positive rise in customer numbers and strong growth across all geographic segments. In the United States, comparable sales rose by 6.8%, while internationally operated markets grew by 5.2% and internationally licensed development markets by 4.5%. The consolidated revenue increased by 10% in nominal terms and 6% in constant currency, reaching $7.009 billion compared to $6.388 billion a year earlier. Global systemwide sales jumped by 11% in nominal terms, equivalent to 8% in constant currency. The consolidated operating income increased by 10% in nominal terms and 6% in constant currency, amounting to $3.156 billion. The company recorded restructuring charges of $80 million pre-tax related to its organizational modernization program. Excluding these charges, operating income would have increased by 13% in nominal terms and 9% in constant currency.
Full Year 2025 Performance
For the full year of 2025, McDonald's displayed more moderate growth. Global comparable sales increased by 3.1%, with a 2.1% rise in the United States, 3.2% in internationally operated markets, and 4.6% in internationally licensed development markets. Consolidated revenue grew by 4% in nominal terms and 2% in constant currency, totaling $26.885 billion. Global sales increased by 7% in nominal terms and 5% in constant currency, surpassing $139 billion and generating a $9 billion increase in nominal terms. Consolidated operating income grew by 6% in nominal terms and 4% in constant currency. The company recorded net restructuring charges of $229 million pre-tax, reduced from $291 million in equivalent charges the previous year. Excluding these items, operating income would have increased by 5% in nominal terms and 3% in constant currency. Net income stood at $8.563 billion, up by 4% in nominal terms and 3% in constant currency.
Loyalty Program Continues to Drive Momentum
The loyalty program continues to generate significant momentum for McDonald's. Across 70 markets offering this program, global sales to loyal customers reached nearly $37 billion in 2025, up by 20%. The number of active users over 90 days increased by 19% to nearly 210 million at year-end. Diluted earnings per share stood at $11.95 for the year 2025, up by 5% in nominal terms and 4% in constant currency. The board of directors declared a 5% increase in the quarterly dividend, bringing it to $1.86 per share.
