McDonald's (MCD) official guidance

As part of this ongoing work across both the U.S. and international markets, we expect incremental company-owned restaurant divestitures, some of which occurred in the second quarter, to continue in 2026 and beyond.

Based on current exchange rates, we expect foreign currency to be a full-year tailwind to 2026 EPS, totaling in the range of $0.20-$0.30.

part of the assumptions that went into the guidance that we issued at the beginning of the year was obviously commodity inflation from a food and paper perspective, which in the U.S., we expect to be in the low to mid-single digit range and in IOM mid-single digits.

part of the assumptions that went into the guidance that we issued at the beginning of the year was obviously commodity inflation from a food and paper perspective, which in the U.S., we expect to be in the low to mid-single digit range and in IOM mid-single digits.

If you look at May and June, our expectation is that we should in our major markets be gaining share.

I think overall, we still feel confident in our ability to kinda get to about 50,000 restaurants by the end of 2027.

We remain on track to open approximately 1,000 new restaurants in China this year.

For IDL, comp sales growth in Q2, we expect to decelerate from the 3.4% in Q1, primarily reflecting a little bit what Chris was talking about earlier, just the volatility, obviously, of conditions in the Middle East and some markets in Asia, but also to accelerate slightly on a two-year basis.

We expect in Q2 that we're going to see a meaningful deceleration from the 3.9% that we put up in both segments in Q1 from a comp perspective, which reflects the soft performance in April.

We expect in Q2 that we're going to see a meaningful deceleration from the 3.9% that we put up in both segments in Q1 from a comp perspective, which reflects the soft performance in April.

For IDL, comp sales growth in Q2, we expect to decelerate from the 3.4% in Q1, primarily reflecting a little bit what Chris was talking about earlier, just the volatility, obviously, of conditions in the Middle East and some markets in Asia, but also to accelerate slightly on a two-year basis.

We also expect for each segment, comp sales to accelerate on a two-year stack basis.

We expect our capital expenditure spend to be between $3.7 billion-$3.9 billion this year, with the majority invested in new unit openings across our US and IOM segments.

Below the operating line, we expect interest expense to increase between 4%-6% from the prior year, primarily due to higher average interest rates, and expect our full year effective tax rate to be between 21% and 23%, with some volatility quarter to quarter that may cause the quarterly rate to be outside the annual range.

We're targeting G&A as a percentage of system-wide sales for the full year to be about 2.2%, reflecting our ongoing investments in our strategic growth drivers, like technology and digital, and global business services or GBS.

Below the operating line, we expect interest expense to increase between 4%-6% from the prior year, primarily due to higher average interest rates, and expect our full year effective tax rate to be between 21% and 23%, with some volatility quarter to quarter that may cause the quarterly rate to be outside the annual range.

In 2025, we almost doubled those sales, with nearly 210 million ninety-day active users across 70 markets, and we're on track to reach our target of 250 million ninety-day active users by the end of 2027.

We grew our chicken category share across our top 10 markets in 2025 and believe we're well on our way to increasing our share by at least 1 percentage point by the end of 2026 versus where we were in December 2023.

Lastly, we're targeting our net income to free cash flow conversion rate in 2026 to be in the low- to mid-80% range, which is in line with the 84% in 2025.

We expect our operating margin to be in the mid- to high-40% range and to expand from our 46.9% adjusted operating margin in 2025.