McDonald’s sales fall as U.S. fast-food traffic slides

McDonald’s U.S. same-store sales fell 0.2% in the July-September period, the company said Wednesday, marking its first sales retreat since early 2025.

The result was less severe than the 0.5% drop Wall Street had expected. Same-store sales cover restaurants open for at least a year.

Revenue Management Solutions, a restaurant industry consultant, reported a 2.6% fall in foot traffic across the entire U.S. fast-food sector in the third quarter. Associated Press writer Durbin reported that traffic at U.S. McDonald’s restaurants fell during the same period as customers struggled with higher gas prices and the high cost of living.

What did McDonald’s value push change?

McDonald’s restored in-app deals and focused its marketing on value during the quarter. The company said those moves helped push same-store sales into positive territory in September, despite the 0.2% decline across July-September.

Those moves ran against a backdrop of fewer restaurant visits across U.S. fast food, with Revenue Management Solutions reporting a 2.6% sector traffic decline. September’s positive result shows the push helped, but it did not reverse the decline for the full July-September period.

Durbin’s report said the shift showed how challenging the economic environment had become for U.S. fast-food companies.

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

The value push helped in September, but it did not produce a full-quarter sales recovery.

How did McDonald’s perform outside the U.S.?

McDonald’s global same-store sales rose 1.3% in the same July-September period while U.S. sales fell. Strong sales in Germany and Australia helped offset weakness in France, where protests began in September.

The geographic split puts the U.S. pressure in context. McDonald’s comparable sales grew globally while they contracted in its home market. Germany and Australia supplied the strength that offset weakness in France, which was rocked by protests that began in September.

International growth softened the group-level impact of the U.S. slowdown.

Did McDonald’s meet Wall Street’s expectations?

McDonald’s reported:

• Revenue rose 1% to $7.16 billion for the quarter, short of Wall Street’s $7.28 billion expectation.
• Net income rose 9% to $2.49 billion.
• Adjusted for one-time items, earnings reached $3.57 per share, above analysts’ forecast of $3.38.

McDonald’s delivered adjusted earnings above the forecast, even as revenue landed below expectations. The company beat the profit forecast but missed the revenue forecast.

For McDonald’s, the next test is turning September’s positive same-store sales into sustained U.S. growth while Kempczinski says cost-of-living pressure “isn’t going away.”