McDonald's sales grow amid fast-food value wars
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McDonald's released its quarterly earnings May 7. Photo: Jamie Kelter Davis/Bloomberg via Getty Images
McDonald's rode value meals, loyalty perks and menu innovation to stronger first-quarter sales growth, signaling Thursday that consumers are still spending despite persistent economic pressure.
Why it matters: McDonald's results show its affordability strategy is gaining traction with cost-conscious diners squeezed by years of inflation-driven price hikes.
The big picture: McDonald's CEO Chris Kempczinski said lower-income consumers are "absolutely still declining" and warned the broader macro environment "may be getting a little bit worse."
- Fast-food chains are increasingly leaning on new value menu launches, limited-time items and expanded drink offerings to drive traffic as consumers remain selective about spending amid elevated gas prices and broader economic pressure.
- Kempczinski said McDonald's believes it has "recaptured some of those low-income consumers because of our value program."
By the numbers: U.S. comparable sales increased 3.9%, in the quarter ended March 31, compared with a 1% decline a year earlier — driven primarily by higher average checks.
- Global comparable sales rose 3.8%, compared with a 1% decline a year earlier.
- Global systemwide sales increased 6% in constant currencies to more than $34 billion.
- Revenue rose 9% to $6.5 billion.
Zoom in: McDonald's loyalty ecosystem continues to scale globally.
- Across 70 loyalty markets, systemwide sales tied to loyalty members topped $9 billion for the quarter and more than $38 billion over the trailing 12 months, the company said.
Between the lines: McDonald's is trying to balance multiple strategies — leaning into value offers while pushing higher-margin menu items like the Big Arch Burger, which debuted during the quarter.
- The company is also expanding into specialty beverages and pop culture-focused promotions.
- McDonald's rolled out new refreshers and crafted sodas nationwide this week, while its K-pop-themed meals debuted March 31 and helped drive the chain's busiest week of 2026 so far, according to Placer.ai analysis.
- Executives said chicken remains a major growth focus as elevated beef prices push consumers toward lower-cost proteins.
What they're saying: Kempczinski said beverages are expected to be a "tailwind" for the business as McDonald's introduces "different flavors and Red Bull-infused energy drinks throughout the year."
Editor's note: This story was updated with comments and information from McDonald's earnings call.
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