McDonald's posts strong first quarter as value, loyalty drive sales

McDonald’s kept customers coming through the doors with value and digital loyalty, but the company’s own warning signaled that the job may get harder for the crews assembling those meals.

The chain reported first-quarter global comparable sales growth of 3.8%, with global systemwide sales up 11%, or 6% in constant currencies, to more than $34 billion. In the United States, comparable sales rose 3.9%, driven primarily by positive check growth. International Operated Markets also increased 3.9%, led by the United Kingdom, Germany and Australia, while International Developmental Licensed Markets rose 3.4%, led by Japan. McDonald’s said it gained market share in nearly all of its top 10 markets.

The scale was enough to move investors early. CNBC reported that the stock initially rose more than 3% in premarket trading before giving back some of those gains after management turned more cautious on the consumer backdrop. Chris Kempczinski said consumer spending was not improving and may be “getting a little bit worse,” a warning that matters far beyond Wall Street. When a chain built on traffic and speed starts talking that way, restaurant operators usually respond by watching labor hours more closely, pushing harder on drive-thru throughput and demanding tighter accuracy on every digital order.

For workers, that combination often means a busier shift without much breathing room. Value menus can keep traffic steady, but they also mean more small-ticket orders, more drink and fry builds, and more pressure to move guests through quickly while keeping service scores intact. McDonald’s leaned further into that strategy in April, when it launched a revamped McValue menu with a new Under $3 Menu and a $4 Breakfast Meal Deal. The message is clear: the company wants to win on affordability, and the front line is where that promise gets fulfilled.

Loyalty is now a big part of the machine. Across 70 loyalty markets, systemwide sales to loyalty members topped $9 billion in the quarter and more than $38 billion over the trailing 12 months, up from nearly $37 billion in full-year 2025. McDonald’s said it had nearly 210 million 90-day active loyalty users at the end of 2025. For managers, that kind of scale can justify steadier demand. For hourly crews, it also means more app-driven orders, more menu complexity and less margin for error.

McDonald’s reported first-quarter consolidated revenue of $6.52 billion, up 9%, and diluted earnings per share of $2.78, or $2.83 adjusted. The quarter showed the brand can still pull in customers at a massive scale, but the warning on spending suggests the next stretch will be about protecting traffic without letting labor, speed or execution slip.