The news: McDonald’s delivered strong Q2 results that topped analysts’ expectations, signaling a significant rebound in its core US market.

The numbers:

• Adjusted earnings per share were $3.19, up 7% YoY (5% on a constant currency basis), beating the $3.15 forecast.
• Revenues were $6.84 billion, up 5% (4% on a constant basis), ahead of the $6.7 billion expected.
• Same-store sales jumped 3.8% globally, the largest increase in two years and well ahead of the 2.49% analysts expected.
• US same-store sales rose 2.5%, topping the 2.33% expected and snapping a two-quarter streak of declines.

What led to McDonald’s rebound: McDonald’s played to its strengths by leaning into value, nostalgia, and limited-time promotions.

• In January, McDonald’s launched its McValue menu, offering a sandwich, small fries, Chicken McNuggets, and a soft drink for $5, alongside a “buy one, add one for $1” breakfast deal featuring items like the Sausage Biscuit or Sausage Burrito. Initially limited to the McChicken and McDouble, the menu was expanded last month to include the Daily Double cheeseburger for $6 or $7, depending on the market—giving customers more flexibility without losing the value appeal.
• McDonald’s grabbed attention by reviving Snack Wraps, launching McCrispy Chicken Strips, and partnering with “A Minecraft Movie” on a themed meal.
• Now it’s doubling down on that strategy with next week’s launch of the “McDonaldland” meal that features fries, a Quarter Pounder or 10-piece McNuggets, and a collectible designed to unlock millennial memories.

The contrast: McDonald’s better-than-expected performance stands in stark contrast to several QSR peers that struggled to appeal to cost-conscious consumers.

• El Pollo Loco noted that sales tend to be stronger early in the month but taper off as consumers wait for payday—evidence that “the consumer wants to enjoy our products but they're limited on what they can spend,” said CEO Liz Williams.
• Yum Brands missed both earnings and revenue expectations. CEO David Gibbs attributed Pizza Hut’s 5% US same-store sales decline to an “insufficient value message” in a competitive landscape. In response, the brand recently launched a buy-one-get-one-free offer on wings dubbed Wing Wednesday and $2 personal pan pizzas on Tuesdays.
• Chipotle, meanwhile, reported traffic declines for the second straight quarter and lowered its FY sales outlook after losing share during April and May, when lower-income consumers pulled back, said COO Scott Boatwright.

Our take: With more consumers chasing value, there’s no silver bullet for driving traffic. Limited-time offers like McCrispy Chicken Strips can spark short-term buzz, but novelty alone won’t win the value war. To stay ahead, chains like McDonald’s must consistently deliver on both quality and price—especially as budget-conscious diners weigh every dollar.