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

• 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.
• US same-store sales rose 2.5%, snapping a two-quarter streak of declines.

Our take: McDonald’s regained its footing in Q2 after posting its steepest same-store sales drop since the pandemic. While rivals like Yum Brands and Chipotle struggled with consumer pullback, McDonald’s played to its strengths by leaning into value, nostalgia, and limited-time promotions.

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 the August 12 launch of the “McDonaldland” meal that features fries, a Quarter Pounder or 10-piece McNuggets, and a collectible designed to unlock millennial memories.

Limited-time offers drive traffic, but novelty alone won’t win the value war. To stay ahead, McDonald’s must consistently deliver on quality and price—especially in an economy where consumers are spending cautiously.

This is our immediate perspective. We’re actively developing this story throughout the day with more research and data from the EMARKETER database. Our in-depth analysis will be included in our client-only Briefings. Non-clients can click here to get a demo of our full platform and coverage.