McDonald’s delivered a solid second quarter, with results exceeding Wall Street’s expectations and a positive market response. Management cited the successful deployment of value platforms, such as the Everyday Affordable Price (EDAP) menus internationally and the $5 Meal Deal in the U.S., as key contributors to guest count gains even in a challenging economic environment. CEO Chris Kempczinski emphasized that “the power of McDonald’s value and affordability platforms, exciting marketing and menu offerings and world-class execution are working together to drive comparable sales results.” The company also highlighted menu innovations, including the return of Snack Wraps and the launch of Chicken Big Mac in Germany, as instrumental in driving growth across key markets.

Is now the time to buy MCD? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From McDonald's’s Q2 Earnings Call

• David Palmer (Evercore): Asked about value perception shifts after menu changes. CEO Christopher Kempczinski detailed strong loyalty program engagement but acknowledged the need to improve perceptions among non-loyalty customers, especially concerning core menu pricing.
• Dennis Geiger (UBS): Inquired about U.S. sales momentum amid industry traffic declines. CFO Ian Borden explained that while consumer headwinds persist, planned marketing and menu activities should support stronger performance in the second half of the year.
• Brian Harbour (Morgan Stanley): Questioned the impact of technology initiatives. Kempczinski outlined early benefits in speed of service and customer satisfaction, noting that broader cost and productivity gains are expected as deployment scales over several years.
• Lauren Silberman (Deutsche Bank): Asked about challenges aligning franchisees on national price points. Kempczinski emphasized ongoing collaboration, referencing the $2.99 Snack Wrap as an example of successful alignment despite cost variability.
• Christine Cho (Goldman Sachs): Queried risks to the development pipeline. Borden reassured that new store returns remain solid, and the pipeline is robust, with ongoing monitoring to ensure quality as unit growth accelerates.

Catalysts in Upcoming Quarters

In the coming quarters, our analysts will watch (1) the impact of new menu launches and beverage tests on traffic and average check, (2) progress on digital loyalty expansion and related frequency gains, and (3) the ability to maintain or grow margins amid persistent inflation and cost pressures. Execution on franchisee collaboration and international expansion will also be critical markers of sustained momentum.

McDonald's currently trades at $301.60, in line with $298.77 just before the earnings. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it’s free).

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