However, MCD stock was up about 2.4% at the market open. That was largely due to the company’s solid growth in comparable store sales, a key metric for retail stocks. Globally, comparable store sales grew by 3.6%. In the United States, comparable store sales were up 2.4%. Both numbers were higher than the estimates for 3.5% and 1.9% respectively. 

The theme is similar to that of other consumer-facing stocks. The average amount per sale is up. But the volume is under pressure. According to McDonald’s chief executive officer (CEO) Chris Kempczinski, the company continues to see a tale of two consumers. 

“We continue to see a bifurcated consumer base with QSR traffic from lower-income consumers declining nearly double digits in the third quarter, a trend that’s persisted for nearly two years. In contrast, QSR traffic growth among higher-income consumers remains strong, increasing by nearly double digits in the quarter. We continue to remain cautious about the health of the consumer in the U.S. and our top international markets and believe the pressures will continue well into 2026.” 

McDonald’s is Controlling the Controllables

McDonald’s has taken several steps to, in the words of the CEO, “control what they can control.” This has included lowering the price of some menu items and offering a buy one, add one for $1 option on select items.  

The company also brought back its popular Snack Wraps in the quarter and relaunched its popular Monopoly promotion in October. All of this is being done in the name of providing value for consumers.  

The company is also pushing value meals, which is a strategy that only a company with the scale and reach of McDonald’s can win. Other competitors will struggle to compete with the company on price alone.  

Analysts Have Been Bullish on McDonald’s 

In October, several analysts lowered their price targets for MCD stock in advance of the company’s earnings. However, most of the new price targets remain higher than the current consensus price of approximately $323 per share. And even when the price target was lowered, most analysts maintained ratings of Overweight or Buy.  

This is a reminder that analysts believe that the challenges McDonald’s faces are more transitory and related to macroeconomic issues than systemic issues with the company itself. That doesn’t make them easier to navigate, but it does suggest that investors may get some growth to go along with the value in MCD stock.  

Maintaining its Full-Year Outlook 

Adding to the bullish sentiment, McDonald’s confirmed its prior 2025 full-year guidance, with expectations that net restaurant unit expansion will contribute approximately 2% to its full-year Systemwide sales growth in constant currencies. 

The company projects that its operating margin will be in the mid-to-high 40% range. That includes capital expenditures that the company forecasts to be in the range of $3.0 to $3.2 billion.  

Most of that capex spending will go towards expanding its footprint in the U.S. as well as key internationally operated markets. To that end, McDonald’s says it plans to open approximately 2,200 restaurants.  

McDonald’s: Know What You Own 

The key to investing in MCD stock is to know what you own. In 2025, many investors can throw a blindfold at a collection of growth stocks and get an outsized return. That makes the 3.2% year-to-date stock price growth of McDonald’s boring by comparison. 

However, like the restaurant itself, MCD stock offers value. In that respect, it’s still delivering. At around 24x forward earnings, it’s trading at a slight premium to its historic average as well as the S&P 500. But metrics like free cash flow yield and gross profit margin make a stronger value case.  

Plus, McDonald’s raised its dividend payout for the 49^th consecutive year in October. That increase was over 5% and lifted the payout per share to $7.44.