McDonald's Misses Q2 Wall Street Estimates Across The Board

McDonald's customers are tightening their belts again in Q2, as they grapple with paying up for their Big Mac.

The figures marked the first quarterly decline in the global same-store sales metric since Q4 2020, during the COVID shutdowns.

The company reported this week that Q2 earnings missed Wall Street estimates across revenue, earnings, and same-store sales, proving not even America's most dominant fast-food player is immune to the challenging macro conditions, Brooke DiPalma reported for Yahoo Finance.

For the quarter, which ended on June 30, McDonald's reported revenue of $6.49 billion, up 2.01% year over year, compared to estimates of $6.63 billion.

Adjusted earnings of $2.97 also came in lower than the $3.07 expected, as per Bloomberg consensus data.

Global same-store sales, which includes company-owned stores and franchisees, decreased 1%, compared to estimates of a 0.84% jump. That's the first quarterly decline in that metric since Q4 2020, during the COVID shutdowns.

"Consumers are more discriminating with their spend," CEO Chris Kempczinski said in the earnings release. The team is focusing on "outstanding execution" of providing "reliable, everyday value" and "accelerating strategic growth drivers like chicken and loyalty," he said.

In Q2, fast food restaurants introduced a flurry of limited-time bundle deals in an effort to provide value after years of price hikes.

McDonald's recently announced plans to extend its $5 meal deal through August. The deal launched toward the end of the quarter on June 25.