McDonald's Confronts Execution Gaps in U.S. Market

McDonald's Corporation MCD used its Q2 2026 earnings call to address underperformance in the US market. Chairman and CEO Chris Kempczinski attributed the shortfall in comparable sales growth to inconsistent value execution, overloaded restaurant teams, and marketing programs that did not deliver as planned.

Global CFO Ian Borden said value-related execution accounted for about two-thirds of traffic underperformance. The under-$3 Every Day Affordable Price menu generated less incrementality than expected, while reduced digital offers weakened engagement among frequent customers.

Kempczinski emphasized that McDonald's sees an execution problem rather than a strategy problem. Management is simplifying deployments, restoring national digital offers, and reallocating marketing support toward proven value programs.