McDonald's Heads into Earnings Amid World Cup Boost and Consumer Pressure

McDonald's is set to report its Q2 2026 earnings tomorrow, August 4th, pre-market. The Street expects EPS of $3.33 and revenue of $7.14B, but the stock has been trading near a 52-week low of $260.96, down around 11% over the past year.

The World Cup is expected to be a tailwind for McDonald's, particularly with its locations in the U.S., Canada, and Mexico poised to capture the surge in spending from billions of fans. However, RBC Capital notes that consumer pressure may be offsetting this boost, rather than overwhelming it.

McDonald's has beaten EPS estimates in three out of the last four quarters, but its stock still saw a 2.94% decline after Q1's $3.91 EPS beat. The bull case for McDonald's sees near post-COVID valuation lows and a defensive dividend as positives, while RBC and Mizuho are more cautious, awaiting comparable sales inflection before turning constructive.