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McDonald’s (MCD) Q3 2021 earnings

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A large portion of French fries, a classic Big Mac burger and a large sized coke are on display on a tray at a branch restaurant of fast food chain McDonald’s in Muehlheim am Main, Germany, 22 April 2015.

picture alliance | picture alliance | Getty Images

McDonald’s is expected to report its third-quarter results before the bell Wednesday.

Here’s what Wall Street analysts surveyed by Refinitiv are expecting:

  • Earnings per share: $2.46 expected
  • Revenue: $6.04 billion expected

Last quarter, the fast-food giant reported soaring U.S. same-store sales growth of 14.9% on a two-year basis, fueled by the success of its new chicken sandwich and a meal promotion with K-pop group BTS.

This quarter, analysts are expecting domestic same-store sales growth to slow somewhat. The nationwide launch of the chain’s loyalty program likely boosted sales, but McDonald’s meal with rapper Saweetie didn’t drive as many orders as other celebrity meal promotions. StreetAccount is forecasting U.S. same-store sales growth of 8.3%.

Outside of the United States, McDonald’s recovery has been bumpier. Lockdowns in key markets like Australia have hurt sales, but easing restrictions and fewer temporary closures likely helped its international segments this quarter.

Investors will also be watching to see how McDonald’s is weathering issues hitting the broader restaurant industry, like labor challenges, higher food costs and the delta variant. Staffing shortages in particular weighed on sales for Domino’s Pizza and Restaurant Brands International’s Popeyes.

McDonald’s is expecting systemwide sales growth in the mid-to-high teens for the full year.

Shares of the burger chain have risen 11% this year, giving it a market value of $184 billion.

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