McDonald’s (MCD) Q4 2023 earnings


Visitors are attending a New Year event held by McDonald’s in Shanghai, China, on January 25, 2024. 

Costfoto | Nurphoto | Getty Images

McDonald’s is expected to report its fourth-quarter earnings before the bell on Monday.

Here’s what Wall Street analysts surveyed by LSEG, formerly known as Refinitiv, are expecting:

  • Earnings per share: $2.82 expected
  • Revenue: $6.45 billion expected

The fast-food giant started off 2023 strong, as it enjoyed double-digit same-store sales growth and traffic increases in the first half of the year. But during the third quarter, McDonald’s said low-income consumers were pulling back their spending more sharply, hurting traffic to its U.S. restaurants. In the fourth quarter, Wall Street expects the bumpy road to continue.

Analysts are forecasting that McDonald’s quarterly same-store sales grew just 4.7%, a far cry from the 10.9% it reported a year ago. The chain’s price hikes have slowed down, and foot traffic across the industry fell in November and December.

CEO Chris Kempczinski has also warned investors that the Israel-Hamas war is hurting its sales, both in the Middle East and in some markets outside of it. Social media users have been calling for a boycott of McDonald’s after its Israeli franchisee offered discounts to soldiers.

Starbucks also found itself the target of boycotts related to the Middle East. The coffee giant said its U.S. traffic declined as occasional customers stopped visiting its cafes.

For 2024, Wall Street expects McDonald’s will earn $12.53 per share, up 6.1% from last year, and generate $27.14 billion in revenue, an increase of 6.3%.

McDonald’s stock has risen 12% over the last year, giving it a market value of about $215 billion.



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