McDonald's stock weighs value reset after U.S. traffic retreat

McDonald's is intensifying its U.S. value push after traffic weakened in the third quarter. The Associated Press reported on November 4 that the company had started an eight-week test of mix-and-match and fixed-price bundles at 1,900 restaurants, while franchisees at about 4,000 additional locations introduced similar offers.

McDonald's stock traded at 251.15 euros on Lang & Schwarz at 16:02 CET on Thursday, November 12, 2026.

What has changed since our last report

The latest update adds a measure of the execution challenge. The AP reported that only 60% of U.S. restaurants were offering the revamped McValue menu in August, while franchisees own 95% of the company's U.S. restaurants. That split makes adoption and consistency important as McDonald's seeks to rebuild visits among price-sensitive customers.

Management plans to use the current test to select a format for a national rollout in early 2027. The trial includes affordable bundles across dayparts, with the final structure expected to balance customer appeal, restaurant operations and franchisee economics.

Traffic remains the investment test

U.S. comparable sales fell 0.2% in the quarter ended September 30, 2026, as lower guest counts offset higher average checks. Management said domestic performance improved during the quarter, with comparable sales turning positive in September after slightly negative results in July and August.

International operations provided support, with global comparable sales increasing 1.5%. The value program therefore carries two tests for investors: whether lower-priced offers attract additional visits and whether franchisees can sustain the economics as food and paper costs rise.

The Euro Stoxx 50 provides a broader benchmark for the international market backdrop.

Follow More news and analyses on McDonald's stock.