Management remarks
Call period: 2026 Q2 · 2026-08-04
Guidance: Ian Borden: We currently estimate a tailwind of about $0.15 from the impact of foreign currency translation on full year 2026 adjusted EPS based on current exchange rates. That's down from our previously estimated range of a $0.20 to $0.30 tailwind.Demand and orders: Christopher Kempczinski: In digital, we've built the industry's largest customer platform with nearly 220 million active loyalty users, and we're now among the largest loyalty programs in the world.Margins: Ian Borden: In the second quarter, we generated more than $4 billion in restaurant margins, and our year-to-date adjusted operating margin was 46.9%, highlighting the resiliency of our business model.Analyst Q&A
Analyst David Palmer asked: Chris, you had a comment in your prepared talking about how you thought value and affordability leadership had been restored. That surprised me a bit. I would have thought that value menu construction and the marketing around it was maybe in addition to chicken quality, a top 2 opportunity for improvement in the U.S. Perhaps could you just double-click on the U.S.? Management Christopher Kempczinski answered: are still maintaining that 15% discount or better when you look at an EVM versus on an a la carte. So you take each of those base menu pricing, meal deal, EVM, a lot of progress on that, and I feel really good about where we are. And it shows up when we track, as you know we do, how we're being perceived by our customers on value and affordability. We've seen a big rebound in the value and affordability scores that we have in the U.S. Our internal numbers, just order of magnitude would be 7, 8 points of improvement that we've seen on those.管理层陈述
电话会期间：2026 Q2 · 2026-08-04
指引：伊恩·博登表示：我们目前基于当前汇率估计，2026年全年调整后每股收益将获得约0.15美元的外汇换算顺风，这低于我们此前估计的0.20至0.30美元顺风区间。需求与订单：克里斯托弗·肯普钦斯基表示：在数字化业务方面，我们打造了业内最大的客户平台，拥有近2.2亿活跃忠诚用户，目前跻身全球规模最大的忠诚度计划之列。利润率：伊恩·博登表示：第二季度，我们的餐厅利润率超过40亿美元，年初至今调整后营业利润率为46.9%，凸显了我们商业模式的韧性。分析师问答
分析师大卫·帕尔默提问：克里斯，你在准备好的发言中提到认为公司已重新确立了价值与实惠的领先地位，这让我有些意外。我原本以为，除鸡肉品质外，超值菜单打造与相关营销或是美国业务改进的前两大机遇之一，能否详细谈谈美国市场的情况？管理层克里斯托弗·肯普钦斯基回答：目前我们仍保持着相对于单点菜单至少15%的折扣（按超值菜单EVM计算），从基础菜单定价、套餐组合到超值菜单，我们在这方面取得诸多进展，对此我十分满意。我们会追踪消费者对我们价值与实惠表现的感知，美国市场相关评分已大幅回升，内部数据显示该评分提升了约7至8个百分点。This earnings research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报研究基于公司业绩公告、监管文件、财务报表，以及财报电话会议记录或官方回放整理。内容仅供参考，不构成投资建议。
