McDonald’s (MCD) Q2 2024 earnings

• Earnings per share: $3.07 expected
• Revenue: $6.61 billion expected

The burger chain’s stock has fallen 15% year to date, fueled by investor concerns about the health of both consumer spending and the restaurant industry.

McDonald’s executives have warned that restaurants are fighting for a smaller pool of customers, and many of them have been rolling out value meals to steal market share. In the U.S., McDonald’s has been running a $5 meal deal for the last month to drive new traffic; on Monday, the company told its U.S. system that it plans to extend the promotion.

But those discounts only kicked in at the tail end of the chain’s second quarter. Wall Street is expecting the company to report flat U.S. same-store sales for the period, according to StreetAccount estimates. A year ago, McDonald’s domestic same-store sales increased 10.3%, riding high from its viral promotion featuring mascot Grimace.

Outside the U.S., McDonald’s is likely to be still seeing slumping sales in the Middle East related to boycotts. At the start of the second quarter, the company bought the 225 restaurants operated by its Israeli franchisee.