McDonald's revamps its value game as U.S. growth cools

What changed and why

McDonald's is rewriting how it pitches value to price-wary diners. In a message to operators, the company said it will spend the coming weeks with franchisees shaping a longer-term approach for value-conscious guests. At the same time, it is crafting a short-term bridge that uses limited-time items and digital deals linked to current top sellers. The memo, signed by corporate leaders and a franchisee group helping craft the plans, was blunt: "Compelling value remains critical to bringing customers through our doors and strengthening the baseline of our business."

This marks the initial clear indication of a change in direction under the company's new U.S. leader, Skye Anderson, and it lands ahead of an investor day next week. Anderson was named last month to bring "focus and urgency" to the business.

Near-term deals and training tweaks

As of today, the app offers either a breakfast sandwich for $2 or complimentary fries with a minimum spend of $1. Earlier this year, McDonald's broadened its value menu to include no fewer than 10 choices priced under $3. However, numerous franchisees - who control their own pricing - ignored guidance from outside consultants, and that dented performance, Chief Executive Officer Chris Kempczinski said on the Aug. 4 earnings call. The company likewise scaled down app-exclusive deals and scrapped a buy-one, get-one-for-$1 offer.

McDonald's is pairing the value push with service upgrades. The company has a multi-year roadmap to position itself as a destination of choice, not just a fast, low-cost stop, featuring upgrades like hand-breaded chicken, airier restaurants, and warmer hospitality with greetings for all guests. As part of that effort, it is pausing spot restaurant visits for some franchisees through March 31 in favor of targeted training on hospitality and consistently preparing menu items the right way. "There's more work to do in these areas," the message said. "A customer's last visit is often what determines whether they will return, which is why every interaction should reflect the best of McDonald's."

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Competition, sales trends and leadership

McDonald's wants to head off a prolonged U.S. slump even as it has largely outperformed rivals in recent years. Burger King is gaining speed, growing faster last quarter after refreshing the Whopper and remodeling restaurants. The chain, owned by Restaurant Brands International, also named a manager to address issues diners have during visits.

The pressure is visible in the numbers. The data make it clear: U.S. comparable sales increased 0.8% in the last quarter, the softest outcome since the start of 2025. Bloomberg Second Measure's card data shows U.S. sales declined in July and August. In 2024, McDonald's benefited from $5 meal deals as it worked to counter perceptions that prices had climbed too high, and the latest plans point to a sharper affordability strategy.

Stock and what to watch

McDonald's did not provide a comment when asked. In Thursday's New York session, the shares gained almost 1%, hitting an intraday peak, yet they remain lower by 19% for the year as of Wednesday's close. With investor day scheduled for Sept. 23, Jefferies analyst Andy Barish wrote it "could prove a crucial clearing event" for management to show a credible path forward. "For the stock to rebound, management will have to convince investors the recent same-store sales slowdown is fixable (soon)."

What does this mean for your wallet? Watch whether near-term deals and service upgrades stabilize traffic, if July and August softness bottoms, and how convincingly management leans into value without diluting the brand. If those trends turn, it will show up first in U.S. comps and only then in sentiment.

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