McDonald's U.S. same-store sales fell 0.2% in the July–September period, the company's first retreat since early 2025, as the Associated Press and Telegraph Herald both report.

The drop was smaller than the 1% decline Wall Street had expected, but it landed in a quarter when foot traffic fell across the fast-food industry: Revenue Management Solutions, a restaurant consultancy, measured a 2.6% decline in third-quarter traffic across the entire U.S. fast-food sector.

The company's plan is a renewed push into value: CEO Chris Kempczinski said Wednesday the chain will introduce new value-oriented meal bundles early next year, and that an eight-week test of mix-and-match and fixed-price bundles is underway at 1,900 U.S. restaurants — bundles that might feature a McChicken sandwich and small fries for $3.50.

The most surprising detail in the AP's report is how little patience the company's own operators have for the corporate pilot.

Around 4,000 franchisees — who own 95% of McDonald's U.S. restaurants — have decided not to wait for the test results and have launched meal bundles of their own, Kempczinski said.

That's a remarkable show of independence given the friction already visible: in August, Kempczinski told investors that only 60% of U.S. restaurants were offering the revamped McValue menu, and McDonald's replaced its U.S. president that same month.

The TelecrAPH-sourced article adds that customers 'should see a clear and compelling value proposition every time they consider McDonald's,' whether for an individual item, a complete meal, or a digital offer in the app.

The new bundles are the latest step in a more than two-year effort to win back lower-income customers and compete with rivals like Taco Bell, which offers a menu of 10 items that each cost $3 or less.

In June 2024, McDonald's introduced the $5 Meal Deal; the next year it debuted the McValue menu and Extra Value Meals, promising a 15% discount on a bundled meal versus buying items individually; and in April it revamped the McValue menu again, adding 10 items that cost $3 or less.

Kempczinski said the previous efforts haven't been enough because they didn't offer compelling low-end deals: 'You need to have good entry-level value, particularly with the low-income consumer,' he said.

The quarter wasn't all weakness. Globally, same-store sales rose 1.3% in the third quarter, with strong sales in Germany and Australia helping offset weakness in France, which the AP notes was rocked by protests that began in September.

Revenue rose 1% to $7.16 billion — short of Wall Street's $7.28 billion forecast — but net income rose 9% to $2.49 billion, and adjusted earnings of $3.57 per share beat analysts' $3.38 forecast.