Subtext

McDonald's Corporation MCD

SectorConsumer Discretionary
Transcripts76
Date range2006-01-26 – 2025-05-01
Calls charted75

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-25-12+0+12+252005 Q42008 Q32011 Q32014 Q12016 Q32019 Q12021 Q32024 Q12005 Q4 · Overall: +14.22006 Q1 · Overall: +12.42006 Q2 · Overall: +15.72006 Q3 · Overall: +20.92007 Q1 · Overall: +9.32007 Q2 · Overall: +11.42007 Q3 · Overall: +11.02007 Q4 · Overall: +9.42008 Q1 · Overall: +11.02008 Q2 · Overall: +10.32008 Q3 · Overall: +9.82008 Q4 · Overall: +5.22009 Q1 · Overall: +8.22009 Q2 · Overall: +9.72009 Q4 · Overall: +12.12010 Q1 · Overall: +13.42010 Q3 · Overall: +12.62010 Q4 · Overall: +10.82011 Q1 · Overall: +10.12011 Q2 · Overall: +12.62011 Q3 · Overall: +10.82011 Q4 · Overall: +11.82012 Q1 · Overall: +10.42012 Q2 · Overall: +3.62012 Q3 · Overall: +5.02012 Q4 · Overall: +12.42013 Q1 · Overall: +2.22013 Q2 · Overall: +3.12013 Q3 · Overall: +6.12013 Q4 · Overall: +10.82014 Q1 · Overall: +11.72014 Q2 · Overall: +10.22014 Q3 · Overall: +4.62014 Q4 · Overall: +4.22015 Q1 · Overall: -0.52015 Q2 · Overall: +8.52015 Q3 · Overall: +10.92015 Q4 · Overall: +11.32016 Q1 · Overall: +18.32016 Q2 · Overall: +18.52016 Q3 · Overall: +17.72016 Q4 · Overall: +17.32017 Q1 · Overall: +15.22017 Q2 · Overall: +13.22017 Q3 · Overall: +12.52017 Q4 · Overall: +21.32018 Q1 · Overall: +14.12018 Q2 · Overall: +14.12018 Q3 · Overall: +19.72018 Q4 · Overall: +16.72019 Q1 · Overall: +20.22019 Q2 · Overall: +16.72019 Q3 · Overall: +13.72019 Q4 · Overall: +12.02020 Q1 · Overall: -0.52020 Q2 · Overall: +4.62020 Q3 · Overall: +17.62020 Q4 · Overall: +10.62021 Q1 · Overall: +13.42021 Q2 · Overall: +15.72021 Q3 · Overall: +10.12021 Q4 · Overall: +16.32022 Q1 · Overall: +7.22022 Q2 · Overall: +11.82022 Q3 · Overall: +11.52022 Q4 · Overall: +18.92023 Q1 · Overall: +16.92023 Q2 · Overall: +17.42023 Q3 · Overall: +14.72023 Q4 · Overall: +19.32024 Q1 · Overall: +8.42024 Q2 · Overall: +12.32024 Q3 · Overall: +16.22024 Q4 · Overall: +17.92025 Q1 · Overall: +15.2
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-46-23+0+23+462005 Q42008 Q32011 Q32014 Q12016 Q32019 Q12021 Q32024 Q12005 Q4 · CEO: +24.22006 Q2 · CEO: +24.12006 Q3 · CEO: +40.02007 Q2 · CEO: +25.02007 Q4 · CEO: +15.52008 Q1 · CEO: +26.62008 Q3 · CEO: +17.22008 Q4 · CEO: +14.62009 Q1 · CEO: +21.42009 Q4 · CEO: +21.82010 Q1 · CEO: +18.12010 Q3 · CEO: +23.02010 Q4 · CEO: +18.72011 Q1 · CEO: +19.42011 Q3 · CEO: +16.82011 Q4 · CEO: +23.52012 Q1 · CEO: +10.82012 Q2 · CEO: +8.72012 Q3 · CEO: +16.52012 Q4 · CEO: +29.32013 Q1 · CEO: +9.82013 Q2 · CEO: +5.62013 Q3 · CEO: +10.32013 Q4 · CEO: +21.42014 Q1 · CEO: +16.82014 Q2 · CEO: +14.72014 Q3 · CEO: +9.42014 Q4 · CEO: +12.12015 Q1 · CEO: +13.02015 Q2 · CEO: +15.42015 Q3 · CEO: +18.92015 Q4 · CEO: +18.02016 Q3 · CEO: +20.82016 Q4 · CEO: +25.72017 Q4 · CEO: +33.22018 Q1 · CEO: +25.52018 Q3 · CEO: +32.42019 Q2 · CEO: +21.52019 Q3 · CEO: +25.22020 Q1 · CEO: +4.02020 Q2 · CEO: +5.22020 Q4 · CEO: +13.92021 Q1 · CEO: +17.02021 Q2 · CEO: +17.02021 Q3 · CEO: +13.42022 Q1 · CEO: +15.72022 Q2 · CEO: +20.72022 Q3 · CEO: +15.02023 Q1 · CEO: +20.82023 Q2 · CEO: +22.22023 Q3 · CEO: +17.82023 Q4 · CEO: +23.62024 Q2 · CEO: +14.92024 Q3 · CEO: +17.42025 Q1 · CEO: +19.12005 Q4 · CFO: +19.72006 Q2 · CFO: +24.22006 Q3 · CFO: +8.82007 Q1 · CFO: +10.22007 Q2 · CFO: +10.82007 Q3 · CFO: +9.12007 Q4 · CFO: +22.62008 Q1 · CFO: +16.12008 Q2 · CFO: +17.72008 Q3 · CFO: +22.22008 Q4 · CFO: +11.82009 Q1 · CFO: +4.62009 Q2 · CFO: +19.92009 Q4 · CFO: +22.52010 Q1 · CFO: +12.42010 Q3 · CFO: +12.12010 Q4 · CFO: +15.02011 Q1 · CFO: +8.52011 Q2 · CFO: +9.82011 Q3 · CFO: +11.62011 Q4 · CFO: +15.12012 Q1 · CFO: +13.72012 Q2 · CFO: +6.82012 Q3 · CFO: +3.42013 Q1 · CFO: -3.62013 Q2 · CFO: +5.42013 Q3 · CFO: +7.22013 Q4 · CFO: +6.12014 Q1 · CFO: +10.52014 Q2 · CFO: +7.92014 Q3 · CFO: +0.02014 Q4 · CFO: -5.02015 Q1 · CFO: -9.72015 Q2 · CFO: +4.02015 Q3 · CFO: +10.22015 Q4 · CFO: +5.02016 Q3 · CFO: +18.22016 Q4 · CFO: +15.72017 Q4 · CFO: +13.72018 Q1 · CFO: +8.82018 Q3 · CFO: +12.02018 Q4 · CFO: +23.12019 Q1 · CFO: +23.52019 Q2 · CFO: +15.32019 Q3 · CFO: +25.02019 Q4 · CFO: +15.62020 Q1 · CFO: -4.12020 Q2 · CFO: +6.52020 Q3 · CFO: +19.32020 Q4 · CFO: +15.82021 Q1 · CFO: +16.72021 Q2 · CFO: +27.02021 Q3 · CFO: +12.72021 Q4 · CFO: +15.62022 Q1 · CFO: +5.12022 Q2 · CFO: +6.72022 Q3 · CFO: +16.32023 Q1 · CFO: +17.62023 Q2 · CFO: +20.12023 Q3 · CFO: +18.42023 Q4 · CFO: +21.42024 Q1 · CFO: +13.82024 Q3 · CFO: +22.72024 Q4 · CFO: +22.72025 Q1 · CFO: +19.6
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-38-19+0+19+382005 Q42008 Q32011 Q32014 Q12016 Q32019 Q12021 Q32024 Q12005 Q4 · Prepared remarks: +24.82006 Q1 · Prepared remarks: +12.42006 Q2 · Prepared remarks: +16.72006 Q3 · Prepared remarks: +21.32007 Q1 · Prepared remarks: +9.32007 Q2 · Prepared remarks: +26.72007 Q3 · Prepared remarks: +15.42007 Q4 · Prepared remarks: +30.92008 Q1 · Prepared remarks: +11.12008 Q2 · Prepared remarks: +10.42008 Q3 · Prepared remarks: +9.82008 Q4 · Prepared remarks: +5.22009 Q1 · Prepared remarks: +8.32009 Q2 · Prepared remarks: +10.12009 Q4 · Prepared remarks: +12.32010 Q1 · Prepared remarks: +14.02010 Q3 · Prepared remarks: +12.72010 Q4 · Prepared remarks: +10.92011 Q1 · Prepared remarks: +10.22011 Q2 · Prepared remarks: +12.62011 Q3 · Prepared remarks: +10.92011 Q4 · Prepared remarks: +11.92012 Q1 · Prepared remarks: +10.52012 Q2 · Prepared remarks: +3.72012 Q3 · Prepared remarks: +5.22012 Q4 · Prepared remarks: +14.42013 Q1 · Prepared remarks: +2.32013 Q2 · Prepared remarks: +3.22013 Q3 · Prepared remarks: +6.02013 Q4 · Prepared remarks: +14.92014 Q1 · Prepared remarks: +17.72014 Q2 · Prepared remarks: +10.62014 Q3 · Prepared remarks: +4.82014 Q4 · Prepared remarks: +4.32015 Q1 · Prepared remarks: -0.32015 Q2 · Prepared remarks: +8.72015 Q3 · Prepared remarks: +11.12015 Q4 · Prepared remarks: +11.52016 Q1 · Prepared remarks: +18.52016 Q2 · Prepared remarks: +18.72016 Q3 · Prepared remarks: +17.92016 Q4 · Prepared remarks: +17.32017 Q1 · Prepared remarks: +15.42017 Q2 · Prepared remarks: +13.42017 Q3 · Prepared remarks: +12.72017 Q4 · Prepared remarks: +21.62018 Q1 · Prepared remarks: +14.32018 Q2 · Prepared remarks: +14.32018 Q3 · Prepared remarks: +20.02018 Q4 · Prepared remarks: +16.82019 Q1 · Prepared remarks: +32.82019 Q2 · Prepared remarks: +16.82019 Q3 · Prepared remarks: +13.82019 Q4 · Prepared remarks: +12.22020 Q1 · Prepared remarks: -0.42020 Q2 · Prepared remarks: +4.72020 Q3 · Prepared remarks: +18.02020 Q4 · Prepared remarks: +18.72021 Q1 · Prepared remarks: +21.52021 Q2 · Prepared remarks: +16.02021 Q3 · Prepared remarks: +21.12021 Q4 · Prepared remarks: +16.52022 Q1 · Prepared remarks: +7.42022 Q2 · Prepared remarks: +12.02022 Q3 · Prepared remarks: +11.72022 Q4 · Prepared remarks: +19.12023 Q1 · Prepared remarks: +17.02023 Q2 · Prepared remarks: +17.62023 Q3 · Prepared remarks: +14.72023 Q4 · Prepared remarks: +19.52024 Q1 · Prepared remarks: +8.52024 Q2 · Prepared remarks: +12.42024 Q3 · Prepared remarks: +16.32024 Q4 · Prepared remarks: +18.72025 Q1 · Prepared remarks: +15.32005 Q4 · Q&A responses: +6.72007 Q2 · Q&A responses: +7.62007 Q3 · Q&A responses: +3.62007 Q4 · Q&A responses: -3.42013 Q4 · Q&A responses: +10.12014 Q1 · Q&A responses: +12.92019 Q1 · Q&A responses: +17.22020 Q4 · Q&A responses: +5.12021 Q1 · Q&A responses: +13.22021 Q3 · Q&A responses: +5.8
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$4.35$8.86$13.362005 Q42008 Q32011 Q32014 Q12016 Q32019 Q12021 Q32024 Q12014 Q1: $5.952014 Q2: $6.012014 Q3: $5.712014 Q4: $5.442015 Q1: $5.072015 Q2: $4.972015 Q3: $5.042015 Q4: $5.342016 Q1: $5.552016 Q2: $5.882016 Q3: $6.002016 Q4: $6.182017 Q1: $6.272017 Q2: $6.612017 Q3: $6.852017 Q4: $7.002018 Q1: $7.742018 Q2: $7.992018 Q3: $8.062018 Q4: $8.232019 Q1: $8.302019 Q2: $8.372019 Q3: $8.572019 Q4: $8.472020 Q1: $8.622020 Q2: $6.822020 Q3: $7.562020 Q4: $8.342021 Q1: $8.622021 Q2: $9.092021 Q3: $9.702021 Q4: $10.122022 Q1: $10.312022 Q2: $10.312022 Q3: $10.392022 Q4: $10.492023 Q1: $10.872023 Q2: $11.602023 Q3: $12.242023 Q4: $12.522024 Q1: $12.722024 Q2: $12.732024 Q3: $12.55

Forward P/E

14.8222.8330.832005 Q42008 Q32011 Q32014 Q12016 Q32019 Q12021 Q32024 Q12014 Q1: 16.162014 Q2: 16.862014 Q3: 16.372014 Q4: 16.852015 Q1: 19.122015 Q2: 19.142015 Q3: 19.572015 Q4: 22.072016 Q1: 22.262016 Q2: 20.812016 Q3: 19.212016 Q4: 19.882017 Q1: 20.402017 Q2: 22.802017 Q3: 22.912017 Q4: 24.792018 Q1: 20.442018 Q2: 20.852018 Q3: 19.752018 Q4: 21.772019 Q1: 21.942019 Q2: 24.452019 Q3: 24.562019 Q4: 23.102020 Q1: 15.922020 Q2: 27.982020 Q3: 29.732020 Q4: 25.642021 Q1: 25.992021 Q2: 25.922021 Q3: 24.862021 Q4: 26.142022 Q1: 23.102022 Q2: 23.172022 Q3: 24.612022 Q4: 26.172023 Q1: 24.512023 Q2: 24.872023 Q3: 23.022023 Q4: 23.642024 Q1: 22.242024 Q2: 19.692024 Q3: 23.27

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2015 Q2 tone ↑ +9.0 fwd EPS ↓ -0.10 Tone rose while the forward EPS estimate was cut.
  • 2017 Q1 tone ↓ -2.1 fwd EPS ↑ +0.09 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q2 tone ↓ -2.0 fwd EPS ↑ +0.34 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q1 tone ↓ -7.3 fwd EPS ↑ +0.74 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q4 tone ↓ -3.0 fwd EPS ↑ +0.17 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q3 tone ↓ -3.0 fwd EPS ↑ +0.20 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -12.6 fwd EPS ↑ +0.15 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +5.1 fwd EPS ↓ -1.80 Tone rose while the forward EPS estimate was cut.
  • 2020 Q4 tone ↓ -7.0 fwd EPS ↑ +0.78 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q3 tone ↓ -5.7 fwd EPS ↑ +0.61 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q1 tone ↓ -9.1 fwd EPS ↑ +0.19 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q1 tone ↓ -2.0 fwd EPS ↑ +0.38 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q3 tone ↓ -2.8 fwd EPS ↑ +0.64 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q1 tone ↓ -11.0 fwd EPS ↑ +0.20 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q3 tone ↑ +3.9 fwd EPS ↓ -0.19 Tone rose while the forward EPS estimate was cut.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-05-01+15.2——View →
2024 Q42025-02-10+17.9——View →
2024 Q32024-10-29+16.2$12.5523.3View →
2024 Q22024-07-29+12.3$12.7319.7View →
2024 Q12024-04-30+8.4$12.7222.2View →
2023 Q42024-02-05+19.3$12.5223.6View →
2023 Q32023-10-30+14.7$12.2423.0View →
2023 Q22023-07-27+17.4$11.6024.9View →