McDonald's unveils turnaround plan as shares drop 18%

McDonald's is hosting an investor day on Wednesday, September 23, 2026, in Chicago. Executives plan to detail a new global growth strategy called McDonald's > NEXT, designed to replace the Accelerating the Arches plan that has guided the chain since 2020. Over the past 12 months, McDonald's shares have fallen 18%, reducing the company's market value to roughly $175 billion while the S&P 500 gained 16% over the same timeframe.

The event marks the company's first investor day in nearly three years. Both CEO Chris Kempczinski and Skye Anderson, who was appointed to lead McDonald's USA following weak second-quarter results, are scheduled to speak, according to CNBC. In the second quarter, U.S. same-store sales grew just 0.8% and customer traffic fell. In June, the company introduced the strategic framework, which focuses on restaurant redesigns, better food and drink quality, and product innovation.

Franchisee pricing and adoption of promotional discounts remain key points of friction. Executives noted in August that only about two-thirds of U.S. operators adopted a recent menu priced under $3. According to CNBC, analysts expect management to signal that adherence to corporate pricing guidelines will play a role in upcoming franchise agreement renewals.

The menu overhaul includes hand-breaded chicken products, adopting a technique used by competitors like Chick-fil-A and Raising Cane's. Following the shutdown of CosMc's, domestic locations are also expanding their beverage lineup to include crafted sodas, energy drinks, and refreshers. In addition, CNBC reported that a planned restaurant renovation program could lift capital expenditures by $600 million to $900 million in 2027 and 2028 compared with expected spending for 2026. CFO Ian Borden stated in August that the event would also detail plans to lower general and administrative expenses and shift more stores to franchisees.