Adjusted earnings per share were $3.19, up about 5% versus the prior year quarter in constant currencies.
Adjusted operating margin was nearly 47% for the first half of the year, with restaurant margin increasing about 5% in constant currency.
Full year adjusted operating margin target remains mid- to high 40% range, with company-operated restaurant margin target adjusted to around 14.8%.
International Developmental Licensed (IDL) Markets delivered comp sales growth of more than 5.5%, led by Japan and positive comps across all geographies.
McDonald's reported global system-wide sales growth of over 6% in constant currency and global comparable sales growth of nearly 4% in Q2 2025.
The Internationally Operated Market (IOM) segment saw comp sales increase by 4%, with all markets driving positive comp sales growth.
U.S. comparable sales were up 2.5% in the quarter, outperforming near competitors despite challenging QSR traffic trends.
Adjusted EBITDA grew 24.8% year-over-year to $58.9 million, representing 16.5% of total revenue, the highest adjusted EBITDA level on record for Q2.
Company-operated Shack sales grew 12.4% year-over-year to $343.2 million with 13 new openings.
Food and paper costs were 28.2% of Shack sales, up 40 basis points due to mid-single-digit beef cost increases.
Labor and related expenses improved significantly, down 270 basis points to 25.7% of Shack sales due to strong labor management.
Licensed business revenue grew 20.2% year-over-year to $13.3 million with sales up approximately 16%.
Net income attributable to Shake Shack was $17.1 million or $0.41 per diluted share; adjusted pro forma net income was $19.5 million or $0.44 per diluted share.
Operating cash flow grew 21% year-over-year to a record $65 million; cash and cash equivalents totaled $336.8 million.
Other operating expenses increased slightly due to marketing and digital mix investments.
Restaurant-level profit reached $82.2 million, or 23.9% of Shack sales, a 190 basis point improvement year-over-year, highest Q2 margin since 2019.
Shake Shack reported total revenue of $356.5 million in Q2 2025, exceeding guidance.
System-wide sales grew 13.7% year-over-year to $549.9 million, supported by 22 new Shack openings and positive same-Shack sales growth of 1.8%.
Adjusted EBITDA was flat at $105.4 million with a margin decline of 110 basis points year-over-year.
Diluted EPS was $0.29 compared to $0.35 last year; adjusted diluted EPS was $0.40 versus $0.45.
Free cash flow declined to $25.5 million for the first six months, expected to normalize in the second half of 2025.
Gross profit increased 3.8% to $239.7 million with a margin of 32.8%, down 130 basis points year-over-year but up 220 basis points sequentially.
MasterBrand reported second quarter 2025 net sales of $730.9 million, an 8% increase year-over-year, driven primarily by the Supreme acquisition, price improvements, and share gains.
Net debt decreased sequentially by $66.1 million to $878.6 million, improving leverage to 2.5x, on track to sub 2x by year-end.
Net income declined to $37.3 million from $45.3 million last year, impacted by higher SG&A, amortization, and restructuring costs, partially offset by lower interest and tax expenses.
SG&A expenses rose 8.7% to $159.4 million, mainly due to Supreme's addition.
Adjusted EBITDA was $67.7 million, slightly down from $67.9 million last year, with an adjusted EBITDA margin of 5.7%, up 110 basis points from Q1 2025 but down 30 basis points year-over-year.
Capital expenditures totaled $58.3 million, focused on new stores, supply chain projects, IT, and maintenance.
Grocery Outlet reported net sales of $1.18 billion in Q2 2025, a 4.5% increase year-over-year, driven by new store openings and a 1.1% comp store sales growth.
Gross margin was 30.6%, exceeding the high end of guidance despite a 30 basis point decline from last year, supported by improved inventory management.
Net cash provided by operating activities for the first half of 2025 was $132.6 million, significantly higher than $49.4 million in the prior year.
Net income was $5 million or $0.05 per diluted share, down from $14 million or $0.14 per share last year, while adjusted net income decreased 9.3% to $22.8 million or $0.23 per adjusted diluted share.
SG&A expenses increased 4.2% but leveraged 10 basis points as a percentage of net sales due to reduced commission support and cost discipline.
Total debt was $474 million with net leverage at 1.7x adjusted EBITDA.
BJ's Restaurants reported Q2 fiscal 2025 sales of $366 million, a 4.5% increase year-over-year, with comparable restaurant sales up 2.9% driven by 3.3% traffic growth.
Cost of sales was 24.8%, 90 basis points favorable year-over-year, with food cost inflation at approximately 2%, down from 3% in Q1.
Labor and benefit expenses were 35.4% of sales, 70 basis points favorable to last year, driven by better labor scheduling and operational execution.
Net debt decreased by $5.9 million to $34.5 million, supporting share repurchases and remodel investments.
Net income was $22.2 million with diluted earnings per share of $0.97, a 35% increase from $0.72 last year.
Occupancy and operating expenses were 22.8% of sales, slightly unfavorable by 10 basis points due to $2.5 million incremental marketing investments.
Restaurant-level cash flow margins improved by 150 basis points to 17%, and adjusted EBITDA margins increased by 120 basis points to 11.5%.
Dafinchi
