McDonald's shares fall about 4% on Investor Day as investors weigh upfront franchisee costs

McDonald's stock dropped about 4% in Wednesday morning trading on September 23, 2026, the day of its NEXT Investor Day, while Wendy's and Yum! Brands moved much less. The selloff reflected worry that the new franchisee support means cash goes out now for benefits that take years to arrive. The stock was already down sharply in 2026, so the reaction added to a weak trend.

• Shares traded at about $239.56, down about 4%, at 10:29 a.m. ET
• Main concern: about $8.5 billion of franchisee support paid out now for returns over several years
• Peers Wendy's and Yum! Brands barely moved, which points to a company-specific reaction