McDonald's (MCD) is scheduled to release its Q1 earnings tomorrow before the opening bell with a call to follow at 8:30 a.m. ET.

The CapitalIQ consensus estimate is for Q1 adjusted EPS to grow 3% YoY to $2.34, while revenue is expected to decline 2% YoY to $5.58 billion.

Cliff Notes:

Successful menu and marketing campaigns drove global same-store sales to +12.6% in Q4, which was better than analyst expectations
MCD expressed concerns about macro-related pressures that are expected to weigh on both consumers and its business in 2023
MCD expects its company-operated margin to be hampered in the near-term by significant inflationary headwinds
The company expects a mild to moderate recession in the US and a deeper and longer one in Europe
MCD's report will be a good indicator of the consumer as it is the first big fast-food name to report this earnings season

TECHS:

Although MCD reported a nice EPS and revenue beat last quarter, the company's cautious commentary on macro-related pressures in 2023 took some wind out of MCD's Q4 earnings sails.

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