NEW YORK — McDonald's Corp. shares traded near a one-year low on Thursday as investors kept selling a stock that has already fallen far from its spring peak, even though the company is still making more money than a year ago.

The shares changed hands around $256.87 in early afternoon New York trading on Sept. 4, down $2.76, or about 1.1 percent, from Wednesday's close. The day's range dipped as low as about $255.79, matching the bottom of the 52-week band that once stretched to $341.75. That high was reached in early March. From there, the stock has dropped roughly one-fifth.

The move was not tied to a single announcement. It was the latest step in a months-long rerating of a company that Wall Street used to treat as a defensive holding: a global franchise machine with reliable cash, a rising dividend and a brand that usually gains share when household budgets tighten. This year that story has cracked. U.S. customers are visiting less often. Value deals have not restored traffic the way they did in 2025. And the stock has lagged a rising S&P 500 even after second-quarter earnings beat profit forecasts.

The latest official snapshot came on Aug. 4. McDonald's reported net income of $2.36 billion, or $3.32 a share, for the quarter ended June 30, up from $2.25 billion, or $3.14 a share, a year earlier. Adjusted earnings were $3.38 a share, above the $3.32 FactSet consensus. Revenue rose 4 percent to $7.1 billion, a shade short of the $7.13 billion analysts expected.

Global comparable sales, the measure of locations open at least a year, increased 1.3 percent. The United States, still the company's largest market, rose only 0.8 percent after a 2.5 percent gain a year earlier. International operated markets grew 1.5 percent, led by Germany, Australia and the United Kingdom, with France a drag. Developmental licensed markets rose 1.9 percent. Systemwide sales, which include franchised restaurants, increased........

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