Record beef prices pressure restaurant margins at McDonald’s, Wendy’s, Restaurant Brands and Darden

U.S. beef prices reached record highs in May, raising margin pressure for restaurant chains including McDonald’s (MCD), Wendy’s (WEN), Restaurant Brands International (QSR) and Darden Restaurants (DRI), according to Bureau of Labor Statistics data released the week of May 15, 2026. The average U.S. price of ground beef rose to a record $6.90 per pound, while nonseasonally adjusted prices topped $7 per pound for the first time. Ground beef prices are up 77% from $3.89 per pound in January 2020. Uncooked beef steak prices also hit a record $13.02 per pound, up 70% over the same period. The cost increase could weigh on second-quarter profitability for burger chains and steak-focused operators. Over the past month, Darden shares fell 2%, McDonald’s dropped 9.3%, and Restaurant Brands declined 3%.