McDonald’s CEO Chris Kempczinski is warning that persistently high beef costs continue to strain the restaurant industry as inflation remains elevated.

During the company’s third-quarter 2025 earnings call Wednesday, Kempczinski told investors that inflation has proven to be "sticky," with beef costs running well above historical norms and price pressures expected to continue into next year.

"It's still a difficult environment, and inflation is proving to be sticky," Kempczinski said. "I mean, we're expecting to see there's going to be above-average inflation next year. … We're seeing very, very high inflation around beef prices versus what we're used to historically, and so I think all of that just keeps putting pressure on the industry."

The McDonald’s chief executive said the cha

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