The Quantum Approximate Optimization Algorithm (QAOA) finds approximate solutions to combinatorial optimization problems. Its performance monotonically improves with its depth p. We apply the QAOA to MaxCut on large-girth D-regular graphs. We give an iterative formula to evaluate performance for any D at any depth p.Looking at random D-regular graphs, at optimal parameters and as D goes to infinity, we find that the p = 11 QAOA beats all classical algorithms (known to the authors) that are free of unproven conjectures. While the iterative formula for these D-regular graphs is derived by looking at a single tree subgraph, we prove that it also gives the ensembleaveraged performance of the QAOA on the Sherrington-Kirkpatrick (SK) model. Our iteration is a compact procedure, but its computational complexity grows as O(p 2 4 p ). This iteration is more efficient than the previous procedure for analyzing QAOA performance on the SK model, and we are able to numerically go to p = 20. Encouraged by our findings, we make the optimistic conjecture that the QAOA, as p goes to infinity, will achieve the Parisi value. We analyze the performance of the quantum algorithm, but one needs to run it on a quantum computer to produce a string with the guaranteed performance.