MCD on NYSE

McDonald's

Logo: ProTheGoodGuy, Public domain, via Wikimedia Commons5

American multinational fast-food chain

McDonald's Corporation is an American multinational fast food restaurant chain. Founded in 1940 as a restaurant operated by brothers Richard and Maurice McDonald in San Bernardino, California, the company has grown into one of the world's largest restaurant chains.3 From Wikipedia, CC BY-SA 4.0

$242.12 up 3.81 (1.60%)Price as of Oct 15, 2026 at 19:45 UTC

Last updated Oct 16, 2026.

Overview

May 15, 1940Founded1

Compare with Aramark, Darden Restaurants or Chipotle Mexican Grill, or pick any stock.

  • TickerMCD on NYSE1
  • Industryaccommodation and food service activities, food and tobacco industry, food service, quick service restaurant sector1
  • HeadquartersChicago1
  • Founded inSan Bernardino1
  • Websitewww.mcdonalds.com
  • Legal formDelaware corporation1
  • Slogan“I'm loving it”1
  • Incorporated inDE6
  • Business address110 North Carpenter Street, Chicago, Il 606076
  • Filer categoryLarge accelerated filer6
New-McDonald-HU-lg (43261171540)
Photo: Dirk Tussing from Chicago IL, United States, CC BY-SA 2.0, via Wikimedia Commons8

McDonald's Corporation is an American multinational fast food restaurant chain. Founded in 1940 as a restaurant operated by brothers Richard and Maurice McDonald in San Bernardino, California, the company has grown into one of the world's largest restaurant chains. At the end of 2025, the McDonald's system comprised 45,356 restaurants in more than 100 countries, approximately 95% of which were operated by franchisees.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

46.1%Operating margin9
31.9%Net margin9
3.7%Revenue growth, 20259
$7.2BFree cash flow9

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

International Operated Markets brought in 51% of the revenue McDonald's broke down this way in fiscal 2025.

  1. International Operated Markets$13.6B951%up 8% from 2024
  2. U.S. Market$10.8B940%up 2% from 2024
  3. International Developmental Licensed Markets and Corporate$2.4B99%down 9% from 2024
Business segments by year
Business segments202320242025
International Operated Markets$12.4B$12.6B$13.6B
U.S. Market$10.6B$10.6B$10.8B
International Developmental Licensed Markets and Corporate$2.5B$2.7B$2.4B

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Selling, general and admin11¢$3.0B
  • Other costs42¢$11.4B
  • Interest6¢$1.6B
  • Income tax9¢$2.3B
  • Profit32¢$8.6B

Out of $26.9B in revenue.9

Where each dollar of operating cash went, fiscal 2025

  • Capital spending32¢$3.4B
  • Dividends paid48¢$5.1B
  • Share buybacks19¢$2.1B
  • Kept or used elsewhere0¢$15.0M

Out of $10.6B of cash from operations.9

Financial statements

Revenue101112139$26.9B in 2025+26% since 2019
0$10.0B$20.0B$30.0B2019: $21.4B$21.4B20192020: $19.2B$19.2B2020−10%2021: $23.2B$23.2B2021+21%2022: $23.2B$23.2B2022−0%2023: $25.5B$25.5B2023+10%2024: $25.9B$25.9B2024+2%2025: $26.9B$26.9B2025+4%
Operating income101112139$12.4B in 2025+37% since 2019
0$5.0B$10.0B$15.0B2019: $9.1B$9.1B20192020: $7.3B$7.3B2020−19%2021: $10.4B$10.4B2021+41%2022: $9.4B$9.4B2022−10%2023: $11.6B$11.6B2023+24%2024: $11.7B$11.7B2024+1%2025: $12.4B$12.4B2025+6%
Net income101112139$8.6B in 2025+42% since 2019
0$2.5B$5.0B$7.5B$10.0B2019: $6.0B$6.0B20192020: $4.7B$4.7B2020−21%2021: $7.5B$7.5B2021+60%2022: $6.2B$6.2B2022−18%2023: $8.5B$8.5B2023+37%2024: $8.2B$8.2B2024−3%2025: $8.6B$8.6B2025+4%

Every line of the income statement in the latest annual report, as filed.9

Period ending2025-12-312024-12-312023-12-31
Revenues from franchised restaurants$16.5B$15.7B$15.4B
Sales by Company-owned and operated restaurants$9.7B$9.8B$9.7B
Other revenues$647.0M$423.0M$316.0M
Total revenues$26.9B$25.9B$25.5B
Franchised restaurants-occupancy expenses$2.6B$2.5B$2.5B
Food & paper$3.0B$3.0B$3.0B
Payroll & employee benefits$2.9B$3.0B$2.9B
Occupancy & other operating expenses$2.4B$2.4B$2.3B
Other restaurant expenses$564.0M$339.0M$232.0M
Depreciation and amortization$457.0M$447.0M$382.0M
Other$2.6B$2.4B$2.4B
Other operating (income) expense, net$2.0M$139.0M$99.0M
Total operating costs and expenses$14.5B$14.2B$13.8B
Operating income$12.4B$11.7B$11.6B
Interest expense-net of capitalized interest of $29, $22 and $14$1.6B$1.5B$1.4B
Nonoperating (income) expense, net-$87.0M-$139.0M-$236.0M
Income before provision for income taxes$10.9B$10.3B$10.5B
Provision for income taxes$2.3B$2.1B$2.1B
Net income$8.6B$8.2B$8.5B
Earnings per common sharebasic$12.00$11.45$11.63
Earnings per common sharediluted$11.95$11.39$11.56
Dividends declared per common share$7.17$6.78$6.23
Weighted-average shares outstandingbasic713 shares718 shares728 shares
Weighted-average shares outstandingdiluted716 shares722 shares732 shares
Interest expense, capitalized interest$29.0M$22.0M$14.0M

Compare McDonald's with another company

The story

Founded by Ray Kroc and Richard and Maurice McDonald on May 15, 1940, in San Bernardino.1

Origin

Siblings Richard and Maurice McDonald, with the goal of making $1 million before they turned 50, opened the first McDonald's at 1398 North E Street at West 14th Street in San Bernardino, California, on May 15, 1940.

Speedee Service System

The McDonald brothers introduced the "Speedee Service System" in 1948, putting into expanded use the principles of the modern fast-food restaurant that predecessor White Castle had put into practice more than two decades earlier. When the brothers made the Speedee Service System, they fired their 20 carhops, removed their silverware and plates for paper wrappings and cups so that they no longer needed a dishwasher, and simplified their menu to just nine items: hamburgers, cheeseburgers, three soft drink flavors in one 12-ounce size, milk, coffee, potato chips and pie. "Our whole concept was based on speed, lower prices, and volume," Richard McDonald later said.

Mascots

The original mascot of McDonald's was a hamburger-headed chef who was referred to as "Speedee". In 1962, the Golden Arches replaced Speedee as the universal mascot. Clown mascot Ronald McDonald was introduced in 1963 to market the chain to children.

Ray Kroc

The present corporation credits its founding to franchised businessman Ray Kroc on April 15, 1955. This was the ninth opened McDonald's restaurant overall, although this location was demolished in 1984. Kroc was recorded as being an aggressive business partner, driving the McDonald brothers out of the industry.

Kroc and the McDonald brothers fought for control of the business, as documented in Kroc's autobiography. In 1961, he purchased the McDonald brothers' equity in the company and began the company's worldwide reach. The sale cost Kroc $2.7 million (worth almost $29,089,644 in the current day). The San Bernardino restaurant was eventually torn down in 1971, and the site was sold to the Juan Pollo chain in 1998. This area serves as headquarters for the Juan Pollo chain, and a McDonald's and Route 66 museum. With the expansion of McDonald's into many international markets, the company has become a symbol of globalization and the spread of the American way of life.

Changes

In 1994, McDonald's banned smoking at the 1,400 United States locations it wholly owned.

In 2006, McDonald's introduced its "Forever Young" brand by redesigning all of its restaurants. The restaurants were turned into cafe-esque space, being mostly terracotta, grey, and olive. The redesigned restaurants were also primarily furnished with wood furniture.

As a result of the COVID-19 pandemic, McDonald's closed most seating and all play areas in its United States restaurants. It transitioned to drive-through and curbside orders at locations and online food ordering delivery services.

From Wikipedia’s article on McDonald's, shared under CC BY-SA 4.0.7

Leadership

Who has led McDonald's, and when. Pick a name to see everywhere that person has worked.

Products and brands

  • Big Mac
  • Big N' Tasty
  • Chicken McNuggets
  • Filet-O-Fish
  • Grilled Chicken Burger
  • McChicken
  • McFiesta
  • McFlurry
  • McMelt Cheddar
  • McNifico Bacon
  • McRib
  • McWings
  • McWrap
  • Quarter Pounder
  • Sausage McMuffin with Egg
  • apple turnover
  • cheeseburger
  • cherry tomato
  • chicken burger
  • fast food
  • fries
  • hamburger
  • soft drink

Listed on Wikidata.1

Products

Menu

McDonald's predominantly sells hamburgers, cheeseburgers, various types of chicken, chicken sandwiches, French fries, soft drinks, shakes, breakfast items, and desserts. In most markets, McDonald's offers salads and vegetarian items, wraps and other localized fare. On a seasonal basis, McDonald's offers the McRib sandwich. During March of each year, McDonald's offers a Shamrock Shake to honor Saint Patrick's Day. The company often introduces items temporarily or brings them back after long absences.

McDonald's has offered the Happy Meal, a kids' meal, since June 1979, typically including a small toy or book packaged with the food.

In addition, the chain also sells some items within the United States on a regional basis; for example, the Hatch Green Chile Double Cheeseburger, which is topped with New Mexico green chile, is only available in the southwestern state of New Mexico.

In 2021, the company cut value meals and cheaper items from its menu as part of a focus on higher-priced items.

Read the full text

Health improvements

When Steve Easterbrook became CEO of the company in 2015, McDonald's streamlined the menu which in the United States contained nearly 200 items. The company looked to introduce healthier options and removed high-fructose corn syrup from hamburger buns. The company removed artificial preservatives from Chicken McNuggets, replacing chicken skin, safflower oil and citric acid found in Chicken McNuggets with pea starch, rice starch, and powdered lemon juice.

In September 2018, McDonald's USA announced that they no longer use artificial preservatives, flavors and colors in seven classic burgers sold in the U.S., including the hamburger, cheeseburger, double cheeseburger, McDouble, Quarter Pounder with Cheese, double Quarter Pounder with Cheese and the Big Mac. The pickles will still be made with an artificial preservative, although customers can choose to opt out of getting pickles with their burgers.

McPlant

In November 2020, McDonald's announced McPlant, a plant-based burger, along with plans to develop additional meat alternative menu items that extend to chicken substitutes and breakfast sandwiches. This announcement came after the successful testing of Beyond Meat plant based meat substitutes.

In late 2022, McDonald's announced the addition of the Double McPlant at all restaurants in the United Kingdom and Ireland starting January 4 due to the success of the McPlant. In 2024, select McDonald's in the UK were testing vegan ice cream called Choco Scoop and Strawberry Scoop and receiving positive reviews.

Asia

McDonald's menu is customized to reflect consumer tastes in their respective countries. Restaurants in several countries, particularly in Asia, serve soup. This local deviation from the standard menu is a characteristic for which the chain is particularly known and one which is employed either to abide by regional food taboos (such as the religious prohibition of beef consumption in India) or to make available foods with which the regional market is more familiar (such as the sale of McRice in Indonesia, or Ebi (prawn) Burger in Singapore and Japan). McDonald's restaurants in China include fried buns and soybean milk on their breakfast menus.

In partnership with the Central Food Technological Research Institute in India, McDonald's has introduced millet-based buns on September 4, 2024. Three major (Pearl millet, Sorghum, and Finger millet) and two minor (Proso and Paspalum scrobiculatum) millets are used which makes up 22% of the bun. It provides more calcium, iron, and protein in addition to a small amount of complex carbs to aid in satiety more quickly.

Europe

Throughout Europe, the McDonald's menu may be altered or feature country-exclusive items to suit national tastes. For example, a cheeseburger in Switzerland may include Gruyère cheese, and caldo verde is served in Portugal.In France, McDonald's is colloquially called "McDo". They sell macaroons, Croque McDos, croissants, pain au chocolat, and beer. In Germany and some other Western European countries, McDonald's also sells beer. In Greece, the signature hamburger, Big Mac, is changed by adding Tzatziki sauce and packaging in a pita.

Oceania

In New Zealand, until 2020, McDonald's sold meat pies after local affiliate McDonald's New Zealand (known locally as "Macca's") partially relaunched the Georgie Pie fast food chain it bought out in 1996. In Australia, the "McOz" burger, containing beetroot, is perennially available, as are fries dusted in Vegemite.

North America

After limited regional trials, McDonald's began offering a partial breakfast menu during all hours its restaurants were open in the United States and Canada in 2015 and 2017, respectively. All-day breakfast was phased out from menus in the United States at the start of the COVID-19 pandemic in 2020. The all-day breakfast menu is still available in select locations across Canada.

Meal Deal

The Meal Deal, created in 2024, is one of the restaurant's current McValue Menu offerings. It was created to be a budget friendly meal and offers customers the choice of a McChicken, McDouble, or Daily Double in addition to two sides and a drink. The Meal Deal joins the under $3 selections as McDonald’s sole McValue offerings aside from deals accessible via the McDonald’s app.

Types of McDonald's locations and McDonald's subsidiaries

In the United States, most standalone McDonald's restaurants offer both counter service and drive-through service, with indoor and sometimes outdoor seating.

In 1994, McDonald's attempted Hearth Express, a prototype specializing in homestyle takeout meals. Among the fare offered were meatloaf, fried chicken, and baked ham. This experiment started with a single location in Darien, Illinois but closed after one year.

McDrive

Drive-Thru, Auto-Mac, Pay and Drive, or "McDrive" as it is known in many countries, often has separate stations for placing, paying for, and picking up orders while the customer remains in their vehicle; it was first introduced in Sierra Vista, Arizona in 1975, following the lead of other fast-food chains. The first such restaurant in Britain opened at Fallowfield, Manchester, in 1986. In some countries, McDrive locations near highways offer no counter service or seating. In contrast, locations in high-density city neighborhoods often omit drive-through service. There are also a few locations, mostly in downtown districts, that offer a "Walk-Thru" service in place of Drive-Thru.

McCafé

McCafé is a café-style accompaniment to McDonald's restaurants. The concept was created by McDonald's Australia, starting with Melbourne in 1993. In China, McCafé has expanded through small-format retail concepts such as kiosks, walk-up stands, and mobile coffee trucks. These formats support high-density areas and office districts where full restaurant build-outs are impractical.

McDonald's Next

McDonald's Next uses open-concept design and offers "Create Your Taste" digital ordering. The concept store also offers free mobile device charging and table service after 6:00 pm. The first store opened in Hong Kong in December 2015. The buildings are not colorful, and instead use more natural colors, like from concrete and unpolished oak.

PlayPlaces

McDonald's playgrounds used to be called Playlands and were outside. After concerns were raised that the playgrounds were dangerous, McDonald's moved them inside and began to make them out of softer materials, such as plastic instead of metal. They renamed them PlayPlaces in 1987.

McExpress and McStop

Some locations are connected to gas stations and convenience stores, while others called McExpress have limited seating or menu or may be located in a shopping mall. Other McDonald's are located in Walmart stores. McStop is a location targeted at truckers and travelers who may have services found at truck stops.

CosMc's

In July 2023, the company announced it was working toward a new fast-food brand called CosMc's, which would be tested at 10 sites. The first location was opened in December 2023 in Bolingbrook, Illinois. The outlet had a smaller real-estate footprint than regular McDonald's restaurants and focused on selling coffee and other drinks to afternoon customers.

The name for the new brand came from CosMc, a McDonaldland mascot that appeared in advertisements in the late 1980s and early 1990s.

Although four additional locations were eventually opened in Texas, McDonald's announced in May 2025 that all locations would be shuttered and the associated app removed by the end of June of that year. Some CosMc's beverage flavors would be tested in other U.S. McDonald's locations.

Technology uses

Since the late 1990s, McDonald's has attempted to replace employees with electronic kiosks that would perform actions such as taking orders and accepting money. In 1999, McDonald's first tested "E-Clerks" in suburban Chicago, Illinois, and Wyoming, Michigan, with the devices being able to "save money on live staffers" and attracting larger purchase amounts than average employees.

In 2013, the University of Oxford estimated that in the succeeding decades, there was a 92% probability of food preparation and serving becoming automated in fast food establishments. By 2016, McDonald's "Create Your Taste" electronic kiosks were seen in some restaurants internationally where customers could custom order meals.

In 2017, McDonald's launched an app in the United States that allows customers to skip the ordering line inside or drive through and order online. Many McDonald's locations have special parking spaces for such orders.

In September 2019, McDonald's purchased an AI-based start-up, Apprente, to replace human servers with voice-based technology in its US drive-throughs.

In early 2023, McDonald's opened its first largely automated restaurant in Fort Worth, Texas. The restaurant in question would de-emphasize human contact when ordering, with employees available if there were problems but who would otherwise be absent from the ordering process (along with others working in the kitchen or other back-of-the-house roles). There was no seating in this restaurant.

Marketing and advertising

McDonald's has maintained several advertising campaigns for decades. In addition to the usual media (television, radio, and newspaper), the company makes use of billboards and signage. Also, it sponsors sporting events ranging from Little League to the FIFA World Cup and Olympic Games. Television has been central to the company's advertising strategy. To date, McDonald's has used 23 different slogans in United States advertising, as well as a few other slogans for select countries and regions.

In 2026, Wired published a report on data McDonald's collects on customers who are a part of the loyalty program. The data collected includes purchases, loyalty-points history, activity, and any promotional offers associated with an account. According to McDonald's, this data is used with the purpose of helping provide personalized deals and messages. These data is also used to predict McDonald's-related behavior, including predicting what a customer will eat, when a customer will visit, the odds that a customer will visit a restaurant ("Customer Attrition Likelihood"), and how much will be spent on average.

Children's advertising

McDonald's uses playgrounds, games, and toys to make children want to go to McDonald's.

Sports

In 1992, basketball player Michael Jordan became the first celebrity to have a McDonald's value meal named after him. The "McJordan" was available at Chicago franchises. The exclusivity of the meal lead to fans in other regions being envious, more notably leading to a man buying a gallon of the McJordan BBQ sauce for 10,000 dollars.

LeBron James was a spokesman for McDonald's from 2003 to 2017, while co-endorsing Coca-Cola-Sprite since early in his career.

In January 2025, WNBA player Angel Reese became the first woman to partner with McDonald's, creating the Angel Reese Special. Ordering the meal as a double Quarter Pounder was promoted in reference to Reese's consistent double-doubles during games.

Music

In September 2020, McDonald's partnered with rapper Travis Scott to release the "Travis Scott Meal" nationwide. Scott designed new uniforms for McDonald's employees and released Cactus Jack merchandise using vintage visuals from the fast food chain's history. The company followed up with the "J Balvin Meal" in a partnership with reggaeton singer J Balvin.

In 2021, McDonald's partnered with Korean boy group BTS to release the "BTS Meal" in 50 countries around the world, starting on May 26 in select countries.

Space exploration

McDonald's and NASA explored an advertising agreement for a planned mission to the asteroid 449 Hamburga; however, the spacecraft was eventually canceled.

Sponsorship in NASCAR

McDonald's entered the NASCAR Cup Series in 1977, sponsoring Richard Childress for one race. Between 1977 and 1986, McDonald's only sponsored a handful of races in a season. In 1993, McDonald's became the full-time sponsor for the No. 27 Junior Johnson & Associates Ford, driven by Hut Stricklin. In 1994, Stricklin was replaced in the car by Jimmy Spencer, who went on to win twice that season. The following season McDonald's would move over to the No. 94 Bill Elliott Racing Ford, driven by team-owner Bill Elliott. McDonald's stayed with Elliott until the 2001 season when they moved again, this time to the No. 96 PPI Motorsports Ford, driven by rookie Andy Houston. However, when the team failed to field a car for the entire season, McDonald's became absent from NASCAR until 2004, when it joined Evernham Motorsports as a part-time sponsor for drivers Elliott, Kasey Kahne, Elliott Sadler, A. J. Allmendinger, and Reed Sorenson until 2010.

During the 2010 season, McDonald's entered its longest partnership with a team at Chip Ganassi Racing, sponsoring the No. 1 Chevrolet driven by Jamie McMurray until his final race in the 2019 Daytona 500. McDonald's moved to CGR's No. 42 of Kyle Larson, whom the company sponsored until his suspension in 2020, and also had a one-race partnership with Richard Petty Motorsports' No. 43 Chevrolet driven by Bubba Wallace in 2019 and 2020. McDonald's continued working with the No. 42 under new driver Ross Chastain in 2021 and also joined Wallace's new team 23XI Racing as a "founding partner".

From Wikipedia’s article on McDonald's, shared under CC BY-SA 4.0.7

Subsidiaries and ownership

Owners

Subsidiaries

  • Arcos Dorados Holdings
  • McCafé
  • McDonald's - Indonesia
  • McDonald's Australia
  • McDonald's Canada
  • McDonald's Denmark
  • McDonald's France
  • McDonald's Israel
  • McDonald's Japan
  • McDonald's New Zealand
  • McDonald's Pakistan
  • McDonald's Philippines
  • McDonald's Russia
  • McDonald's South Africa
  • McDonald's Ukraine
  • McDonald’s Malaysia

Divisions

  • McCafé

Also owns

  • 600 @ Toa Payoh
  • Hamburger University
  • Shamrock Shake

From Wikidata.1

Acquisitions

  1. 2000Acquired Boston Market1

Employees over time

McDonald's employees by year1200.0K in 2020−52% since 2015
0200.0K400.0K600.0K2015: 420.0K420.0K20152016: 375.0K375.0K2016−11%2018: 210.0K210.0K2018−44%2020: 200.0K200.0K2020−5%
  • 2020200,0001
  • 2018210,0001
  • 2016375,0001
  • 2015420,0001

Timeline

  1. Nov 2019New chief executive Chris Kempczinski becomes CEO1
  2. Mar 1, 2015New chief executive Steve Easterbrook becomes CEO1
  3. Jul 1, 2012New chief executive Don Thompson becomes CEO1
  4. Apr 2004New chief executive Charlie Bell becomes CEO1
  5. 2004New chief executive Jim Skinner becomes CEO1
  6. 2002New chief executive Jim Cantalupo becomes CEO1
  7. 1998New chief executive Jack M. Greenberg becomes CEO1
  8. 1987New chief executive Michael R. Quinlan becomes CEO1
  9. 1974New chief executive Fred L. Turner becomes CEO1
  10. Jan 2, 1970Went public Listed on NYSE1
  11. 1955New chief executive Ray Kroc becomes CEO1
  12. May 15, 1940Founded Founded in San Bernardino1

Recent filings

  1. Oct 2, 20264 MICHAEL HSU - FORM 4 (9.30.26)
  2. Oct 2, 20264 JENNIFER TAUBERT - FORM 4 (9.30.2026)
  3. Oct 2, 20264 LLOYD DEAN - FORM 4 (9.30.2026)
  4. Sep 23, 20268-K
  5. Aug 14, 20263 SKYE ANDERSON - FORM 3 (8.4.26)
  6. Aug 11, 20264 LAUREN ELTING - FORM 4 (8.10.26)
  7. Aug 7, 202610-Q
  8. Aug 4, 20268-K
  9. Aug 4, 20268-K
  10. Jul 22, 2026SCHEDULE 13G/A
  11. Jul 2, 20264 HSU - 6.30.2026 FORM 4
  12. Jul 2, 20264 DEAN - 6.30.2026 FORM 4
  13. Jul 2, 20264 TAUBERT - 6.30.2026 FORM 4
  14. Jun 18, 202611-K
  15. Jun 10, 2026144

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2