McDonald's Corp (NYSE: MCD) is a quick-service restaurant company that operates and franchises McDonald's-branded restaurants worldwide. It makes money primarily through franchisee royalties, rent, and fees collected from independent operators, with a smaller portion of revenue coming from company-operated restaurants. The Company describes itself as primarily a franchisor, with franchised restaurants operating under conventional franchise, developmental license, or affiliate structures. Reporting segments include the United States, International Operated Markets, and International Developmental Licensed Markets and Corporate, the last of which covers results from over 75 countries (per the FY2025 10-K filed 2026-02-24). Franchise economics give McDonald's a capital-light revenue stream tied to franchisee sales volumes, with the Company setting brand standards and policies while independent operators bear day-to-day operating costs. The optimal ownership structure per market is determined by factors including local legal environments, property ownership rules, and franchisee availability.

Revenue model

Primarily franchise royalties, rent, and fees from independently owned and operated franchised restaurants. Secondary revenue from company-operated restaurants. Franchise structures include conventional franchise, developmental license, and affiliate arrangements.

Products and services

McDonald's-branded quick-service restaurant food and beverages. Franchise licensing and brand standards under McDonald's Global Brand Standards.

Customers and end markets

Independent franchisees as the primary business customer. End consumers of quick-service restaurant meals globally. Markets organized into U.S., International Operated Markets, and International Developmental Licensed Markets covering over 75 countries.

Value-chain role

Franchisor and brand licensor. Sets operational standards, collects royalties and rent, and owns or leases restaurant properties in many cases. Does not supply food directly but governs brand and quality standards across the franchise network.

Geographic exposure

Global. Segments include the United States, International Operated Markets, and International Developmental Licensed Markets covering over 75 countries, per the FY2025 10-K filed 2026-02-24.

Source: SEC 10-K, filed 2026-02-24

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