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McDonald's Corp

mcdonalds.com

What Do They Do?

Operates restaurants and grants franchise and development licenses to restaurant operators.

How Do They Make Money?

Company-owned restaurant sales bring in cash when customers buy; franchisees, developmental licensees and affiliates provide rent, royalties tied to restaurant sales, and initial fees.

revenue

Segment	Share	Revenue
U.S.	40% FY2022: 41%
International Operated Markets	51% FY2022: 49%
International Developmental Licensed Markets & Corporate	9.0% FY2022: 9.9%

Who Are Their Customers?

Customers buy at company-owned restaurants; franchisees, developmental licensees and affiliates operate other restaurants and pay fees.

Do Revenues Turn Into Profits?

Yes. It kept 32 cents of every revenue dollar as net income in FY2025 and turned 27 cents into free cash flow.

Operating income, FY2025

46% of revenue

▲ +6% vs FY2024 ($11.7B, 45%)

Net income, FY2025

32% of revenue

▲ +4% vs FY2024 ($8.2B, 32%)

Free cash flow, FY2025

27% of revenue

▲ +8% vs FY2024 ($6.7B, 26%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +4%; vs $6.8B in Q2 FY2025
Net income: ▲ +5%; vs $2.3B in Q2 FY2025

International Operated Markets share of revenue vs 50.6% in Q2 FY2025

Growing. Revenue grew 16% in 4 years, from $23.2B in FY2021 to $26.9B in FY2025, about 4% a year.

Revenue over time

U.S. International Operated Markets International Developmental Licensed Markets & Corporate

$50B$25B$0

FY2021 FY2022 FY2023 FY2024 FY2025