Mcdonald's Corporation · NYSE:MCD
Mcdonald's — Investor Presentation (August 2026)
39 slides from Mcdonald's's investor presentation, August 2026
Slide 1: McDonald's Corporation Investor Overview
McDonald’s Corporation Investor Overview
Slide 2: Important Disclaimers
Important Disclaimers This presentation contains financial measures that are not calculated in accordance with generally accepted accounting principles in the United States ("GAAP"), including Systemwide sales, free cash flow conversion and adjusted operating margin. Systemwide sales include sales a
Slide 3: McDonald's strategic evolution…
McDonald’s strategic evolution… 1950s 1960s, 1970s & 1980s Kroc meets brothers Dick and Mac McDonald at McDonald’s Corporation buys the exclusive rights their restaurant in San Bernardino to the McDonald’s name and operating system from Kroc becomes the national franchising agent for the McDonald br
Slide 4: …continues to meet customer needs over time
…continues to meet customer needs over time 1990s & 2000s 2010s & 2020+ The McFlurry is invented and launched in Canada Turnaround plan announcement (re-franchising, Accelerated unit growth with continued cost savings) international expansion Velocity Growth Plan corporate strategy to focus on Plan
Slide 5: McDonald's Senior Leadership Team
McDonald’s Senior Leadership Team Chris Kempczinski President and Chief Executive Officer 10 Years at McDonald’s Skye Anderson Warren Anderson Jon Banner Dario Baroni Ian Borden President, McDonald’s USA Senior Vice President, Executive Vice President, President, IDL Executive Vice President, 26 Yea
Slide 6: McDonald's Board of Directors Roster and Committees
McDonald’s Board of Directors Roster and Committees Chris Kempczinski Anthony Capuano Kareem Daniel Lloyd Dean Chairman of the Board President and CEO, Former Chairman, Chief Executive Emeritus and Founding Executive, President and CEO, Marriott International, Inc. Disney Media and Entertainment Dis
Slide 7: McDonald's key facts: restaurants, people, countries, customers
McDonald’s 45K+ 2.5M 100+ ~72 Million Restaurants People Countries Customers Working for McDonald’s Served every day or Franchisees 7
Slide 8: The McDonald's System
The McDonald’s System The three-legged stool of McDonald’s franchisees, suppliers, and employees Franchisees Suppliers Employees ~95% of McDonald’s restaurants Many recognize McDonald’s as 1 in 8 Americans have worked at are locally owned and operated, having the most integrated, a McDonald's restau
Slide 9: McDonald's Business Model
McDonald’s Business Model Revenues from rent, royalties and initial fees and profits from directly operating restaurants Conventional License Developmental License Foreign-Affiliated McOpCo ~50% of Restaurants ~20% of Restaurants ~25% of Restaurants ~5% of Restaurants Investment $ Profits Investment
Slide 10: McDonald's Global Business Operates Under 3 Segments
McDonald’s Global Business Operates Under 3 Segments U.S., Intl Operated Markets, and Intl Developmental Licensed Markets & Corporate International International U.S. Market Operated Markets (IOM) Developmental Licensees & Corporate (IDL) McDonald’s largest market in 19+ markets or countries 75+ mar
Slide 11: McDonald's Segment Breakdown
McDonald’s Segment Breakdown U.S. and IOM segments are ~90% of FY’25 revenue and adj. operating income*** 9% 14% 25% 30% 40% 40% 41% 46% 51% 45% 24% 35% Restaurants* FY’25 Systemwide Sales** FY’25 Revenues FY’25 Adj. Operating Income*** U.S. IOM IDL * As of 12/31/2025 ** Systemwide sales is a non-GA
Slide 12: U.S. Segment
U.S. Segment Unrivaled drive-thru presence and strong unit economics with a 95% franchised ownership mix* Average Unit Volumes* % Drive Thru Restaurants* % Franchised Restaurants (In millions U.S. $) $5.5M 100% 95.1% 94.9% 95.3% 94.8% 95.1% 90% >95% of Restaurants $0M have a Drive Thru 80% 2021 2022
Slide 13: IOM Segment
IOM Segment Powerful brand presence and modern asset base with an 89% franchised ownership mix* 10% 12% 11% 33% 33% 32% 10% 14% 10% 16% 17% 15% 15% 19% 10% 18% 13% 12% Restaurants* FY’25 Revenues FY’25 Adj. Operating Income** Australia Canada France Germany U.K. Other * As of 12/31/2025 ** Adjusted
Slide 14: IOM Segment
IOM Segment High average unit volumes across markets Average Unit Volumes* % Drive Thru Restaurants* % Franchised Restaurants** (In millions US $) $6.5M 100% Australia 85% Canada 80% France 80% 90% 89.1% 89.1% 89.0% 89.3% Germany 80% U.K. 70% 83.6% 80% $0M 2021 2022 2023 2024 2025 * As of 12/31/2025
Slide 15: IDL Segment
IDL Segment Geographically diverse segment comprised primarily of developmental licensees with a 99% franchised ownership mix* 16% 29% 39% 13% 44% 52% 71% 19% 17% Restaurants* FY’25 Revenues FY’25 Adj. Operating Income** Asia Latin America EMEA (Europe + Middle East) * As of 12/31/2025 ** Excludes C
Slide 16: IDL Segment
IDL Segment Highly franchised segment Average Unit Volumes* % Drive Thru Restaurants* % Franchised Restaurants (In millions US $) $5.5M 100% 98.9% 98.1% 98.2% 98.8% 98.1% Brazil 55% China 15% 90% Japan 55% 80% $0M 2021 2022 2023 2024 2025 16 *As of 12/31/2025
Slide 17: Evolution of Accelerating the Arches Strategic Plan
Evolution of Accelerating the Arches Strategic Plan Additions of Restaurant Development and Our Platforms 17 For more information on McDonald’s strategy, see the Accelerating the Arches page of the McDonald’s website
Slide 18: McDonald's Purpose & Impact
McDonald’s Purpose & Impact To feed and foster communities Food Quality Job, Inclusion & Community Our Planet and Sourcing Empowerment Connection A thriving planet is essential The safety and quality of McDonald’s is, and always McDonald’s has a unique to our ability to feed and our food are top pri
Slide 19: McDonald's Purpose & Impact 2024 Highlights
McDonald’s Purpose & Impact 2024 Highlights Taking action on the issues most important to our business to help create long-term sustainable value Food Quality Job, Inclusion & Community Our Planet & Sourcing Empowerment Connection In 2024, approximately As of the end of 2024, we The 2024 pay equity
Slide 20: McDonald's Values
McDonald’s Values The backbone of our Brand is a commitment to a set of core values that define who we are and how we run our business and restaurants Serve Inclusion Integrity Community Family We put our customers We open our doors We do the right We are good We get better and people first to every
Slide 21: Maximize Our Marketing Growth Pillar
Maximize Our Marketing Growth Pillar Tapping into the rituals and memories that are already special to McDonald’s fans Value Proposition Brand at the Center World Class Creative Value at every tier of the menu; Fan Truths that build on Building brand equity by providing delicious & affordable custom
Slide 22: Commit to the Core Growth Pillar
Commit to the Core Growth Pillar Global core menu items represent more than 60% of total sales* Cultural Relevance Global Core Menu Menu Innovation Tap into customer demand for 17 unique brand equities with Focused on gaining share in familiar favorites, serving our >$1B in sales including the Big C
Slide 23: Double Down on the 4Ds Growth Pillar
Double Down on the 4Ds Growth Pillar Unlocking growth by delivering a personalized and convenient customer experience Digital Delivery Drive Thru Development Loyalty users are highly Delivery is in ~100 Nearly 29K drive thru Accelerating our pace of engaged, with nearly 210M markets, representing lo
Slide 24: Foundation
Foundation Speed, accuracy, friendliness, and quality are correlated with business performance PACE Customer Satisfaction Speed of Service Grading and consulting program Customer satisfaction improving Increasingly faster despite a active in nearly all major markets across almost all markets challen
Slide 25: Technology-Enabled Platforms
Technology-Enabled Platforms Build on our competitive advantages and unlock new growth opportunities Consumer Restaurant Company Creating one of the world’s Building the easiest and most Building a modern operating largest consumer platforms, efficient restaurant operating platform that will unlock
Slide 26: Category Management
Category Management Dedicated teams to execute with greater pace and focus on what it takes to win Chicken Beef Beverages & Desserts Global category that is 2x the size of Improving classics via “Best Burger”; Focused on capturing share of this Beef, and faster growing a series of operational and la
Slide 27: 2025 Global and Segment Comp Sales
2025 Global and Segment Comp Sales Driven by continued execution of the Accelerating the Arches strategy 1-Year Comp Sales* 2-Year Comp Sales Stack** 3-Year Comp Sales Stack*** 14.1% 12.3% 12.5% 11.2% 4.6% 4.3% 3.1% 3.2% 3.0% 3.0% 2.1% 2.3% Global U.S. IOM IDL Global U.S. IOM IDL Global U.S. IOM IDL
Slide 28: 2025 Global Financial Overview
2025 Global Financial Overview Strong growth over the last 5 years is a testament to the resilience of the business Total Revenue Systemwide Sales* Other Financial Metrics Franchised Revenue +$3.7B +$26.9B % of Franchised Sales** US 14.2% $26.9B $139.4B IOM 17.2% $23.2B IDL & Corp 5.4% $112.5B Globa
Slide 29: Adjusted Operating Margin
Adjusted Operating Margin* Franchise margin represented ~90% of margin dollars in 2025, driving continued business model stability Total Restaurant Margin $s Adjusted Operating Margin %* $20B 50% 46.9% $15.4B $15B 9% 43.4% $12.5B 14% $10B 40% 91% $5B 86% $0B 30% 2021 2025 2021 2025 % Company-Operate
Slide 30: Capital Allocation Philosophy
Capital Allocation Philosophy Optimize and prioritize returning free cash flow to shareholders Invest in the Business Payout Dividends Repurchase Shares Invest in opportunities to grow the Prioritize the Dividend Repurchase shares with remaining business and drive strong returns, free cash flow over
Slide 31: Capital Expenditures
Capital Expenditures Shift in capital expenditures from reinvestment to new units % Other 2% 2% 4% 4% 2% % New 41% 45% 52% 56% 67% % Reinvestment 57% 53% 44% 40% 31% 2021 2022 2023 2024 2025 Total Capital Expenditures $2.0B $1.9B $2.4B $2.8B $3.4B 31
Slide 32: Restaurant Openings
Restaurant Openings The pace of restaurant openings has increased 2,275 2,067 2,116 205 112 147 386 308 326 1,576 1,494 69 U.S. 69 266 IOM 326 New Units (Gross) 1,647 1,643 1,684 1,241 IDL 1,099 2021 2022* 2023 2024 2025 Net Openings 838 1,092 1,547 1,655 1,879 Net Unit Growth 2.1% 2.7% 3.8% 4.0% 4.
Slide 33: Cash Returned to Shareholders
Cash Returned to Shareholders Consistently returned cash to shareholders via dividends and share repurchases over time $8.1B $7.6B $7.7B $7.1B $4.2B $4.5B $4.9B $4.8B 5.1B Dividends $3.9B $3.9B $3.1B $2.8B 2.0B Share Repurchases $0.9B 2021* 2022 2023 2024 2025 Free Cash Flow 94% 89% 86% 81% 84% Conv
Slide 34: Capital Structure
Capital Structure Maintaining a strong investment grade credit rating $39.3B $40.0B $38.4B $35.6B $35.9B Total Debt $ 2021 2022 2023 2024 2025 Debt/EBITDA 3.0x 2.9x 2.8x 2.7x 2.7x Moody’s Rating Baa1 Baa1 Baa1 Baa1 Baa1 Stable Outlook S&P Rating BBB+ BBB+ BBB+ BBB+ BBB+ Stable Outlook 34
Slide 35: Total Shareholder Return Performance History
Total Shareholder Return Performance History 1-Year 3-Year CAGR 5-Year CAGR Jan’25 – Dec’25 Jan’23 – Dec’25 Jan’21 – Dec’25 McDonald’s 7.9% 7.5% 9.8% *Consumer 1.5% 4.1% 5.6% Staples **S&P 500 -0.3% 6.3% 6.3% Restaurants DJIA 14.9% 15.3% 11.6% S&P 500 17.9% 23.0% 14.4% 35 * Reflects XLP ETF performa
Slide 36: Outlook
Outlook* Based on current conditions, the following is provided to assist in forecasting the Company's future results: • The Company expects net restaurant unit expansion will contribute approximately 2.5% to 2026 Systemwide sales** growth, in constant currencies • The Company expects full year 2026
Slide 37: Appendix: GAAP Reconciliations
Appendix: GAAP Reconciliations Management believes adjusted operating income and adjusted operating margin are important in understanding the financial performance of the Company Adjusted Operating Income & Adjusted Operating Margin (dollars in millions) 2025 2021 Operating income $12,393 $10,356 St
Slide 38: Appendix: GAAP Reconciliations
Appendix: GAAP Reconciliations Management believes free cash flow and free cash flow conversion are important in understanding the financial performance of the Company Free Cash Flow & Free Cash Flow Conversion (dollars in millions) 2025 2024 2023 2022 2021 Cash provided by $10,551 $9,447 $9,612 $7,
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