McDonald's Corporation (MCD) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and welcome to McDonald's 4th Quarter 2025 Investor Conference Call. At the request of McDonald's Corporation, this conference is being recorded. Following today's presentation, there will be a question and answer session for investors. At that time, investors only may ask a question by pressing star 1 on their touchtone telephone. I would now like to turn the conference over to Mr. Dexter Combois, Vice President of Investor Relations for McDonald's Corporation. Mr. Kongbele, you may begin. Good afternoon, everyone, and thank you for joining us. With me on the call today are Chairman and Chief Executive Officer Chris Kempczynski, Chief Financial Officer Ian Borden, and Chief Restaurant Experience Officer Joe McDonald. As a reminder, the forward-looking statements on our earnings release and 8-K filing also apply to our comments on the call today. Both of those documents are available on our website, as are reconciliations of any non-GAAP financial measures mentioned on today's call, along with their corresponding GAAP measures. Following prepared remarks this morning, we will take your questions. Please limit yourself to one question and then re-enter the queue for any additional questions. Today's conference call is being webcast and is also being recorded for replay on our website. And now I'll turn it over to Chris. Good afternoon, everyone, and thank you for joining us today. I want to start by recognizing the resilience and commitment of the McDonald's system. Our franchisees, suppliers, and employees showed up for our customers and supported communities to close the year with strong momentum and a solid foundation heading into 2026. In 2025, McDonald's delivered system-wide sales of nearly $140 billion, up 5.5% in constant currency for the full year. This...