McDonald's · 2025 report · 12 min
How McDonald's is organized
McDonald's calls itself a three-legged stool: the company and its employees, its franchisees and its suppliers. Here's how the company leg is built, and why it splits the world by kind of market, not by continent.
Ticket 01 · The guess
Half the restaurants, how much of the profit?
Words to know
Sources and every number (2)
Sources
- McDonald's fourth quarter and full year 2025 supplemental information (Exhibit 99.2 to Form 8-K, February 11, 2026) · McDonald's Corporation (filed with the U.S. SEC), 2025
- McDonald's Corporation Form 10-K for 2025: Segment and Geographic Information (notes to the financial statements) · McDonald's Corporation (filed with the U.S. SEC), 2025
Every number
- 20,805
sec.gov ·2025 · Restaurants in the International Developmental Licensed Markets at the end of 2025. - 45.9%
sec.gov ·2025 · Worked out from the 10-K: restaurants in the International Developmental Licensed Markets ÷ all restaurants, end of, 2025. - $12.4B
sec.gov ·2025 · Operating income, whole company, 2025 (segment note). - $203M
sec.gov ·2025 · Operating income of International Developmental Licensed Markets & Corporate, 2025 (segment note). - 1.6%
sec.gov ·2025 · Worked out from the 10-K: operating income of International Developmental Licensed Markets & Corporate ÷ the whole company's operating income, 2025. - $1.7B
sec.gov ·2025 · Selling, general and administrative expenses of International Developmental Licensed Markets & Corporate, 2025 (segment note), including corporate office support costs. - $3B
sec.gov ·2025 · Selling, general and administrative expenses, whole company, 2025, as the segment note adds them up.