# McDonald's Corporation (MCD) — Current Events Summary

## Filings that contain financial statements

- **8-K, filed 2026-02-11 (accession 0000063908-26-000032)** — fourth-quarter and full-year results for the year ended December 31, 2025 are furnished via Exhibit 99.1, which includes a full Condensed Consolidated Balance Sheet, Condensed Consolidated Statement of Cash Flows, and consolidated income-statement metrics for the quarter and year. Exhibit 99.2 adds segment-level revenue, margin, and operating-income detail plus full-year 2026 guidance.
- **8-K, filed 2025-02-10 (accession 0000063908-25-000006)** — fourth-quarter and full-year results for the year ended December 31, 2024 are furnished via Exhibit 99.1, which includes a full Condensed Consolidated Balance Sheet, Condensed Consolidated Statement of Cash Flows, and consolidated income-statement metrics for the quarter and year.
- **8-K, filed 2026-05-07 (accession 0000063908-26-000048)** — first-quarter 2026 results (quarter ended March 31, 2026) are furnished via Exhibit 99.1, which includes condensed consolidated income-statement metrics (revenue, operating income, net income, diluted EPS) for the quarter; Exhibit 99.2 adds segment detail and reiterates full-year 2026 guidance. No balance sheet or cash-flow statement is included.
- **8-K, filed 2025-11-05 (accession 0000063908-25-000057)** — third-quarter 2025 results (quarter and nine months ended September 30, 2025) furnished via Exhibit 99.1, condensed income-statement metrics only.
- **8-K, filed 2025-08-06 (accession 0000063908-25-000036)** — second-quarter 2025 results (quarter and six months ended June 30, 2025) furnished via Exhibit 99.1, condensed income-statement metrics only.
- **8-K, filed 2025-05-01 (accession 0000063908-25-000021)** — first-quarter 2025 results (quarter ended March 31, 2025) furnished via Exhibit 99.1, condensed income-statement metrics only.

## Earnings and guidance

- **Q1 2026 (reported 2026-05-07, accession 0000063908-26-000048):** Global comparable sales +3.8% (U.S. +3.9%, International Operated Markets +3.9%, International Developmental Licensed Markets +3.4%). Consolidated revenue $6,517M (+9%), operating income $2,953M (+12%), net income $1,983M (+6%), diluted EPS $2.78 (+7%; $2.83 excluding $47M of pre-tax restructuring charges tied to the ongoing "Accelerating the Organization" initiative). Global Systemwide sales exceeded $34 billion for the quarter (+11%, +6% constant currency). Full-year 2026 guidance was reiterated (see below).
- **Full year 2025 / Q4 2025 (reported 2026-02-11, accession 0000063908-26-000032):** Full-year comparable sales +3.1%; Q4 comparable sales +5.7% with positive comparable guest counts across all segments. Full-year revenue $26,885M (+4%), operating income $12,393M (+6%), net income $8,563M (+4%), diluted EPS $11.95 (+5%; $229M of net pre-tax restructuring/other charges for the year). Q4 diluted EPS was $3.03 (+8%). Global Systemwide sales exceeded $139 billion for the year (+7%, +5% constant currency); loyalty-member Systemwide sales grew 20% to nearly $37 billion with 90-day active loyalty users up 19% to almost 210 million. The company declared a 5% increase in its quarterly cash dividend, to $1.86 per share.
  - **FY2026 guidance issued with this release** (reiterated in the Q1 2026 release): net restaurant unit expansion contributing ~2.5% to constant-currency Systemwide sales growth; SG&A of about 2.2% of Systemwide sales; operating margin in the mid-to-high 40% range; interest expense up 4–6%; effective tax rate 21–23%; capital expenditures of $3.7–$3.9 billion; approximately 2,600 gross restaurant openings and roughly 2,100 net additions; free cash flow conversion in the low-to-mid 80% range.
- **Q3 2025 (reported 2025-11-05, accession 0000063908-25-000057):** Comparable sales +3.6% (broad-based across segments). Revenue $7,078M (+3%), operating income $3,357M (+5%), net income $2,278M (+1%), diluted EPS $3.18 (+2%; +$0.04 impact from $39M of restructuring charges). Global Systemwide sales over $36 billion for the quarter (+8%, +6% constant currency).
- **Q2 2025 (reported 2025-08-06, accession 0000063908-25-000036):** Comparable sales +3.8% across all segments. Revenue $6,843M (+5%), operating income $3,232M (+11%), net income $2,253M (+11%), diluted EPS $3.14 (+12%; $43M of restructuring charges).
- **Q1 2025 (reported 2025-05-01, accession 0000063908-25-000021):** Comparable sales -1.0% (largely a Leap Day comparison effect versus Q1 2024). Revenue decreased 3% to $5,956M, operating income -3%, net income roughly flat, diluted EPS $2.60 (-2%; $66M of restructuring charges). This was the weakest quarter in the window, framed by management as a difficult comparison rather than a change in underlying trend, and results recovered through the remainder of 2025.
- **Full year 2024 / Q4 2024 (reported 2025-02-10, accession 0000063908-25-000006):** Full-year revenue $25,920M (+2%), operating income $11,712M (+1%), net income $8,223M, diluted EPS $11.39 (-1%; results included $221M of restructuring charges and $70M of transaction/impairment costs tied to the prior-year South Korea business sale and Israel business acquisition). Global Systemwide sales exceeded $130 billion for the year. This filing establishes the year-ago comparison base for the FY2025 results above; no new capital or M&A actions were disclosed in this release itself.

Across the reporting window, restructuring charges tied to the "Accelerating the Organization" cost/efficiency initiative (first announced in January 2023) recur in every quarterly release as a modest, consistent drag on GAAP operating income and EPS (typically $0.04–$0.09 per share per quarter); management treats these as recurring items to be excluded from underlying trend analysis rather than one-time news.

## Capital markets activity

- **March 3, 2025 (accession 0000063908-25-000014):** Issued $600 million of 4.600% Medium-Term Notes due 2030 and $900 million of 4.950% Medium-Term Notes due 2035 under the company's existing medium-term notes shelf program (Form S-3, Registration No. 333-281501, dated August 12, 2024).
- **August 27, 2025 (accession 0000063908-25-000042):** Issued $550 million of 4.400% Medium-Term Notes due 2031 and $750 million of 5.000% Medium-Term Notes due 2036 under the same shelf program.
- **February 11, 2026 (accession 0000063908-26-000032):** Board declared a 5% increase in the quarterly cash dividend, to $1.86 per share, alongside the fourth-quarter/full-year 2025 results.

## Board and management changes

- **January 13, 2025 (accession 0000063908-25-000003):** Director John J. Mulligan notified the company of his decision to retire from the Board, effective as of the 2025 Annual Shareholders' Meeting; the filing states the retirement was not due to any disagreement with the company.
- **March 10, 2025 (accession 0000063908-25-000017):** The Board approved senior-management changes: Gillian (Jill) McDonald was appointed Executive Vice President – Global Chief Restaurant Experience Officer, separating from her prior role as EVP–President, International Operated Markets (IOM), effective on or about May 1, 2025. Manuel JM Steijaert, previously EVP–Global Chief Customer Officer, was appointed to replace her as EVP–President, IOM, effective the same date.
- **February 10, 2026 (accession 0000063908-26-000028):** The Board increased its size to 12 directors and elected James D. Farley, Jr. — President and CEO of Ford Motor Company — as a new independent director, effective February 4, 2026.
- **April 2, 2026 (accession 0000063908-26-000042, Amendment No. 1 to the February 10, 2026 Form 8-K):** The Board appointed Mr. Farley to its Audit & Finance Committee and Corporate Responsibility Committee, effective March 30, 2026.

## Not material / not carried forward

Annual shareholder meeting voting results (certified results filed following the May 2025 and May 2026 annual meetings) and the February 2025 disclosure of the annual Target Incentive Plan payout structure for named executive officers were procedural filings with no bearing on the investment case and are not detailed here.

## Items not reflected in filings to date

No 8-K in this window discloses any merger, acquisition, divestiture, restructuring beyond the recurring "Accelerating the Organization" program, impairment, going-concern issue, or covenant matter. The prior-year comparisons in the Q3 2025 and FY2024 releases reference the 2024 sale of the McDonald's business in South Korea and the 2024 acquisition of the McDonald's business in Israel, but both of those transactions closed before the start of this filing window (January 2025) and no new M&A activity has been disclosed since.