{"schemaVersion":1,"research":true,"symbol":"mcd","name":"Mcdonalds","topic":"moat","path":"/stock/mcd/moat","status":"published","version":4,"updatedAt":"2026-10-17T22:44:41.607Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"McDonald's has an evidenced brand and franchise-system advantage, reinforced by control of conventional franchise locations and contractual rent and royalty streams. Established products, substantial Systemwide sales and continued expansion support a current advantage. The passages do not establish exceptional durability, superior purchasing costs or strong consumer switching barriers. Pricing power is constrained by affordability competition and franchisee pricing autonomy; quantified price-versus-traffic outcomes are missing.","advantages":[{"mechanism":"intangible_assets","claim":"Established branded products and a standardized franchise operating system support a repeatable commercial offering. Ownership or long-term leasing of conventional franchise locations, franchisee investment and minimum rents reinforce the Company's ability to monetize that offering. These are complementary supports for the brand advantage, rather than proof of network effects or market exclusivity.","durability":"Existing branded products, restaurant infrastructure and franchise arrangements support persistence beyond a single reporting period. However, the supplied passages lack franchise renewal histories, contract durations and comparative market-share trends sufficient to establish a wide moat.","risks":"Intense competition on affordability, quality, service and location limits consumer dependence. Franchisee financial health and cooperation remain essential. Brand damage and unsuccessful technology investment could weaken demand. Proxy commentary raises affordability and food-safety concerns, but its attribution and supporting measurements are incomplete.","invalidation":"The assessment would fail if sustained declines in comparable restaurant demand and franchisee economics forced material royalty or rent concessions, widespread franchise departures or restaurant closures, or if branded products ceased to support repeat demand despite continued investment. Aggregate sales growth driven solely by new restaurants or price increases would not rebut such erosion.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8"],"counterEvidenceIds":["e9","e10","e11","e12","e13","e14"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Strategic Direction / Core menu and seventeen billion-dollar brands","excerpt":"•Commit to the Core menu by tapping into customer demand for the familiar and focusing on serving our iconic products that are beloved by customers around the world such as our World Famous Fries, Big Mac, Quarter Pounder and Chicken McNuggets, which are some of our seventeen unique billion-dollar brands."},{"id":"e2","sourceId":"filing-1","location":"2025 Financial Performance / Systemwide sales","excerpt":"•Systemwide sales increased 7% (5% in constant currencies) to $139.4 billion."},{"id":"e3","sourceId":"filing-2","location":"Business summary / Franchise brand standards","excerpt":"The business relationship between the Company and its independent franchisees is supported by adhering to standards and policies, including McDonald's Global Brand Standards, and is of fundamental importance to overall performance and to protecting the McDonald’s brand."},{"id":"e4","sourceId":"filing-2","location":"Business summary / Operating expertise and innovation sharing","excerpt":"One of the strengths of the franchising model is that the expertise from Company-owned and operated restaurants allows McDonald's to improve the operations and success of all restaurants, and allows innovations from franchisees to be tested and, when viable, efficiently implemented across relevant restaurants."},{"id":"e5","sourceId":"filing-2","location":"Conventional Franchise / Property control and franchisee investment","excerpt":"Conventional Franchise Under a conventional franchise arrangement, the Company generally owns or secures a long-term lease on the land and building for the restaurant location and the franchisee pays for equipment, signs, seating and décor."},{"id":"e6","sourceId":"filing-2","location":"Conventional Franchise / Rent, royalties and minimum rent payments","excerpt":"Conventional franchisees contribute to the Company's revenue, primarily through the payment of rent and royalties based upon a percent of sales, with specified minimum rent payments, along with initial fees paid upon the opening of a new restaurant or grant of a new franchise."},{"id":"e7","sourceId":"filing-1","location":"Restaurant Development and Capital Expenditures / Openings and closures","excerpt":"McDonald's Corporation 2025 Annual Report 19 RESTAURANT DEVELOPMENT AND CAPITAL EXPENDITURES In 2025, the Company opened 2,276 restaurants and closed 396 restaurants."},{"id":"e8","sourceId":"filing-2","location":"Condensed Consolidated Statement of Income / First-half 2026 results","excerpt":"3 Table of Contents CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) Quarters Ended Six Months Ended June 30, June 30, In millions, except per share data 2026 2025 2026 2025 Revenues Revenues from franchised restaurants $ 4,393 $ 4,213 $ 8,399 $ 7,874 Sales by Company-owned and operated restaurants 2,525 2,458 4,842 4,590 Other revenues 182 172 375 334 Total revenues 7,099 6,843 13,616 12,799 Operating costs and expenses Franchised restaurants-occupancy expenses 680 654 1,356 1,274 Company-owned and operated restaurant expenses 2,138 2,078 4,170 3,937 Other restaurant expenses 163 149 329 289 Selling, general & administrative expenses Depreciation and amortization 111 106 222 213 Other 706 595 1,354 1,170 Other operating (income) expense, net (37) 29 (106) 36 Total operating costs and expenses 3,760 3,611 7,324 6,918 Operating income 3,338 3,232 6,292 5,880 Interest expense 409 390 809 766 Nonoperating (income) expense, net (6) (18) 5 (76) Income before provision for income taxes 2,936 2,861 5,478 5,190 Provision for income taxes 574 608 1,133 1,069 Net income $ 2,362 $ 2,253 $ 4,345 $ 4,121 Earnings per common share-basic $ 3.33 $ 3.15 $ 6.12 $ 5.77 Earnings per common share-diluted $ 3.32 $ 3.14 $ 6.10 $ 5.74 Dividends declared per common share $ 1.86 $ 1.77 $ 3.72 $ 3.54 Weighted-average shares outstanding-basic 709.1 714.5 709.9 714.7 Weighted-average shares outstanding-diluted 711.1 717.6 712.3 717.9 See Notes to Condensed Consolidated Financial Statements."},{"id":"e9","sourceId":"filing-2","location":"Risk factors / Traditional and non-traditional competition","excerpt":"We also face sustained, intense competition from traditional, fast casual and other competitors, which may include many non-traditional market participants such as convenience stores, grocery stores, coffee shops and online retailers."},{"id":"e10","sourceId":"filing-2","location":"Risk factors / Bases of competition","excerpt":"We compete primarily on the basis of product choice, quality, affordability, service and location."},{"id":"e11","sourceId":"filing-2","location":"Risk factors / Dependence on franchisee success and cooperation","excerpt":"Our success as a heavily franchised business relies to a large degree on the financial success and cooperation of our franchisees, including our developmental licensees and affiliates."},{"id":"e12","sourceId":"filing-3","location":"Proxy proposal discussion preceding Board opposition / Customer price and portion concerns","excerpt":"Many customers feel that prices have risen while portions have shrunk, making fast food feel like a \"bad deal.\""},{"id":"e13","sourceId":"filing-3","location":"Proxy proposal discussion preceding Board opposition / Higher menu prices and competitive positioning","excerpt":"Inflation remains a significant headwind, as higher menu prices have narrowed the gap between fast food and fast-casual dining options, increasing competition."},{"id":"e14","sourceId":"filing-3","location":"Proxy proposal discussion preceding Board opposition / Food-safety event and asserted visit impact","excerpt":"The E.coli outbreak from the Quarter Pounder, which led to a temporary menu removal and a decline in visits, continues to have a lingering negative impact on sales."},{"id":"e15","sourceId":"filing-3","location":"Chairman and CEO letter / Loyalty-app visit-frequency claim and future user goal","excerpt":"And through our McDonald’s loyalty app, we drove increased visit frequency – putting us well on our way to our goal of 250 million users by the end of 2027 and opening the door to new, more personalized ways to engage with our fans."},{"id":"e16","sourceId":"filing-2","location":"Business summary / Franchisee marketing and pricing autonomy","excerpt":"Franchising enables an individual to be their own employer and maintain control over all employment related matters, marketing and pricing decisions, while also benefiting from the strength of McDonald's global brand, operating system and financial resources."},{"id":"e17","sourceId":"filing-2","location":"Operating Income / First-half operating results and operating margin","excerpt":"$ 2,953 $ 2,829 4 % 4 % International Operated Markets 3,230 2,924 10 4 International Developmental Licensed Markets & Corporate 109 127 (14) (33) Total $ 6,292 $ 5,880 7 % 4 % Operating margin 46.2 % 45.9 % •Operating income increased $106 million, or 3% (2% in constant currencies), for the quarter and $411 million, or 7% (4% in constant currencies), for the six months."},{"id":"e18","sourceId":"filing-2","location":"Condensed Consolidated Statement of Cash Flows / Capital expenditure, distributions and financing","excerpt":"5 Table of Contents CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) Quarters Ended Six Months Ended June 30, June 30, In millions 2026 2025 2026 2025 Operating activities Net income $ 2,362 $ 2,253 $ 4,345 $ 4,121 Adjustments to reconcile to cash provided by operations Charges and credits: Depreciation and amortization 565 544 1,131 1,064 Deferred income taxes (58) (41) 5 (84) Share-based compensation 39 44 99 89 Other (51) (71) (143) (144) Changes in working capital items (50) (731) (215) (620) Cash provided by operations 2,807 1,998 5,222 4,426 Investing activities Capital expenditures (831) (744) (1,516) (1,295) Purchases of restaurant businesses (74) (56) (153) (131) Sales of restaurant businesses 137 34 209 83 Sales of property 21 11 56 16 Other (121) (114) (244) (314) Cash used for investing activities (868) (869) (1,648) (1,641) Financing activities Net short-term borrowings (repayments) 492 597 (299) (195) Long-term financing issuances — 1,403 1,159 2,901 Long-term financing repayments (580) (700) (581) (1,393) Treasury stock purchases (856) (505) (1,251) (982) Common stock dividends (1,317) (1,265) (2,640) (2,530) Proceeds from stock option exercises 14 41 142 188 Other (140) (126) (142) (87) Cash used for financing activities (2,387) (555) (3,612) (2,098) Effect of exchange rates on cash and cash equivalents 99 65 85 104 Cash and equivalents increase (decrease) (348) 638 48 791 Cash and equivalents at beginning of period 1,170 1,238 774 1,085 Cash and equivalents at end of period $ 822 $ 1,876 $ 822 $ 1,876 See Notes to Condensed Consolidated Financial Statements."},{"id":"e19","sourceId":"filing-2","location":"Condensed Consolidated Balance Sheet / Cash, debt and lease liabilities","excerpt":"Financial Statements CONDENSED CONSOLIDATED BALANCE SHEET (unaudited) In millions, except per share data June 30, 2026 December 31, 2025 Assets Current assets Cash and equivalents $ 822 $ 774 Accounts and notes receivable 2,485 2,466 Inventories, at cost, not in excess of market 58 61 Prepaid expenses and other current assets 980 863 Total current assets 4,345 4,163 Other assets Investments in affiliates 2,896 2,820 Goodwill 3,347 3,354 Miscellaneous 6,393 6,331 Total other assets 12,637 12,505 Lease right-of-use asset, net 14,459 14,606 Property and equipment Property and equipment, at cost 49,943 49,290 Accumulated depreciation and amortization (21,464) (21,049) Net property and equipment 28,479 28,241 Total assets $ 59,920 $ 59,515 Liabilities and shareholders’ equity (deficit) Current liabilities Accounts payable $ 1,114 $ 1,149 Lease liability 690 694 Income taxes 327 250 Other taxes 261 247 Accrued interest 428 533 Accrued payroll and other liabilities 1,198 1,488 Total current liabilities 4,018 4,361 Long-term debt 39,863 39,973 Long-term lease liability 14,039 14,147 Long-term income taxes 176 139 Deferred revenues - initial franchise fees 946 945 Other long-term liabilities 677 704 Deferred income taxes 1,222 1,038 Shareholders’ equity (deficit) Preferred stock, no par value; authorized – 165.0 million shares; issued – none — — Common stock, $0.01 par value; authorized – 3.5 billion shares; issued – 1,660.6 million shares 17 17 Additional paid-in capital 9,841 9,641 Retained earnings 71,987 70,282 Accumulated other comprehensive income (loss) (2,340) (2,414) Common stock in treasury, at cost; 953.0 and 950.0 million shares (80,527) (79,316) Total shareholders’ equity (deficit) (1,023) (1,791) Total liabilities and shareholders’ equity (deficit) $ 59,920 $ 59,515 See Notes to Condensed Consolidated Financial Statements."},{"id":"e20","sourceId":"filing-3","location":"Executive compensation / Realized three-year EPS growth and ROIC","excerpt":"Targets Threshold Target Maximum Actual Three-Year Compound Annual EPS growth (Weighting 75%) 0.0% 9.0% 13.0% 6.0% Three-Year Average of Annualized ROIC (Weighting 25%) 16.0% 20.0% 24.0% 22.4% Stock Options The remaining 50% of the target annual long-term incentive award values for our NEOs were granted in the form of options."},{"id":"e21","sourceId":"filing-3","location":"Pay-for-performance discussion / Below-target results and actual STIP payout factor","excerpt":"Commitment to Our Pay-for-Performance Philosophy The Company’s 2025 operating income and Systemwide sales results were below target, resulting in a Corporate STIP payout factor for NEOs of 76.4%."},{"id":"e22","sourceId":"filing-3","location":"Pay-for-performance discussion / Awards vested in early 2026 and actual payout factor","excerpt":"Related to the PRSUs awarded to our executives that vested in early 2026, ROIC performance finished above target, while annual EPS growth and relative TSR finished below target and below median, respectively, resulting in a 82.2% payout factor."},{"id":"e23","sourceId":"filing-3","location":"Ownership policies / Senior-officer stock ownership and retention requirements","excerpt":"In addition, our Stock Ownership and Retention Policy imposes requirements on senior officers, as discussed under “Policy Regarding Management’s Stock Ownership” on page 63."},{"id":"e24","sourceId":"filing-3","location":"Ownership policies / Director and officer hedging and pledging prohibition","excerpt":"Directors and officers are prohibited from entering into hedging or pledging arrangements with respect to our common stock."},{"id":"e25","sourceId":"filing-3","location":"Security Ownership of Management / Aggregate ownership","excerpt":"Directors and executive officers as a group owned (directly, indirectly and through benefit plans) less than 1% of our common stock."},{"id":"e26","sourceId":"filing-3","location":"Board and Governance Practices / Independence and shareholder rights","excerpt":"2026 Proxy Statement 7 BOARD & GOVERNANCE PRACTICES Our Board’s commitment to strong corporate governance is highlighted by the following practices: § All Director nominees except the CEO are independent § All standing Committees are independent (except Executive Committee, chaired by our CEO) § Regular executive sessions of independent Directors § Annual election of all Directors § Majority voting standard for uncontested Director elections § Ongoing Board assessment and refreshment led by our Governance Committee § Tenure limitation for non-management directors § Regular succession planning at the CEO and executive management levels and effective leadership transitions, as appropriate § No supermajority voting provisions § No “poison pill” (shareholder rights plan) § Board access to independent advisors § Meaningful limitations on Directors’ service on other boards § Proxy access for Director candidates nominated by shareholders reflecting standard market practices § Annual Board self-evaluation § Ability for shareholders to call special meetings § Robust Director stock ownership requirements § No Director hedging/pledging of Company stock § Public disclosure of corporate political contributions and certain trade association memberships § Significant shareholder outreach and engagement program Governance Highlights Shareholder Engagement We understand the importance of engaging with our shareholders and are committed to regularly discussing their perspectives on significant issues."},{"id":"e27","sourceId":"filing-3","location":"Board leadership / Combined Chairman and CEO role and independent oversight","excerpt":"The Board affirmed that Mr. Kempczinski remains best suited to serve as the Board’s Chairman in light of the Board’s current structure, where all but one Director is independent; all of the committees (except the Executive) are comprised of independent Directors; and the Board has robust independent oversight."},{"id":"e28","sourceId":"filing-1","location":"Independent auditor report / Effective internal control over financial reporting","excerpt":"In our opinion, McDonald’s Corporation (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria."},{"id":"e29","sourceId":"filing-3","location":"Appendix A / Incentive-performance adjustments","excerpt":"and Canada may call toll-free: (877) 717-3926 Shareholders from other countries: (412) 232-3651 Banks and Brokers may call collect: (212) 750-5833 © 2026 McDonald’s 96 2026 Proxy Statement Appendix A Adjustments to Reported Results For purposes of the 2025 incentive programs, operating income and EPS results have been adjusted to exclude foreign currency translation (either positive or negative) and restructuring costs incurred in connection with the continued organizational transformational efforts in support of the Accelerating the Arches growth strategy."},{"id":"e30","sourceId":"filing-1","location":"2025 Financial Performance / Free cash flow and stated increase","excerpt":"•Free cash flow was $7.2 billion, an 8% increase from the prior year."},{"id":"e31","sourceId":"filing-1","location":"Cash Flows / Free cash flow and conflicting stated decrease","excerpt":"Free cash flow was $7.2 billion in 2025, a decrease of $510 million or 8%."},{"id":"e32","sourceId":"filing-2","location":"Risk factors / Historical supply-chain interruption and price impacts","excerpt":"Supply chain interruptions and related price increases have in the past and may in the future adversely affect us as well as our suppliers and franchisees, whose performance may have a significant impact on our results."},{"id":"e33","sourceId":"filing-2","location":"Risk factors / Digital and loyalty investment and uncertain returns","excerpt":"As part of these investments, we are continuing to place emphasis on improving our service model and strengthening relationships with customers, in part through digital channels and loyalty initiatives, mobile ordering and payment systems, and enhancing our drive thru technologies, which efforts may not generate expected results."},{"id":"e34","sourceId":"filing-1","location":"Operating margin discussion / Effect of restaurant ownership structure","excerpt":"The contributions to operating margin differ by segment due to each segment's ownership structure, primarily due to the relative percentage of franchised versus Company-owned and operated restaurants."}],"changes":["No comparable previous version; previous accepted analysis is null."],"limitations":["Assessment uses only supplied passages. Source dates are filing dates: February 24, 2026, August 7, 2026, and April 7, 2026; they are not retrieval dates.","Competition disclosures identify categories rather than named restaurant rivals. Companies mentioned in executive biographies, board biographies or compensation-peer discussions do not establish product-market competitor coverage.","Brand, operational-sharing and loyalty benefits are substantially issuer assertions. Reported operating results and disclosed contractual arrangements support a current advantage, but do not establish exceptional comparative durability.","No quantified menu-price realization, transaction trends, price elasticity, franchise renewal rates or consumer retention rates are supplied. Aggregate sales and revenue growth cannot separate pricing, traffic, currency and restaurant expansion.","Passages q432–q435 occur in proxy proposal discussion before the Board's opposition. Their precise speaker attribution and underlying support are absent from the supplied extracts; they are treated as qualified contrary commentary, not verified company operating measurements.","The catalog contradicts itself on 2025 free cash flow growth: q30 states an 8% increase, while q62 states an 8% decrease. Both report $7.2 billion; the directional claim is not relied upon.","Ownership and compensation disclosures are present, but ownership-table totals include vested executive options and must not be treated entirely as directly held shares. The passages do not establish subsequent shareholder voting outcomes.","No demonstrated network effects, comparative unit-cost advantage, exclusive local market economics or quantified franchise exit barriers are established. Planned consumer and restaurant platforms remain potential improvements."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Established billion-dollar product brands, Systemwide sales and a franchise structure supported by property control and minimum rent demonstrate a current commercial advantage. Comparative brand premiums and cost superiority are not established.","evidenceIds":["e1","e2","e3","e5","e6"]},{"criterion":"durability","grade":2,"rationale":"Existing property commitments, franchisee investment and standardized operations support persistence. Contract lengths, renewal histories and long-run competitive share are missing, while competition remains broad.","evidenceIds":["e3","e5","e6","e9","e10"]},{"criterion":"customer_dependency","grade":2,"rationale":"Franchisees depend on the branded operating system and invest in restaurant assets. Consumer dependence is weaker: repeat engagement is supported by management's loyalty claim and indirect sales evidence, without measured switching friction or retention.","evidenceIds":["e2","e5","e15","e16"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Expansion and continued revenue and operating-income growth show resilience. Below-target 2025 performance, historical supply-chain impacts and dependence on franchisee cooperation temper the result; generic future risks are not treated as realized losses.","evidenceIds":["e7","e8","e11","e17","e21","e32"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"The supplied proxy commentary describes higher menu prices alongside weaker perceived value and a narrower price gap with fast-casual alternatives, suggesting fragile pricing acceptance. Attribution and quantified price-versus-volume results are missing, so this low grade rests on qualified narrative evidence rather than measured elasticity.","evidenceIds":["e12","e13","e10"]},{"criterion":"retention","grade":2,"rationale":"Management reports increased loyalty-app visit frequency, and Systemwide sales and franchised revenue provide indirect evidence of continuing demand. No retention rate is inferred; expansion and pricing can also drive growth, and contrary proxy commentary alleges lost visits.","evidenceIds":["e15","e2","e8","e14"]},{"criterion":"margin_resilience","grade":3,"rationale":"First-half 2026 operating margin increased to 46.2% from 45.9%, with operating-income growth also positive in constant currencies. This demonstrates recent corporate profit resilience, but franchise ownership mix affects margins and does not prove menu-price pass-through or franchisee profitability.","evidenceIds":["e17","e8","e34"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Conventional franchise contracts provide percentage-of-sales royalties and specified minimum rents. Franchisees retain menu-pricing decisions, and the passages do not establish unilateral freedom for the Company to reset existing royalty or rent terms.","evidenceIds":["e6","e16"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half operating cash flow of $5.222 billion funded $1.516 billion of capital expenditure, while disclosed three-year average ROIC was 22.4%. Dividends and repurchases totaled $3.891 billion, exceeding operating cash flow less capital expenditure; substantial debt and lease obligations temper the evidence of discipline. The supplied ROIC methodology is incomplete.","evidenceIds":["e18","e19","e20"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual below-target short-term payouts and early-2026 vested performance-award payouts demonstrate that compensation varied with results. Ownership requirements and hedging restrictions reinforce alignment. Aggregate insider ownership is below 1%, and incentive adjustments exclude restructuring costs, limiting an exceptional assessment.","evidenceIds":["e21","e22","e23","e24","e25","e29"]},{"criterion":"execution","grade":2,"rationale":"Restaurant openings, Systemwide sales growth and first-half 2026 income and cash generation demonstrate delivery through indirect operating evidence. However, 2025 operating income and Systemwide sales missed incentive targets, three-year EPS growth missed target, and future platform benefits remain unproven.","evidenceIds":["e7","e2","e8","e18","e20","e21","e33"]},{"criterion":"governance","grade":3,"rationale":"Disclosed independent oversight, annual elections, majority voting, proxy access and special-meeting rights provide strong governance structures. The auditor's effective-controls opinion supports financial oversight. The combined Chairman and CEO role limits separation of authority; these disclosures establish practices, not exceptional governance outcomes.","evidenceIds":["e26","e27","e28"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"9d26272f5e6ed64c7914f4e3052a81616fdfa110a37eaf64960f0248cce51b85","updatedAt":"2026-10-17T22:44:41.607Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/63908/000006390826000035/mcd-20251231.htm","publishedAt":"2026-02-24","sha256":"f9f5f4a18de9ae4b5a0e2c5ba48b0da4890235e1185db506667cb9723628afd8","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/63908/000006390826000073/mcd-20260630.htm","publishedAt":"2026-08-07","sha256":"39333d4a09702a3b784bf459d78d324f3fb5d54fc66ebb5a676eebeea895fafb","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/63908/000119312526145548/mcd-20260407.htm","publishedAt":"2026-04-07","sha256":"42ce8d834a894831d914cd813c32dd115f2579b7828d136b986cafded9b2af92","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:94b8300ba6f7acb91f981efe1bb131bfb28b841d8b5613a588496e72a71066ea","usage":{"input_tokens":52320,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3923,"reasoning_output_tokens":208},"basisSupplement":{"previousHash":"94a2b5ed88fe0c136d0260452f34bdaa8fb20b04ba4ab721becf8d9a0fd7776e","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":44.59391376615323,"roic":32.62399911415905,"fcf_margin":30.57972949114882,"sbc_revenue":0.5994083426273203},"issues":{"pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":40.42255829803387,"roic":27.587797658019582,"fcf_margin":23.67077031911865,"sbc_revenue":0.7190737880996955},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":45.68462012183402,"roic":32.67540420789278,"fcf_margin":28.45604992606016,"sbc_revenue":0.687228609421151},"issues":{"pe":"Diluted share count is unavailable in the extracted statements for this period.","peg":"Two complete TTM earnings bases and their diluted share counts are required for year-over-year growth.","ps":"Diluted share count is unavailable in the extracted statements for this period.","pfcf":"Diluted share count is unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","pocf":"Diluted share count is unavailable in the extracted statements for this period.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","fcf_yield":"Diluted share count is unavailable in the extracted statements for this 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statements for this period.","dilution":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":45.18518518518518,"roic":29.278422488813842,"fcf_margin":25.74074074074074,"sbc_revenue":0.6635802469135803},"issues":{"pe":"Diluted share count is unavailable in the extracted statements for this period.","peg":"Two complete TTM earnings bases and their diluted share counts are required for year-over-year growth.","ps":"Diluted share count is unavailable in the extracted statements for this period.","pfcf":"Diluted share count is unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","pocf":"Diluted share count is unavailable in the extracted statements for this period.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","fcf_yield":"Diluted share count is unavailable in the extracted statements for this period.","earnings_yield":"Diluted share count is unavailable in the extracted statements for this period.","ev_sales":"Diluted share count is unavailable in the extracted statements for this period.","ev_ebitda":"Diluted share count is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined.","diluted_shares":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","basic_shares":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","dilution":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":46.09633624697787,"roic":26.875044949226666,"fcf_margin":26.728659103589365,"sbc_revenue":0.6137251255346847},"issues":{"pe":"Diluted share count is unavailable in the extracted statements for this period.","peg":"Two complete TTM earnings bases and their diluted share counts are required for year-over-year growth.","ps":"Diluted share count is unavailable in the extracted statements for this period.","pfcf":"Diluted share count is unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","pocf":"Diluted share count is unavailable in the extracted statements for this period.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","fcf_yield":"Diluted share count is unavailable in the extracted statements for this period.","earnings_yield":"Diluted share count is unavailable in the extracted statements for this period.","ev_sales":"Diluted share count is unavailable in the extracted statements for this period.","ev_ebitda":"Diluted share count is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined.","diluted_shares":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","basic_shares":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","dilution":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/63908/000006390826000035/mcd-20251231.htm","publishedAt":"2026-02-24","sha256":"f9f5f4a18de9ae4b5a0e2c5ba48b0da4890235e1185db506667cb9723628afd8","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/63908/000006390826000073/mcd-20260630.htm","publishedAt":"2026-08-07","sha256":"39333d4a09702a3b784bf459d78d324f3fb5d54fc66ebb5a676eebeea895fafb","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/63908/000119312526145548/mcd-20260407.htm","publishedAt":"2026-04-07","sha256":"42ce8d834a894831d914cd813c32dd115f2579b7828d136b986cafded9b2af92","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}