McDonald's

Priorities remain: invest in growth (development, digital), then dividends, then buybacks. A new $15 billion repurchase authorization became effective in 2025, and the dividend was lifted 5% to $1.86 quarterly in Oct 2025, marking 49 consecutive annual increases. Share‑based comp is modest (~$172 million expense in 2024).

Management is accelerating openings toward 50,000 units by 2027, and has shown discipline by discontinuing the CosMc’s standalone test while porting successful beverage SKUs back into the core estate.

Risks: repurchases at elevated multiples, franchisee relations as fees and reinvestment asks rise, and development execution in higher‑wage jurisdictions.