v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information
Segment Information
The Company operates under the following global organizational structure, which reflects how management reviews and evaluates operating performance:
•U.S. segment - the Company's largest market. The segment is 95% franchised as of March 31, 2026.
•International Operated Markets segment - comprised of markets, or countries in which the Company owns and operates and franchises restaurants, including Australia, Canada, France, Germany, Italy, Poland, Spain and the U.K. The segment is 89% franchised as of March 31, 2026.
•International Developmental Licensed Markets & Corporate - comprised primarily of developmental licensee and affiliate markets in the McDonald’s System, including equity method investments in China and Japan, as well as Corporate activities. The International Developmental Licensed Markets are 99% franchised as of March 31, 2026.
The Company's chief operating decision makers ("CODMs") are the President and Chief Executive Officer ("CEO") and the Executive Vice President and Global Chief Financial Officer ("CFO"). Segment performance is evaluated based on one measure of a segment's profit or loss, operating income, which is used to allocate resources in the annual planning process. Throughout the year, the CODMs consider forecast to actual operating income results and variances against plan to evaluate segment performance and priorities related to allocation of capital and resources supporting organizational objectives.
All intercompany revenues and expenses are eliminated in computing revenues and operating income. Corporate general and administrative expenses consist of corporate office support costs in areas such as facilities, finance, human resources, information technology, legal, marketing, restaurant operations, supply chain and training. Corporate assets include cash and equivalents, financial instruments, deferred tax assets and office facilities.
Quarters Ended
March 31,
In millions20262025
U.S.$2,583 $2,494 
International Operated Markets3,325 2,916 
International Developmental Licensed Markets & Corporate610 546 
Total Revenues$6,517 $5,956 
U.S.$323 $319 
International Operated Markets353 301 
International Developmental Licensed Markets & Corporate— — 
Total Franchised restaurants-occupancy expenses$676 $620 
U.S.$669 $645 
International Operated Markets1,255 1,123 
International Developmental Licensed Markets & Corporate107 91 
Total Company-operated restaurant expenses$2,032 $1,859 
U.S.$140 $143 
International Operated Markets187 161 
International Developmental Licensed Markets & Corporate431 378 
Total Selling, general, & administrative expenses$759 $682 
U.S.$71 $85 
International Operated Markets23 42 
International Developmental Licensed Markets & Corporate3 20 
Total Other segment items*$97 $147 
U.S.$1,380 $1,302 
International Operated Markets1,507 1,289 
International Developmental Licensed Markets & Corporate67 57 
Total Operating income$2,953 $2,648 
U.S.$274 $225 
International Operated Markets399 322 
International Developmental Licensed Markets & Corporate9 4 
Total Capital expenditures$682 $551 
U.S.$251 $241 
International Operated Markets213 182 
International Developmental Licensed Markets & Corporate102 98 
Total Depreciation & amortization**$566 $520 

In millionsMarch 31, 2026December 31, 2025
U.S.$22,992 $23,008 
International Operated Markets27,562 27,487 
International Developmental Licensed Markets & Corporate9,483 9,020 
Total Assets$60,037 $59,515 
*Other segment items is the difference between revenues less the significant expenses disclosed and operating income. This includes other restaurant expenses and other operating expenses included in the Other operating (income) expense, net line within the Condensed Consolidated Statement of Income.
**Total depreciation & amortization is included within the respective expense lines disclosed above, such as Company-operated restaurant expenses, Franchised restaurants-occupancy expenses, and Selling, general & administrative expenses.