MCDONALDS CORPMCD
MCDONALDS CORP Segments Disclosure
| Segment and Geographic 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 December 31, 2025.
•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 December 31, 2025.
•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 December 31, 2025.
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 corporate cash and equivalents, financial instruments, deferred tax assets and office facilities.
| In millions | 2025 | 2024 | 2023 | |||||||||||||||||
| U.S. | $ | 10,825 | $ | 10,631 | $ | 10,568 | ||||||||||||||
| International Operated Markets | 13,633 | 12,628 | 12,382 | |||||||||||||||||
| International Developmental Licensed Markets & Corporate | 2,427 | 2,661 | 2,543 | |||||||||||||||||
| Total Revenues | $ | 26,885 | $ | 25,920 | $ | 25,494 | ||||||||||||||
| U.S. | $ | 1,293 | $ | 1,294 | $ | 1,286 | ||||||||||||||
| International Operated Markets | 1,324 | 1,231 | 1,170 | |||||||||||||||||
| International Developmental Licensed Markets & Corporate | 1 | 11 | 19 | |||||||||||||||||
| Total Franchised restaurants-occupancy expenses | $ | 2,618 | $ | 2,536 | $ | 2,475 | ||||||||||||||
| U.S. | $ | 2,755 | $ | 2,780 | $ | 2,732 | ||||||||||||||
| International Operated Markets | 5,101 | 4,765 | 4,707 | |||||||||||||||||
| International Developmental Licensed Markets & Corporate | 413 | 790 | 785 | |||||||||||||||||
| Total Company-operated restaurant expenses | $ | 8,268 | $ | 8,334 | $ | 8,224 | ||||||||||||||
| U.S. | $ | 653 | $ | 654 | $ | 661 | ||||||||||||||
| International Operated Markets | 705 | 631 | 635 | |||||||||||||||||
| International Developmental Licensed Markets & Corporate | 1,682 | 1,573 | 1,521 | |||||||||||||||||
| Total Selling, general & administrative expenses | $ | 3,039 | $ | 2,858 | $ | 2,817 | ||||||||||||||
| U.S. | $ | 316 | $ | 170 | $ | 195 | ||||||||||||||
| International Operated Markets | 122 | 55 | 39 | |||||||||||||||||
| International Developmental Licensed Markets & Corporate | 128 | 254 | 97 | |||||||||||||||||
| Total Other segment items* | $ | 566 | $ | 480 | $ | 331 | ||||||||||||||
| U.S. | $ | 5,808 | $ | 5,733 | $ | 5,694 | ||||||||||||||
| International Operated Markets | 6,382 | 5,946 | 5,831 | |||||||||||||||||
| International Developmental Licensed Markets & Corporate | 203 | 33 | 121 | |||||||||||||||||
| Total Operating income | $ | 12,393 | $ | 11,712 | $ | 11,647 | ||||||||||||||
| U.S. | $ | 23,008 | $ | 22,547 | $ | 22,477 | ||||||||||||||
| International Operated Markets | 27,487 | 23,491 | 23,947 | |||||||||||||||||
| International Developmental Licensed Markets & Corporate | 9,020 | 9,143 | 9,723 | |||||||||||||||||
| Total Assets | $ | 59,515 | $ | 55,182 | $ | 56,147 | ||||||||||||||
| U.S. | $ | 1,277 | $ | 1,055 | $ | 963 | ||||||||||||||
| International Operated Markets | 2,048 | 1,661 | 1,340 | |||||||||||||||||
| International Developmental Licensed Markets & Corporate | 40 | 58 | 54 | |||||||||||||||||
| Total Capital expenditures | $ | 3,365 | $ | 2,775 | $ | 2,357 | ||||||||||||||
| U.S. | $ | 995 | $ | 980 | $ | 969 | ||||||||||||||
| International Operated Markets | 789 | 730 | 679 | |||||||||||||||||
| International Developmental Licensed Markets & Corporate | 415 | 387 | 330 | |||||||||||||||||
| Total Depreciation & amortization** | $ | 2,199 | $ | 2,097 | $ | 1,978 | ||||||||||||||
**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.
Total long-lived assets, primarily property and equipment and lease right-of-use asset, were (in billions)–Consolidated: 2025–$44.0; 2024–$39.6; U.S. based: 2025–$20.8; 2024–$20.2.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 25, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.