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MCDONALDS CORP - Quarter Report: 2025 June (Form 10-Q)

 $ $ $ $()$ $()()$()$()Net income        Other comprehensive income (loss),
    net of tax    ()()    Comprehensive income          
Common stock cash dividends
    ($ per share)
 ()     ()Treasury stock purchases     ()()()Share-based compensation        Stock option exercises and other       Balance at June 30, 2025 $ $ $ $()$()$()()$()$()
See Notes to Condensed Consolidated Financial Statements.

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CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED)
For the quarter ended June 30, 2024
 Common stock
issued		 Accumulated other
comprehensive income (loss)		Common stock in
treasury		Total
shareholders’
equity (deficit)
Additional
paid-in
capital		Retained
earnings		PensionsCash flow
hedges		Foreign
currency
translation
In millions, except per share dataSharesAmountSharesAmount
Balance at March 31, 2024 $ $ $ $()$ $()()$()$()
Net income  
Other comprehensive income (loss),
    net of tax		    
Comprehensive income 
Common stock cash dividends
    ($ per share)
()()
Treasury stock purchases()()()
Share-based compensation  
Stock option exercises and other    
Balance at June 30, 2024 $ $ $ $()$ $()()$()$()

      )  ) )
 
   Six Months Ended June 30,20252024Inc/ (Dec)Inc/ (Dec)
Excluding
Currency
TranslationU.S.$ $(3)%(3)%International Operated Markets 2 2 International Developmental Licensed Markets & Corporate ()n/mn/mTotal$5,880 $5,6554 %4 %Operating margin45.9 %44.7 %April 1-30, 2025262,109 $308.86 262,109 $14,472,464,530 May 1-31, 2025577,352 316.54 577,352 14,289,711,770 June 1-30, 2025819,559 295.83 819,559 14,047,263,491 Total1,659,020 $305.09 1,659,020 
*    Subject to applicable law, the Company may repurchase shares directly in the open market, in privately negotiated transactions or pursuant to derivative instruments and plans complying with Rule 10b5-1 under the Exchange Act, among other types of transactions and arrangements.

(1)As disclosed on February 25, 2025 in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, the Company's Board of Directors approved a share repurchase program on November 21, 2024, effective January 1, 2025 with no specified expiration date, that authorized the purchase of up to $15.0 billion of the Company's outstanding common stock.

Item 5. Other Information
Rule 10b5-1 Trading Plans
In accordance with the disclosure requirement set forth in Item 408(a) of Regulation S-K, the following table discloses the officers (as defined in Rule 16a-1(f) under the Exchange Act) and directors who adopted a contract, instruction or written plan for the sale of the Company’s securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) during the quarter ended June 30, 2025. This trading plan was adopted during an open trading window.

Name / TitleType of PlanAdoption DateEnd DateAggregate Number of Securities to be SoldPlan Description
Manu Steijaert / EVP – President, IOMRule 10b5-1 trading planMay 27, 2025December 31, 202519,701Exercise and sale of stock options
Other than as disclosed above, no officer or director adopted, modified, or terminated a contract, instruction or written plan for the purchase or sale of the Company’s securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or a non-Rule 10b5-1 trading arrangement.
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Item 6. Exhibits
Exhibit No.
Description
(31.1)
Rule 13a-14(a) Certification of Chief Executive Officer.
(31.2)
Rule 13a-14(a) Certification of Chief Financial Officer.
(32.1)
Certification pursuant to 18 U.S.C. Section 1350 by the Chief Executive Officer, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(32.2)
Certification pursuant to 18 U.S.C. Section 1350 by the Chief Financial Officer, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(101.INS)
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
(101.SCH)
Inline XBRL Taxonomy Extension Schema Document.
(101.CAL)
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
(101.DEF)
Inline XBRL Taxonomy Extension Definition Linkbase Document.
(101.LAB)
Inline XBRL Taxonomy Extension Label Linkbase Document.
(101.PRE)
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
(104)
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
McDONALD’S CORPORATION
        (Registrant)
/s/ Ian F. Borden
Date:August 6, 2025Ian F. Borden
Executive Vice President and Global Chief Financial Officer

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