v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information
Segment Information
The Company operates under the following global organizational structure, reflecting how management reviews and evaluates operating performance:
•U.S. segment - the Company's largest market. The segment is 95% franchised as of June 30, 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 June 30, 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 June 30, 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 and office facilities.
Quarters EndedSix Months Ended
  
June 30,June 30,
In millions2025202420252024
U.S.$2,781 $2,698 $5,276 $5,258 
International Operated Markets3,462 3,147 6,377 6,134 
International Developmental Licensed Markets & Corporate600 645 1,145 1,267 
Total Revenues$6,843 $6,490 $12,799 $12,659 
U.S.$325 $322 $643 $646 
International Operated Markets328 303 630 601 
International Developmental Licensed Markets & Corporate— 4 1 8 
Total Franchised restaurants-occupancy expenses$654 $629 $1,274 $1,256 
U.S.$694 $698 $1,339 $1,372 
International Operated Markets1,286 1,182 2,409 2,341 
International Developmental Licensed Markets & Corporate97 194 189 396 
Total Company-operated restaurant expenses$2,078 $2,074 $3,937 $4,109 
U.S.$149 $136 $292 $277 
International Operated Markets174 149 335 310 
International Developmental Licensed Markets & Corporate377 406 755 824 
Total Selling, general, & administrative expenses$700 $691 $1,383 $1,411 
U.S.$85 $29 $172 $56 
International Operated Markets38 20 80 25 
International Developmental Licensed Markets & Corporate55 126 74 147 
Total Other segment items*$178 $176 $325 $227 
U.S.$1,527 $1,511 $2,829 $2,907 
International Operated Markets1,635 1,493 2,924 2,858 
International Developmental Licensed Markets & Corporate70 (84)127 (109)
Total Operating income$3,232 $2,920 $5,880 $5,655 
U.S.$318 $267 $543 $477 
International Operated Markets418 343 739 654 
International Developmental Licensed Markets & Corporate9 18 13 43 
Total Capital expenditures$744 $628 $1,295 $1,174 
U.S.$252 $245 $493 $492 
International Operated Markets196 177 378 355 
International Developmental Licensed Markets & Corporate95 80 193 166 
Total Depreciation & amortization**$544 $502 $1,064 $1,012 

In millionsJune 30, 2025December 31, 2024
U.S.$22,652 $22,547 
International Operated Markets27,044 23,491 
International Developmental Licensed Markets & Corporate9,859 9,143 
Total Assets$59,555 $55,182 
*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.