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A large share of revenue comes from sales-linked royalties and rent paid by franchisees, so it runs on the clock of consumer spending and real estate. AI adoption such as drive-thru voice ordering is an early-stage operational efficiency tool and sits apart from the semiconductor AI chain.","segments":{"fy":2025,"parts":[{"desc":"매출 연동 로열티(약 4%)·임대료·초기 수수료. 약 95% 매장이 가맹, $16.5B(FY2025)","name":"가맹점 매출"},{"desc":"회사 직영 매장의 식음료 판매, $9.7B(FY2025)","name":"직영 매장 매출"},{"desc":"라이선스·기타 수익 $0.6B(FY2025)","name":"기타"}],"total":"$26.9B (2025 연결 매출, +4%; 시스템와이드 매출 $139B, +7%)","source":"https://www.sec.gov/Archives/edgar/data/63908/000006390826000035/mcd-20251231.htm","concentration":"말단 소비자(외식 지출)에 연동. 매장 약 45,356개·약 95% 가맹, 부지·건물 상당수를 본사가 보유하는 부동산 모델"},"segments_en":{"fy":2025,"parts":[{"desc":"Sales-linked royalties (about 4%), rent and initial fees; about 95% of restaurants are franchised, $16.5B (FY2025)","name":"Franchised revenues"},{"desc":"Food and beverage sales at company-run restaurants, $9.7B (FY2025)","name":"Company-operated sales"},{"desc":"Licensing and other revenue, $0.6B (FY2025)","name":"Other"}],"total":"$26.9B (FY2025 consolidated revenue, +4%; systemwide sales $139B, +7%)","source":"https://www.sec.gov/Archives/edgar/data/63908/000006390826000035/mcd-20251231.htm","concentration":"Tied to end consumers (dining spend). 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Connectivity","name_en":"TE Connectivity","tier":3,"returns_yearly":{"2021":35.1,"2022":-27.7,"2023":24.6,"2024":3.5,"2025":61.1,"2026":-11.3}},{"slug":"recursion","name":"Recursion Pharmaceuticals","name_en":"Recursion Pharmaceuticals","tier":3,"returns_yearly":{"2022":-55,"2023":27.9,"2024":-31.4,"2025":-39.5,"2026":-13}},{"slug":"d-wave","name":"D-Wave Quantum","name_en":"D-Wave Quantum","tier":3,"returns_yearly":{"2022":-85.3,"2023":-38.9,"2024":854.5,"2025":211.3,"2026":-23.2}},{"slug":"rigetti","name":"Rigetti Computing","name_en":"Rigetti Computing","tier":3,"returns_yearly":{"2022":-92.9,"2023":35.1,"2024":1449.2,"2025":45.2,"2026":-25.3}},{"slug":"byd-electronics","name":"BYD일렉트로닉스","name_en":"BYD Electronics","tier":3,"returns_yearly":{"2021":-56.1,"2022":16,"2023":-0.4,"2024":60.6,"2025":-19.4,"2026":-34.4}},{"slug":"ubtech","name":"UBTech","name_en":"UBTech Robotics","tier":3,"returns_yearly":{"2024":-21.6,"2025":95.4,"2026":-39.2}},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null},{"slug":"jsr","name":"JSR","name_en":"JSR Corporation","tier":3,"returns_yearly":null},{"slug":"shinko","name":"신코덴키","name_en":"Shinko Electric Industries","tier":3,"returns_yearly":null}],"analysis":"전 세계 4.5만여 매장의 약 95%를 가맹으로 돌리는 프랜차이즈·부동산 모델이라, 매출의 큰 몫이 매출연동 로열티(약 4%)와 임대료에서 나온다 — 실적이 소비 지출과 부동산 임대의 시계로 도는 구조다. FY2025 연결매출 $26.9B(+4%)·시스템와이드 $139B(+7%)는 외식 지출의 대리지표로 경기·물가에 민감하다. 구글클라우드와의 드라이브스루 음성주문(ArchIQ) 같은 AI 도입은 인건비 절감·주문정확도 개선을 노리는 초기 원가성 실험으로, 반도체 AI 수요 사슬과는 거리가 있다. 관전 포인트는 소비 둔화 국면에서의 가맹 로열티 방어력과 직영 매장 원가(식자재·인건비·임차) 압력이다.","analysis_en":"A franchise-and-real-estate model that runs about 95% of its 45,000-plus restaurants through franchisees, so a large share of revenue comes from sales-linked royalties (about 4%) and rent — results run on the clock of consumer spending and property rent. FY2025 consolidated revenue of $26.9B (+4%) and systemwide sales of $139B (+7%) make it a proxy for dining spend, sensitive to the economy and prices. AI adoption such as Google Cloud-based drive-thru voice ordering (ArchIQ) is an early, cost-side experiment aimed at cutting labor and improving order accuracy, and sits apart from the semiconductor AI demand chain. The watch points are the resilience of franchise royalties in a spending slowdown and cost pressure (food, payroll, occupancy) at company-operated stores.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"가맹점 (프랜차이지)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-12-31","basis":"가맹 수익(임대료·로열티 중심)","value":16548000000,"period":"FY2025","basis_en":"franchised revenues (mainly rent and royalties)"},"note":"가맹점에서 매출 연동 로열티(약 4%)와 임대료, 초기 수수료를 받는다. 약 95% 매장이 가맹이라 매출이 소비 지출과 부동산 임대의 시계로 돈다. FY2025 가맹 수익 $16.5B.","note_en":"Collects sales-linked royalties (about 4%), rent and initial fees from franchisees. With about 95% of restaurants franchised, revenue runs on the clock of consumer spending and property rent. FY2025 franchised revenues were $16.5B.","sources":[{"stance":"mentions","publisher":"KeyBanc·consensus (via MarketBeat)","publisher_en":"KeyBanc·consensus (via MarketBeat)","kind":"research","lang":"en","published_at":"2026-06-29","url":"https://www.marketbeat.com/stocks/NYSE/MCD/forecast/","title":"맥도날드 애널리스트 컨센서스 매수·목표가 ~$347","title_en":"McDonald's analyst consensus Buy, target ~$347 (KeyBanc Overweight)","excerpt":"Analyst consensus Buy, average target ~$347 (KeyBanc Overweight); thesis on defensive consumer, franchise royalty and real-estate model.","excerpt_en":"Analyst consensus Buy, average target ~$347 (KeyBanc Overweight); thesis on defensive consumer, franchise royalty and real-estate model."},{"stance":"confirms","publisher":"McDonald's (SEC EDGAR)","publisher_en":"McDonald's (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-24","url":"https://www.sec.gov/Archives/edgar/data/63908/000006390826000035/mcd-20251231.htm","title":"맥도날드 10-K (FY2025)","title_en":"McDonald's Form 10-K (FY2025)","excerpt":"10-K는 재래식 가맹점 수익이 매출 대비 비율의 로열티와 최소 임대료를 포함한 임대료, 초기 수수료로 구성되며 매장의 약 95%가 가맹이라고 밝힌다.","excerpt_en":"The 10-K states conventional franchised revenues consist of rent and royalties based on a percent of sales with minimum rents, plus initial fees, and that about 95% of restaurants are franchised."},{"stance":"confirms","publisher":"PR뉴스와이어(맥도날드)","publisher_en":"PR Newswire (McDonald's)","kind":"ir","lang":"en","published_at":"2026-02-11","url":"https://www.prnewswire.com/news-releases/mcdonalds-reports-fourth-quarter-and-full-year-2025-results-302685288.html","title":"McDonald's Reports Fourth Quarter and Full Year 2025 Results","title_en":"McDonald's Reports Fourth Quarter and Full Year 2025 Results","excerpt":"FY2025 가맹 수익 $16.548B(임대료·로열티 중심), 직영 매장 매출 $9.690B, 총매출 $26.885B(+4%), 약 95% 매장이 가맹이라고 밝혔다.","excerpt_en":"FY2025 franchised revenues were $16.548B (mainly rent and royalties), company-operated sales $9.690B and total revenue $26.885B (+4%), with about 95% of restaurants franchised."}]},{"direction":"revenue","counterparty":"말단 소비자 (외식 지출)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-12-31","basis":"직영 매장 매출(시스템와이드 매출 $139B)","value":9690000000,"period":"FY2025","basis_en":"company-operated sales (systemwide sales $139B)"},"note":"직영 매장의 식음료 판매($9.7B)와 시스템와이드 소비($139B, +7%)가 외식 지출에 직접 연동된다. 맥도날드 실적은 소비 경기의 대리지표 성격을 띤다.","note_en":"Company-operated food and beverage sales ($9.7B) and systemwide consumption ($139B, +7%) track dining spend directly, making McDonald's results a proxy for consumer conditions.","sources":[{"stance":"confirms","publisher":"PR뉴스와이어(맥도날드)","publisher_en":"PR Newswire (McDonald's)","kind":"ir","lang":"en","published_at":"2026-02-11","url":"https://www.prnewswire.com/news-releases/mcdonalds-reports-fourth-quarter-and-full-year-2025-results-302685288.html","title":"McDonald's Reports Fourth Quarter and Full Year 2025 Results","title_en":"McDonald's Reports Fourth Quarter and Full Year 2025 Results","excerpt":"2025년 시스템와이드 매출은 +7%인 $139B, 직영 매장 매출은 $9.690B였다.","excerpt_en":"Systemwide sales rose 7% to $139B in 2025, and company-operated sales were $9.690B."}]},{"direction":"investment","counterparty":"해외 제휴사 지분·자본배치 (中·日 어피셰이트 + 자사주·배당)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-12","basis":"2025 주주환원 총액","value":7100000000,"period":"2025","basis_en":"2025 total capital returned","buyback_2025_usd_m":2000},"note":"맥도날드의 자본배치는 두 갈래다 — ① 중국·일본 등 어피셰이트(제휴) 시장에 지분법 투자로 참여해 순이익 지분을 인식하고, ② 부동산 보유(가맹점 부지·건물)를 축으로 잉여현금을 배당·자사주로 환원한다. 2025년 배당·자사주로 총 $71억을 환원(자사주 $20억)했고, 자본배치 철학은 '성장투자→배당 우선→잔여현금 자사주'다. 부동산 소유가 로열티·임대 수익의 구조적 해자다.","note_en":"McDonald's capital allocation has two legs — (i) equity-method investments in affiliate markets (e.g., China, Japan) where it records its share of net results, and (ii) real-estate ownership (franchise land/buildings) anchoring a return of free cash flow via dividends and buybacks. In 2025 it returned $7.1B to shareholders ($2.0B buybacks), under a philosophy of 'invest for growth → prioritize dividend → repurchase with remaining FCF.' Real-estate ownership is the structural moat behind royalty and rent income.","sources":[{"stance":"confirms","publisher":"McDonald's (SEC EDGAR)","publisher_en":"McDonald's (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-24","url":"https://www.sec.gov/Archives/edgar/data/63908/000006390826000035/mcd-20251231.htm","title":"맥도날드 10-K (FY2025)","title_en":"McDonald's Form 10-K (FY2025)","excerpt":"Affiliate arrangements (primarily China and Japan) where the Company also has an equity investment and records its share of net results in equity in earnings of unconsolidated affiliates; the Company returned $7.1B to shareholders in 2025 (repurchased 6.7M shares for $2.0B).","excerpt_en":"Affiliate arrangements (primarily China and Japan) where the Company also has an equity investment and records its share of net results in equity in earnings of unconsolidated affiliates; the Company returned $7.1B to shareholders in 2025 (repurchased 6.7M shares for $2.0B)."}]},{"direction":"cost","counterparty":"코카콜라 (독점 음료 공급)","counterparty_slug":"coca-cola","confidence":"high","metric":{"qualifier":"exclusive_fountain_since_1955","soft_drink_pct_of_revenue":5},"note":"1955년 이래 코카콜라를 사실상 독점 탄산음료로 공급받는 70년 파트너십 — 맥도날드는 코카콜라 본사에 전담 'McDonald's Division'을 둔 유일한 고객으로, 매출의 약 5%가 탄산음료에서 나온다. 최근 레드불 에너지드링크 도입 등 메뉴 다변화가 관계의 변수이나, 코카콜라가 여전히 핵심 음료 파트너다.","note_en":"A 70-year partnership sourcing Coca-Cola as its effectively exclusive soft drink since 1955 — McDonald's is the only customer with a dedicated 'McDonald's Division' at Coca-Cola HQ, and about 5% of its revenue comes from soft drinks. Recent menu diversification (e.g., adding Red Bull) is a variable, but Coca-Cola remains the primary beverage partner.","sources":[{"stance":"confirms","publisher":"Yahoo Finance","publisher_en":"Yahoo Finance","kind":"news","lang":"en","published_at":"2026-05-01","url":"https://finance.yahoo.com/markets/stocks/articles/mcdonalds-70-coke-alliance-enters-184907204.html","title":"맥도날드·코카콜라 70년 독점 파트너십","title_en":"McDonald's 70-year exclusive Coke alliance","excerpt":"McDonald's made Coca-Cola its sole soft-drink supplier since 1955; Coca-Cola has a dedicated McDonald's Division; ~5% of McDonald's revenue comes from soft drinks.","excerpt_en":"McDonald's made Coca-Cola its sole soft-drink supplier since 1955; Coca-Cola has a dedicated McDonald's Division; ~5% of McDonald's revenue comes from soft drinks."}]},{"direction":"cost","counterparty":"식자재·인건비·임차 (직영 매장 운영)","counterparty_slug":null,"confidence":"high","metric":null,"note":"직영 매장 운영의 주요 비용은 식자재·포장재, 인건비, 임차·감가상각이다. 가맹 모델이라 원가 부담은 주로 직영 매장에 집중된다.","note_en":"The main costs of company-operated restaurants are food and paper, payroll and occupancy including depreciation. Under the franchise model, cost of goods sits mainly with company-operated stores.","sources":[{"stance":"mentions","publisher":"McDonald's (SEC EDGAR)","publisher_en":"McDonald's (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-24","url":"https://www.sec.gov/Archives/edgar/data/63908/000006390826000035/mcd-20251231.htm","title":"맥도날드 10-K (FY2025)","title_en":"McDonald's Form 10-K (FY2025)","excerpt":"10-K는 직영 매장 운영비를 식자재·포장재, 인건비, 임차 등 매장 운영 항목으로 구분한다.","excerpt_en":"The 10-K breaks company-operated operating costs into food and paper, payroll and occupancy and other operating expenses."}]},{"direction":"cost","counterparty":"Alphabet (Google)","counterparty_slug":"alphabet","confidence":"mid","metric":null,"note":"구글 클라우드와 2023년 12월 전략적 파트너십을 맺어 클라우드·생성형 AI로 디지털·드라이브스루를 운영한다. 구글 기반 드라이브스루 음성주문(ArchIQ)을 미국 5개 매장에서 테스트 중이며, 목적은 인건비 절감·주문정확도 개선 등 매장 운영 효율화다. 반도체 AI 수요 사슬과는 거리가 있는 원가성 도입이다.","note_en":"Under a December 2023 strategic partnership with Google Cloud, McDonald's runs digital and drive-thru operations on cloud and generative AI. Its Google-backed drive-thru voice ordering (ArchIQ) is being tested at five US restaurants to cut labor costs and improve order accuracy, an operational, cost-side adoption that sits apart from the semiconductor AI demand chain.","sources":[{"stance":"confirms","publisher":"비즈뉴스USA","publisher_en":"BizNews USA","kind":"news","lang":"ko","published_at":"2026-06-05","url":"https://www.biznewsusa.com/post/20260605-2","title":"맥도날드, 드라이브스루 AI 음성주문 테스트 중","title_en":"McDonald's tests drive-thru AI voice ordering","excerpt":"맥도날드가 드라이브스루 AI 음성주문 시스템(ArchIQ)을 미국 5개 매장에서 테스트 중이며, 주문 정확도 향상·인건비 절감·대기시간 단축을 목적으로 한다.","excerpt_en":"McDonald's is testing its drive-thru AI voice ordering system (ArchIQ) at five US restaurants, aiming to improve order accuracy and cut labor costs and wait times."},{"stance":"confirms","publisher":"PR뉴스와이어(맥도날드·구글클라우드)","publisher_en":"PR Newswire (McDonald's, Google Cloud)","kind":"ir","lang":"en","published_at":"2023-12-06","url":"https://www.prnewswire.com/news-releases/mcdonalds-and-google-cloud-announce-strategic-partnership-to-connect-latest-cloud-technology-and-apply-generative-ai-solutions-across-its-restaurants-worldwide-302006915.html","title":"McDonald's and Google Cloud Announce Strategic Partnership","title_en":"McDonald's and Google Cloud Announce Strategic Partnership to Apply Generative AI Across Its Restaurants","excerpt":"맥도날드와 구글 클라우드가 전략적 파트너십을 맺어 최신 클라우드 기술과 생성형 AI를 전 세계 매장에 적용한다고 발표했다.","excerpt_en":"McDonald's and Google Cloud announced a strategic partnership to connect the latest cloud technology and apply generative AI solutions across its restaurants worldwide."}]}]}