McDonald's Corporation operates as the premier global franchisor and operator within the Quick Service Restaurant (QSR) industry. The enterprise functions primarily through a highly franchised business model, which dictates that the corporation acts predominantly as a master landlord and brand licensor rather than a traditional restaurant operator. As of the end of fiscal year 2025, the global system comprised 45,356 restaurants distributed across more than 100 countries, with 95.2% of the portfolio operated by independent franchisees3. The fundamental economic engine relies on three revenue pillars: royalty fees calculated as a percentage of gross franchisee sales, rental income derived from corporate-owned real estate leased to franchisees, and initial franchise fees

The industry dynamics shaping the QSR sector are characterized by intens ...