Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company operates under an organizational structure with the following global business segments reflecting how management reviews and evaluates operating performance:

•U.S. - the Company's largest market. The segment is 95% franchised as of September 30, 2024.

•International Operated Markets - 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 September 30, 2024.

•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. Corporate activities are also reported in this segment. The segment is 99% franchised as of September 30, 2024.

The following table presents the Company’s revenues and operating income by segment:

	Quarters Ended				Nine Months Ended
	September 30,				September 30,
In millions	2024		2023		2024		2023
Revenues
U.S.	$	2,739	$	2,704	$	7,997	$	7,893
International Operated Markets	3,309		3,300		9,443		9,251
International Developmental Licensed Markets & Corporate	825		688		2,092		1,944
Total revenues	$	6,873	$	6,692	$	19,532	$	19,088
Operating Income
U.S.	$	1,493	$	1,478	$	4,400	$	4,268
International Operated Markets	1,602		1,585		4,459		4,295
International Developmental Licensed Markets & Corporate	93		146		(15)		282
Total operating income	$	3,188	$	3,208	$	8,844	$	8,845