Core Insights - McDonald's exceeded Wall Street expectations for Q4 global comparable sales and profit, driven by value promotions appealing to budget-conscious consumers [1] - The company's global same-store sales rose 5.7%, surpassing the 3.7% estimate, with revenue increasing by 10% to $7.01 billion [1] Financial Performance - McDonald's reported adjusted earnings of $3.12 per share, a 10.2% increase from $2.83 the previous year, exceeding analyst expectations of $3.05 per share [1] - Net income grew by 7% to $2.16 billion, reflecting strong performance amid a challenging restaurant environment [1] Market Dynamics - The fast-food sector is experiencing intensified competition as consumers, particularly from lower-income households, are cutting back on dining out due to rising costs [1] - Comparable sales in the U.S. rose 6.8%, marking the third consecutive quarter of growth, compared to a 1.4% decline a year earlier [1] Strategic Initiatives - McDonald's has reintroduced value promotions, including a $5 breakfast and $8 meal options, which have contributed to its sales growth [1] - The company is expanding its beverage offerings, testing a broader drink lineup that could enhance same-store sales and customer traffic [1]

Group 1 - The burger giant has seen improvements in customer traffic and sales due to a focus on affordability [1] - The company's strategy to enhance value offerings has positively impacted its performance metrics [1] - Increased customer engagement is attributed to promotional efforts aimed at budget-conscious consumers [1]

Core Viewpoint - McDonald's reported strong quarterly earnings and revenue that exceeded analysts' expectations, driven by a focus on value and affordability, leading to increased customer traffic [1]. Financial Performance - The company reported a fourth-quarter net income of $2.16 billion, or $3.03 per share, an increase from $2.02 billion, or $2.80 per share, a year earlier [1]. - Excluding restructuring charges, McDonald's earned $3.12 per share, surpassing the expected $3.05 [5]. - Net revenue rose by 10% to $7 billion, exceeding the expected $6.84 billion [5]. Same-Store Sales Growth - Same-store sales increased by 5.7%, outperforming Wall Street's projection of 3.9% [2]. - U.S. same-store sales grew by 6.8%, rebounding from a decline of 1.4% in the previous year due to an E. coli outbreak [3]. - Internationally, same-store sales growth was reported in nearly all markets, with the international operated markets segment achieving 5.2% growth and the international developmental licensed markets division seeing a 4.5% increase [4]. Promotions and Value Offerings - The company attributed its sales growth to successful promotions, such as the Grinch meal and Monopoly, which enhanced customer traffic and sales [3]. - McDonald's expanded its value offerings by relaunching Extra Value Meals, providing approximately a 15% discount on combo meals [3].

Exhibit 99.2 McDonald's Corporation Supplemental Information (Unaudited) Quarter and Year Ended December 31, 2025 | Impact of Foreign Currency Translation | 1 | | --- | --- | | Net Income and Diluted Earnings per Share | 2 | | Revenues | 4 | | Comparable Sales | 5 | | Systemwide Sales and Franchised Sales | 6 | | Restaurant Margins | 7 | | Selling, General & Administrative Expenses | 8 | | Other Operating (Income) Expense, Net | 8 | | Operating Income | 9 | | Interest Expense | 10 | | Nonoperating (Income) ...

Bueno, hola, ¿qué tal. Buenas tardes a todos. Espero que estén todos bien.Mi nombre es Silvina, Silvina Seer. La verdad que estoy muy muy contenta de estar acá en la Wade, mi universidad, mi casa donde estudié, no era este edificio, era un edificio mucho más chiquito de tres, cuatro pisos, no existía ese hermoso pat que tiene. Estoy un poquito nerviosa también porque es mi primera Tok.Di muchas charlas, pero este es un desafío. Espero que con lo que tengo para contarles les deje algo, se lleven, desabre una ...

Core Insights - McDonald's and Yum! Brands are facing significant challenges in the U.S. market, with both companies experiencing double-digit traffic declines among lower-income consumers in Q3 2025. This trend has persisted for nearly two years, driven by rising labor costs, consumer resistance to pricing, market saturation, and competition in value menus [1] - India presents a substantial growth opportunity for both companies, with a population of 1.4 billion, a median age of 29, and a rapidly expanding middle class projected to reach 600 million by 2030. The underpenetration of Western QSR brands in India further enhances this potential [1] Company Strategies and Market Position - Yum! Brands has a structural advantage in India, with KFC being the largest Western QSR by store count, operating over 600 locations. The brand's chicken-forward menu requires minimal cultural adaptation, unlike McDonald's, which has pivoted to vegetarian offerings to accommodate local dietary preferences [1] - McDonald's operates over 500 locations in India, split between two franchise partners, leading to a fragmented operational structure. This contrasts with Yum's unified partnership with Devyani International, which is India's largest QSR franchisee [1] - Yum! Brands' multi-brand portfolio, including Taco Bell and Pizza Hut, allows for risk diversification and has shown stronger performance in emerging markets compared to McDonald's [1] Financial Performance - In Q3 2025, McDonald's U.S. comparable sales grew by only 2.4%, while Yum! Brands reported a 7% increase in same-store sales for Taco Bell and a 2% increase for KFC. Yum's digital sales reached a record $10 billion, indicating strong platform performance [1] - Yum! Brands derives a higher percentage of revenue from emerging markets, with India being a top-five global market for KFC. This positions Yum favorably for growth in India, while McDonald's faces challenges in the U.S. market [1] - Over the past year, Yum! Brands' stock return was 7.22%, outperforming McDonald's return of 5.69%, reflecting the differing market dynamics and growth strategies of the two companies [1]

Core Viewpoint - The restaurant sector, particularly McDonald's, is focusing on value messaging to attract consumers in a competitive economy, which may boost sales but has caused friction among franchise operators [1][6]. Group 1: Franchise Standards and Operator Sentiment - McDonald's implemented new franchise standards on January 1, assessing locations based on their pricing value, while allowing franchisees to set their own prices [2]. - The National Owners Association introduced a Franchisee Bill of Rights, emphasizing the right of franchisees to set prices independently without fear of repercussions [3][4]. - A survey indicated that all responding franchisees opposed the changes to national franchising standards, marking a historic consensus in the survey's history [7]. Group 2: Operator Relations and Performance Metrics - Franchisees rated their relationship with McDonald's corporate at an average of 1.37 on a scale of 1 to 5, a decline from the previous average of 1.71 [8]. - Despite tensions, McDonald's stock performed relatively well, increasing by 5% in a challenging year for the restaurant sector [9]. - Franchisees rated their business outlook for the next six months at an average of 2.58, the highest in 11 quarters, indicating some optimism [10]. Group 3: Value Strategy and Market Position - McDonald's has been effective in promoting value to quick-service consumers, outperforming other burger chains [11]. - Analysts expect the shift in value strategy to lead to significant earnings growth for McDonald's, marking the most meaningful growth since 2023 [11].

Core Viewpoint - U.S. stock futures are trading higher, indicating a positive market sentiment for the day ahead [1] Group 1 - Certain stocks are expected to attract investor attention today, although specific names are not mentioned [1]

Core Insights - James D. Farley, Jr. has been elected to McDonald's Board of Directors effective February 4, 2026, bringing over 30 years of experience in leading global organizations and transforming consumer brands [1][1][1] Company Overview - McDonald's is the world's leading global foodservice retailer with over 45,000 locations in more than 100 countries, with approximately 95% of its restaurants owned and operated by independent local business owners [1][1][1] Board Composition - Farley's election increases the Board to a total of 12 members, each contributing diverse experience and expertise to strengthen McDonald's long-term strategic direction [1][1][1] - Half of McDonald's directors have joined since 2022, highlighting the Board's commitment to refreshment and future-ready governance [1][1][1] Leadership and Strategy - Farley currently serves as President and CEO of Ford Motor Company, where he is guiding the Ford+ transformation focused on digital innovation, customer-centric design, and operational modernization [1][1][1] - Chris Kempczinski, Chairman and CEO of McDonald's, emphasized Farley's experience in balancing innovation with operational excellence and modernizing customer experience [1][1][1]

Core Insights - McDonald's is expected to report its fourth-quarter earnings, with analysts predicting revenue and profit growth, potentially leading to new stock highs [1][1] - Current options pricing indicates that McDonald's stock could move up to 3% in either direction by the end of the week, with a potential high of around $336 and a low of $315 [1][1] - The stock has increased approximately 6% since the beginning of the year, reflecting a broader market trend of shifting from tech stocks to consumer-focused stocks [1][1] Financial Expectations - Analysts forecast adjusted earnings per share of $3.04, with a 7% year-over-year revenue increase to $6.83 billion [1][1] - Same restaurant sales are anticipated to rise by 3.7% compared to the same period last year [1][1] Analyst Sentiment - The majority of analysts are bullish on McDonald's stock, with eight out of eleven recommending a buy, one a sell, and two neutral [1][1] - The mean target price for the stock is $343, suggesting a 5% upside from the recent close [1][1]