McDonald's operates the world's largest restaurant chain, with about 45,400 locations across more than 100 countries, serving burgers, chicken, fries, breakfast items, and beverages under a globally recognized menu. McDonald's is primarily a franchisor — roughly 95% of its restaurants are franchised — and the vast majority of profit comes from fees charged to franchisees rather than from running restaurants directly. McDonald's franchising works in two ways: conventional franchises, where McDonald's typically owns or leases the real estate and subleases to franchisees who pay both rent and royalties; and developmental licenses and affiliate arrangements, where franchisees provide all capital and McDonald's collects only a royalty. Franchised restaurant margins run around 84%, while the roughly 2,000 company-owned restaurants operate at much thinner margins and serve mainly as testing and training sites. McDonald's owns roughly 56% of land and 80% of buildings in its consolidated markets, giving it a reliable rent income stream and leverage over franchisees. The business operates through three segments: the U.S., International Operated Markets (Australia, Canada, France, Germany, and others), and International Developmental Licensed Markets. Growth is driven by systemwide sales increases, comparable sales growth, and net new restaurant openings — McDonald's is targeting 50,000 total locations by end of 2027. McDonald's growth strategy prioritizes digital loyalty (targeting 250 million active loyalty users), menu innovation in chicken and beverages, and accelerating new unit development at roughly 2,600 gross openings in 2026.