MCD — what changed in the latest 10-Q
A section-by-section comparison of MCD's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-07 vs the prior 10-Q · 2025-11-05
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +35 | −60 | ~55 | 100 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 3 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Risk factors | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Other information | Text added/removed | +3 | −3 | ~2 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-07
•U.S. increased 3.9%. Comparable sales results were primarily driven by positive check growth.
•International Operated Markets increased 3.9%. Nearly all markets reflected positive comparable sales, led by the U.K., Germany and Australia.
•International Developmental Licensed Markets increased 3.4%. Positive comparable sales were led by Japan, with all geographic regions reflecting comparable sales growth.
In addition to the comparable sales results, the Company had the following financial results:
•Consolidated revenues increased 9% (4% in constant currencies).
Text removed vs the prior filing · source: 10-Q · 2025-11-05
is supported by a strong global senior leadership team aimed at executing against the MCD growth pillars, further developing our three platforms and driving long-term growth through increasing guest counts and growing industry market share.
Global comparable sales increased 3.6% for the quarter and 2.2% for the nine months.
•U.S. comparable sales increased 2.4% for the quarter and 0.5% for the nine months. Comparable sales results for both periods were primarily driven by positive check growth.
•International Operated Markets comparable sales increased 4.3% for the quarter and 2.6% for the nine months. All markets reflected positive comparable sales for the quarter, led by Germany and Australia. Results for the nine months were driven by positive comparable sales in nearly all markets.
•International Developmental Licensed Markets comparable sales increased 4.7% for the quarter and 4.6% for the nine months. Positive comparable sales for both periods were led by Japan, with all geographic regions reflecting positive comparable sales.
Other information
Text added vs the prior filing · source: 10-Q · 2026-05-07
Ian Borden / EVP – Global Chief Financial OfficerRule 10b5-1 trading planFebruary 19, 2026March 7, 202727,028Exercise and sale of stock options
Manu Steijart / EVP – President, International Operated MarketsRule 10b5-1 trading planFebruary 20, 2026June 30, 202610,253Exercise and sale of stock options
Desiree Ralls-Morrison / EVP – Global Chief Legal OfficerRule 10b5-1 trading planFebruary 26, 2026December 31, 202619,655Sale of shares, and exercise and sale of stock options
Text removed vs the prior filing · source: 10-Q · 2025-11-05
Joseph Erlinger / President, McDonald's USARule 10b5-1 trading planAugust 7, 2025December 23, 2026N/A
[1] On August 7, 2025, Joseph Erlinger, President, McDonald’s USA, terminated a Rule 10b5-1 trading plan that was adopted on August 28, 2024, and provided for the sale of up to 16,484 shares of McDonald’s stock until December 23, 2025. Following the termination of the previous Rule 10b5-1 trading pl…
[2] Represents the maximum number of shares that are eligible to vest pursuant to Mr. Erlinger’s 2023 performance-based restricted stock unit award. The actual number of shares that will vest and be sold pursuant to the trading plan will depend upon the Company’s performance against the applicable p…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice