Added10-Q 2026-11-06 vs 10-K 2026-02-24
For a discussion of risk factors affecting the Company's business, refer to the “Risk Factors" section in Part I, Item 2 of this report.
2 paragraphs in Risk Factors of the 10-K filed Feb 24, 2026 with nothing like them in the 10-K filed Feb 25, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 46 Consumer discretionary companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
Consumer acceptance of our menu offerings is subject to change for a variety of reasons, and some changes can occur rapidly. For example, health, environmental and other scientific studies and practices (such as changes to dietary guidelines or use of weight-loss medications), continuously evolve and may have contradictory implications, drive popular opinion, litigation and regulation, and alter consumer behavior in ways that affect the IEO segment or perceptions of our brand, generally or relative to available alternatives.
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In addition, the AI tools we are incorporating into certain aspects of our business may not generate the intended efficiencies, may increase our exposure to risks (both known and unknown), and could adversely impact our business results. These risks include potential operational disruptions, data integrity issues, and unintended consequences from algorithmic decision-making. Further, emerging global and U.S. regulations governing AI use – including requirements for responsible use, transparency, bias mitigation, accountability, and explainability – may impose significant compliance obligations and increase reputational risk. Failure to comply with these standards or to effectively manage associated risks, including ethical considerations such as fairness, non-discrimination, and responsible deployment, could result in regulatory penalties, litigation, operational setbacks, or adverse brand perceptions.
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New in the latest 10-Q
16 paragraphs in the 10-Q filed Nov 6, 2026 with nothing like them in the 10-Q filed Aug 7, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
McDonald’s > NEXT (the “Strategy”) is the Company’s long-term strategy to advance its ambition to be the first choice for more customers, more often. Through four interconnected pillars (Menu, Consumer, Restaurant and People), the Company intends to generate more demand and deliver it more efficiently to drive growth by elevating taste and quality, deepening customer relationships, improving customer and restaurant experiences and redefining hospitality.
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The Strategy is intended to be an engine of growth and productivity. Elevating taste, quality and the customer experience is expected to create more first choice occasions. Creating more first-choice occasions is intended to drive guest-count growth. Guest-count growth, together with improved restaurant efficiency, is expected to strengthen restaurant economics. Stronger restaurant economics, in turn, are expected to create additional capacity to reinvest in the customer experience and future growth, reinforcing the cycle of growth and productivity. The Strategy is designed to drive durable comparable sales growth, increase market share, enhance restaurant productivity, support strong earnings growth and generate System and shareholder returns.
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• Menu > NEXT is designed to elevate taste and quality through gold standard execution and disciplined menu innovation to drive stronger preference, more first choice occasions and increase baseline guest-count growth, while continuing to strengthen the Company’s position in its core categories: beef, chicken and beverages. As part of the Strategy, the Company aims to gain approximately 1.5 percentage points of market share in both the chicken and beverage categories by the end of 2030, versus September 2026 share, while maintaining its leadership position in the beef category. More broadly, value remains foundational to Menu > NEXT as the Company seeks to deliver the combination of great taste, quality, convenience and affordability that customers expect.
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• Consumer > NEXT is designed to capitalize on McDonald’s brand fandom and further deepen individual customer relationships to generate more visits over time. The Company intends to leverage its distinctive brand assets, customer insights, loyalty ecosystem and digital capabilities to provide greater value to customers. These efforts are intended to generate more first-choice occasions, increase visit frequency and contribute to sustained guest-count-led growth over time.
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• Restaurant > NEXT is designed to support growth and productivity through elevated execution, simplifying operations, modernizing restaurant design and deploying cloud-based and artificial intelligence (“AI”) enabled technology, such as our new generative AI restaurant operating system, ArchIQ, at scale. These initiatives are intended to make restaurants easier to operate, improve restaurant efficiency and support restaurant crew in consistently serving great-tasting food and delivering a strong
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customer experience. Through these efforts, the Company expects to deliver approximately 250 basis points of gross restaurant-level efficiency gains as Restaurant > NEXT elements are fully deployed across the U.S. and International Operated Markets.
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• People > NEXT is designed to equip restaurant crew to deliver an improved level of hospitality that creates a better, more consistent experience for customers. Through Make It Golden, a multi-year Systemwide commitment to elevate the customer experience through great food and great hospitality that are uniquely McDonald’s, the Company intends to build capabilities that can be taught, measured and scaled across the System, and that strengthen customer preference and encourage repeat visits.
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• Equity in earnings of unconsolidated affiliates for both periods primarily reflected higher equity in earnings in China as a result of improved restaurant operating performance.
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Over the long-term, the Company expects to achieve the following financial targets.
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• The Company expects about $3 billion of annual baseline capital expenditures plus $1.5 billion to $2 billion of cumulative capital partnering support to accelerate deployment of Restaurant > NEXT from 2027 through the end of 2030, based on current foreign currency exchange rates.
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• elevate the taste and quality of our food and beverages through Gold Standard execution and innovation of our menu to deliver food that customers seek and create experiences that drive guest count growth and capture unmet demand;
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• balance delivering great taste, quality, value and convenience to our customers with profitability;
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• build upon our investments to transform and enhance the customer experience, including evolving how we grow our brand through globally-scaled campaigns that are purposefully designed to be carried by fans and creators and building deeper customer relationships through our loyalty program, to drive more frequent visits;
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• achieve excellence in execution, including by equipping restaurant teams across the System, including those of our franchisees, with the training, tools and operating standards needed to deliver excellent food and hospitality, including through our Make It Golden Systemwide commitment to elevate the customer experience;
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Other information
[1] Represents 4,291 vested shares and a maximum of 8,360 shares that are eligible to vest pursuant to Ms. Flatley's 2024 performance-based restricted stock unit ("PRSU") award. The actual number of shares that will vest under Ms. Flatley's 2024 PRSU award will depend upon the Company's performance against certain pre-established targets and will determine the number of shares that may ultimately be sold pursuant to the trading plan.
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[2] Represents 16,892 vested shares and a maximum of 8,524 shares that are eligible to vest pursuant to Ms. Ralls-Morrison's 2024 PRSU award. The actual number of shares that will vest under Ms. Ralls-Morrison's 2024 PRSU award will depend upon the Company's performance against certain pre-established targets and will determine the number of shares that may ultimately be sold pursuant to the trading plan.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 6, 2026 against Item 1A of the 10-K filed Feb 24, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
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