麦当劳 2025年度报告

Delivering Today. Building Tomorrow. Dear Shareholders, What I love most about McDonald’s is thatmore than 70 years after the first McDonald’sopened, that restless ambition still runsthrough our System. The past year demonstrated the strengthand resilience of the McDonald’s System. Across much of the world, we operatedin an environment shaped by persistentinflationary pressures driven bysupply‑and‑demand imbalances, tighterlabor markets, and evolving trade dynamics.Geopolitical tensions and broader economicuncertainty continued to weigh onconsumer sentiment, particularly amonglower‑income households. These pressuresinfluenced how customers made decisions,reinforcing the importance of value,familiarity, and trust. The fact that a company with our legacy andscale with over $139 billion in systemwidesales can continue to grow is also atestament to the resilience built into ourmodel and the power of execution andcommitment at scale. Ray Kroc used to say, “adversity canstrengthen you if you have the will to grind itout.” McDonald’s has kept true to that spiritand throughout it all, delivered a strong yearof growth. We grew systemwide sales by 7% (5.5% inconstant currencies) and achieved 3.1%comparable sales growth globally – proofthat our strategy is working and that ourBrand continues to resonate with customersaround the world. We also marked our 49thconsecutive year of dividend increases,reflecting our commitment to returningvalue to shareholders and our ability to growthrough cycles. This success belongs to the entireMcDonald’s System. Every day, ourfranchisees, suppliers, restaurant crews, andcorporate teams around the world showedup with pride, discipline, and a relentlessfocus on serving customers. Annual Letter for Shareholders At the same time, we continued to turnthe strength of the McDonald’s Brand intocultural moments at unmatched scale.Our collaboration on “A Minecraft Movie”became our largest global campaign to date,activating across more than 100 marketsand pairing real‑world meals with in‑appand in‑game experiences. We also broughtMONOPOLY back to the U.S., delivering oneof our largest digital customer moments,and closed the year with The Grinch Meal– an extraordinary holiday campaign thatdrove record sales days, sparked widespreadsellouts, and even made us the largest sellerof socks in the world for nearly a week. Accelerating the Archesin Action Our performance continues to be guided byour Accelerating the Arches strategy, now inits sixth year. Our M‑C‑D growth pillars eachcontributed to our strong performance. (M): Maximize our Marketing Throughout 2025, we maintained a laserfocus on value and affordability and ensuredcustomers could count on McDonald’s. In the U.S., the launch of McValue early in theyear strengthened clarity and consistencyaround everyday value. We built on thatmomentum in September with the returnof Extra Value Meals, putting our scale andfinancial resilience to work when customersneeded it most. Across our InternationalOperated Markets, the combination ofEveryday Affordable Price platforms, localoffers and meal bundles delivered a one-two punch that improved value perceptionand lifted experience scores across majormarkets. These moments reinforce the enduringrelevance of our Brand. McDonald’s rankedonce again among Kantar’s top 10 mostvaluable brands in 2025. (C): Commit to the Core Our Core Menu remains the heart of theMcDonald’s experience and a central driverof our relevance and growth. Over the past year, we delivered on the tasteand quality consumers have come to expect,while innovating and testing to make it evenbetter. Central to that effort was the creationof the Restaurant Experience function, andwithin it dedicated category teams for beef,chicken, and beverages. These teams bringtogether the best of menu, operations andsupply chain to capture the opportunitiesthat matter most to our customers. Annual Letter for Shareholders We are doing so while advancing a focusedpipeline of innovation grounded in customerinsights. Beef In beef, we continued the rollout of BestBurger, which is now in 85 markets andon track to reach nearly all markets by theend of 2026. When customers experienceburgers that are hotter and juicer, we seeimproved satisfaction scores and strongerrepeat visits. Beverages We sharpened our focus on beverages, aglobal category opportunity exceeding$100 billion with meaningful headroom forMcDonald’s to grow share. Additionally, the Big Arch is getting greattraction and meeting a customer need fora heartier burger that is still unmistakablyMcDonald’s. Following successfullimited-time offers across multiple markets,the Big Arch earned a permanent place onthe U.K. menu, and we see opportunity tocontinue scaling this platform as we advanceour position in large burgers globally. In the U.S., we completed a beverage pilotacross more than 500 restaurants, exploringindulgent iced coffees, fruity refreshers,crafted sodas, and energizing s