Services
Net Lease DispositionsAcquisitions & 1031 ExchangesLease RestructuringDiscount & Auto RetailShopping CentersQSR & Drive-ThruSale-LeasebacksBusiness Sales
Active ListingsTrack RecordTenant InsightsInsights
Net Lease News
AboutContactRequest a Valuation
QSR & Coffee

McDonald’s

Parent: McDonald’s Corporation · Public; about 95% franchised

NYSE: MCD$281.44+1.8%close Nov. 9, 2026
Credit ratingBBB+ Investment grade
S&P BBB+Moody’s Baa1
AAAAAABBBBBBCCCD
Investment gradeHigh yield

S&P Global, as of Feb. 24, 2026. Source: McDonald’s Form 10-K, filed Feb. 24, 2026

Founded1940Source: Wikidata
Employees200,000as of 2020; source: Wikidata
Locations46,028June 30, 2026; source: McDonald’s second-quarter 2026 supplemental, SEC
HeadquartersChicago, IllinoisQSR & Coffee

New Initiatives

How the real estate strategy is changing: openings, closures, formats, remodels, relocations and refranchising.

  • McDonald’s expects about 2,600 openings worldwide in 2026 and moved its 50,000-restaurant target to the end of 2028.

    Source: CNBC

  • Plans about 2,600 gross openings worldwide in 2026, about 750 in the U.S. and International Operated Markets, for slightly over 4.5% net unit growth.

    Source: McDonald’s Corporation Form 10-K (filed Feb. 24, 2026)

McDonald’s operates and franchises hamburger quick-service restaurants in more than 100 countries. Most restaurants are run by franchisees, and the company owns or leases a large share of the underlying real estate, which makes it both a tenant and a landlord.

Store count

46,028 as of June 30, 2026
+3.9%/yr annualized over 2.5 yrs (Dec 2023 to Jun 2026)
  1. 36,8992016
  2. 37,2412017
  3. 37,8552018
  4. 38,6952019
  5. 39,1982020
  6. 40,0312021
  7. 40,2752022
  8. 41,8222023
  9. 43,4772024
  10. 45,3562025
  11. 46,028Latest

Systemwide. Counts as reported at each period end. Sources: MCD 10-K filed 2024-02-22; MCD 10-K filed 2025-02-25; MCD 10-K filed 2026-02-24; McDonald’s second-quarter 2026 supplemental, SEC and 7 earlier sources.

What’s changing

  1. Update

    McDonald’s and Krispy Kreme ended their doughnut distribution partnership, effective July 2, 2025. Source: CNBC

SEC Filings

Annual reports filed by McDonald’s Corporation. All filings on EDGAR

PeriodFormFiledDocument
Fiscal year ended Dec. 31, 202510-KFeb. 24, 2026View on sec.gov
Fiscal year ended Dec. 31, 202410-KFeb. 25, 2025View on sec.gov
Fiscal year ended Dec. 31, 202310-KFeb. 22, 2024View on sec.gov
Fiscal year ended Dec. 31, 202210-KFeb. 24, 2023View on sec.gov
Latest quarter, period ended June 30, 202610-QAug. 7, 2026View on sec.gov

Credit ratings

AgencyRatingOutlookAs ofSource
S&P GlobalBBB+Feb. 24, 2026McDonald’s Form 10-K, filed Feb. 24, 2026
Moody’sBaa1Feb. 24, 2026McDonald’s Form 10-K, filed Feb. 24, 2026

Bond market context

Issuer bond yieldUnavailable. No free, licensed source for individual bond yields.
BBB index effective yield5.95% (Nov. 6, 2026; ICE BofA BBB US Corporate Index)
BBB index spread (OAS)116 bps over Treasuries; 104 bps a year earlier (FRED)
10-year Treasury4.88% (Nov. 9, 2026)

The index row shows the yield on BBB-rated U.S. corporate bonds as a group, the closest free benchmark for this rating category. It is not the yield on this company’s own bonds.

Share prices, Yahoo Finance, as of Nov. 9, 2026. Bond index yields and spreads, ICE BofA US corporate and high yield indices, ICE Data Indices, LLC, via FRED, Federal Reserve Bank of St. Louis. 10-year yield, U.S. Department of the Treasury.

QSR & Coffee

Related tenants.

All tenant profiles · Store Count Tracker · Net Lease News

Black Rifle Coffee

QSR & Coffee
Parent: BRC Inc.
BRCC$10.09+4.5%
Not rated
39 locations · Founded 2014