Quick Service Restaurant·FDD 2025

McDonald's

Government-filed FDD verified
Initial investment (Traditional)
$1.47M – $2.73M
Item 7
Initial franchise fee
$45,000
Traditional · Item 5
Royalty (new restaurants)
5% of Gross Sales
4% legacy pre-2024
Avg. unit revenue
$4.00M
12,572 traditional units · Item 19
Total U.S. units
13,559
12,887 franchised / 672 company
Net unit growth 2024
+102
vs +2 in 2023
At a glance

Five things to know first

The money

What you pay

Investment by format

$1.47M – $2.73M
Traditional$1.47M$2.73M
STO / STR$1.01M$1.79M
Satellite$525K$1.19M

Recurring fee extraction

~21%of gross
5%
4%
4%
2.25%
6%
Royalty 5%
Legacy 4%
Ad fund 4%
OPNAD 2.25%
% rent 6%
Conditional:Audit cost shiftDefault interest

Revenue data quality

$4,002,000
202412,572 traditional restaurants12,572 traditional restaurants (12,023 franchised + 549 McOpCo)gross
Sample size
12,572 units. One of the largest samples in any FDD.
Breakdown
Franchised and company-owned are reported separately, so you can compare.
Revenue type
Gross sales — clearly defined in the franchise agreement.
Profit level shown
Shows operating income before occupancy (OIBOC), not net profit. Rent, debt, and depreciation are excluded.
Royalty rate used
Uses 4% (legacy). You will pay 5%. That understates costs by ~$30K–$40K/year at median revenue.
The system

Is it growing?

Net growth 2024
+134
vs +20 prior year
Transfers 2024
843
units changed hands
Franchised 95%Company-owned (McOpCo) 5%

Openings vs. closures

OpenedClosed
2022net +35
+86
51
2023net +20
+131
111
2024net +134
+181
47
The contract

What you give up

4 high burden2 caution
📍TerritoryHIGH
⚙️Operations & standardsHIGH
🔄Transfer & resaleHIGH
TerminationHIGH
🔒Supplier & purchasesCAUT
🚫Post-termCAUT

No exclusive territory. McDonald's can open or approve a new location near you at any time, with no obligation to consult or compensate.

Item 12FA territory clauses

Open 7 days, 7am–11pm minimum. McDonald's can change the system — manuals, equipment, technology — at any time, with no cap on cost or frequency.

FA §7 (operations)Item 11 (manual)

When you sell, McDonald's gets 20 days' notice and 10 days to match. Your royalty rate resets to current on transfer, and you remain liable for the full original term even after selling.

FA §15 (transfer)Exhibit N (guaranty)

If you are terminated, McDonald's can buy your restaurant at fair market value — but pays nothing for goodwill or brand value. A $5,000 judgment or 30 days overdue can trigger default.

FA §16 (termination)FA §17 (default)

Approved suppliers and approved products only. The tech stack alone runs ~$10.5K/year in mandatory fees across 22 line items.

Item 8Item 6 tech fee schedule

After you leave, the non-compete covers 18 months / 10 miles and extends to your landlord relationships. McDonald's can recover its legal fees from you, but not the reverse.

FA §18 (non-compete)FA §19 (indemnification)
State by state

State-by-state overrides

CA
HI
MD
MN
ND
WA
+7 no override

Items 1, 5, 6, 7, 11 modified for the California Fast Food Act (AB 1228). Franchisee solely responsible for AB 1228 compliance. Franchisor provides no related training, assistance, or fee adjustment.

Why it mattersCalifornia operators absorb the entire AB 1228 labor-cost increase without subsidy. Materially raises Item 19 pro-forma downside for CA locations.

Exhibit T · p. 383

Item 17 anti-waiver: no questionnaire or acknowledgement signed at commencement can waive Hawaii Franchise Investment Law claims, including fraud in the inducement.

Why it mattersPreserves the right to bring fraud-in-inducement claims regardless of any 'nothing was promised' acknowledgement — a meaningful exception to the standard release regime.

Exhibit T · p. 383, 384

Releases required for renewal/transfer do not apply to Maryland Franchise Registration and Disclosure Law claims. MD-law claims may be brought in Maryland subject to arbitration. 3-year limitations period for MD-law claims after grant.

Why it mattersStatutory rights survive the otherwise-strict Illinois venue and release regime, but the 3-year clock is shorter than the 20-year FA term.

Exhibit T · p. 384

Minn. Stat. 80C.14 applies: 90 days' notice of termination, 60 days to cure, 180 days' notice for non-renewal, and consent to transfer cannot be unreasonably withheld. Item 13 adds franchisor trademark defense.

Why it mattersSignificantly stronger due-process protection than the default — structured cure rights, 6-month non-renewal notice, and a reasonableness standard on transfer denials.

Exhibit T · p. 384, 385

Post-term non-compete covenants are generally unenforceable under North Dakota law. North Dakota law governs ND Franchise Investment Law claims.

Why it mattersThe single most economically valuable override — restores the right to operate any future QSR business in North Dakota after term, neutralizing the default 18-month / 10-mile post-term non-compete.

Exhibit T · p. 385

Washington Franchise Investment Protection Act prevails over inconsistent FA/FDD provisions. Per a Washington AOD, no-hire/no-poach provisions are removed from the form FA, will not be enforced in existing FAs, and franchisees must be notified.

Why it mattersOnly state with on-record AG enforcement against McDonald's no-poach provisions. Strongly protects employee mobility between WA McDonald's restaurants.

Exhibit T · p. 385
Franchisor health

Franchisor financials

Clean auditErnst & Young LLP (Chicago) · Unqualified (clean) · None raised
Total revenue 2024$10,630.8M
vs $10,568.4M in 2023
Net income 2024$3,461.6M
vs $3,394.4M in 2023
Total assets 2024$22,195.3M
Members' equity 2024$10,222.0M
Flat YoY: all net income dividended to parent
Intercompany payable to parent$2,400M converted to equity 2/17/2025
Disclosed as subsequent event
IP royalty paid to parent2% of restaurant sales (~$1,069.4M in 2024)
Reduces McDonald's USA operating income before consolidation
Watch carefully

What could go wrong

2 high risk3 caution
Your next call

What to ask operators

💰Economics · 3 questions
⚙️Operations · 1 questions
📋Contract & exit · 2 questions
🤝Support · 1 questions
Show your work

Source evidence

11 FDD sections extracted
01Item 5 — Initial fees4 items
Traditional initial fee
$45,000
Item 5, p.18
STO / STR initial fee
$22,500
Item 5, p.18
Satellite initial fee
$500 (Walmart $0)
Item 5, p.18
Refund terms
Refunded only if construction not completed within 1 year of FA signing.
Item 5, p.18
02Item 7 — Initial investment ranges3 items
Traditional
$1,471,000 – $2,728,000
Item 7, p.17
STO / STR
$1,014,500 – $1,793,500
Item 7, p.17
Satellite
$525,000 – $1,193,500
Item 7, p.17
03Item 19 — Sales distribution4 items
All traditional
12,572 units · avg $4.00M · median $3.84M · 79% > $3.0M
Item 19
Franchised only
12,023 units · avg $3.97M · median $3.80M · 78% > $3.0M
Item 19
McOpCo only
549 units · avg $4.79M · median $4.61M · 96% > $3.0M
Item 19
Pro forma sample
11,332 franchised traditional restaurants open ≥ 1 year, excluding McOpCo, satellites, and 2024 ownership changes.
Item 19 pro forma
04Item 20 — System movement4 items
Franchised end-2024
12,887 (started 2024 at 12,772; +167 opened, –29 terminated, –15 non-renewed, –8 reacquired)
Item 20
Company-owned end-2024
672 (started at 685; +14 opened, +8 reacquired, –32 sold to franchisee, –3 closed)
Item 20
Transfers 2024
843 (vs 672 in 2023, 1,169 in 2022)
Item 20
Projected 2025 openings
181 franchised + 14 company = 195
Item 20
05Item 21 — Financial statements5 items
Auditor
Ernst & Young LLP (Chicago); report dated March 14, 2025; unqualified opinion.
Item 21 / Exhibit A
Total revenue 2024
$10,630.8M (vs $10,568.4M in 2023, $9,588.4M in 2022)
Income statement
Operating income 2024
$4,663.6M (after $1,069.4M royalty to parent)
Income statement
Net income 2024
$3,461.6M; entire amount dividended to parent.
Cash flow statement
Subsequent event
$2,400M intercompany payable converted to equity on February 17, 2025.
Notes to financial statements
06Item 6 — Technology fee detail (22 components)6 items
Required annual tech fees (sum)
≈ $10,544 / year
Item 6 fee schedule
All annual tech fees incl. optional
≈ $11,287 / year
Item 6 fee schedule
One-time tech fees (sum)
≈ $5,475 (Sesame $2,600 + Kiosk $1,500 + HHOT $500 + DMB 2.0 $264 + GRNT $491 + Edge $120)
Item 6 fee schedule
Largest required line item
Deployment / OTP / execution / support — $2,529 / year
Item 6 fee schedule
Other notable required lines
Restaurant Network Management $1,134; Sesame POS maintenance $1,133; Restaurant Hardware/Data $951; Payments and Fraud Management $740; Microsoft license $707; Restaurant File Maintenance $690; Global Mobile App $664; McDelivery POS Integration $620; Self-Ordering Kiosk $558; Back Office Integration $545
Item 6 fee schedule
Optional lines
HHOT software $50; PDW reporting $167; McD Connect $250; REES platform $62; Pricing Engine $264
Item 6 fee schedule
07Item 6 — Rent structure detail5 items
Percentage rent (Traditional, post-2026-01-14)
6% – 23% of Gross Sales; year-8 minimum 11.5%; payable only above base threshold; max change over term 3.5%.
Item 6 rent detail
Co-investment policy
Increment 0.25%; minimum $30,000/quarter; up to 10-year term; McDonald's retains title; tax benefits to franchisee.
Item 6 rent detail
STO/STR tier table
Tiered percentage rent from 9.0%/9.5% (cost up to $640K) up to 11.0%/11.5% (cost $940K–$1M); above $1M is case-by-case.
Item 6 rent detail
MIW fixed percentage rent range
14.0% – 15.5%
Item 6 rent detail
Effective rent observed in 2024
0% – 33.33% across the system
Item 6 rent detail
08Item 21 — Statement detail (2024, $M)8 items
Revenues
Company-owned sales $3,196.9 + franchised $7,210.6 + other $223.3 = total $10,630.8
Income statement
Operating costs
Food & paper $925.7; payroll $1,107.5; company-owned occupancy $746.5; franchised occupancy $1,294.1; SG&A $654.2; other restaurant $162.6; net other op $7.2 = $4,897.8
Income statement
Operating income
$5,733.0 before royalty to parent; $4,663.6 after the $1,069.4 IP royalty
Income statement
Net income
$3,461.6 (vs $3,394.4 in 2023, $3,095.7 in 2022)
Income statement
Balance sheet — assets
Cash $34.6; receivables $775.6; inventory $18.1; goodwill $1,498.7; ROU lease $5,841.4; net P&E $13,080.4; total assets $22,195.3
Balance sheet
Balance sheet — liabilities & equity
Due to parent $3,310.6; current lease $195.9; long-term lease $5,849.0; deferred income tax $1,416.7; total members' equity $10,222.0
Balance sheet
Cash flow
Operations $4,552.4; capex −$1,055.2; investing −$1,060.7; dividends to parent −$3,461.6; cash end of year $34.6
Cash flow statement
Lease accounting
ROU operating $4,821.4; ROU finance $1,020.0; total undiscounted payments $9,002.2; imputed interest $2,957.3; PV $6,044.9; WA term operating 17 yrs / finance 28 yrs
Lease note
09Exhibit map (20 exhibits)10 items
Exhibit A
Financial Statements (pages 58–72)
Exhibit A
Exhibit B
Franchise Agreement (Traditional) — pages 73–90
Exhibit B
Exhibits C–D
Satellite FA (91–108) and Walmart FA (109–126)
Exhibits C, D
Exhibit G
Operator's Lease — pages 133–165
Exhibit G
Exhibit J
Candidate Agreements — pages 180–190
Exhibit J
Exhibit K
McDonald's New Term Policy — pages 191–192 (discretionary, no contractual renewal right)
Exhibit K
Exhibit N
Loan and Related Documents incl. Unlimited Guaranty — pages 196–230
Exhibit N
Exhibit R
List of Franchised Restaurants — pages 237–380
Exhibit R
Exhibit S
Franchisees Who Ceased Doing Business — pages 381–382 (113 ceased)
Exhibit S
Exhibit T
State-Specific Addenda — pages 383–387
Exhibit T
10Disclosed contradictions (preserved)4 items
Unit count gap
Item 20 Table 1 shows 12,887 franchised + 672 company-owned. Note 1 to the financial statements shows 12,886 + 671. One-unit difference in each.
Item 20 vs. FA Note 1
Item 19 royalty cohort
Pro forma OIBOC scenarios use a 4% royalty rate. Post-2024 new entrants pay 5%.
Item 6 Note 2 / Item 19
Item 19 sample sentence vs. table
Pro forma basis cited as 11,332 in the table and 11,322 in the percentile sentence. 10-restaurant intra-item gap.
Item 19 narrative vs. Item 19 table
Item 7 vs. Note 11
Item 7 high end of disclosed investment differs from Note 11's disclosure of 9 of 31 McOpCo refranchise sales exceeding it (by up to $2,035,816).
Item 7 vs. FA Note 11
11Contract burden — high-impact clauses6 items
Default interest
15% per annum or highest legal rate, monthly compounding.
FA Section 8(c)
Insurance — CGL
$5M per occurrence / $5M aggregate; carrier A.M. Best A or A+, FSC IX+.
FA insurance section
Operating hours floor
7 days/week, 7:00 AM – 11:00 PM minimum.
FA operations
Material breach threshold
$5,000 judgment or 30 days overdue.
FA default section
Guarantor enforcement rate
18% floor, or Lender Prime + 4% if higher (capped at usury max).
Exhibit N §2, p.208
Consolidation waiver
Present in Unlimited Guaranty.
Exhibit N §18, p.213
McDonald's USA, LLCFDD 2025638437-2025

Based on the 2025 FDD filed by McDonald's USA, LLC (file 638437-2025). All facts extracted from FDD. No illustrative economics. Independent analysis. Not legal or financial advice.

Important Notice:Franchisel provides franchise research and analysis for informational purposes only. This is not financial, legal, or investment advice. All financial data labeled “Estimated” is approximate and has not been verified against actual FDD filings. Data labeled “FDD Verified” or “State Filing” has been extracted directly from government-filed Franchise Disclosure Documents (MN CARDS, WI DFI, CA DFPI) but may not reflect the most recent filing. Unit counts, revenue figures, and other metrics change frequently. Always request and independently verify the current FDD from the franchisor before making any investment decision. Consult a qualified franchise attorney and accountant before investing. Franchisel is not affiliated with, endorsed by, or sponsored by any franchise system listed on this platform. Scores reflect our editorial analysis methodology and are not endorsed by any franchisor.