MCD · CIK 63908
What McDonald's Corporation told the SEC could break it.
McDonald's disclosures lay out three structural pressure points on a real-estate-heavy restaurant system. Its ingredient costs ride on volatile commodity markets — especially beef and chicken, swung by seasonality, climate, food-safety scares and government action — which its System can only partly hedge, so cost spikes pinch profitability. Its operations depend on labor availability and wages, where it has faced rising costs and competition to attract and retain workers that can slow service. And because it is so heavily tied to real estate, the desirability of its restaurant locations and the value and cost of that real estate — shaped by zoning, taxes, interest rates, financing costs and disasters — materially affect Systemwide sales and profitability.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Other disclosures
- labor availability and wage inflation across the Systemlow
The McDonald's System's ability to meet evolving labor needs depends on workforce availability, unemployment levels and prevailing wages; it has experienced increased costs and competition in attracting, recruiting and retaining workers, which can hurt speed of service and customer satisfaction.
“our System has experienced increased costs and competition associated with attracting, recruiting, developing, motivating and retai”
SEC filing →As of 2026 - real estate location/value dependencelow
McDonald's real-estate-heavy model means restaurant location desirability and real estate values/costs (driven by zoning, tax, eminent domain, interest rates, financing costs, disasters) materially affect Systemwide sales and profitability.
“If our restaurants are not located in desirable locations, or if we do not evolve in response to these factors, it could adversely affect Systemwide sales and profitability. Our real estate values and the costs associated with our real estate operations are also impacted by a variety of other factors, including governmental regulations, insurance, zoning, tax and eminent domain laws, interest rate levels, the cost of financing, natural disasters, acts of war, terrorism or other hostilities”
Commodity & input dependence
- volatile commodity markets for beef and chickenmedium
Commodity markets for key ingredients such as beef and chicken are particularly volatile (seasonal shifts, climate, industry demand, food-safety/recalls, government action); McDonald's System can only partially hedge, so commodity-cost increases could adversely impact profitability.
“The commodity markets for some of the ingredients we use, such as beef and chicken, are particularly volatile due to factors such as seasonal shifts, climate conditions, industry demand and other macroeconomic conditions, international commodity markets, food safety concerns, product recalls, government regulation, and acts of war, terrorism or other hostilities, all of which are beyond our control”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“In fiscal 2025, 2024, and 2023, our largest customer, McDonald's Corporation, accounted for approximately 15%, 14%, and 13%, respectively, of our consolidated net sales. No other customer accounted for more than 10% of our consolidated net sales in fiscal 2025, 2024, and 2023.”
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