# Who are McDonald's's customers? Who does McDonald's earn revenue from?
Canonical: https://valuechain.wiki/mcdonalds · Facet: customers · Updated: 2026-09-24T04:43:25.101071+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: McDonald's's confirmed revenue counterparties include Keurig Dr Pepper Inc. plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 3 revenue edges, backed by 5 dated sources, 2 of them primary filings (as of 2026-09-24).

### 가맹점 (프랜차이지) (high)
- metric: Amount $16.5B · FY2025 · franchised revenues (mainly rent and royalties)
- note: Collects sales-linked royalties (about 4%), rent and initial fees from franchisees. With about 95% of restaurants franchised, revenue runs on the clock of consumer spending and property rent. FY2025 franchised revenues were $16.5B.
- [mentions] KeyBanc·consensus (via MarketBeat) (EN, research, published 2026-06-29) https://www.marketbeat.com/stocks/NYSE/MCD/forecast/: "Analyst consensus Buy, average target ~$347 (KeyBanc Overweight); thesis on defensive consumer, franchise royalty and real-estate model."
- [confirms] McDonald's (SEC EDGAR) (EN, filing, published 2026-02-24) https://www.sec.gov/Archives/edgar/data/63908/000006390826000035/mcd-20251231.htm: "The 10-K states conventional franchised revenues consist of rent and royalties based on a percent of sales with minimum rents, plus initial fees, and that about 95% of restaurants are franchised."
- [confirms] PR Newswire (McDonald's) (EN, ir, published 2026-02-11) https://www.prnewswire.com/news-releases/mcdonalds-reports-fourth-quarter-and-full-year-2025-results-302685288.html: "FY2025 franchised revenues were $16.548B (mainly rent and royalties), company-operated sales $9.690B and total revenue $26.885B (+4%), with about 95% of restaurants franchised."

### 말단 소비자 (외식 지출) (high)
- metric: Amount $9.7B · FY2025 · company-operated sales (systemwide sales $139B)
- note: Company-operated food and beverage sales ($9.7B) and systemwide consumption ($139B, +7%) track dining spend directly, making McDonald's results a proxy for consumer conditions.
- [confirms] PR Newswire (McDonald's) (EN, ir, published 2026-02-11) https://www.prnewswire.com/news-releases/mcdonalds-reports-fourth-quarter-and-full-year-2025-results-302685288.html: "Systemwide sales rose 7% to $139B in 2025, and company-operated sales were $9.690B."

### 큐리그 닥터페퍼 (high)  → /keurig-dr-pepper.md
- note: McDonald's licenses McCafé packaged coffee to KDP under a long-term master license covering U.S. sourcing, manufacturing, distribution, and marketing, while KDP's 10-K says this class of trade-name license may include royalties or upfront payments but does not disclose the amount paid to McDonald's.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-24) https://www.sec.gov/Archives/edgar/data/1418135/000141813526000016/kdp-20251231.htm: "may include royalty payments"
- [confirms] Keurig Dr Pepper (EN, ir, published 2019-09-26) https://www.keurigdrpepper.com/mcdonalds-usa-enters-agreement-with-keurig-dr-pepper-for-mccafe-packaged-coffee/: "long-term master licensing and distribution agreement"

Reverse side: https://valuechain.wiki/mcdonalds/suppliers.md · Ripple: https://valuechain.wiki/mcdonalds/ripple.md

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Full node: https://valuechain.wiki/mcdonalds.md · JSON: https://valuechain.wiki/mcdonalds.json