McDonald'sreason 04 of 4it makes it for less than anyone else canderived 2026-08-20accession 0000063908-26-000073
The developmental-license structure shifts nearly 70% of new-unit capital to third-party licensees while McDonald's collects incremental royalties from day one. This asset-light expansion path accelerates unit growth toward the 50,000-unit target without proportionately burdening McDonald's balance sheet, amplifying returns on invested capital.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfour sentences · whole, uncut
the claims it rests on
“The Company expects to open approximately 2,600 restaurants in 2026, with about 750 restaurants opening in the U.S. and International Operated Markets, and developmental licensees and affiliates contributing capital towards more than 1,800 restaurant openings in their respective markets”
“The Company expects approximately 2,100 net restaurant additions in 2026, targeting 50,000 global units in 2028”
“The Company generally does not invest any restaurant capital under a developmental license or affiliate arrangement, and it receives a royalty based on a percent of sales”
what it was checked against
licensee capital responsibility
“Under a developmental license or affiliate arrangement, licensees are responsible for operating and managing their businesses, providing capital (including the real estate interest) and developing and opening new restaurants.”