What Is McDonald’s Stock (MCD) and the MCDon Tokenized Stock?

Article Summary

• 📉 Down 13.44% in a Year, and Now Below the 200-Day Average: McDonald’s stock traded at $269.13 at the close on August 20, 2026, about 10% below its 200-day moving average and only 3.1% above its 52-week low of $260.96 (StockAnalysis.com).
• ⚠️ The Number Moving the Stock Isn’t Revenue, It’s Comparable Sales: McDonald’s booked only $26.89 billion as revenue out of roughly $139 billion in total customer spending across its entire network in 2025, because 95% of its restaurants are franchisee-owned (2025 10-K Report).
• ⛓️ How to Access It: MCDon is issued by Ondo Global Markets (BVI) Limited, not a 1:1 model like xStocks, and can be bought starting from Rp11,000 on Pintu since it listed on February 26, 2026. McDonald’s dividend of $7.44 per share per year is reinvested back into the token‘s value.
• 🔴 Biggest Risk: The slowdown continued into the third quarter. Management said July 2026 comparable sales were slightly negative, and the target of 50,000 global restaurants has already been pushed from 2027 to 2028.

Getting to Know McDonald’s, the Property-Leasing Company That Sells Burgers

Dick and Mac McDonald opened the McDonald’s Bar-B-Q restaurant in San Bernardino, California in 1940. Eight years later they closed it for about three months, then reopened it in December 1948 as a self-service restaurant with the Speedee Service System and 15-cent hamburgers (McDonald’s Corporation).

The company you know today actually came from someone else. Ray Kroc visited that restaurant in 1954, became its franchise agent, then opened his own first outlet in Des Plaines, Illinois on April 15, 1955, with first-day sales of $366.12. Kroc bought out the two brothers’ rights to the company in 1961 (McDonald’s Corporation).

Now comes the part that’s most often misunderstood, and it determines how you should read every number below.

McDonald’s mostly doesn’t sell burgers. It leases property and collects royalties from the people who sell burgers. At the end of 2025, about 95% of its 45,356 restaurants were owned by franchisees, not the company. In the 2025 10-K Report, the company states that conventional franchising contributes revenue mainly through rent and royalty payments based on a percentage of sales, along with specified minimum rent payments.

Look at its revenue composition and the model becomes obvious right away.

Where McDonald's revenue comes from, full year 2025

- Revenue from franchised restaurants (rent and royalties): $16.55 billion, or 61.5%
- Sales at company-operated restaurants: $9.69 billion, or 36.0%
- Other revenue: $0.65 billion, or 2.4%
- Total revenue: $26.89 billion

Source: 2025 10-K Report and McDonald's press release, February 11, 2026

Compare that with the bigger number. Total customer spending across McDonald’s entire network in 2025, which the company calls systemwide sales, reached about $139 billion. Of that amount, only $26.89 billion, or about 19%, is recorded in McDonald’s financial statements as revenue. The rest goes into franchisees’ pockets.

The company itself states in its 10-K that franchised sales aren’t recorded as revenue, but they form the basis for calculating its franchise revenue. This means if you want to know whether McDonald’s business is improving or worsening, don’t look at revenue growth. Look at comparable sales.

Its restaurants are spread across more than 100 countries, with 13,706 outlets in the United States at the end of 2025. Its headquarters is in Chicago, Illinois, and the company directly employs more than 150,000 people, about 70% of them outside the US (2025 10-K Report). Chris Kempczinski has served as CEO since November 3, 2019, and became chairman following the 2024 annual shareholder meeting.

Price Performance: Down 13.44% in a Year While Other Markets Rose

This is a rare situation for McDonald’s. Its stock fell 13.44% over the trailing 52 weeks through August 20, 2026, while its competitors varied. Yum! Brands rose 0.20% and Starbucks rose 14.36% over the same period (StockAnalysis.com).

Its 52-week high was $341.75 and its low was $260.96. At the price of $269.13 (close on August 20, 2026), the stock sits closer to the bottom than to the top.

The cause can be traced to a single shift that took place between May and August 2026. The first-quarter report released on May 7, 2026, was still strong, with global comparable sales up 3.8% and US comparable sales up 3.9%. Three months later, on August 4, 2026, the figures dropped to 1.3% globally and 0.8% for the US, with guest counts declining (McDonald’s press release).

What made the market even more uneasy was management’s comment about the next quarter. July 2026 comparable sales were described as slightly negative, and the execution issues continued into the start of the third quarter (McDonald’s earnings presentation, August 4, 2026).

A Quick Look at the Technicals (updated August 20, 2026)

The stock’s position illustrates a trend that has already reversed. McDonald’s is trading about 10% below its 200-day moving average ($298.08), which means its long-term trend is now heading down, not up (StockAnalysis.com).

In the short term, McDonald’s price is still below its 50-day moving average. The close on August 20, 2026 at $269.13 was below the 50-day moving average ($272.76), even though the stock rose 0.63% in a day (StockAnalysis.com). The scenario flagged earlier as a warning still holds: as long as the price stays below the 50-day line, the path toward retesting the 52-week low of $260.96 remains open, and that gap is now just 3.1% below the current price.

Its five-year beta is 0.42, one of the lowest among large US stocks, so historically its moves are calmer than the market’s. Worth noting, that also means the stock tends not to rise as quickly when the market is running hot, and 2026 has shown that clearly.

Technical data as of August 20, 2026, changes daily, not a price prediction. Check the real-time chart before making a decision.

Are McDonald’s Fundamentals Strong?

Global Comparable Sales Fell from 3.8% to 1.3% in a Single Quarter

Comparable sales measure sales growth at restaurants that have been open for at least one year. This figure separates growth that comes from opening new outlets from growth that comes from existing restaurants selling more. For a franchise network, this is the most honest metric.

McDonald's comparable sales, Q1 and Q2 2026

- Global: 3.8% down to 1.3%
- United States: 3.9% down to 0.8%
- International Operated Markets: 3.9% down to 1.5%
- International Developmental Licensed: 3.4% down to 1.9%
- Full year 2025 for comparison: global 3.1%, US 2.1%

Source: McDonald's press releases, May 7, 2026, August 4, 2026, and February 11, 2026

The slowdown occurred across all segments, but was deepest in the United States. And even the US’s still-positive 0.8% comparable sales wasn’t driven by more people coming in. The company stated the growth was driven by higher average check value, partly offset by negative comparable guest counts (McDonald’s press release, August 4, 2026).

Fewer people are coming in, but the ones who do come are spending more. For a network built on volume, this pattern isn’t sustainable for long.

Profit is still rising. Q2 2026 revenue reached $7.10 billion, up 4%, with operating income of $3.34 billion and earnings per share of $3.32, up 6%.

Q2 2026 (reported August 4, 2026)

- Revenue: $7.10 billion, up 4%
- Systemwide sales: about $37 billion, up 5%
- Operating income: $3.34 billion, up 3%
- Earnings per share: $3.32, up 6%
- Adjusted earnings per share: $3.38, up 6%
- Global comparable sales: up 1.3%

Source: McDonald's press release, August 4, 2026

P/E of 22x, Pricier Than Yum! Brands, Much Cheaper Than Starbucks

At the price of $269.13, McDonald’s trades at a P/E of 21.72x with a forward P/E of 20.16x (StockAnalysis.com, August 20, 2026).

Global fast-food restaurant comparison, as of August 20, 2026

- McDonald's (MCD): P/E 21.72, forward P/E 20.16, operating margin 45.72%, dividend yield 2.76%
- Yum! Brands (YUM): P/E 18.38, forward P/E 21.22, operating margin 32.47%, dividend yield 1.97%
- Starbucks (SBUX): P/E 59.73, forward P/E 35.29, operating margin 10.37%, dividend yield 2.39%

Source: StockAnalysis.com

The 45.72% operating margin is the number that sets McDonald’s apart from both, and it stems directly from the franchise model discussed earlier. Collecting rent and royalties is far more profitable than selling food.

If you believe McDonald’s execution problem can be fixed, a forward P/E of 20.16x for a business with a 45% margin is a reasonable price for a company the market currently dislikes. If you’re not convinced, Yum! Brands is cheaper on trailing P/E even though its margin is far lower. What’s worth noticing: Yum! Brands’ forward P/E is actually higher than its trailing P/E, meaning the market expects its profit to fall, not rise.

P/S of 6.92x, a Misleading Number If You Don’t Understand the Model

McDonald’s price-to-sales ratio is 6.92x (StockAnalysis.com, August 20, 2026). For a restaurant chain, that sounds very expensive. Starbucks is only 3.09x and Yum! Brands is 4.53x.

But that figure compares things that aren’t comparable. The numerator is the market value of McDonald’s entire network, while the denominator is only the revenue the company itself records, which is about 19% of total customer spending across its network.

If you compare the market cap of $190.45 billion with systemwide sales of about $139 billion in 2025, the ratio drops to about 1.4x. That figure isn’t published by any data provider, and is mentioned here purely to illustrate the way of thinking, not as an official ratio.

The lesson is simple. For a franchisor like McDonald’s, P/S is nearly useless. What gives an honest picture is comparable sales and operating margin.

One More Thing That Makes Stock Screeners Misleading Here

If you look up McDonald’s in a screener app and see the return on equity or price to book column empty, that’s not a data error.

McDonald's negative equity, as of December 31, 2025

- Shareholders' equity: minus $1.79 billion
- Book value per share: minus $1.45
- Return on equity: not available
- Price to book: not available
- For comparison, 2025 net income: $8.56 billion

Source: 2025 10-K Report via SEC XBRL data, StockAnalysis.com

Negative equity here isn’t a sign the company is in trouble. It’s the result of decades of McDonald’s buying back its own stock and paying dividends in amounts exceeding retained earnings. Its net income was still $8.56 billion in 2025. Yum! Brands has a similar condition, with book value per share of minus $26.03.

So don’t value McDonald’s using ratios that use equity as the denominator. Use operating margin, free cash flow, and comparable sales.

Why Does McDonald’s Stock Move? The Key Catalysts

Catalysts from McDonald’s Itself

Management admits the problem is execution, not strategy, and gives the numbers. In the August 4, 2026 earnings presentation, CEO Chris Kempczinski said the company doesn’t have a strategy problem and simply failed to execute at the level required. CFO Ian Borden said value menu changes and execution issues explain about two-thirds of the guest count growth shortfall. The supporting figure: only 60% to 65% of the US system has implemented the recommended everyday affordable price architecture, and compliant restaurants perform far better.

Too many programs running at once. Kempczinski said restaurants were overwhelmed by too many launches in a single quarter. Q2 2026 packed in the K-Pop Demon Hunters campaign, the FIFA World Cup, and a beverage platform launch all at once.

The new beverage platform is actually running ahead of plan. Launched in May 2026 in the US, Canada, and Germany, then Australia in mid-July 2026, with a lineup of house-made sodas, Refreshers, and cold coffee. The company said early results exceeded expectations, with average check value about 50% above the daily average. On August 17, 2026, McDonald’s launched its first energy drink, Red Bull Dragonberry Energizer, at about 13,500 US restaurants (McDonald’s Corporation, August 11, 2026).

The loyalty program keeps growing. Sales through the loyalty program reached $40 billion over the trailing 12 months across 70 markets, up 20%, with about 220 million 90-day active users, up 13% (McDonald’s press release, August 4, 2026).

A new strategy called NEXT. Announced June 1, 2026, at a global convention in Las Vegas, replacing Accelerating the Arches, which had run since 2020. Its focus is menu innovation, consumer connection, restaurant productivity, and hospitality in an increasingly automated environment, with chicken, beef, and beverages as key categories (Axios and CNBC, June 1, 2026). Its financial targets haven’t been numbered yet and are promised at the September 2026 investor event.

The 50,000-restaurant target has been pushed back a year. CFO Ian Borden said the company now expects to reach 50,000 global restaurants in 2028, not 2027, due to a pressured consumer environment and inflation’s impact on development costs (Nation’s Restaurant News, August 5, 2026).

External Catalysts: Consumers and Weight-Loss Drugs

Pressure on US consumer purchasing power is the main reason analysts remain neutral. RBC Capital Markets cited continued pressure on consumers as a potential drag on comparable sales growth, and views that headwind as bigger than the benefits from the World Cup, beverage innovation, and value offers (RBC via Investing.com, July 28, 2026).

GLP-1 weight-loss drugs haven’t been proven to have an impact, according to the company. On February 15, 2026, Kempczinski said the company hasn’t seen evidence these drugs are truly having a material impact on its business, though he acknowledged consumer behavior is changing as adoption spreads. He pointed to protein as an area still in demand among GLP-1 users (Yahoo Finance, February 15, 2026). This is a statement from company management, not independent third-party research, and the topic wasn’t discussed at all in the Q2 2026 earnings presentation.

McDonald’s Roadmap

2026 operating guidance, from the 10-K Report filed in February 2026. Capital expenditure of $3.7 billion to $3.9 billion, about 2,600 gross restaurant openings and about 2,100 net additions, general and administrative expenses of about 2.2% of systemwide sales, an effective tax rate of 21% to 23%, and an operating margin in the mid-to-upper 40s percent range.

Revision from the August 4, 2026 presentation. The foreign exchange gain for full-year 2026 was trimmed to about $0.15 per share from a prior estimate of $0.20 to $0.30. About 2,600 gross openings are still on track. The 50,000-restaurant target has shifted to 2028.

Execution improvement plan. The company will expand national digital offers, personalize offers through the loyalty program, and shift marketing toward Extra Value Meals. Compliance with the pricing architecture is now also a factor in franchisee eligibility for expansion, and a crew training initiative begins October 5, 2026 (QSR Magazine, August 5, 2026).

Deciding Factors for McDonald’s Through the End of 2026

The September 2026 investor event, where financial targets for the NEXT strategy will be numbered for the first time. The exact date hasn’t been confirmed by the company as of August 20, 2026, and McDonald’s Events & Presentations page doesn’t list any schedule yet.

The Q3 2026 report. Its date also hasn’t been confirmed by the company. TipRanks and Investing.com estimate October 22, 2026, but Q3 2025 was reported on November 5, 2025, so early November is just as plausible. Treat that date as a third-party estimate and check directly with McDonald’s investor relations site. There’s really only one number to look for in that report: whether US comparable sales have turned positive again.

Future Potential: Bullish vs. Bearish Scenarios

Of the 34 analysts tracked by StockAnalysis.com as of August 6, 2026, the consensus is Buy with an average price target of $316.06 and a median of $306.

Bullish Scenario ($305 to $350)

KeyBanc Capital Markets, via analyst Christopher Carril, maintained an Overweight rating with a target of $305 on August 5, 2026, cut from $315. The reasoning rests on the turnaround plan and new US leadership, with investor focus on signs of trend improvement after a weak start to the third quarter. He said the company’s long-term strategy is coming into clearer focus and flagged the September investor event as the moment attention shifts to the long-term story (KeyBanc via Benzinga, August 5, 2026).

On the more optimistic side, BTIG maintained Buy with a target of $350, while Citigroup and Deutsche Bank both raised their targets to $345 on August 5, 2026 (MarketBeat).

For this scenario to play out, US comparable sales need to turn positive again in the Q3 report, price compliance across the US system needs to rise well above 65%, and the September investor event needs to deliver financial targets the market trusts. If all three happen, the $305 to $350 target implies a 13% to 30% upside from the price on August 20, 2026.

Bearish Scenario ($285 to $295)

RBC Capital Markets, via analyst Logan Reich, held a Sector Perform rating, with the target cut to $295 on August 5, 2026. The reasoning cites continued consumer pressure, risk to unit growth, and the possibility of a new investment cycle weighing on cash flow. RBC said it would stay on the sidelines until there’s clarity that comparable sales have turned around (RBC via Investing.com, July 28, 2026 and MarketBeat, August 5, 2026).

Bernstein SocGen, via Danilo Gargiulo, cut its target to $295 with a Market Perform rating, Guggenheim to $290 with a Neutral rating, and Robert W. Baird to $285, the lowest target among the recent ones (MarketBeat, August 5, 2026).

Worth noting: all of these targets sit 6% to 10% above the current price. That means even the most cautious analysts aren’t expecting a major decline, but they also don’t see a reason to buy in now. This isn’t a story of a stock about to crash, it’s a story of a stock that might go nowhere until there’s evidence of improvement.

It’s worth noting that the highest target of $407 and lowest of $250 appearing in StockAnalysis.com‘s data are likely stale. The cluster of targets published after the Q2 2026 report sits in the $285 to $350 range (MarketBeat, August 12, 2026).

What Is MCDon, the McDonald’s Tokenized Stock?

MCDon is a tokenized stock, a digital representation of McDonald’s stock issued on the blockchain by Ondo Global Markets (BVI) Limited (since July 13, 2026 this platform has been marketed under the name Ondo Stocks, though the issuing entity remains the same, per confirmation from Ondo Finance and Genfinity). This issuer takes the form of a special purpose vehicle designed to be bankruptcy remote with at least one independent director, meaning its assets are ring-fenced so they aren’t caught up if the parent company runs into trouble (Ondo Finance).

Learn about What Is Ondo Global Markets? How It Works & Its Performance on Pintu Academy!

MCDon was listed on Pintu on February 26, 2026, alongside ABTon, ACNon, and CSCOon (Pintu Blog, February 26, 2026).

The McDonald’s shares backing it are purchased through a registered US securities broker-dealer and held in custody with a licensed broker-dealer. Ondo states its tokens are fully collateralized with an additional buffer above 100%, along with a first-priority security interest held by a third-party collateral agent and daily asset attestation by an independent Verification Agent (Ondo Finance, Pintu).

Ondo’s token uses a total return tracker model, meaning dividends from the underlying stock are reinvested back into the token. This is relevant for McDonald’s, since the company pays a dividend of $7.44 per share per year, equivalent to a dividend yield of 2.76% at the August 20, 2026 price (StockAnalysis.com). That dividend flows back into the token’s value after applicable taxes, rather than being paid out as cash to your Rupiah balance.

Ondo also states that token holders have an enforceable redemption right, meaning they can convert tokens into cash or stablecoin based on the value of the underlying assets. Ondo’s mint and redeem process runs 24 hours a day, five days a week, from Sunday at 8:00 PM to Friday at 7:59 PM New York time, and can be paused temporarily during corporate actions or certain market conditions (Ondo Finance).

The token lives on three networks: Ethereum, BNB Chain, and Solana. On the Pintu app, MCDon can be bought starting from Rp11,000 and can be purchased fractionally without needing to buy a full token (Pintu).

The market is still small. MCDon’s market cap is about $2.52 million with 9,181 tokens outstanding (CoinGecko and CoinMarketCap, August 21, 2026), and 24-hour volume on Pintu is about Rp5.05 billion. In a market this small, large orders can move the price further than you’d expect.

McDonald’s Stock vs. MCDon Tokenized Stock: What’s the Difference

Data as of August 20, 2026. Source: StockAnalysis, Ondo Finance, and the MCDon market page on Pintu.

Learn about Asset Tokenization: What It Is, How It Works, and RWA Risks in 2026 on Pintu Academy!

Tokenized Stock Regulation and Taxation in Indonesia

Oversight of crypto assets, including tokenized stocks like MCDon, has been fully in OJK’s hands since the transition period from Bappebti ended on January 20, 2026. On the tax side, buying crypto assets isn’t subject to VAT, while selling through a registered domestic platform like Pintu is subject to a final Article 22 income tax of 0.21% of the transaction value (Directorate General of Taxes). Read A Complete Guide to Crypto Asset Regulation in Indonesia 2026 on Pintu Academy to learn more.

A full explanation is available in the comparison of taxation between tokenized stocks and conventional US stocks.

Conclusion

McDonald’s is going through a problem that a company this large rarely admits so openly. Its management says the strategy is right but execution has failed, then gives a figure you can check: only 60% to 65% of US restaurants have implemented the recommended pricing structure, and that explains about two-thirds of the guest count shortfall.

An admission like that cuts both ways. An execution problem is easier to fix than a demand problem, and that’s a reason for optimism. But an execution problem also means the company already knew what to do from the start and still didn’t do it, and the recovery depends on thousands of independent franchisees choosing to go along.

For patient Indonesian investors who view a forward P/E of 20.16x as a fair price for a business with a 45.72% margin and a 2.76% dividend yield, MCDon via Pintu offers access starting from Rp11,000 with flexible trading hours. But don’t expect a quick move. Even the most cautious analysts have set targets 6% to 10% above the current price, and even the most optimistic are waiting for evidence from the September investor event and the Q3 report. If you do get in, the one number to watch is US comparable sales. As long as that figure stays below 1% or negative, the story hasn’t changed.

Frequently Asked Questions (FAQ)

Is buying MCDon the same as owning actual McDonald’s stock?

No. MCDon makes your investment’s value move in line with McDonald’s stock, and the token is collateralized by real shares held with a US broker-dealer custodian, but you aren’t an official shareholder and have no voting rights at shareholder meetings.

What’s the minimum capital to buy MCDon on Pintu?

Starting from Rp11,000. You don’t need to buy a full token, which costs about Rp4.85 million as of August 21, 2026.

Why does MCDon’s price differ from the MCD stock price in the news?

Because MCDon isn’t a 1:1 token. McDonald’s dividend of $7.44 per share per year is reinvested back into the token’s value, so over time one MCDon represents more value than one share. As of August 21, 2026 the gap is about 2%. The token can also be traded while the New York exchange is closed.

Do I receive McDonald’s dividends if I hold MCDon?

Not in the form of cash. The dividend is reinvested back into the token’s value after applicable taxes, so the benefit flows into the token’s price rather than into your Rupiah balance.

Why did McDonald’s stock fall when profit is still rising?

Because what the market is watching isn’t profit, it’s comparable sales. That figure fell from 3.8% in Q1 2026 to 1.3% in Q2 2026, with declining US guest counts. Management even called July 2026 comparable sales slightly negative.

Why is McDonald’s return on equity blank in screener apps?

Because its shareholders’ equity is negative, minus $1.79 billion as of December 31, 2025, due to decades of share buybacks and dividends exceeding retained earnings. This isn’t a sign the company is in trouble, but it does mean ratios using equity as the denominator can’t be used to value McDonald’s.

What’s the most important thing to watch in McDonald’s business right now?

US comparable sales in the Q3 2026 report, and the franchisee compliance rate with the everyday affordable pricing architecture, which currently stands at only 60% to 65%.

Is MCDon legal to trade in Indonesia?

Yes. Trading of crypto assets, including tokenized stocks, has been supervised by OJK since the transition period from Bappebti ended on January 20, 2026, and Pintu is a registered platform in Indonesia. Sales are subject to a final Article 22 income tax of 0.21% of the transaction value.

How to Buy MCDon on Pintu

1. Open the Pintu app and make sure your identity verification is complete.
2. Top up your Rupiah balance via bank transfer or another available payment method.
3. Go to the Market menu, then search for “MCDON” or “McDonald’s”.
4. Select Buy and enter an amount starting from Rp11,000.
5. Check the price and fees on the confirmation screen, then complete the transaction.

If this is the first time you’ve heard about stock tokenization, start with the explanation of US stock tokenization. To compare with another tokenized stock whose dividends are also reinvested, read the Eli Lilly stock and LLYon tokenized stock article.

This article is educational in nature and is not investment advice. Crypto asset prices are volatile and can change at any time. Always do your own research (DYOR) before investing.

References

1. McDonald’s (MCD) Stock Price & Overview, StockAnalysis.com (accessed August 20, 2026)
2. MCD Statistics, StockAnalysis.com (accessed August 20, 2026)
3. MCD Stock Forecast & Price Targets, StockAnalysis.com (accessed August 20, 2026)
4. Yum! Brands (YUM) Statistics, StockAnalysis.com (accessed August 20, 2026)
5. Starbucks (SBUX) Statistics, StockAnalysis.com (accessed August 20, 2026)
6. McDonald’s Reports Second Quarter 2026 Results, McDonald’s Corporation, August 4, 2026 (accessed August 13, 2026)
7. Q2 2026 Earnings Release, Exhibit 99.1, McDonald’s Corporation, August 4, 2026 (accessed August 13, 2026)
8. McDonald’s Reports First Quarter 2026 Results, McDonald’s Corporation, May 7, 2026 (accessed August 13, 2026)
9. Fourth Quarter and Full Year 2025 Results, McDonald’s Corporation, February 11, 2026 (accessed August 13, 2026)
10. Form 10-K for the year ended December 31, 2025, McDonald’s Corporation (accessed August 13, 2026)
11. McDonald’s StockholdersEquity, SEC XBRL (accessed August 13, 2026)
12. Our History, McDonald’s Corporation (accessed August 13, 2026)
13. Restaurants by Market 2025, McDonald’s Corporation (accessed August 13, 2026)
14. McDonald’s USA Introduces Red Bull Dragonberry Energizer, McDonald’s Corporation, August 11, 2026 (accessed August 13, 2026)
15. McDonald’s USA Introduces McValue, McDonald’s Corporation, April 2, 2026 (accessed August 13, 2026)
16. Leadership Change, McDonald’s Corporation, November 3, 2019 (accessed August 13, 2026)
17. McDonald’s (MCD) Q2 2026 Earnings Call Transcript, The Motley Fool, August 11, 2026 (accessed August 13, 2026)
18. McDonald’s Journey to 50,000 Restaurants Will Take a Bit Longer, Nation’s Restaurant News, August 5, 2026 (accessed August 13, 2026)
19. McDonald’s Looks to Fix a Value Misfire, QSR Magazine, August 5, 2026 (accessed August 13, 2026)
20. McDonald’s US business slowed significantly during quarter, Food Business News, August 10, 2026 (accessed August 13, 2026)
21. McDonald’s unveils NEXT growth plan, Axios, June 1, 2026 (accessed August 13, 2026)
22. McDonald’s Long-Term Strategy Coming Into Greater Focus, Analyst Says, Benzinga, August 5, 2026 (accessed August 13, 2026)
23. RBC Capital reiterates McDonald’s stock rating on consumer pressure, Investing.com, July 28, 2026 (accessed August 13, 2026)
24. McDonald’s PT Lowered to $295 at Bernstein SocGen, StreetInsider (accessed August 13, 2026, note: full content is behind a paywall, the headline and snippet confirm the quote)
25. McDonald’s (MCD) Analyst Forecasts and Price Targets, MarketBeat (accessed August 13, 2026)
26. McDonald’s prepares for wider GLP-1 adoption, Yahoo Finance, February 15, 2026 (accessed August 13, 2026)
27. McDonald’s (MCD) Earnings Dates, TipRanks (accessed August 13, 2026)
28. Ondo Stocks and Ondo Global Markets Overview, Ondo Finance (accessed August 13, 2026)
29. Ondo Finance Brings Shareholder Voting Capabilities to Tokenized Securities with Broadridge, PR Newswire, April 28, 2026 (accessed August 13, 2026)
30. McDonald’s (Ondo Tokenized Stock), CoinGecko (accessed August 21, 2026)
31. McDonald’s Tokenized Stock (Ondo) MCDon, CoinMarketCap (accessed August 21, 2026)
32. McDonald’s (MCDON) Market, Pintu (accessed August 21, 2026, note: this page still incorrectly lists the issuer as Backed Assets/Backed Finance, see internal editor’s note)
33. 4 New Tokenized Asset Listings February 26, 2026, Pintu Blog, February 26, 2026 (accessed August 13, 2026)