麥當勞 (MCD) 2025 Q3 法說會逐字稿

Hello, and welcome to McDonald's third-quarter 2025 investor conference call. At the request of McDonald's Corporation, this conference is being recorded. (Operator Instructions)

大家好，歡迎參加麥當勞2025年第三季投資人電話會議。應麥當勞公司要求，本次會議將進行錄音。（操作說明）

I would now like to turn the conference over to Mr. Dexter Congbalay, Vice President of Investor Relations for McDonald's Corporation. Mr. Congbalay, you may begin.

現在我謹將會議交給麥當勞公司投資者關係副總裁德克斯特·康巴萊先生。康巴萊先生，您可以開始了。

Good morning, everyone, and thank you for joining us. With me on the call are Chairman and Chief Executive Officer, Chris Kempczinski; and Chief Financial Officer, Ian Borden. As a reminder, the forward-looking statements in our earnings release and 8-K filing also apply to our comments on the call today. Both of those documents are available on our website as are reconciliations of any non-GAAP financial measures mentioned on today's call, along with their corresponding GAAP measures.

各位早安，感謝各位的參與。與我一同參加電話會議的還有董事長兼執行長克里斯·肯普欽斯基和財務長伊恩·博登。再次提醒大家，我們在獲利報告和 8-K 文件中發表的前瞻性聲明也適用於我們今天在電話會議上的評論。這兩份文件均可在我們的網站上查閱，今天電話會議上提到的任何非GAAP財務指標及其相應的GAAP指標的調節表也可在我們的網站上查閱。

Following prepared remarks this morning, we will take your questions. Please limit yourself to one question and then reenter the queue for any additional questions. Today's conference call is being webcast and is also being recorded for replay via our website.

今天上午的發言結束後，我們將回答各位的問題。請每次只提一個問題，如有其他問題請重新排隊。今天的電話會議正在進行網路直播，同時也會錄製下來，以便透過我們的網站進行回放。

And now I'll turn it over to Chris.

現在我把麥克風交給克里斯。

Good morning, everyone, and thank you for joining us. In the third quarter, McDonald's delivered global comparable sales growth of more than 3.5%, with growth across all segments. In addition, for the second quarter in a row, McDonald's delivered global system-wide sales growth of more than 6% in constant currency, reflective of the increasing contribution from new unit openings.

各位早安，感謝各位的參與。第三季度，麥當勞全球同店銷售額成長超過 3.5%，所有業務部門均成長。此外，麥當勞連續第二個季度實現了全球系統銷售額按固定匯率計算增長超過 6%，這反映出新店開業帶來的貢獻日益增加。

Our performance is anchored in our Accelerating the Arches business strategy and exceptional execution to provide the value our customers want for the food they love. Our combination of great tasting menu innovation, exciting marketing and reliable value and affordability succeeded in a highly challenged consumer environment and drove traffic share gains in a majority of our top markets.

我們的業績得益於「加速拱門」業務策略和卓越的執行力，從而為客戶提供他們喜愛的食物所期望的價值。我們憑藉美味的創新菜單、令人興奮的行銷以及可靠的價值和實惠的價格，在競爭激烈的消費環境中取得了成功，並在大多數主要市場中實現了客流量份額的成長。

In the US, we continue to see a bifurcated consumer base with QSR traffic from lower income consumers declining nearly double digits in the third quarter, a trend that's persisted for nearly two years. In contrast, QSR traffic growth among higher income consumers remained strong, increasing nearly double digits in the quarter.

在美國，我們繼續看到消費者群體兩極化，低收入消費者的快餐店客流量在第三季度下降了近兩位數，這一趨勢已經持續了近兩年。相較之下，高收入消費者的速食店客流量成長依然強勁，本季成長接近兩位數。

We continue to remain cautious about the health of the consumer in the US and our top international markets and believe the pressures will continue well into 2026. Delivering industry-leading value is part of McDonald's DNA. It's a foundational expectation of our brand to bring consumers through our doors and keep them coming back. And especially in today's difficult macro environment, it's more important than ever.

我們仍然對美國和我們主要國際市場的消費者健康狀況保持謹慎，並認為這種壓力將持續到 2026 年。提供業界領先的價值是麥當勞的基因。吸引消費者進店並讓他們不斷回頭，是我們品牌的基本期望。尤其是在當前嚴峻的宏觀經濟環境下，這一點比以往任何時候都更重要。

On our last earnings call, I previewed the close collaboration with our US franchisees to improve consumers' value perceptions of our core menu offerings. We heard our customers loud and clear on the need to deliver everyday value and affordability across their favorite items on our menu board.

在上次財報電話會議上，我預告了我們將與美國加盟商密切合作，以提高消費者對我們核心菜單產品的價值認知。我們清楚地聽到了顧客們的呼聲，他們需要在我們菜單上的菜餚中提供日常的價值和實惠的價格。

In September, we introduced Extra Value Meals or EVMs with a nationally advertised $5 Sausage McMuffin with Egg meal and an $8 Big Mac meal. And for the month of November, we're back with a $5 Sausage egg and Cheese McGriddles meal and an $8 10-piece Chicken McNuggets meal.

9 月份，我們推出了超值套餐（EVM），其中包括在全國宣傳的 5 美元香腸麥滿分加蛋套餐和 8 美元巨無霸套餐。11 月份，我們又推出了 5 美元的香腸雞蛋起司麥滿分套餐和 8 美元的 10 塊麥雞套餐。

As we've said before, we will measure success of our EVM program in two ways, first, by gaining share of lower income consumer traffic and second, by improving value and affordability experience scores. I'm pleased with how our EVM program is performing since relaunch. We're still in the early stages of the program and expect that the associated comp sales lift and traffic improvements will continue to build as awareness of the program increases over the coming quarters.

正如我們之前所說，我們將透過兩種方式來衡量 EVM 計畫的成功：首先，透過獲得低收入消費者流量的份額；其次，透過提高價值和可負擔性體驗評分。我對我們的EVM專案重新啟動後的表現感到滿意。我們仍處於該計劃的早期階段，預計隨著未來幾季人們對該計劃的了解不斷加深，相關的同店銷售額提升和客流量改善將持續增長。

Outside the US, our performance has remained strong with our large markets continuing to execute disciplined value, menu and marketing programs. The value platforms we've had in place for several quarters in our IOM markets are resonating with our customers and continuing to improve value and affordability scores. While these programs are working, we're remaining agile and will evolve them along with the needs of our customers.

在美國以外，我們的業績仍然強勁，我們的大型市場繼續執行嚴格的價值、菜單和行銷計劃。我們在馬恩島市場實施了幾個季度的價值平台，這些平台引起了客戶的共鳴，並不斷提高價值和可負擔性評分。雖然這些項目目前運作良好，但我們將保持靈活，並根據客戶的需求不斷改進和完善它們。

In Australia, for example, we locked in pricing on our McSmart meal and lose change venue value offerings for 12 months beginning in July, giving customers confidence and consistency in a volatile economic environment while helping us maintain relevant, drive traffic and gain share.

例如，在澳大利亞，我們從 7 月開始鎖定 McSmart 套餐和零錢優惠的價格，為期 12 個月，這在動蕩的經濟環境中為顧客提供了信心和穩定性，同時也幫助我們保持相關性、吸引客流並贏得市場份額。

Time and again, we've proven that when we execute well, we outperform. And that has also been the case in Japan, where we've had market share gains for six quarters amid consistently strong performance. Just a couple of weeks ago, I visited our restaurants in Tokyo and my first-hand experience confirmed the momentum supported by strong local marketing and innovation. This included several exciting Happy Meal campaigns that drove significant traffic and social engagement, highlighting the power of local relevance and the strength of our brand in connecting with consumers.

我們已經一次又一次證明，只要執行得好，就能取得優異的成績。在日本也是如此，我們連續六個季度市佔率成長，業績持續強勁。就在幾週前，我參觀了我們在東京的餐廳，我的親身經歷證實了強大的本地行銷和創新所帶來的發展勢頭。這其中包括幾項令人興奮的開心樂園餐活動，這些活動帶來了大量的流量和社交互動，突顯了本地相關性的力量以及我們品牌在與消費者建立聯繫方面的實力。

Along with both value and marketing execution, our new category structure is laying the groundwork to deliver more menu innovation to support long-term growth. We've stood up dedicated teams with deep expertise and focused attention on the high potential growth categories of chicken, beverages and beef. At the outset, we promised increased speed of innovation and scale, and we're already introducing new solutions into the system.

除了價值和行銷執行之外，我們的新品類結構正在為提供更多菜單創新奠定基礎，以支持長期成長。我們組建了專門的團隊，憑藉著深厚的專業知識，專注於雞肉、飲料和牛肉等高潛力成長類別。從一開始，我們就承諾加快創新速度並擴大規模，而我們現在已經在向系統中引入新的解決方案。

Let's begin with beverages, a global category of more than $100 billion that's growing much faster than the broader IEO industry. In the US, we launched a beverage test in more than 500 restaurants across Colorado and Wisconsin at the beginning of September. The product mix includes cold coffees, fruit and refreshers, crafted sodas and energy-based drinks.

讓我們先從飲料說起，這是一個全球規模超過 1000 億美元的品類，其成長速度遠超更廣泛的 IEO 產業。9月初，我們在美國科羅拉多州和威斯康辛州的500多家餐廳啟動了一項飲料測試。產品組合包括冷咖啡、水果和清爽飲品、精釀蘇打水和能量飲料。

Initial results are exceeding expectations with strong satisfaction scores across the board and the new beverage offerings are driving incremental occasions across different dayparts as well as higher average check. We're excited to see progress continue with the test as we deepen our understanding, drive innovation and evaluate how these offerings could enhance our long-term beverage strategy in the US and abroad.

初步結果超出預期，各方面滿意度評分都很高，新的飲料產品在一天中的不同時段都帶來了更多消費機會，並且提高了平均消費額。我們很高興看到測試繼續取得進展，加深我們對產品的了解，推動創新，並評估這些產品如何增強我們在美國和海外的長期飲料策略。

Turning to chicken, a global category that is 2 times the size of beef and faster growing, we're driving good progress on our chicken offerings and continued to gain share in our top 10 markets in the quarter. In the US, we brought back Snack Wraps in early July, much to the delight of our most vocal fans at a nationally advertised price point of $2.99. The strong customer reception to this highly anticipated launch highlights the importance of pairing the right product with the right value proposition.

再來看雞肉，這是一個全球市場規模是牛肉兩倍且增長速度更快的品類，我們在雞肉產品方面取得了良好進展，並在本季度繼續在我們前十大市場中擴大市場份額。在美國，我們於7月初重新推出了零食捲餅，這讓我們的忠實粉絲欣喜不已，其全國統一廣告價格為2.99美元。這款備受期待的產品上市後獲得了顧客的熱烈反響，凸顯了將合適的產品與合適的價值主張相結合的重要性。

In our IOM markets, innovation standouts like the Chicken Big Mac in the UK and McWings in Australia exceeded expectations in the quarter and we'll continue to go after the broader chicken opportunity by expanding our portfolio and pulsing in limited time offers to meet evolving consumer tastes. Investing in these high-growth categories to align with consumer trends reinforces our broader strategy to drive guest count-led growth, win and taste and quality and outperform competitors over the long-term.

在我們的馬恩島市場，像英國的雞肉巨無霸和澳洲的麥香雞翅這樣的創新產品在本季度表現超出預期，我們將繼續透過擴大產品組合和推出限時優惠來抓住更廣泛的雞肉市場機遇，以滿足不斷變化的消費者口味。投資這些高成長類別以順應消費趨勢，強化了我們更廣泛的策略，即推動以客流量為導向的成長，贏得口味和質量，並在長期內超越競爭對手。

With that, I'll turn it over to Ian.

接下來，我將把麥克風交給伊恩。

Thanks, Chris, and good morning, everyone. As Chris mentioned, McDonald's continues to deliver solid results by focusing on what we can control, value, menu innovation and outstanding marketing execution while also driving consistent operational improvements across nearly all of our top markets.

謝謝克里斯，大家早安。正如克里斯所提到的，麥當勞透過專注於我們能夠控制的因素——價值、菜單創新和出色的營銷執行，同時在幾乎所有主要市場持續改進運營，從而不斷取得穩健的業績。

In the third quarter, global comparable sales increased 3.6% despite a challenging consumer environment and a difficult QSR industry backdrop. In the US, comp sales increased 2.4% for the quarter and we delivered another quarter of positive comp sales and guest count gaps to our near-end competitors.

第三季度，儘管消費者環境充滿挑戰，速食業整體情況嚴峻，但全球同店銷售額仍成長了3.6%。在美國，本季同店銷售額成長了 2.4%，我們再次實現了與近端競爭對手在同店銷售額和客流量方面的正成長。

We started Q3 with the national launch of Snack Wraps and the initial four-week window exceeded our expectations. Snack Wraps were the most popular new chicken product launch in the US in recent history, with nearly one in five McDonald's customers purchasing a Snack Wrap during that period. Although easing somewhat after the exceptional initial launch period, Snack Wraps continued to deliver strong unit performance throughout the quarter, helping us gain share in the US chicken category and drive high levels of customer satisfaction.

第三季開始，我們面向全國推出了零食捲餅，最初的四周銷售情況超出了我們的預期。近年來，麥當勞推出的雞肉新品中，雞肉捲是最受歡迎的新品，近五分之一的麥當勞顧客在那段時間購買了雞肉捲。儘管在最初推出階段表現異常出色之後有所放緩，但零食捲餅在整個季度中繼續保持強勁的銷量，幫助我們在美國雞肉類別中獲得市場份額，並提高了客戶滿意度。

We're also continuing to see positive results from the McValue platform as we continue to evolve our value offerings. In mid-July, we introduced the Daily Double, a third meal deal as a companion to the McChicken and the McDouble meal deals. Overall, our McValue platform continues to serve distinct needs with little overlap of customers across the meal deal and Buy One, Add One constructs, both of which continue to drive incrementality to the business in the quarter.

隨著我們不斷改善加值服務，McValue 平台也持續帶來正面的成果。7 月中旬，我們推出了“每日雙份套餐”，這是繼麥香雞套餐和麥香雙層雞套餐之後推出的第三種套餐。整體而言，我們的 McValue 平台持續滿足不同的需求，套餐優惠和買一加一優惠的客戶重疊度很低，這兩種優惠方式都持續推動本季業務的成長。

And as Chris described in early September, we brought extra value meals back to the menu to ensure fans can find everyday affordable pricing across our menu boards. Getting the EVM formula right is important because they account for about 30% of our total transactions in the US And so far, results have been in line with our expectations as we build consumer awareness and drive behavior changes. While not a benefit to our third quarter results, in October, we reintroduced MONOPOLY in the US for the first time in nearly a decade, and we're pleased with the performance.

正如克里斯在 9 月初所描述的那樣，我們重新在菜單中加入了超值套餐，以確保粉絲們可以在我們的菜單上找到日常實惠的價格。正確掌握 EVM 公式非常重要，因為它們約占我們在美國總交易量的 30%。到目前為止，隨著我們提高消費者意識並推動行為改變，結果與我們的預期相符。雖然這對我們第三季的業績沒有好處，但在 10 月份，我們近十年來首次在美國重新推出了 MONOPOLY 遊戲，我們對它的表現感到滿意。

This year's campaign includes digital engagement through our app, similar to what we've done successfully in international markets. MONOPOLY is one of the biggest digital customer acquisition events we've ever had driving downloads and registrations and reinforcing the role of digital in our broader strategy. With about 45 million 90-day active users in the US, we're excited about how MONOPOLY is helping more customers discover our strong value offerings available through our app.

今年的宣傳活動包括透過我們的應用程式進行數位互動，類似於我們在國際市場上成功實施的做法。MONOPOLY 是我們舉辦過的規模最大的數位客戶獲取活動之一，它推動了下載量和註冊量的成長，並強化了數位技術在我們更廣泛的策略中的作用。在美國，MONOPOLY 擁有約 4500 萬 90 天活躍用戶，我們很高興看到它能夠幫助更多客戶透過我們的應用程式發現我們強大的價值產品。

Turning to our internationally operated market segment. Comp sales were up 4.3%, marking consecutive quarters of growth above 4% despite a challenged industry backdrop. Just like last quarter, each IOM market delivered positive comp sales growth, led by strong performances in Germany and Australia.

接下來，我們來看看我們在國際市場運營的業務領域。儘管產業環境充滿挑戰，同店銷售額仍成長了 4.3%，連續多季成長超過 4%。與上個季度一樣，IOM 的每個市場都實現了正的同店銷售成長，其中德國和澳洲的強勁表現尤為突出。

In Germany, we delivered our strongest comp sales results in TWO years, extending the trend of market share gains to nearly FOUR years despite persistent industry traffic declines, McDonald's Germany has consistently outperformed driven by disciplined execution of our value menu and marketing playbook.

在德國，我們取得了兩年來最強勁的同店銷售業績，市佔率成長的趨勢已持續近四年。儘管行業客流量持續下降，但麥當勞德國憑藉其超值菜單和行銷策略的嚴格執行，一直表現出色。

A standout in the quarter was the Taste of the World campaign, which showcased the global strength of the McDonald's brand by offering customers a curated selection of international menu favorites at their local German McDonald's restaurant. Taste of the World exceeded expectations and was complemented by an optimized mailer and strong local marketing, demonstrating our ability to deliver value and innovation simultaneously. In addition, it provided a campaign blueprint, which we plan to replicate across more international markets in 2026 and which is currently live in the UK.

本季最引人注目的是「世界風味」活動，該活動透過在德國當地麥當勞餐廳為顧客提供精心挑選的國際菜單美食，展現了麥當勞品牌的全球實力。世界美食節超越了預期，配合優化的郵件宣傳和強大的在地行銷，展現了我們同時提供價值和創新的能力。此外，它還提供了一個行銷活動藍圖，我們計劃在 2026 年將其複製到更多國際市場，目前該藍圖已在英國投入使用。

In Australia, we're encouraged by the momentum that the new management team and our franchisees are building across the entire system as we've gained market share for a second straight quarter by executing a full suite of initiatives across value menu and marketing. And as Chris noted, we locked in value prices for 12 months starting in July, providing consumers with predictability and confidence.

在澳大利亞，我們受到鼓舞，因為新的管理團隊和我們的加盟商正在整個系統中建立起強勁的發展勢頭，我們透過實施一系列涵蓋超值菜單和行銷的舉措，連續第二個季度獲得了市場份額。正如克里斯指出的那樣，我們從 7 月開始鎖定了 12 個月的優惠價格，為消費者提供了可預測性和信心。

The launch of the Big Arch burger and breakfast McGriddles added excitement to the menu, while the return of MONOPOLY now fully digital and available exclusively through the MyMacca's app, drove increased app downloads and registrations and contributed to digital sales growth.

巨無霸漢堡和早餐麥滿分的推出為菜單增添了活力，而大富翁遊戲的回歸，現在完全數位化，並且只能透過 MyMacca's 應用程式玩，推動了應用程式下載量和註冊量的增加，並促進了數位銷售的成長。

In our international developmental license markets, comp sales grew 4.7% led by Japan, which has delivered consistently positive guest count growth for nearly two years. In China, while near-term performance continues to reflect macroeconomic pressures, we remain confident in the long-term opportunity. We're investing in the future, including adding 1,000 new restaurants this year.

在我們的國際開發授權市場中，同店銷售額成長了 4.7%，其中日本市場表現最為突出，日本市場已連續近兩年實現了客流量的持續成長。在中國，雖然短期業績持續反映宏觀經濟壓力，但我們對長期機會仍充滿信心。我們正在投資未來，包括今年新增 1,000 家餐廳。

We're also updating our Hamburger University in China, which we believe will support talent development and reinforce our commitment to the market. We have the right partner in place and remain confident in our ability to drive sustainable, profitable growth over time.

我們也正在對位於中國的漢堡大學進行升級改造，我們相信這將有助於人才培養，並鞏固我們對市場的承諾。我們找到了合適的合作夥伴，並且對未來實現可持續的獲利成長充滿信心。

Turning to the P&L. Adjusted earnings per share was $3.22 for the quarter. which includes a $0.04 benefit from foreign currency translation. Adjusted earnings per share on a constant currency basis declined 1% versus the prior year primarily due to the impact of a higher effective tax rate, more than offsetting an increase in adjusted operating income. Total restaurant margin dollars were over $4 billion, a 4% increase in constant currency and the first quarter in our history that we've surpassed the $4 billion mark.

接下來來看損益表。本季調整後每股收益為3.22美元，其中包括0.04美元的外匯折算收益。以固定匯率計算，調整後每股盈餘較前一年下降 1%，主要原因是實際稅率上升的影響，抵銷了調整後營業收入的成長。餐廳總利潤超過 40 億美元，以固定匯率計算成長 4%，這是我們歷史上第一個季度利潤超過 40 億美元的里程碑。

This performance is a true reflection of the strength of our business model in a pressured consumer and inflationary environment. G&A increased versus the prior year quarter, reflecting $40 million of incremental marketing spend to support the relaunch of Extra Value Meals in the US, higher incentive-based compensation expense and the timing of investments in our strategic transformation efforts and growth opportunities.

這項業績真實反映了我們在消費壓力大、通膨高企的環境下的商業模式的優勢。與上年同期相比，一般及行政費用有所增加，這反映了為支持在美國重新推出超值套餐而增加的 4000 萬美元營銷支出、更高的激勵性薪酬支出以及我們在戰略轉型工作和增長機會方面的投資時機。

Our year-to-date adjusted operating margin is 47.2%, up meaningfully from the 46.7% in the prior year period, reflecting top line growth and strong execution across our system, including portfolio management. Below the operating line, our effective income tax rate for the quarter was 22.8%. We're projecting our full year effective tax rate to be between 21% and 22%, which is tightening the range from our previous estimate.

今年迄今為止，我們調整後的營業利潤率為 47.2%，較上年同期的 46.7% 有顯著增長，這反映了收入增長以及我們整個系統（包括投資組合管理）的強勁執行力。在營業稅項下，我們本季的實際所得稅率為 22.8%。我們預計全年實際稅率將在 21% 至 22% 之間，這比我們先前的估計範圍有所縮小。

We currently estimate that the impact of foreign currency translation on adjusted earnings per share for the fourth quarter will be about a $0.05 tailwind based on current exchange rates. As always, our estimate is directional guidance only as rates will likely change as the year progresses.

根據目前的匯率，我們目前估計，外幣折算對第四季度調整後每股收益的影響將帶來約 0.05 美元的利多。與以往一樣，我們的估計僅供參考，利率可能會隨著時間的推移而變化。

We're on track to deliver our financial targets for the year, which include the expected impacts from tariffs currently in place, and remain focused on executing our Accelerating the Arches strategy to create long-term value for our stakeholders.

我們正按計劃實現今年的財務目標，其中包括目前關稅帶來的預期影響，並將繼續專注於執行我們的「加速拱門」策略，為我們的利害關係人創造長期價值。

With respect to capital allocation, our priorities remain unchanged. First, we invest in opportunities to grow the business and drive strong returns. Second, we return remaining free cash flow to shareholders over time through dividends and share repurchases. In line with investing in the business, we believe our development pipeline is healthy, and we're on track to deliver our current year targets and our 50,000 restaurants globally by the end of 2027. Whether through new restaurant openings, digital innovation or menu enhancements, we're continuing to build a business that is positioned to win in any operating environment.

在資本配置方面，我們的優先事項保持不變。首先，我們會投資於能夠發展業務並獲得豐厚回報的機會。其次，我們會透過分紅和股票回購，逐步將剩餘的自由現金流返還給股東。與對業務的投資一致，我們相信我們的發展計畫進展順利，我們有望實現今年的目標，並在 2027 年底前實現全球 5 萬家餐廳的目標。無論是透過開設新餐廳、數位化創新或菜單改進，我們都在不斷打造一個能夠在任何經營環境下都取得成功的企業。

With respect to capital returns, in October, we announced a 5% increase in our dividend, which is our 49th consecutive year of dividend increases. That's a testament to the strength, resilience and long-term value that McDonald's delivers and expects to continue to deliver to our shareholders. Our ability to consistently return capital while investing in the business reflects the durability of our model and the confidence we have in our future.

在資本回報方面，我們在 10 月宣布將股息提高 5%，這是我們連續第 49 年提高股息。這證明了麥當勞的實力、韌性和長期價值，以及我們期望繼續為股東創造的價值。我們能夠在持續投資業務的同時實現資本回報，這反映了我們商業模式的持久性和我們對未來的信心。

With that, let me turn it back over to Chris.

那麼，現在讓我把麥克風交還給克里斯。

Thanks, Ian. Each fall, McDonald's celebrates our Founder's Day with reflections on the pride and passion that fuel our system. It's a privilege to recognize the everyday actions of our crew members, franchisees and teams around the world. This year is particularly special given it's our 70th anniversary.

謝謝你，伊恩。每年秋季，麥當勞都會慶祝創辦人紀念日，回顧推動我們體系發展的自豪感和熱情。能夠表彰我們世界各地員工、加盟商和團隊的日常行動，是一種榮幸。今年尤其特別，因為這是我們成立70週年。

The resilience we've built across generations and geographies reminds us that our strength lies not just in our global scale, but in the local actions we take day in and day out to feed and foster communities everywhere McDonald's operates. Founder's Day is also a time to look ahead to the next chapter of innovation, growth and impact. From our digital transformation to our commitment to value and affordability, we are building on our legacy in ways that matter most to today's consumer, and we're doing it together as one McDonald's system.

我們在幾代人和不同地域建立的韌性提醒我們，我們的力量不僅在於我們的全球規模，還在於我們日復一日在麥當勞運營的每個地方採取的本地行動，為當地社區提供食物和發展。創辦人紀念日也是展望創新、發展和影響力下一個篇章的時刻。從數位轉型到對價值和價格的承諾，我們正在以對當今消費者最重要的方式傳承我們的傳統，我們正在作為一個麥當勞系統共同努力。

As we look to close out the year, our focus remains on executing what we can control. We're committed to delivering for our customers, especially in the challenging environment we navigate today. As is often the case, Ray had great advice for the moment we face today when he said, adversity can strengthen you if you have the will to grind it out. That's exactly what we're doing.

展望今年的尾聲，我們的重點仍然是做好我們能夠控制的事情。我們致力於為客戶提供優質服務，尤其是在我們今天所面臨的充滿挑戰的環境下。正如常言所說，雷對我們今天面臨的困境提出了很好的建議，他說，如果你有毅力克服逆境，逆境可以讓你更強大。這正是我們正在做的。

With that, we'll take your questions.

接下來，我們將回答您的問題。

(Operator Instructions)

（操作說明）

David Palmer, Evercore.

David Palmer，Evercore。

Great. Good morning. Thank you. I wanted to ask you about the US business and perhaps the twin goals of improving company restaurant profitability and your system restaurant profitability but also improving the value perception gap versus your competitors in the US? How can you achieve both? I see some big AUVs for you guys bigger than your competitors, over $4.5 million for your company restaurants and trailing restaurant margin is 11.5%.

偉大的。早安.謝謝。我想問您關於美國業務的問題，或許可以探討一下提高公司餐廳盈利能力和系統餐廳盈利能力的雙重目標，以及縮小與美國競爭對手之間的價值感知差距？如何才能同時做到這兩點？我看到你們的一些餐廳的平均單店銷售額（AUV）比競爭對手高，超過 450 萬美元，餐廳的累積利潤率為 11.5%。

So I just could -- I could imagine higher margins than that and -- or perhaps even more of a value perception gap versus competitors? And I have a feeling you have some ideas about how you're going to grow that value perception gap and probably have your cake and eat it too and improve the restaurant margins over time as well. I'd love to hear about that. Thank you.

所以我覺得——我覺得利潤率可能會更高，而且——或者與競爭對手相比，價值感知差距可能會更大？我感覺你已經有一些想法，打算如何擴大這種價值感知差距，或許還能兩全其美，並隨著時間的推移提高餐廳的利潤率。我很想聽聽這件事。謝謝。

Sure. Thanks, David. Well, I think the formula for us is pretty well established over time, which is basically, if you do what you need to do to let your customers and serve them well, you're going to attract more people to the business, and ultimately, that's going to drive unit economics. And so I think for us, the focus is always on getting more people through the door, getting them to be buying larger items and ultimately, that drives AUVs that you were talking about. I don't think that related to that, that it's at all incompatible that improving value scores actually is also part of improving unit economics.

當然。謝謝你，大衛。我認為，對我們來說，這個公式已經相當成熟了，基本上就是，如果你盡你所能讓你的客戶滿意並好好服務他們，你就會吸引更多的人加入你的企業，最終，這將推動單位經濟效益的提升。所以我認為，對我們來說，重點始終是吸引更多人進店，讓他們購買更大的商品，最終，這將推動你剛才提到的AUV成長。我不認為這與提高價值評分有關，提高價值評分實際上也是提高單位經濟效益的一部分，這兩者之間完全不矛盾。

And that's very much our focus right now. As we think about the full year, our US franchisees cash flow is going to be solid. The cash flow performance is going to be solid. At the same time that we're making these investments that we talked about on our last call around EVM. So I think for us, the test of time, just get more people through the door, get them buying more and everything seems to take care of itself.

而這正是我們目前的工作重點。展望全年，我們美國加盟商的現金流將十分穩健。現金流表現將十分穩健。同時，我們也在進行我們在上次電話會議上討論過的這些關於 EVM 的投資。所以我覺得對我們來說，時間的考驗在於，只要吸引更多人進店，讓他們買更多商品，一切似乎都會迎刃而解。

David, I just might add a bit to what Chris said. And obviously, what he said, we've talked about pretty consistently that we've got to get after guest count-led growth. And I think nothing certainly from my lens has changed in terms of over time if we keep driving more volume and more customers through our doors, which is obviously what we're always focused on.

大衛，我只想在克里斯的話語基礎上補充一點。很顯然，正如他所說，我們一直在討論，我們必須追求以客流量為導向的成長。而且我認為，從我的角度來看，隨著時間的推移，如果我們繼續提高銷量，吸引更多顧客進店，那麼一切都不會改變，這顯然是我們一直關注的重點。

Nothing fundamentally has changed, I think, in our belief that we can drive margin accretion over time. I mean, I think obviously, as you know well, a bit of the dynamic right now is inflation levels are still elevated from, I think, kind of what I would say are the historical norms. The pricing environment is challenging. And so I think in the short-term, that continues to put pressure on margins.

我認為，我們對隨著時間推移能夠實現利潤成長的信念，從根本上來說並沒有改變。我的意思是，我認為很明顯，正如你所知，目前的一個動態是，通貨膨脹水平仍然高於，我認為，這可以說是歷史正常水平。定價環境充滿挑戰。因此我認為，短期內，這將繼續對利潤率造成壓力。

But again, I think we're focused on what do we need to do to meet the needs of our consumers in the environment, and we certainly believe value and affordability is right. And if we get that right, that will pay off both in the short and long-term, as Chris just talked about.

但我認為，我們關注的重點是我們需要做些什麼來滿足消費者在環境方面的需求，我們當然相信價值和價格合理性是正確的。如果我們做對了，正如克里斯剛才所說，無論從短期還是長期來看，都會有回報。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi, good morning. My question is on the value strategy in the US. And I believe, at least in the near-term, you're offering some support or co-investing in that strategy with your franchisees. And I was wondering, Ian, if you could kind of frame up what the level of that support looks like on an aggregate basis?

您好，早安。我的問題是關於美國的價值投資策略。我相信，至少在短期內，你們正在為加盟主提供一些支持或共同投資這項策略。伊恩，我想知道，你能否從整體上概括一下這種支持的程度？

And then I guess, Chris, the second part of the question is franchisees at some point will need to decide whether to continue this or not without your support, presumably. So just wondering what -- how you would frame up the thresholds and how the system is thinking about what success looks like from a financial perspective? Do they need to see the traffic growth covering the de facto price investments? Or are they more focused on the metrics you mentioned, which is the value scores, et cetera. So any thoughts around that would be helpful as well. Thanks.

然後我想，克里斯，問題的第二部分是，加盟商在某個時候需要決定，如果沒有你的支持，是否要繼續經營下去。所以我想知道——您會如何設定這些門檻，以及從財務角度來看，該系統是如何看待成功的？他們需要看到流量成長足以彌補實際的價格投資嗎？或者他們更關注你提到的那些指標，像是價值評分等等。所以，任何相關的想法也會很有幫助。謝謝。

Hey morning, David, it's Ian. Let me kick off, and then I know Chris will jump in and address the second part of your question. I think just from a support standpoint and maybe a bit of the framing, which I touched on in my opening remarks is you've heard Chris and I talk a fair bit about -- we felt really good about the value that we were offering both through the McValue platform and then through, I think, the digital value that is available to members of our loyalty program. And if you put those two kind of components or programs together, that addresses about 40% of our total sales in the US business.

早安，大衛，我是伊恩。讓我先拋磚引玉，我知道克里斯會接著回答你問題的第二部分。我認為，從支持的角度來看，或許從框架構建的角度來看，正如我在開場白中提到的，你們也聽克里斯和我談過很多次——我們對通過 McValue 平台以及我認為通過我們忠誠度計劃會員可獲得的數字價值所提供的價值感到非常滿意。如果將這兩種組件或程序結合起來，就能解決我們在美國業務總銷售額的約 40% 的問題。

I think -- the purpose of the EVMs, as we talked about in September is really that 60% of the menu, which we would call kind of the everyday core part of our menu, the everyday core consumer. We felt we had an opportunity to strengthen value in that part of our mix and EVMs represent about half of that 60% or about 30% of our overall portfolio in the US that was really important to address that, which was what we targeted with our EVM relaunch in September.

我認為——正如我們在9月份討論的那樣，電子購物機器的目的實際上是針對菜單的60%，也就是我們所說的日常核心部分，也就是日常核心消費者。我們覺得有機會加強我們產品組合中這部分的價值，而 EVM 約占我們整體投資組合的 60% 的一半，或者說約占我們在美國整體投資組合的 30%，這對於解決這個問題來說非常重要，這也是我們在 9 月重新推出 EVM 的目標。

I think to kind of support, there's a few elements of support that we're providing. We've talked already about the $40 million of incremental corporate marketing support we provided to support the relaunch of EVMs in September. As you will have seen already, we've got a rehit of that, that Chris talked about in his opening remarks in November. That's being funded through our normal advertising co-op in the U.S. that the franchisees contribute to.

我認為，為了提供支持，我們提供了一些方面的支持。我們之前已經談到了我們為支援 EVM 在 9 月重新推出而提供的 4000 萬美元的增量企業行銷支援。正如你們已經看到的，我們又一次遇到了克里斯在11月開幕致詞中提到的那個問題。這筆資金來自我們在美國的常規廣告合作計劃，由加盟商共同出資。

So there's no incremental support behind the November activity, but we are providing a co-investment from the launch in September through the end of 2025 at 50% of the kind of effective menu price reduction. And I think before we relaunched EVMs, the average discount level across the U.S. business was about 11%. Obviously, what we've targeted now with our kind of eight core EVM meals is a minimum discount level of 15%, and we're co-investing half of that reduction. That was about $15 million in September of McDonald's support, and we only had about three weeks of activity, and we expect that support in Q4 to be about $75 million.

因此，11 月的活動並沒有額外的支持，但我們將從 9 月啟動到 2025 年底，提供相當於有效菜單價格降低 50% 的共同投資。我認為在我們重新推出電子購物機器之前，美國業務的平均折扣水準約為 11%。顯然，我們現在針對八款核心 EVM 餐點的目標是至少 15% 的折扣水平，並且我們將共同投資其中一半的折扣。9 月麥當勞的支持金額約為 1500 萬美元，而我們只開展了大約三週的活動，我們預計第四季度的支持金額將達到約 7500 萬美元。

The last piece is Q1 2026, where we are continuing to provide a level of support, but it is different support. That support is basically to address, again, I'll call it a co-investment or 50% of the net negative cash flow impact that's associated with kind of the EVM reintroduction. And that is net of any lift in EVM units in individual restaurants. And because the nature of that support is different, we expect that to be significantly less in Q1 than what we're providing in Q4 this year. And then at the end of Q1, all of our corporate support will stop.

最後一部分是 2026 年第一季度，我們將繼續提供支持，但支持方式有所不同。這種支持主要是為了解決，我稱之為共同投資，或者說是彌補與 EVM 重新引入相關的 50% 的淨負現金流影響。而且這還不包括單一餐廳 EVM 單元的任何增加。而且由於這種支持的性質不同，我們預計今年第一季的支持力度將比第四季大幅下降。然後，在第一季末，我們所有的企業支援都將停止。

And then with that, I'll turn it over to Chris to maybe kind of address part two.

然後，我將把麥克風交給克里斯，讓他來談談第二部分。

Sure. Thanks, Ian. So on value, as you know, and as Ian just referenced, we put in place McValue now it's well over a year ago, and we feel very good about our McValue platform. But what we also talked about was that consumers' value perception, the number one driver of consumers' value perception is actually what's going on in the menu board. It's not meal deals or offers, it's what's going on in the menu board.

當然。謝謝你，伊恩。所以，關於價值，正如你所知，也正如伊恩剛才提到的，我們一年多前就建立了 McValue 系統，我們對我們的 McValue 平台感到非常滿意。但我們也談到了消費者的價值感知，消費者價值感知的首要驅動因素實際上是菜單上的內容。關鍵不在於套餐優惠或促銷活動，而是菜單板上的內容。

And we, along with our US franchisees recognize that we had an opportunity there. And that through kind of a number of things that had happened over time, we have gotten out of whack on EVMs, and that was having a drag on our value perception. And so we went to the US franchisees with a path forward on how we're going to fix EVMs. And the good news is the vast, vast majority, and I'm talking like 98%, 99% of our franchisees recognize that we had an issue with EVMs that we needed to address.

我們和我們的美國加盟商都意識到，我們在那裡擁有一個機會。由於一段時間以來發生的一系列事情，我們在 EVM 方面出現了偏差，這拖累了我們的價值認知。因此，我們帶著改良電子販賣機 (EVM) 的方案去找了美國的加盟商。好消息是，絕大多數加盟商（我指的是 98%、99%）都意識到我們在電子收銀機方面有問題，需要加以解決。

And so the support that we came in with was to design to give them a pathway on how we can get this corrected, but also protect on what was going to be, we knew in the short-term, a drag. I mean that's a challenge when you do some of the pricing actions that we're doing with EVM is in the short-term, it's going to be a drag until you can get the incrementality and then thereafter, it becomes more sustaining. So that's exactly what we did.

因此，我們提供的支援旨在為他們提供一條糾正這一問題的途徑，同時也要保護那些我們知道在短期內會造成阻礙的事情。我的意思是，當我們使用 EVM 進行一些定價操作時，短期內會面臨挑戰，在獲得增量收益之前會比較拖累，之後才會更具可持續性。所以我們就照做了。

And what we expect is going to happen is that by the end of Q1, our system is going to be a position here where it's actually going to be a better decision to continue with the EVMs than it is to go back to where we were and create the problem all over again.

我們預計到第一季末，我們的系統將會處於這樣的狀態：繼續使用 EVM 實際上會比回到以前的方式重新製造問題要好得多。

So my expectation is that we're going to see the system continue with this EVM program because we've essentially bridge them through the most difficult part of this and any move backward would actually, I think, be self-defeating.

所以我預計我們會看到該系統繼續推行 EVM 計劃，因為我們基本上已經幫助他們度過了最困難的階段，任何倒退實際上都會適得其反。

And maybe just a final hook to that, David. I just would say, I mean, again, when we put this in place in September, you heard us say this wasn't a short-term decision. This is going to take at least a couple of quarters, I think, to kind of get the momentum and the lift and the repetitive activity that you need. I would just say we're obviously still early days in, but we're pleased with the progress, and we're on track to what we would have expected at this point a few weeks post launch in September.

或許這只是最後一點的提示，大衛。我只想說，我的意思是，再說一遍，我們在九月實施這項措施的時候，你們也聽到我們說過，這不是短期決定。我認為這至少需要幾個季度的時間，才能獲得所需的動力、提升和重複性活動。我想說的是，我們顯然還處於早期階段，但我們對目前的進展感到滿意，並且正朝著我們在9月份發布幾週後所預期的方向發展。

Dennis Giger, UBS.

瑞銀集團的丹尼斯·吉格爾。

Great morning guys. Great. Kudos on the solid sales momentum in the US in the quarter in a tough backdrop. I was wondering if you could talk a little more about how you're thinking about the US sales trajectory looking out over the coming quarters, given a bunch of the key sales drivers that you identified?

各位早安。偉大的。在如此艱難的環境下，本季美國市場的銷售動能依然強勁，值得稱讚。我想請您再詳細談談，鑑於您已經確定的一些關鍵銷售驅動因素，您是如何看待未來幾季美國市場的銷售走勢的？

And also kind of curious if you think sort of the underlying guest count baseline trends that you've kind of touched on in the past a bit, if you think that, that's improving for the business or sort of if those underlying baseline trends are set to improve in '26, if you feel good about the direction of those baseline trends? Thank you.

另外，我還想問問您是否認為您之前稍微提到過的客流量基準趨勢，對於業務發展是否有所改善？或者說，這些基線趨勢在 2026 年是否會繼續改善？您對這些基線趨勢的發展方向是否感到樂觀？謝謝。

Well, I'm not going to get into trouble with giving any forecast. So I'm going to let Ian handle that one.

嗯，我不會因為給出預測而惹上麻煩。所以這件事就交給伊恩來處理吧。

Good morning, Dennis, good question. Thanks. So let me touch on it, I'm sure Chris may want to weigh in here at the end and just build. But I think what we would say is we feel like we've had two kind of consistent consecutive quarters now of solid growth. And we certainly feel like we're developing good momentum across each of our three business segments.

早安，丹尼斯，問得好。謝謝。所以讓我簡單提一下，我相信克里斯最後可能會想發表意見，並且繼續完善。但我認為我們可以說的是，我們感覺我們已經連續兩個季度實現了穩健成長。我們確實感覺我們在三大業務板塊都發展勢頭良好。

I think as we've talked a fair bit about by obviously focusing on what we feel we can control in a continued challenging external environment. And I think we would say we certainly still feel cautious about the consumer. And I think, I mean, you've heard from many others, obviously, the conditions still remain challenging in the US, and we certainly see that as well in many of our top international markets.

我認為，正如我們已經討論過很多次的那樣，顯然應該專注於在持續充滿挑戰的外部環境中，我們能夠控制的事情。而且我認為，我們當然仍然對消費者保持謹慎。而且我認為，正如你從許多其他人那裡聽到的那樣，顯然，美國的情況仍然充滿挑戰，我們在許多主要的國際市場也看到了這一點。

I think we saw that in the US kind of get a little bit worse through Q3 and into the start of Q4. I'm talking about from an external perspective. But we certainly believe we're positioned to deliver another solid quarter of growth in each of our segments if we look forward to Q4. And I think that's anchored in -- and I think Chris talked about this last quarter, in this environment, you really got to be what we call three for three.

我認為我們看到，在美國，這種情況在第三季到第四季初有所惡化。我是從外部視角來談論這個問題的。但我們相信，展望第四季度，我們各個業務部門都有能力實現另一個穩健的季度成長。我認為這根植於——而且我認為克里斯在上個季度也談到了這一點，在這種環境下，你真的必須做到我們所說的「三戰全勝」。

You can't be just strong on value individually or you can't just be having a great marketing execution quarter or a great menu news quarter, you've got to get all three of those things to come together. And I think we feel we're doing a better job of really strong execution across the business. I think a little specifically maybe to get into the segments. I think in the US, we actually expect our comp sales growth will accelerate in Q4 versus the 2.4% that we delivered in Q3. And there's some obvious reasons for that.

你不能只在價值方面做得好，也不能只在行銷執行方面做得好，或者在菜單更新方面做得好，這三者必須結合起來。而且我認為我們感覺在整個業務範圍內都做得更好，執行力更強了。我覺得或許應該更具體地談談各個部分。我認為在美國，我們預計第四季同店銷售成長速度將比第三季的 2.4% 更快。這其中有一些顯而易見的原因。

Obviously, we're lapping the food safety incident in last year's Q4. We've had a decent start to the quarter based on MONOPOLY running in October, as you heard us talk about in our upfront remarks. And we feel we've got a really good quarter of activity, obviously, MONOPOLY in October.

顯然，我們已經超越了去年第四季的食品安全事件。正如我們在開場白中提到的，由於 10 月舉辦了 MONOPOLY 遊戲，我們本季開局不錯。我們感覺本季業務發展得非常好，顯然，10 月的《大富翁》遊戲也很成功。

And then as you heard Chris talk about the kind of rehit of our EVM $5 and $8 price points in November. We also expect in the US that we'll see a notable step-up in comp sales growth for those reasons in Q4 and expect -- I think our comp sales growth on a [three]-year stack base will accelerate modestly from the 2.7% that we saw in Q3 on a two-year basis.

然後，正如你聽到的克里斯談到的，我們的 EVM 產品在 11 月可能會再次以 5 美元和 8 美元的價格出售。我們也預計，由於這些原因，美國第四季的同店銷售成長將顯著加快，並且預計——我認為，以三年為基準的同店銷售成長將比第三季以兩年為基準的 2.7% 略有加速。

On the international segments, I would say, I think we expect operating conditions across our top markets in Q4 will be pretty similar to what we've seen in the last couple of quarters. I think we believe that our Q4 comp sales in each of our international segments may decelerate sequentially, but that's largely a reflection of the lapping of more difficult prior year comparisons. And so on a two-year stack basis, we expect Q4 comp sales growth for both segments will accelerate meaningfully and sequentially.

關於國際業務方面，我認為我們預計第四季度主要市場的經營狀況將與過去幾季的情況非常相似。我認為，我們預計第四季各國際業務部門的同店銷售額可能會較上季放緩，但這主要是由於去年同期基數較高所致。因此，從兩年的時間跨度來看，我們預計這兩個業務部門的第四季度同店銷售額成長將顯著加快，並且環比成長。

So that would be a bit of a texture, I think, on the looking forward. I mean I think the external conditions remain challenging, but I think what we've really done, and you've heard us talk pretty relentlessly about this, just on value and affordability and then getting the power of great marketing and great menu news to come together is what's driving results.

所以，我認為這會為未來帶來一些改變。我的意思是，我認為外部環境仍然充滿挑戰，但我認為我們真正所做的，你們也聽我們反覆強調的，就是注重價值和價格，然後將強大的營銷和出色的菜單資訊結合起來，這才是推動業績增長的關鍵。

And I think to your point, what is giving us a positive baseline momentum in a difficult external environment. And I think that's highlighted by some of the markets that we called out like Germany and Australia, where the external conditions remain challenging, but I think our performance has been really, really strong.

我同意你的觀點，在艱難的外在環境下，是什麼為我們帶來了正向的基線發展動能？我認為，我們提到的德國和澳洲等一些市場就凸顯了這一點，這些市場的外部環境仍然充滿挑戰，但我認為我們的業績表現非常非常強勁。

All I would add to that is it's still a difficult environment and inflation is proving to be sticky. I mean we're expecting to see there's going to be above average inflation next year. You've heard about others referencing what's going on with beef prices. Certainly, we're seeing very, very high inflation around beef prices versus what we're used to historically. And so I think all of that just keeps putting pressure on the industry. And I referenced it in my opening remarks, but it's very much kind of how we're feeling, which is this is an environment where you've just got to grind it out.

我只想補充一點，目前的環境依然艱難，通膨問題依然難以解決。我的意思是，我們預計明年的通膨率將高於平均水準。你一定也聽過其他人提到牛肉價格的走勢。的確，我們看到牛肉價格出現了非常非常高的通膨，與我們以往習慣的水平相比，差距非常大。所以我覺得這一切都會給這個行業帶來持續的壓力。我在開場白中也提到了這一點，但這很能代表我們現在的感受，那就是在這種環境下，你只能咬牙堅持下去。

I mean that was an expression that Ray Kroc always love to talk about. And it kind of feels like that's sort of how we're having to operate, which is just grinding out and getting growth. And fortunately, our system is executing well. We've got good alignment with our franchisees. So I think we're going to continue to do well, but I don't want to minimize some of the pressures as well that exist in the industry today and that we're expecting to continue into next year.

我的意思是，雷·克羅克總是喜歡談論這個說法。感覺我們現在只能這樣運作了，那就是埋頭苦幹，努力實現成長。幸運的是，我們的系統運作良好。我們與加盟商的關係非常融洽。所以我認為我們會繼續取得好成績，但我也不想低估當今行業中存在的一些壓力，我們預計這些壓力會持續到明年。

Greg Francfort, Guggenheim.

格雷格·弗蘭福特，古根漢。

Hey, thanks for the question. I'm wondering if you can maybe just give some more detail on the beverage tests that you've been running. I think you're running two kind of very different tests in terms of breadth of product and including the energy drink and not including the energy drink and just what that sales mix looks like? And if there's any just consumer behaviors that you can call out? Thanks.

嘿，謝謝你的提問。我想請您詳細介紹一下您一直在進行的飲料測試。我認為你們正在進行兩項非常不同的測試，一項測試涉及產品範圍，另一項測試則不包括能量飲料，而另一項測試則不包括能量飲料，看看銷售組合會是什麼樣子？如果有什麼不公平的消費者行為需要指出，那會怎麼樣？謝謝。

I'll let Ian start and then I can add. But as we referenced, we're pleased with it. We're not trying to make too much of an inference around what it's going to do from a comp standpoint. It's more about the operations and I think getting a sense of the mix, but I'll let Ian talk about that and then close out anything else.

我先讓伊恩開始，然後我再補充。但正如我們之前提到的，我們對此感到滿意。我們並不想從競爭的角度對它會產生什麼影響做出過多推論。更重要的是營運方面，我認為需要了解其中的平衡，但我會讓伊恩來談談這方面，然後再結束其他話題。

Yeah. Thanks, Greg. Well, look, I mean we're running that test in a couple of regions in our US business. It's about 500 restaurants. I think there is a very purposeful construct to the different lineup. I mean there's some overlap between what the product portfolio in both regions, but there's also some differences. I mean I think as you've heard us talk about before, the beverage test is really -- has come out of the learnings we had from the CosMc's stand-alone restaurants that we stood up last year. That test told us that we could get after the majority of the opportunity without creating a manageable level of complexity that would impact our ability to execute in the restaurant.

是的。謝謝你，格雷格。嗯，你看，我的意思是，我們正在美國業務的幾個地區進行這項測試。大約有500家餐廳。我認為不同的陣容安排是有其目的的。我的意思是，這兩個地區的產品組合有一些重疊之處，但也有一些差異。我的意思是，正如你之前聽我們談到的那樣，飲料測試實際上是從我們去年開設的 CosMc 獨立餐廳的經驗中總結出來的。這項測試告訴我們，我們可以抓住大部分機會，而不會造成可控的複雜性，進而影響我們在餐廳的執行能力。

So I think there are a couple of purposes of the task. One is just to gauge the consumer demand, the consumer reaction, the consumer kind of feedback on the portfolio. One is obviously to test at a little bit greater scale.

所以我認為這項任務有兩個目的。一是評估消費者需求、消費者反應、以及消費者對產品組合的回饋。顯然，一種方法是進行更大規模的測試。

Our assumptions on kind of the complexity that those lineups are adding to our business manageable. I mean, I think we've seen, from a complexity standpoint, what we expected, which is we're able to kind of manage that in the restaurants.

我們認為這些陣容為我們的業務帶來的複雜性是可以控制的。我的意思是，從複雜性的角度來看，我認為我們已經看到了我們所預期的，那就是我們能夠在餐廳裡做到這一點。

Obviously, the purpose of any test is you're learning and adapting. I think we've seen a really positive consumer reaction, both in the portfolio and kind of is it meeting the needs and kind of the on-trend expectations for what consumers are looking for from a beverage standpoint. And so again, early days. And as Chris said, we've got more work to do, but I think we're certainly encouraged by the reaction that we've had to date.

顯然，任何考試的目的都是為了讓你學習和適應。我認為我們已經看到了非常積極的消費者反應，無論是產品組合，還是它是否滿足了消費者對飲料的需求和趨勢期望。所以，一切都還處於早期階段。正如克里斯所說，我們還有更多工作要做，但我認為我們迄今為止所得到的反響確實令人鼓舞。

The only thing I would add is on this test, one of the things that we're also looking at is we're being very thoughtful and purposeful about where we price these products. And we have a variety of different items, but we think the opportunity for us is to be actually able to bring value into this segment as well. And so with our franchisees, we've been very thoughtful about where these products are priced relative to the competitors that would have similar offerings.

我唯一要補充的是，在這個測試中，我們也在考慮如何非常周全、有目的地為這些產品定價。我們有各種各樣的產品，但我們認為我們的機會在於能夠真正為這個領域帶來價值。因此，我們與加盟商一起，非常認真地考慮了這些產品相對於提供類似產品的競爭對手的定價。

And I think what we're seeing here is, for us, should we roll this out nationally, being very disciplined on pricing and making sure that we're delivering value on these beverages versus the competitive set is going to be the way that we're successful in this segment.

我認為我們現在看到的是，如果我們要在全國範圍內推廣這項產品，那麼在定價方面保持高度自律，確保我們提供的飲料比競爭對手的產品更有價值，這將是我們在這個領域取得成功的關鍵。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Great, thank you. Just maybe two clarifications. The first is just -- on the high-income traffic being up double digits, is that an acceleration from what you've seen, I guess, trying to figure out if there's kind of evidence of trade down happening now?

太好了，謝謝。或許還有兩點需要澄清。第一個問題是──高收入者的流量成長了兩位數，這是否意味著成長速度加快？我想弄清楚這是否表明現在出現了消費下行趨勢？

And then on IDL, I know you mentioned strength across all regions, but that China was still seeing some pressure. Does that mean China -- the market was perhaps not positive? I feel like we've seen some signs of improvement being reported from other consumer companies. So I just wanted to understand if China perhaps is an exception in that region. Thanks.

關於IDL，我知道你提到了各個地區的實力都很強，但中國仍然面臨一些壓力。這是否意味著中國市場前景並不樂觀？我覺得我們已經看到其他消費品公司報告了一些改善的跡象。所以我想了解一下，中國是否是該地區的例外。謝謝。

Hey, good morning, Sara, it's Ian. So let me try and touch on those two things. I think high-income consumer, it's certainly not a change in trend. I mean we've talked pretty consistently for quite a while now about the bifurcated consumer environment in the US. And I would just say that the Q3 data only continued to emphasize and maybe even showed that bifurcation, I would call it extending because as we said, low income consumer was down in terms of visits to QSR, high single digit and high income consumer was up high single digits.

嘿，早上好，薩拉，我是伊恩。那麼，讓我試著談談這兩件事。我認為對於高收入消費者而言，這肯定不是一種趨勢的改變。我的意思是，我們已經持續討論了美國兩極化的消費環境很長一段時間了。我只想說，第三季的數據只是繼續強調，甚至可能表明了這種分化，我稱之為擴大，因為正如我們所說，低收入消費者光顧快餐店的次數下降了近個位數，而高收入消費者則上升了近個位數。

So that just, I think, is kind of extenuating that bifurcation. Obviously, the whole point of what we're trying to do with value and affordability is make sure we're meeting the needs of all of our consumers and continuing, obviously, to be well positioned on that.

所以，我認為這反而加劇了這種分化。顯然，我們努力提升產品價值和價格可負擔性的全部意義在於確保滿足所有消費者的需求，並且顯然要繼續在這方面保持良好的市場地位。

I think on IDL, I mean, again, I think on China, nothing new, I think, from what we've been talking about for several quarters. I mean, I think the macroeconomic environment continues to remain challenging in the short-term. We haven't changed our view on the mid, long-term opportunity and our confidence level. And I think as we said in the note, all of the geographic regions in IDL and I would include China in that were positive, at least from a comp sales standpoint.

我認為關於IDL，我的意思是，再說一遍，關於中國，我認為沒有什麼新內容，從我們幾個季度以來一直在討論的內容來看，沒什麼新鮮的。我的意思是，我認為短期內宏觀經濟環境依然充滿挑戰。我們並未改變對中長期機會的看法和信心程度。正如我們在報告中所說，IDL 的所有地理區域（包括中國）都呈現正態勢，至少從同店銷售的角度來看是如此。

Yeah. The only thing I would add on China, we're pleased with how the China business is performing. We're still gaining share there. There's just -- there's overcapacity in China and what you're seeing is you're seeing a delivery war that's going on there, which is putting pressure on pricing. Pricing is down in that market because of what's happening between kind of the three different delivery guys all duking it out there.

是的。關於中國市場，我唯一想補充的是，我們對中國業務的表現感到滿意。我們仍在不斷擴大市場份額。目前中國產能過剩，你會看到那裡正在發生一場配送大戰，這給價格帶來了壓力。由於三個不同的送貨員之間互相競爭，導致該市場的價格下降。

And so I think that's -- it's great for consumers. It's putting a pressure on the business. But net-net, as Ian said, we're growing comp sales. We're still on track with where we need to be on new units. It's just -- it's a more deflationary environment in China than I think we would want to see normally.

所以我認為這對消費者來說是件好事。這給企業帶來了壓力。但總的來說，正如伊恩所說，我們的同店銷售額正在成長。我們在新單元的建設方面仍然按計劃進行。只是——中國目前的通貨緊縮環境比我們通常希望看到的要嚴重得多。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

Hi, thank you. I like the way that you framed Australia value is having -- giving consumers in that market, predictability and confidence. And I did want to put that in the context of the US, broadening the typical EVM discount from 11% to 15%, does that give consumers price certainty across that EVM platform? Obviously, it's 30% of your sales, it's very important, whether it's local, regional or national, where consumers can come in and know that they, for example, can get a Big Mac combo meal at a certain price.

您好，謝謝。我喜歡你對澳洲價值的描述——給予該市場的消費者可預測性和信心。我想把這個問題放在美國的背景下討論，將典型的電子購物機器折扣從 11% 提高到 15%，這是否能讓消費者在電子購物機器平台上獲得價格確定性？顯然，這佔你銷售額的 30%，非常重要，無論是在本地、區域還是全國範圍內，消費者都可以進店，知道例如他們可以以一定的價格買到巨無霸套餐。

Do you think having specific price certainty in the US over time to achieve that predictability and confidence is something that perhaps we can migrate the brand to, obviously, with some exceptions, but moved the brand more to kind of a sustainable national pricing type model on the EVM side.

您認為隨著時間的推移，在美國實現特定的價格確定性，從而達到可預測性和信心，這是否是我們能夠將品牌遷移到的目標？當然，會有一些例外情況，但我們希望將品牌更多地遷移到 EVM 方面某種可持續的全國性定價模式。

I think you're exactly right. Part of why we wanted to address the discount on the EVMs is because through a lot of our work over history, I think we've certainly conditioned the consumer to expect that there's going to be a certain amount of value that you get when you go and you buy an EVM item. And as we've talked about before, we had drifted a little bit away from that. And so the move that we did is very much meant to reestablish.

我覺得你說得完全正確。我們之所以想解決 EVM 折扣問題，部分原因是，透過我們過去大量的工作，我認為我們已經讓消費者養成了這樣的習慣：當你購買 EVM 產品時，你會獲得一定的價值。正如我們之前討論過的，我們已經有點偏離了那個方向。因此，我們採取的這項措施很大程度是為了重建。

And then to the earlier question around whether we expect it to continue, we would expect it does need to continue because it's what the consumer expects. And I think once we've kind of gotten through sort of the medicine they have to take for a couple of quarters to get the incrementality, once you've got that back in place, you don't want to lose it.

至於先前提到的我們是否預期這種情況會持續下去的問題，我們認為這種情況需要持續下去，因為這是消費者所期望的。我認為，一旦我們讓他們經歷了幾個季度的「藥物治療」才能取得進展，一旦恢復了這種狀態，你就不想失去它。

So I think this was very much meant as an idea to give us that predictable value. And then you're going to have the McValue platform that will pulse in and out with various deals and offers, and that's going to just sort of be something that goes and it evolves over time. But the EVM is that foundation, along with being disciplined, not just your regular menu boards.

所以我認為這很大程度上是為了給我們帶來可預測的價值。然後，McValue 平台將會不時推出各種優惠和促銷活動，而且它會隨著時間的推移而不斷發展演變。但 EVM 是基礎，再加上紀律性，而不僅僅是普通的菜單板。

Brian Bittner, Oppenheimer.

Brian Bittner，奧本海默。

Thank you. Chris, you said in your prepared remarks that while you're taking share in the US, the low-end consumer cohort does continue to be down double digits. It's a theme that's been in place for almost two years now. And you said you expect this dynamic to linger into 2026. And the question is, at this point, what do you think it's going to take to turn this lowering consumer from a headwind to a tailwind. It seems like that's the main unlock for comps to really inflect. You've thrown a lot of industry-leading value at this low-end consumer, yet they remain pressured, so just additional thoughts on what you think it's going to take into 2026. Thank you.

謝謝。克里斯，你在事先準備好的演講稿中提到，雖然你們在美國的市佔率有所成長，但低端消費者群體仍然持續​​兩位數下滑。這個主題已經持續了近兩年。你曾表示預計這種趨勢會持續到 2026 年。問題是，在這一點上，你認為需要做些什麼才能將消費下降從逆風轉變為順風。看來這就是讓陣容真正產生影響力的關鍵所在。你們為低端消費者提供了許多領先業界的價值，但他們仍然面臨壓力，所以請問你們對 2026 年需要做些什麼？謝謝。

Sure. I think if you think about the low income consumer and you think about the pressures that they face, I mean, right now, you're seeing across the country, rents are at pretty high levels you're seeing food prices, whether it's in restaurants or grocery, you're seeing food prices are high, you're seeing child care is high.

當然。我認為，如果你想想低收入消費者，再想想他們面臨的壓力，我的意思是，現在全國各地的房租都很高，食品價格，無論是餐館還是雜貨店，食品價格都很高，托兒費用也很高。

There's just a lot of things that when you think about nondiscretionary spend, there's some significant inflation there that the low-income consumer is having to absorb. And I think that's affecting their outlook and their sentiment and their spending behavior, not just in QSR, but across a number of other product categories as well.

當你想到非可自由支配的支出時，你會發現很多東西都出現了嚴重的通貨膨脹，而低收入消費者必須承擔這些通貨膨脹帶來的影響。我認為這不僅影響了速食業，也影響了其他許多產品類別，從而影響了他們的看法、情緒和消費行為。

If you're not in that segment and your higher income, you maybe not -- you don't feel it as acutely, but lower income for sure, you're feeling it acutely. And I think some of what's going on most recently with Snap and other things might be additional pressure on that.

如果你不屬於那個收入較高的群體，你可能不會有那麼強烈的感受，但對低收入者來說，你肯定會有強烈的感受。我認為最近 Snap 和其他一些事情的發展可能會給這方面帶來額外的壓力。

So what's going to change, I think, is that consumers will need to feel some relief around cost of living and need to feel like real incomes are growing. And how that changes, I think that's more of a macroeconomic question. There's probably a variety of things that need to happen there. But I think so long as that consumer cohort is feeling like real incomes are under pressure, I wouldn't expect to see significant change there.

我認為，未來將會改變的是，消費者需要感受到生活成本的一些緩解，並且需要感受到實際收入正在成長。至於這種情況會如何變化，我認為這更多的是一個宏觀經濟問題。那裡可能需要發生很多事情。但我認為，只要這部分消費者感到實際收入面臨壓力，我就不會預期會看到重大變化。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Yeah, morning guys. I guess to that point, though, are you seeing yourselves take share across different income cohorts? I mean, do you think that the value push has sort of worked and then I guess more at the higher end, do you think some of the digital initiatives, some of the other product stuff that you've done, have you seen that be effective across different income cohorts?

早上好，各位。不過，我想問的是，你們是否看到自己在不同的收入群體中都獲得了市場份額？我的意思是，你認為這種價值導向的策略是否奏效了？另外，在高端市場，你認為你們推出的一些數位化措施和其他產品方面，是否對不同收入群體都有效？

Sure. Well, we're gaining share with upper income, and as we referenced, upper income industry traffic is up almost double digits there. And even in that environment, we're gaining share with upper income. And I think there's a variety of things that go into that digital, our marketing programs, the strength of the brand, all of those things are attractive to that consumer. So I think that, that's very much continuing. And then how we think about that over time, value certainly has a play.

當然。嗯，我們在高收入人群中獲得了更多份額，正如我們之前提到的，高收入行業的流量在那裡增長了近兩位數。即使在這樣的環境下，我們也不斷擴大高收入群體的市場佔有率。我認為，數位化、我們的行銷計劃、品牌實力等等，所有這些因素都對消費者俱有吸引力。所以我認為，這種情況還在繼續。隨著時間的推移，我們如何看待這個問題，價值肯定發揮了作用。

I think sometimes there's this idea that value only matters to low income. But value matters to everybody, whether you're upper income, middle income, lower income, feeling like you're getting good value for your dollar is important. And so I think for us, continuing to do what we're doing with EVMs, continuing to make sure that our McValue platform is competitive. Those are things that benefit not just the low-income consumer, but they also continue to attract that upper income consumer who is still looking for good value, they just maybe have more discretionary dollars in their pocket that they can go spend.

我覺得有時候人們會認為價值只對低收入者才重要。但價值對每個人都很重要，無論你是高收入者、中等收入者或低收入者，感覺自己的錢花得值得都很重要。所以我認為，對我們來說，繼續推進我們正在做的 EVM 工作，繼續確保我們的 McValue 平台具有競爭力。這些不僅有利於低收入消費者，而且還能繼續吸引那些仍然追求物有所值的高收入消費者，他們只是可能口袋裡有更多的可支配收入可以花掉。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Hey, thank you. I have a quick follow-up and then a question. On the high income side, fast casual has been a weaker segment this year, tends to lean a bit more higher income. Is there any evidence of share shift from fast casual into QSR from that higher income consumer? And then if you could just talk about what you're seeing across dayparts. I know you guys have talked about breakfast being weaker. Have you seen any pickup with the everyday value meals? Thank you.

嘿，謝謝。我還有一個後續問題和一個後續問題。今年，高收入族群中，速食休閒市場表現較弱，往往更偏向高收入族群。是否有證據顯示高收入消費者的消費份額從休閒快餐轉向快餐店？然後，如果您能談談您在一天中不同時段觀察到的情況就更好了。我知道你們之前討論過早餐會比較難熬。您覺得每日特價套裝的銷售有提升嗎？謝謝。

Well, good morning, Lauren, it's Ian. Let me maybe just start with the higher income consumer, and I can let Chris do the second part there. But look, I think, as I said earlier, we've been talking about the bifurcated consumer in the US for quite a while, and we've been talking, I think, about the strength of the higher income consumer.

早安，蘿倫，我是伊恩。或許我可以先從高收入消費者著手，第二部分交給克里斯來做。但是，正如我之前所說，我們已經討論美國消費者分化問題很長一段時間了，而且我們一直在討論高收入消費者的強大實力。

So I don't think we've seen any fundamental change in trend with that consumer. As you said, I know a number of others have talked about seeing some weakness there. Certainly, as Chris said, we continue to gain share with that consumer. And so I think -- as we've talked about a fair bit today, our goal is to make sure we're positioned strongly on value and affordability for all three consumer groups.

所以我認為我們還沒有看到這類消費者的消費趨勢有任何根本性的改變。正如你所說，我知道還有其他人也談到這方面存在一些不足之處。正如克里斯所說，我們確實在不斷擴大在該類消費者中的份額。所以我認為——正如我們今天討論了很多的那樣——我們的目標是確保我們能夠為所有三個消費群體提供強大的價值和價格承受能力。

I think we did a really good job on that from the McValue platform standpoint and the loyalty and kind of digital offer component. But as you've heard us talk about, we felt we were missing the strength of value that we needed on that core menu, the 60% EVM being half of that. So that's what we're now trying to address.

我認為從 McValue 平台、會員忠誠度和數位優惠等來看，我們做得非常出色。但正如你們聽我們所說，我們覺得我們在核心菜單上缺少了所需的價值優勢，60% 的 EVM 只佔其中的一半。所以，這就是我們現在試圖解決的問題。

And as we've talked about before, I think our unique positioning is that we've got the financial strength to make these types of investments when maybe others are going to have to be a bit more defensive. So I think we're doing the right things for the consumer.

正如我們之前討論過的，我認為我們獨特的優勢在於，我們擁有足夠的財力進行這類投資，而其他公司可能不得不採取更保守的策略。所以我認為我們正在為消費者做正確的事。

And as you've heard both Chris and I say, I don't think we see any near-term kind of change in the environment. And so we just want to make sure we're well positioned to do as well as we can in a kind of a continued external challenging landscape.

正如你和克里斯都說過的那樣，我認為我們近期內不會看到環境發生任何變化。因此，我們只是想確保我們能夠做好充分準備，在持續充滿挑戰的外部環境中盡可能取得好成績。

And then on your breakfast question, we have talked about in the past how breakfast tends to be one of the more -- well, it tends to be the most economically sensitive daypart. It's an easy daypart to either skip the meal or to eat the meal at home. Breakfast continues to be under pressure as a daypart industry-wide. We're holding share in breakfast. So we're doing okay in that segment, but we are still seeing that daypart is under pressure for the reasons that we've already talked about. And when that changes, I think that goes with the broader macroeconomic things that we've talked about.

至於你提到的早餐問題，我們之前討論過，早餐往往是——嗯，它往往是一天中最容易受到經濟影響的時段之一。一天中的這個時間段很容易選擇不吃這頓飯，或在家吃。早餐時段在整個餐飲業持續面臨壓力。我們持有早餐股。所以，我們在這個細分市場表現尚可，但由於我們之前討論過的原因，我們仍然看到該時段面臨壓力。而當這種情況發生變化時，我認為這與我們討論過的更廣泛的宏觀經濟因素有關。

Jeff Bernstein, Barclays.

傑夫·伯恩斯坦，巴克萊銀行。

Great, thank you very much. Just thinking about that value push maybe from a 30,000-foot view, I know 12 months ago with signs of a US economic slowdown, we assumed fast food broadly and McDonald's specifically would benefit on both ends of the consumer spectrum, retaining the low income with value and perhaps seeing trade down from middle and upper income. Obviously, that didn't transpire from much of this year. But it seems like it's set up well as we look to '26.

太好了，非常感謝。僅從宏觀角度思考一下這種價值驅動，我知道 12 個月前，隨著美國經濟放緩的跡像出現，我們認為快餐業整體上，尤其是麥當勞，將會受益於消費群體的兩端：透過提供物美價廉的產品留住低收入消費者，並可能吸引中高收入消費者向下消費。顯然，今年大部分時間這種情況並沒有發生。但展望 2026 年，一切似乎都已就緒。

Wondering if you believe it's reasonable to assume that we could see this play out, especially as you now have a more compelling value offer to bring back the lower income, and you're lapping that weakness now. And on the other hand, again, signs of middle and upper income perhaps being a little bit more vulnerable and trading down. So perhaps on a one-year lag, but do you see that scenario playing out where you could actually benefit from both ends kind of converging back on the quick service segment Thank you.

我想知道您是否認為我們有理由相信這種情況會發生，尤其是在您現在有更具吸引力的價值主張來吸引低收入人群，並且您正在彌補這一弱點的情況下。另一方面，也有跡象表明，中高收入者可能更容易受到衝擊，並會選擇購買更便宜的商品。所以，或許會滯後一年，但您是否認為這種情況會發生，即兩端都向快餐服務領域靠攏，您實際上可以從中受益？謝謝。

I'd love that scenario to play out. I'm not going to predict whether it does play out that way. I think what we've said, and I would reiterate on this call is McDonald's, its -- value is in our DNA. And we absolutely are going to make sure that we are protecting our leadership position in value.

我希望這種情況能夠發生。我不會預測事情是否會那樣發展。我認為我們已經說過，而且我還要再次強調，麥當勞的價值就蘊藏在我們的基因裡。我們一定會確保保住我們在價值領域的領先地位。

And you've seen us take the actions where we felt like we had some opportunities there. We're not going to lose as a brand, we're not going to lose on value. And so what you outlined is maybe one scenario. Again, that would be great if it played out that way. But if there's any opportunities for us, it's not going to be because we were offsides on value. I think we learned our lesson on that, and we're going to make sure that we're set up well for 2026 on that.

你們也看到了，當我們覺得有機會的時候，我們就採取了行動。作為品牌，我們不會失敗，我們的價值也不會受損。所以你所描述的可能只是其中一種情況。如果事情真能那樣發展，那就太好了。但如果我們有機會的話，那肯定不是因為我們在價值判斷上犯了錯。我認為我們已經吸取了教訓，我們將確保為 2026 年做好充分準備。

Andy Barish, Jefferies.

安迪·巴里什，傑富瑞集團。

Yeah, hi, guys. I actually wanted to kind of dovetail on that question. And I was intrigued by your comments, Chris, on the inflationary environment, which may continue to bring about difficulties in margins. How do you see that kind of playing through to the industry promotional environment in '26, which has kind of been relentless for the last 18 months or so.

嗨，大家好。我其實也想就這個問題發表一些看法。克里斯，你關於通貨膨脹環境的評論讓我很感興趣，通貨膨脹可能會繼續給利潤率帶來困難。您認為這種現象會如何影響 2026 年的產業推廣環境？過去 18 個月左右，這種推廣環境一直非常活躍。

I think it's going to continue to be a kind of -- you're trying to thread a needle here because you're trying to be able to push through some pricing to offset the inflationary pressures that are going to continue. At the same time, you've got a consumer, particularly a low-income consumer, who's really resistant to any additional pricing. And so then you've got to try to figure out what is that sort of right combination there where you're able to get some pricing to offset that inflation at the same time that you're delivering a great value message.

我認為這種情況還會持續下去——你就像在穿針引線，因為你試圖透過一些定價措施來抵消將持續存在的通膨壓力。同時，消費者，尤其是低收入消費者，對任何額外的價格都非常抗拒。所以，你必須努力找出那種合適的組合，既能透過合理的定價來抵銷通貨膨脹，又能傳遞出極具價值的訊息。

And there's no easy answer to it. I think everybody in the industry is trying to figure that out. But the worst answer would be to be losing traffic because you're just not getting people through the door. That's not going to be a winning formula. So I think different people will approach it different ways. You've certainly seen an uptick in a lot of digital offers as well.

這個問題沒有簡單的答案。我認為業內人士都在努力弄清楚這一點。但最糟糕的情況莫過於因為顧客進不了店而導致客流量下降。那肯定不是致勝之道。所以我認為不同的人會用不同的方法來處理這個問題。您肯定也注意到，許多數位優惠活動都有所增加。

The challenge with that, of course, is that you don't have the majority of your customers on the digital app. And so that can only go so far. So I think different players are going to have different approaches. We've obviously got our plan on how we plan on approaching it, but I do expect you're going to continue to see people are going to need to be having compelling value offers because they're also going to be trying to figure out ways to be capturing some of the pricing due to the inflation.

當然，這樣做的問題在於，你的大部分客戶並沒有使用數位應用程式。所以這種方法也只能做到這一步。所以我認為不同的球員會採取不同的策略。我們顯然已經有了應對方案，但我預期你會看到人們需要繼續提供有吸引力的價值主張，因為他們也會想辦法應對通貨膨脹帶來的價格上漲。

And the only thing, Andy, maybe I would just add to what Chris said, and we touched on it on an earlier question is, I do think consumers are looking for a little bit of predictability. And so I think there will be the tactical price wars or digital offers or kind of short-term efforts by people to kind of win in a difficult environment.

安迪，我唯一想補充的是克里斯剛才說的，我們之前也談過，我認為消費者確實在尋求一些可預測性。所以我認為，在這種艱難的環境下，人們會採取一些戰術性的價格戰、數位優惠或其他短期策略來爭取勝利。

If you believe the environment is going to continue to remain challenging for a while, which I think certainly as good as our crystal ball is, we would say that certainly seems to be what's on up over the next at least several quarters.

如果你認為環境在未來一段時間內仍將充滿挑戰（我認為，以我們預測未來的能力來看，這當然沒錯），那麼我們認為，至少在未來幾個季度，這種情況很可能會持續下去。

I think the predictability is really important, which gets back to certainly, our view, which is why platforms like McValue and having predictable components to that, the EVM which is a, again, a more predictable outcome for consumers is really important because I think the certainty and the predictability, I think nothing frustrates consumers more right now when they come in and they don't get what they expect. So as Chris said, we're going to make sure we're positioned to win across all the spectrums of value and try and make sure we do that in a way that has a level of consistency and predictability for our consumers.

我認為可預測性非常重要，這當然也回到了我們的觀點，這就是為什麼像 McValue 這樣的平台以及其可預測的組成部分，例如 EVM（即為消費者提供更可預測的結果），非常重要，因為我認為確定性和可預測性，沒有什麼比消費者現在遇到的不如意的事情更讓他們感到沮喪了，那就是當他們進來期望的事情時卻得不到他們期望的事情。正如克里斯所說，我們將確保我們在所有價值領域都佔據優勢，並努力確保我們以對消費者而言具有一致性和可預測性的方式來實現這一目標。

Jon Tower, Citi.

Jon Tower，花旗銀行。

Great, thanks for taking the question. Chris, you had mentioned in the prepared remarks, the idea that you're thinking about expanding the beverage platform, the CosMc's stuff globally or beyond the US. And I know in the US you had also commented on the idea of keeping that kind of value-centric price point here in the states. So how are you thinking about expanding it globally?

太好了，謝謝你回答這個問題。克里斯，你在準備好的演講稿中提到過，你正在考慮將飲料平台，也就是 CosMc 的產品，擴展到全球或美國以外的地區。我知道你在美國也曾評論過要在美國維持這種以價值為中心的定價策略。那麼，你們打算如何將業務拓展到全球？

Obviously, still in test now, but I think outside the US, the platform is positioned differently to consumers across different markets. Are you continuing to think about that in the same manner if you were to roll CosMc's globally, or do you think you'll kind of use it as a value platform across the globe?

顯然，目前仍在測試階段，但我認為在美國以外，該平台在不同市場的消費者定位有所不同。如果 CosMc 在全球範圍內推廣，您是否會繼續以同樣的方式考慮這個問題，還是認為您會將其用作全球價值平台？

So we will be testing what we've got in the US. You're going to see that in some international markets where it will get tested. It may look a little bit different from what we're doing in the US, but we'll test that and see how that resonates in a few other markets.

所以我們會測試一下我們在美國擁有的資源。你會在一些國際市場上看到這一點，它將在那裡接受測試。這可能與我們在美國的做法略有不同，但我們會進行測試，看看它在其他一些市場會產生什麼樣的迴響。

And let me just be clear, beverage is an exciting incremental opportunity for us that we like because of its ability to drive incremental traffic. It's check add-on. It's got a lot of benefits. And to do that, it needs to be also I think priced at a competitive value for us to win. We're not seeing it though as a value platform per se.

讓我明確一點，飲料對我們來說是一個令人興奮的成長機會，我們喜歡它是因為它能夠帶來更多的客流量。這是檢查插件。它有很多好處。我認為，要做到這一點，它的價格也必須具有競爭力，我們才能贏得市場。但我們並不認為它是一個價值平台。

And so when we talk about what it's going to be in the US, it's very much designed to drive margin. It's very much designed to drive check. But how we do that is also being mindful about where it's priced vis-a-vis the competitive set. Well, I think, take that same approach as we test it in some of the international markets and whether that rolls out beyond the US or not will obviously be dependent on how it performs in some of those other markets.

因此，當我們談到它在美國的發展方向時，它很大程度上是為了提高利潤率而設計的。它的設計很大程度上是為了方便駕駛員檢查。但我們實現這一目標的方式，也需要考慮它在競爭產品中的定價位​​置。我認為，我們可以採取同樣的方式在一些國際市場進行測試，至於是否會在美國以外地區推廣，顯然取決於它在其他一些市場的表現。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Great, thanks. Ian, can you talk more about the U.S. McOpCo margin contraction in 3Q and help unpack as a bigger headwind this quarter was general inflation for customers seeking lower margin value. And also, if you can just touch on your outlook for beef within that response as well.

太好了，謝謝。伊恩，你能詳細談談美國麥當勞營運公司第三季的利潤率萎縮情況嗎？能否幫忙分析一下，為什麼本季更大的不利因素是客戶普遍尋求更低利潤率的產品而導致的通貨膨脹？另外，如果您能在回覆中也簡單談談您對牛肉的看法就更好了。

Sure. Good morning, Andrew. Well, look, I think as you've certainly heard from me say, pretty consistently. I mean, obviously, the kind of fundamental driver of margin growth is strong top line growth. And we see -- we need a certain, let's call it, minimum level of top line growth to drive margin accretion.

當然。早安，安德魯。嗯，你看，我想正如你肯定從我這裡一直聽到的那樣。我的意思是，很顯然，利潤率成長的根本驅動力是強勁的營收成長。我們看到──我們需要一定的，我們姑且稱之為，最低的營收成長水平，才能推動利潤率的提升。

And while we had a good quarter in the US at 2.4%, I would just say it wasn't enough top line growth in the quarter to offset some of the inflationary pressure we saw in areas like wages and food and paper costs. So I think as you've heard, both Chris and I talk about, I mean we have no change in our view that we're going to be able to drive margin accretion and margin growth over time as we drive that top line growth. But obviously, we continue to operate in an environment where sales have been a little bit more subdued, and inflation has been a little higher than what I'll call kind of the historic norm.

雖然我們在美國本季取得了 2.4% 的良好成長，但我認為本季營收成長不足以抵消我們在薪資、食品和紙張成本等領域看到的一些通膨壓力。所以，我想正如你們所聽到的，我和克里斯都談到過，我們仍然堅持我們的觀點，即隨著營收成長，我們將能夠隨著時間的推移推動利潤率的提高和成長。但顯然，我們仍然在銷售較為低迷、通貨膨脹率略高於我所說的歷史正常水平的環境下運作。

I think on food and paper in the US. We've said this year, we expect kind of our basket of food and paper inflation to be in the low to mid-single-digit range for the year. Obviously, beef inflation is up. a fair bit. I think the strength of our supply chain means our beef costs are, I think, certainly up less than most. They're still elevated, but I think our basket of goods means we still have confidence in that kind of low to mid-single-digit range.

我想到的是美國的食物和紙張。我們今年曾表示，我們預計食品和紙張價格籃子的通膨率將處於個位數低至中等水平。顯然，牛肉價格上漲了，而且漲幅相當大。我認為，我們強大的供應鏈意味著我們的牛肉成本上漲幅度肯定低於大多數國家。雖然目前利率仍然偏高，但我認為，根據我們的商品組合來看，我們仍然有信心將利率維持在個位數低到中等的範圍內。

I mean, obviously, what we're trying to focus on, as we've talked a fair bit about today is how do we make sure we've got that baseline momentum, obviously, value and affordability across all parts of the menu is a really important component of that.

我的意思是，很顯然，正如我們今天討論了很多的那樣，我們努力關注的是如何確保我們擁有基本的勢頭，顯然，菜單上所有菜餚的價值和價格實惠是其中非常重要的組成部分。

And so that's -- I think what we're focused on is kind of getting that stronger top line and growth in place as we look forward. And as we said earlier, certainly, we've had a decent start to Q4, and I think we're getting through things like our EVM relaunch, some of those may be missing components back firmly in place.

所以，我認為我們目前關注的重點是，展望未來，要實現更強勁的營收成長。正如我們之前所說，第四季度開局不錯，我認為我們正在逐步完成一些事情，例如 EVM 的重新啟動，其中一些可能缺少的組件已經重新牢固地安裝到位。

That concludes the call today. Thanks for joining us. If you have any follow-up questions or would like to have a meeting, please send me an email, and we'll do so. Thanks again, and have a good day.

今天的電話會議到此結束。謝謝您的參與。如果您有任何後續問題或想安排會面，請給我發郵件，我們會盡快安排。再次感謝，祝您今天過得愉快。

This concludes McDonald's Corporation investor call. You may now disconnect, and have a great day.

麥當勞公司投資者電話會議到此結束。現在您可以斷開連線了，祝您今天過得愉快。