麥當勞 (MCD) 2025 Q4 法說會逐字稿

Hello, and welcome to McDonald's fourth-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年第四季投資人電話會議。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 afternoon, everyone, and thank you for joining us. With me on the call today are Chairman and Chief Executive Officer, Chris Kempczinski; Chief Financial Officer, Ian Borden; and Chief Restaurant Experience Officer, Jill McDonald.

各位下午好，感謝各位的參與。今天與我一起參加電話會議的有：董事長兼執行長克里斯·肯普欽斯基；財務長伊恩·博登；以及首席餐飲體驗官吉爾·麥克唐納。

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.

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。

(Operator Instructions) Today's conference call is being webcast and is also being recorded for replay on our website.

（操作員說明）今天的電話會議正在進行網路直播，同時也會錄製下來，以便在我們的網站上重播。

And now, I'll turn it over to Chris.

現在，我把麥克風交給克里斯。

Good afternoon, everyone, and thank you for joining us today. I want to start by recognizing the resilience and commitment of the McDonald's system. Our franchisees, suppliers and employees showed up for our customers and supported communities to close the year with strong momentum and a solid foundation heading into 2026.

各位下午好，感謝各位今天蒞臨。首先，我想表揚一下麥當勞體系的韌性和奉獻精神。我們的加盟商、供應商和員工為我們的客戶和支援社區挺身而出，以強勁的勢頭和堅實的基礎結束了這一年，為進入 2026 年奠定了堅實的基礎。

In 2025, McDonald's delivered system-wide sales of nearly $140 billion, up 5.5% in constant currency for the full year. This reflects solid comp sales growth of more than 3% for the full year and over 5.5% in the fourth quarter with strong growth across all segments.

2025 年，麥當勞系統銷售額接近 1,400 億美元，以固定匯率計算，全年成長 5.5%。這反映出全年同店銷售額成長超過 3%，第四季成長超過 5.5%，所有業務部門均實現強勁成長。

Our system-wide sales growth also reflects the benefit of our accelerating pace of new restaurant openings. In 2025, we opened 2,275 restaurants on top of the more than 2,000 restaurants we opened in each of the prior two years, all while we've continued to see attractive returns from these new restaurants. Our pace of new store openings will accelerate further as we target approximately 2,600 gross restaurant openings in 2026, which keeps us on track to achieve 50,000 restaurants by the end of 2027.

我們系統整體銷售額的成長也反映了新餐廳開業速度加快所帶來的益處。2025 年，我們在前兩年每年開設 2000 多家餐廳的基礎上，又開設了 2275 家餐廳，而這些新餐廳一直為我們帶來可觀的回報。隨著我們計劃在 2026 年開設約 2600 家餐廳，新店開業速度將進一步加快，這將使我們預計在 2027 年底前實現 50000 家餐廳的目標。

Despite a challenging industry backdrop, our systems stayed agile throughout 2025 by concentrating on what we can control. As we look to 2026, success will again depend on going 3 for 3: compelling value that brings customers in the door, breakthrough marketing that creates meaningful moments for our fans, and menu innovation that provides great tasting food for our customers. We believe this disciplined focus enables McDonald's to outperform in any environment.

儘管行業環境充滿挑戰，但我們透過專注於我們能夠控制的事情，使系統在 2025 年保持了靈活性。展望 2026 年，成功將再次取決於三件事：吸引顧客進店的極具吸引力的價值、為粉絲創造有意義時刻的突破性行銷，以及為顧客提供美味佳餚的菜單創新。我們相信，這種嚴謹專注的態度能夠使麥當勞在任何環境下都取得優異成績。

Let's start with value. We've listened to customers and adjusted along the way with a relentless focus on delivering leadership in value and affordability, and our efforts are working.

讓我們從價值開始。我們一直傾聽客戶的意見，並不斷調整，始終專注於在價值和價格方面提供領先地位，我們的努力正在取得成效。

In the US, we launched McValue at the start of the year, which drove immediate incrementality and then we relaunched extra value meals in September. As we've said before, we'll measure success of our EVM program in two ways: through our ability to gain share of low-income traffic and by improving value and affordability experience scores. I am pleased to say that our EVM performance in the fourth quarter is exactly where we had hoped to be at this point.

今年年初，我們在美國推出了 McValue，這立即推動了成長，然後在 9 月我們重新推出了超值套餐。正如我們之前所說，我們將透過兩種方式衡量 EVM 計畫的成功：透過我們獲得低收入流量份額的能力，以及透過提高價值和可負擔性體驗評分。我很高興地告訴大家，我們第四季的 EVM 表現完全達到了我們當時的預期目標。

Together with McValue and exciting marketing, we gained share with low-income consumers in December, and we've seen a meaningful increase in our value and affordability scores. Predictably, as US franchisees provided these stronger value offerings throughout the year, their cash flow grew versus the prior year.

12 月，我們藉助 McValue 和令人興奮的行銷手段，贏得了低收入消費者的青睞，並且在價值和可負擔性評分方面取得了顯著提升。不出所料，隨著美國加盟商全年提供這些更有價值的產品，他們的現金流比前一年有所成長。

In our big five international operated markets, we've offered everyday affordable price options, or EDAP, and menu bundles since early 2025. As awareness for these programs has grown, we've seen value and affordability scores steadily improve throughout the year, which also tell us they're resonating with customers.

在我們五大國際營運市場中，自 2025 年初以來，我們一直提供日常實惠價格選項 (EDAP) 和菜單套餐。隨著人們對這些項目的認識不斷提高，我們看到價值和可負擔性評分在一年中穩步提高，這也表明這些項目引起了客戶的共鳴。

As I've said before, and I will say again, McDonald's is not going to get beat on value and affordability. It's in our DNA, and we will remain agile to respond as appropriate to a dynamic competitive landscape.

我之前說過，現在再說一遍，麥當勞在性價比方面是無可匹敵的。這是我們的基因，我們將保持靈活，根據不斷變化的競爭格局做出適當反應。

That takes us to marketing. We once again activated in ways that reached far beyond our restaurants and into global culture in 2025. The Minecraft movie collaboration was our largest global campaign ever bringing together two iconic fandoms across more than 100 markets and 37,000 restaurants.

這就引出了行銷的話題。2025年，我們再次以遠超過餐廳範圍、深入全球文化的方式開展活動。Minecraft 電影合作是我們有史以來最大的全球性活動，將兩個標誌性的粉絲群體聚集在一起，覆蓋超過 100 個市場和 37,000 家餐廳。

And most recently, the Grinch returned after first of viewing in Canada in 2024. Campaign, which came to life in several markets in 2025, drove extraordinary excitement sparking sellouts and becoming a true holiday moment for millions of families.

最近，格林奇在2024年於加拿大首次上映後回歸。該活動於 2025 年在多個市場推出，引發了非凡的轟動，導致產品售罄，成為數百萬家庭的真正節日盛事。

With the inclusion of Grinch [steam] collectible socks in many markets, we were the largest seller of socks in the world for nearly a week. We sold about 50 million pairs globally across the first few days of the campaign. Both record-setting programs show how uniquely position McDonald's is to tap into culture at massive scale, reinforcing the power of a One McDonald's Way of marketing and our ability to share creative excellence across the system.

由於 Grinch [steam] 收藏版襪子在許多市場上銷售，我們連續近一周成為全球最大的襪子銷售商。在活動開始的頭幾天，我們全球就賣出了約5,000萬雙鞋。這兩個創紀錄的項目都表明，麥當勞在大規模融入文化方面擁有獨特的優勢，這強化了「一個麥當勞之道」行銷的力量，以及我們在整個系統中分享卓越創意的能力。

The last element of our trifecta is menu innovation. We saw strong performance from the return of snack wraps in the US, the debut of McWings in Australia, and the introduction of the Big Arch in several markets. each resonating with different customer segments and bringing excitement to our menu.

我們三大要素的最後一個是菜單創新。我們看到，在美國，零食捲餅的回歸、麥香雞翅在澳洲的首次亮相以及巨無霸漢堡在多個市場的推出都取得了強勁的業績。每項措施都引起了不同客戶群的共鳴，並為我們的菜單帶來了新的活力。

As we build what's next, we're grounding our work and a sharper focus on taste and quality, creating dishes that feel unmistakably McDonald's and resonate with customers around the world. There is so much exciting work happening in this space. In a few minutes, Jill McDonald, our Chief Restaurant Experience Officer, which includes leading the global category management teams will share more of what's coming this year.

在建構未來發展方向的過程中，我們將工作重點放在口味和品質上，力求創造出具有鮮明麥當勞特色並能引起世界各地顧客共鳴的菜餚。這個領域正在發生很多令人興奮的研究工作。幾分鐘後，我們的首席餐廳體驗長吉爾·麥克唐納（Jill McDonald）將分享今年即將推出的更多內容，她將領導全球品類管理團隊。

I was recently in Australia and saw firsthand how they're going 3 for 3 with value, marketing and menu to win. Our close partnership with franchisees is driving strong momentum in the market. It's proof of what happens when you hit the mark on all three, driving strong business momentum and market share gains.

我最近去了澳大利亞，親眼目睹了他們如何在價值、行銷和菜單方面取得三連勝，最終贏得勝利。我們與加盟商的緊密合作正在推動市場強勁成長。這證明了當你在這三方面都做到位時會發生什麼，從而推動強勁的業務成長和市場份額的提升。

With that, I'll turn it over to Ian to talk through our 2025 results in more detail.

接下來，我將把發言權交給伊恩，讓他更詳細地講解我們 2025 年的預測結果。

Thanks, Chris, and good afternoon, everyone. As Chris mentioned, I'm proud of what the McDonald's system accomplished amid a challenging year for the industry. In the fourth quarter, we delivered strong comp sales, revenue, and earnings growth while also driving improvements in overall customer satisfaction scores across our top 10 markets in aggregate. Specifically, in the fourth quarter, global comparable sales were up 5.7%, with positive comparable guest counts.

謝謝克里斯，大家下午好。正如克里斯所提到的，我為麥當勞系統在產業面臨挑戰的一年中所取得的成就感到自豪。第四季度，我們在同店銷售額、收入和盈利方面實現了強勁增長，同時，我們前十大市場的整體客戶滿意度評分也得到了提升。具體而言，第四季全球同店銷售額成長了 5.7%，同店客流量也實現了正成長。

In the US, comp sales for the quarter were up 6.8%, which was above our expectations and was driven by positive check and guest count growth. While some of the performance is attributable to easier prior-year comparisons, it largely reflects the success of value menu and marketing initiatives that supported steady improvement in our baseline momentum. Together, these drove the highest quarterly comparable guest count gap to near-end competitors in recent history and set a solid foundation for 2026.

在美國，本季同店銷售額成長了 6.8%，高於我們的預期，這主要得益於客單價和顧客數量的成長。雖然部分業績成長可歸因於前一年的比較較為容易，但主要還是得益於超值菜單和行銷舉措的成功，這些舉措支撐了我們基本面的穩步提升。這些因素共同導致了近年來與近端競爭對手之間季度可比客流量差距最大，並為 2026 年奠定了堅實的基礎。

Two marketing initiatives contributed to our strong performance. First, we kicked off the fourth quarter with MONOPOLY, which resulted in one of our largest digital customer acquisition events ever. Today, we have about 46 million 90-day active users in our US loyalty app. And during the MONOPOLY event, we saw nearly 500 million games played.

兩項行銷舉措促成了我們優異的業績。首先，我們以 MONOPOLY 遊戲拉開了第四季度的序幕，這促成了我們有史以來規模最大的數位客戶獲取活動之一。目前，我們的美國會員應用程式擁有約 4,600 萬 90 天活躍用戶。在 MONOPOLY 活動期間，我們看到近 5 億人次進行了遊戲。

Second, we closed out the quarter with the Grinch meal, which set new sales records, including the highest single sales day in our history. Overall, for the entire campaign, we sold nearly as many Grinch meals as our highly successful 2025 Minecraft movie meal and 2024 Collector Cups promotions combined. The Grinch meal captured fans attention, a true testament to the power of the McDonald's brand with the right marketing execution.

其次，我們以聖誕怪傑套餐結束了本季度，該套餐創下了新的銷售記錄，其中包括我們歷史上單日銷售額最高的記錄。總的來說，在整個活動期間，我們售出的「聖誕怪傑」套餐數量幾乎與我們非常成功的 2025 年「我的世界」電影套餐和 2024 年「收藏杯」促銷活動的總和一樣多。聖誕怪傑套餐吸引了粉絲的注意力，這充分證明了麥當勞品牌在正確的行銷執行下所擁有的強大影響力。

In addition to these marketing events, as Chris mentioned, in early September, we relaunched Extra Value Meals to address customer value perceptions of our core menu offerings. In the fourth quarter, we increasingly saw evidence that this was working as intended.

除了這些行銷活動之外，正如克里斯所提到的，我們在 9 月初重新推出了超值套餐，以解決顧客對我們核心菜單產品的價值認知問題。第四季度，我們越來越看到證據表明，這種做法正在按預期發揮作用。

In addition to the improving trends in low income share and value and affordability experience scores, the program drove improvements in units sold for our top EVMs, supported by the nationally price-pointed $5 sausage egg and cheese McGriddles meal and $8 10-piece Chicken McNuggets meal in November. The momentum has continued in January behind the support of the nationally price-pointed $5 Sausage McMuffin with egg meal and $8 2 Snack Wrap meal, and we remain on track to achieve our targets for incremental traffic associated with the EVM relaunch.

除了低收入份額和價值及可負擔性體驗評分的改善趨勢外，該計劃還推動了我們頂級電子購物者的銷量增長，這得益於 11 月份全國定價的 5 美元香腸雞蛋奶酪麥滿分套餐和 8 美元 10 塊麥樂雞套餐。1 月份，在全國統一定價的 5 美元香腸麥滿分雞蛋套餐和 8 美元 2 個小吃卷套餐的支持下，銷售勢頭依然強勁，我們仍有望實現與 EVM 重新推出相關的客流量增長目標。

Turning to our international operated markets. Comp sales were up 5.2% in the segment, marking a third consecutive quarter of comp growth above 4% despite the challenging industry backdrop. Strong execution in the UK, Germany, and Australia drove performance. with each market delivering comp sales growth in the mid- to high-single digits. Momentum behind McDonald's UK's turnaround continued in the fourth quarter, with market share gains for the first time in over a year behind the execution of several exciting promotions.

轉向我們營運的國際市場。儘管行業環境充滿挑戰，但該細分市場的同店銷售額增長了 5.2%，連續第三個季度實現了 4% 以上的同店銷售額增長。英國、德國和澳洲市場的強勁執行力推動了業績成長，每個市場的同店銷售額均實現了中高個位數的成長。麥當勞英國的復甦勢頭在第四季度得以延續，憑藉一系列令人興奮的促銷活動，其市場份額一年多來首次實現成長。

As in the US., the Grinch campaign also exceeded expectations and featured McShaker fries and special edition socks. The Menu Heist campaign, which is the UK's version of our popular Taste of the World promotion in other markets, showcased the global strength of the brand by offering customers a curated selection of international menu favorites at their local McDonald's restaurant.

與美國一樣，格林奇的宣傳活動也超出了預期，推出了麥香薯條和特別版襪子。“菜單大劫案”活動是英國版的“世界美食節”，該活動在其他市場廣受歡迎。它透過在當地麥當勞餐廳為顧客提供精心挑選的國際美食，展現了品牌的全球實力。

This promotion delivered sustained strong performance through its six-week run. And given the success we've seen in the UK and other markets, we plan to expand it to even more markets in 2026.

這項促銷活動在為期六週的時間內持續取得了強勁的業績。鑑於我們在英國和其他市場的成功，我們計劃在 2026 年將其擴展到更多市場。

Germany and Australia also went 3 for 3 on executing value menu and marketing initiatives, resulting in share gains in each market in the fourth quarter. Both markets leverage solid foundations and value offerings and capitalized on strong marketing campaigns. Germany's strong performance reflected the annual return of the Big Rosti, a large format burger as well as a Friends TV show theme marketing campaign that was similar to a successful promotion in Spain just over a year ago, and which we also plan to expand to more international markets in 2026.

德國和澳洲在執行超值菜單和行銷措施方面也取得了3000%的成功，使得兩國在第四季度各自市場的份額均有所增長。這兩個市場都擁有堅實的基礎和有價值的產品，並充分利用了強大的行銷活動。德國的強勁表現反映了巨型漢堡包 Big Rosti 的年度回歸，以及以《老友記》電視劇為主題的營銷活動，該活動與一年多前在西班牙的成功推廣活動類似，我們還計劃在 2026 年將其擴展到更多國際市場。

And in Australia, the breakfast daypart drove performance through menu innovations such as matcha lattes, the brekky wrap and McGriddles, while the highly successful Grinch promotion highlighted innovative menu offerings such as the Chicken Big Mac and McWings and a special hot cake syrup sauce.

在澳大利亞，早餐時段的業績成長得益於抹茶拿鐵、早餐捲餅和麥滿分等菜單創新；而大獲成功的「聖誕怪傑」促銷活動則突出了雞肉巨無霸、麥香雞翅和特製熱蛋糕糖漿等創新菜單產品。

Finally, in our international developmental license markets, comp sales for the quarter were up 4.5%, led by Japan with all geographic regions, reflecting comp sales growth. Japan's performance has been consistently strong all year. It was supported in the fourth quarter by the launch of the My McDonald's Rewards loyalty program, marking a significant milestone in our global digital strategy.

最後，在我們的國際開發授權市場，本季度同店銷售額成長了 4.5%，其中日本市場表現最佳，所有地區均實現了同店銷售額成長。日本隊全年表現一直都很強勁。第四季度，我們推出了「我的麥當勞獎勵」忠誠度計劃，這標誌著我們全球數位化策略的一個重要里程碑。

In China, although the market continued to face macroeconomic pressures, we maintained share in the quarter. In addition, we opened more than 1,000 restaurants in 2025 and now have a presence in every province.

在中國，儘管市場持續面臨宏觀經濟壓力，但我們本季仍保持了市場份額。此外，我們在 2025 年開設了 1000 多家餐廳，目前已遍佈每個省份。

Turning to the P&L. Adjusted earnings per share was $3.12 for the quarter, which includes a $0.10 benefit from foreign currency translation. Adjusted earnings per share on a constant currency basis increased 7% versus the prior-year quarter, reflecting sales-driven margin contribution. Our total adjusted operating margin for the full year was 46.9% and in line with our expectations and reflecting the strength of our business model and the resilience of our system. Total restaurant margin dollars were more than $15 billion for the year.

接下來來看損益表。本季調整後每股收益為 3.12 美元，其中包括外幣折算收益 0.10 美元。以固定匯率計算，調整後的每股盈餘比去年同期成長 7%，反映了銷售額成長帶來的利潤貢獻。我們全年調整後的總營業利潤率為 46.9%，符合我們的預期，反映了我們商業模式的實力和系統的韌性。全年餐飲業總利潤超過150億美元。

As we look back on the full year, our capital expenditure spend was $3.4 billion, slightly above the high end of the range that we provided for the year as we invested more toward our future year development pipeline, setting us up for success as we continue to increase our pace of openings in our wholly owned markets. I'm proud of what McDonald's has been able to deliver in a challenging environment, and we believe that we are well positioned to deliver solid results in 2026.

回顧全年，我們的資本支出為 34 億美元，略高於我們先前為全年設定的範圍上限，因為我們加大了對未來發展項目的投資，這為我們繼續加快在全資擁有的市場開設新店的速度奠定了成功的基礎。我為麥當勞在充滿挑戰的環境下所取得的成就感到自豪，我們相信我們有能力在 2026 年取得穩健的表現。

And with that, let me hand it over to Jill.

那麼，現在讓我把麥克風交給吉爾。

Thanks, Ian, and good afternoon, everyone. I'm pleased to be here today to share more about the work of our restaurant experience teams and preview what's coming in 2026. It's been nine months since we established the global restaurant experience team. And when we announced this change, we noted that it would be significant for two reasons.

謝謝伊恩，大家下午好。今天我很高興來到這裡，與大家分享我們餐廳體驗團隊的工作，並展望 2026 年即將發生的事情。全球餐飲體驗團隊成立至今已經九個月了。當我們宣布這項變更時，我們指出，這將在兩個方面產生重大影響。

First, our new integrated structure sets us up to execute with greater pace, which means ideas can start showing up in our restaurants even sooner. We can develop and scale product innovations faster than ever before with menu supply chain and operations all in one team. And second, our new category structure with dedicated leaders for beef, beverages, and chicken would give us better accountability and a sharper line of sight into what it takes to win in each of these large and growing verticals. We know that while value remains important for customers, delivering great taste and quality are their top needs, and that's at the center of everything we're doing across the restaurant experience.

首先，我們新的一體化結構使我們能夠更快地執行，這意味著創意可以更快地出現在我們的餐廳中。透過將菜單供應鏈和營運整合到一個團隊中，我們可以比以往任何時候都更快地開發和擴大產品創新規模。其次，我們新的品類結構，為牛肉、飲料和雞肉設立專門的負責人，將使我們更好地承擔責任，並更清晰地了解在每個龐大且不斷增長的垂直領域中取得成功需要什麼。我們知道，雖然價格對顧客來說仍然很重要，但提供美味和優質的產品才是他們最迫切的需求，這也是我們在餐廳體驗中一切工作的核心。

With that context, let me share more on each of the three categories.

基於以上背景，讓我詳細介紹這三個類別。

Starting with beef. We've continued rolling out Best Burger, which is now in more than 85 markets, and on track to deliver on our commitment to be in nearly all markets by the end of 2026. Best Burger is the key to hotter, juicier and even tastier burgers which improved customer satisfaction scores and streamline operations for restaurant crew. We also began to pilot Big Arch about 1.5 years ago, and it showed strong traction across several markets.

先從牛肉說起。我們一直在持續推廣 Best Burger，目前已涵蓋超過 85 個市場，並有望實現到 2026 年底覆蓋幾乎所有市場的承諾。Best Burger 是製作更熱、更多汁、更美味的漢堡的關鍵，這提高了顧客滿意度，並簡化了餐廳員工的操作。大約一年半前，我們也開始試行 Big Arch，它在多個市場都取得了強勁的迴響。

Customers are responding to this delicious, more satisfying burger that meets their demand for something heartier while still feeling distinctly McDonald's. Its strong performance helped most recently earn a permanent spot on the UK menu, and we see potential to continue scaling this platform as we strengthen our position within this tier of the beef category.

顧客們對這款美味且更令人滿足的漢堡反應熱烈，它既滿足了他們對更豐盛食物的需求，也保留了麥當勞的獨特風味。其強勁的表現幫助它最近在英國菜單上贏得了一個永久位置，我們看到了繼續擴大這一平台的潛力，同時我們也在鞏固我們在牛肉類別這一級別中的地位。

Now let's turn to beverages. We are excited about the global beverage opportunity of more than $100 billion. You can expect to see new offerings in the US as well as select international markets in 2026. Designed to capture share of this large and fast-growing category, we're exploring energy, indulgent iced coffees, fruity refreshers, and crafted sodas.

現在我們來看看飲料。我們對超過1000億美元的全球飲料市場機會感到興奮。預計2026年，我們將在美國以及部分國際市場推出新產品。為了搶佔這個龐大且快速增長的品類的份額，我們正在探索能量飲料、醇香冰咖啡、水果清爽飲料和手工蘇打水。

We're thrilled to launch our new US beverage lineup later this year under the McCafe brand. It builds on a highly successful test that exceeded expectations in the fourth quarter across more than 500 US restaurants. As we've said before, the new beverage offerings drove incremental occasions across different day parts as well as higher average check, including strong results from our Red Bull collaboration, which we plan to continue building in both the US and beyond.

我們很高興將於今年稍後以 McCafe 品牌推出全新的美國飲料系列。它建立在第四季度對美國 500 多家餐廳進行的非常成功的測試之上，該測試結果超出了預期。正如我們之前所說，新的飲料產品在一天中的不同時段增加了消費次數，並提高了平均消費額，其中與紅牛的合作取得了強勁的成果，我們計劃繼續在美國及其他地區發展這項合作。

We're applying learnings from the US test as we expand offerings across the system. Australia, for example, run a small beverage test at the end of 2025 and adapted those insights by refining some of the recipes and tailoring some of the flavor profiles to meet local preferences.

我們將從美國測試中汲取的經驗應用到整個系統的服務擴展。例如，澳洲在 2025 年底進行了一項小型飲料測試，並根據測試結果改進了一些配方，調整了一些口味，以滿足當地的喜好。

Lastly, chicken. Just as a reminder, this global category is 2 times the size of beef and faster growing. We grew our chicken category share across our top 10 markets in 2025 and believe we're well on our way to increasing our share by at least 1 percentage point by the end of 2026 versus where we were in December 2023. At the foundational level, we achieved our target of deploying them at crispy sandwich equity to nearly all major markets by the end of 2025.

最後是雞肉。需要提醒的是，全球肉品類的規模是牛肉的兩倍，而且成長速度更快。2025 年，我們在前 10 個市場中擴大了雞肉類別的份額，我們相信到 2026 年底，我們的份額將比 2023 年 12 月增加至少 1 個百分點。在基礎層面上，我們實現了在 2025 年底將它們以脆皮三明治股權部署到幾乎所有主要市場的目標。

And on the innovation front, many of you have sorted something cooking at a few restaurants in the Chicago land area. We're in the early stages of testing new flavor combinations and new ways of cooking as we continue to explore great-tasting recipes for customers to enjoy.

在創新方面，你們中的許多人已經在芝加哥地區的幾家餐廳中找到了一些靈感。我們正處於測試新口味組合和新烹飪方法的早期階段，我們將繼續探索美味的食譜，供顧客享用。

While I've shared how speed and scale shop across the three menu categories, innovation at McDonald's doesn't stop there. The same disciplined approach is guarding the technology advancements coming to life in our restaurants, rounding out what it truly means to deliver the full McDonald's restaurant experience. The restaurant experience team is using these tests to learn quickly and apply those learnings to capabilities like voice ordering, shift management tools, and other AI-enabled tools and digital enhancements that help make running great restaurants easier and more enjoyable for both crew and customers.

雖然我已經分享了麥當勞如何在三個菜單類別中實現速度和規模化，但麥當勞的創新不止於此。我們秉持著同樣的嚴謹態度，守護著餐廳中不斷湧現的技術進步，從而完善了麥當勞餐廳體驗的真正內涵。餐廳體驗團隊正在利用這些測試快速學習，並將這些經驗應用到語音點餐、輪班管理工具以及其他人工智慧工具和數位增強功能中，從而幫助員工和顧客更輕鬆、更愉快地經營一家優秀的餐廳。

Taken together, these efforts reflect how we are continuously innovating and improving the full scope of the McDonald's experience, bringing forward even more delicious food, smarter operations, thoughtful design and technology that meets customers and our restaurant teams where they are. It's all part of how we're modernizing the way McDonald's shows up every day.

總而言之，這些努力體現了我們如何不斷創新和改進麥當勞體驗的各個方面，推出更美味的食品、更聰明的營運、更周到的設計和技術，以滿足顧客和我們餐廳團隊的需求。這一切都是我們對麥當勞日常運作方式進行現代化改造的一部分。

And now, I'll turn it back over to Ian.

現在，我把麥克風交還給伊恩。

Thanks, Jill. As we look ahead to 2026, we remain confident in our strategy and our ability to outperform our competitors in any operating environment by focusing on what we can control. and by leveraging our global scale and financial strength. We believe the underlying assumptions for our 2026 outlook are prudent and reflect our expectations that the QSR industry environments in the US and across many markets will remain challenging. Should the environment improve beyond our expectations, we believe McDonald's is well positioned to benefit disproportionately relative to our competitors.

謝謝你，吉爾。展望2026年，我們對我們的策略和能力依然充滿信心，相信我們能夠透過專注於我們能夠控制的因素，並利用我們的全球規模和財務實力，在任何經營環境下超越競爭對手。我們認為，我們對 2026 年展望的基本假設是審慎的，反映了我們對美國和許多其他市場的速食產業環境仍將充滿挑戰的預期。如果環境改善程度超出我們的預期，我們相信麥當勞將比我們的競爭對手獲得不成比例的收益。

We expect that net restaurant expansion in 2026, along with restaurants we opened in 2025, will contribute approximately 2.5% of system-wide sales growth. We expect our operating margin to be in the mid- to high-40% range and to expand from our 46.9% adjusted operating margin in 2025.

我們預計，2026 年餐廳淨擴張，加上 2025 年新開的餐廳，將貢獻系統整體銷售成長的約 2.5%。我們預計營業利潤率將在 40% 中高段位，並比 2025 年的 46.9% 調整後營業利潤率有所增長。

We're targeting G&A as a percentage of system-wide sales for the full year to be about 2.2%, reflecting our ongoing investments in our strategic growth drivers like technology and digital and Global Business Services, or GBS. These investments are designed to unlock efficiencies in running the business and to support long-term growth for our people and stakeholders.

我們計劃全年一般及行政費用佔系統銷售額的比例控制在 2.2% 左右，這反映了我們對技術、數位化和全球業務服務 (GBS) 等策略性成長驅動因素的持續投資。這些投資旨在提高業務營運效率，並支持員工和利害關係人的長期發展。

Below the operating line, we expect interest expense to increase between 4% to 6% from the prior year, primarily due to higher average interest rates and expect our full-year effective tax rate to be between 21% and 23%, with some volatility quarter to quarter that may cause the quarterly rate to be outside the annual range. We expect foreign currency to be a full year tailwind to 2026 EPS, totaling in the range of $0.20 to $0.30 based on current exchange rates. As always, this is directional guidance only as rates will likely change as we move through the remainder of the year.

在營運成本線以下，我們預計利息支出將比上年增長 4% 至 6%，主要原因是平均利率上升；我們預計全年實際稅率將在 21% 至 23% 之間，季度間可能會出現一些波動，導致季度稅率超出年度範圍。我們預計外匯因素將對 2026 年每股收益產生全年利好作用，以當前匯率計算，總額將在 0.20 美元至 0.30 美元之間。與以往一樣，這只是方向性指導，利率可能會在今年剩餘時間內發生變化。

Turning to capital allocation. We're committed to maintaining financial discipline and creating value for our shareholders over the longer term. Our priorities remain unchanged. First, we look to invest in the business to drive growth, including capital expenditures to primarily support new restaurant openings as well as investments in technology, digital, and GBS. Second, we prioritize our dividend, which has increased in each of the last 49 years. And third, we repurchased shares with remaining free cash flow over time.

接下來討論資本配置。我們致力於保持財務紀律，並為股東創造長期價值。我們的工作重點保持不變。首先，我們將著眼於投資業務以推動成長，包括主要用於支持新餐廳開業的資本支出，以及對技術、數位和全球業務服務 (GBS) 的投資。其次，我們優先考慮分紅，在過去 49 年裡，我們的分紅逐年成長。第三，我們利用剩餘的自由現金流回購了股票。

With respect to restaurant development and capital expenditures, as Chris mentioned, we continue to accelerate our pace of new unit openings and remain on track to achieve our target of 50,000 restaurants by the end of 2027. In 2025, we exceeded our openings plan for the year with gross openings of about 2,275 restaurants and net openings of 1,880. And in 2026, we're targeting approximately 2,600 gross restaurant openings with about 750 of these in our US and IOM segments. We expect to open more than 1,800 restaurants in our IDL segment, including about 1,000 in China.

關於餐廳發展和資本支出，正如克里斯所提到的，我們將繼續加快新店開幕的步伐，並繼續朝著2027年底實現50,000家餐廳的目標穩步前進。2025 年，我們超額完成了年度開幕計劃，共開設了約 2,275 家餐廳，淨增加 1,880 家。到 2026 年，我們的目標是開設約 2600 家餐廳，其中約 750 家位於我們的美國和馬恩島地區。我們預計在IDL業務板塊開設超過1800家餐廳，其中約1,000家位於中國。

Overall, we anticipate about 4.5% unit growth from the approximately 2,100 net restaurant additions in 2026. We expect our capital expenditure spend to be between $3.7 billion and $3.9 billion this year, with the majority invested in new unit openings across our US and IOM segments. This increase in CapEx versus the prior year of $3.4 billion is in line with the targeted increase of about $300 million to $500 million that we outlined at our December '23 Investor Day.

總體而言，我們預計 2026 年新增餐廳數量約為 2100 家，將帶來約 4.5% 的單位成長。我們預計今年的資本支出將在 37 億美元至 39 億美元之間，其中大部分將投資於我們在美國和馬恩島業務部門開設新部門。與前一年 34 億美元的資本支出相比，今年的資本支出增加了 3 億至 5 億美元，這與我們 2023 年 12 月投資者日上提出的增加 3 億至 5 億美元的目標相符。

Lastly, we're targeting our net income to free cash flow conversion rate in 2026 to be in the low- to mid-80% range, which is in line with the 84% in 2025.

最後，我們預計 2026 年淨收入與自由現金流的轉換率將達到 80% 左右，與 2025 年的 84% 基本一致。

And with that, let me hand it back over to Chris.

那麼，現在讓我把麥克風交還給克里斯。

Thanks, Ian. As we close the books in 2025, it's only natural to reflect not just on the year that was, but on how far we've come since announcing Accelerating the Arches in November 2020 and expanding our ambitions in December 2023. We made bold commitments to grow our business. We've made great progress on our accelerated priorities, and we've become a fundamentally different company.

謝謝你，伊恩。2025 年即將結束，我們自然會回顧過去一年，以及自 2020 年 11 月宣布「加速拱門計畫」和 2023 年 12 月擴大我們的目標以來，我們取得了多大的進步。我們做出了大膽的承諾，以發展我們的業務。我們在加快推進各項優先事項方面取得了巨大進展，公司也從根本上發生了變化。

You heard from Jill how that transformation is coming alive across the restaurant experience from food operations, design and technology. When we started this journey from a company standpoint, we didn't have a global business services function. Today, we do. We didn't have revenue growth management function. Now we do. We didn't have a standardized global tech stack. Today, we're close. Early benefits from these new capabilities gives us a clear line of sight into how they'll unlock growth and productivity moving forward.

從吉爾的敘述中，您已經了解到這種轉變是如何在餐飲體驗的各個方面——從食品運營、設計到技術——實現的。從公司角度來看，當我們開始這段旅程時，我們還沒有全球業務服務職能部門。今天，我們做到了。我們之前沒有營收成長管理職能。現在我們做到了。我們沒有標準化的全球技術棧。今天，我們離目標很近了。這些新功能帶來的早期效益讓我們清楚地看到它們將如何釋放未來的成長和生產力。

Loyalty is another great example. In November 2020, the McDonald's loyalty app was just beginning to launch in the US. In 2023, we had about $20 billion in system-wide sales to loyalty members across 50 markets. In 2025, we almost doubled those sales with nearly 210 million 90-day active users across 70 markets, and we're on track to reach our target of 250 million 90-day active users by the end of 2027.

忠誠是另一個很好的例子。2020 年 11 月，麥當勞的會員應用程式剛開始在美國推出。2023 年，我們在 50 個市場向忠誠會員實現了約 200 億美元的系統銷售額。2025 年，我們的銷售額幾乎翻了一番，在 70 個市場擁有近 2.1 億 90 天活躍用戶，我們預計在 2027 年底實現 2.5 億 90 天活躍用戶的目標。

This matters because we know that loyalty increases visit frequency and opens the door to new ways to engage with our fans like multi-visit bonus games such as the snack graft campaign in the US or exclusive partnerships available only through the app. Another critical proof is the connection between the app and the deployment of Ready On Arrival in our top six markets. It's already driving faster service, reducing wait times and improving customer satisfaction, and we expect those benefits to compound as adoption grows across the system.

這很重要，因為我們知道忠誠度可以提高訪問頻率，並為我們與粉絲互動的新方式打開大門，例如多次訪問獎勵遊戲（如美國的零食獎勵活動）或僅透過應用程式提供的獨家合作關係。另一個關鍵證據是該應用程式與我們前六大市場中「即到即用」服務的部署之間的聯繫。它已經提高了服務速度，減少了等待時間，提高了客戶滿意度，我們預計隨著該系統採用率的提高，這些好處將會倍增。

These touch points simply didn't exist a few years ago. When we execute we know we can outperform the competition in any environment. What's clear is that we earn the right to look forward. We're excited to share what's next with our system at our worldwide convention in Las Vegas in June, and we expect to share more details with all of you during an investor update sometime this fall. Stay tuned.

幾年前，這些接觸點根本不存在。只要執行到位，我們就知道在任何環境下都能超越競爭對手。顯而易見的是，我們有資格展望未來。我們很高興能在 6 月於拉斯維加斯舉行的全球大會上與大家分享我們系統的下一步發展方向，並計劃在今年秋季的投資者更新會上與大家分享更多細節。敬請關注。

Before we turn to your questions, I want to again thank our franchisees, suppliers, restaurant teams, and everyone across the McDonald's system for the commitment, the partnership and the passion that you bring to this business. Your dedication is the driving force behind our achievements and what enables us to pursue this next chapter with confidence as we transform our long-term ambitions into tangible results.

在回答各位的問題之前，我想再次感謝我們的加盟商、供應商、餐廳團隊以及麥當勞系統內的每一位成員，感謝你們對這項事業的投入、合作和熱情。你們的奉獻精神是我們成就的動力，也是我們充滿信心地開啟下一個篇章，將長期目標轉化為實際成果的關鍵。

And with the new year well underway, we'll continue to lead, innovate and deliver for our customers, our people and our shareholders. Together, we will make 2026 a year that defines the future of McDonald's.

新的一年已經過去一段時間了，我們將繼續引領潮流，不斷創新，為我們的客戶、員工和股東創造價值。我們將攜手努力，使 2026 年成為決定麥當勞未來走向的一年。

With that, we'll take your questions.

接下來，我們將回答您的問題。

(Operator Instructions) Dennis Geiger, UBS.

（操作說明）丹尼斯·蓋格，瑞銀集團。

Appreciate the insights and Jill, very helpful to get an update from you as well. Chris and Ian, following a strong end to 2025, you all talked about a solid foundation into 2026. Could you talk a bit more on how you're thinking about the US sales trajectory in 2026, given some of those sales drivers you identified? And perhaps how you think about going 3 for 3 across value, marketing and innovation to drive US sales growth this year?

感謝你的見解，吉爾，你的最新消息也很有幫助。克里斯和伊恩，在 2025 年取得強勁收官之後，你們都談到了為 2026 年打下堅實的基礎。鑑於您提到的一些銷售驅動因素，您能否再詳細談談您對 2026 年美國銷售趨勢的看法？您認為今年在價值、行銷和創新這三大方面取得3勝3負的成績，能否推動美國市場的銷售成長？

Sure. I'll start. And Ian, if you have any additional thoughts. But let's start with value. And as I mentioned in the call, the US put in place the McValue program, that has performed well for us. We added to that the EDM toward the back half of the year. And as we go into 2026, McValue for us is going to continue to be the foundation for our value program.

當然。我先來。伊恩，你還有其他想法嗎？但我們先從價值談起。正如我在電話會議中提到的，美國實施了 McValue 計劃，該計劃對我們來說效果很好。我們在下半年又加入了電子舞曲元素。展望 2026 年，McValue 將繼續成為我們價值計畫的基礎。

It's going to be something that always continues to evolve. Jill has talked about that in the past. And there's real conversations, live conversations going on right now in the system. But I feel really good about where McValue is headed in this year.

它將是一個不斷發展演變的事物。吉爾以前也談過這件事。而且，系統內現在正在進行真實的對話，即時對話。但我對 McValue 今年的發展方向感到非常樂觀。

And then I think also, we've seen the power of great marketing, we've seen how something like a Minecraft or MONOPOLY or Grinch when you have strong value with that, can really be an accelerant for the business. And I'm feeling good about the lineup that the US team has there.

而且我認為，我們也看到了優秀行銷的力量，我們看到像《我的世界》、《大富翁》或《聖誕怪傑》這樣的產品，如果擁有強大的價值，就能真正加速業務發展。我對美國隊的陣容感覺很好。

And then, of course, we've talked about beverages. Jill also mentioned some of the other things that we're doing with burgers and chicken. And so I think we've got a strong slate of menu news lined up for the year as well.

當然，我們也聊到了飲料。吉爾還提到了我們正在做的一些其他漢堡和雞肉相關的項目。所以我覺得我們今年也準備了一系列精彩的菜單更新。

So now it comes down to what I talked about also in the comments, which is it looks great on paper. We've just got to go execute. But I think Jill and the team are working well with the franchisees. I know there's a lot of energy and excitement around this. And so I'm confident we're going to go out and execute with excellence.

所以現在問題回到了我之前在評論裡提到的，那就是它看起來紙上很漂亮。我們只需要去執行任務。但我認為吉爾和她的團隊與加盟商合作得很好。我知道大家對此都非常興奮和激動。所以我相信我們一定能出色地完成任務。

And maybe, Dennis, just a couple of small builds to what Chris teed up. I mean I think value affordability, as we've talked about pretty consistently are the green fees. I mean you've got to have it. It's core to our DNA as a business and brand, and it's certainly core to what consumers are expecting.

丹尼斯，或許只需要在克里斯提出的方案基礎上做一些小的調整。我的意思是，我認為性價比，正如我們一直討論的那樣，就是果嶺費。我的意思是，你必須得有它。這既是我們企業和品牌DNA的核心，也是消費者期望的核心。

And I think we would say we've done a pretty good job of kind of strengthening our value and affordability with things that Chris talked about us putting in place. And that is certainly what we believe as one of kind of the underpinnings to the momentum that we're seeing in our US business.

我認為我們可以說，我們透過克里斯提到的那些措施，在提升產品價值和可負擔性方面做得相當不錯。我們堅信，這正是我們在美國業務發展勢頭強勁的根本原因之一。

We talked about the fact that in Q4, the US. had positive guest count growth, which is always a really strong indication that you're kind of getting to that sustainable top-line growth that is going to drive both sales and more volume into the restaurants.

我們談到，第四季度美國客流量實現了正增長，這始終是一個非常有力的跡象，表明你正在接近可持續的營收成長，這將推動銷售額和餐廳客流量的成長。

And I think just maybe something to note that I think is another important proof point is our US. business had its strongest comp guest count gap to the near-end competitive set in Q4 in recent history. So I think those are all signs of encouragement to us.

我認為值得一提的是，另一個重要的證明點是，我們美國業務在第四季度與近端競爭對手的同店客流量差距達到了近年來最大的水平。所以我認為這些都是令人鼓舞的訊號。

The key, though, is you've got to get the 3 for 3. It's not just about value and affordability or about menu or about marketing individually. It's how you bring those together and leverage them to kind of get that holistic output that you saw, I believe, deliver in Q4.

關鍵在於，你必須3次都拿到3分。這不僅僅關乎價值和價格，也不僅僅關乎菜單或單獨的行銷。關鍵在於如何將這些因素結合起來，並加以利用，從而獲得你在第四季看到的那種整體成果。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

I guess maybe I wanted to sort of dig in a little further on that value. I know you kind of approached it two ways. One was sort of streamlining or systematizing the approach to the meals kind of that 15% discount to a la carte prices. Then you also pulled some very sharp price points, as you said, the $5 and $8.

我想，或許我想更深入探討這個價值所在。我知道你用了兩種方法來處理這個問題。其中一項措施是簡化或系統化餐飲服務流程，例如提供單點菜價格 15% 的折扣。然後，正如你所說，你們還推出了一些非常具有競爭力的價格點，例如 5 美元和 8 美元。

So as you think about the pricing architecture, I guess, which of those do you think was more powerful? Because I'm asking in the context of restaurant level margins that were sort of flattish year over year. And so assuming maybe there's some kind of pressure from that on franchisee margins.

那麼，在考慮定價架構時，你認為哪一種架構比較有效呢？因為我問這個問題時，餐廳層級的利潤率基本上與往年持平。因此，假設這可能會對加盟商的利潤率造成某種壓力。

And maybe just tacking on to that, are any of the technology solutions that Jill mentioned, are those some of the ways to kind of maybe support this share per value?

或許可以補充一點，吉爾提到的那些技術解​​決方案，是否可以作為支持每股盈餘的方法之一？

Sure. Well, I guess I'd say I don't think it's one or the other. I think what we've seen and certainly what we're trying to execute is, the customer absolutely wants predictable value. And having an EVM is, I think, the way historically, we have always delivered for that customer that predictable everyday value. So you need to have that and certainly pleased with where the system in the US was able to get to on that. As you well know, it's something that has been well established on our international business for years, and so we're in a good shape there as well.

當然。嗯，我覺得不能簡單地說是其中之一。我認為我們已經看到，而且我們正在努力實現的，是客戶絕對想要可預測的價值。我認為，擁有 EVM 是我們一直以來為客戶提供可預測的日常價值的方式。所以你需要具備這種能力，而且我對美國在這方面所取得的成就感到非常滿意。如您所知，這項業務在我們的國際業務中已經發展多年，所以我們在國際業務方面也處於良好狀態。

But then also the customer is looking for in this environment, some price-pointed items that are offering particular value on top of that. And so I think you've got to be able to have the predictable value, but the customer also needs to be excited around price-pointed items that come in and out of the menu, and that's what we execute against.

但同時，顧客在這種環境下也在尋找一些價格合理且具有特殊價值的產品。所以我認為你必須能夠提供可預測的價值，但顧客也需要對菜單上不斷出現和消失的、價格合理的菜餚感到興奮，而這正是我們努力的方向。

Maybe, Sara, just to kind of hook on to Chris because I know you highlighted kind of margin pressure. I just I think if you kind of go back to what we've talked pretty consistently about what it takes to grow margins, obviously, is strong top-line sales growth. We saw that in Q4. We grew margins in Q4, including in the US. On the back of that, obviously, if you look back to earlier quarters, we had less top line growth in the US, combined with obviously higher levels of inflation, I think that put more pressure on that.

也許，薩拉，只是想和克里斯聊聊，因為我知道你強調了利潤率壓力。我認為，如果你回顧我們一直在討論的提高利潤率所需的條件，很明顯，那就是強勁的營收成長。我們在第四季就看到了這一點。第四季我們的利潤率有所成長，包括在美國的利潤率。在此背景下，顯然，如果你回顧之前的幾個季度，你會發現美國市場的營收成長放緩，再加上通貨膨脹水準明顯上升，我認為這給公司帶來了更大的壓力。

I think the other data point is a little bit to what Chris highlighted, which is you got to do both. I mean, at the end of the day, our owner-operator average cash flow in the US was up year over year. And I think as we've talked about historically, the way you get to sustainable profitability and profitability growth as you drive more volume, more customers into restaurants. And I think if we get that 3 for 3 formula right as we've done in Q4, I think you've seen that we're clearly capable to do that and do that well.

我認為另一個數據點與克里斯強調的觀點有些吻合，那就是兩者都必須做到。我的意思是，歸根結底，我們在美國的所有經營者的平均現金流都比去年同期成長了。而且我認為，正如我們過去討論的那樣，要想實現可持續盈利和盈利增長，就必須增加餐廳的客流量和顧客數量。我認為，如果我們能像第四季一樣，把「3勝3負」的策略貫徹到底，我想你們也已經看到了，我們顯然有能力做到這一點，而且能做得很好。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

I wanted to ask about just the capital budget. I think it's generally run kind of at the higher end of, I think, where you thought it would a couple of years ago at all probably end up being up by $1.5 billion versus '23. Is that exclusively because you want to move faster on constructing new stores? Or is there some other piece of that we don't see?

我只想詢問一下資本預算的情況。我認為它總體上運行得比較高，我認為，幾年前你認為它會達到的水平，最終可能會比 2023 年增長 15 億美元。只是因為你們想加快新店建設進度嗎？或者，還有我們沒看到的其他部分？

And I think it's interesting just even in markets with not much population growth, you're pushing pretty hard on unit growth. Is that a function of you think because the industry is under stress, this is the time when you should really be taking market share in trying to secure new sites to -- because you think the share opportunities are greater today? Is that the main driver?

我覺得很有趣的是，即使在人口成長不多的市場，你們也在大力推動單位成長。你認為，由於產業面臨壓力，現在正是你真正應該透過爭取新站點來搶佔市場份額的時候嗎？因為你認為現在的市佔率機會較大？這是主要驅動因素嗎？

Brian, this is Ian. Let me take that one. Well, I'd start just kind of going back what we outlined in our December '23 Investor Day event. And we said there, we expected our capital budget to go up basically $300 million to $500 million every year consistently as we got to our run rate of 1,000 gross openings in our wholly owned markets in 2027. And we've basically been fully on track to that every year.

布萊恩，這位是伊恩。讓我來做吧。嗯，我會先回顧一下我們在 2023 年 12 月投資者日活動中概述的內容。我們當時就說過，隨著我們在 2027 年實現全資市場 1000 家新店開業的目標，我們預計每年的資本預算將持續增加 3 億至 5 億美元。而且我們基本上每年都完全按照計劃進行。

We were slightly above that range in 2025 at $3.4 billion of capital for the year. But that was driven by two things: some kind of FX headwinds from a weaker US dollar and us being a little bit ahead of our future opening pipeline, so more spend related to '26 and '27 opening. So it was a healthy, let's call it, adjustment, as you would have seen in our guidance.

2025 年，我們的資本額略高於該範圍，達到 34 億美元。但這主要受兩方面因素影響：一是美元走弱帶來的外匯不利因素，二是我們未來的開業計劃略微超前，因此與 2026 年和 2027 年開業相關的支出更多。所以，這是一種健康的，我們姑且稱之為調整，正如您在我們的指導中看到的那樣。

Again in we expect the capital to go up another $300 million to $500 million. So again, consistently in that range. We did, as we talked about before, a lot of work before we kind of committed to where we thought we wanted to be at 50,000 units by end of '27 in '23 to really get deep on where we felt the gaps in trading areas where we felt the opportunities were.

我們預計資本將再次增加 3 億至 5 億美元。所以，始終在這個範圍內。正如我們之前討論過的，我們在 2023 年做了大量工作，才最終確定到 2027 年底達到 50,000 台的銷售目標，以便深入了解我們認為存在機會的交易領域中的差距。

And as you know, we've used the US as an example before, which is one of our more mature fairly penetrated markets, but a market where we hadn't grown net units since 2014, I think until basically '22, '23, a market where there's been a lot of population migration over time where our openings have not kept up. And so I think the ultimate measure is, are we getting the first year sales in those new sites? Are we getting the returns that we expect.

如你所知，我們之前曾以美國為例，美國是我們較為成熟且滲透率較高的市場之一，但自 2014 年以來，我們的淨銷量一直沒有增長，我想直到 2022 年、2023 年才有所增長。隨著時間的推移，美國人口發生了很大的遷移，而我們的新店開業數量並沒有跟上。所以我認為最終的衡量標準是，我們能否在這些新網站上獲得第一年的銷售額？我們是否獲得了預期的回報？

And the answer to both of those questions is yes, and that is confirmatory to the fact that we're getting the right sites in the right places and building the brand in a very healthy way.

這兩個問題的答案都是肯定的，這證實了我們正在正確的地點建立正確的網站，並以非常健康的方式建立品牌。

Dave Palmer, Evercore.

Dave Palmer，Evercore。

I'm just trying to think about how -- I want to ask this question about what feels like picking up in momentum, but also a picking up in your pipeline of ideas that you have going at the same time. Beverages is one example where you tested something, you're coming out and you're confident that you have it and it will work. It sounds like you're testing stuff with chicken. It sounds like maybe earlier days there. I'm not sure if there even on value, feels like that's something where you're continuing to refine as you're getting momentum.

我只是想思考一下——我想問的這個問題是關於感覺上勢頭增強，以及同時你正在進行的各種想法的推進情況。飲料就是一個例子，你測試了某種東西，然後推出來，你確信你已經掌握了它，而且它會成功。聽起來你好像在用雞肉做實驗。聽起來像是以前的日子。我不確定它是否有價值，感覺這需要隨著勢頭的增強而不斷改進。

So like a lot of companies coming out of COVID, there was a little bit of just a disruption during that period and adjustment and now you're kind of getting your footing in terms of the pipeline. So maybe I don't know, if that's an open-ended question. If maybe you want to comment on that. And then maybe even stuff that are more foundational beyond just even the tech stack, if you're thinking about things in terms of kitchen and other that might be things that we can think about for the future?

所以，就像許多從新冠疫情走出來的公司一樣，那段時間確實經歷了一些混亂和調整，現在你們在業務方面已經站穩了腳跟。所以，或許我不知道，如果這是一個開放式問題的話。如果你想對此發表評論的話。然後，或許還可以考慮一些超越技術堆疊的基礎性問題，例如廚房和其他一些我們未來可以考慮的事情？

Yes, thanks for the question. I would say if you think about the company today and frankly, the world that we're operating in, it's just -- it's a very -- we're at a very different starting point. And I went through a number of the things that we've done from a company standpoint with accelerating the Arches that I think put us in a very different place today.

是的，謝謝你的提問。我想說，如果你看看公司現在的狀況，坦白說，看看我們所處的世界，你會發現──我們正處於一個非常不同的起點。我回顧了我們從公司角度為加速 Arches 專案所做的一些事情，我認為這些事情使我們今天處於一個截然不同的位置。

When you have what will be 250 million consumers, 90-day actives on your loyalty platform, that opens up a whole different way of engagement with your customers than what we had when we began that journey back in 2020. When you have the ability to get every market onto a common tech stack, our ability to move with speed and to deploy solutions gets increased by factors of significant numbers. And so we've been trying to spend some time to just think about with these new capabilities, how do we actually start to bring those to market in a way that makes a meaningful difference on both the top line but also on the productivity side?

當你的忠誠度平台擁有 2.5 億消費者，且活躍用戶達到 90 天時，這將開啟一種與我們 2020 年開始這段旅程時截然不同的客戶互動方式。當您能夠讓所有市場都採用通用的技術堆疊時，我們快速行動和部署解決方案的能力將會倍增。因此，我們一直在努力花些時間思考，如何利用這些新功能，才能真正開始將它們推向市場，從而在營收和生產力方面都產生有意義的影響？

And I think at the same point, if you go back to where we were in 2020 or even 2023, nobody was talking really about AI. Certainly, we weren't talking a whole lot about AI. There was not some of the commentary and thoughts around what does GLP-1 do in the industry? What are the impacts of that.

我認為，在同一時期，如果你回顧 2020 年甚至 2023 年，沒有人真正談論人工智慧。當然，我們當時並沒有過多地談論人工智慧。關於 GLP-1 在產業中的作用，有哪些評論和想法沒有被提及？這會帶來哪些影響？

We're certainly leaning into all of those things and thinking about all those things and making sure that we're ahead of the curve that we're seeing around corners and keeping this brand positioned up front. So what Jill is laying out, we're testing a ton of ideas.

我們當然會重視所有這些方面，思考所有這些方面，確保我們能夠預見未來的趨勢，並保持這個品牌處於領先地位。所以，吉爾提出的這些想法，我們正在進行大量的測試。

And I would say also in the restaurants that we've got, they're different at each restaurant. It's not the same thing in each restaurant. And we're excited about sharing more of what we're learning with our system, which we'll do in Las Vegas. And then you'll hear more from us, as I mentioned in the fall where we bring to life what we think is what's next for McDonald's.

而且我還想說，在我們擁有的這些餐廳裡，每家餐廳的情況都不一樣。每家餐廳的情況都不一樣。我們很高興能與大家分享我們在系統中學到的更多知識，我們將在拉斯維加斯這樣做。然後你們會聽到我們更多的消息，就像我在秋天提到的那樣，我們會闡述我們認為麥當勞的未來發展方向。

Just perhaps to build on that. We've introduced, as I said, upfront, the new category management structure, which we're pleased with the progress that we've made in the first nine months, and that really is helping to focus the organization. We're bringing together operations, supply chain, menu, marketing around the table together to work in concert move at greater pace. And we can certainly see the consumers are reacting well to new news as evidenced by the leverage test that we ran earlier in 2025 in the US.

或許可以以此為基礎。正如我之前所說，我們已經率先引入了新的品類管理結構，我們對前九個月取得的進展感到滿意，這確實有助於集中組織精力。我們將營運、供應鏈、菜單、行銷等部門聚集在一起，共同協作，加快發展步伐。我們當然可以看到，消費者對新消息的反應良好，正如我們在 2025 年早些時候在美國進行的槓桿測試所證明的那樣。

So we're seeing early benefits from moving with pace. And I think one part but an important part has been the introduction of category management.

所以我們已經看到了快速行動帶來的早期好處。我認為其中一個重要因素是引進了品類管理。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

So it's certainly an admirable goal to have taste and quality as metrics that you want to improve or at least kind of pursue for the McDonald's brand. But my question was really what kind of changes that might have to happen within the kitchen itself to maybe achieve some of these goals, both in the near term and the medium and longer term. In other words, is there equipment technology layout that may have to really be changed in a fairly significant way to maybe achieve some of the taste and quality goals?

因此，將口味和品質作為想要改進或至少追求的麥當勞品牌指標，無疑是值得稱讚的目標。但我真正的問題是，為了實現這些目標，廚房本身可能需要哪些改變，無論是在短期內還是中期和長期內。換句話說，是否有一些設備技術佈局需要相當大的改變，才能達到某些口味和品質目標？

And I do ask this question in my travel, seeing some stores in France, for example, that had very different equipment and a very different layout than the McDonald's that I'm used to seeing. And what I'm really asking is, is there something like -- and I don't know what to call it, an experience of the future version 2 that might be part of the plan in the next couple of years?

我在旅行中也確實會問自己這個問題，例如，我在法國看到一些商店，它們的設備和佈局與我習慣看到的麥當勞非常不同。我真正想問的是，未來幾年內，是否有類似——我不知道該怎麼稱呼它——未來版本 2 的體驗，這可能是計劃的一部分？

Thanks for the question, John. One of the benefits of being 115 different countries is we've got innovation going all over the system. And I'd say when we think about moving the needle on taste and quality, we're going in without any kind of preconceived notions. We're going in with any constraints. We're just -- the challenge to the team is how do we continue to make further improvements around taste and quality, recognizing that the competitive set is raising the bar on that. And so that's some of what Jill and the team are testing.

謝謝你的提問，約翰。擁有 115 個不同國家的好處之一是，我們的創新遍及整個系統。我想說，當我們考慮在口味和品質方面取得進步時，我們不會抱持任何先入為主的觀念。我們沒有任何限制就進去了。我們現在面臨的挑戰是——團隊如何在口味和品質方面繼續取得進一步的進步，因為競爭對手正在不斷提高這方面的標準。這就是吉爾和她的團隊正在測試的部分內容。

As to how that impacts the restaurants, we don't have the answer right now. But I think as you all are aware, we're heading into a remodel cycle. EOTF is as hard as it is to believe the EOTF process in the US is now almost a decade ago that we began on that. It was even longer in some of our IOM markets. And so we're in a natural cadence where the system historically does do remodels around every 10 years or so.

至於這會對餐廳產生什麼影響，我們目前還沒有答案。但我想大家都知道，我們正進入一個改造週期。令人難以置信的是，美國的 EOTF 流程已經進行了近十年。在我們國際移民組織的某些市場，時間甚至更長。因此，我們處於一種自然的節奏中，該系統歷來大約每 10 年左右進行一次改造。

And so let's just make sure as we go into this remodel cycle, that we're doing it mindful of how do we continue to come up with ideas that are going to drive the business. And we think taste and quality is certainly one of the biggest opportunities for us.

因此，在進入這個改造週期時，我們要確保我們始終牢記如何繼續提出能夠推動業務發展的想法。我們認為，口味和品質無疑是我們最大的機會之一。

Jill, I'll pass it over to you.

吉爾，我把它交給你了。

Sure. So Chris has outlined some of the sort of the early thinking on where can we innovate going forward to make sure that our restaurants are set up to grow where we've identified growth opportunities. Chicken, there's plenty of growth still, in beef as well as the new areas of beverage.

當然。所以克里斯概述了一些早期思考，即我們未來可以在哪些方面進行創新，以確保我們的餐廳能夠在已確定的成長機會領域中成長。雞肉、牛肉以及新興的飲料領域都還有很大的成長空間。

But we're also thinking about improving taste and quality around how we renovate today as well. So how do we help the restaurants execute to the gold standards that we have today as well. So we're kind of really thinking about this in a couple of different timeframes than what we can do today and how do we get ready for the future.

但我們也在思考如何提高如今裝修的品味和品質。那麼，我們該如何幫助餐廳達到我們今天所訂定的黃金標準呢？所以，我們現在確實在從幾個不同的時間框架來思考這個問題，而不是只考慮我們今天能做什麼，以及如何為未來做好準備。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

I had a couple of questions back on the US value strategy, Chris, and I was wondering if you could comment on how franchisees in the US are embracing the strategy. And really two parts to that. One, some of the strategies you've had have required McDonald's to support that financially, what's the current sentiment in the system on extending that without McDonald's support?

克里斯，我之前收到了一些關於美國價值策略的問題，我想知道你是否可以評論美國加盟商是如何接受這個策略的。實際上，這其中包含兩個部分。第一，你們的一些策略需要麥當勞提供資金支持，目前業界對於在沒有麥當勞支持的情況下延長這些策略持何種態度？

And then the second question, perhaps more importantly is I think you've rolled out some new brand standards. And I was hoping you could comment on what that might mean for the pricing strategy on the core menu going forward? It seems like keeping price points as low and price increases perhaps at or below inflation is important. So just wondering if you can provide some insights on how the system is thinking about that equation.

第二個問題，或許更重要，我認為你們已經推出了一些新的品牌標準。我希望您能談談這對於未來核心菜單的定價策略可能意味著什麼？看來，保持價格盡可能低，價格漲幅控制在通貨膨脹率以內或低於通貨膨脹率是很重要的。所以我想知道您是否能就係統如何考慮這個方程式提供一些見解。

Sure. Well, I'd say certainly, in my travels, and I was just with some operators in Dallas earlier this week that there's good enthusiasm for where the business is at. Certainly, finishing the year as they did in the US. is great kind of heading into the new year. And so when cash flow is up, when there's business momentum, I think all of those things work toward having positive sentiment, particularly in an environment right now where our performance relative to what we see from some others. I think our franchisees are understanding or appreciative of it's not easy out there, and we're certainly pleased with our performance.

當然。嗯，我必須說，當然，在我旅行的過程中，而且就在本週早些時候，我還和達拉斯的一些運營商交流過，他們對這個行業的現狀充滿熱情。當然，像美國那樣結束這一年，對於迎接新年來說，無疑是一種非常好的方式。因此，當現金流增加，業務發展勢頭良好時，我認為所有這些因素都會有助於提振市場情緒，尤其是在當前這種環境下，我們的業績相對於其他一些公司而言更是如此。我認為我們的加盟主都理解或體諒到外面的世界並不容易，我們對自己所取得的成績也感到非常滿意。

As to how that continues to evolve, you're right, our support for EVMs rolls off. In many cases, it's all rabbled off in some places. But I think our system generally looks at business results, and I think the numbers are pretty clear that the EVM strategy for us is working. And I would expect that anybody who's looking at the data, it's a pretty easy conclusion as to what you would do with that.

至於這種情況將如何繼續發展，你說得對，我們對電子投票機的支援正在逐漸減少。很多情況下，這些東西都散落在了某些地方。但我認為我們的系統總體上關注的是業務成果，而且我認為數據很清楚地表明，EVM 策略對我們來說是有效的。我估計，任何看過這些數據的人，都能輕易地得出該如何處理這些數據的結論。

But ultimately, our support, as we've talked about a number of times, it's timely, targeted and temporary. We don't subsidize pricing on a permanent basis. And so I think with how we've worked together as a system over the last quarter, now heading into two quarters. I think the pathway forward is pretty clear. But ultimately, that's going to be up to franchisees on that.

但歸根結底，正如我們多次談到的那樣，我們的支持是及時的、有針對性的和暫時的。我們不會長期補貼價格。所以我認為，在過去一個季度裡，我們作為一個系統是如何協同工作的，現在即將進入第二季。我認為前進的方向已經非常明確了。但最終，這將由加盟商自行決定。

And then to your question around brand standards, I mean, just to reiterate or state the obvious franchisees that pricing. But at the end of the day, we are the custodians of the McDonald's brand. That is what we're selling. And one of the things that's core to our brand is our value positioning. And so we don't prescribe exactly how the franchisees had to go deliver value, but the franchisees need to protect the brand and part of that brand DNA is our value leadership that we have there.

至於你提出的品牌標準問題，我的意思是，重申或說明加盟主定價的顯而易見。但歸根究底，我們是麥當勞品牌的守護者。這就是我們銷售的產品。而我們品牌的核心要素之一就是我們的價值定位。因此，我們不會具體規定加盟主必須如何創造價值，但加盟主需要保護品牌，而品牌 DNA 的一部分就是我們擁有的價值領導地位。

And so there's lots of different ways. We provide support to franchisees through RGM, this revenue growth management, on different ways to go do it. And the expectation is that, however, franchisees decide to align against it, they're going to continue to live up to what Ray Kroc started with this brand, which was one of the world's great brands and also continue to lead on value.

所以有很多不同的方法。我們透過 RGM（收入成長管理）為加盟商提供支持，幫助他們找到實現收入成長的不同方法。但人們期望，無論加盟商如何決定反對它，他們都會繼續秉承雷·克羅克創立這個品牌的初衷，使其成為世界頂級品牌之一，並繼續在價值方面保持領先地位。

Greg Francfort, Guggenheim.

格雷格·弗蘭福特，古根漢。

I have two questions. One, you made a comment about customers increasing their frequency on the loyalty program. Do you have a sense for how much of a needle mover that is?

我有兩個問題。第一，你曾評論顧客增加參與會員計畫的頻率。你知道這會對市場產生多大的影響嗎？

And then just the second part of that is I think you also made a comment about accelerating the global tech stack and being almost where you want to be. What are the remaining hurdles to getting that done?

然後，我想你也提到了加速全球技術堆疊發展，幾乎已經達到了你想要的目標。要實現這目標還有哪些障礙？

I'll let Ian take both of those. And if we bluffs it, I'll jump in.

我讓伊恩把那兩個都帶走。如果我們虛張聲勢，我就加入。

Greg, let me try and take those. So I think on the loyalty program, I just -- I go back again to just emphasize that when we laid out in Investor Day, December '23, loyalty membership, you'll remember, we laid out a metric of getting to 250 million 90-day active users by end of '27. We said in our upfront remarks, we're now at 210 million 90-day active users well on our way and confident to get to that 27% goal. And we have said that loyalty -- active loyalty membership is our single most important digital metric because it -- when we get consumers into our loyalty program, they visit more often and they spend more over time. And they interact with us more frequently.

格雷格，讓我來試試看。所以我覺得關於忠誠度計劃，我只想再次強調，我們在 2023 年 12 月的投資者日上提出的忠誠度會員計劃，你們應該還記得，我們​​當時設定了一個指標，即到 2027 年底達到 2.5 億 90 天活躍用戶。我們在前期聲明中說過，我們現在擁有 2.1 億 90 天活躍用戶，我們正朝著目標穩步前進，並且有信心達到 27% 的目標。我們已經說過，忠誠度——活躍的會員忠誠度是我們最重要的數位指標，因為——當我們的消費者加入我們的會員計劃時，他們會更頻繁地光顧，並且隨著時間的推移，他們會消費更多。而且他們與我們互動更頻繁。

So they get more value in their interaction with us, and we get more value by them interacting with us. And I think we have a lineup of a pipeline of ideas on how we're going to continue to build and add capability that will add further value to our loyalty customers as we look forward.

這樣，他們從與我們的互動中獲得更多價值，而我們也從他們與我們互動中獲得更多價值。我認為，展望未來，我們已經有了一系列想法，可以繼續建立和增加能力，從而為我們的忠誠客戶創造更多價值。

Just to kind of get to your question more specifically, and we gave this data point, I think, a quarter or two ago, if you look at our US business as an example, a customer in the 12 months, an average customer in the 12 months before they joined our loyalty program visited us 10.5 times. In the 12 months after they became a loyalty member, they visited us 26 times.

為了更具體地回答您的問題，我們大約在一兩個季度前給出了這個數據點，以我們的美國業務為例，在加入我們的忠誠度計劃之前的 12 個月裡，平均每位客戶訪問了我們 10.5 次。在成為會員後的 12 個月內，他們光顧了我們 26 次。

So we increased their frequency of visit by more than 2.5 times, and they also spend more with us over time. That's why loyalty is important, and that's why we're excited to kind of continue creating value, so the consumers will be compelled to join and compelled to continue to interact with us on a more frequent basis.

因此，我們使他們的到訪頻率增加了 2.5 倍以上，而且隨著時間的推移，他們在我們這裡消費的金額也增加了。這就是為什麼忠誠度很重要，也是為什麼我們很高興能夠繼續創造價值，促使消費者加入並更頻繁地與我們互動。

I think on the tech stack, I think we've been pretty open over time. I mean it -- to go from a fragmented decentralized kind of tech organization to common platforms. And you'll remember, again, in our Investor Day in '23, we laid out, we want to get to three common platforms in our business that are tech-enabled through a common tech backbone, so to speak, that's our consumer platform, our restaurant platform and our company platform.

我認為在技術堆疊方面，我們一直以來都相當開放。我的意思是──從分散的、去中心化的科技組織轉變為通用平台。您可能還記得，在 2023 年的投資者日上，我們闡述了我們希望在業務中建立三個通用平台，這些平台透過一個通用的技術骨幹網路實現技術賦能，它們分別是我們的消費者平台、我們的餐廳平台和我們的公司平台。

We're making progress against each of those three. We've got a little more work to do, as Chris alluded to, but we feel really confident in where we're at and the pace of what's left to go to kind of get us to that overall outcome.

我們在應對這三個目標上都取得了進展。正如克里斯所暗示的那樣，我們還有一些工作要做，但我們對目前的進展以及實現最終目標所需的剩餘工作進度感到非常有信心。

Andy Barish, Jefferies.

安迪·巴里什，傑富瑞集團。

Wondering if we go back to the beverage efforts in the US and kind of interesting that you did not mention COSMIC that seems to be a shift. And any color you want to provide just in terms of the rollout as we look towards the rest of this year?

我想知道我們是否會重新關注美國的飲料業務，而且你沒有提到 COSMIC，這似乎是一種轉變，這有點意思。在今年剩餘時間裡，您希望在產品推廣上提供哪些顏色選擇？

Sure. I'll take that question. So we are -- we're really excited about the beverage launch in the US later this year. And we are going to do it under the McCafe brand. So we obviously learned a lot through the COSMIC test, and those learnings have been applied to how we've decided to set up this new beverage range, but we are going to be launching under the McCafe brand.

當然。我來回答這個問題。所以，我們——我們對今年晚些時候在美國推出這款飲料感到非常興奮。我們將以麥咖啡品牌進行推廣。顯然，我們透過 COSMIC 測試學到了很多，這些經驗也應用到了我們決定如何建立這個新的飲料系列上，但我們將以 McCafe 品牌推出。

And just to give you a little bit more color. The results did exceed expectations for the entirety of the program. It did drive incremental location these were mostly stacked dinner and evening. And we also saw higher average check. So the financials are really playing out well.

再給你們增添一些色彩。整個專案的成果確實超出了預期。它確實推動了增量位置，這些大多是堆疊的晚餐和晚間。我們也看到平均消費額有所提高。所以財務狀況確實非常良好。

We learned a lot about the recipe. We offered a range of recipes across indulgent coffees, refreshers, energy and sodas -- crafted sodas. All did well, particularly the crafted sodas, refreshers, and energy. And we're going to do what we do best at McDonald's. We're going to offer great tasting products, great prices, with the speed and convenience that our customers want to expect.

我們從這道菜譜中學到了很多。我們提供各種飲品，包括令人愉悅的咖啡、提神的飲品、能量飲品和蘇打水——以及手工蘇打水。所有產品都賣得很好，尤其是精釀蘇打水、清爽飲料和能量飲料。我們將繼續發揮麥當勞最擅長的技能。我們將提供美味的產品、優惠的價格，以及顧客所期望的快速便利。

So more to come on that. We're not going to reveal to any more specifics on the timing, but you can expect to see news in the US and outside of the US, too.

關於這一點，後續還會有更多討論。我們不會透露更多具體時間細節，但預計美國境內外都會有相關新聞報導。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Great quarter, strong acceleration across segments on a two-year basis. As we look to '26, we still have a lot of dynamics in the consumer environment. It sounds like you have a really strong playbook.

本季業績出色，各業務板塊在過去兩年中均實現了強勁成長。展望2026年，消費環境仍充滿變數。聽起來你們的策略非常成熟。

Can you give us any color on how we should be thinking about, I guess, Q1 knowing there's some weather there still have a little bit of the E. coli lab and then thoughts on the same-store sales progression as we move through '26.

您能否就我們應該如何看待第一季給予一些看法？我想，考慮到天氣狀況，我們還有一些大腸桿菌實驗室的工作要做，然後談談隨著我們進入 2026 年，同店銷售進展。

Lauren, it's Ian. Let me take a crack at that, and then I'm sure Chris will add on here. Look, I think as we've talked about already, we feel really good about the underlying momentum and kind of the consistency of that across each of the three operating segments I think we expect that momentum to kind of continue in '26.

勞倫，我是伊恩。讓我先試著說說，然後我相信克里斯會補充的。你看，正如我們之前討論過的，我們對潛在的成長勢頭以及三個營運部門的持續性感到非常滿意，我們預計這種成長勢頭將在 2026 年繼續保持。

And obviously, what we're focused on, and we've talked about a lot, it's really going 3 for 3, focusing on the things that win -- are within our control. I think we expect probably that the first half will be likely a little stronger than the second half, and that's just largely a reflection of kind of the benefit of the favorable year-over-year comparisons that were against.

顯然，我們關注的重點，也是我們已經多次討論過的，就是要真正做到三戰全勝，專注於那些能夠取勝的事情——那些在我們掌控之中的事情。我認為我們預計上半年可能會比下半年略好一些，這很大程度上反映了同比數據有利的好處。

Maybe just to give a little color by segment. I think for the US, we've had a solid start in January. We had good kind of underlying momentum, as you've heard us talk about today, supported by I think what we've done with extra value meals, obviously, mid-value more broadly. I think we would say we expect Q1 comp sales growth to decelerate sequentially from the 6.8% in Q4 that you saw.

或許可以按部分添加一些顏色。我認為對美國來說，我們在1月的開局非常穩健。正如你們今天聽到的，我們擁有良好的潛在發展勢頭，我認為這得益於我們在超值套餐方面所做的工作，顯然也得益於我們在中等價位套餐方面所做的工作。我認為我們可以說，我們預計第一季同店銷售成長將比第四季的 6.8% 有所放緩。

I think there are two key reasons for that. One is Q4 growth was particularly strong, obviously driven by two really strong activations in MONOPOLY and Grinch. And then as is well known, you've heard from many others, obviously, we had severe weather impacts in the US kind of beginning in late January, that pressured the industry traffic pressured our traffic, obviously, and caused quite a few restaurants to close or reduce hours for a number of days. We estimate that weather impact to be about 100 basis points for the full quarter just when you look at kind of the drag that we saw in January.

我認為主要原因有兩個。第四季成長尤為強勁，這顯然是由 MONOPOLY 和 Grinch 兩款遊戲的強勁銷售所推動的。眾所周知，許多人也聽說了，美國從一月底開始遭受了嚴重的惡劣天氣影響，這給行業交通帶來了壓力，也給我們的交通帶來了壓力，顯然，這導致很多餐館關門或縮短營業時間好幾天。我們估計，僅從一月份的拖累來看，天氣因素對整個季度的影響就約為 100 個基點。

I think on international, kind of a similar story. I mean we had a solid start in IOM in January. Again, we believe we've got kind of strong and consistent underlying momentum. But we do expect Q1 to decelerate sequentially from the 5.2% that we had in IOM in Q4. Again, we've got some weather, I would say, impacts in a number of markets in Europe through January that have put a little bit of pressure kind of on the underlying momentum.

我認為在國際層面，情況也差不多。我的意思是，我們在1月的IOM專案中取得了不錯的開局。我們再次強調，我們相信我們擁有強勁且持續的潛在發展動能。但我們預計第一季成長率將比第四季IOM的5.2%有所放緩。再次強調，我認為，1月歐洲一些市場受到天氣影響，這給潛在的成長動能帶來了一些壓力。

And then IDL, again, a sequential decrease from the 4.5% that we had in Q4. Again, we feel pretty good about the underlying momentum that's really just driven by, I would say, the kind of continued macro pressures in markets like China and parts of Latin America.

然後是IDL，與第四季的4.5%相比，再次出現環比下降。再次強調，我們對潛在的成長勢頭感覺相當不錯，我認為這主要是由中國和拉丁美洲部分地區等市場持續的宏觀壓力所驅動的。

So I think we're really confident about what's within our control, really confident about the underlying momentum of the business. And certainly feel good about our ability to continue to kind of execute well even though the environment remains challenging.

所以我覺得我們對自身可控的面向非常有信心，對公司的潛在發展動能也非常有信心。當然，儘管環境依然充滿挑戰，但我們有能力繼續保持良好的執行力，這讓我們感到非常滿意。

Jon Tower, Citi.

Jon Tower，花旗銀行。

Great. Maybe, Jill, one for you. I was hoping you went through a lot of the menu ideas coming in 2026 across the globe and in the US. Specifically in the US, though, I was hoping you could drill a little bit more into how you're thinking around the GLP-1 adoption likely picking up this year with orals being available? And how you're thinking through the menu? (technical difficulty) Operators across your system, actually asking you how McDonald's is going to potentially address this shift in consumption?

偉大的。吉爾，或許，這本是給你的。我希望您仔細研究一下2026年全球和美國即將推出的許多菜單創意。不過，就美國而言，我希望您能更深入地探討一下，隨著口服製劑的上市，您如何看待 GLP-1 受體激動劑的普及可能會在今年加速？你們是如何構思菜單的？（技術難題）你們系統內的所有業者都在問你們，麥當勞將如何應對這種消費模式的轉變？

Sure. Well, let me start, and then I'll let Jill fill in. But as I mentioned in my comments earlier, we're certainly spending a lot of time and paying close attention to it. I can tell you right now, we've looked pretty hard and we don't yet see evidence of it really having a material impact on our business.

當然。那我就先開始，然後讓吉爾接話。但正如我之前提到的，我們確實投入了大量時間並密切關注此事。我可以明確地告訴你，我們已經仔細調查過了，目前還沒有證據表明這會對我們的業務產生實質影響。

Now that said, as you noted, a pill form has just become available. We know the pill form has had pretty strong adoption in the early weeks. Lilly will come out with a pill form of their own sometime in probably Q1, Q2. And so certainly, our view is that adoption is going to continue to grow.

話雖如此，正如您所指出的，目前已經推出了藥片劑型。我們知道，在最初幾週，藥片形式的接受度相當高。禮來公司可能會在第一季或第二季推出自己的藥丸劑型產品。因此，我們當然認為，採用率將會持續成長。

And as adoption grows, we know that consumers' behavior changes. We know that in general, they eat fewer calories in a day, but also what the eat mix of that changes. Fortunately, for us, protein is one of the areas that this consumer -- the GLP-1 consumer is still very much interested in. And we've got great protein offering on our menu. So I think that's an area of strength for us.

隨著普及率的提高，我們知道消費者的行為也會改變。我們知道，一般來說，他們每天攝取的熱量較少，但他們攝取的食物種類和比例也會改變。幸運的是，蛋白質是這類消費者——GLP-1 消費者仍然非常感興趣的領域之一。我們的菜單上有很多優質的蛋白質選擇。所以我認為這是我們的優勢領域。

But we're also seeing changes around maybe less snacking changes in some of the beverages that they drink, less sugary drinks, and so all of those things are factoring into some of what we're out there experimenting with and testing with. And ultimately, as we learn more about that and get feedback from our customers, those things could make their way on to the menu.

但我們也看到，人們在零食攝取量、飲料攝取量（例如含糖飲料）等方面發生了一些變化，所有這些因素都影響著我們正在進行的一些實驗和測試。最終，隨著我們對這方面了解的加深以及從顧客那裡獲得回饋，這些東西可能會加入菜單。

But Jill, I'll let you kind of pick it up from there.

不過吉爾，接下來就交給你接手吧。

Sure. We do have a history of staying close to customers and innovating and adapting or many as required. So we are already pretty protein forward fish chicken strips, snack wraps, sausage biscuits. We have a number of items on the menu that customers who are on GLP-1 are enjoying.

當然。我們一直以來都與客戶保持密切聯繫，並根據需要進行創新和調整。所以我們已經推出了許多以蛋白質為主的食品，像是魚肉條、雞肉條、捲餅、香腸餅乾。我們菜單上有許多菜色深受正在接受 GLP-1 療程的顧客喜愛。

I think we can call out and just help customers a little bit more understand what is high protein on our menu because there are a number of options. But we're also going to continue to learn, see what's going to interest them. We have a couple of ideas that we are already looking at for the longer term. So it will be led by the customers and what they what they want from us, but there's plenty for them to enjoy our many currently.

我認為我們可以特別說明一下，幫助顧客更好地了解我們菜單上的高蛋白菜餚，因為我們有很多選擇。但我們也會繼續學習，看看他們會對什麼感興趣。我們已經有一些著眼於長遠發展的想法了。所以，一切都將由顧客主導，取決於他們想要什麼，但目前我們有很多東西可以讓他們盡情享受。

Jeff Bernstein, Barclays.

傑夫·伯恩斯坦，巴克萊銀行。

Great. Just trying to get a sense for the barbell strategy. We talked a lot about value. So I was hoping, at least in the US, you could share some color on scores you're seeing the -- maybe the share of value or mix of sales? Just trying to get a sense for where value sits and your comfort level there?

偉大的。只是想了解槓鈴訓練策略。我們談了很多關於價值的話題。所以我希望，至少在美國，您能分享一些您看到的得分情況——例如銷售額佔比或銷售組成？我只是想了解一下價值所在以及您對這種價值的接受程度？

And on the flip side, obviously, a lot less talk these days about the premium offer positioning. But how do we think about the balance there? Obviously, franchisees would love to push as would you, I'm sure, the upper end of that barbell. So what do we have on tack or how do you feel about your ability to push more premium product offerings as we move through '26 to balance with that value?

另一方面，很顯然，如今關於高端產品定位的討論少了很多。但我們該如何看待其中的平衡呢？顯然，加盟商和你一樣，都希望能夠挑戰槓鈴的極限重量。那麼，我們目前有什麼計畫？或者說，您如何看待我們在 2026 年推出更多高端產品以平衡價值的能力？

Sure. Well, we've talked about on prior calls, the fact that industry-wide, we've seen traffic hold up pretty well with upper-income consumers and traffic has been pressured with lower income consumers and of course, lower income consumers are more value and affordability sensitive.

當然。正如我們在之前的電話會議中討論過的，整個行業的情況是，高收入消費者的流量保持得相當不錯，而低收入消費者的流量則面臨壓力，當然，低收入消費者對價值和價格承受能力更加敏感。

We were pleased to see that we gained share with that low-income consumer in December, which was very much one of the criteria that we set around our value program. And so obviously, we've got to continue that. But I think we're in a better position certainly with that part of the consumer cohort.

我們很高興地看到，12 月我們在低收入消費者群體中獲得了市場份額，這正是我們價值計畫所設定的標準之一。所以很顯然，我們必須繼續這樣做。但我認為，我們在這方面，尤其是在這部分消費者群體中，處於更有利的地位。

And then on the premium side, we're going to have menu innovation that I think is going to continue to appeal to the upper income consumers I think some of the beverage items could clearly go in that category. I think some of what we might be able to do in chicken and burgers as well could fit under that.

在高端市場方面，我們將推出菜單創新，我認為這將繼續吸引高收入消費者，我認為一些飲料顯然可以歸入這一類別。我認為我們在雞肉和漢堡方面可以做的一些事情也符合這個範疇。

So we're a business where 90% of the customers are coming into our restaurant in the US, at least once a year. And we need to make sure that we've got a broad offering that appeals to all of them and recognizes that they have different needs. So I think we've got a good strategy on that.

所以，我們是一家90%的顧客每年至少光顧一次美國餐廳的企業。我們需要確保我們提供的產品和服務範圍廣泛，能夠吸引所有客戶，並認識到他們有不同的需求。所以我覺得我們在這方面已經有很好的策略了。

But certainly, the expectation for the balance of '26 is that, that low-income consumer is going to continue to be under pressure, and there should be call it, mid-single-digit growth available with the upper income consumer. And so how do we make sure we're winning with both of them.

但可以肯定的是，對於 2026 年剩餘時間，低收入消費者將繼續面臨壓力，而高收入消費者的成長應該只有個位數的中等水平。那麼，我們如何確保在這兩方面都能取得成功呢？

Thanks, everybody, for joining the call. If you want any types of [products], please send me an e-mail, we can get something scheduled. Other than that, have a good evening, and we'll talk to you later.

謝謝大家參加這次通話。如果您需要任何類型的[產品]，請給我發電子郵件，我們可以安排一下。除此之外，祝你晚上愉快，我們稍後再聊。

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。