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A year of resilience and great progress

Annual Report
 Annual Letter to Shareholders

and translate it into meaningful experiences for

our customers, embodying our mission to
Dear Shareholders, make delicious, feel-good moments easy for
everyone. They bring our purpose to feed and foster
the Global McFamily, communities to life every second of the day. And
they do this all with a grounding in both knowing
and our Customers, their communities and being good neighbors.

Always guided by our purpose

A little more than a year ago, I said that we to feed and foster communities
were witnessing the beginning of the next great
chapter at McDonald’s. There has never been
McDonald’s is part of the cultural fabric in
a better time to be part of Brand McDonald’s than
communities around the world. That’s why it
right now—and this past year showed what makes
is important that Accelerating the Arches is a
McDonald’s unique: the strength of our people,
holistic strategy, integrating our business objectives
the scale of our supply chain, the agility of our
and our responsibility to meet society’s evolving
System, the importance of local owners operating
expectations of modern businesses to make a
in the communities we serve, and the power of the
difference in the world. It is clear that this will be ever
McDonald’s Brand.
more important in 2022, as we continue to support
The best part of leading McDonald’s is the pride I communities through the multitude of challenges
feel seeing the commitment of our System and the they face—whether the ongoing impacts of COVID-19
leadership of our restaurant managers and crews. or the rapidly changing and devastating humanitarian
They take our strategy of Accelerating the Arches crisis in Ukraine and throughout Europe.
Annual Letter to Shareholders

When times are at their darkest, again and again,

we see the Golden Arches shine their brightest. And
while what happens next in Ukraine is unclear, we will
continue to support our McFamily and communities
in Ukraine for as long as is needed.

A banner year because of the

unparalleled strengths of the
McDonald’s System

Our significant progress—despite continued

challenges like none of us have experienced in
our lifetimes—is remarkable. In 2021, we achieved
record global Systemwide sales1 of $112 billion,
with revenues of $23.2 billion. We reported annual
comparable sales growth in the U.S. of 13.8%, which
represents over $5 billion of Systemwide sales2
growth. We delivered record operating income of
more than $10 billion. And Franchisee cash flows hit
We continued to meaningfully advance efforts all-time highs in most of our top markets, including
that focused on our broader role in communities. the U.S., U.K., Canada, Germany and Japan.
This includes our commitment to achieving net
McDonald’s and our Franchisees are not only
zero emissions across our global operations by
well positioned to withstand the ongoing global
2050, our progress to create more sustainable
pressures, but we are set up for the long-term.
Happy Meal toys by the end of 2025, our $5 million
commitment with the NextGen Consortium
to accelerate and scale sustainable packaging,
and our commitment to increasing spend
with diverse-owned media partners in the
U.S. to help dismantle growth barriers
for diverse-owned companies.

And through the newly established McDonald’s

When times are
Community Fund, the Company is better prepared
than ever to respond when people need us
at their darkest,
most—whether by investing in Chicago-based again and again,
neighborhood organizations that are actively
and effectively working to address the youth we see the Golden
opportunity crisis in our hometown, or a
corporate contribution of $5 million to an
Arches shine their
employee assistance fund to support our brightest.
Ukrainian colleagues through the ongoing crisis.

1 Consists of both Company and franchise sales

2 Consists of both Company and franchise sales


Supporting restaurant teams
through a culture of care
2021 was a reminder that people remain central
to everything we do and everything we seek to
achieve. When it comes to being a people
business, we will, as Fred Turner said, “never
forget it.” At every location, through even the most
difficult moments, our crews have stayed strong,
keeping our restaurants running while providing
hope, inspiration and extraordinary service to our
customers and our communities.
We are proud to offer programs and resources
that support our people, both at work and at
home. Over the past two years, this has
included simplifying our menu to improve the
crew experience, implementing COVID-19
safety measures to protect the wellbeing of
crew members, enhancing parental leave for
U.S. McOpCo management, and modernizing
our employee value proposition. We continue
investing to make our entire System even stronger,
creating an environment where Franchisees,
suppliers and employees thrive through initiatives
such as the implementation of Global Brand
Annual Letter to Shareholders
Standards to strengthen our commitment
to fostering safe, respectful and inclusive
workplaces; our Mutual Commitment to Diversity,
Equity and Inclusion alongside our suppliers to
support diverse-owned businesses; reaching
global gender pay parity; and raising wages at U.S.
company-owned restaurants.
Significant progress in the first
year of our holistic strategic plan,
Accelerating the Arches
It would not have been possible to lead our
industry for over 65 years if we remained content
with yesterday’s successes. 2021 was no exception.
In the first full year of Accelerating the Arches, we
met the changing needs of our customers by leaning
into the competitive advantages essential to our
future as we Maximized our Marketing, Committed
to our Core Menu, and Doubled Down on the 3 Ds
of Digital, Drive Thru and Delivery.
While each pillar of our Accelerating the Arches
strategy is formidable on its own, the real power
is when the M, C and D come together
in combination—with the customer at the center.
We continued to strengthen our leadership to
support execution of the strategy. Last year, I was
proud to announce McDonald’s first ever Chief
Customer Officer—Manu Steijaert—to lead the
newly created Customer Experience Team, which
will ensure we stay focused on creating frictionless
experiences that are seamless and memorable.
Manu’s appointment was complemented by
additional leadership moves, including Paul Pomroy
as Corporate Senior Vice President, International
Operated Markets; and Morgan Flatley as Global
Chief Marketing Officer. We were also excited to
appoint Desiree Ralls-Morrison as our new General
Counsel and Corporate Secretary.
I am honored to surround myself with a leadership
team that elevates and expands our collective
thinking, and delivers results that propel our
brand forward.
Annual Letter to Shareholders
Our focus on the M-C-Ds has driven broad-based
growth in 2021. Our digital engine continues to
make the customer experience more seamless
and fuels growth in the process. In our top six
markets, more than a quarter of Systemwide
sales, or $18 billion, came from digital channels
in 2021—a 60% increase over 2020. Three of
our largest markets­—the U.S., Germany and
Canada—all launched loyalty programs in 2021.
With loyalty programs now in more than 40 markets,
MyMcDonald’s Rewards has exceeded expectations
in terms of enrollment and participation. After
just six months in the U.S., there are more than 30
million loyalty members enrolled and more than
21 million active members earning rewards. We
also announced new long-term global strategic
partnerships to support McDelivery.
While we expect that 2022 will be a year of
continued progress, we also anticipate that many
of the challenges we experienced in 2021 will endure.
Focusing on our foundational operations, expanding
our growing digital advantages, and continuing to
put the health and safety of our customers and crew
first will remain critical to executing on Accelerating
the Arches. These accomplishments highlight the
power of our System when we come together across
functions and geographies, and quickly follow our
customers’ lead.
A stronger Brand than ever before
Ray Kroc built McDonald’s as the most independent
and interdependent Brand on the planet. We see
the power and collaborative spirit of our Brand
every single day—and together, as a System, we
will continue to bring Ray’s vision for collaboration
to life, while providing customers the food they
crave, experiences they treasure, and the Brand
they love. It’s this commitment that will accelerate
the arches while helping us feed and foster
communities, everywhere.
Earlier in April and for the first time in four years,
we came together as a System at our Worldwide
Convention. Amid the excitement of being together
in person after so long, we asked ourselves, as we
have done throughout our history, how we ensure
the Brand stays relevant. The answer lies in the
founding principles of our model: building a
business representative of our customers and
communities, where equity of opportunity is
central to our business. That’s why, late last year,
we announced a new Franchisee recruitment
initiative to increase the number of Franchisees
from all backgrounds, including historically
underrepresented groups, in McDonald’s U.S. and
all McDonald’s International Operated Markets.
This includes a $250 million commitment in the U.S.
over five years to provide alternatives to traditional
financing to help candidates join the McDonald’s
System. During a period of record performance, we
must challenge ourselves—even more—to invest in
the future. We owe that to our communities—and to
the people who make up the McDonald’s System.
The enduring strength of McDonald’s Brand gives
us confidence that our strategy will continue to
deliver sustained, long-term profitable growth
for our System and shareholders. The McDonald’s
Board of Directors has provided counsel and an
unwavering dedication to ensure that in pursuit
of this objective, we continue to represent all
stakeholders. I want to thank them, our System,
our shareholders, and our customers for their
continued support.
Additionally, I would like to thank the McDonald’s
Board of Directors who have provided counsel
and an unwavering dedication to represent
all stakeholders.
And most importantly, on behalf of the McDonald’s
System, I extend our heartfelt gratitude to our crew.
Chris Kempczinski
President and CEO
McDonald’s Corporation
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Annual Report