McDonald’s (NYSE: MCD) USA president sells 2,626 shares post-option

Rhea-AI Filing Summary

McDonald’s Corporation President, McDonald’s USA, Joseph M. Erlinger exercised employee stock options for 2,626 shares of common stock at $157.79 per share on February 10, 2026. He then sold 2,626 common shares in an open-market transaction at $325.25 per share the same day.

Following these transactions, he directly owned 5,398.12 shares of McDonald’s common stock and 26,261 options (right to buy) that remain outstanding. The exercised options were originally granted on February 19, 2018 and vested in 25% annual increments over four years.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Erlinger Joseph M.

(Last) (First) (Middle)

MCDONALD'S CORPORATION

110 NORTH CARPENTER STREET

(Street)

CHICAGO IL 60607

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MCDONALDS CORP [ MCD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President, McDonald's USA

3. Date of Earliest Transaction (Month/Day/Year)
02/10/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/10/2026		M		2,626	A	$157.79	8,024.12	D
Common Stock	02/10/2026		S		2,626	D	$325.25	5,398.12	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Options (Right to Buy)	$157.79	02/10/2026		M			2,626	(1)	02/19/2028	Common Stock	2,626	$0	26,261	D

Explanation of Responses:

1. Options were granted February 19, 2018 and became exercisable in 25% increments on the first, second, third and fourth anniversary of the grant.

	/s/ Jeffrey J. Pochowicz, Attorney-in-fact	02/11/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What insider transactions did McDonald’s (MCD) report for Joseph M. Erlinger?

McDonald’s reported that Joseph M. Erlinger exercised options for 2,626 common shares and sold 2,626 common shares on February 10, 2026. The option exercise and the share sale occurred the same day, reflecting a derivative conversion followed by an open-market sale.

At what prices did Joseph M. Erlinger exercise and sell McDonald’s (MCD) shares?

Joseph M. Erlinger exercised options at an exercise price of $157.79 per share and sold 2,626 McDonald’s common shares at $325.25 per share. Both transactions took place on February 10, 2026, according to the Form 4 filing data provided.

How many McDonald’s (MCD) shares does Joseph M. Erlinger own after these transactions?

After the reported transactions, Joseph M. Erlinger directly owned 5,398.12 shares of McDonald’s common stock. He also held 26,261 options (right to buy common stock) beneficially, as shown in the post-transaction ownership columns of the Form 4 tables.

What stock options did Joseph M. Erlinger exercise in the McDonald’s (MCD) Form 4?

He exercised options (right to buy) covering 2,626 McDonald’s common shares at an exercise price of $157.79 per share. These options were originally granted on February 19, 2018 and vested in four equal 25% annual installments on each anniversary of the grant date.

What role does Joseph M. Erlinger hold at McDonald’s (MCD) in this Form 4 filing?

In the Form 4, Joseph M. Erlinger is identified as an officer of McDonald’s Corporation, serving as President, McDonald’s USA. The filing is made by one reporting person and reflects his direct ownership transactions in McDonald’s common stock and stock options.

Were Joseph M. Erlinger’s McDonald’s (MCD) option transactions direct or indirect holdings?

The transactions reported for Joseph M. Erlinger are classified as direct ownership. Both the exercised options and the resulting common stock transactions are marked with ownership code "D" for direct, with no nature-of-ownership footnote indicating any intermediary entity or indirect holding structure.