McDonald’s (NYSE: MCD) US president exercises 2,626 options, sells 2,626 shares

Rhea-AI Filing Summary

McDonald’s Corporation President, McDonald’s USA, Joseph M. Erlinger reported an option exercise and share sale. On January 12, 2026, he exercised 2,626 options to buy McDonald’s common stock at $157.79 per share, which converted into the same number of common shares and increased his directly held stock to 8,024.12 shares.

On the same day, he sold 2,626 common shares at a weighted average price of $306.58 per share, in multiple trades between $304.66 and $307.30. After the sale, he directly owned 5,398.12 common shares28,887 options with an exercise price of $157.79 per share, expiring on February 19, 2028, originally granted in 2018 and vesting in 25% annual increments.

01/13/2026 - 01:19 PM

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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)
01/12/2026

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	01/12/2026		M		2,626	A	$157.79	8,024.12	D
Common Stock	01/12/2026		S		2,626	D	$306.58(1)	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	01/12/2026		M			2,626	(2)	02/19/2028	Common Stock	2,626	$0	28,887	D

Explanation of Responses:

1. This transaction was executed in multiple trades ranging from $304.66 to $307.30 per share. The price reported represents the weighted average sales price of this trade. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the shares sold at each separate price.

2. Options were granted on 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	01/13/2026
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

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

Joseph M. Erlinger, President, McDonald’s USA, reported exercising 2,626 stock options at $157.79 per share and selling 2,626 common shares at a weighted average price of $306.58 per share on January 12, 2026.

How many McDonald’s (MCD) shares does Joseph M. Erlinger own after this Form 4?

After the reported transactions, Joseph M. Erlinger directly owned 5,398.12 shares of McDonald’s common stock, according to the Form 4.

What stock options does Joseph M. Erlinger still hold in McDonald’s (MCD)?

He held 28,887 options (right to buy) McDonald’s common stock at an exercise price of $157.79 per share, expiring on February 19, 2028, following the 2,626-option exercise.

At what prices were Joseph M. Erlinger’s McDonald’s (MCD) shares sold?

The 2,626 common shares were sold in multiple trades at prices ranging from $304.66 to $307.30 per share, with a reported weighted average sales price of $306.58 per share.

When were the stock options exercised by Joseph M. Erlinger originally granted?

The options exercised on January 12, 2026 were granted on February 19, 2018 and became exercisable in 25% increments on each of the first four anniversaries of the grant date.

Is Joseph M. Erlinger a director or 10% owner of McDonald’s (MCD)?

He is reported as an officer of McDonald’s, serving as President, McDonald’s USA, and is not listed as a director or 10% owner in this Form 4.