McDonald's (MCD) USA president exercises options and sells 5,252 shares in routine trade

Rhea-AI Filing Summary

MCDONALDS CORP executive Joseph M. Erlinger, President of McDonald's USA, exercised stock options and sold shares in a coordinated transaction. He exercised options to acquire 5,252 shares of common stock at $157.79 per share and then sold 5,252 shares in an open-market sale at $284.32 per share. Following these transactions, he directly holds 7,733.89 shares of McDonald's common stock. The options exercised were originally granted on February 19, 2018 and became exercisable in 25% increments on each of the first four anniversaries of the grant.

Insights

Equity compensation and insider-trading analyst

Routine option exercise and same-day sale with remaining equity stake.

Joseph M. Erlinger, President of McDonald's USA, exercised options for 5,252 shares at a strike price of $157.79 and sold 5,252 shares at $284.32. This is a classic exercise-and-sell pattern converting option value into cash.

The filing shows he continues to hold 7,733.89 shares of common stock directly after the sale, indicating an ongoing equity position in the company. The options were from a 2018 grant that vested in 25% increments over four years, suggesting this exercise aligns with standard long-term incentive timing.

Because the transaction size is modest relative to typical large-cap executive holdings and is tied to a multi-year option grant, it appears as routine compensation-related activity rather than a clear signal about McDonald's future performance.

Insider Trade Summary 10b5-1

Exercise and Sale: 5,252 shares ($665K approx. pre-tax spread)

Exercise and Sale 3 txns

Insider Erlinger Joseph M.

Role President, McDonald's USA

Sold 5,252 shs ($1.49M)

Approx. gross sale proceeds $1.49M

Approx. exercise cost $829K

Approx. pre-tax spread $665K

Type	Security	Shares	Price	Value
Exercise	Options (Right to Buy)	5,252	$0.00	$0.00
Exercise	Common Stock	5,252	$157.79	$829K
Sale	Common Stock	5,252	$284.32	$1.49M

Holdings After Transaction: Options (Right to Buy) — 15,757 shares (Direct); Common Stock — 7,733.89 shares (Direct)

Footnotes (1)

1. F1. Options were granted on February 19, 2018 and became exercisable in 25% increments on the first, second, third and fourth anniversary of the grant.

Key Figures

Shares sold: 5,252 shares Sale price: $284.32 per share Option strike price: $157.79 per share +4 more

7 metrics

Shares sold 5,252 shares Open-market sale of common stock

Sale price $284.32 per share Price for 5,252 common shares sold

Option strike price $157.79 per share Exercise price for 5,252 options

Shares acquired via exercise 5,252 shares Common stock from option exercise

Post-transaction holdings 7,733.89 shares Directly held common stock after sale

Option grant date February 19, 2018 Grant date of exercised options

Option vesting pattern 25% annually over 4 years Vesting schedule for 2018 grant

Key Terms

open-market sale, derivative security, Options (Right to Buy), exercise price, +1 more

5 terms

open-market sale financial

"Sale in open market or private transaction"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

derivative security financial

"Exercise or conversion of derivative security"

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

Options (Right to Buy) financial

"Options (Right to Buy)"

exercise price financial

"conversion_or_exercise_price: "157.7900""

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

non-derivative financial

"transaction_type: "non-derivative""

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/10/2026 - 04:30 PM Accepted by SEC EDGAR 06/10/2026 - 04:29 PM Learn about SEC filing dates

FAQ

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

McDonald's reported that Joseph M. Erlinger exercised options for 5,252 common shares and sold 5,252 shares in an open-market transaction. These moves reflect a standard exercise-and-sell pattern tied to previously granted equity compensation awards.

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

After the reported transactions, Joseph M. Erlinger directly holds 7,733.89 shares of McDonald's common stock. This figure reflects his remaining equity stake following the option exercise and the open-market sale of 5,252 shares disclosed in the Form 4.

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

He exercised stock options at a strike price of $157.79 per share and sold 5,252 McDonald's common shares at an average price of $284.32 per share. The spread between these two prices represents the realized value from the long-term option grant.

What type of transaction is indicated by code M and S on this McDonald's (MCD) Form 4?

Code M indicates an option exercise, where Erlinger converted derivative rights into 5,252 common shares. Code S reflects an open-market or private sale of 5,252 common shares. Together, they describe an exercise-and-sell sequence in McDonald's stock.

What is the origin of the options exercised by Joseph M. Erlinger at McDonald's (MCD)?

The options Erlinger exercised were granted on February 19, 2018 and became exercisable in 25% increments on each of the first four anniversaries. This vesting schedule is typical of long-term incentive programs used to retain and reward senior executives.

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 ILLINOIS 60607

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/10/2026

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

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

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

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	06/10/2026		M		5,252	A	$157.79	12,985.89	D
Common Stock	06/10/2026		S		5,252	D	$284.32	7,733.89	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	06/10/2026		M			5,252	(1)	02/19/2028	Common Stock	5,252	$0	15,757	D

Explanation of Responses:

1. 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	06/10/2026
	** 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.
* Form 4: SEC 1474 (03-26)