McDonald’s USA chief exercises options, sells 2,626 shares

McDonald's USA president Joseph M. Erlinger exercised stock options and then sold the resulting shares.

Accepted by SEC EDGAR 03/11/2026 - 12:48 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

McDonald's USA president Joseph M. Erlinger exercised stock options and then sold the resulting shares. On this Form 4, he exercised options for 2,626 shares of McDonald's common stock at an exercise price of $157.79 per share, converting a derivative award granted in 2018 into shares.

On the same date, he sold 2,626 shares of common stock in an open-market transaction at $328.34 per share. After these transactions, he directly holds 8,732.89 shares of McDonald's common stock and no remaining derivative position from this option grant, which had vested in annual 25% increments following its original February 19, 2018 grant.

Insider Trade Summary 10b5-1

Exercise and Sale: 2,626 shares ($448K approx. pre-tax spread)

Exercise and Sale 3 txns

Insider Erlinger Joseph M.

Role President, McDonald's USA

Sold 2,626 shs ($862K)

Approx. gross sale proceeds $862K

Approx. exercise cost $414K

Approx. pre-tax spread $448K

Share of Position Sold 23.1%

Type	Security	Shares	Price	Value
Exercise	Options (Right to Buy)	2,626	$0.00	$0.00
Exercise	Common Stock	2,626	$157.79	$414K
Sale	Common Stock	2,626	$328.34	$862K

Holdings After Transaction: Options (Right to Buy) — 23,635 contracts (Direct); Common Stock — 8,732.89 shares (Direct)

Holdings Before and After: Options (Right to Buy), 26,261 to 23,635 contracts (Direct); Common Stock, 8,732.89 to 8,732.89 shares (Direct)

Other Insiders: 3 other insiders reported open-market sales of this stock in the 30 days up to this filing.

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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did McDonald's (MCD) executive Joseph M. Erlinger report on this Form 4?

Joseph M. Erlinger, President of McDonald's USA, reported exercising stock options for 2,626 shares and selling 2,626 common shares. The filing shows a classic exercise-and-sell pattern, turning an older option grant into cash while retaining a remaining direct share position.

How many McDonald's (MCD) shares did Joseph M. Erlinger sell and at what price?

He sold 2,626 shares of McDonald's common stock at $328.34 per share. This sale followed the exercise of options for the same number of shares, reflecting an open-market disposition of newly acquired stock while maintaining an ongoing equity stake in the company.

What options did Joseph M. Erlinger exercise in this McDonald's (MCD) Form 4 filing?

He exercised options covering 2,626 shares of McDonald's common stock at an exercise price of $157.79 per share. The options were originally granted on February 19, 2018 and became exercisable in 25% increments on each of the first four anniversaries of that grant.

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

Following the reported transactions, Joseph M. Erlinger directly holds 8,732.89 shares of McDonald's common stock. This figure reflects the sale of 2,626 shares after exercising options for the same amount, as disclosed in the Form 4 ownership totals.

Does this McDonald's (MCD) Form 4 show any remaining options for Joseph M. Erlinger?

The filing shows an option exercise for 2,626 shares and no remaining derivative positions in the derivative summary. That indicates this particular 2018 option grant has been fully exercised, with subsequent activity now reflected only in his direct common stock holdings.

Was Joseph M. Erlinger's McDonald's (MCD) stock sale an open-market transaction?

Yes. The Form 4 identifies the 2,626-share disposition as a code "S" transaction, described as a sale in the open market or a private transaction. The reported sale price is $328.34 per McDonald's common share on the transaction date.

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

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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)
03/10/2026

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	03/10/2026		M		2,626	A	$157.79	11,358.89	D
Common Stock	03/10/2026		S		2,626	D	$328.34	8,732.89	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	03/10/2026		M			2,626	(1)	02/19/2028	Common Stock	2,626	$0	23,635	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	03/11/2026
	** Signature of Reporting Person	Date
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