[SCHEDULE 13G/A] McDonald's Corporation SEC Filing

Rhea-AI Filing Summary

The Vanguard Group reported beneficial ownership of 71,635,329 shares of McDonald's Corporation common stock, representing 10.03% of the class. Vanguard discloses no sole voting power and 6,821,270 shared dispositive shares, while retaining 64,814,059 sole dispositive shares and 4,091,602 shared voting shares. The filing states these holdings are held in the ordinary course of business and not for the purpose of influencing control of the issuer. The statement identifies Vanguard as an investment adviser organized in Pennsylvania and lists its Malvern address.

Positive

• Material ownership disclosed: Vanguard holds 71,635,329 shares, representing 10.03% of McDonald's common stock.
• Ordinary course statement: Filing certifies the holdings are held in the ordinary course of business and not to influence control.

Negative

• No sole voting power: Vanguard reports 0 shares of sole voting power, indicating limited unilateral control.
• Shared voting concentrated: Only 4,091,602 shares are listed as shared voting power, limiting direct governance influence.

Insights

Securities Analyst

TL;DR: Vanguard holds a sizeable 10.03% stake in MCD with limited voting concentration, indicating economic exposure without apparent control intent.

The filing documents an economically material position: 71.6 million shares equal to 10.03% of outstanding common stock. Voting power is largely shared rather than sole, with 0 shares of sole voting power and 4.09 million shared voting shares. Dispositive power is concentrated: 64.81 million sole dispositive shares, reflecting authority to sell holdings. The certification that shares are held in the ordinary course and not to influence control reduces the likelihood of immediate governance action. For investors, this is a significant institutional stake but does not signal an activist or control-oriented stance based on the submitted assertions.

Corporate Governance Expert

TL;DR: A >10% holding by an institutional investor is material but the filing shows no intent to change control or engage in activism.

From a governance perspective, disclosures show The Vanguard Group as an investment adviser with substantial dispositive authority. The absence of sole voting power and the affirmative certification that the position is held in the ordinary course suggest passive stewardship rather than an attempt to change board composition or corporate control. This filing should be treated as material ownership disclosure without accompanying indications of governance activism.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 12)

McDonald's Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

580135101

(CUSIP Number)

08/29/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 580135101

1

Names of Reporting Persons

The Vanguard Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,091,602.00
7	Sole Dispositive Power 64,814,059.00
8	Shared Dispositive Power 6,821,270.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

71,635,329.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.03 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: McDonald's Corp
(b)	Address of issuer's principal executive offices: 110 North Carpenter Street, Chicago, IL, 60607
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd., Malvern, PA 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 580135101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 71635329
(b)	Percent of class: 10.03 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 4091602
	(iii) Sole power to dispose or to direct the disposition of: 64814059
	(iv) Shared power to dispose or to direct the disposition of: 6821270
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	09/08/2025

FAQ

How many McDonald's (MCD) shares does The Vanguard Group report owning?

The Vanguard Group reports beneficial ownership of 71,635,329 shares of McDonald's common stock.

What percentage of MCD does Vanguard own according to the filing?

The filing states Vanguard owns 10.03% of McDonald's common stock.

Does Vanguard have sole voting control over these MCD shares?

No. Vanguard reports 0 shares of sole voting power and 4,091,602 shared voting shares.

Who signed the Schedule 13G/A for Vanguard and when?

The filing is signed by Ashley Grim, Head of Global Fund Administration, dated 09/08/2025.

Is Vanguard claiming the holdings are intended to influence McDonald's control?

No. The certification states the securities are held in the ordinary course of business and not to influence control.