“With respect to the remainder of the year, while we remain cautious about consumer sentiment, we are reaffirming our full year 2025 financial targets that we outlined in February, which include the impact from tariffs that are currently in place.”

In context

“nditions, top line results generated over $3.3 billion of restaurant margins for the quarter, and adjusted operating margin was about 45.5%, highlighting the durability of our business model. Results for the quarter included lower company operated margins, reflecting pressured top line results and commodity inflation, particularly in Europe. This was partially offset by lower G&A spend, which was primarily driven by the timing of investment and the comparison to prior year costs related to our biannual worldwide convention. We remain focused on optimizing our run the business spend as we continue to invest in our strategic growth priorities, such as digital and technology, and our transformation efforts led by our global business services organization that will drive long term efficiency. With respect to the remainder of the year, while we remain cautious about consumer sentiment, we are reaffirming our full year 2025 financial targets that we outlined in February, which include the impact from tariffs that are currently in place. We expect foreign currency translation to be a tailwind to 2025 earnings per share of about $0.05 per share based on current exchange rates, that's a significant change versus our previous estimated headwind of $0.20 to $0.30 per share, reflecting the recent weakening of the U.S. dollar versus major currencies. As always, this is directional guidance only as rates will likely change as the year progresses. Despite the ongoing industry headwinds, we know that McDonald's is well-positioned to succeed due to the resiliency of our business and our overall financial strength. And we remain confident in our ability to deliver long term profitable growth for the system and to create value for our shareholders. And with that, let me turn it back over to Chris. Chris Kempczinski: Thanks, Ian. A co”