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CLAIM #39234 · McDonald’s Corporation (MCD) · 2025Q2 earnings call · Aug 6, 2025 · due Dec 31, 2025

I mean I think the kind of natural cycle of G&A spend is back-half weighted and frankly, generally fourth quarter weighted.

Ian Borden · CFO

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graded after results covering Dec 31, 2025 are reported

In context

lies effectively a nice uptick in spend in the back half relative to system sales. So maybe you can clarify what's going on there. And then secondly, just curious, Chris, you hit on the idea that beverage is a fairly large opportunity. You're investing a lot of time and energy and testing it right now. Curious how you see that hitting on the menu going forward, assuming much of it runs through the test well. Is this something that's going to be core to that value platform, specifically that everyday either McValue platform or Meal Deal platform? Or do you see it kind of playing well across the premium and the everyday value platforms in the U.S? Ian Frederick Borden: Jon, let me just get the G&A clarification out of the way, and then I'll let Chris touch on your question around beverages. I mean I think the kind of natural cycle of G&A spend is back-half weighted and frankly, generally fourth quarter weighted. I think it's just the reality of a lot of the projects kind of take time to get up to full speed. And I think as you've heard us talk a lot about -- we've got a lot of activity in regards to areas like transformation and some of the work we're driving in tech and digital. And just that, I think, is kind of the spending pattern that we anticipate this year, which is pretty typical, but probably a little bit more kind of back half weighted this year than maybe what we've seen in prior years. Christopher J. Kempczinski: On beverages, I would just say, obviously, what we've talked about in the past is just the big opportunity that we see in beverages. It's a really large market opportunity. It's growing and it's more profitable than food. So there's a lot of things to like, which is why us as

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SEC filings for MCD · Claim quote is verbatim from the 2025Q2 earnings call.