“We expect to open more than 1,800 restaurants in our IDL segment, including about 1,000 in China.”

In context

“he business to drive growth, including capital expenditures to primarily support new restaurant openings as well as investments in technology, digital and GBS. Second, we prioritize our dividend, which has increased in each of the last 49 years. And third, we repurchased shares with remaining free cash flow over time. With respect to restaurant development and capital expenditures, as Chris mentioned, we continue to accelerate our pace of new unit openings and remain on track to achieve our target of 50,000 restaurants by the end of 2027. In 2025, we exceeded our openings plan for the year with gross openings of about 2,275 restaurants and net openings of 1,880. And in 2026, we're targeting approximately 2,600 gross restaurant openings with about 750 of these in our U.S. and IOM segments. We expect to open more than 1,800 restaurants in our IDL segment, including about 1,000 in China. Overall, we anticipate about 4.5% unit growth from the approximately 2,100 net restaurant additions in 2026. We expect our capital expenditure spend to be between $3.7 billion and $3.9 billion this year, with the majority invested in new unit openings across our U.S. and IOM segments. This increase in CapEx versus the prior year of $3.4 billion is in line with the targeted increase of about $300 million to $500 million that we outlined at our December '23 Investor Day. Lastly, we're targeting our net income to free cash flow conversion rate in 2026 to be in the low to mid-80% range, which is in line with the 84% in 2025. And with that, let me hand it back over to Chris. Christopher Kempczinski: Thanks, Ian. As we close the books in 2025, it's only natural to reflect not just on the year t”