“In regards to the remainder of the year, we are reaffirming our full year 2026 financial targets as we outlined in February.”

In context

“foreign currency translation. On a constant currency basis, this represents a 1% increase versus the prior year. We generated more than $3.6 billion in restaurant margins during the quarter, and our adjusted operating margin was 46%, highlighting the resiliency of our business model. However, our U.S. company-operated margins in the quarter were not acceptable. We're actively addressing opportunities to improve performance and revisiting the optimal franchisee versus company ownership balance to maximize system value. Based on current exchange rates, we expect foreign currency to be a full year tailwind to 2026 EPS, totaling in the range of $0.20 to $0.30. As always, this is directional guidance only, as rates will likely continue to change as we move throughout the remainder of the year. In regards to the remainder of the year, we are reaffirming our full year 2026 financial targets as we outlined in February. With respect to food and paper inflation, our supply chain teams, along with our world-class supplier partnerships and hedging strategies position us well to navigate near-term cost pressures and increased volatility resulting from the war in the Middle East. Longer term, we believe there is an increased risk of higher cost inflation due to ongoing global supply chain disruptions. While we expect the external environment to remain challenging, we're focusing on what we can control, executing consistently across value, menu and marketing and leveraging the financial strength and scale of our global system. And with that, let me turn it back over to Chris. Christopher Kempczinski: Thanks, Ian. This quarter reinforces something important. In a challenging environment, we believe McDonald's c”