Overview Key strengths Key risks Significant scale as the world?s largest quick service restaurant chain with systemwide sales exceeding $115 billion. Challenging operating environment conditions globally may disrupt performance trends more than we currently anticipate. Leading brand awareness, marketing strength, and improving digital capabilities drive robust average unit volumes and operating margins. Franchisees will need to navigate dynamic operating conditions and adjust prices to offset higher operating costs while preserving McDonald?s strong value perception. Highly franchised business model and operating strength generate consistently strong free cash flow, exceeding $7 billion in fiscal 2021. Industry competition remains fierce and is prone to price wars during times of slowing consumer demand. McDonald's is the market leader in the highly competitive quick-service restaurant
