Analyst Report: McDonald's Corporation McDonald’s is the largest restaurant owner-operator in the world, with 2022 system sales of $116 billion across more than 40,000 stores and more than 100 markets. McDonald’s pioneered the franchise model, building its impressive footprint through partnerships with independent restaurant franchisees around the world. The firm earns more than 60% of its revenue from franchise royalty fees and lease payments, with the lion share of the remainder coming from company-operated stores across its three core segments: the United States, internationally operated markets, and international developmental/licensed markets. McDonald’s owned 55% of the real estate and 80% of the buildings in its franchise system as of the end of 2021, offering it leverage in maintaining quality standards and consistency.