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McDonald's Q3 2025 10-Q shows 3% revenue growth to $7.1B, driven by franchised royalties up 7% and international comp sales at 4.3%. Accelerating the Arches strategy targets digital loyalty to 250M users by 2027, with 2,200 restaurant openings planned. Operating margins expand to 46.5% despite costs; cash flow supports dividends and $15B buybacks. Risks include competition and supply disruptions, but franchised model provides resilience.

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