McDonald's

McDonald's traces its roots to a single drive-in restaurant that brothers Richard and Maurice McDonald opened in San Bernardino, California in 1940. After a dramatic overhaul in 1948 — dropping car hops and nearly their entire menu in favor of nine items and a revolutionary "Speedee Service System" — the brothers cut costs and wait times dramatically. The concept caught the eye of milkshake machine salesman Ray Kroc, who in 1954 became their franchise agent and opened the first franchised location in Des Plaines, Illinois in 1955.

Kroc purchased the company from the McDonalds for $2.7 million in 1961, bringing with it the rights to the name, the system, and the Golden Arches. Under his leadership, McDonald's pursued aggressive franchising and standardization, scaling to over 1,000 locations by 1968 — the same year the Big Mac was born. The introduction of the Happy Meal in 1979, the Chicken McNugget in 1983, and the McFlurry in 1997 each became category-defining products.

Today McDonald's is the world's largest restaurant company by revenue and one of the most recognized brands on the planet. Its franchise model generates the bulk of profits through rents and royalties. The chain has faced sustained pressure from shifting consumer tastes and fast-casual competitors, spurring investments in digital ordering, loyalty programs, and menu modernization across its 40,000+ global locations.