Filed Pursuant to Rule 424(b)(2)

Registration Statement No. 333-281501

PRICING SUPPLEMENT NO. 5 Dated November 9, 2026

(To Prospectus Dated August 12, 2024 and

Prospectus Supplement Dated August 12, 2024)

McDONALD'S CORPORATION

Medium-Term Notes

(Fixed Rate Notes)

Due From One Year to 60 Years From Date of Issue

The following description of the terms of the Notes offered hereby supplements, and, to the extent inconsistent therewith, replaces, the descriptions included in the Prospectus and Prospectus Supplement referred to above, to which descriptions reference is hereby made.

Principal Amount:	USD 600,000,000
Issue Price:	99.844% of the principal amount of the Notes
Original Issue Date:	November 17, 2026 (T+5)1
Stated Maturity:	November 15, 2031
Interest Rate:	5.200% per annum
Interest Payment Dates:	May 15 and November 15 of each year, commencing May 15, 2027
[Applicable only if other than February 15 and August 15 of each year]
Regular Record Dates:	May 1 and November 1 of each year, as the case may be
[Applicable only if other than February 1 and August 1 of each year]
Form:	x Book-Entry ¨ Certificated
Specified Currency:
[Applicable only if other than U.S. dollars]
Option to Receive Payments in Specified Currency: ¨ Yes ¨ No
[Applicable only if Specified Currency is other than U.S. dollars and if Note is not in Book Entry form]

Authorized Denominations:
	[Applicable only if other than U.S. $1,000 and increments of U.S. $1,000, or if Specified Currency is other than U.S. dollars]

Method of Payment of Principal:

1

It is expected that delivery of the Notes will be made against payment therefor on or about November 17, 2026, which will be the fifth business day following the date of pricing of the Notes, or "T+5." Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the United States secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes prior to the business day before the date of delivery will be required, by virtue of the fact the Notes initially will settle in T+5, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Each purchaser should consult their own advisor.

[Applicable only if other than immediately available funds]

Optional Redemption:	o	The Notes cannot be redeemed prior to Stated Maturity.
	x	The Notes can be redeemed in whole or in part at any time prior to Stated Maturity at the option of McDonald's Corporation (the "Company") as set forth below.
Optional Redemption Dates:		At any time prior to Stated Maturity at the option of the Company as set forth below.

Redemption Prices:

o

The Redemption Price shall initially be % of the principal amount of the Note to be redeemed and shall decline at each anniversary of the initial Optional Redemption Date by % of the principal amount to be redeemed until the Redemption Price is 100% of such principal amount; provided, however, that if this Note is an Original Issue Discount Note, the Redemption Price shall be the Amortized Face Amount of the principal amount to be redeemed.

x

Other: Prior to October 15, 2031 (the "Par Call Date"), the Company may redeem the Notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

(1)

(a) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 10 basis points, less (b) interest accrued to the redemption date, and

(2)

100% of the principal amount of the Notes to be redeemed,

plus, in either case, accrued and unpaid interest thereon to the redemption date.

On or after the Par Call Date, the Company may redeem the Notes at its option, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest thereon to the redemption date.

"Treasury Rate" means, with respect to any redemption date, the yield determined by the Company in accordance with the following two paragraphs.

The Treasury Rate shall be determined by the Company as of 4:15 p.m., New York City time (or as of such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear as of such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily) - H.15" (or any successor designation or publication) ("H.15") under the caption "U.S. government securities-Treasury constant maturities-Nominal" (or any successor caption or heading) ("H.15 TCM"). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the "Remaining Life"); (2) if there is no such Treasury constant

maturity on H.15 exactly equal to the Remaining Life, the two yields - one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than the Remaining Life and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life - and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

If on the third business day preceding the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding the redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date - one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date - the Company shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time on the second business day preceding the redemption date. For purposes of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices for such United States Treasury security (expressed as a percentage of principal amount and rounded to three decimal places) at 11:00 a.m., New York City time, on the second business day preceding the redemption date.

The Company's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error, and the trustee shall have no duty to confirm or verify any such determination.

Unless the Company defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the Notes or portions thereof called for redemption.

Sinking Fund:	x The Notes are not subject to a Sinking Fund.
	¨ The Notes are subject to a Sinking Fund.

Sinking Fund Dates:

Sinking Fund Amounts:

Amortizing Note:

¨ Yes x No

Amortizing Schedule:

Optional Repayment:

¨ Yes x No

Optional Repayment Dates:

Optional Repayment Prices:

Original Issue Discount Note:

¨ Yes x No

Total Amount of OID:

Yield to Stated Maturity:

Initial Accrual Period OID:

Calculation Agent (if other than Principal Paying Agent):

Agents' Discount:	0.350% of the principal amount of the Notes
Net proceeds to Company:	99.494% of the principal amount of the Notes
Agents' Capacity:	¨ Agent x Principal

Agents:

Joint Bookrunners:	Citigroup Global Markets Inc.
	Morgan Stanley & Co. LLC
	Truist Securities, Inc.
	U.S. Bancorp Investments, Inc. Wells Fargo Securities, LLC
Passive Bookrunners:	PNC Capital Markets LLC RBC Capital Markets, LLC TD Securities (USA) LLC Westpac Capital Markets LLC
Co-Managers:	Academy Securities, Inc. ANZ Securities, Inc. BBVA Securities Inc. BNP Paribas Securities Corp. CastleOak Securities, L.P. Commerz Markets LLC HSBC Securities (USA) Inc. ING Financial Markets LLC Loop Capital Markets LLC Mizuho Securities USA LLC Penserra Securities LLC Rabo Securities USA, Inc. Samuel A. Ramirez & Company, Inc. Siebert Williams Shank & Co., LLC Standard Chartered Bank UniCredit Capital Markets LLC

CUSIP:	58013MGD0
ISIN:	US58013MGD02

Plan of Distribution to Agents:

	Agent	Principal Amount
	Citigroup Global Markets Inc.	$96,600,000
	Morgan Stanley & Co. LLC	96,600,000
	Truist Securities, Inc.	96,600,000
	U.S. Bancorp Investments, Inc.	96,600,000
	Wells Fargo Securities, LLC	96,600,000
	PNC Capital Markets LLC	15,000,000
	RBC Capital Markets, LLC	15,000,000
	TD Securities (USA) LLC	15,000,000
	Westpac Capital Markets LLC	15,000,000
	Academy Securities, Inc.	6,000,000
	ANZ Securities, Inc.	3,000,000
	BBVA Securities Inc.	3,000,000
	BNP Paribas Securities Corp.	3,000,000
	CastleOak Securities, L.P.	3,000,000
	Commerz Markets LLC	3,000,000
	HSBC Securities (USA) Inc.	3,000,000
	ING Financial Markets LLC	3,000,000
	Loop Capital Markets LLC	6,000,000
	Mizuho Securities USA LLC	3,000,000
	Penserra Securities LLC	3,000,000
	Rabo Securities USA, Inc.	3,000,000
	Samuel A. Ramirez & Company, Inc.	3,000,000
	Siebert Williams Shank & Co., LLC	6,000,000
	Standard Chartered Bank	3,000,000
	UniCredit Capital Markets LLC	3,000,000
	Total		$600,000,000

Additional Information Regarding Agents:

Standard Chartered Bank will not effect any offers or sales of any notes in the U.S. unless it is through one or more U.S. registered broker-dealers as permitted by the regulations of the Financial Industry Regulatory Authority, Inc.

Modification of Prospectus Supplement, dated August 12, 2024

The Prospectus Supplement, dated August 12, 2024 is modified as follows:

(1)

The text appearing on pages S-ii and S-iii shall be replaced in its entirety with the following:

None of this prospectus supplement, the accompanying prospectus and any related pricing supplement is a prospectus for the purposes of the Prospectus Regulation (as defined below). This prospectus supplement, the accompanying prospectus and any related pricing supplement have been prepared on the basis that any offer of notes in any Member State of the European Economic Area (the "EEA") will only be made to a legal entity which is a qualified investor under the Prospectus Regulation (each, an "EEA Qualified Investor"). Accordingly, any person making or intending to make an offer in any Member State of notes that are the subject of the offering contemplated in this prospectus supplement, the accompanying prospectus and any related pricing supplement may only do so with respect to EEA Qualified Investors. Neither we nor the agents have authorized, nor do we or

they authorize, the making of any offer of notes in the EEA other than to EEA Qualified Investors. The expression "Prospectus Regulation" means Regulation (EU) 2017/1129, as amended.

PROHIBITION OF SALES TO EEA RETAIL INVESTORS - The notes are not intended to be offered, sold or otherwise made available, and should not be offered, sold or otherwise made available, to any EEA retail investor in the EEA. For these purposes, an "EEA retail investor" means a person who is one (or more) of the following: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU, as amended ("MiFID II"); (ii) a customer within the meaning of Directive (EU) 2016/97, as amended (the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not an EEA Qualified Investor. Consequently no key information document required by Regulation (EU) No 1286/2014, as amended (the "PRIIPs Regulation"), for offering or selling the notes or otherwise making them available to EEA retail investors in the EEA has been prepared and therefore offering or selling the notes or otherwise making them available to any EEA retail investor in the EEA may be unlawful under the PRIIPs Regulation.

Each person in a Member State of the EEA who receives any communication in respect of, or who acquires any notes under, the offers contemplated in this prospectus supplement, the accompanying prospectus and any related pricing supplement, or to whom the notes are otherwise made available, will be deemed to have represented, warranted, acknowledged and agreed to and with each agent and the Company that it and any person on whose behalf it acquires notes is (1) an EEA Qualified Investor; and (2) not an "EEA retail investor".

None of this prospectus supplement, the accompanying prospectus and any related pricing supplement is a prospectus for the purposes of the United Kingdom Financial Conduct Authority's (the "FCA") Prospectus Rules: Admission to Trading on a Regulated Market sourcebook. This prospectus supplement, the accompanying prospectus and any related pricing supplement have been prepared on the basis that any offer of notes in the United Kingdom will only be made to a legal entity which is a qualified investor within the meaning of paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024 (each, a "UK Qualified Investor"). Accordingly, any person making or intending to make an offer in the United Kingdom of notes that are the subject of the offering contemplated in this prospectus supplement, the accompanying prospectus and any related pricing supplement may only do so with respect to UK Qualified Investors. Neither we nor the agents have authorized, nor do we or they authorize, the making of any offer of notes in the United Kingdom other than to UK Qualified Investors.

PROHIBITION OF SALES TO UK RETAIL INVESTORS - The notes are not intended to be offered, sold, distributed or otherwise made available, and should not be offered, sold, distributed or otherwise made available, to any UK retail investor in the United Kingdom. For these purposes, a "UK retail investor" means a person who is either one (or both) of the following: (i) not a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law of the United Kingdom ("UK MiFIR"); or (ii) not a UK Qualified Investor. Consequently, no disclosure document required by the FCA Product Disclosure Sourcebook ("DISC") for offering, selling or distributing the notes or otherwise making them available to UK retail investors in the United Kingdom has been prepared and therefore offering, selling or distributing the notes or otherwise making them available to UK retail investors in the United Kingdom may be unlawful under DISC and the Consumer Composite Investments (Designated Activities) Regulations 2024.

Each person in the United Kingdom who receives any communication in respect of, or who acquires any notes under, the offers contemplated in this prospectus supplement, the accompanying prospectus, any related pricing supplement, or to whom the notes are otherwise made available, will be deemed to have represented, warranted, acknowledged and agreed to and with each agent and the

Company that it and any person on whose behalf it acquires notes is (1) a UK Qualified Investor and (2) not a "UK retail investor".

The communication of this prospectus supplement, the accompanying prospectus, any related pricing supplement and any other documents and/or materials relating to the notes is not being made, and this prospectus supplement, the accompanying prospectus, any related pricing supplement and such other documents and/or materials have not been approved, by an authorized person for the purposes of section 21 of the United Kingdom's Financial Services and Markets Act 2000, as amended (the "FSMA"). Accordingly, this prospectus supplement, the accompanying prospectus, any related pricing supplement and such other documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. This prospectus supplement, the accompanying prospectus, any related pricing supplement and such other documents and/or materials are for distribution only to persons who (i) have professional experience in matters relating to investments and who fall within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Financial Promotion Order")), (ii) fall within Article 49(2)(a) to (d) of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are any other persons to whom it may otherwise lawfully be communicated or distributed under the Financial Promotion Order (all such persons together being referred to as "relevant persons"). This prospectus supplement, the accompanying prospectus, any related pricing supplement and any other documents and/or materials relating to the notes are directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this prospectus supplement, the accompanying prospectus, any related pricing supplement and any such other documents and/or materials relate will be engaged in only with relevant persons. Any person in the United Kingdom that is not a relevant person should not act or rely on this prospectus supplement, the accompanying prospectus, any related pricing supplement and any other documents and/or materials relating to the notes or any of their contents.

Any distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook (the "UK MiFIR Product Governance Rules") (for the purposes of this paragraph, a "distributor") subsequently offering, selling or recommending the notes is responsible for undertaking its own target market assessment in respect of the notes and determining the appropriate distribution channels. Neither the Company nor any of the agents make any representations or warranties as to a distributor's compliance with the UK MiFIR Product Governance Rules.

Any distributor subject to MiFID II (for the purposes of this paragraph, a "distributor") subsequently offering, selling or recommending the notes is responsible for undertaking its own target market assessment in respect of the notes and determining the appropriate distribution channels for the purposes of the MiFID II product governance rules under Commission Delegated Directive (EU) 2017/593, as amended ("Delegated Directive"). Neither the Company nor any of the agents make any representations or warranties as to a distributor's compliance with the Delegated Directive.

(2)

The text appearing under the subheading "Prohibition of Sales to EEA Retail Investors" on page S-44 shall be replaced in its entirety with the following:

Prohibition of Sales to EEA Retail Investors

Each agent has represented and agreed, and each further agent appointed under the Distribution Agreement will be required to represent and agree, that it has not offered, sold, distributed or otherwise made available and will not offer, sell, distribute or otherwise make available, any notes which are the subject of the offering contemplated by this prospectus supplement as completed by the pricing supplement in relation thereto to any EEA retail investor in the EEA. For the purposes of this provision:

(a)

the expression "EEA retail investor" means a person who is one (or more) of the following:

(i)

a retail client as defined in point (11) of Article 4(1) of MiFID II;

(ii)

a customer within the meaning of the Insurance Distribution Directive, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or

(iii)

not an EEA Qualified Investor; and

(b)

the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the notes to be offered so as to enable an investor to decide to purchase or subscribe for the notes.

(3)

The text appearing under the subheading "Prohibition of Sales to United Kingdom Retail Investors" on page S-45 shall be replaced in its entirety with the following:

Prohibition of Sales to UK Retail Investors

Each agent has represented and agreed, and each further agent appointed under the Distribution Agreement will be required to represent and agree, that it has not offered, sold, distributed or otherwise made available and will not offer, sell, distribute or otherwise make available any notes to any UK retail investor in the United Kingdom. For the purposes of this provision:

(a)

the expression "UK retail investor" means a person who is either one (or both) of the following:

(i)

not a professional client, as defined in point (8) of Article 2(1) of UK MiFIR; or

(ii)

not a UK Qualified Investor; and

(b)

the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the notes to be offered so as to enable an investor to decide to buy or subscribe for the notes.