FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Kempczinski Christopher J		 2. Issuer Name and Ticker or Trading Symbol

MCDONALDS CORP [ MCD ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__X__ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
President and CEO
(Last)          (First)          (Middle)

MCDONALD'S CORPORATION, 110 NORTH CARPENTER STREET		 3. Date of Earliest Transaction (MM/DD/YYYY)

2/18/2023
(Street)

CHICAGO, IL 60607
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
 6. Individual or Joint/Group Filing (Check Applicable Line)

_X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 2/18/2023  M  31610 (1)A$0 (2)50637 D  
Common Stock 2/18/2023  M  2330 (3)A$0 52967 D  
Common Stock 2/18/2023  F  14480 D$269.99 38487 D  

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)		2. Conversion or Exercise Price of Derivative Security3. Trans. Date3A. Deemed Execution Date, if any4. Trans. Code
(Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)		8. Price of Derivative Security
(Instr. 5)		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Restricted Stock Units  (2)2/18/2023  M     31610 (1) 2/18/2023 2/18/2023 Common Stock 31610 (1)$0 0 D  
Dividend Equivalent Rights  (3)2/18/2023  M     2330 (3) 2/18/2023 2/18/2023 Common Stock 2330 (3)$0 0 D  
Phantom Stock  (4)           (5) (5)Common Stock 4526.76 (6) 4526.76 (6)I Non-Qualified Benefit Plan 
Explanation of Responses:
(1) As a result of McDonald's Corporation's (the "Company") performance against the pre-approved financial targets, the reporting person vested in 153.7% of the original grant of 20,566 performance-based restricted stock units ("RSUs").
(2) Each performance-based RSU represents a right to acquire one share of the Company's common stock.
(3) Settlement of dividend equivalent rights in connection with vested RSUs. Each dividend equivalent right is the economic equivalent of one share of the Company's common stock.
(4) Each share of phantom stock represents a right to receive the cash value of one share of the Company's common stock.
(5) Shares of phantom stock are payable in cash following the reporting person's separation from service with the Company.
(6) Includes shares acquired through dividend reinvestment.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
Kempczinski Christopher J
MCDONALD'S CORPORATION
110 NORTH CARPENTER STREET
CHICAGO, IL 60607		X
President and CEO
Signatures
/s/ Christopher Weber, Attorney-in-fact2/22/2023
**Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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