Yes, they have progressively become a higher-margin business, which necessitates moving up market to consumers who will pay those margins.

Why do you _have_ to extract more money out of people just because you can? Is it truly not enough for the McDonald's executives?

Their function is to maximize profit. I doubt they think about their company's position in society often if at all.

But there are many factors. Allowing stock buybacks is definitely one of those.

If I'm reading this chart right they're spending about $500M/quarter on buybacks? https://www.financecharts.com/stocks/MCD/cash-flow/repurchas...

No, it’s extracting more money out of different people. Because they’re a more profitable target for investment than the former people.

publicly traded company, the stock price must go up. always.

and it's not the executives, it's the owners. those on the board, or who own a ton of shares.

stock price doesn't go up and those execs get replaced until they find someone who will.

10 USD is still the magic barrier, Id say?

I'm not sure where this number comes from but McDonald's profit margins may be misleading due to their franchise and real estate based model. If you spend $10 at McDonald's that's paid to the franchise and the central McDonald's corporation isn't necessarily profiting $3.

McDonalds business model is to own real estate and lease it to franchisees, and to sell those franchisees supplies to make hamburgers and fries so they can pay the rent.

It’s a commercial real estate company with extra steps, not a restaurant company. Once you understand that, McDonalds net margins are easier to understand.

Google ‘McDonalds real estate’ for a longer write up about the business model of McDonalds

It’s because their cogs is basically same. They are vertically integrated.