McDonald's

McDonald's is the world's largest restaurant company by system sales, operating and franchising tens of thousands of locations across more than a hundred countries. Its model is essentially a real estate and royalty business, collecting rent and fees from franchisees, which produces high margins and remarkably stable cash flow through economic cycles. McDonald's has increased its dividend for four decades without interruption, a record that spans recessions and industry upheaval. The yield is moderate but the growth has been steady and well covered by franchise-driven cash flow. For income investors, it offers a rare combination of scale, brand resilience and a long, dependable payout history.