McDonald's generates revenue through company-owned restaurants, franchise royalties, licensing arrangements, and other equity investments. Restaurants offer a uniform value-priced menu, with some geographic variations. At the end of 2008, there were almost 32,000 McDonald's locations in 118 countries, including 22,000 operated by franchisees, 6,500 operated by the firm, and 3,500 operated by affiliates. McDonald's produced $70.7 billion in systemwide sales during 2008.
