International Operated Markets

Markets where McDonald's both owns and operates restaurants and franchises them, such as the U.K., Germany, France, Australia and Canada. Company-operated sales add to revenue here, so this segment's revenue is more sensitive to local demand and currency than the franchised U.S. system.↗ source

Why it matters to the stock. This segment makes up the largest share of revenue, so FX and European or Australian consumer demand drive a large part of the consolidated numbers.