McDonald's (MCD) Financials

$319.79 +5.29 (+1.68%)

As of 03:59 PM Eastern

Annual Income Statements for McDonald's

This table shows McDonald's' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	4,529	4,687	5,192	5,924	6,025	4,731	7,545	6,177	8,469	8,223
Consolidated Net Income / (Loss)	4,529	4,687	5,192	5,924	6,025	4,731	7,545	6,177	8,469	8,223
Net Income / (Loss) Continuing Operations	4,529	4,687	5,192	5,924	6,025	4,731	7,545	6,177	8,469	8,224
Total Pre-Tax Income	6,556	6,866	8,574	7,816	8,018	6,141	9,128	7,825	10,522	10,345
Total Operating Income	7,146	7,745	9,553	8,823	9,070	7,324	10,356	9,371	11,647	11,712
Total Gross Profit	18,214	18,007	14,149	13,193	16,184	14,436	17,791	18,096	19,980	20,389
Total Revenue	25,413	24,622	22,820	21,258	21,364	19,208	23,223	23,183	25,494	25,920
Operating Revenue	25,413	24,622	22,820	21,025	21,077	18,865	22,873	22,854	25,179	25,497
Other Revenue	-	-	-	233	288	343	350	328	316	423
Total Cost of Revenue	7,199	6,615	8,671	8,065	5,181	4,772	5,432	5,087	5,514	5,531
Operating Cost of Revenue	7,199	6,615	8,671	8,065	5,181	4,772	5,432	5,087	5,514	5,531
Total Operating Expenses	11,068	10,262	4,597	4,370	7,114	7,112	7,435	8,724	8,333	8,677
Selling, General & Admin Expense	10,859	10,186	5,760	4,346	6,971	6,929	7,589	7,380	7,852	8,091
Depreciation Expense	-	-	-	215	263	301	330	370	382	447
Other Operating Expenses / (Income)	209	76	-1,163	-190	-120	-118	-483	974	99	139
Total Other Income / (Expense), net	-590	-879	-979	-1,007	-1,052	-1,183	-1,228	-1,546	-1,125	-1,367
Interest Expense	638	885	921	981	1,122	1,218	1,186	1,207	1,361	1,506
Other Income / (Expense), net	49	6.30	-58	-25	70	35	-42	-339	236	139
Income Tax Expense	2,026	2,180	3,381	1,892	1,993	1,410	1,583	1,648	2,053	2,121
Basic Earnings per Share	$4.82	$5.49	$6.43	$7.61	$7.95	$6.35	$10.11	$8.39	$11.63	$11.45
Weighted Average Basic Shares Outstanding	939.40M	854.40M	807.40M	778.20M	758.10M	744.60M	746.30M	736.50M	727.90M	718.30M
Diluted Earnings per Share	$4.80	$5.44	$6.37	$7.54	$7.88	$6.31	$10.04	$8.33	$11.56	$11.39
Weighted Average Diluted Shares Outstanding	944.60M	861.20M	815.50M	785.60M	764.90M	750.10M	751.80M	741.30M	732.30M	721.90M
Weighted Average Basic & Diluted Shares Outstanding	939.70M	853.60M	807.50M	778.50M	745.45M	745.57M	743.58M	731.50M	722.05M	714.46M
Cash Dividends to Common per Share	$3.44	$3.61	$3.83	$4.19	$4.73	$5.04	$5.25	$5.66	$6.23	$6.78

This table shows McDonald's' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	1,982	1,903	2,060	2,155	2,317	1,937	1,929	2,219	2,255	1,820
Consolidated Net Income / (Loss)	1,982	1,903	1,802	2,310	2,317	2,040	1,929	2,022	2,255	2,017
Net Income / (Loss) Continuing Operations	1,982	1,903	2,060	2,155	2,318	1,936	1,930	2,219	2,255	1,820
Total Pre-Tax Income	2,536	2,339	2,267	2,817	2,924	2,514	2,409	2,555	2,843	2,538
Total Operating Income	2,764	2,583	2,532	3,104	3,208	2,803	2,736	2,920	3,188	2,868
Total Gross Profit	3,504	8,110	3,377	3,789	3,932	8,882	3,507	3,787	3,979	9,116
Total Revenue	5,872	5,927	5,898	6,498	6,692	6,406	6,169	6,490	6,873	6,388
Operating Revenue	5,796	5,853	5,812	6,420	6,603	6,344	6,078	6,401	6,750	6,268
Other Revenue	76	73	86	77	89	64	91	89	124	119
Total Cost of Revenue	2,369	-2,183	2,521	2,709	2,760	-2,476	2,662	2,703	2,894	-2,728
Operating Cost of Revenue	2,369	-2,183	2,521	2,709	2,760	-2,476	2,662	2,703	2,894	-2,728
Total Operating Expenses	740	5,526	586	755	724	6,268	772	653	790	6,462
Selling, General & Admin Expense	634	5,421	616	624	652	5,960	690	659	640	6,102
Depreciation Expense	93	91	99	95	97	91	99	101	111	136
Other Operating Expenses / (Income)	13	15	129	-36	-25	31	-17	107	39	10
Total Other Income / (Expense), net	-228	-244	-266	-373	-285	-201	-327	-382	-345	-313
Interest Expense	306	323	330	330	341	360	372	373	381	380
Other Income / (Expense), net	79	79	64	43	56	73	45	9.00	36	49
Income Tax Expense	555	436	465	506	606	476	479	533	588	521
Basic Earnings per Share	$2.70	$2.59	$2.47	$3.17	$3.19	$2.80	$2.67	$2.81	$3.15	$2.82
Weighted Average Basic Shares Outstanding	734.90M	736.50M	730.90M	729.60M	727.20M	727.90M	721.80M	718.80M	716.70M	718.30M
Diluted Earnings per Share	$2.68	$2.57	$2.45	$3.15	$3.17	$2.79	$2.66	$2.80	$3.13	$2.80
Weighted Average Diluted Shares Outstanding	739.50M	741.30M	735.50M	734.30M	731.60M	732.30M	725.90M	722M	720M	721.90M
Weighted Average Basic & Diluted Shares Outstanding	732.42M	731.50M	730.09M	728.76M	725.34M	722.05M	720.68M	717.34M	716.62M	714.46M

This table details how cash moves in and out of McDonald's' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	5,608	-6,288	1,066	-1,598	33	2,551	1,260	-2,126	1,996	-3,494
Net Cash From Operating Activities	6,539	6,060	5,551	6,967	8,122	6,265	9,142	7,387	9,612	9,447
Net Cash From Continuing Operating Activities	6,539	6,060	5,551	6,967	8,122	6,265	9,142	7,387	9,612	9,446
Net Income / (Loss) Continuing Operations	4,529	4,687	5,192	5,924	6,025	4,731	7,545	6,177	8,469	8,223
Consolidated Net Income / (Loss)	4,529	4,687	5,192	5,924	6,025	4,731	7,545	6,177	8,469	8,223
Depreciation Expense	1,556	1,517	1,363	1,482	1,618	1,751	1,868	1,871	1,978	2,097
Non-Cash Adjustments To Reconcile Net Income	288	228	12	-70	31	-11	-298	330	-41	138
Changes in Operating Assets and Liabilities, net	167	-372	-1,017	-370	448	-206	26	-991	-794	-1,012
Net Cash From Investing Activities	-1,420	-982	562	-2,455	-3,071	-1,546	-2,166	-2,678	-3,185	-5,346
Net Cash From Continuing Investing Activities	-1,420	-982	562	-2,455	-3,071	-1,546	-2,166	-2,678	-3,184	-5,346
Purchase of Property, Plant & Equipment	-1,955	-1,931	-1,931	-2,843	-2,935	-1,707	-2,414	-2,706	-2,798	-3,444
Acquisitions	-	-	-	-	-	-	-	0.00	0.00	-1,837
Sale of Property, Plant & Equipment	554	1,059	1,142	691	492	104	302	485	290	433
Other Investing Activities, net	-20	-110	-246	-303	-629	57	-54	-457	-676	-498
Net Cash From Financing Activities	735	-11,262	-5,311	-5,950	-4,995	-2,249	-5,596	-6,580	-4,374	-7,495
Net Cash From Continuing Financing Activities	735	-11,262	-5,311	-5,950	-4,995	-2,249	-5,596	-6,580	-4,374	-7,493
Repayment of Debt	-1,113	-826	-2,720	-1,780	-1,286	-2,534	-2,272	-2,138	-2,481	-2,833
Repurchase of Common Equity	-6,099	-11,171	-4,686	-5,208	-4,976	-908	-846	-3,896	-3,054	-2,824
Payment of Dividends	-3,230	-3,058	-3,089	-3,256	-3,582	-3,753	-3,919	-4,168	-4,533	-4,870
Issuance of Debt	10,810	3,493	4,728	3,890	4,499	4,650	1,154	3,374	5,434	2,706
Other Financing Activities, net	368	299	457	403	351	296	286	248	260	328
Effect of Exchange Rate Changes	-247	-104	264	-160	-24	80	-120	-254	-58	-101
Cash Interest Paid	641	874	885	960	1,067	1,136	1,197	1,184	1,287	1,523
Cash Income Taxes Paid	1,985	2,388	2,786	1,734	1,590	1,442	2,404	3,024	2,993	2,974

This table details how cash moves in and out of McDonald's' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	956	-245	1,124	-2,082	1,871	1,083	-3,742	-45	429	-136
Net Cash From Operating Activities	2,434	2,202	2,420	1,674	3,029	2,489	2,390	1,689	2,737	2,631
Net Cash From Continuing Operating Activities	2,434	2,202	2,420	1,674	3,029	2,489	2,390	1,689	2,737	2,630
Net Income / (Loss) Continuing Operations	1,982	1,903	1,802	2,311	2,317	2,039	1,929	2,022	2,256	2,016
Consolidated Net Income / (Loss)	1,982	1,903	1,802	2,311	2,317	2,039	1,929	2,022	2,256	2,016
Depreciation Expense	466	464	490	493	498	497	510	502	532	553
Non-Cash Adjustments To Reconcile Net Income	-7.30	-62	19	-1.00	-63	4.00	19	54	7.00	58
Changes in Operating Assets and Liabilities, net	-6.00	-103	109	-1,129	277	-51	-68	-889	-58	3.00
Net Cash From Investing Activities	-733	-1,071	-741	-671	-933	-840	-2,493	-845	-1,266	-742
Net Cash From Continuing Investing Activities	-733	-1,071	-741	-671	-933	-839	-621	-2,717	-1,266	-742
Purchase of Property, Plant & Equipment	-684	-986	-601	-641	-662	-894	-547	-789	-1,227	-881
Sale of Property, Plant & Equipment	44	61	39	63	29	159	50	74	64	245
Other Investing Activities, net	-94	-146	-179	-93	-300	-104	-124	-165	-103	-106
Net Cash From Financing Activities	-546	-1,517	-558	-3,094	-136	-586	-3,661	-869	-1,087	-1,878
Net Cash From Continuing Financing Activities	-546	-1,517	-558	-3,094	-136	-586	-3,661	-869	-1,087	-1,876
Repayment of Debt	-236	15	3.00	-1,346	-41	-1,097	-1,636	-148	-27	-1,022
Repurchase of Common Equity	-869	-489	-578	-570	-1,055	-851	-918	-934	-469	-503
Payment of Dividends	-1,015	-1,111	-1,111	-1,109	-1,105	-1,208	-1,206	-1,199	-1,197	-1,268
Issuance of Debt	1,511	-11	1,054	-144	2,003	2,521	0.00	1,390	474	842
Other Financing Activities, net	62	80	74	75	62	49	99	22	132	75
Effect of Exchange Rate Changes	-199	142	3.00	-	-	-	21	-20	46	-148

This table presents McDonald's' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	37,939	31,024	33,804	32,811	47,511	52,627	53,854	50,436	56,147	55,182
Total Current Assets	9,643	4,849	5,327	4,053	3,558	6,243	7,149	5,424	7,986	4,599
Cash & Equivalents	7,686	1,223	2,464	866	899	3,449	4,709	2,584	4,579	1,085
Note & Lease Receivable	1,299	1,474	1,976	2,442	2,224	2,110	1,872	2,115	2,488	2,383
Inventories, net	100	59	59	51	50	51	56	52	53	56
Prepaid Expenses	559	565	828	695	385	633	511	673	866	1,074
Plant, Property, & Equipment, net	23,118	21,258	22,448	22,843	24,160	24,958	24,721	23,774	24,908	25,295
Plant, Property & Equipment, gross	37,692	34,443	36,626	37,194	39,051	41,477	41,917	41,038	43,570	44,177
Accumulated Depreciation	14,575	13,186	14,178	14,351	14,891	16,518	17,196	17,264	18,662	18,882
Total Noncurrent Assets	5,178	4,918	6,028	5,915	19,793	21,425	21,985	21,238	23,252	25,289
Long-Term Investments	793	726	1,086	1,203	1,270	1,297	1,201	1,065	1,080	2,710
Goodwill	2,516	2,337	2,380	2,332	2,677	2,773	2,783	2,900	3,040	3,145
Other Noncurrent Operating Assets	1,869	1,855	2,563	2,381	15,845	17,355	18,002	17,273	19,132	19,434
Total Liabilities & Shareholders' Equity	37,939	31,024	33,804	32,811	47,511	52,627	53,854	50,436	56,147	55,182
Total Liabilities	30,851	33,228	37,072	39,070	55,721	60,452	58,455	56,439	33,362	31,932
Total Current Liabilities	2,950	3,468	2,891	2,974	3,621	6,181	4,020	3,802	6,859	3,861
Short-Term Debt	0.00	77	0.00	0.00	59	2,244	-	0.00	2,192	0.00
Accounts Payable	875	756	925	1,208	988	741	1,007	980	1,103	1,029
Accrued Expenses	1,379	1,159	1,146	987	1,036	1,138	1,347	1,237	1,434	1,129
Current Deferred & Payable Income Tax Liabilities	155	267	266	228	332	741	361	275	705	361
Other Taxes Payable	309	266	275	254	248	227	237	255	268	224
Other Current Liabilities	-	-	-	0.00	621	702	706	661	-688	-636
Other Current Nonoperating Liabilities	233	942	278	297	338	388	363	393	469	482
Total Noncurrent Liabilities	27,900	29,760	34,181	36,096	52,100	54,271	54,435	52,637	27,879	29,343
Long-Term Debt	24,122	25,879	29,536	31,075	34,118	35,197	35,623	35,904	37,153	38,424
Noncurrent Deferred Revenue	-	1,011	2,371	2,709	2,927	2,673	2,635	1,550	1,153	1,122
Noncurrent Deferred & Payable Income Tax Liabilities	1,704	1,817	1,119	1,216	1,318	2,026	2,076	1,998	1,681	1,914
Other Noncurrent Operating Liabilities	2,074	1,054	1,154	1,096	13,737	14,375	14,102	13,186	-12,108	-12,117
Total Equity & Noncontrolling Interests	7,088	-2,204	-3,268	-6,258	-8,210	-7,825	-4,601	-6,003	-4,707	-3,797
Total Preferred & Common Equity	7,088	-2,204	-3,268	-6,258	-8,210	-7,825	-4,601	-6,003	-4,707	-3,797
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	7,088	-2,204	-3,268	-6,258	-8,210	-7,825	-4,601	-6,003	-4,706	-3,796
Common Stock	6,550	6,775	7,089	7,393	7,671	7,920	8,248	8,564	8,910	9,298
Retained Earnings	44,595	46,223	48,326	50,487	52,931	53,908	57,535	59,544	63,480	66,834
Treasury Stock	-41,177	-52,109	-56,504	-61,529	-66,329	-67,066	-67,810	-71,624	-74,640	-77,375
Accumulated Other Comprehensive Income / (Loss)	-2,880	-3,093	-2,178	-2,610	-2,483	-2,587	-2,574	-2,487	-2,456	-2,553

This table presents McDonald's' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	48,502	50,436	52,014	50,442	52,089	56,147	53,513	53,801	56,172	55,182
Total Current Assets	5,741	5,424	6,799	4,945	6,850	7,986	4,057	4,205	4,912	4,599
Cash & Equivalents	2,828	2,584	3,708	1,626	3,496	4,579	838	792	1,221	1,085
Note & Lease Receivable	1,890	2,115	2,076	2,194	2,247	2,488	2,238	2,404	2,460	2,383
Inventories, net	43	52	52	52	48	53	46	46	54	56
Prepaid Expenses	979	673	964	1,074	1,059	866	935	963	1,176	1,074
Plant, Property, & Equipment, net	22,698	23,774	23,859	24,102	23,924	24,908	24,682	24,811	25,775	25,295
Plant, Property & Equipment, gross	39,097	41,038	41,487	42,131	41,967	43,570	43,432	43,846	45,178	44,177
Accumulated Depreciation	16,399	17,264	17,629	18,030	18,043	18,662	18,750	19,035	19,403	18,882
Total Noncurrent Assets	20,063	21,238	21,357	21,395	21,315	23,252	24,774	24,785	25,485	25,289
Long-Term Investments	964	1,065	1,088	1,039	1,038	1,080	2,883	2,876	2,960	2,710
Goodwill	2,651	2,900	2,931	2,969	2,965	3,040	3,028	3,048	3,220	3,145
Other Noncurrent Operating Assets	16,447	17,273	17,339	17,388	17,312	19,132	18,863	18,861	19,305	19,434
Total Liabilities & Shareholders' Equity	48,502	50,436	52,014	50,442	52,089	56,147	53,513	53,801	56,172	55,182
Total Liabilities	55,068	56,439	57,791	55,441	56,944	33,362	58,346	58,625	61,350	31,932
Total Current Liabilities	3,486	3,802	4,625	3,674	4,003	6,859	4,886	3,910	6,308	3,861
Short-Term Debt	-	0.00	524	-	-	2,192	604	0.00	596	0.00
Accounts Payable	795	980	812	807	862	1,103	936	949	944	1,029
Accrued Expenses	1,128	1,237	1,187	1,207	1,348	1,434	1,136	1,142	1,353	1,129
Current Deferred & Payable Income Tax Liabilities	386	275	796	385	535	705	873	464	786	361
Other Taxes Payable	204	255	273	245	242	268	279	279	263	224
Other Current Liabilities	655	661	669	687	668	-688	685	655	668	-636
Other Current Nonoperating Liabilities	318	393	365	343	346	469	372	421	433	482
Total Noncurrent Liabilities	51,582	52,637	53,166	51,767	52,941	27,879	53,460	54,715	55,042	29,343
Long-Term Debt	34,866	35,904	36,604	35,710	37,275	37,153	36,764	38,524	38,990	38,424
Noncurrent Deferred Revenue	1,813	1,550	1,498	1,322	1,258	1,153	1,145	876	874	1,122
Noncurrent Deferred & Payable Income Tax Liabilities	2,145	1,998	1,883	1,620	1,617	1,681	1,796	1,610	1,166	1,914
Other Noncurrent Operating Liabilities	12,758	13,186	13,182	13,116	12,791	-12,108	13,755	13,705	14,012	-12,117
Total Equity & Noncontrolling Interests	-6,566	-6,003	-5,776	-4,999	-4,855	-4,707	-4,833	-4,824	-5,177	-3,797
Total Preferred & Common Equity	-6,566	-6,003	-5,776	-4,999	-4,855	-4,707	-4,833	-4,824	-5,177	-3,797
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-6,566	-6,003	-5,776	-4,999	-4,855	-4,706	-4,832	-4,824	-5,177	-3,796
Common Stock	8,477	8,564	8,652	8,752	8,841	8,910	9,018	9,072	9,211	9,298
Retained Earnings	58,752	59,544	60,235	61,437	62,649	63,480	64,203	65,026	64,819	66,834
Treasury Stock	-71,235	-71,624	-72,174	-72,733	-73,799	-74,640	-75,520	-76,459	-76,870	-77,375
Accumulated Other Comprehensive Income / (Loss)	-2,560	-2,487	-2,489	-2,456	-2,546	-2,456	-2,533	-2,463	-2,337	-2,553

This table displays calculated financial ratios and metrics derived from McDonald's' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-7.39%	-3.11%	-7.32%	-6.85%	0.50%	-10.09%	20.90%	-0.17%	9.97%	1.67%
EBITDA Growth	-8.79%	5.92%	17.17%	-5.33%	4.66%	-15.32%	33.72%	-10.50%	27.13%	0.63%
EBIT Growth	-9.49%	7.74%	22.50%	-7.35%	3.90%	-19.49%	40.15%	-12.43%	31.57%	-0.27%
NOPAT Growth	-3.77%	7.08%	9.44%	15.59%	1.92%	-17.22%	51.72%	-13.59%	26.73%	-0.68%
Net Income Growth	-4.80%	3.47%	10.79%	14.10%	1.71%	-21.49%	59.50%	-18.13%	37.11%	-2.90%
EPS Growth	-0.41%	13.33%	17.10%	18.37%	4.51%	-19.92%	59.11%	-17.03%	38.78%	-1.47%
Operating Cash Flow Growth	-2.84%	-7.33%	-8.39%	25.50%	16.58%	-22.86%	45.91%	-19.19%	30.12%	-1.72%
Free Cash Flow Firm Growth	5.64%	1.76%	-43.05%	65.76%	-13.77%	-21.04%	84.57%	-25.37%	-435.96%	137.71%
Invested Capital Growth	-7.92%	-7.61%	8.39%	0.21%	4.73%	4.65%	0.86%	4.60%	113.69%	2.50%
Revenue Q/Q Growth	-0.90%	-1.25%	-2.93%	0.26%	0.15%	-0.59%	3.09%	-0.35%	1.92%	-0.07%
EBITDA Q/Q Growth	1.44%	0.58%	1.19%	-0.76%	3.25%	-1.30%	2.37%	2.25%	1.82%	0.70%
EBIT Q/Q Growth	2.01%	0.84%	1.76%	-1.29%	3.44%	-2.27%	2.63%	2.94%	1.84%	0.35%
NOPAT Q/Q Growth	2.51%	0.53%	-8.62%	13.84%	2.46%	-2.87%	2.97%	3.44%	1.85%	0.08%
Net Income Q/Q Growth	2.46%	-0.27%	-8.70%	13.76%	2.67%	-3.96%	3.59%	4.47%	1.64%	-0.28%
EPS Q/Q Growth	3.90%	2.64%	-8.08%	14.24%	3.41%	-3.66%	3.51%	4.91%	1.94%	0.09%
Operating Cash Flow Q/Q Growth	-1.87%	-8.51%	5.60%	6.13%	4.88%	1.68%	7.96%	-5.92%	3.08%	1.53%
Free Cash Flow Firm Q/Q Growth	-1.85%	13.72%	-33.90%	13.97%	-7.23%	8.88%	7.91%	-18.50%	-460.77%	40.58%
Invested Capital Q/Q Growth	-1.02%	-4.75%	2.00%	1.99%	4.59%	2.12%	0.63%	7.33%	101.68%	82.81%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	71.67%	73.13%	62.00%	62.06%	75.75%	75.16%	76.61%	78.06%	78.37%	78.66%
EBITDA Margin	34.43%	37.64%	47.58%	48.36%	50.35%	47.43%	52.46%	47.03%	54.37%	53.81%
Operating Margin	28.12%	31.45%	41.86%	41.50%	42.45%	38.13%	44.59%	40.42%	45.69%	45.19%
EBIT Margin	28.31%	31.48%	41.61%	41.38%	42.78%	38.31%	44.41%	38.96%	46.61%	45.72%
Profit (Net Income) Margin	17.82%	19.03%	22.75%	27.87%	28.20%	24.63%	32.49%	26.64%	33.22%	31.72%
Tax Burden Percent	69.09%	68.26%	60.56%	75.80%	75.15%	77.04%	82.66%	78.94%	80.49%	79.49%
Interest Burden Percent	91.13%	88.58%	90.30%	88.85%	87.73%	83.45%	88.50%	86.64%	88.55%	87.29%
Effective Tax Rate	30.91%	31.74%	39.44%	24.20%	24.85%	22.96%	17.34%	21.06%	19.51%	20.50%
Return on Invested Capital (ROIC)	20.61%	23.93%	26.17%	29.05%	28.89%	22.85%	33.75%	28.39%	22.43%	16.15%
ROIC Less NNEP Spread (ROIC-NNEP)	17.70%	20.88%	23.78%	26.30%	26.33%	20.06%	30.53%	24.49%	20.51%	14.39%
Return on Net Nonoperating Assets (RNNOA)	24.82%	168.00%	-215.94%	-153.42%	-112.18%	-81.85%	-155.19%	-144.89%	-180.58%	-209.54%
Return on Equity (ROE)	45.43%	191.93%	-189.77%	-124.38%	-83.29%	-59.00%	-121.44%	-116.50%	-158.15%	-193.39%
Cash Return on Invested Capital (CROIC)	28.86%	31.84%	18.12%	28.84%	24.27%	18.30%	32.89%	23.89%	-50.06%	13.68%
Operating Return on Assets (OROA)	19.94%	22.48%	29.29%	26.41%	22.76%	14.70%	19.37%	17.32%	22.30%	21.29%
Return on Assets (ROA)	12.55%	13.59%	16.02%	17.79%	15.00%	9.45%	14.17%	11.85%	15.89%	14.77%
Return on Common Equity (ROCE)	45.43%	191.93%	-189.77%	-124.38%	-83.29%	-59.00%	-121.44%	-116.50%	-158.13%	-193.35%
Return on Equity Simple (ROE_SIMPLE)	63.90%	-212.61%	-158.88%	-94.66%	-73.39%	-60.45%	-163.99%	-102.89%	-179.92%	-216.57%
Net Operating Profit after Tax (NOPAT)	4,937	5,286	5,785	6,687	6,816	5,642	8,560	7,397	9,374	9,311
NOPAT Margin	19.43%	21.47%	25.35%	31.46%	31.90%	29.37%	36.86%	31.91%	36.77%	35.92%
Net Nonoperating Expense Percent (NNEP)	2.91%	3.05%	2.39%	2.75%	2.56%	2.79%	3.21%	3.89%	1.92%	1.76%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	24.74%	27.06%	26.89%
Cost of Revenue to Revenue	28.33%	26.87%	38.00%	37.94%	24.25%	24.84%	23.39%	21.94%	21.63%	21.34%
SG&A Expenses to Revenue	42.73%	41.37%	25.24%	20.44%	32.63%	36.07%	32.68%	31.83%	30.80%	31.22%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	43.55%	41.68%	20.14%	20.56%	33.30%	37.03%	32.02%	37.63%	32.69%	33.48%
Earnings before Interest and Taxes (EBIT)	7,194	7,751	9,495	8,797	9,140	7,359	10,314	9,032	11,883	11,851
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	8,750	9,267	10,858	10,279	10,758	9,110	12,182	10,903	13,861	13,948
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	12.28	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	19.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.42	3.39	5.10	5.60	6.20	7.60	8.05	7.95	8.24	8.01
Price to Earnings (P/E)	19.21	17.84	22.42	20.10	22.00	30.86	24.79	29.83	24.79	25.26
Dividend Yield	3.63%	3.59%	2.62%	2.71%	2.69%	2.57%	2.10%	2.25%	2.15%	2.34%
Earnings Yield	5.21%	5.61%	4.46%	4.98%	4.55%	3.24%	4.03%	3.35%	4.03%	3.96%
Enterprise Value to Invested Capital (EV/IC)	4.47	5.07	6.19	6.42	6.82	7.07	8.51	8.13	4.28	4.15
Enterprise Value to Revenue (EV/Rev)	4.04	4.37	6.24	6.96	7.70	9.30	9.33	9.34	9.56	9.35
Enterprise Value to EBITDA (EV/EBITDA)	11.73	11.61	13.11	14.40	15.30	19.61	17.79	19.86	17.58	17.38
Enterprise Value to EBIT (EV/EBIT)	14.27	13.88	14.99	16.83	18.00	24.28	21.02	23.97	20.51	20.45
Enterprise Value to NOPAT (EV/NOPAT)	20.79	20.35	24.61	22.14	24.14	31.66	25.32	29.27	25.99	26.03
Enterprise Value to Operating Cash Flow (EV/OCF)	15.70	17.76	25.65	21.25	20.26	28.52	23.71	29.31	25.35	25.66
Enterprise Value to Free Cash Flow (EV/FCFF)	14.85	15.30	35.54	22.30	28.74	39.52	25.98	34.77	0.00	30.72
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.40	-11.78	-9.04	-4.97	-4.16	-4.78	-7.74	-5.98	-8.36	-10.12
Long-Term Debt to Equity	3.40	-11.74	-9.04	-4.97	-4.16	-4.50	-7.74	-5.98	-7.89	-10.12
Financial Leverage	1.40	8.05	-9.08	-5.83	-4.26	-4.08	-5.08	-5.91	-8.80	-14.56
Leverage Ratio	3.62	14.12	-11.85	-6.99	-5.55	-6.24	-8.57	-9.83	-9.95	-13.09
Compound Leverage Factor	3.30	12.51	-10.70	-6.21	-4.87	-5.21	-7.58	-8.52	-8.81	-11.43
Debt to Total Capital	77.29%	109.28%	112.44%	125.22%	131.62%	126.42%	114.83%	120.08%	113.59%	110.97%
Short-Term Debt to Total Capital	0.00%	0.33%	0.00%	0.00%	0.23%	7.58%	0.00%	0.00%	6.33%	0.00%
Long-Term Debt to Total Capital	77.29%	108.96%	112.44%	125.22%	131.39%	118.85%	114.83%	120.08%	107.26%	110.97%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	22.71%	-9.28%	-12.44%	-25.22%	-31.62%	-26.42%	-14.83%	-20.08%	-13.59%	-10.96%
Debt to EBITDA	2.76	2.80	2.72	3.02	3.18	4.11	2.92	3.29	2.84	2.75
Net Debt to EBITDA	1.79	2.59	2.39	2.82	2.98	3.59	2.44	2.96	2.43	2.48
Long-Term Debt to EBITDA	2.76	2.79	2.72	3.02	3.17	3.86	2.92	3.29	2.68	2.75
Debt to NOPAT	4.89	4.91	5.11	4.65	5.01	6.64	4.16	4.85	4.20	4.13
Net Debt to NOPAT	3.17	4.54	4.49	4.34	4.70	5.79	3.47	4.36	3.59	3.72
Long-Term Debt to NOPAT	4.89	4.90	5.11	4.65	5.01	6.24	4.16	4.85	3.96	4.13
Altman Z-Score	4.85	5.27	5.57	5.55	4.07	3.71	4.55	4.70	6.54	6.79
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.02%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.27	1.40	1.84	1.36	0.98	1.01	1.78	1.43	1.16	1.19
Quick Ratio	3.05	0.78	1.54	1.11	0.86	0.90	1.64	1.24	1.03	0.90
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	6,912	7,034	4,005	6,639	5,725	4,520	8,343	6,227	-20,919	7,889
Operating Cash Flow to CapEx	466.98%	694.83%	703.49%	323.70%	332.52%	390.79%	432.88%	332.60%	383.25%	313.75%
Free Cash Flow to Firm to Interest Expense	10.83	7.95	4.35	6.77	5.10	3.71	7.04	5.16	-15.37	5.24
Operating Cash Flow to Interest Expense	10.24	6.85	6.03	7.10	7.24	5.14	7.71	6.12	7.06	6.27
Operating Cash Flow Less CapEx to Interest Expense	8.05	5.86	5.17	4.91	5.06	3.83	5.93	4.28	5.22	4.27
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.70	0.71	0.70	0.64	0.53	0.38	0.44	0.44	0.48	0.47
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	68.53	83.21	147.34	146.77	102.29	94.21	101.81	94.55	105.03	101.49
Fixed Asset Turnover	1.07	1.11	1.04	0.94	0.91	0.78	0.93	0.96	1.05	1.03
Accounts Payable Turnover	8.30	8.11	10.32	7.56	4.72	5.52	6.21	5.12	5.29	5.19
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	5.33	4.39	2.48	2.49	3.57	3.87	3.59	3.86	3.48	3.60
Days Payable Outstanding (DPO)	43.98	44.99	35.38	48.26	77.36	66.15	58.73	71.29	68.95	70.35
Cash Conversion Cycle (CCC)	-38.65	-40.60	-32.90	-45.77	-73.79	-62.27	-55.15	-67.42	-65.47	-66.75
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	22,965	21,217	22,997	23,045	24,136	25,258	25,475	26,645	56,939	58,361
Invested Capital Turnover	1.06	1.11	1.03	0.92	0.91	0.78	0.92	0.89	0.61	0.45
Increase / (Decrease) in Invested Capital	-1,976	-1,748	1,780	48	1,091	1,122	217	1,171	30,294	1,422
Enterprise Value (EV)	102,657	107,592	142,372	148,060	164,559	178,655	216,768	216,532	243,669	242,370
Market Capitalization	87,013	83,585	116,385	119,053	132,551	145,961	187,055	184,277	209,983	207,741
Book Value per Share	$7.72	($2.65)	($4.10)	($8.12)	($10.90)	($10.50)	($6.16)	($8.20)	($6.49)	($5.30)
Tangible Book Value per Share	$4.98	($5.47)	($7.08)	($11.14)	($14.46)	($14.22)	($9.88)	($12.16)	($10.68)	($9.69)
Total Capital	31,210	23,751	26,268	24,817	25,967	29,616	31,022	29,900	34,638	34,627
Total Debt	24,122	25,956	29,536	31,075	34,177	37,440	35,623	35,904	39,345	38,424
Total Long-Term Debt	24,122	25,879	29,536	31,075	34,118	35,197	35,623	35,904	37,153	38,424
Net Debt	15,644	24,006	25,987	29,007	32,008	32,694	29,712	32,255	33,686	34,629
Capital Expenditures (CapEx)	1,400	872	789	2,152	2,443	1,603	2,112	2,221	2,508	3,011
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-993	234	-27	214	-903	-1,144	-1,581	-962	-1,260	-347
Debt-free Net Working Capital (DFNWC)	6,693	1,458	2,437	1,080	-4.00	2,306	3,129	1,622	3,319	738
Net Working Capital (NWC)	6,693	1,380	2,437	1,080	-63	62	3,129	1,622	1,127	738
Net Nonoperating Expense (NNE)	407	600	593	763	790	912	1,015	1,220	905	1,088
Net Nonoperating Obligations (NNO)	15,877	23,422	26,265	29,304	32,346	33,083	30,076	32,649	61,646	62,158
Total Depreciation and Amortization (D&A)	1,556	1,517	1,363	1,482	1,618	1,751	1,868	1,871	1,978	2,097
Debt-free, Cash-free Net Working Capital to Revenue	-3.91%	0.95%	-0.12%	1.01%	-4.22%	-5.95%	-6.81%	-4.15%	-4.94%	-1.34%
Debt-free Net Working Capital to Revenue	26.34%	5.92%	10.68%	5.08%	-0.02%	12.00%	13.47%	7.00%	13.02%	2.85%
Net Working Capital to Revenue	26.34%	5.61%	10.68%	5.08%	-0.30%	0.32%	13.47%	7.00%	4.42%	2.85%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.82	$5.49	$6.43	$7.61	$7.95	$6.35	$10.11	$8.39	$11.63	$11.45
Adjusted Weighted Average Basic Shares Outstanding	939.40M	854.40M	807.40M	778.20M	758.10M	744.60M	746.30M	736.50M	727.90M	718.30M
Adjusted Diluted Earnings per Share	$4.80	$5.44	$6.37	$7.54	$7.88	$6.31	$10.04	$8.33	$11.56	$11.39
Adjusted Weighted Average Diluted Shares Outstanding	944.60M	861.20M	815.50M	785.60M	764.90M	750.10M	751.80M	741.30M	732.30M	721.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	901.61M	818.99M	794.50M	765.32M	745.45M	745.57M	743.58M	731.50M	722.05M	714.46M
Normalized Net Operating Profit after Tax (NOPAT)	4,937	5,286	5,785	6,687	6,816	5,642	8,560	7,397	9,374	9,311
Normalized NOPAT Margin	19.43%	21.47%	25.35%	31.46%	31.90%	29.37%	36.86%	31.91%	36.77%	35.92%
Pre Tax Income Margin	25.80%	27.89%	37.57%	36.77%	37.53%	31.97%	39.31%	33.75%	41.27%	39.91%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	11.27	8.76	10.31	8.97	8.15	6.04	8.70	7.48	8.73	7.87
NOPAT to Interest Expense	7.73	5.97	6.28	6.82	6.08	4.63	7.22	6.13	6.89	6.18
EBIT Less CapEx to Interest Expense	9.08	7.77	9.45	6.77	5.97	4.73	6.92	5.64	6.89	5.87
NOPAT Less CapEx to Interest Expense	5.54	4.99	5.42	4.62	3.90	3.32	5.44	4.29	5.05	4.18
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	71.32%	65.26%	59.50%	54.96%	59.45%	79.33%	51.94%	67.48%	53.52%	59.22%
Augmented Payout Ratio	205.98%	303.62%	149.74%	142.86%	142.03%	98.52%	63.14%	130.55%	89.59%	93.57%

This table displays calculated financial ratios and metrics derived from McDonald's' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.31%	-1.37%	4.10%	13.63%	13.96%	8.08%	4.59%	-0.12%	2.70%	-0.28%
EBITDA Growth	-4.24%	8.32%	33.70%	68.37%	13.72%	7.94%	6.64%	-5.74%	-0.16%	2.88%
EBIT Growth	-4.78%	10.73%	41.97%	85.15%	14.83%	8.06%	7.13%	-6.93%	-1.23%	1.43%
NOPAT Growth	-9.48%	12.77%	21.45%	76.44%	17.76%	8.12%	8.91%	-9.25%	-0.57%	0.31%
Net Income Growth	-7.83%	16.12%	63.17%	94.44%	16.93%	7.20%	7.05%	-12.47%	-2.68%	-1.13%
EPS Growth	-6.29%	17.89%	65.54%	96.88%	18.28%	8.56%	8.57%	-11.11%	-1.26%	0.36%
Operating Cash Flow Growth	-7.03%	-17.43%	13.44%	170.83%	24.45%	13.05%	-1.24%	0.90%	-9.64%	5.71%
Free Cash Flow Firm Growth	46.85%	-43.46%	-106.98%	-117.28%	-132.57%	-3,109.43%	26.09%	191.59%	-34.87%	103.06%
Invested Capital Growth	-1.93%	4.60%	8.52%	11.01%	13.72%	113.69%	8.42%	7.27%	13.08%	2.50%
Revenue Q/Q Growth	2.69%	0.93%	-0.48%	10.17%	2.99%	-4.27%	-3.70%	5.20%	5.90%	-7.06%
EBITDA Q/Q Growth	53.01%	-5.54%	-1.24%	17.95%	3.35%	-10.34%	-2.44%	4.25%	9.47%	-7.61%
EBIT Q/Q Growth	67.23%	-6.37%	-2.47%	21.23%	3.72%	-11.89%	-3.30%	5.32%	10.07%	-9.52%
NOPAT Q/Q Growth	49.63%	-2.68%	-4.24%	26.52%	-0.13%	-10.65%	-3.51%	5.42%	9.42%	-9.86%
Net Income Q/Q Growth	66.80%	-3.97%	-5.33%	28.19%	0.30%	-11.96%	-5.43%	4.82%	11.52%	-10.55%
EPS Q/Q Growth	67.50%	-4.10%	-4.67%	28.57%	0.63%	-11.99%	-4.66%	5.26%	11.79%	-10.54%
Operating Cash Flow Q/Q Growth	293.77%	-9.54%	9.93%	-30.83%	80.94%	-17.83%	-3.97%	-29.33%	62.05%	-3.87%
Free Cash Flow Firm Q/Q Growth	69.52%	-64.84%	-110.80%	-168.46%	-219.52%	-3,148.65%	85.98%	432.69%	-570.50%	173.69%
Invested Capital Q/Q Growth	-2.92%	7.33%	1.03%	5.46%	-0.55%	101.68%	-0.88%	4.34%	4.83%	82.81%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	59.66%	136.84%	57.26%	58.31%	58.76%	138.65%	56.85%	58.35%	57.89%	142.71%
EBITDA Margin	56.33%	52.72%	52.32%	56.02%	56.22%	52.65%	53.35%	52.87%	54.65%	54.32%
Operating Margin	47.07%	43.58%	42.93%	47.77%	47.94%	43.76%	44.35%	44.99%	46.38%	44.90%
EBIT Margin	48.41%	44.90%	44.01%	48.43%	48.77%	44.90%	45.08%	45.13%	46.91%	45.66%
Profit (Net Income) Margin	33.75%	32.11%	30.55%	35.55%	34.62%	31.85%	31.27%	31.16%	32.81%	31.57%
Tax Burden Percent	78.13%	81.38%	79.49%	82.00%	79.24%	81.15%	80.07%	79.14%	79.32%	79.47%
Interest Burden Percent	89.23%	87.87%	87.33%	89.51%	89.58%	87.41%	86.62%	87.23%	88.18%	87.01%
Effective Tax Rate	21.87%	18.62%	20.51%	17.96%	20.73%	18.93%	19.88%	20.86%	20.68%	20.53%
Return on Invested Capital (ROIC)	34.13%	31.55%	30.89%	35.14%	35.83%	21.64%	32.63%	31.17%	31.73%	16.04%
ROIC Less NNEP Spread (ROIC-NNEP)	33.56%	30.91%	30.23%	34.42%	35.13%	21.15%	31.84%	30.33%	30.95%	15.62%
Return on Net Nonoperating Assets (RNNOA)	-171.01%	-182.84%	-163.12%	-197.78%	-198.34%	-186.16%	-200.26%	-212.01%	-216.52%	-227.38%
Return on Equity (ROE)	-136.88%	-151.30%	-132.23%	-162.64%	-162.51%	-164.53%	-167.63%	-180.84%	-184.79%	-211.34%
Cash Return on Invested Capital (CROIC)	30.48%	23.89%	21.64%	22.25%	21.86%	-50.06%	25.98%	24.66%	18.66%	13.68%
Operating Return on Assets (OROA)	22.25%	19.96%	20.03%	23.51%	24.26%	21.48%	22.01%	22.30%	22.48%	21.26%
Return on Assets (ROA)	15.51%	14.27%	13.91%	17.26%	17.22%	15.23%	15.27%	15.40%	15.72%	14.70%
Return on Common Equity (ROCE)	-136.88%	-151.30%	-132.23%	-162.64%	-162.51%	-164.51%	-167.61%	-180.84%	-184.79%	-211.29%
Return on Equity Simple (ROE_SIMPLE)	-90.05%	0.00%	-119.02%	-159.97%	-171.63%	0.00%	-177.86%	-172.22%	-159.28%	0.00%
Net Operating Profit after Tax (NOPAT)	2,160	2,102	2,013	2,546	2,543	2,272	2,192	2,311	2,529	2,279
NOPAT Margin	36.78%	35.46%	34.12%	39.19%	38.00%	35.47%	35.53%	35.61%	36.79%	35.68%
Net Nonoperating Expense Percent (NNEP)	0.57%	0.63%	0.66%	0.72%	0.70%	0.49%	0.79%	0.84%	0.78%	0.42%
Return On Investment Capital (ROIC_SIMPLE)	-	7.03%	-	-	-	6.56%	-	-	-	6.58%
Cost of Revenue to Revenue	40.34%	-36.84%	42.74%	41.69%	41.24%	-38.65%	43.15%	41.65%	42.11%	-42.71%
SG&A Expenses to Revenue	10.79%	91.46%	10.44%	9.60%	9.74%	93.04%	11.19%	10.15%	9.31%	95.52%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	12.60%	93.24%	9.94%	11.62%	10.82%	97.85%	12.51%	10.06%	11.49%	101.16%
Earnings before Interest and Taxes (EBIT)	2,842	2,661	2,596	3,147	3,264	2,876	2,781	2,929	3,224	2,917
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,308	3,125	3,086	3,640	3,762	3,373	3,291	3,431	3,756	3,470
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	6.93	7.95	8.39	8.69	7.45	8.24	7.79	7.05	8.37	8.01
Price to Earnings (P/E)	27.26	29.83	27.53	25.96	22.09	24.79	24.08	21.60	26.04	25.26
Dividend Yield	2.52%	2.25%	2.16%	2.06%	2.38%	2.15%	2.30%	2.59%	2.21%	2.34%
Earnings Yield	3.67%	3.35%	3.63%	3.85%	4.53%	4.03%	4.15%	4.63%	3.84%	3.96%
Enterprise Value to Invested Capital (EV/IC)	7.74	8.13	8.50	8.57	7.76	4.28	8.03	7.10	7.91	4.15
Enterprise Value to Revenue (EV/Rev)	8.26	9.34	9.77	10.06	8.76	9.56	9.10	8.40	9.74	9.35
Enterprise Value to EBITDA (EV/EBITDA)	18.03	19.86	19.58	18.49	16.09	17.58	16.67	15.61	18.23	17.38
Enterprise Value to EBIT (EV/EBIT)	21.91	23.97	23.34	21.64	18.77	20.51	19.43	18.26	21.38	20.45
Enterprise Value to NOPAT (EV/NOPAT)	26.88	29.27	29.67	27.59	23.80	25.99	24.54	23.22	27.14	26.03
Enterprise Value to Operating Cash Flow (EV/OCF)	24.48	29.31	29.81	27.88	23.49	25.35	24.47	22.54	27.14	25.66
Enterprise Value to Free Cash Flow (EV/FCFF)	25.16	34.77	40.87	40.54	37.78	0.00	32.17	29.83	45.00	30.72
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-5.31	-5.98	-6.43	-7.14	-7.68	-8.36	-7.73	-7.99	-7.65	-10.12
Long-Term Debt to Equity	-5.31	-5.98	-6.34	-7.14	-7.68	-7.89	-7.61	-7.99	-7.53	-10.12
Financial Leverage	-5.10	-5.91	-5.40	-5.75	-5.65	-8.80	-6.29	-6.99	-7.00	-14.56
Leverage Ratio	-8.27	-9.83	-8.74	-8.77	-8.81	-9.95	-9.95	-10.61	-10.79	-13.09
Compound Leverage Factor	-7.38	-8.64	-7.64	-7.85	-7.89	-8.70	-8.62	-9.26	-9.52	-11.39
Debt to Total Capital	123.20%	120.08%	118.42%	116.28%	114.97%	113.59%	114.85%	114.31%	115.05%	110.97%
Short-Term Debt to Total Capital	0.00%	0.00%	1.67%	0.00%	0.00%	6.33%	1.86%	0.00%	1.73%	0.00%
Long-Term Debt to Total Capital	123.20%	120.08%	116.75%	116.28%	114.97%	107.26%	113.00%	114.31%	113.31%	110.97%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-23.20%	-20.08%	-18.42%	-16.28%	-14.97%	-13.59%	-14.85%	-14.31%	-15.05%	-10.96%
Debt to EBITDA	3.27	3.29	3.18	2.71	2.74	2.84	2.66	2.78	2.86	2.75
Net Debt to EBITDA	2.91	2.96	2.77	2.51	2.41	2.43	2.39	2.52	2.56	2.48
Long-Term Debt to EBITDA	3.27	3.29	3.13	2.71	2.74	2.68	2.61	2.78	2.81	2.75
Debt to NOPAT	4.88	4.85	4.82	4.05	4.05	4.20	3.91	4.13	4.25	4.13
Net Debt to NOPAT	4.35	4.36	4.19	3.75	3.56	3.59	3.52	3.74	3.81	3.72
Long-Term Debt to NOPAT	4.88	4.85	4.75	4.05	4.05	3.96	3.85	4.13	4.19	4.13
Altman Z-Score	4.18	4.28	4.33	4.70	4.40	6.01	4.38	4.21	4.36	6.26
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.00%	0.00%	0.02%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.65	1.43	1.47	1.35	1.71	1.16	0.83	1.08	0.78	1.19
Quick Ratio	1.35	1.24	1.25	1.04	1.43	1.03	0.63	0.82	0.58	0.90
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,649	931	-101	-270	-863	-28,022	-74	247	-1,163	857
Operating Cash Flow to CapEx	380.71%	238.07%	430.61%	289.62%	478.52%	338.64%	480.89%	236.22%	235.34%	413.68%
Free Cash Flow to Firm to Interest Expense	8.65	2.88	-0.30	-0.82	-2.53	-77.84	-0.20	0.66	-3.05	2.26
Operating Cash Flow to Interest Expense	7.95	6.82	7.33	5.07	8.88	6.91	6.42	4.53	7.18	6.92
Operating Cash Flow Less CapEx to Interest Expense	5.86	3.95	5.63	3.32	7.03	4.87	5.09	2.61	4.13	5.25
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.46	0.44	0.46	0.49	0.50	0.48	0.49	0.49	0.48	0.47
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	107.20	94.55	100.19	113.17	127.62	105.03	115.99	114.81	113.83	101.49
Fixed Asset Turnover	0.99	0.96	0.97	1.02	1.07	1.05	1.06	1.05	1.04	1.03
Accounts Payable Turnover	6.40	5.12	6.62	7.01	7.01	5.29	6.47	6.44	6.40	5.19
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	3.40	3.86	3.64	3.23	2.86	3.48	3.15	3.18	3.21	3.60
Days Payable Outstanding (DPO)	57.08	71.29	55.14	52.10	52.08	68.95	56.41	56.72	57.01	70.35
Cash Conversion Cycle (CCC)	-53.67	-67.42	-51.50	-48.88	-49.22	-65.47	-53.26	-53.54	-53.80	-66.75
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	24,826	26,645	26,921	28,389	28,232	56,939	29,187	30,453	31,924	58,361
Invested Capital Turnover	0.93	0.89	0.91	0.90	0.94	0.61	0.92	0.88	0.86	0.45
Increase / (Decrease) in Invested Capital	-489	1,171	2,113	2,816	3,406	30,294	2,266	2,064	3,692	1,422
Enterprise Value (EV)	192,240	216,532	228,733	243,361	219,067	243,669	234,454	216,360	252,537	242,370
Market Capitalization	161,166	184,277	196,401	210,315	186,327	209,983	200,807	181,504	217,132	207,741
Book Value per Share	($8.92)	($8.20)	($7.90)	($6.85)	($6.66)	($6.49)	($6.69)	($6.69)	($7.22)	($5.30)
Tangible Book Value per Share	($12.53)	($12.16)	($11.90)	($10.91)	($10.73)	($10.68)	($10.89)	($10.92)	($11.71)	($9.69)
Total Capital	28,300	29,900	31,352	30,711	32,420	34,638	32,535	33,700	34,409	34,627
Total Debt	34,866	35,904	37,128	35,710	37,275	39,345	37,368	38,524	39,586	38,424
Total Long-Term Debt	34,866	35,904	36,604	35,710	37,275	37,153	36,764	38,524	38,990	38,424
Net Debt	31,074	32,255	32,332	33,046	32,740	33,686	33,647	34,856	35,405	34,629
Capital Expenditures (CapEx)	639	925	562	578	633	735	497	715	1,163	636
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-574	-962	-1,010	-354	-649	-1,260	-1,063	-497	-2,021	-347
Debt-free Net Working Capital (DFNWC)	2,255	1,622	2,698	1,272	2,847	3,319	-225	295	-800	738
Net Working Capital (NWC)	2,255	1,622	2,174	1,272	2,847	1,127	-829	295	-1,396	738
Net Nonoperating Expense (NNE)	178	199	211	236	226	232	263	289	274	262
Net Nonoperating Obligations (NNO)	31,393	32,649	32,697	33,389	33,087	61,646	34,020	35,277	37,101	62,158
Total Depreciation and Amortization (D&A)	466	464	490	493	498	497	510	502	532	553
Debt-free, Cash-free Net Working Capital to Revenue	-2.47%	-4.15%	-4.31%	-1.46%	-2.59%	-4.94%	-4.13%	-1.93%	-7.79%	-1.34%
Debt-free Net Working Capital to Revenue	9.69%	7.00%	11.52%	5.26%	11.38%	13.02%	-0.87%	1.15%	-3.08%	2.85%
Net Working Capital to Revenue	9.69%	7.00%	9.28%	5.26%	11.38%	4.42%	-3.22%	1.15%	-5.38%	2.85%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.70	$2.59	$2.47	$3.17	$3.19	$2.80	$2.67	$2.81	$3.15	$2.82
Adjusted Weighted Average Basic Shares Outstanding	734.90M	736.50M	730.90M	729.60M	727.20M	727.90M	721.80M	719.00	716.70M	718.30M
Adjusted Diluted Earnings per Share	$2.68	$2.57	$2.45	$3.15	$3.17	$2.79	$2.66	$2.80	$3.13	$2.80
Adjusted Weighted Average Diluted Shares Outstanding	739.50M	741.30M	735.50M	734.30M	731.60M	732.30M	725.90M	722.00	720M	721.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	732.42M	731.50M	730.09M	728.76M	725.34M	722.05M	720.68M	717.34M	716.62M	714.46M
Normalized Net Operating Profit after Tax (NOPAT)	2,160	2,102	2,013	2,546	2,543	2,272	2,192	2,311	2,529	2,279
Normalized NOPAT Margin	36.78%	35.46%	34.12%	39.19%	38.00%	35.47%	35.53%	35.61%	36.79%	35.68%
Pre Tax Income Margin	43.19%	39.46%	38.44%	43.35%	43.69%	39.24%	39.05%	39.37%	41.36%	39.73%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.28	8.24	7.87	9.54	9.57	7.99	7.48	7.85	8.46	7.68
NOPAT to Interest Expense	7.05	6.51	6.10	7.72	7.46	6.31	5.89	6.20	6.64	6.00
EBIT Less CapEx to Interest Expense	7.20	5.38	6.16	7.78	7.72	5.95	6.14	5.94	5.41	6.00
NOPAT Less CapEx to Interest Expense	4.96	3.64	4.40	5.97	5.60	4.27	4.56	4.28	3.58	4.32
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	69.10%	67.48%	61.88%	54.35%	53.24%	53.52%	53.84%	56.79%	58.33%	59.22%
Augmented Payout Ratio	140.31%	130.55%	105.04%	85.69%	85.55%	89.59%	93.33%	102.03%	96.80%	93.57%

Frequently Asked Questions About McDonald's' Financials

When does McDonald's's fiscal year end?

According to the most recent income statement we have on file, McDonald's' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has McDonald's' net income changed over the last 9 years?

McDonald's' net income appears to be on an upward trend, with a most recent value of $8.22 billion in 2024, rising from $4.53 billion in 2015. The previous period was $8.47 billion in 2023.

What is McDonald's's operating income?

McDonald's's total operating income in 2024 was $11.71 billion, based on the following breakdown:

Total Gross Profit: $20.39 billion
Total Operating Expenses: $8.68 billion

How has McDonald's revenue changed over the last 9 years?

Over the last 9 years, McDonald's' total revenue changed from $25.41 billion in 2015 to $25.92 billion in 2024, a change of 2.0%.

How much debt does McDonald's have?

McDonald's' total liabilities were at $31.93 billion at the end of 2024, a 4.3% decrease from 2023, and a 3.5% increase since 2015.

How much cash does McDonald's have?

In the past 9 years, McDonald's' cash and equivalents has ranged from $866 million in 2018 to $7.69 billion in 2015, and is currently $1.09 billion as of their latest financial filing in 2024.

How has McDonald's' book value per share changed over the last 9 years?

Over the last 9 years, McDonald's' book value per share changed from 7.72 in 2015 to -5.30 in 2024, a change of -168.6%.

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This page (NYSE:MCD) was last updated on 4/30/2025 by MarketBeat.com Staff

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McDonald's (MCD) Financials

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McDonald's (MCD) Financials

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