McDonald's (MCD) Financials

$313.68 +1.46 (+0.47%)

Closing price 08/29/2025 03:59 PM Eastern

Extended Trading

$313.78 +0.09 (+0.03%)

As of 08/29/2025 07:58 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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	4,758	4,529	4,687	5,192	5,924	6,025	4,731	7,545	6,177	8,469	8,223
Consolidated Net Income / (Loss)	4,758	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	4,758	4,529	4,687	5,192	5,924	6,025	4,731	7,545	6,177	8,469	8,224
Total Pre-Tax Income	7,372	6,556	6,866	8,574	7,816	8,018	6,141	9,128	7,825	10,522	10,345
Total Operating Income	7,949	7,146	7,745	9,553	8,823	9,070	7,324	10,356	9,371	11,647	11,712
Total Gross Profit	19,614	18,214	18,007	14,149	13,193	16,184	14,436	17,791	18,096	19,980	20,389
Total Revenue	27,441	25,413	24,622	22,820	21,258	21,364	19,208	23,223	23,183	25,494	25,920
Operating Revenue	27,441	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	7,827	7,199	6,615	8,671	8,065	5,181	4,772	5,432	5,087	5,514	5,531
Operating Cost of Revenue	7,827	7,199	6,615	8,671	8,065	5,181	4,772	5,432	5,087	5,514	5,531
Total Operating Expenses	11,665	11,068	10,262	4,597	4,370	7,114	7,112	7,435	8,724	8,333	8,677
Selling, General & Admin Expense	11,647	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)	19	209	76	-1,163	-190	-120	-118	-483	974	99	139
Total Other Income / (Expense), net	-577	-590	-879	-979	-1,007	-1,052	-1,183	-1,228	-1,546	-1,125	-1,367
Interest Expense	576	638	885	921	981	1,122	1,218	1,186	1,207	1,361	1,506
Other Income / (Expense), net	-0.80	49	6.30	-58	-25	70	35	-42	-339	236	139
Income Tax Expense	2,614	2,026	2,180	3,381	1,892	1,993	1,410	1,583	1,648	2,053	2,121
Basic Earnings per Share	$4.85	$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	980.50M	939.40M	854.40M	807.40M	778.20M	758.10M	744.60M	746.30M	736.50M	727.90M	718.30M
Diluted Earnings per Share	$4.82	$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	986.30M	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	981M	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	$3.28	$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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	1,903	2,060	2,155	2,317	1,937	1,805	2,022	2,255	1,820	1,868	2,216
Consolidated Net Income / (Loss)	1,903	1,802	2,310	2,317	2,040	1,929	2,022	2,255	2,017	1,868	2,253
Net Income / (Loss) Continuing Operations	1,903	2,060	2,155	2,318	1,936	1,805	2,022	2,255	1,820	1,869	2,216
Total Pre-Tax Income	2,339	2,267	2,817	2,924	2,514	2,409	2,555	2,843	2,538	2,330	2,861
Total Operating Income	2,583	2,532	3,104	3,208	2,803	2,736	2,920	3,188	2,868	2,648	3,232
Total Gross Profit	8,110	3,377	3,789	3,932	8,882	3,507	3,787	3,979	9,116	3,477	4,111
Total Revenue	5,927	5,898	6,498	6,692	6,406	6,169	6,490	6,873	6,388	5,956	6,843
Operating Revenue	5,853	5,812	6,420	6,603	6,344	6,078	6,401	6,750	6,268	5,793	6,671
Other Revenue	73	86	77	89	64	91	89	124	119	162	172
Total Cost of Revenue	-2,183	2,521	2,709	2,760	-2,476	2,662	2,703	2,894	-2,728	2,479	2,732
Operating Cost of Revenue	-2,183	2,521	2,709	2,760	-2,476	2,662	2,703	2,894	-2,728	2,479	2,732
Total Operating Expenses	5,526	586	755	724	6,268	806	867	790	6,462	829	879
Selling, General & Admin Expense	5,421	616	624	652	5,960	690	659	640	6,102	715	744
Depreciation Expense	91	99	95	97	91	99	101	111	136	107	106
Other Operating Expenses / (Income)	15	129	-36	-25	31	17	107	39	10	7.00	29
Total Other Income / (Expense), net	-244	-266	-373	-285	-201	-417	-382	-345	-313	-319	-408
Interest Expense	323	330	330	341	360	372	373	381	380	376	390
Other Income / (Expense), net	79	64	43	56	73	-45	-9.00	36	49	57	-18
Income Tax Expense	436	465	506	606	476	479	533	588	521	461	608
Basic Earnings per Share	$2.59	$2.47	$3.17	$3.19	$2.80	$2.67	$2.81	$3.15	$2.82	$2.61	$3.15
Weighted Average Basic Shares Outstanding	736.50M	730.90M	729.60M	727.20M	727.90M	721.80M	718.80M	716.70M	718.30M	714.90M	714.50M
Diluted Earnings per Share	$2.57	$2.45	$3.15	$3.17	$2.79	$2.66	$2.80	$3.13	$2.80	$2.60	$3.14
Weighted Average Diluted Shares Outstanding	741.30M	735.50M	734.30M	731.60M	732.30M	725.90M	722M	720M	721.90M	718.20M	717.60M
Weighted Average Basic & Diluted Shares Outstanding	731.50M	730.09M	728.76M	725.34M	722.05M	720.68M	717.34M	716.62M	714.46M	715.03M	713.60M
Cash Dividends to Common per Share	$1.52	$1.52	$1.52	$1.52	$1.67	$1.67	$1.67	$3.44	-	$1.77	$1.77

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-721	5,608	-6,288	1,066	-1,598	33	2,551	1,260	-2,126	1,996	-3,494
Net Cash From Operating Activities	6,730	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	6,730	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	4,758	4,529	4,687	5,192	5,924	6,025	4,731	7,545	6,177	8,469	8,223
Consolidated Net Income / (Loss)	4,758	4,529	4,687	5,192	5,924	6,025	4,731	7,545	6,177	8,469	8,223
Depreciation Expense	1,645	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	482	288	228	12	-70	31	-11	-298	330	-41	138
Changes in Operating Assets and Liabilities, net	-154	167	-372	-1,017	-370	448	-206	26	-991	-794	-1,012
Net Cash From Investing Activities	-2,305	-1,420	-982	562	-2,455	-3,071	-1,546	-2,166	-2,678	-3,185	-5,346
Net Cash From Continuing Investing Activities	-2,305	-1,420	-982	562	-2,455	-3,071	-1,546	-2,166	-2,678	-3,184	-5,346
Purchase of Property, Plant & Equipment	-2,754	-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	490	554	1,059	1,142	691	492	104	302	485	290	433
Other Investing Activities, net	-41	-20	-110	-246	-303	-629	57	-54	-457	-676	-498
Net Cash From Financing Activities	-4,618	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	-4,618	735	-11,262	-5,311	-5,950	-4,995	-2,249	-5,596	-6,580	-4,374	-7,493
Repayment of Debt	-561	-1,113	-826	-2,720	-1,780	-1,286	-2,534	-2,272	-2,138	-2,481	-2,833
Repurchase of Common Equity	-3,199	-6,099	-11,171	-4,686	-5,208	-4,976	-908	-846	-3,896	-3,054	-2,824
Payment of Dividends	-3,216	-3,230	-3,058	-3,089	-3,256	-3,582	-3,753	-3,919	-4,168	-4,533	-4,870
Issuance of Debt	2,051	10,810	3,493	4,728	3,890	4,499	4,650	1,154	3,374	5,434	2,706
Other Financing Activities, net	306	368	299	457	403	351	296	286	248	260	328
Effect of Exchange Rate Changes	-528	-247	-104	264	-160	-24	80	-120	-254	-58	-101
Cash Interest Paid	573	641	874	885	960	1,067	1,136	1,197	1,184	1,287	1,523
Cash Income Taxes Paid	2,388	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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-245	1,124	-2,082	1,871	1,083	-3,742	-45	429	-136	153	638
Net Cash From Operating Activities	2,202	2,420	1,674	3,029	2,489	2,390	1,689	2,737	2,631	2,428	1,998
Net Cash From Continuing Operating Activities	2,202	2,420	1,674	3,029	2,489	2,390	1,689	2,737	2,630	2,427	1,999
Net Income / (Loss) Continuing Operations	1,903	1,802	2,311	2,317	2,039	1,929	2,022	2,256	2,016	1,868	2,253
Consolidated Net Income / (Loss)	1,903	1,802	2,311	2,317	2,039	1,929	2,022	2,256	2,016	1,868	2,253
Depreciation Expense	464	490	493	498	497	510	502	532	553	520	544
Non-Cash Adjustments To Reconcile Net Income	-62	19	-1.00	-63	4.00	19	54	7.00	58	-28	-27
Changes in Operating Assets and Liabilities, net	-103	109	-1,129	277	-51	-68	-889	-58	3.00	67	-771
Net Cash From Investing Activities	-1,071	-741	-671	-933	-840	-2,493	-845	-1,266	-742	-771	-870
Net Cash From Continuing Investing Activities	-1,071	-741	-671	-933	-839	-2,493	-2,717	-1,266	-742	-772	-869
Purchase of Property, Plant & Equipment	-986	-601	-641	-662	-894	-599	-789	-1,227	-881	-626	-800
Sale of Property, Plant & Equipment	61	39	63	29	159	50	74	64	245	54	45
Other Investing Activities, net	-146	-179	-93	-300	-104	-124	-165	-103	-106	-200	-114
Net Cash From Financing Activities	-1,517	-558	-3,094	-136	-586	-3,661	-869	-1,087	-1,878	-1,543	-555
Net Cash From Continuing Financing Activities	-1,517	-558	-3,094	-136	-586	-3,661	-869	-1,087	-1,876	-1,543	-555
Repayment of Debt	15	3.00	-1,346	-41	-1,097	-1,636	-148	-27	-1,022	-653	-827
Repurchase of Common Equity	-489	-578	-570	-1,055	-851	-918	-934	-469	-503	-477	-505
Payment of Dividends	-1,111	-1,111	-1,109	-1,105	-1,208	-1,206	-1,199	-1,197	-1,268	-1,266	-1,264
Issuance of Debt	-11	1,054	-144	2,003	2,521	0.00	1,390	474	842	706	2,000
Other Financing Activities, net	80	74	75	62	49	99	22	132	75	147	41
Effect of Exchange Rate Changes	142	3.00	-	-	-	21	-20	46	-148	39	65

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	34,227	37,939	31,024	33,804	32,811	47,511	52,627	53,854	50,436	56,147	55,182
Total Current Assets	4,186	9,643	4,849	5,327	4,053	3,558	6,243	7,149	5,424	7,986	4,599
Cash & Equivalents	2,078	7,686	1,223	2,464	866	899	3,449	4,709	2,584	4,579	1,085
Note & Lease Receivable	1,214	1,299	1,474	1,976	2,442	2,224	2,110	1,872	2,115	2,488	2,383
Inventories, net	110	100	59	59	51	50	51	56	52	53	56
Prepaid Expenses	783	559	565	828	695	385	633	511	673	866	1,074
Plant, Property, & Equipment, net	24,558	23,118	21,258	22,448	22,843	24,160	24,958	24,721	23,774	24,908	25,295
Plant, Property & Equipment, gross	39,126	37,692	34,443	36,626	37,194	39,051	41,477	41,917	41,038	43,570	44,177
Accumulated Depreciation	14,569	14,575	13,186	14,178	14,351	14,891	16,518	17,196	17,264	18,662	18,882
Total Noncurrent Assets	5,484	5,178	4,918	6,028	5,915	19,793	21,425	21,985	21,238	23,252	25,289
Long-Term Investments	1,005	793	726	1,086	1,203	1,270	1,297	1,201	1,065	1,080	2,710
Goodwill	2,735	2,516	2,337	2,380	2,332	2,677	2,773	2,783	2,900	3,040	3,145
Other Noncurrent Operating Assets	1,745	1,869	1,855	2,563	2,381	15,845	17,355	18,002	17,273	19,132	19,434
Total Liabilities & Shareholders' Equity	34,227	37,939	31,024	33,804	32,811	47,511	52,627	53,854	50,436	56,147	55,182
Total Liabilities	21,374	30,851	33,228	37,072	39,070	55,721	60,452	58,455	56,439	33,362	58,980
Total Current Liabilities	2,748	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	860	875	756	925	1,208	988	741	1,007	980	1,103	1,029
Accrued Expenses	1,157	1,379	1,159	1,146	987	1,036	1,138	1,347	1,237	1,434	1,129
Dividends Payable	-	-	-	-	-	-	-	-	-	-	0.00
Current Deferred & Payable Income Tax Liabilities	167	155	267	266	228	332	741	361	275	705	361
Other Taxes Payable	330	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	234	233	942	278	297	338	388	363	393	469	482
Total Noncurrent Liabilities	18,626	27,900	29,760	34,181	36,096	52,100	54,271	54,435	52,637	27,879	55,119
Long-Term Debt	14,936	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	1,625	1,704	1,817	1,119	1,216	1,318	2,026	2,076	1,998	1,681	1,914
Other Noncurrent Operating Liabilities	2,066	2,074	1,054	1,154	1,096	13,737	14,375	14,102	13,186	-12,108	13,659
Total Equity & Noncontrolling Interests	12,853	7,088	-2,204	-3,268	-6,258	-8,210	-7,825	-4,601	-6,003	-4,707	-3,797
Total Preferred & Common Equity	12,853	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	0.00
Total Common Equity	12,853	7,088	-2,204	-3,268	-6,258	-8,210	-7,825	-4,601	-6,003	-4,706	-3,796
Common Stock	6,256	6,550	6,775	7,089	7,393	7,671	7,920	8,248	8,564	8,910	9,298
Retained Earnings	43,295	44,595	46,223	48,326	50,487	52,931	53,908	57,535	59,544	63,480	66,834
Treasury Stock	-35,177	-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)	-1,520	-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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	50,436	52,014	50,442	52,089	56,147	53,513	53,801	56,172	55,182	56,329	59,555
Total Current Assets	5,424	6,799	4,945	6,850	7,986	4,057	4,205	4,912	4,599	4,735	5,601
Cash & Equivalents	2,584	3,708	1,626	3,496	4,579	838	792	1,221	1,085	1,238	1,876
Note & Lease Receivable	2,115	2,076	2,194	2,247	2,488	2,238	2,404	2,460	2,383	2,387	2,550
Inventories, net	52	52	52	48	53	46	46	54	56	51	55
Prepaid Expenses	673	964	1,074	1,059	866	935	963	1,176	1,074	1,060	1,120
Plant, Property, & Equipment, net	23,774	23,859	24,102	23,924	24,908	24,682	24,811	25,775	25,295	25,749	27,039
Plant, Property & Equipment, gross	41,038	41,487	42,131	41,967	43,570	43,432	43,846	45,178	44,177	45,258	47,609
Accumulated Depreciation	17,264	17,629	18,030	18,043	18,662	18,750	19,035	19,403	18,882	19,509	20,570
Total Noncurrent Assets	21,238	21,357	21,395	21,315	23,252	24,774	24,785	25,485	25,289	25,844	26,913
Long-Term Investments	1,065	1,088	1,039	1,038	1,080	2,883	2,876	2,960	2,710	2,751	2,827
Goodwill	2,900	2,931	2,969	2,965	3,040	3,028	3,048	3,220	3,145	3,186	3,308
Other Noncurrent Operating Assets	17,273	17,339	17,388	17,312	19,132	18,863	18,861	19,305	19,434	19,907	20,778
Total Liabilities & Shareholders' Equity	50,436	52,014	50,442	52,089	56,147	53,513	53,801	56,172	55,182	56,329	59,555
Total Liabilities	56,439	57,791	55,441	56,944	33,362	58,346	58,625	61,350	31,932	59,783	62,315
Total Current Liabilities	3,802	4,625	3,674	4,003	6,859	4,886	3,910	6,308	3,861	4,008	4,298
Short-Term Debt	0.00	524	-	-	2,192	604	0.00	596	0.00	80	602
Accounts Payable	980	812	807	862	1,103	936	949	944	1,029	882	838
Accrued Expenses	1,237	1,187	1,207	1,348	1,434	1,136	1,142	1,353	1,129	1,191	1,452
Dividends Payable	-	-	-	-	-	-	-	1,265	-	-	0.00
Current Deferred & Payable Income Tax Liabilities	275	796	385	535	705	873	464	786	361	556	24
Other Taxes Payable	255	273	245	242	268	279	279	263	224	235	245
Other Current Liabilities	661	669	687	668	-688	685	655	668	-636	663	686
Other Current Nonoperating Liabilities	393	365	343	346	469	372	421	433	482	401	451
Total Noncurrent Liabilities	52,637	53,166	51,767	52,941	27,879	53,460	54,715	55,042	29,343	55,775	58,017
Long-Term Debt	35,904	36,604	35,710	37,275	37,153	36,764	38,524	38,990	38,424	38,845	40,801
Noncurrent Deferred Revenue	1,550	1,498	1,322	1,258	1,153	1,145	876	874	1,122	1,279	1,225
Noncurrent Deferred & Payable Income Tax Liabilities	1,998	1,883	1,620	1,617	1,681	1,796	1,610	1,166	1,914	1,721	1,423
Other Noncurrent Operating Liabilities	13,186	13,182	13,116	12,791	-12,108	13,755	13,705	14,012	-12,117	13,930	14,568
Total Equity & Noncontrolling Interests	-6,003	-5,776	-4,999	-4,855	-4,707	-4,833	-4,824	-5,177	-3,797	-3,454	-2,760
Total Preferred & Common Equity	-6,003	-5,776	-4,999	-4,855	-4,707	-4,833	-4,824	-5,177	-3,797	-3,454	-2,760
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-6,003	-5,776	-4,999	-4,855	-4,706	-4,832	-4,824	-5,177	-3,796	-3,454	-2,760
Common Stock	8,564	8,652	8,752	8,841	8,910	9,018	9,072	9,211	9,298	9,440	9,517
Retained Earnings	59,544	60,235	61,437	62,649	63,480	64,203	65,026	64,819	66,834	67,436	68,424
Treasury Stock	-71,624	-72,174	-72,733	-73,799	-74,640	-75,520	-76,459	-76,870	-77,375	-77,773	-78,271
Accumulated Other Comprehensive Income / (Loss)	-2,487	-2,489	-2,456	-2,546	-2,456	-2,533	-2,463	-2,337	-2,553	-2,557	-2,430

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.36%	-7.39%	-3.11%	-7.32%	-6.85%	0.50%	-10.09%	20.90%	-0.17%	9.97%	1.67%
EBITDA Growth	-7.02%	-8.79%	5.92%	17.17%	-5.33%	4.66%	-15.32%	33.72%	-10.50%	27.13%	0.63%
EBIT Growth	-8.98%	-9.49%	7.74%	22.50%	-7.35%	3.90%	-19.49%	40.15%	-12.43%	31.57%	-0.27%
NOPAT Growth	-14.02%	-3.77%	7.08%	9.44%	15.59%	1.92%	-17.22%	51.72%	-13.59%	26.73%	-0.68%
Net Income Growth	-14.82%	-4.80%	3.47%	10.79%	14.10%	1.71%	-21.49%	59.50%	-18.13%	37.11%	-2.90%
EPS Growth	-13.15%	-0.41%	13.33%	17.10%	18.37%	4.51%	-19.92%	59.11%	-17.03%	38.78%	-1.47%
Operating Cash Flow Growth	-5.48%	-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	29.82%	5.64%	1.76%	-43.05%	65.76%	-13.77%	-21.04%	84.57%	-25.37%	-435.96%	137.71%
Invested Capital Growth	-5.36%	-7.92%	-7.61%	8.39%	0.21%	4.73%	4.65%	0.86%	4.60%	113.69%	2.50%
Revenue Q/Q Growth	-1.86%	-0.90%	-1.25%	-2.93%	0.26%	0.15%	-0.59%	3.09%	-0.35%	1.92%	-0.07%
EBITDA Q/Q Growth	-4.44%	1.44%	0.58%	1.19%	-0.76%	3.25%	-1.30%	2.37%	2.25%	1.82%	0.70%
EBIT Q/Q Growth	-5.30%	2.01%	0.84%	1.76%	-1.29%	3.44%	-2.27%	2.63%	2.94%	1.84%	0.35%
NOPAT Q/Q Growth	-5.40%	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	-5.92%	2.46%	-0.27%	-8.70%	13.76%	2.67%	-3.96%	3.59%	4.47%	1.64%	-0.28%
EPS Q/Q Growth	-5.30%	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	-5.22%	-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	12.49%	-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	-1.92%	-1.02%	-4.75%	2.00%	1.99%	4.59%	2.12%	0.63%	7.33%	101.68%	82.81%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	71.48%	71.67%	73.13%	62.00%	62.06%	75.75%	75.16%	76.61%	78.06%	78.37%	78.66%
EBITDA Margin	34.96%	34.43%	37.64%	47.58%	48.36%	50.35%	47.43%	52.46%	47.03%	54.37%	53.81%
Operating Margin	28.97%	28.12%	31.45%	41.86%	41.50%	42.45%	38.13%	44.59%	40.42%	45.69%	45.19%
EBIT Margin	28.97%	28.31%	31.48%	41.61%	41.38%	42.78%	38.31%	44.41%	38.96%	46.61%	45.72%
Profit (Net Income) Margin	17.34%	17.82%	19.03%	22.75%	27.87%	28.20%	24.63%	32.49%	26.64%	33.22%	31.72%
Tax Burden Percent	64.54%	69.09%	68.26%	60.56%	75.80%	75.15%	77.04%	82.66%	78.94%	80.49%	79.49%
Interest Burden Percent	92.75%	91.13%	88.58%	90.30%	88.85%	87.73%	83.45%	88.50%	86.64%	88.55%	87.29%
Effective Tax Rate	35.46%	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)	20.00%	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)	16.68%	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)	12.96%	24.82%	168.00%	-215.94%	-153.42%	-112.18%	-81.85%	-155.19%	-144.89%	-180.58%	-209.54%
Return on Equity (ROE)	32.97%	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)	25.51%	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)	22.44%	19.94%	22.48%	29.29%	26.41%	22.76%	14.70%	19.37%	17.32%	22.30%	21.29%
Return on Assets (ROA)	13.43%	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)	32.97%	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)	37.02%	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)	5,130	4,937	5,286	5,785	6,687	6,816	5,642	8,560	7,397	9,374	9,311
NOPAT Margin	18.70%	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)	3.32%	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)	18.46%	-	-	-	-	-	-	-	24.74%	27.06%	26.89%
Cost of Revenue to Revenue	28.52%	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	42.44%	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%	0.00%
Operating Expenses to Revenue	42.51%	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)	7,948	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)	9,593	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)	5.47	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)	6.95	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)	2.56	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)	14.78	19.21	17.84	22.42	20.10	22.00	30.86	24.79	29.83	24.79	25.26
Dividend Yield	4.54%	3.63%	3.59%	2.62%	2.71%	2.69%	2.57%	2.10%	2.25%	2.15%	2.34%
Earnings Yield	6.77%	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)	3.29	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)	2.99	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)	8.56	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)	10.34	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)	16.01	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)	12.21	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)	12.56	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	1.16	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	1.16	3.40	-11.74	-9.04	-4.97	-4.16	-4.50	-7.74	-5.98	-7.89	-10.12
Financial Leverage	0.78	1.40	8.05	-9.08	-5.83	-4.26	-4.08	-5.08	-5.91	-8.80	-14.56
Leverage Ratio	2.45	3.62	14.12	-11.85	-6.99	-5.55	-6.24	-8.57	-9.83	-9.95	-13.09
Compound Leverage Factor	2.28	3.30	12.51	-10.70	-6.21	-4.87	-5.21	-7.58	-8.52	-8.81	-11.43
Debt to Total Capital	53.75%	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%	0.00%	0.33%	0.00%	0.00%	0.23%	7.58%	0.00%	0.00%	6.33%	0.00%
Long-Term Debt to Total Capital	53.75%	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%	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%	0.00%
Common Equity to Total Capital	46.25%	22.71%	-9.28%	-12.44%	-25.22%	-31.62%	-26.42%	-14.83%	-20.08%	-13.59%	-10.96%
Debt to EBITDA	1.56	2.76	2.80	2.72	3.02	3.18	4.11	2.92	3.29	2.84	2.75
Net Debt to EBITDA	1.24	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	1.56	2.76	2.79	2.72	3.02	3.17	3.86	2.92	3.29	2.68	2.75
Debt to NOPAT	2.91	4.89	4.91	5.11	4.65	5.01	6.64	4.16	4.85	4.20	4.13
Net Debt to NOPAT	2.31	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	2.91	4.89	4.90	5.11	4.65	5.01	6.24	4.16	4.85	3.96	4.13
Altman Z-Score	5.36	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%	0.00%	0.01%	0.02%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.52	3.27	1.40	1.84	1.36	0.98	1.01	1.78	1.43	1.16	1.19
Quick Ratio	1.20	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)	6,543	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	297.27%	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	11.35	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	11.68	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	7.75	8.05	5.86	5.17	4.91	5.06	3.83	5.93	4.28	5.22	4.27
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.77	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	0.00
Inventory Turnover	66.98	68.53	83.21	147.34	146.77	102.29	94.21	101.81	94.55	105.03	101.49
Fixed Asset Turnover	1.09	1.07	1.11	1.04	0.94	0.91	0.78	0.93	0.96	1.05	1.03
Accounts Payable Turnover	8.04	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	0.00
Days Inventory Outstanding (DIO)	5.45	5.33	4.39	2.48	2.49	3.57	3.87	3.59	3.86	3.48	3.60
Days Payable Outstanding (DPO)	45.38	43.98	44.99	35.38	48.26	77.36	66.15	58.73	71.29	68.95	70.35
Cash Conversion Cycle (CCC)	-39.93	-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	24,940	22,965	21,217	22,997	23,045	24,136	25,258	25,475	26,645	56,939	58,361
Invested Capital Turnover	1.07	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	-1,413	-1,976	-1,748	1,780	48	1,091	1,122	217	1,171	30,294	1,422
Enterprise Value (EV)	82,154	102,657	107,592	142,372	148,060	164,559	178,655	216,768	216,532	243,669	242,370
Market Capitalization	70,301	87,013	83,585	116,385	119,053	132,551	145,961	187,055	184,277	209,983	207,741
Book Value per Share	$13.21	$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	$10.40	$4.98	($5.47)	($7.08)	($11.14)	($14.46)	($14.22)	($9.88)	($12.16)	($10.68)	($9.69)
Total Capital	27,789	31,210	23,751	26,268	24,817	25,967	29,616	31,022	29,900	34,638	34,627
Total Debt	14,936	24,122	25,956	29,536	31,075	34,177	37,440	35,623	35,904	39,345	38,424
Total Long-Term Debt	14,936	24,122	25,879	29,536	31,075	34,118	35,197	35,623	35,904	37,153	38,424
Net Debt	11,853	15,644	24,006	25,987	29,007	32,008	32,694	29,712	32,255	33,686	34,629
Capital Expenditures (CapEx)	2,264	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)	-640	-993	234	-27	214	-903	-1,144	-1,581	-962	-1,260	-347
Debt-free Net Working Capital (DFNWC)	1,438	6,693	1,458	2,437	1,080	-4.00	2,306	3,129	1,622	3,319	738
Net Working Capital (NWC)	1,438	6,693	1,380	2,437	1,080	-63	62	3,129	1,622	1,127	738
Net Nonoperating Expense (NNE)	373	407	600	593	763	790	912	1,015	1,220	905	1,088
Net Nonoperating Obligations (NNO)	12,087	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)	1,645	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	-2.33%	-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	5.24%	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	5.24%	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	$4.85	$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	980.50M	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	$4.82	$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	986.30M	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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	961.12M	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)	5,130	4,937	5,286	5,785	6,687	6,816	5,642	8,560	7,397	9,374	9,311
Normalized NOPAT Margin	18.70%	19.43%	21.47%	25.35%	31.46%	31.90%	29.37%	36.86%	31.91%	36.77%	35.92%
Pre Tax Income Margin	26.86%	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	13.79	11.27	8.76	10.31	8.97	8.15	6.04	8.70	7.48	8.73	7.87
NOPAT to Interest Expense	8.90	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	9.86	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	4.97	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	67.60%	71.32%	65.26%	59.50%	54.96%	59.45%	79.33%	51.94%	67.48%	53.52%	59.22%
Augmented Payout Ratio	134.82%	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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.37%	4.10%	13.63%	13.96%	8.08%	4.59%	-0.12%	2.70%	-0.28%	-3.45%	5.44%
EBITDA Growth	8.32%	33.70%	68.37%	13.72%	7.94%	6.64%	-5.74%	-0.16%	2.88%	0.75%	10.11%
EBIT Growth	10.73%	41.97%	85.15%	14.83%	8.06%	7.13%	-6.93%	-1.23%	1.43%	0.52%	10.41%
NOPAT Growth	12.77%	21.45%	76.44%	17.76%	8.12%	8.91%	-9.25%	-0.57%	0.31%	-3.10%	10.14%
Net Income Growth	16.12%	63.17%	94.44%	16.93%	7.20%	7.05%	-12.47%	-2.68%	-1.13%	-3.16%	11.42%
EPS Growth	17.89%	65.54%	96.88%	18.28%	8.56%	8.57%	-11.11%	-1.26%	0.36%	-2.26%	12.14%
Operating Cash Flow Growth	-17.43%	13.44%	170.83%	24.45%	13.05%	-1.24%	0.90%	-9.64%	5.71%	1.59%	18.29%
Free Cash Flow Firm Growth	-43.46%	-106.98%	-117.28%	-132.57%	-3,109.43%	26.09%	191.59%	-34.87%	103.06%	-669.53%	-662.51%
Invested Capital Growth	4.60%	8.52%	11.01%	13.72%	113.69%	8.42%	7.27%	13.08%	2.50%	9.24%	12.92%
Revenue Q/Q Growth	0.93%	-0.48%	10.17%	2.99%	-4.27%	-3.70%	5.20%	5.90%	-7.06%	-6.76%	14.89%
EBITDA Q/Q Growth	-5.54%	-1.24%	17.95%	3.35%	-10.34%	-2.44%	4.25%	9.47%	-7.61%	-7.06%	16.53%
EBIT Q/Q Growth	-6.37%	-2.47%	21.23%	3.72%	-11.89%	-3.30%	5.32%	10.07%	-9.52%	-7.27%	18.82%
NOPAT Q/Q Growth	-2.68%	-4.24%	26.52%	-0.13%	-10.65%	-3.51%	5.42%	9.42%	-9.86%	-6.81%	19.82%
Net Income Q/Q Growth	-3.97%	-5.33%	28.19%	0.30%	-11.96%	-5.43%	4.82%	11.52%	-10.55%	-7.39%	20.61%
EPS Q/Q Growth	-4.10%	-4.67%	28.57%	0.63%	-11.99%	-4.66%	5.26%	11.79%	-10.54%	-7.14%	20.77%
Operating Cash Flow Q/Q Growth	-9.54%	9.93%	-30.83%	80.94%	-17.83%	-3.97%	-29.33%	62.05%	-3.87%	-7.72%	-17.71%
Free Cash Flow Firm Q/Q Growth	-64.84%	-110.80%	-168.46%	-219.52%	-3,148.65%	85.98%	432.69%	-570.50%	173.69%	-103.81%	-143.19%
Invested Capital Q/Q Growth	7.33%	1.03%	5.46%	-0.55%	101.68%	-0.88%	4.34%	4.83%	82.81%	-27.87%	7.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	136.84%	57.26%	58.31%	58.76%	138.65%	56.85%	58.35%	57.89%	142.71%	58.38%	60.08%
EBITDA Margin	52.72%	52.32%	56.02%	56.22%	52.65%	53.35%	52.87%	54.65%	54.32%	54.15%	54.92%
Operating Margin	43.58%	42.93%	47.77%	47.94%	43.76%	44.35%	44.99%	46.38%	44.90%	44.46%	47.23%
EBIT Margin	44.90%	44.01%	48.43%	48.77%	44.90%	45.08%	45.13%	46.91%	45.66%	45.42%	46.97%
Profit (Net Income) Margin	32.11%	30.55%	35.55%	34.62%	31.85%	31.27%	31.16%	32.81%	31.57%	31.36%	32.92%
Tax Burden Percent	81.38%	79.49%	82.00%	79.24%	81.15%	80.07%	79.14%	79.32%	79.47%	80.17%	78.75%
Interest Burden Percent	87.87%	87.33%	89.51%	89.58%	87.41%	86.62%	87.23%	88.18%	87.01%	86.14%	89.02%
Effective Tax Rate	18.62%	20.51%	17.96%	20.73%	18.93%	19.88%	20.86%	20.68%	20.53%	19.79%	21.25%
Return on Invested Capital (ROIC)	31.55%	30.89%	35.14%	35.83%	21.64%	32.63%	31.17%	31.73%	16.04%	30.02%	29.90%
ROIC Less NNEP Spread (ROIC-NNEP)	30.91%	30.23%	34.42%	35.13%	21.15%	31.84%	30.33%	30.95%	15.62%	29.29%	29.09%
Return on Net Nonoperating Assets (RNNOA)	-182.84%	-163.12%	-197.78%	-198.34%	-186.16%	-200.26%	-212.01%	-216.52%	-227.38%	-245.10%	-277.80%
Return on Equity (ROE)	-151.30%	-132.23%	-162.64%	-162.51%	-164.53%	-167.63%	-180.84%	-184.79%	-211.34%	-215.08%	-247.90%
Cash Return on Invested Capital (CROIC)	23.89%	21.64%	22.25%	21.86%	-50.06%	25.98%	24.66%	18.66%	13.68%	21.44%	17.09%
Operating Return on Assets (OROA)	19.96%	20.03%	23.51%	24.26%	21.48%	22.01%	22.30%	22.48%	21.26%	21.26%	21.60%
Return on Assets (ROA)	14.27%	13.91%	17.26%	17.22%	15.23%	15.27%	15.40%	15.72%	14.70%	14.68%	15.14%
Return on Common Equity (ROCE)	-151.30%	-132.23%	-162.64%	-162.51%	-164.51%	-167.61%	-180.84%	-184.79%	-211.29%	-215.05%	-247.90%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-119.02%	-159.97%	-171.63%	0.00%	-177.86%	-172.22%	-159.28%	0.00%	-236.31%	0.00%
Net Operating Profit after Tax (NOPAT)	2,102	2,013	2,546	2,543	2,272	2,192	2,311	2,529	2,279	2,124	2,545
NOPAT Margin	35.46%	34.12%	39.19%	38.00%	35.47%	35.53%	35.61%	36.79%	35.68%	35.66%	37.19%
Net Nonoperating Expense Percent (NNEP)	0.63%	0.66%	0.72%	0.70%	0.49%	0.79%	0.84%	0.78%	0.42%	0.74%	0.81%
Return On Investment Capital (ROIC_SIMPLE)	7.03%	-	-	-	6.56%	-	-	-	6.58%	5.99%	6.59%
Cost of Revenue to Revenue	-36.84%	42.74%	41.69%	41.24%	-38.65%	43.15%	41.65%	42.11%	-42.71%	41.62%	39.92%
SG&A Expenses to Revenue	91.46%	10.44%	9.60%	9.74%	93.04%	11.19%	10.15%	9.31%	95.52%	12.00%	10.87%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	93.24%	9.94%	11.62%	10.82%	97.85%	12.51%	10.06%	11.49%	101.16%	13.92%	12.85%
Earnings before Interest and Taxes (EBIT)	2,661	2,596	3,147	3,264	2,876	2,781	2,929	3,224	2,917	2,705	3,214
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,125	3,086	3,640	3,762	3,373	3,291	3,431	3,756	3,470	3,225	3,758
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	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	0.00
Price to Revenue (P/Rev)	7.95	8.39	8.69	7.45	8.24	7.79	7.05	8.37	8.01	8.68	8.02
Price to Earnings (P/E)	29.83	27.53	25.96	22.09	24.79	24.08	21.60	26.04	25.26	26.93	24.64
Dividend Yield	2.25%	2.16%	2.06%	2.38%	2.15%	2.30%	2.59%	2.21%	2.34%	2.20%	2.39%
Earnings Yield	3.35%	3.63%	3.85%	4.53%	4.03%	4.15%	4.63%	3.84%	3.96%	3.71%	4.06%
Enterprise Value to Invested Capital (EV/IC)	8.13	8.50	8.57	7.76	4.28	8.03	7.10	7.91	4.15	8.10	7.14
Enterprise Value to Revenue (EV/Rev)	9.34	9.77	10.06	8.76	9.56	9.10	8.40	9.74	9.35	10.04	9.42
Enterprise Value to EBITDA (EV/EBITDA)	19.86	19.58	18.49	16.09	17.58	16.67	15.61	18.23	17.38	18.47	17.16
Enterprise Value to EBIT (EV/EBIT)	23.97	23.34	21.64	18.77	20.51	19.43	18.26	21.38	20.45	21.75	20.19
Enterprise Value to NOPAT (EV/NOPAT)	29.27	29.67	27.59	23.80	25.99	24.54	23.22	27.14	26.03	27.93	25.92
Enterprise Value to Operating Cash Flow (EV/OCF)	29.31	29.81	27.88	23.49	25.35	24.47	22.54	27.14	25.66	27.21	25.08
Enterprise Value to Free Cash Flow (EV/FCFF)	34.77	40.87	40.54	37.78	0.00	32.17	29.83	45.00	30.72	39.43	44.33
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-5.98	-6.43	-7.14	-7.68	-8.36	-7.73	-7.99	-7.65	-10.12	-11.27	-15.00
Long-Term Debt to Equity	-5.98	-6.34	-7.14	-7.68	-7.89	-7.61	-7.99	-7.53	-10.12	-11.25	-14.78
Financial Leverage	-5.91	-5.40	-5.75	-5.65	-8.80	-6.29	-6.99	-7.00	-14.56	-8.37	-9.55
Leverage Ratio	-9.83	-8.74	-8.77	-8.81	-9.95	-9.95	-10.61	-10.79	-13.09	-13.25	-14.95
Compound Leverage Factor	-8.64	-7.64	-7.85	-7.89	-8.70	-8.62	-9.26	-9.52	-11.39	-11.42	-13.31
Debt to Total Capital	120.08%	118.42%	116.28%	114.97%	113.59%	114.85%	114.31%	115.05%	110.97%	109.74%	107.14%
Short-Term Debt to Total Capital	0.00%	1.67%	0.00%	0.00%	6.33%	1.86%	0.00%	1.73%	0.00%	0.23%	1.56%
Long-Term Debt to Total Capital	120.08%	116.75%	116.28%	114.97%	107.26%	113.00%	114.31%	113.31%	110.97%	109.51%	105.58%
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%	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%	0.00%
Common Equity to Total Capital	-20.08%	-18.42%	-16.28%	-14.97%	-13.59%	-14.85%	-14.31%	-15.05%	-10.96%	-9.74%	-7.14%
Debt to EBITDA	3.29	3.18	2.71	2.74	2.84	2.66	2.78	2.86	2.75	2.79	2.89
Net Debt to EBITDA	2.96	2.77	2.51	2.41	2.43	2.39	2.52	2.56	2.48	2.50	2.56
Long-Term Debt to EBITDA	3.29	3.13	2.71	2.74	2.68	2.61	2.78	2.81	2.75	2.78	2.85
Debt to NOPAT	4.85	4.82	4.05	4.05	4.20	3.91	4.13	4.25	4.13	4.21	4.37
Net Debt to NOPAT	4.36	4.19	3.75	3.56	3.59	3.52	3.74	3.81	3.72	3.78	3.87
Long-Term Debt to NOPAT	4.85	4.75	4.05	4.05	3.96	3.85	4.13	4.19	4.13	4.20	4.31
Altman Z-Score	4.28	4.33	4.70	4.40	6.01	4.38	4.21	4.36	6.26	4.55	4.26
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.00%	0.00%	0.02%	0.01%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.43	1.47	1.35	1.71	1.16	0.83	1.08	0.78	1.19	1.18	1.30
Quick Ratio	1.24	1.25	1.04	1.43	1.03	0.63	0.82	0.58	0.90	0.90	1.03
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	931	-101	-270	-863	-28,022	-74	247	-1,163	857	-572	-1,391
Operating Cash Flow to CapEx	238.07%	430.61%	289.62%	478.52%	338.64%	480.89%	236.22%	235.34%	413.68%	424.48%	264.64%
Free Cash Flow to Firm to Interest Expense	2.88	-0.30	-0.82	-2.53	-77.84	-0.20	0.66	-3.05	2.26	-1.52	-3.57
Operating Cash Flow to Interest Expense	6.82	7.33	5.07	8.88	6.91	6.42	4.53	7.18	6.92	6.46	5.12
Operating Cash Flow Less CapEx to Interest Expense	3.95	5.63	3.32	7.03	4.87	5.09	2.61	4.13	5.25	4.94	3.19
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.44	0.46	0.49	0.50	0.48	0.49	0.49	0.48	0.47	0.47	0.46
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	94.55	100.19	113.17	127.62	105.03	115.99	114.81	113.83	101.49	110.27	106.48
Fixed Asset Turnover	0.96	0.97	1.02	1.07	1.05	1.06	1.05	1.04	1.03	1.02	1.01
Accounts Payable Turnover	5.12	6.62	7.01	7.01	5.29	6.47	6.44	6.40	5.19	5.88	6.02
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	3.86	3.64	3.23	2.86	3.48	3.15	3.18	3.21	3.60	3.31	3.43
Days Payable Outstanding (DPO)	71.29	55.14	52.10	52.08	68.95	56.41	56.72	57.01	70.35	62.04	60.65
Cash Conversion Cycle (CCC)	-67.42	-51.50	-48.88	-49.22	-65.47	-53.26	-53.54	-53.80	-66.75	-58.73	-57.22
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	26,645	26,921	28,389	28,232	56,939	29,187	30,453	31,924	58,361	31,883	34,389
Invested Capital Turnover	0.89	0.91	0.90	0.94	0.61	0.92	0.88	0.86	0.45	0.84	0.80
Increase / (Decrease) in Invested Capital	1,171	2,113	2,816	3,406	30,294	2,266	2,064	3,692	1,422	2,696	3,936
Enterprise Value (EV)	216,532	228,733	243,361	219,067	243,669	234,454	216,360	252,537	242,370	258,112	245,611
Market Capitalization	184,277	196,401	210,315	186,327	209,983	200,807	181,504	217,132	207,741	223,176	208,911
Book Value per Share	($8.20)	($7.90)	($6.85)	($6.66)	($6.49)	($6.69)	($6.69)	($7.22)	($5.30)	($4.83)	($3.86)
Tangible Book Value per Share	($12.16)	($11.90)	($10.91)	($10.73)	($10.68)	($10.89)	($10.92)	($11.71)	($9.69)	($9.29)	($8.49)
Total Capital	29,900	31,352	30,711	32,420	34,638	32,535	33,700	34,409	34,627	35,471	38,643
Total Debt	35,904	37,128	35,710	37,275	39,345	37,368	38,524	39,586	38,424	38,925	41,403
Total Long-Term Debt	35,904	36,604	35,710	37,275	37,153	36,764	38,524	38,990	38,424	38,845	40,801
Net Debt	32,255	32,332	33,046	32,740	33,686	33,647	34,856	35,405	34,629	34,936	36,700
Capital Expenditures (CapEx)	925	562	578	633	735	497	715	1,163	636	572	755
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-962	-1,010	-354	-649	-1,260	-1,063	-497	-2,021	-347	-431	29
Debt-free Net Working Capital (DFNWC)	1,622	2,698	1,272	2,847	3,319	-225	295	-800	738	807	1,905
Net Working Capital (NWC)	1,622	2,174	1,272	2,847	1,127	-829	295	-1,396	738	727	1,303
Net Nonoperating Expense (NNE)	199	211	236	226	232	263	289	274	262	256	292
Net Nonoperating Obligations (NNO)	32,649	32,697	33,389	33,087	61,646	34,020	35,277	37,101	62,158	35,337	37,149
Total Depreciation and Amortization (D&A)	464	490	493	498	497	510	502	532	553	520	544
Debt-free, Cash-free Net Working Capital to Revenue	-4.15%	-4.31%	-1.46%	-2.59%	-4.94%	-4.13%	-1.93%	-7.79%	-1.34%	-1.68%	0.11%
Debt-free Net Working Capital to Revenue	7.00%	11.52%	5.26%	11.38%	13.02%	-0.87%	1.15%	-3.08%	2.85%	3.14%	7.31%
Net Working Capital to Revenue	7.00%	9.28%	5.26%	11.38%	4.42%	-3.22%	1.15%	-5.38%	2.85%	2.83%	5.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.59	$2.47	$3.17	$3.19	$2.80	$2.67	$2.81	$3.15	$2.82	$2.61	$3.15
Adjusted Weighted Average Basic Shares Outstanding	736.50M	730.90M	729.60M	727.20M	727.90M	721.80M	719.00	716.70M	718.30M	714.90M	714.50M
Adjusted Diluted Earnings per Share	$2.57	$2.45	$3.15	$3.17	$2.79	$2.66	$2.80	$3.13	$2.80	$2.60	$3.14
Adjusted Weighted Average Diluted Shares Outstanding	741.30M	735.50M	734.30M	731.60M	732.30M	725.90M	722.00	720M	721.90M	718.20M	717.60M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	731.50M	730.09M	728.76M	725.34M	722.05M	720.68M	717.34M	716.62M	714.46M	715.03M	713.60M
Normalized Net Operating Profit after Tax (NOPAT)	2,102	2,013	2,546	2,543	2,272	2,192	2,311	2,529	2,279	2,124	2,545
Normalized NOPAT Margin	35.46%	34.12%	39.19%	38.00%	35.47%	35.53%	35.61%	36.79%	35.68%	35.66%	37.19%
Pre Tax Income Margin	39.46%	38.44%	43.35%	43.69%	39.24%	39.05%	39.37%	41.36%	39.73%	39.12%	41.81%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.24	7.87	9.54	9.57	7.99	7.48	7.85	8.46	7.68	7.19	8.24
NOPAT to Interest Expense	6.51	6.10	7.72	7.46	6.31	5.89	6.20	6.64	6.00	5.65	6.53
EBIT Less CapEx to Interest Expense	5.38	6.16	7.78	7.72	5.95	6.14	5.94	5.41	6.00	5.67	6.31
NOPAT Less CapEx to Interest Expense	3.64	4.40	5.97	5.60	4.27	4.56	4.28	3.58	4.32	4.13	4.59
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	67.48%	61.88%	54.35%	53.24%	53.52%	53.84%	56.79%	58.33%	59.22%	60.40%	59.51%
Augmented Payout Ratio	130.55%	105.04%	85.69%	85.55%	89.59%	93.33%	102.03%	96.80%	93.57%	89.60%	82.80%

Key Financial Trends

McDonald's (NYSE: MCD) has demonstrated stable financial performance over the recent years, with consistent net income growth and solid operating cash flow, although some fluctuations in investing and financing activities reflect strategic capital management.

Key Positive Trends:

Steady Growth in Net Income: Consolidated net income increased from approximately $1.80 billion in Q1 2023 to $2.25 billion in Q2 2025, indicating improving profitability.
Consistent EPS Improvement: Basic earnings per share rose from $2.47 in Q1 2023 to $3.15 in Q2 2025, reflecting effective shareholder value creation.
Robust Operating Cash Flow: Net cash from continuing operating activities increased to $1.999 billion in Q2 2025 from $2.39 billion in Q1 2023, showing strong cash-generating ability.
Healthy Gross Profit Margin: Total gross profit remained strong around $3.5 billion to $4.1 billion quarterly, supporting solid operational efficiency.
Regular Dividend Payments: Cash dividends per share have steadily been paid around $1.52 to $1.77 per quarter, indicating strong shareholder returns.
Increasing Property, Plant & Equipment (PPE): Net PPE has grown from about $23.8 billion in Q4 2022 to over $27 billion by Q2 2025, suggesting sustained investment in operational assets.
Effective Debt Management: While MCD has substantial long-term debt (~$40 billion), recent quarters show active repayment along with new issuances, aiming to balance leverage effectively.

Neutral Items:

Fluctuating Investing Cash Flows: Purchase of property, plant, & equipment and other investments vary quarter-to-quarter, reflecting strategic asset management but leading to variable cash outflows.
Negative Common Equity Figures: Total common equity remains negative (around -$2.7 billion in Q2 2025), mainly due to treasury stock and accumulated other comprehensive losses, a common structure for large share repurchasers.

Areas of Potential Concern:

High Debt Levels: Total liabilities are very high, around $62.3 billion in Q2 2025, which may pose financial risk if operating conditions deteriorate.
Significant Share Repurchase Activity: Large quarterly repurchases (e.g., $505 million in Q2 2025) reduce equity and increase financial risk, despite supporting EPS growth.
Increasing Financing Outflows: Net cash used in financing activities remains negative, driven by dividends, debt repayment, and equity repurchases, which may impact liquidity if trends continue unabated.
Negative Effect of Exchange Rates Sometimes: Foreign exchange impacts fluctuate, occasionally reducing cash availability (e.g., negative $148 million in Q4 2024), reflecting currency risk exposure.

Overall, McDonald's continues to show strong operational performance, generating significant cash flows and growing earnings. The company's strategy of returning capital to shareholders through dividends and buybacks is balanced with ongoing investments in assets. However, the high leverage and negative equity should be monitored by investors as potential risks, especially if market conditions shift.

08/30/25 03:00 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About McDonald's' Financials

When does McDonald'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 10 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 $4.76 billion in 2014. The previous period was $8.47 billion in 2023. Find out what analysts predict for McDonald's in the coming months.

What is McDonald's' operating income?

McDonald'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 10 years?

Over the last 10 years, McDonald's' total revenue changed from $27.44 billion in 2014 to $25.92 billion in 2024, a change of -5.5%.

How much debt does McDonald's have?

McDonald's' total liabilities were at $58.98 billion at the end of 2024, a 76.8% increase from 2023, and a 175.9% increase since 2014.

How much cash does McDonald's have?

In the past 10 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 10 years?

Over the last 10 years, McDonald's' book value per share changed from 13.21 in 2014 to -5.30 in 2024, a change of -140.1%.

Related Companies

This page (NYSE:MCD) was last updated on 8/30/2025 by MarketBeat.com Staff

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McDonald's (MCD) Financials

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McDonald's (MCD) Financials

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