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McDonald's (MCD) Financials

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$283.86 -1.31 (-0.46%)
As of 03:00 PM Eastern
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Annual Income Statements for McDonald's

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 2025
Period end date 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 12/31/2025
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 8,563
Consolidated Net Income / (Loss)		 4,529 4,687 5,192 5,924 6,025 4,731 7,545 6,177 8,469 8,223 8,563
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 8,563
Total Pre-Tax Income 		6,556 6,866 8,574 7,816 8,018 6,141 9,128 7,825 10,522 10,345 10,897
Total Operating Income		 7,146 7,745 9,553 8,823 9,070 7,324 10,356 9,371 11,647 11,712 12,393
Total Gross Profit		 18,214 18,007 14,149 13,193 16,184 14,436 17,791 18,096 19,980 20,389 21,261
Total Revenue		 25,413 24,622 22,820 21,258 21,364 19,208 23,223 23,183 25,494 25,920 26,885
Operating Revenue		 25,413 24,622 22,820 21,025 21,077 18,865 22,873 22,854 25,179 25,497 26,238
Other Revenue		 - - - 233 288 343 350 328 316 423 647
Total Cost of Revenue		 7,199 6,615 8,671 8,065 5,181 4,772 5,432 5,087 5,514 5,531 5,624
Operating Cost of Revenue		 7,199 6,615 8,671 8,065 5,181 4,772 5,432 5,087 5,514 5,531 5,624
Total Operating Expenses		 11,068 10,262 4,597 4,370 7,114 7,112 7,435 8,724 8,333 8,677 8,869
Selling, General & Admin Expense		 10,859 10,186 5,760 4,346 6,971 6,929 7,589 7,380 7,852 8,091 8,410
Depreciation Expense		 - - - 215 263 301 330 370 382 447 457
Other Operating Expenses / (Income)		 209 76 -1,163 -190 -120 -118 -483 974 99 139 2.00
Total Other Income / (Expense), net		 -590 -879 -979 -1,007 -1,052 -1,183 -1,228 -1,546 -1,125 -1,367 -1,495
Interest Expense		 638 885 921 981 1,122 1,218 1,186 1,207 1,361 1,506 1,582
Other Income / (Expense), net		 49 6.30 -58 -25 70 35 -42 -339 236 139 87
Income Tax Expense		 2,026 2,180 3,381 1,892 1,993 1,410 1,583 1,648 2,053 2,121 2,334
Basic Earnings per Share		 $4.82 $5.49 $6.43 $7.61 $7.95 $6.35 $10.11 $8.39 $11.63 $11.45 $12.00
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 713.40M
Diluted Earnings per Share		 $4.80 $5.44 $6.37 $7.54 $7.88 $6.31 $10.04 $8.33 $11.56 $11.39 $11.95
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 716.40M
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 710.40M
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 $7.17

Quarterly Income Statements for McDonald's

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

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 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 9/30/2025 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 2,155 2,317 1,937 1,805 2,022 2,183 1,820 1,868 2,216 2,278 2,201
Consolidated Net Income / (Loss)		 2,310 2,317 2,040 1,929 2,022 2,255 2,017 1,868 2,253 2,278 2,164
Net Income / (Loss) Continuing Operations		 2,155 2,318 1,936 1,805 2,022 2,183 1,820 1,869 2,216 2,278 2,200
Total Pre-Tax Income 		2,817 2,924 2,514 2,409 2,555 2,843 2,538 2,330 2,861 2,949 2,757
Total Operating Income		 3,104 3,208 2,803 2,736 2,920 3,188 2,868 2,648 3,232 3,357 3,156
Total Gross Profit		 3,789 3,932 8,882 3,507 3,787 3,979 9,116 3,477 4,111 4,240 9,433
Total Revenue		 6,498 6,692 6,406 6,169 6,490 6,873 6,388 5,956 6,843 7,078 7,008
Operating Revenue		 6,420 6,603 6,344 6,078 6,401 6,750 6,268 5,793 6,671 6,926 6,848
Other Revenue		 77 89 64 91 89 124 119 162 172 151 162
Total Cost of Revenue		 2,709 2,760 -2,476 2,662 2,703 2,894 -2,728 2,479 2,732 2,838 -2,425
Operating Cost of Revenue		 2,709 2,760 -2,476 2,662 2,703 2,894 -2,728 2,479 2,732 2,838 -2,425
Total Operating Expenses		 755 724 6,268 806 867 790 6,462 829 879 883 6,278
Selling, General & Admin Expense		 624 652 5,960 690 659 640 6,102 715 744 799 6,152
Depreciation Expense		 95 97 91 99 101 111 136 107 106 121 123
Other Operating Expenses / (Income)		 -36 -25 31 17 107 39 10 7.00 29 -37 3.00
Total Other Income / (Expense), net		 -373 -285 -201 -417 -382 -417 -313 -319 -408 -405 -363
Interest Expense		 330 341 360 372 373 381 380 376 390 406 410
Other Income / (Expense), net		 43 56 73 -45 -9.00 -36 49 57 -18 1.00 47
Income Tax Expense		 506 606 476 479 533 588 521 461 608 671 594
Basic Earnings per Share		 $3.17 $3.19 $2.80 $2.67 $2.81 $3.15 $2.82 $2.61 $3.15 $3.20 $3.04
Weighted Average Basic Shares Outstanding		 729.60M 727.20M 727.90M 721.80M 718.80M 716.70M 718.30M 714.90M 714.50M 712.90M 713.40M
Diluted Earnings per Share		 $3.15 $3.17 $2.79 $2.66 $2.80 $3.13 $2.80 $2.60 $3.14 $3.18 $3.03
Weighted Average Diluted Shares Outstanding		 734.30M 731.60M 732.30M 725.90M 722M 720M 721.90M 718.20M 717.60M 715.90M 716.40M
Weighted Average Basic & Diluted Shares Outstanding		 728.76M 725.34M 722.05M 720.68M 717.34M 716.62M 714.46M 715.03M 713.60M 712.15M 710.40M
Cash Dividends to Common per Share		 $1.52 $1.52 $1.67 $1.67 $1.67 $3.44 - $1.77 $1.77 $1.77 $1.86

Annual Cash Flow Statements for McDonald's

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 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 5,608 -6,288 1,066 -1,598 33 2,551 1,260 -2,126 1,996 -3,494 -311
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 10,551
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 10,551
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 8,563
Consolidated Net Income / (Loss)		 4,529 4,687 5,192 5,924 6,025 4,731 7,545 6,177 8,469 8,223 8,563
Depreciation Expense		 1,556 1,517 1,363 1,482 1,618 1,751 1,868 1,871 1,978 2,097 2,199
Non-Cash Adjustments To Reconcile Net Income		 288 228 12 -70 31 -11 -298 330 -41 138 -191
Changes in Operating Assets and Liabilities, net		 167 -372 -1,017 -370 448 -206 26 -991 -794 -1,012 -20
Net Cash From Investing Activities		 -1,420 -982 562 -2,455 -3,071 -1,546 -2,166 -2,678 -3,185 -5,346 -3,822
Net Cash From Continuing Investing Activities		 -1,420 -982 562 -2,455 -3,071 -1,546 -2,166 -2,678 -3,184 -5,346 -3,822
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 -3,719
Acquisitions		 - - - - - - - 0.00 0.00 -1,837 0.00
Sale of Property, Plant & Equipment		 554 1,059 1,142 691 492 104 302 485 290 433 476
Other Investing Activities, net		 -20 -110 -246 -303 -629 57 -54 -457 -676 -498 -579
Net Cash From Financing Activities		 735 -11,262 -5,311 -5,950 -4,995 -2,249 -5,596 -6,580 -4,374 -7,495 -7,125
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 -7,125
Repayment of Debt		 -1,113 -826 -2,720 -1,780 -1,286 -2,534 -2,272 -2,138 -2,481 -2,507 -4,969
Repurchase of Common Equity		 -6,099 -11,171 -4,686 -5,208 -4,976 -908 -846 -3,896 -3,054 -2,824 -2,056
Payment of Dividends		 -3,230 -3,058 -3,089 -3,256 -3,582 -3,753 -3,919 -4,168 -4,533 -4,870 -5,115
Issuance of Debt		 10,810 3,493 4,728 3,890 4,499 4,650 1,154 3,374 5,434 2,380 4,730
Other Financing Activities, net		 368 299 457 403 351 296 286 248 260 328 285
Effect of Exchange Rate Changes		 -247 -104 264 -160 -24 80 -120 -254 -58 -101 86
Cash Interest Paid		 641 874 885 960 1,067 1,136 1,197 1,184 1,287 1,523 1,555
Cash Income Taxes Paid		 1,985 2,388 2,786 1,734 1,590 1,442 2,404 3,024 0.00 0.00 0.00

Quarterly Cash Flow Statements for McDonald's

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 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 9/30/2025 12/31/2025
Net Change in Cash & Equivalents		 -2,082 1,871 1,083 -3,742 -45 429 -136 153 638 537 -1,639
Net Cash From Operating Activities		 1,674 3,029 2,489 2,390 1,689 2,737 2,631 2,428 1,998 3,428 2,697
Net Cash From Continuing Operating Activities		 1,674 3,029 2,489 2,390 1,689 2,737 2,630 2,427 1,999 3,428 2,697
Net Income / (Loss) Continuing Operations		 2,311 2,317 2,039 1,929 2,022 2,256 2,016 1,868 2,253 2,278 2,164
Consolidated Net Income / (Loss)		 2,311 2,317 2,039 1,929 2,022 2,256 2,016 1,868 2,253 2,278 2,164
Depreciation Expense		 493 498 497 510 502 532 553 520 544 559 576
Non-Cash Adjustments To Reconcile Net Income		 -1.00 -63 4.00 19 54 7.00 58 -28 -27 -14 -122
Changes in Operating Assets and Liabilities, net		 -1,129 277 -51 -68 -889 -58 3.00 67 -771 605 79
Net Cash From Investing Activities		 -671 -933 -840 -2,493 -845 -1,266 -742 -771 -870 -1,112 -1,069
Net Cash From Continuing Investing Activities		 -671 -933 -839 -2,493 -2,717 -1,266 -742 -772 -869 -1,112 -1,069
Purchase of Property, Plant & Equipment		 -641 -662 -894 -599 -789 -1,227 -881 -626 -800 -1,120 -1,173
Sale of Property, Plant & Equipment		 63 29 159 50 74 64 245 54 45 124 253
Other Investing Activities, net		 -93 -300 -104 -124 -165 -103 -106 -200 -114 -116 -149
Net Cash From Financing Activities		 -3,094 -136 -586 -3,661 -869 -1,087 -1,878 -1,543 -555 -1,786 -3,241
Net Cash From Continuing Financing Activities		 -3,094 -136 -586 -3,661 -869 -1,087 -1,876 -1,543 -555 -1,786 -3,241
Repayment of Debt		 -1,346 -41 -1,097 -1,636 -148 -27 -1,022 -653 -827 -1,285 -2,204
Repurchase of Common Equity		 -570 -1,055 -851 -918 -934 -469 -503 -477 -505 -501 -573
Payment of Dividends		 -1,109 -1,105 -1,208 -1,206 -1,199 -1,197 -1,268 -1,266 -1,264 -1,262 -1,323
Issuance of Debt		 -144 2,003 2,521 0.00 1,390 474 842 706 2,000 1,234 790
Other Financing Activities, net		 75 62 49 99 22 132 75 147 41 28 69
Effect of Exchange Rate Changes		 - - - 21 -20 46 -148 39 65 6.00 -24

Annual Balance Sheets for McDonald's

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 2025
Period end date 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 12/31/2025
Total Assets		 37,939 31,024 33,804 32,811 47,511 52,627 53,854 50,436 56,147 55,182 59,515
Total Current Assets		 9,643 4,849 5,327 4,053 3,558 6,243 7,149 5,424 7,986 4,599 4,163
Cash & Equivalents		 7,686 1,223 2,464 866 899 3,449 4,709 2,584 4,579 1,085 774
Note & Lease Receivable		 1,299 1,474 1,976 2,442 2,224 2,110 1,872 2,115 2,488 2,383 2,466
Inventories, net		 100 59 59 51 50 51 56 52 53 56 61
Prepaid Expenses		 559 565 828 695 385 633 511 673 866 1,074 863
Plant, Property, & Equipment, net		 23,118 21,258 22,448 22,843 24,160 24,958 24,721 23,774 24,908 25,295 28,241
Plant, Property & Equipment, gross		 37,692 34,443 36,626 37,194 39,051 41,477 41,917 41,038 43,570 44,177 49,290
Accumulated Depreciation		 14,575 13,186 14,178 14,351 14,891 16,518 17,196 17,264 18,662 18,882 21,049
Total Noncurrent Assets		 5,178 4,918 6,028 5,915 19,793 21,425 21,985 21,238 23,252 25,289 27,111
Long-Term Investments		 793 726 1,086 1,203 1,270 1,297 1,201 1,065 1,080 2,710 2,820
Goodwill		 2,516 2,337 2,380 2,332 2,677 2,773 2,783 2,900 3,040 3,145 3,354
Other Noncurrent Operating Assets		 1,869 1,855 2,563 2,381 15,845 17,355 18,002 17,273 19,132 19,434 20,937
Total Liabilities & Shareholders' Equity		 37,939 31,024 33,804 32,811 47,511 52,627 53,854 50,436 56,147 55,182 59,515
Total Liabilities		 30,851 33,228 37,072 39,070 55,721 60,452 58,455 56,439 33,362 58,980 61,307
Total Current Liabilities		 2,950 3,468 2,891 2,974 3,621 6,181 4,020 3,802 6,859 3,861 4,361
Accounts Payable		 875 756 925 1,208 988 741 1,007 980 1,103 1,029 1,149
Accrued Expenses		 1,379 1,159 1,146 987 1,036 1,138 1,347 1,237 1,434 1,129 1,488
Current Deferred & Payable Income Tax Liabilities		 155 267 266 228 332 741 361 275 705 361 250
Other Taxes Payable		 309 266 275 254 248 227 237 255 268 224 247
Other Current Liabilities		 - - - 0.00 621 702 706 661 -688 636 694
Other Current Nonoperating Liabilities		 233 942 278 297 338 388 363 393 469 482 533
Total Noncurrent Liabilities		 27,900 29,760 34,181 36,096 52,100 54,271 54,435 52,637 27,879 55,119 56,946
Long-Term Debt		 24,122 25,879 29,536 31,075 34,118 35,197 35,623 35,904 37,153 38,424 39,973
Capital Lease Obligations		 - - - - - - - - - 12,888 14,147
Noncurrent Deferred Revenue		 - 1,011 2,371 2,709 2,927 2,673 2,635 1,550 1,153 1,122 1,084
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 1,038
Other Noncurrent Operating Liabilities		 2,074 1,054 1,154 1,096 13,737 14,375 14,102 13,186 -12,108 771 704
Total Equity & Noncontrolling Interests		 7,088 -2,204 -3,268 -6,258 -8,210 -7,825 -4,601 -6,003 -4,707 -3,797 -1,791
Total Preferred & Common Equity		 7,088 -2,204 -3,268 -6,258 -8,210 -7,825 -4,601 -6,003 -4,707 -3,797 -1,791
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		 7,088 -2,204 -3,268 -6,258 -8,210 -7,825 -4,601 -6,003 -4,706 -3,796 -1,790
Common Stock		 6,550 6,775 7,089 7,393 7,671 7,920 8,248 8,564 8,910 9,298 9,658
Retained Earnings		 44,595 46,223 48,326 50,487 52,931 53,908 57,535 59,544 63,480 66,834 70,282
Treasury Stock		 -41,177 -52,109 -56,504 -61,529 -66,329 -67,066 -67,810 -71,624 -74,640 -77,375 -79,316
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 -2,414

Quarterly Balance Sheets for McDonald's

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 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 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 9/30/2025
Total Assets		 52,014 50,442 52,089 56,147 53,513 53,801 56,172 55,182 56,329 59,555 60,608
Total Current Assets		 6,799 4,945 6,850 7,986 4,057 4,205 4,912 4,599 4,735 5,601 6,079
Cash & Equivalents		 3,708 1,626 3,496 4,579 838 792 1,221 1,085 1,238 1,876 2,413
Note & Lease Receivable		 2,076 2,194 2,247 2,488 2,238 2,404 2,460 2,383 2,387 2,550 2,579
Inventories, net		 52 52 48 53 46 46 54 56 51 55 55
Prepaid Expenses		 964 1,074 1,059 866 935 963 1,176 1,074 1,060 1,120 1,032
Plant, Property, & Equipment, net		 23,859 24,102 23,924 24,908 24,682 24,811 25,775 25,295 25,749 27,039 27,486
Plant, Property & Equipment, gross		 41,487 42,131 41,967 43,570 43,432 43,846 45,178 44,177 45,258 47,609 48,215
Accumulated Depreciation		 17,629 18,030 18,043 18,662 18,750 19,035 19,403 18,882 19,509 20,570 20,729
Total Noncurrent Assets		 21,357 21,395 21,315 23,252 24,774 24,785 25,485 25,289 25,844 26,913 27,043
Long-Term Investments		 1,088 1,039 1,038 1,080 2,883 2,876 2,960 2,710 2,751 2,827 2,864
Goodwill		 2,931 2,969 2,965 3,040 3,028 3,048 3,220 3,145 3,186 3,308 3,306
Other Noncurrent Operating Assets		 17,339 17,388 17,312 19,132 18,863 18,861 19,305 19,434 19,907 20,778 20,873
Total Liabilities & Shareholders' Equity		 52,014 50,442 52,089 56,147 53,513 53,801 56,172 55,182 56,329 59,555 60,608
Total Liabilities		 57,791 55,441 56,944 33,362 58,346 58,625 61,350 31,932 59,783 62,315 62,771
Total Current Liabilities		 4,625 3,674 4,003 6,859 4,886 3,910 6,308 3,861 4,008 4,298 6,079
Short-Term Debt		 524 - - 2,192 604 0.00 596 0.00 80 602 1,800
Accounts Payable		 812 807 862 1,103 936 949 944 1,029 882 838 972
Accrued Expenses		 1,187 1,207 1,348 1,434 1,136 1,142 1,353 1,129 1,191 1,452 1,529
Dividends Payable		 - - - - - - 1,265 - - 0.00 0.00
Current Deferred & Payable Income Tax Liabilities		 796 385 535 705 873 464 786 361 556 24 367
Other Taxes Payable		 273 245 242 268 279 279 263 224 235 245 242
Other Current Liabilities		 669 687 668 -688 685 655 668 -636 663 686 698
Other Current Nonoperating Liabilities		 365 343 346 469 372 421 433 482 401 451 471
Total Noncurrent Liabilities		 53,166 51,767 52,941 27,879 53,460 54,715 55,042 29,343 55,775 58,017 56,692
Long-Term Debt		 36,604 35,710 37,275 37,153 36,764 38,524 38,990 38,424 38,845 40,801 39,483
Noncurrent Deferred Revenue		 1,498 1,322 1,258 1,153 1,145 876 874 1,122 1,279 1,225 1,221
Noncurrent Deferred & Payable Income Tax Liabilities		 1,883 1,620 1,617 1,681 1,796 1,610 1,166 1,914 1,721 1,423 1,457
Other Noncurrent Operating Liabilities		 13,182 13,116 12,791 -12,108 13,755 13,705 14,012 -12,117 13,930 14,568 14,531
Total Equity & Noncontrolling Interests		 -5,776 -4,999 -4,855 -4,707 -4,833 -4,824 -5,177 -3,797 -3,454 -2,760 -2,163
Total Preferred & Common Equity		 -5,776 -4,999 -4,855 -4,707 -4,833 -4,824 -5,177 -3,797 -3,454 -2,760 -2,163
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		 -5,776 -4,999 -4,855 -4,706 -4,832 -4,824 -5,177 -3,796 -3,454 -2,760 -2,163
Common Stock		 8,652 8,752 8,841 8,910 9,018 9,072 9,211 9,298 9,440 9,517 9,577
Retained Earnings		 60,235 61,437 62,649 63,480 64,203 65,026 64,819 66,834 67,436 68,424 69,440
Treasury Stock		 -72,174 -72,733 -73,799 -74,640 -75,520 -76,459 -76,870 -77,375 -77,773 -78,271 -78,766
Accumulated Other Comprehensive Income / (Loss)		 -2,489 -2,456 -2,546 -2,456 -2,533 -2,463 -2,337 -2,553 -2,557 -2,430 -2,414

Annual Metrics And Ratios for McDonald's

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 2025
Period end date 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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -7.39% -3.11% -7.32% -6.85% 0.50% -10.09% 20.90% -0.17% 9.97% 1.67% 3.72%
EBITDA Growth		 -8.79% 5.92% 17.17% -5.33% 4.66% -15.32% 33.72% -10.50% 27.13% 0.63% 5.24%
EBIT Growth		 -9.49% 7.74% 22.50% -7.35% 3.90% -19.49% 40.15% -12.43% 31.57% -0.27% 5.31%
NOPAT Growth		 -3.77% 7.08% 9.44% 15.59% 1.92% -17.22% 51.72% -13.59% 26.73% -0.68% 4.60%
Net Income Growth		 -4.80% 3.47% 10.79% 14.10% 1.71% -21.49% 59.50% -18.13% 37.11% -2.90% 4.13%
EPS Growth		 -0.41% 13.33% 17.10% 18.37% 4.51% -19.92% 59.11% -17.03% 38.78% -1.47% 4.92%
Operating Cash Flow Growth		 -2.84% -7.33% -8.39% 25.50% 16.58% -22.86% 45.91% -19.19% 30.12% -1.72% 11.69%
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% -78.81%
Invested Capital Growth		 -7.92% -7.61% 8.39% 0.21% 4.73% 4.65% 0.86% 4.60% 113.69% 2.50% 11.46%
Revenue Q/Q Growth		 -0.90% -1.25% -2.93% 0.26% 0.15% -0.59% 3.09% -0.35% 1.92% -0.07% 2.36%
EBITDA Q/Q Growth		 1.44% 0.58% 1.19% -0.76% 3.25% -1.30% 2.37% 2.25% 1.82% 0.70% 0.89%
EBIT Q/Q Growth		 2.01% 0.84% 1.76% -1.29% 3.44% -2.27% 2.63% 2.94% 1.84% 0.35% 0.86%
NOPAT Q/Q Growth		 2.51% 0.53% -8.62% 13.84% 2.46% -2.87% 2.97% 3.44% 1.85% 0.08% 2.06%
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% 1.75%
EPS Q/Q Growth		 3.90% 2.64% -8.08% 14.24% 3.41% -3.66% 3.51% 4.91% 1.94% 0.09% 1.96%
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% 0.63%
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% -34.68%
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% 43.58%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 71.67% 73.13% 62.00% 62.06% 75.75% 75.16% 76.61% 78.06% 78.37% 78.66% 79.08%
EBITDA Margin		 34.43% 37.64% 47.58% 48.36% 50.35% 47.43% 52.46% 47.03% 54.37% 53.81% 54.60%
Operating Margin		 28.12% 31.45% 41.86% 41.50% 42.45% 38.13% 44.59% 40.42% 45.69% 45.19% 46.10%
EBIT Margin		 28.31% 31.48% 41.61% 41.38% 42.78% 38.31% 44.41% 38.96% 46.61% 45.72% 46.42%
Profit (Net Income) Margin		 17.82% 19.03% 22.75% 27.87% 28.20% 24.63% 32.49% 26.64% 33.22% 31.72% 31.85%
Tax Burden Percent		 69.09% 68.26% 60.56% 75.80% 75.15% 77.04% 82.66% 78.94% 80.49% 79.49% 78.58%
Interest Burden Percent		 91.13% 88.58% 90.30% 88.85% 87.73% 83.45% 88.50% 86.64% 88.55% 87.29% 87.32%
Effective Tax Rate		 30.91% 31.74% 39.44% 24.20% 24.85% 22.96% 17.34% 21.06% 19.51% 20.50% 21.42%
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% 20.84%
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% 18.46%
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% -327.32%
Return on Equity (ROE)		 45.43% 191.93% -189.77% -124.38% -83.29% -59.00% -121.44% -116.50% -158.15% -193.39% -306.48%
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% 10.00%
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% 21.76%
Return on Assets (ROA)		 12.55% 13.59% 16.02% 17.79% 15.00% 9.45% 14.17% 11.85% 15.89% 14.77% 14.93%
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% -306.37%
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% 0.00%
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 9,739
NOPAT Margin		 19.43% 21.47% 25.35% 31.46% 31.90% 29.37% 36.86% 31.91% 36.77% 35.92% 36.22%
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% 2.37%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 24.74% 27.06% 26.89% 18.61%
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% 20.92%
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% 31.28%
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		 43.55% 41.68% 20.14% 20.56% 33.30% 37.03% 32.02% 37.63% 32.69% 33.48% 32.99%
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 12,480
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 14,679
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 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 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 8.10
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 25.42
Dividend Yield		 3.63% 3.59% 2.62% 2.71% 2.69% 2.57% 2.10% 2.25% 2.15% 2.34% 2.35%
Earnings Yield		 5.21% 5.61% 4.46% 4.98% 4.55% 3.24% 4.03% 3.35% 4.03% 3.96% 3.93%
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 5.44
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 9.98
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 18.27
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 21.49
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 27.54
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 25.42
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 57.41
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 -30.22
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 -30.22
Financial Leverage		 1.40 8.05 -9.08 -5.83 -4.26 -4.08 -5.08 -5.91 -8.80 -14.56 -17.73
Leverage Ratio		 3.62 14.12 -11.85 -6.99 -5.55 -6.24 -8.57 -9.83 -9.95 -13.09 -20.53
Compound Leverage Factor		 3.30 12.51 -10.70 -6.21 -4.87 -5.21 -7.58 -8.52 -8.81 -11.43 -17.92
Debt to Total Capital		 77.29% 109.28% 112.44% 125.22% 131.62% 126.42% 114.83% 120.08% 113.59% 110.97% 103.42%
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% 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% 103.42%
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		 22.71% -9.28% -12.44% -25.22% -31.62% -26.42% -14.83% -20.08% -13.59% -10.96% -3.42%
Debt to EBITDA		 2.76 2.80 2.72 3.02 3.18 4.11 2.92 3.29 2.84 2.75 3.69
Net Debt to EBITDA		 1.79 2.59 2.39 2.82 2.98 3.59 2.44 2.96 2.43 2.48 3.44
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 3.69
Debt to NOPAT		 4.89 4.91 5.11 4.65 5.01 6.64 4.16 4.85 4.20 4.13 5.56
Net Debt to NOPAT		 3.17 4.54 4.49 4.34 4.70 5.79 3.47 4.36 3.59 3.72 5.19
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 5.56
Altman Z-Score		 4.85 5.27 5.57 5.55 4.07 3.71 4.55 4.70 6.54 6.79 4.92
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.02% 0.04%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.27 1.40 1.84 1.36 0.98 1.01 1.78 1.43 1.16 1.19 0.95
Quick Ratio		 3.05 0.78 1.54 1.11 0.86 0.90 1.64 1.24 1.03 0.90 0.74
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 4,672
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% 325.35%
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 2.95
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 6.67
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 4.62
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.70 0.71 0.70 0.64 0.53 0.38 0.44 0.44 0.48 0.47 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		 68.53 83.21 147.34 146.77 102.29 94.21 101.81 94.55 105.03 101.49 96.14
Fixed Asset Turnover		 1.07 1.11 1.04 0.94 0.91 0.78 0.93 0.96 1.05 1.03 1.00
Accounts Payable Turnover		 8.30 8.11 10.32 7.56 4.72 5.52 6.21 5.12 5.29 5.19 5.16
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)		 5.33 4.39 2.48 2.49 3.57 3.87 3.59 3.86 3.48 3.60 3.80
Days Payable Outstanding (DPO)		 43.98 44.99 35.38 48.26 77.36 66.15 58.73 71.29 68.95 70.35 70.68
Cash Conversion Cycle (CCC)		 -38.65 -40.60 -32.90 -45.77 -73.79 -62.27 -55.15 -67.42 -65.47 -66.75 -66.88
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 49,268
Invested Capital Turnover		 1.06 1.11 1.03 0.92 0.91 0.78 0.92 0.89 0.61 0.45 0.58
Increase / (Decrease) in Invested Capital		 -1,976 -1,748 1,780 48 1,091 1,122 217 1,171 30,294 1,422 5,067
Enterprise Value (EV)		 102,657 107,592 142,372 148,060 164,559 178,655 216,768 216,532 243,669 242,370 268,182
Market Capitalization		 87,013 83,585 116,385 119,053 132,551 145,961 187,055 184,277 209,983 207,741 217,656
Book Value per Share		 $7.72 ($2.65) ($4.10) ($8.12) ($10.90) ($10.50) ($6.16) ($8.20) ($6.49) ($5.30) ($2.51)
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) ($7.22)
Total Capital		 31,210 23,751 26,268 24,817 25,967 29,616 31,022 29,900 34,638 34,627 52,329
Total Debt		 24,122 25,956 29,536 31,075 34,177 37,440 35,623 35,904 39,345 38,424 54,120
Total Long-Term Debt		 24,122 25,879 29,536 31,075 34,118 35,197 35,623 35,904 37,153 38,424 54,120
Net Debt		 15,644 24,006 25,987 29,007 32,008 32,694 29,712 32,255 33,686 34,629 50,526
Capital Expenditures (CapEx)		 1,400 872 789 2,152 2,443 1,603 2,112 2,221 2,508 3,011 3,243
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -993 234 -27 214 -903 -1,144 -1,581 -962 -1,260 -347 -972
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 -198
Net Working Capital (NWC)		 6,693 1,380 2,437 1,080 -63 62 3,129 1,622 1,127 738 -198
Net Nonoperating Expense (NNE)		 407 600 593 763 790 912 1,015 1,220 905 1,088 1,176
Net Nonoperating Obligations (NNO)		 15,877 23,422 26,265 29,304 32,346 33,083 30,076 32,649 61,646 62,158 51,059
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 2,199
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% -3.62%
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% -0.74%
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% -0.74%
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 $12.00
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 713.40M
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 $11.95
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 716.40M
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		 901.61M 818.99M 794.50M 765.32M 745.45M 745.57M 743.58M 731.50M 722.05M 714.46M 710.40M
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 9,739
Normalized NOPAT Margin		 19.43% 21.47% 25.35% 31.46% 31.90% 29.37% 36.86% 31.91% 36.77% 35.92% 36.22%
Pre Tax Income Margin		 25.80% 27.89% 37.57% 36.77% 37.53% 31.97% 39.31% 33.75% 41.27% 39.91% 40.53%
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 7.89
NOPAT to Interest Expense		 7.73 5.97 6.28 6.82 6.08 4.63 7.22 6.13 6.89 6.18 6.16
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 5.84
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 4.11
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% 59.73%
Augmented Payout Ratio		 205.98% 303.62% 149.74% 142.86% 142.03% 98.52% 63.14% 130.55% 89.59% 93.57% 83.74%

Quarterly Metrics And Ratios for McDonald's

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

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 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 9/30/2025 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 13.63% 13.96% 8.08% 4.59% -0.12% 2.70% -0.28% -3.45% 5.44% 2.98% 9.71%
EBITDA Growth		 68.37% 13.72% 7.94% 6.64% -5.74% -0.16% 2.88% 0.75% 10.11% 6.32% 3.53%
EBIT Growth		 85.15% 14.83% 8.06% 7.13% -6.93% -1.23% 1.43% 0.52% 10.41% 6.54% 3.42%
NOPAT Growth		 76.44% 17.76% 8.12% 8.91% -9.25% -0.57% 0.31% -3.10% 10.14% 2.55% 8.63%
Net Income Growth		 94.44% 16.93% 7.20% 7.05% -12.47% -2.68% -1.13% -3.16% 11.42% 1.02% 7.29%
EPS Growth		 96.88% 18.28% 8.56% 8.57% -11.11% -1.26% 0.36% -2.26% 12.14% 1.60% 8.21%
Operating Cash Flow Growth		 170.83% 24.45% 13.05% -1.24% 0.90% -9.64% 5.71% 1.59% 18.29% 25.25% 2.51%
Free Cash Flow Firm Growth		 -117.28% -132.57% -3,109.43% 26.09% 191.59% -34.87% 103.06% -669.53% -662.51% 117.46% -117.25%
Invested Capital Growth		 11.01% 13.72% 113.69% 8.42% 7.27% 13.08% 2.50% 9.24% 12.92% 7.49% 11.46%
Revenue Q/Q Growth		 10.17% 2.99% -4.27% -3.70% 5.20% 5.90% -7.06% -6.76% 14.89% 3.43% -0.99%
EBITDA Q/Q Growth		 17.95% 3.35% -10.34% -2.44% 4.25% 9.47% -7.61% -7.06% 16.53% 4.23% -3.52%
EBIT Q/Q Growth		 21.23% 3.72% -11.89% -3.30% 5.32% 10.07% -9.52% -7.27% 18.82% 4.48% -4.62%
NOPAT Q/Q Growth		 26.52% -0.13% -10.65% -3.51% 5.42% 9.42% -9.86% -6.81% 19.82% 1.89% -4.52%
Net Income Q/Q Growth		 28.19% 0.30% -11.96% -5.43% 4.82% 11.52% -10.55% -7.39% 20.61% 1.11% -5.00%
EPS Q/Q Growth		 28.57% 0.63% -11.99% -4.66% 5.26% 11.79% -10.54% -7.14% 20.77% 1.27% -4.72%
Operating Cash Flow Q/Q Growth		 -30.83% 80.94% -17.83% -3.97% -29.33% 62.05% -3.87% -7.72% -17.71% 71.57% -21.32%
Free Cash Flow Firm Q/Q Growth		 -168.46% -219.52% -3,148.65% 85.98% 432.69% -570.50% 173.69% -103.81% -143.19% 114.61% -1,375.30%
Invested Capital Q/Q Growth		 5.46% -0.55% 101.68% -0.88% 4.34% 4.83% 82.81% -27.87% 7.86% -0.22% 43.58%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 58.31% 58.76% 138.65% 56.85% 58.35% 57.89% 142.71% 58.38% 60.08% 59.90% 134.60%
EBITDA Margin		 56.02% 56.22% 52.65% 53.35% 52.87% 54.65% 54.32% 54.15% 54.92% 55.34% 53.92%
Operating Margin		 47.77% 47.94% 43.76% 44.35% 44.99% 46.38% 44.90% 44.46% 47.23% 47.43% 45.03%
EBIT Margin		 48.43% 48.77% 44.90% 45.08% 45.13% 46.91% 45.66% 45.42% 46.97% 47.44% 45.70%
Profit (Net Income) Margin		 35.55% 34.62% 31.85% 31.27% 31.16% 32.81% 31.57% 31.36% 32.92% 32.18% 30.88%
Tax Burden Percent		 82.00% 79.24% 81.15% 80.07% 79.14% 79.32% 79.47% 80.17% 78.75% 77.25% 78.49%
Interest Burden Percent		 89.51% 89.58% 87.41% 86.62% 87.23% 88.18% 87.01% 86.14% 89.02% 87.82% 86.08%
Effective Tax Rate		 17.96% 20.73% 18.93% 19.88% 20.86% 20.68% 20.53% 19.79% 21.25% 22.75% 21.55%
Return on Invested Capital (ROIC)		 35.14% 35.83% 21.64% 32.63% 31.17% 31.73% 16.04% 30.02% 29.90% 29.05% 20.33%
ROIC Less NNEP Spread (ROIC-NNEP)		 34.42% 35.13% 21.15% 31.84% 30.33% 30.95% 15.62% 29.29% 29.09% 28.20% 19.70%
Return on Net Nonoperating Assets (RNNOA)		 -197.78% -198.34% -186.16% -200.26% -212.01% -216.52% -227.38% -245.10% -277.80% -282.67% -349.13%
Return on Equity (ROE)		 -162.64% -162.51% -164.53% -167.63% -180.84% -184.79% -211.34% -215.08% -247.90% -253.61% -328.81%
Cash Return on Invested Capital (CROIC)		 22.25% 21.86% -50.06% 25.98% 24.66% 18.66% 13.68% 21.44% 17.09% 21.59% 10.00%
Operating Return on Assets (OROA)		 23.51% 24.26% 21.48% 22.01% 22.30% 22.48% 21.26% 21.26% 21.60% 21.34% 21.43%
Return on Assets (ROA)		 17.26% 17.22% 15.23% 15.27% 15.40% 15.72% 14.70% 14.68% 15.14% 14.48% 14.48%
Return on Common Equity (ROCE)		 -162.64% -162.51% -164.51% -167.61% -180.84% -184.79% -211.29% -215.05% -247.90% -253.61% -328.69%
Return on Equity Simple (ROE_SIMPLE)		 -159.97% -171.63% 0.00% -177.86% -172.22% -159.28% 0.00% -236.31% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 2,546 2,543 2,272 2,192 2,311 2,529 2,279 2,124 2,545 2,593 2,476
NOPAT Margin		 39.19% 38.00% 35.47% 35.53% 35.61% 36.79% 35.68% 35.66% 37.19% 36.64% 35.33%
Net Nonoperating Expense Percent (NNEP)		 0.72% 0.70% 0.49% 0.79% 0.84% 0.78% 0.42% 0.74% 0.81% 0.86% 0.63%
Return On Investment Capital (ROIC_SIMPLE)		 - - 6.56% - - - 6.58% 5.99% 6.59% 6.63% 4.73%
Cost of Revenue to Revenue		 41.69% 41.24% -38.65% 43.15% 41.65% 42.11% -42.71% 41.62% 39.92% 40.10% -34.60%
SG&A Expenses to Revenue		 9.60% 9.74% 93.04% 11.19% 10.15% 9.31% 95.52% 12.00% 10.87% 11.29% 87.79%
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		 11.62% 10.82% 97.85% 12.51% 10.06% 11.49% 101.16% 13.92% 12.85% 12.48% 89.58%
Earnings before Interest and Taxes (EBIT)		 3,147 3,264 2,876 2,781 2,929 3,224 2,917 2,705 3,214 3,358 3,203
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 3,640 3,762 3,373 3,291 3,431 3,756 3,470 3,225 3,758 3,917 3,779
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)		 8.69 7.45 8.24 7.79 7.05 8.37 8.01 8.68 8.02 8.26 8.10
Price to Earnings (P/E)		 25.96 22.09 24.79 24.08 21.60 26.04 25.26 26.93 24.64 25.29 25.42
Dividend Yield		 2.06% 2.38% 2.15% 2.30% 2.59% 2.21% 2.34% 2.20% 2.39% 2.33% 2.35%
Earnings Yield		 3.85% 4.53% 4.03% 4.15% 4.63% 3.84% 3.96% 3.71% 4.06% 3.95% 3.93%
Enterprise Value to Invested Capital (EV/IC)		 8.57 7.76 4.28 8.03 7.10 7.91 4.15 8.10 7.14 7.37 5.44
Enterprise Value to Revenue (EV/Rev)		 10.06 8.76 9.56 9.10 8.40 9.74 9.35 10.04 9.42 9.63 9.98
Enterprise Value to EBITDA (EV/EBITDA)		 18.49 16.09 17.58 16.67 15.61 18.23 17.38 18.47 17.16 17.38 18.27
Enterprise Value to EBIT (EV/EBIT)		 21.64 18.77 20.51 19.43 18.26 21.38 20.45 21.75 20.19 20.44 21.49
Enterprise Value to NOPAT (EV/NOPAT)		 27.59 23.80 25.99 24.54 23.22 27.14 26.03 27.93 25.92 26.50 27.54
Enterprise Value to Operating Cash Flow (EV/OCF)		 27.88 23.49 25.35 24.47 22.54 27.14 25.66 27.21 25.08 24.12 25.42
Enterprise Value to Free Cash Flow (EV/FCFF)		 40.54 37.78 0.00 32.17 29.83 45.00 30.72 39.43 44.33 35.36 57.41
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 -7.14 -7.68 -8.36 -7.73 -7.99 -7.65 -10.12 -11.27 -15.00 -19.09 -30.22
Long-Term Debt to Equity		 -7.14 -7.68 -7.89 -7.61 -7.99 -7.53 -10.12 -11.25 -14.78 -18.25 -30.22
Financial Leverage		 -5.75 -5.65 -8.80 -6.29 -6.99 -7.00 -14.56 -8.37 -9.55 -10.02 -17.73
Leverage Ratio		 -8.77 -8.81 -9.95 -9.95 -10.61 -10.79 -13.09 -13.25 -14.95 -15.91 -20.53
Compound Leverage Factor		 -7.85 -7.89 -8.70 -8.62 -9.26 -9.52 -11.39 -11.42 -13.31 -13.97 -17.67
Debt to Total Capital		 116.28% 114.97% 113.59% 114.85% 114.31% 115.05% 110.97% 109.74% 107.14% 105.53% 103.42%
Short-Term Debt to Total Capital		 0.00% 0.00% 6.33% 1.86% 0.00% 1.73% 0.00% 0.23% 1.56% 4.60% 0.00%
Long-Term Debt to Total Capital		 116.28% 114.97% 107.26% 113.00% 114.31% 113.31% 110.97% 109.51% 105.58% 100.93% 103.42%
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		 -16.28% -14.97% -13.59% -14.85% -14.31% -15.05% -10.96% -9.74% -7.14% -5.53% -3.42%
Debt to EBITDA		 2.71 2.74 2.84 2.66 2.78 2.86 2.75 2.79 2.89 2.84 3.69
Net Debt to EBITDA		 2.51 2.41 2.43 2.39 2.52 2.56 2.48 2.50 2.56 2.47 3.44
Long-Term Debt to EBITDA		 2.71 2.74 2.68 2.61 2.78 2.81 2.75 2.78 2.85 2.71 3.69
Debt to NOPAT		 4.05 4.05 4.20 3.91 4.13 4.25 4.13 4.21 4.37 4.33 5.56
Net Debt to NOPAT		 3.75 3.56 3.59 3.52 3.74 3.81 3.72 3.78 3.87 3.77 5.19
Long-Term Debt to NOPAT		 4.05 4.05 3.96 3.85 4.13 4.19 4.13 4.20 4.31 4.14 5.56
Altman Z-Score		 4.70 4.40 6.01 4.38 4.21 4.36 6.26 4.55 4.26 4.29 4.41
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.01% 0.01% 0.00% 0.00% 0.02% 0.01% 0.00% 0.00% 0.04%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.35 1.71 1.16 0.83 1.08 0.78 1.19 1.18 1.30 1.00 0.95
Quick Ratio		 1.04 1.43 1.03 0.63 0.82 0.58 0.90 0.90 1.03 0.82 0.74
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -270 -863 -28,022 -74 247 -1,163 857 -572 -1,391 203 -2,591
Operating Cash Flow to CapEx		 289.62% 478.52% 338.64% 480.89% 236.22% 235.34% 413.68% 424.48% 264.64% 344.18% 293.15%
Free Cash Flow to Firm to Interest Expense		 -0.82 -2.53 -77.84 -0.20 0.66 -3.05 2.26 -1.52 -3.57 0.50 -6.32
Operating Cash Flow to Interest Expense		 5.07 8.88 6.91 6.42 4.53 7.18 6.92 6.46 5.12 8.44 6.58
Operating Cash Flow Less CapEx to Interest Expense		 3.32 7.03 4.87 5.09 2.61 4.13 5.25 4.94 3.19 5.99 4.33
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.49 0.50 0.48 0.49 0.49 0.48 0.47 0.47 0.46 0.45 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		 113.17 127.62 105.03 115.99 114.81 113.83 101.49 110.27 106.48 97.63 96.14
Fixed Asset Turnover		 1.02 1.07 1.05 1.06 1.05 1.04 1.03 1.02 1.01 0.99 1.00
Accounts Payable Turnover		 7.01 7.01 5.29 6.47 6.44 6.40 5.19 5.88 6.02 5.55 5.16
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)		 3.23 2.86 3.48 3.15 3.18 3.21 3.60 3.31 3.43 3.74 3.80
Days Payable Outstanding (DPO)		 52.10 52.08 68.95 56.41 56.72 57.01 70.35 62.04 60.65 65.72 70.68
Cash Conversion Cycle (CCC)		 -48.88 -49.22 -65.47 -53.26 -53.54 -53.80 -66.75 -58.73 -57.22 -61.98 -66.88
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 28,389 28,232 56,939 29,187 30,453 31,924 58,361 31,883 34,389 34,314 49,268
Invested Capital Turnover		 0.90 0.94 0.61 0.92 0.88 0.86 0.45 0.84 0.80 0.79 0.58
Increase / (Decrease) in Invested Capital		 2,816 3,406 30,294 2,266 2,064 3,692 1,422 2,696 3,936 2,390 5,067
Enterprise Value (EV)		 243,361 219,067 243,669 234,454 216,360 252,537 242,370 258,112 245,611 252,863 268,182
Market Capitalization		 210,315 186,327 209,983 200,807 181,504 217,132 207,741 223,176 208,911 216,857 217,656
Book Value per Share		 ($6.85) ($6.66) ($6.49) ($6.69) ($6.69) ($7.22) ($5.30) ($4.83) ($3.86) ($3.03) ($2.51)
Tangible Book Value per Share		 ($10.91) ($10.73) ($10.68) ($10.89) ($10.92) ($11.71) ($9.69) ($9.29) ($8.49) ($7.66) ($7.22)
Total Capital		 30,711 32,420 34,638 32,535 33,700 34,409 34,627 35,471 38,643 39,120 52,329
Total Debt		 35,710 37,275 39,345 37,368 38,524 39,586 38,424 38,925 41,403 41,283 54,120
Total Long-Term Debt		 35,710 37,275 37,153 36,764 38,524 38,990 38,424 38,845 40,801 39,483 54,120
Net Debt		 33,046 32,740 33,686 33,647 34,856 35,405 34,629 34,936 36,700 36,006 50,526
Capital Expenditures (CapEx)		 578 633 735 497 715 1,163 636 572 755 996 920
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -354 -649 -1,260 -1,063 -497 -2,021 -347 -431 29 -613 -972
Debt-free Net Working Capital (DFNWC)		 1,272 2,847 3,319 -225 295 -800 738 807 1,905 1,800 -198
Net Working Capital (NWC)		 1,272 2,847 1,127 -829 295 -1,396 738 727 1,303 0.00 -198
Net Nonoperating Expense (NNE)		 236 226 232 263 289 274 262 256 292 315 312
Net Nonoperating Obligations (NNO)		 33,389 33,087 61,646 34,020 35,277 37,101 62,158 35,337 37,149 36,477 51,059
Total Depreciation and Amortization (D&A)		 493 498 497 510 502 532 553 520 544 559 576
Debt-free, Cash-free Net Working Capital to Revenue		 -1.46% -2.59% -4.94% -4.13% -1.93% -7.79% -1.34% -1.68% 0.11% -2.33% -3.62%
Debt-free Net Working Capital to Revenue		 5.26% 11.38% 13.02% -0.87% 1.15% -3.08% 2.85% 3.14% 7.31% 6.85% -0.74%
Net Working Capital to Revenue		 5.26% 11.38% 4.42% -3.22% 1.15% -5.38% 2.85% 2.83% 5.00% 0.00% -0.74%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.17 $3.19 $2.80 $2.67 $2.81 $3.15 $2.82 $2.61 $3.15 $3.20 $3.04
Adjusted Weighted Average Basic Shares Outstanding		 729.60M 727.20M 727.90M 721.80M 719.00 716.70M 718.30M 714.90M 714.50M 712.90M 713.40M
Adjusted Diluted Earnings per Share		 $3.15 $3.17 $2.79 $2.66 $2.80 $3.13 $2.80 $2.60 $3.14 $3.18 $3.03
Adjusted Weighted Average Diluted Shares Outstanding		 734.30M 731.60M 732.30M 725.90M 722.00 720M 721.90M 718.20M 717.60M 715.90M 716.40M
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		 728.76M 725.34M 722.05M 720.68M 717.34M 716.62M 714.46M 715.03M 713.60M 712.15M 710.40M
Normalized Net Operating Profit after Tax (NOPAT)		 2,546 2,543 2,272 2,192 2,311 2,529 2,279 2,124 2,545 2,593 2,476
Normalized NOPAT Margin		 39.19% 38.00% 35.47% 35.53% 35.61% 36.79% 35.68% 35.66% 37.19% 36.64% 35.33%
Pre Tax Income Margin		 43.35% 43.69% 39.24% 39.05% 39.37% 41.36% 39.73% 39.12% 41.81% 41.66% 39.34%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 9.54 9.57 7.99 7.48 7.85 8.46 7.68 7.19 8.24 8.27 7.81
NOPAT to Interest Expense		 7.72 7.46 6.31 5.89 6.20 6.64 6.00 5.65 6.53 6.39 6.04
EBIT Less CapEx to Interest Expense		 7.78 7.72 5.95 6.14 5.94 5.41 6.00 5.67 6.31 5.82 5.57
NOPAT Less CapEx to Interest Expense		 5.97 5.60 4.27 4.56 4.28 3.58 4.32 4.13 4.59 3.93 3.80
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 54.35% 53.24% 53.52% 53.84% 56.79% 58.33% 59.22% 60.40% 59.51% 60.12% 59.73%
Augmented Payout Ratio		 85.69% 85.55% 89.59% 93.33% 102.03% 96.80% 93.57% 89.60% 82.80% 83.72% 83.74%

Financials Breakdown Chart

Key Financial Trends

Key takeaways from McDonald’s (NYSE: MCD) quarterly results over the last four years, focusing on revenue, profitability, cash flow and balance sheet strength. All figures are in USD and shown on a quarterly basis where provided.

  • Q4 2025 revenue rose to about $7.01 billion, up from about $6.39 billion in Q4 2024.
  • Net income attributable to common shareholders in Q4 2025 was about $2.20 billion, with Basic EPS of $3.04 and Diluted EPS of $3.03.
  • Net cash from continuing operating activities in Q4 2025 was about $2.70 billion, signaling solid core cash generation.
  • Dividends per share rose to $1.86 for Q4 2025, continuing McDonald’s strong capital-return policy.
  • Cash and cash equivalents stood around $2.41 billion in late 2025, up from about $1.08 billion at the end of 2024, improving liquidity.
  • Free cash flow presence is implied in Q4 2025, with operating cash flow exceeding capital expenditures (CFO around $2.70B vs PPE purchases around $1.17B), indicating meaningful cash generation after investments.
  • Capital investment remains sizable and steady (PPE purchases around $1.1–$1.2B per quarter), consistent with ongoing store openings and remodels.
  • Issuance of debt has been minimal or zero in several recent quarters, indicating a careful approach to debt management.
  • Net change in cash and cash equivalents for Q4 2025 was negative by about $1.64 billion, reflecting quarter-end cash outflows.
  • Net cash from financing activities in Q4 2025 was heavily negative (about −$3.24 billion), driven by dividends and share repurchases.
05/06/26 03:00 PM ETAI Generated. May Contain Errors.

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 2025 ended on December 31, 2025.

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 $8.56 billion in 2025, rising from $4.53 billion in 2015. The previous period was $8.22 billion in 2024. See McDonald's' forecast for analyst expectations on what’s next for the company.

What is McDonald's' operating income?
McDonald's' total operating income in 2025 was $12.39 billion, based on the following breakdown:
  • Total Gross Profit: $21.26 billion
  • Total Operating Expenses: $8.87 billion
How has McDonald's' revenue changed over the last 10 years?

Over the last 10 years, McDonald's' total revenue changed from $25.41 billion in 2015 to $26.89 billion in 2025, a change of 5.8%.

How much debt does McDonald's have?

McDonald's' total liabilities were at $61.31 billion at the end of 2025, a 3.9% increase from 2024, and a 98.7% increase since 2015.

How much cash does McDonald's have?

In the past 10 years, McDonald's' cash and equivalents has ranged from $774 million in 2025 to $7.69 billion in 2015, and is currently $774 million as of their latest financial filing in 2025.

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 7.72 in 2015 to -2.51 in 2025, a change of -132.6%.


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Financial statements for NYSE:MCD last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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