NYSE : MCD
McDonald's Corporation — Financial statements
Consumer Discretionary · Restaurants · United States
Last price 257.38 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 182.13B
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Financial statements
McDonald's Corporation (MCD) reported revenue of 27.70B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 27.02B | 26.24B | 25.50B | 25.18B | 22.85B | 22.87B |
| Other Revenue | 687.00M | 647.00M | 423.00M | 315.00M | 329.00M | 350.10M |
| Revenue | 27.70B | 26.89B | 25.92B | 25.49B | 23.18B | 23.22B |
| Cost of Revenue | 11.81B | 11.45B | 11.21B | 10.93B | 9.97B | 10.64B |
| Gross Profit | 15.90B | 15.43B | 14.71B | 14.56B | 13.21B | 12.58B |
| Selling, General & Admin | 2.77B | 2.58B | 2.41B | 2.44B | 2.49B | 2.38B |
| Other Operating Expenses | -1.00M | -1.00M | -1.00M | -19.00M | -285.40M | |
| Operating Expenses | 3.23B | 3.04B | 2.86B | 2.82B | 2.84B | 2.42B |
| Operating Income | 12.66B | 12.39B | 11.85B | 11.75B | 10.37B | 10.16B |
| Interest Expense | -1.62B | -1.58B | -1.51B | -1.36B | -1.21B | -1.19B |
| Interest & Investment Income | 64.00M | 82.00M | 103.00M | 187.00M | 44.00M | 9.00M |
| Earnings From Equity Investments | 195.00M | 190.00M | 157.00M | 153.00M | 113.00M | 176.70M |
| Currency Exchange Gain (Loss) | -81.00M | -40.00M | -6.00M | 19.00M | 134.00M | -37.00M |
| Other Non Operating Income (Expenses) | 24.00M | 45.00M | 41.00M | 30.00M | -518.00M | -14.30M |
| EBT Excluding Unusual Items | 11.24B | 11.09B | 10.64B | 10.77B | 8.93B | 9.11B |
| Merger & Restructuring Charges | -218.00M | -229.00M | -221.00M | -290.00M | ||
| Gain (Loss) on Sale of Assets | 163.00M | 36.00M | -6.00M | 110.00M | -1.11B | 21.20M |
| Asset Writedown | -1.00M | -72.00M | ||||
| Other Unusual Items | -70.00M | |||||
| Pretax Income | 11.19B | 10.90B | 10.34B | 10.52B | 7.83B | 9.13B |
| Income Tax Expense | 2.40B | 2.33B | 2.12B | 2.05B | 1.65B | 1.58B |
| Net Income | 8.79B | 8.56B | 8.22B | 8.47B | 6.18B | 7.55B |
| Net Income to Common | 8.79B | 8.56B | 8.22B | 8.47B | 6.18B | 7.55B |
| Shares Outstanding (Basic) | 711.00M | 713.40M | 718.30M | 727.90M | 736.50M | 746.30M |
| Shares Outstanding (Diluted) | 713.60M | 716.40M | 721.90M | 732.30M | 741.30M | 751.80M |
| EPS (Basic) | 12.36 | 12.00 | 11.45 | 11.63 | 8.39 | 10.11 |
| EPS (Diluted) | 12.31 | 11.95 | 11.39 | 11.56 | 8.33 | 10.04 |
| Free Cash Flow | 7.76B | 7.19B | 6.67B | 7.25B | 5.49B | 7.10B |
| Free Cash Flow Per Share | 10.88 | 10.03 | 9.24 | 9.91 | 7.40 | 9.45 |
| Dividend Per Share | 7.35 | 7.17 | 6.78 | 6.23 | 5.66 | 5.25 |
| Gross Margin | 57.38% | 57.41% | 56.75% | 57.12% | 56.97% | 54.17% |
| Operating Margin | 45.72% | 46.10% | 45.73% | 46.07% | 44.71% | 43.74% |
| Profit Margin | 31.72% | 31.85% | 31.72% | 33.22% | 26.65% | 32.49% |
| Free Cash Flow Margin | 28.02% | 26.73% | 25.74% | 28.46% | 23.67% | 30.58% |
| EBITDA | 14.93B | 14.59B | 13.95B | 13.72B | 12.24B | 12.03B |
| EBITDA Margin | 53.90% | 54.28% | 53.82% | 53.83% | 52.78% | 51.79% |
| D&A For EBITDA | 2.27B | 2.20B | 2.10B | 1.98B | 1.87B | 1.87B |
| EBIT | 12.66B | 12.39B | 11.85B | 11.75B | 10.37B | 10.16B |
| EBIT Margin | 45.72% | 46.10% | 45.73% | 46.07% | 44.71% | 43.74% |
| Effective Tax Rate | 21.44% | 21.42% | 20.51% | 19.51% | 21.06% | 17.34% |
| Revenue as Reported | 27.70B | 26.89B | 25.92B | 25.49B | 23.18B | 23.22B |
| Advertising Expenses | 341.00M | 355.00M | 347.00M | 335.00M | 377.60M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 822.00M | 774.00M | 1.08B | 4.58B | 2.58B | 4.71B |
| Trading Asset Securities | 34.00M | 4.00M | 300.00K | |||
| Cash & Short-Term Investments | 822.00M | 774.00M | 1.12B | 4.58B | 2.58B | 4.71B |
| Accounts Receivable | 2.48B | 2.47B | 2.38B | 2.49B | 2.12B | 1.87B |
| Other Receivables | 332.00M | |||||
| Receivables | 2.48B | 2.47B | 2.38B | 2.49B | 2.12B | 2.20B |
| Inventory | 58.00M | 61.00M | 56.00M | 53.00M | 52.00M | 55.60M |
| Prepaid Expenses | 922.00M | 509.00M | 780.00M | 847.00M | 419.60M | 126.60M |
| Other Current Assets | 58.00M | 353.00M | 261.00M | 15.00M | 253.80M | 52.40M |
| Total Current Assets | 4.34B | 4.16B | 4.60B | 7.99B | 5.42B | 7.15B |
| Property, Plant & Equipment | 42.94B | 42.85B | 38.63B | 38.42B | 36.34B | 38.27B |
| Long-Term Investments | 2.90B | 2.82B | 2.71B | 1.08B | 1.06B | 1.21B |
| Goodwill | 3.35B | 3.35B | 3.15B | 3.04B | 2.90B | 2.78B |
| Other Intangible Assets | 1.06B | 907.00M | 836.00M | 864.30M | 795.00M | |
| Long-Term Deferred Tax Assets | 3.26B | 3.54B | 3.02B | 2.48B | 2.36B | |
| Other Long-Term Assets | 6.39B | 2.01B | 1.64B | 1.76B | 1.37B | 1.29B |
| Total Assets | 59.92B | 59.52B | 55.18B | 56.15B | 50.44B | 53.85B |
| Accounts Payable | 1.11B | 1.15B | 1.03B | 1.10B | 980.20M | 1.01B |
| Accrued Expenses | 1.86B | 2.15B | 1.83B | 2.12B | 1.87B | 1.94B |
| Current Portion of Long-Term Debt | 12.00M | 6.00M | 2.20B | |||
| Current Portion of Leases | 690.00M | 694.00M | 636.00M | 688.00M | 661.10M | 705.50M |
| Current Income Taxes Payable | 327.00M | 250.00M | 361.00M | 705.00M | 274.90M | 360.70M |
| Other Current Liabilities | 14.00M | 117.00M | 1.00M | 42.00M | 19.50M | 3.30M |
| Total Current Liabilities | 4.02B | 4.36B | 3.86B | 6.86B | 3.80B | 4.02B |
| Long-Term Debt | 39.86B | 39.99B | 38.46B | 37.21B | 35.99B | 35.63B |
| Long-Term Leases | 14.04B | 14.15B | 12.89B | 13.06B | 12.13B | 13.02B |
| Long-Term Unearned Revenue | 946.00M | 945.00M | 778.00M | 790.00M | 757.80M | 738.30M |
| Pension & Post-Retirement Benefits | 421.00M | 413.00M | 403.00M | |||
| Long-Term Deferred Tax Liabilities | 1.22B | 1.04B | 1.91B | 1.68B | 2.00B | 2.08B |
| Other Long-Term Liabilities | 855.00M | 405.00M | 667.00M | 852.00M | 1.75B | 2.97B |
| Total Liabilities | 60.94B | 61.31B | 58.98B | 60.85B | 56.44B | 58.46B |
| Common Stock | 17.00M | 17.00M | 17.00M | 17.00M | 16.60M | 16.60M |
| Additional Paid-In Capital | 9.84B | 9.64B | 9.28B | 8.89B | 8.55B | 8.23B |
| Retained Earnings | 71.99B | 70.28B | 66.83B | 63.48B | 59.54B | 57.53B |
| Treasury Stock | -80.53B | -79.32B | -77.38B | -74.64B | -71.62B | -67.81B |
| Comprehensive Income & Other | -2.34B | -2.42B | -2.55B | -2.46B | -2.49B | -2.57B |
| Shareholders' Equity | -1.02B | -1.79B | -3.80B | -4.71B | -6.00B | -4.60B |
| Total Liabilities & Equity | 59.92B | 59.52B | 55.18B | 56.15B | 50.44B | 53.85B |
| Total Debt | 54.60B | 54.83B | 51.99B | 53.15B | 48.79B | 49.35B |
| Net Cash (Debt) | -53.78B | -54.06B | -50.87B | -48.57B | -46.21B | -44.64B |
| Net Cash Per Share | -75.37 | -75.46 | -70.47 | -66.33 | -62.33 | -59.38 |
| Filing Date Shares Outstanding | 707.64M | 710.40M | 714.46M | 722.05M | 731.50M | 743.58M |
| Total Common Shares Outstanding | 707.64M | 711.00M | 715.20M | 722.70M | 730.73M | 744.80M |
| Working Capital | 327.00M | -198.00M | 738.00M | 1.13B | 1.62B | 3.13B |
| Book Value Per Share | -1.45 | -2.52 | -5.31 | -6.51 | -8.22 | -6.18 |
| Tangible Book Value | -4.37B | -6.21B | -7.85B | -8.58B | -9.77B | -8.18B |
| Tangible Book Value Per Share | -6.18 | -8.73 | -10.97 | -11.88 | -13.37 | -10.98 |
| Land | 8.17B | 7.25B | 7.08B | 6.69B | 6.49B | |
| Buildings | 37.71B | 33.90B | 33.38B | 31.43B | 31.95B | |
| Machinery | 2.95B | 2.59B | 2.69B | 2.50B | 3.03B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 8.79B | 8.56B | 8.22B | 8.47B | 6.18B | 7.55B |
| Depreciation & Amortization | 2.27B | 2.20B | 2.10B | 1.98B | 1.87B | 1.87B |
| Loss (Gain) From Sale of Assets | -149.00M | -149.00M | -37.00M | -103.00M | 733.00M | -97.80M |
| Stock-Based Compensation | 175.00M | 165.00M | 172.00M | 175.00M | 167.00M | 139.20M |
| Other Operating Activities | -243.00M | -333.00M | -570.00M | -799.00M | -916.00M | -767.40M |
| Change in Accounts Receivable | 231.00M | 231.00M | 10.00M | -161.00M | -264.00M | 309.90M |
| Change in Inventory | -140.00M | -140.00M | 71.00M | 17.00M | 6.00M | -62.20M |
| Change in Accounts Payable | 100.00M | 100.00M | -10.00M | 50.00M | 31.00M | 225.00M |
| Change in Income Taxes | -239.00M | -239.00M | -292.00M | -220.00M | -547.00M | -302.50M |
| Change in Other Net Operating Assets | 559.00M | 154.00M | -217.00M | 206.00M | 129.00M | 284.00M |
| Operating Cash Flow | 11.35B | 10.55B | 9.45B | 9.61B | 7.39B | 9.14B |
| Capital Expenditures | -3.59B | -3.37B | -2.77B | -2.36B | -1.90B | -2.04B |
| Sale of Property, Plant & Equipment | 170.00M | 130.00M | 122.00M | 95.00M | 39.00M | 106.20M |
| Cash Acquisitions | -376.00M | -354.00M | -669.00M | -441.00M | -807.00M | -374.20M |
| Divestitures | 472.00M | 346.00M | 311.00M | 195.00M | 446.00M | 196.20M |
| Investment in Securities | -1.84B | |||||
| Other Investing Activities | -509.00M | -579.00M | -498.00M | -677.00M | -457.00M | -53.90M |
| Investing Cash Flow | -3.83B | -3.82B | -5.35B | -3.19B | -2.68B | -2.17B |
| Short-Term Debt Issued | 6.00M | 326.00M | 213.00M | 26.00M | 15.10M | |
| Long-Term Debt Issued | 4.72B | 2.38B | 5.22B | 3.37B | 1.15B | |
| Total Debt Issued | 2.99B | 4.73B | 2.71B | 5.43B | 3.40B | 1.17B |
| Long-Term Debt Repaid | -4.80B | -2.78B | -2.44B | -2.20B | -2.24B | |
| Total Debt Repaid | -4.09B | -4.80B | -2.78B | -2.44B | -2.20B | -2.24B |
| Net Debt Issued (Repaid) | -1.11B | -72.00M | -71.00M | 2.99B | 1.20B | -1.07B |
| Issuance of Common Stock | 239.00M | 285.00M | 328.00M | 260.00M | 248.00M | 285.70M |
| Repurchase of Common Stock | -2.33B | -2.06B | -2.82B | -3.05B | -3.90B | -845.50M |
| Common Dividends Paid | -5.22B | -5.12B | -4.87B | -4.53B | -4.17B | -3.92B |
| Other Financing Activities | -222.00M | -167.00M | -58.00M | -40.00M | 38.00M | -46.70M |
| Financing Cash Flow | -8.64B | -7.12B | -7.50B | -4.37B | -6.58B | -5.60B |
| Foreign Exchange Rate Adjustments | 67.00M | 86.00M | -101.00M | -58.00M | -254.00M | -120.10M |
| Miscellaneous Cash Flow Adjustments | -1.00M | 1.00M | ||||
| Net Cash Flow | -1.05B | -311.00M | -3.49B | 2.00B | -2.12B | 1.26B |
| Free Cash Flow | 7.76B | 7.19B | 6.67B | 7.25B | 5.49B | 7.10B |
| Free Cash Flow Margin | 28.02% | 26.73% | 25.74% | 28.46% | 23.67% | 30.58% |
| Free Cash Flow Per Share | 10.88 | 10.03 | 9.24 | 9.91 | 7.40 | 9.45 |
| Levered Free Cash Flow | 6.26B | 6.30B | 5.13B | 6.56B | 5.29B | 6.01B |
| Unlevered Free Cash Flow | 7.28B | 7.28B | 6.07B | 7.41B | 6.04B | 6.75B |
| Cash Interest Paid | 1.55B | 1.55B | 1.52B | 1.29B | 1.18B | 1.20B |
| Cash Income Tax Paid | 2.69B | 2.69B | 3.00B | 3.00B | 3.02B | 2.40B |
| Change in Working Capital | 511.00M | 106.00M | -438.00M | -108.00M | -645.00M | 454.20M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 186.38B | 217.66B | 207.74B | 215.07B | 193.02B | 200.31B |
| Enterprise Value | 240.16B | 271.08B | 259.97B | 261.40B | 237.57B | 244.82B |
| Last Close Price | 258.12 | 299.75 | 277.84 | 277.46 | 241.14 | 239.92 |
| PE Ratio | 21.39 | 25.42 | 25.26 | 25.39 | 31.25 | 26.55 |
| Forward PE | 19.98 | 23.61 | 23.55 | 24.21 | 25.90 | 26.92 |
| PS Ratio | 6.59 | 8.10 | 8.02 | 8.44 | 8.33 | 8.63 |
| PB Ratio | -121.53 | -54.71 | -45.69 | -32.15 | -43.54 | |
| P/FCF Ratio | 23.54 | 30.29 | 31.14 | 29.64 | 35.17 | 28.21 |
| P/OCF Ratio | 16.10 | 20.63 | 21.99 | 22.38 | 26.13 | 21.91 |
| PEG Ratio | 2.95 | 3.46 | 4.00 | 2.67 | 3.47 | 1.95 |
| EV/Sales Ratio | 8.54 | 10.08 | 10.03 | 10.25 | 10.25 | 10.54 |
| EV/EBITDA Ratio | 15.84 | 18.57 | 18.64 | 19.05 | 19.41 | 20.36 |
| EV/EBIT Ratio | 18.67 | 21.87 | 21.93 | 22.25 | 22.92 | 24.10 |
| EV/FCF Ratio | 30.46 | 37.72 | 38.96 | 36.03 | 43.29 | 34.48 |
| Debt / Equity Ratio | -53.38 | -30.61 | -13.69 | -11.29 | -8.13 | -10.73 |
| Debt / EBITDA Ratio | 3.28 | 3.38 | 3.35 | 3.48 | 3.56 | 3.63 |
| Debt / FCF Ratio | 7.04 | 7.63 | 7.79 | 7.33 | 8.89 | 6.95 |
| Net Debt / Equity Ratio | -52.57 | -30.18 | -13.40 | -10.32 | -7.70 | -9.70 |
| Net Debt / EBITDA Ratio | 3.60 | 3.70 | 3.65 | 3.54 | 3.78 | 3.71 |
| Net Debt / FCF Ratio | 6.93 | 7.52 | 7.62 | 6.70 | 8.42 | 6.29 |
| Asset Turnover | 0.46 | 0.47 | 0.47 | 0.48 | 0.45 | 0.44 |
| Inventory Turnover | 208.96 | 195.74 | 205.69 | 208.21 | 185.41 | 199.49 |
| Quick Ratio | 0.82 | 0.74 | 0.91 | 1.03 | 1.24 | 1.72 |
| Current Ratio | 1.08 | 0.95 | 1.19 | 1.16 | 1.43 | 1.78 |
| Return on Assets (ROA) | 13.25% | 13.51% | 13.31% | 13.78% | 12.42% | 11.92% |
| Return on Invested Capital (ROIC) | 17.80% | 18.30% | 18.73% | 19.71% | 16.96% | 17.44% |
| Return on Capital Employed (ROCE) | 22.70% | 22.50% | 23.10% | 23.80% | 22.20% | 20.40% |
| Earnings Yield | 4.67% | 3.93% | 3.96% | 3.94% | 3.20% | 3.77% |
| FCF Yield | 4.25% | 3.30% | 3.21% | 3.37% | 2.84% | 3.55% |
| Dividend Yield | 2.93% | 2.34% | 2.33% | 2.09% | 2.14% | 1.95% |
| Payout Ratio | 62.71% | 59.73% | 59.22% | 53.52% | 67.48% | 51.93% |
| Buyback Yield / Dilution | 0.73% | 0.76% | 1.42% | 1.21% | 1.40% | -0.23% |
| Total Shareholder Return | 3.72% | 3.10% | 3.75% | 3.31% | 3.54% | 1.73% |