McDonald's Corporation (MCD) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$3.32	$3.38	+1.8%	—	—	—
Q4 26	$2.55	$2.72	+6.7%	—	—	—
Q3 26	$3.05	$3.12	+2.3%	—	—	—
Q2 26	$3.33	$3.22	-3.3%	—	—	—
Q1 26	$3.15	$3.19	+1.3%	—	—	—
Q4 25	$2.67	$2.67	0.0%	—	—	—
Q3 25	$2.86	$2.83	-1.0%	—	—	—
Q2 25	$3.2	$3.23	+0.9%	—	—	—
Q1 25	$3.07	$2.97	-3.3%	—	—	—
Q4 24	$2.73	$2.7	-1.1%	—	—	—
Q3 24	$2.83	$2.95	+4.2%	—	—	—
Q2 24	$3	$3.19	+6.3%	—	—	—
Q1 24	$2.79	$3.17	+13.6%	—	—	—
Q4 23	$2.34	$2.63	+12.4%	—	—	—
Q3 23	$2.46	$2.59	+5.3%	—	—	—
Q2 23	$2.58	$2.68	+3.9%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$12.1	—	—	$26.9B	—
FY24	—	$11.5	—	—	$25.9B	—
FY23	—	$11.6	—	—	$25.5B	—
FY22	—	$8.45	—	—	$23.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$24.6B	$22.8B	$21.3B	$21.4B	$19.2B	$23.2B	$23.2B	$25.5B	$25.9B	$26.9B
YoY change	-3.11%	-7.32%	-6.85%	+0.5%	-10.1%	+20.9%	-0.17%	+9.97%	+1.67%	+3.72%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	24.6B	22.8B	21.3B	21.4B	19.2B	23.2B	23.2B	25.5B	25.9B	26.9B
Cost of revenue	14.4B	12.2B	10.4B	10.2B	9.5B	10.6B	10B	10.9B	11.2B	11.5B
Gross profit	10.2B	10.6B	10.8B	11.2B	9.8B	12.6B	13.2B	14.6B	14.7B	15.4B
Gross margin	41.4%	46.5%	51%	52.3%	50.8%	54.2%	57%	57.1%	56.8%	57.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2.4B	2.2B	2B	2B	2.2B	2.4B	2.5B	2.4B	2.4B	2.6B
Operating expenses	2.4B	2.2B	2B	2B	2.2B	2.4B	2.5B	2.4B	2.4B	2.6B
Operating income	7.8B	8.4B	8.6B	8.9B	7.2B	9.9B	10.3B	11.7B	11.9B	12.4B
Operating margin	31.8%	36.8%	40.6%	41.9%	37.5%	42.5%	44.6%	46.1%	45.7%	46.1%
Non-operating income, net	-73.7M	1.1B	160.2M	153M	134.5M	432.3M	-1.4B	-48.9M	-104M	2M
Pretax income	6.9B	8.6B	7.8B	8B	6.1B	9.1B	7.8B	10.5B	10.3B	10.9B
Income tax	2.2B	3.4B	1.9B	2B	1.4B	1.6B	1.6B	2.1B	2.1B	2.3B
Net income	4.7B	5.2B	5.9B	6B	4.7B	7.5B	6.2B	8.5B	8.2B	8.6B
Net margin	19%	22.8%	27.9%	28.2%	24.6%	32.5%	26.6%	33.2%	31.7%	31.9%
EBITDA	9.4B	9.9B	10.2B	10.7B	9.1B	11.9B	11.9B	14.1B	14.3B	14.9B
EPS	5.73	6.54	7.72	8.07	6.35	10.1	8.45	11.6	11.5	12.1
Diluted EPS	5.44	6.37	7.54	7.88	6.31	10	8.33	11.6	11.4	11.9

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	6.7B	6.4B	6.2B	6.5B	6.9B	6.4B	6B	6.8B	7.1B	7B	6.5B	7.1B
Cost of revenue	2.8B	2.8B	2.7B	2.8B	3B	2.7B	2.6B	2.9B	3B	3B	2.9B	3B
Gross profit	3.9B	3.7B	3.4B	3.7B	3.9B	3.7B	3.3B	4B	4.1B	4B	3.6B	4.1B
Gross margin	57.7%	57%	55.7%	57.3%	56.4%	57.6%	56%	57.9%	58%	57.5%	55.9%	58%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	584M	730.9M	622M	590M	536M	664M	575M	595M	664M	749M	648M	706M
Operating expenses	584M	730.9M	622M	590M	536M	664M	575M	595M	664M	749M	648M	706M
Operating income	3.2B	2.8B	2.7B	3B	3.2B	2.9B	2.7B	3.3B	3.3B	3.2B	2.9B	3.3B
Operating margin	47.6%	44.2%	44.1%	46.6%	47%	45.1%	44.6%	47.7%	46.9%	45%	44.3%	46.5%
Non-operating income, net	33M	-21.8M	15M	-120M	-22M	20M	34M	-32M	11M	-11M	50M	33M
Pretax income	2.9B	2.5B	2.4B	2.6B	2.8B	2.5B	2.3B	2.9B	2.9B	2.8B	2.5B	2.9B
Income tax	606M	476M	479M	533M	588M	521M	461M	608M	671M	594M	559M	574M
Net income	2.3B	2B	1.9B	2B	2.3B	2B	1.9B	2.3B	2.3B	2.2B	2B	2.4B
Net margin	34.6%	31.8%	31.3%	31.2%	32.8%	31.6%	31.4%	32.9%	32.2%	30.9%	30.4%	33.3%
EBITDA	3.8B	3.4B	3.3B	3.6B	3.9B	3.5B	3.3B	3.9B	4B	3.8B	3.5B	3.9B
EPS	3.19	2.82	2.68	2.82	3.15	2.82	2.61	3.16	3.2	3.05	2.79	3.34
Diluted EPS	3.17	2.8	2.66	2.8	3.13	2.8	2.6	3.14	3.18	3.03	2.78	3.32

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	99.6B	136.7B	136.2B	147.5B	159.9B	199.7B	192.7B	215.8B	207.3B	217.2B	165.3B
Enterprise value	124.4B	163.8B	166.4B	194.1B	208B	244.3B	238.8B	264.3B	258.2B	271.2B	221.1B
Shares outstanding	818.5M	794.1M	767.1M	746.3M	745.4M	744.8M	731.3M	727.9M	715.2M	710.6M	710.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	21.3	26.3	23	24.5	33.8	26.5	31.2	25.5	25.2	25.4	19
P/S	4.05	5.99	6.41	6.9	8.33	8.6	8.31	8.47	8	8.08	5.97
P/B	-45.2	-41.8	-21.8	-18	-20.4	-43.4	-32.1	-45.9	-54.6	-121.3	-161.4
EV/EBITDA	13.3	16.5	16.2	18.1	22.8	20.5	20.1	18.8	18.1	18.2	14.8
EV/Sales	5.05	7.18	7.83	9.09	10.8	10.5	10.3	10.4	9.96	10.1	7.98
Earnings yield	4.7%	3.8%	4.35%	4.09%	2.96%	3.78%	3.21%	3.92%	3.97%	3.94%	5.27%
FCF yield	4.25%	2.71%	3.1%	3.88%	2.89%	3.56%	2.85%	3.36%	3.22%	3.31%	3.79%
PEG	—	—	—	—	—	—	—	—	—	—	3.32

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	41.4%	46.5%	51%	52.3%	50.8%	54.2%	57%	57.1%	56.8%	57.4%	58%
Operating margin	31.8%	36.8%	40.6%	41.9%	37.5%	42.5%	44.6%	46.1%	45.7%	46.1%	46.5%
Net margin	19%	22.8%	27.9%	28.2%	24.6%	32.5%	26.6%	33.2%	31.7%	31.9%	31.7%
ROE	-212.6%	-158.9%	-94.7%	-73.4%	-60.5%	-164%	-102.9%	-179.9%	-216.6%	-478.1%	-478.1%
ROA	15.1%	15.4%	18.1%	12.7%	8.99%	14%	12.2%	15.1%	14.9%	14.4%	13.3%
ROIC	23.7%	21.3%	27.3%	17.5%	13.8%	20.4%	20.4%	21.6%	20%	18.6%	18.9%
Return on tangible assets	17.8%	17.9%	21%	14.3%	10%	15.6%	13.8%	16.9%	16.8%	16.2%	16.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.4	1.84	1.36	0.98	1.01	1.78	1.43	1.16	1.19	0.95	1.08
Quick ratio	1.38	1.82	1.35	0.97	1	1.76	1.41	1.16	1.18	0.94	1.07
Debt / equity	-11.8	-9.04	-4.97	-5.79	-6.58	-10.7	-8.11	-11.3	-13.7	-30.6	-0.53
Debt / assets	0.84	0.87	0.95	1	0.98	0.92	0.97	0.95	0.94	0.92	0.91
Net debt / EBITDA	2.64	2.73	2.95	4.34	5.27	3.75	3.89	3.44	3.57	3.62	3.54
Interest coverage	8.76	10.3	8.97	8.15	6.04	8.7	7.48	8.73	7.87	7.89	7.88
Effective tax rate	31.7%	39.4%	24.2%	24.9%	23%	17.3%	21.1%	19.5%	20.5%	21.4%	21.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	30.1	28.7	27.7	28.6	25.8	31.2	31.7	35	36.2	37.8	39
EPS (basic)	5.73	6.54	7.72	8.07	6.35	10.1	8.45	11.6	11.5	12.1	12.1
EPS (diluted)	5.44	6.37	7.54	7.88	6.31	10	8.33	11.6	11.4	11.9	12.3
Book value per share	-2.69	-4.12	-8.16	-11	-10.5	-6.18	-8.21	-6.47	-5.31	-2.52	-1.45
FCF per share	5.18	4.66	5.51	7.68	6.2	9.53	7.5	9.97	9.33	10.1	10.9
Cash per share	1.49	3.1	1.13	1.2	4.63	6.32	3.53	6.29	1.52	1.09	1.16
Capex per share	0.1	0.21	0.21	0.2	0.04	0.14	0.05	0.13	0.17	4.74	5.04

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.34%	0.73%	0.75%	0.71%	0.14%	0.46%	0.17%	0.37%	0.47%	12.5%	12.9%
Capex / operating cash flow	1.35%	2.3%	2.17%	1.87%	0.44%	1.19%	0.6%	1%	1.22%	31.9%	31.6%
Payout ratio	65.3%	59.5%	55%	59.4%	79.3%	51.9%	67.5%	53.5%	59.2%	59.7%	59.7%
Dividend yield	3.07%	2.26%	2.39%	2.43%	2.35%	1.96%	2.16%	2.1%	2.35%	2.36%	3.18%

Yield

3.18%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.86

ex-dividend Sep 1, 2026

Payout ratio

60%

of earnings

Dividend growth

38 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 1, 2026	$1.86
Jun 2, 2026	$1.86
Mar 3, 2026	$1.86

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$6.7B	$6.4B	$6.2B	$6.5B	$6.9B	$6.4B	$6B	$6.8B	$7.1B	$7B	$6.5B	$7.1B
YoY change	+14%	+8.09%	+4.59%	-0.11%	+2.72%	-0.28%	-3.47%	+5.44%	+2.95%	+9.71%	+9.44%	+3.76%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.2B	2.5B	866M	898.5M	3.4B	4.7B	2.6B	4.6B	1.1B	774M
Receivables	1.5B	2B	2.4B	2.2B	2.1B	1.9B	2.1B	2.5B	2.4B	2.5B
Inventory	58.9M	58.8M	51.1M	50.2M	51.1M	55.6M	52M	52.8M	56M	61M
Total current assets	4.8B	5.3B	4.1B	3.6B	6.2B	7.1B	5.4B	8B	4.6B	4.2B
Property, plant & equipment	-678.6M	-1.7B	-2.5B	10.8B	10.3B	9.4B	7.4B	5B	4.7B	5.1B
Goodwill & intangibles	4.7B	4.8B	4.7B	5.4B	5.5B	5.6B	5.8B	6.1B	6.3B	6.7B
Total assets	31B	33.8B	32.8B	47.5B	52.6B	53.9B	50.4B	56.1B	55.2B	59.5B
Accounts payable	756M	924.8M	1.2B	988.2M	741.3M	1B	980.2M	1.1B	1B	1.1B
Short-term debt	77.2M	—	—	680.1M	2.9B	705.5M	661.1M	2.9B	636M	694M
Total current liabilities	3.5B	2.9B	3B	3.6B	6.2B	4B	3.8B	6.9B	3.9B	4.4B
Long-term debt	25.9B	29.5B	31.1B	46.9B	48.5B	48.6B	48B	50.2B	51.3B	54.1B
Total liabilities	33.2B	37.1B	39.1B	55.7B	60.5B	58.5B	56.4B	60.9B	59B	61.3B
Shareholders' equity	-2.2B	-3.3B	-6.3B	-8.2B	-7.8B	-4.6B	-6B	-4.7B	-3.8B	-1.8B
Total debt	26B	29.5B	31.1B	47.6B	51.5B	49.3B	48.7B	53.1B	51.9B	54.8B
Net debt	24.7B	27.1B	30.2B	46.7B	48B	44.6B	46.1B	48.5B	50.9B	54B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3.5B	4.6B	838M	792M	1.2B	1.1B	1.2B	1.9B	2.4B	774M	1.2B	822M
Receivables	2.2B	2.5B	2.2B	2.4B	2.5B	2.4B	2.4B	2.5B	2.6B	2.5B	2.4B	2.5B
Inventory	47.6M	52.8M	46M	46M	54M	56M	51M	55M	55M	61M	61M	58M
Total current assets	6.8B	8B	4.1B	4.2B	4.9B	4.6B	4.7B	5.6B	6.1B	4.2B	4.7B	4.3B
Property, plant & equipment	36.2B	5B	38B	38B	39.4B	4.7B	39.4B	41.3B	41.8B	5.1B	42.8B	42.9B
Goodwill & intangibles	5.9B	6.1B	6.1B	6.1B	6.4B	6.3B	6.4B	6.6B	6.6B	6.7B	6.7B	6.7B
Total assets	52.1B	56.1B	53.5B	53.8B	56.2B	55.2B	56.3B	59.6B	60.6B	59.5B	60B	59.9B
Accounts payable	862.4M	1.1B	936M	949M	944M	1B	882M	838M	972M	1.1B	1.1B	1.1B
Short-term debt	668.1M	2.9B	1.3B	655M	1.3B	636M	743M	1.3B	2.5B	694M	707M	690M
Total current liabilities	4B	6.9B	4.9B	3.9B	6.3B	3.9B	4B	4.3B	6.1B	4.4B	4.1B	4B
Long-term debt	49.1B	50.2B	49.6B	51.3B	52.1B	51.3B	52B	54.6B	53.3B	54.1B	54.2B	53.9B
Total liabilities	56.9B	60.9B	58.3B	58.6B	61.3B	59B	59.8B	62.3B	62.8B	61.3B	61.3B	60.9B
Shareholders' equity	-4.9B	-4.7B	-4.8B	-4.8B	-5.2B	-3.8B	-3.5B	-2.8B	-2.2B	-1.8B	-1.3B	-1B
Total debt	49.7B	53.1B	50.9B	52B	53.4B	51.9B	52.8B	55.9B	55.8B	54.8B	54.9B	54.6B
Net debt	46.3B	48.5B	50B	51.2B	52.2B	50.9B	51.5B	54B	53.4B	54B	53.7B	53.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	4.7B	5.2B	5.9B	6B	4.7B	7.5B	6.2B	8.5B	8.2B	8.6B
Depreciation & amortization	1.5B	1.4B	1.5B	1.6B	1.8B	1.9B	1.9B	2B	2.1B	2.2B
Stock-based compensation	131.3M	117.5M	125.1M	109.6M	92.4M	139.2M	166.7M	175.2M	172M	165M
Change in working capital	-41.1M	-437.7M	-351.9M	129M	-212.9M	170.2M	-773.9M	-314.2M	71M	191M
Operating cash flow	6.2B	7.2B	7.4B	8.1B	6.3B	9B	6.5B	9.5B	10B	10.6B
Capital expenditure	82.9M	166.8M	160.4M	151.2M	27.4M	106.2M	38.9M	94.9M	122M	-3.4B
Investing cash flow	839.5M	2.4B	286.6M	-677.4M	95M	-125.7M	-778.9M	-827.1M	-2.6B	-4B
Dividends paid	-3.1B	-3.1B	-3.3B	-3.6B	-3.8B	-3.9B	-4.2B	-4.5B	-4.9B	-5.1B
Share repurchases	-11.2B	-4.7B	-5.2B	-5B	-907.8M	-845.5M	-3.9B	-3.1B	-2.8B	-2.1B
Financing cash flow	-11.6B	-5.8B	-6.4B	-5.3B	-2.5B	-5.9B	-6.8B	-4.6B	-7.8B	-7.4B
Net change in cash	-4.6B	3.9B	1.3B	2.1B	3.8B	2.9B	-1.1B	4B	-401M	-811M
Free cash flow	4.2B	3.7B	4.2B	5.7B	4.6B	7.1B	5.5B	7.3B	6.7B	7.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	2.3B	2B	1.9B	2B	2.3B	2B	1.9B	2.3B	2.3B	2.2B	2B	2.4B
Depreciation & amortization	498M	497.5M	510M	502M	532M	553M	520M	544M	559M	576M	566M	565M
Stock-based compensation	43M	37.4M	50M	38M	40M	44M	45M	44M	39M	37M	60M	39M
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	2.6B	2.4B	2.3B	2.4B	2.7B	2.6B	2.3B	2B	3.4B	2.7B	2.4B	2.8B
Capital expenditure	14M	59.6M	8M	14M	10M	90M	5M	-744M	-1B	-1.1B	-682M	-831M
Investing cash flow	-363M	-82.1M	-1.9B	-218M	-472M	65M	-220M	-880M	-1.1B	-1.2B	-811M	-889M
Dividends paid	-1.1B	-1.2B	-1.2B	-1.2B	-1.2B	-1.3B	-1.3B	-1.3B	-1.3B	-1.3B	-1.3B	-1.3B
Share repurchases	-1.1B	-851.8M	-918M	-934M	-469M	-503M	-477M	-505M	-501M	-573M	-396M	-856M
Financing cash flow	-199M	-634.6M	-3.8B	-891M	-1.2B	-2B	-1.7B	-596M	-1.8B	-3.3B	-1.4B	-2.4B
Net change in cash	2B	1.7B	-3.4B	1.2B	966M	704M	407M	522M	479M	-1.8B	248M	-483M
Free cash flow	2.5B	1.7B	1.8B	1.1B	1.9B	1.8B	1.9B	1.3B	2.4B	1.6B	1.7B	2B

Date	Ratio
Mar 8, 1999	2:1
Jun 27, 1994	2:1
Jun 19, 1989	2:1
Jun 23, 1987	3:2
Jun 26, 1986	3:2
Sep 25, 1984	3:2
Oct 7, 1982	3:2
Jun 6, 1972	2:1
Jun 14, 1971	3:2

McDonald's Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history