MCD financial statements

The full income statement, balance sheet, and cash-flow statement for McDonald's Corporation (MCD), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 717.3M2024-09 716.6M2024-12 714.5M2025-03 715.0M2025-06 713.6M2025-09 712.2M2025-12 710.4M2026-03 710.5M2026-06 707.6M-1.4% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	26.9B YoY+3.7%	25.9B YoY+1.7%	25.5B YoY+10.0%	23.2B YoY-0.2%	23.2B YoY+20.9%
Selling, general & administrative	3.04B YoY+6.3%	2.86B YoY+1.5%	2.82B YoY-1.6%	2.86B	—
Restructuring	229M YoY+3.6%	221M YoY-23.8%	290M	—	—
Operating income	12.4B YoY+5.8%	11.7B YoY+0.6%	11.6B YoY+24.3%	9.37B YoY-9.5%	10.4B YoY+41.4%
Interest expense	1.58B YoY+5.0%	1.51B YoY+10.7%	1.36B YoY+12.8%	1.21B YoY+1.8%	1.19B YoY-2.7%
Other non-operating income	87.0M YoY-37.4%	139M YoY-41.1%	236M YoY+169.6%	-339M YoY-701.4%	-42.3M YoY-221.6%
Equity-method income	190M YoY+21.0%	157M YoY+2.6%	153M YoY+35.4%	113M YoY-36.0%	177M YoY+50.5%
Income tax	2.33B YoY+10.0%	2.12B YoY+3.3%	2.05B YoY+24.6%	1.65B YoY+4.1%	1.58B YoY+12.2%
Net income	8.56B YoY+4.1%	8.22B YoY-2.9%	8.47B YoY+37.1%	6.18B YoY-18.1%	7.55B YoY+59.5%
	$11.95 YoY+4.9%	$11.39 YoY-1.5%	$11.56 YoY+38.8%	$8.33 YoY-17.0%	$10.04 YoY+59.1%
EPS (basic)	$12.00 YoY+4.8%	$11.45 YoY-1.5%	$11.63 YoY+38.6%	$8.39 YoY-17.0%	$10.11 YoY+59.2%
	—	—	—	737M YoY-1.3%	746M YoY+0.2%
	—	—	—	741M YoY-1.4%	752M YoY+0.2%
Dividends per share	$7.17 YoY+5.8%	$6.78 YoY+8.8%	$6.23 YoY+10.1%	$5.66 YoY+7.8%	$5.25 YoY+4.2%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	4.16B YoY-9.5%	4.60B YoY-42.4%	7.99B YoY+47.2%	5.42B YoY-24.1%	7.15B YoY+14.5%
Cash & equivalents	774M YoY-28.7%	1.08B YoY-76.3%	4.58B YoY+77.2%	2.58B YoY-45.1%	4.71B YoY+36.5%
Inventory	61.0M YoY+8.9%	56.0M YoY+5.7%	53.0M YoY+1.9%	52.0M YoY-6.5%	55.6M YoY+8.8%
Prepaid expenses	863M YoY-19.6%	1.07B YoY+24.0%	866M YoY+28.6%	673M YoY+31.7%	511M YoY-19.2%
	59.5B YoY+7.9%	55.2B YoY-1.7%	56.1B YoY+11.3%	50.4B YoY-6.3%	53.9B YoY+2.3%
Property, plant & equipment	28.2B YoY+11.6%	25.3B YoY+1.6%	24.9B YoY+4.8%	23.8B YoY-3.8%	24.7B YoY-1.0%
Operating lease right-of-use	14.6B YoY+9.5%	13.3B YoY-1.3%	13.5B YoY+7.5%	12.6B YoY-7.3%	13.6B YoY-2.0%
Goodwill	3.35B YoY+6.6%	3.15B YoY+3.5%	3.04B YoY+4.8%	2.90B YoY+4.2%	2.78B YoY+0.3%
Other non-current assets	6.33B YoY+3.9%	6.09B YoY+8.5%	5.62B YoY+19.3%	4.71B YoY+5.8%	4.45B YoY+26.1%
	4.36B YoY+13.0%	3.86B YoY-43.7%	6.86B YoY+80.4%	3.80B YoY-5.4%	4.02B YoY-35.0%
Accounts payable	1.15B YoY+11.7%	1.03B YoY-6.7%	1.10B YoY+12.5%	980M YoY-2.6%	1.01B YoY+35.8%
Short-term & current debt	725M	0.00 YoY-100.0%	2.19B	0.00	0.00 YoY-100.0%
Current lease liability	694M YoY+9.1%	636M YoY-7.6%	688M YoY+4.1%	661M YoY-6.3%	706M YoY+0.6%
Finance lease liability (current)	23.0M YoY+109.1%	11.0M	—	—	—
Long-term debt	40.0B YoY+4.0%	38.4B YoY+3.4%	37.2B YoY+3.5%	35.9B YoY+0.8%	35.6B YoY+1.2%
Deferred revenue (non-current)	945M YoY+21.5%	778M YoY-1.5%	790M YoY+4.2%	758M YoY+2.6%	738M YoY+5.2%
Non-current lease liability	14.1B YoY+9.8%	12.9B YoY-1.3%	13.1B YoY+7.6%	12.1B YoY-6.8%	13.0B YoY-2.3%
Operating lease liability (total)	—	—	12.2B YoY-4.9%	12.8B YoY-6.8%	13.7B YoY-2.1%
Finance lease liability (total)	2.35B YoY+32.1%	1.78B YoY+13.0%	1.58B	—	—
Finance lease liability	2.33B YoY+31.6%	1.77B	—	—	—
Deferred tax liabilities	1.04B YoY-45.8%	1.91B YoY+13.9%	1.68B YoY-15.8%	2.00B YoY-3.8%	2.08B YoY+2.5%
Other non-current liabilities	704M YoY-8.7%	771M YoY-18.8%	950M YoY-9.7%	1.05B YoY-2.7%	1.08B YoY+2.6%
	-1.79B YoY+52.8%	-3.80B YoY+19.3%	-4.71B YoY+21.6%	-6.00B YoY-30.5%	-4.60B YoY+41.2%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	17.0M YoY+0.0%	17.0M YoY+0.0%	17.0M YoY+2.4%	16.6M YoY+0.0%	16.6M YoY+0.0%
Additional paid-in capital	9.64B YoY+3.9%	9.28B YoY+4.4%	8.89B YoY+4.0%	8.55B YoY+3.8%	8.23B YoY+4.2%
Retained earnings	70.3B YoY+5.2%	66.8B YoY+5.3%	63.5B YoY+6.6%	59.5B YoY+3.5%	57.5B YoY+6.7%
Treasury stock	79.3B YoY+2.5%	77.4B YoY+3.7%	74.6B YoY+4.2%	71.6B YoY+5.6%	67.8B YoY+1.1%
Accumulated other comprehensive income	-2.41B YoY+5.4%	-2.55B YoY-3.9%	-2.46B YoY+1.2%	-2.49B YoY+3.4%	-2.57B YoY+0.5%
Total liabilities & equity	59.5B YoY+7.9%	55.2B YoY-1.7%	56.1B YoY+11.3%	50.4B YoY-6.3%	53.9B YoY+2.3%
	1.66B YoY+0.0%	1.66B YoY+0.0%	1.66B YoY+0.0%	1.66B YoY+0.0%	1.66B YoY+0.0%
	710M YoY-0.6%	714M YoY-1.1%	722M YoY-1.3%	731M YoY-1.6%	744M YoY-0.3%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	10.6B YoY+11.7%	9.45B YoY-1.7%	9.61B YoY+30.1%	7.39B YoY-19.2%	9.14B YoY+45.9%
Depreciation & amortization	457M YoY+2.2%	447M YoY+17.0%	382M YoY+3.2%	370M YoY+12.2%	330M YoY+9.7%
Share-based compensation	165M YoY-4.1%	172M YoY-1.7%	175M YoY+4.8%	167M YoY+20.0%	139M YoY+50.6%
Deferred income taxes	-126M YoY+78.0%	-574M YoY+16.3%	-686M YoY-98.3%	-346M YoY+19.2%	-428M YoY-6792.2%
Change in payables	100M YoY+1100.0%	-10.0M YoY-120.0%	50.0M YoY+61.3%	31.0M YoY-86.2%	225M YoY+263.6%
	-3.82B YoY+28.5%	-5.35B YoY-67.8%	-3.19B YoY-18.9%	-2.68B YoY-23.7%	-2.17B YoY-40.1%
Capital expenditure	3.37B YoY+21.3%	2.77B YoY+17.7%	2.36B YoY+24.1%	1.90B YoY-6.9%	2.04B YoY+24.3%
Free cash flow	7.19B YoY+7.7%	6.67B YoY-8.0%	7.25B YoY+32.2%	5.49B YoY-22.7%	7.10B YoY+53.6%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Proceeds from sale of PP&E	130M YoY+6.6%	122M YoY+28.4%	95.0M YoY+143.6%	39.0M YoY-63.3%	106M YoY+287.6%
Other investing activities	579M YoY+16.3%	498M YoY-26.3%	676M YoY+47.9%	457M YoY+747.9%	53.9M YoY+193.9%
	-7.13B YoY+4.9%	-7.50B YoY-71.4%	-4.37B YoY+33.5%	-6.58B YoY-17.6%	-5.60B YoY-148.8%
Long-term debt issued	4.72B YoY+98.5%	2.38B YoY-54.4%	5.22B YoY+54.7%	3.37B YoY+192.3%	1.15B YoY-79.2%
Long-term debt repaid	4.80B YoY+72.9%	2.78B YoY+13.8%	2.44B YoY+10.9%	2.20B YoY-1.7%	2.24B YoY-7.1%
Net short-term debt	6.00M YoY-98.2%	326M YoY+53.1%	213M YoY+719.2%	26.0M YoY+72.2%	15.1M YoY+101.7%
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	2.06B YoY-27.2%	2.82B YoY-7.5%	3.05B YoY-21.6%	3.90B YoY+360.8%	846M YoY-6.9%
Dividends paid	5.12B YoY+5.0%	4.87B YoY+7.4%	4.53B YoY+8.8%	4.17B YoY+6.4%	3.92B YoY+4.4%
Other financing activities	-167M YoY-198.2%	-56.0M YoY-40.0%	-40.0M YoY-205.3%	38.0M YoY+181.4%	-46.7M YoY+61.7%
FX effect on cash	86.0M YoY+185.1%	-101M YoY-74.1%	-58.0M YoY+77.2%	-254M YoY-111.5%	-120M YoY-249.8%
Net change in cash	-311M YoY+91.1%	-3.49B YoY-275.1%	2.00B YoY+193.9%	-2.13B YoY-268.7%	1.26B YoY-50.6%
Interest paid	1.55B YoY+2.1%	1.52B YoY+18.3%	1.29B YoY+8.7%	1.18B YoY-1.1%	1.20B YoY+5.4%
Income taxes paid	2.69B YoY-10.4%	3.00B YoY+0.2%	2.99B YoY-1.0%	3.02B YoY+25.8%	2.40B YoY+66.7%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	217B YoY+4.8%	207B YoY-3.7%	215B YoY+11.4%	193B YoY-3.2%	199B YoY+24.6%
P/E	25.4× YoY+0.7%	25.2× YoY-2.4%	25.8× YoY-20.9%	32.6× YoY+23.6%	26.4× YoY-21.9%
P/S	8.1× YoY+1.1%	8.0× YoY-7.1%	8.6× YoY+3.6%	8.3× YoY-3.3%	8.6× YoY+3.1%
P/FCF	30.2× YoY-2.7%	31.0× YoY+3.9%	29.9× YoY-10.3%	33.3× YoY+18.7%	28.1× YoY-18.9%
	3.9% YoY-0.7%	4.0% YoY+2.5%	3.9% YoY+26.5%	3.1% YoY-19.1%	3.8% YoY+28.0%
	3.3% YoY+2.7%	3.2% YoY-3.7%	3.3% YoY+11.5%	3.0% YoY-15.7%	3.6% YoY+23.3%
	2.3% YoY+0.3%	2.3% YoY+11.3%	2.1% YoY-2.2%	2.1% YoY+9.7%	2.0% YoY-16.6%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: MCD's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all MCD filings on SEC EDGAR → Not investment advice.