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McDonald's

MCD NYSE Restaurants Financials FY2016–FY2025

McDonald's revenue rose 3.7% to $26.9 billion in fiscal 2025. Its operating margin was 46.1%, up from 45.2% a year earlier. Free cash flow was $7.2 billion, up 7.7%. It paid out $7.2 billion in dividends and buybacks, 100% of free cash flow. The diluted share count fell 0.8%.

Last close · Oct 23, 2026

$248.46

1.7%
Value it Compare
Revenue Total sales reported in the income statement.
$26.9B
3.7% vs prior year
Operating margin Operating income as a share of revenue.
46.1%
0.9 pts
Net income Profit after all expenses, interest and tax.
$8.6B
4.1%
Free cash flow Cash from operations minus capital spending.
$7.2B
7.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
25.4%
2.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$176.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
20.2x
On $12.31 EPS (TTM)

What McDonald's does

McDonald's runs a chain of fast-food restaurants in more than 100 countries, selling burgers, fries, chicken and drinks for eating in, at the drive-thru, or through delivery and its mobile app. Of its 45,356 restaurants at the end of 2025, about 95% were run by franchisees, independent owners who operate the restaurants themselves.

McDonald's makes most of its money from those franchisees rather than from selling food directly. In a standard franchise, the company usually owns or leases the land and building, and the franchisee pays rent and royalties based on a share of sales. In other markets, mainly China and Japan, local partners put up the money and pay royalties. The company also earns sales from the restaurants it runs itself. It reports results for the United States, its large international markets such as Germany and Australia, and a group of more than 75 countries run mostly by licensees. McDonald's says it competes with other fast-food chains and with a wide range of places to eat out, including delivery services, convenience stores and coffee shops.

The company employed over 150,000 people at the end of 2025, about 70% of them outside the United States, and over two million more people work in its franchised restaurants. It offers delivery from about 90% of its restaurants.

Legal name
McDONALD’S CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 24, 2026
Accession · CIK
0000063908-26-000035
0000063908

Revenue and margins

McDonald's had $26.9B of revenue in fiscal 2025, up 3.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 9.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $7.2B in fiscal 2025, 26.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

McDonald's returned $7.2B to shareholders in fiscal 2025, 100% of free cash flow. The diluted share count fell 0.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value McDonald's yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$42.3B and divides by 716.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 20.2x · peers 23.0x · sector 17.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably McDonald's can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $4.7B$2.6B$4.6B$1.1B$774M
Debt incl. finance leases $35.6B$35.9B$41.3B$41.0B$43.1B
Net debt / EBITDA 2.9x3.4x3.1x3.3x3.3x
Interest coverage 8.7x7.8x8.6x7.8x7.8x
Current ratio 1.8x1.4x1.2x1.2x1.0x
Quick ratio 1.8x1.4x1.2x1.2x0.9x
Total assets $53.9B$50.4B$56.1B$55.2B$59.5B
Total liabilities $58.5B$56.4B$60.9B$59.0B$61.3B
Shareholders' equity −$4.6B−$6.0B−$4.7B−$3.8B−$1.8B
Net debt (− = net cash) $30.9B$33.3B$36.7B$39.9B$42.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$24.1M

5 insiders

Of sales under plans

91%

$22.0M

DateInsiderTradeSharesPriceValueFiling
Jun 10, 2026 Joseph M. ErlingerPresident, McDonald's USA Sold plan 5,252 $284.32 $1.5M Form 4
May 28, 2026 Desiree Ralls-MorrisonEVP, Chief Legal Officer Sold plan 2,763 $278.36 $0.8M Form 4
May 26, 2026 Joseph M. ErlingerPresident, McDonald's USA Sold plan 333 $280.11 $0.1M Form 4
Apr 23, 2026 Joseph M. ErlingerPresident, McDonald's USA Sold plan 333 $302.72 $0.1M Form 4
Apr 10, 2026 Joseph M. ErlingerPresident, McDonald's USA Sold plan 2,626 $307.00 $0.8M Form 4
Mar 23, 2026 Joseph M. ErlingerPresident, McDonald's USA Sold plan 333 $313.47 $0.1M Form 4
Mar 18, 2026 Dario BaroniPresident, Idl Sold plan 600 $323.77 $0.2M Form 4
Mar 10, 2026 Joseph M. ErlingerPresident, McDonald's USA Sold plan 2,626 $328.34 $0.9M Form 4
Feb 23, 2026 Jonathan BannerEVP - Chief Impact Officer Sold 6,201 $333.29 $2.1M Form 4
Feb 23, 2026 Joseph M. ErlingerPresident, McDonald's USA Sold plan 333 $330.43 $0.1M Form 4
Feb 13, 2026 Christopher J KempczinskiChairman and CEO, Director Sold plan 26,276 $333.54 $8.8M Form 4
Feb 12, 2026 Christopher J KempczinskiChairman and CEO, Director Sold plan 26,277 $331.35 $8.7M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✓
F-score 6 / 86 / 86 / 8
Accruals ratio −2.1%−2.2%−3.5%
Altman Z'' 5.135.395.20

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
McDonald's MCD $176.7B 3.7% 46.1% 26.7% 25.4% 20.2x 6
Starbucks SBUX $115.3B 2.8% 7.9% 6.6% 47.8% 57.9x 4 Compare →
Darden Restaurants DRI $24.3B 9.4% 12.0% 8.5% 24.8% 20.8x 6 Compare →
Chipotle Mexican Grill CMG $35.2B 5.4% 16.2% 12.1% 73.7% 25.3x 4 Compare →
Yum China YUMC $15.5B 4.4% 10.9% 7.1% — 16.3x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $24.6B $22.8B $21.3B $21.4B $19.2B $23.2B $23.2B $25.5B $25.9B $26.9B
Operating income $7.7B $9.6B $8.8B $9.1B $7.3B $10.4B $9.4B $11.6B $11.7B $12.4B
Interest expense $885M $921M $981M $1.1B $1.2B $1.2B $1.2B $1.4B $1.5B $1.6B
Pretax income $6.9B $8.6B $7.8B $8.0B $6.1B $9.1B $7.8B $10.5B $10.3B $10.9B
Income tax $2.2B $3.4B $1.9B $2.0B $1.4B $1.6B $1.6B $2.1B $2.1B $2.3B
Net income $4.7B $5.2B $5.9B $6.0B $4.7B $7.5B $6.2B $8.5B $8.2B $8.6B
Diluted EPS $5.44 $6.37 $7.54 $7.88 $6.31 $10.04 $8.33 $11.56 $11.39 $11.95
Diluted shares 0.86B 0.82B 0.79B 0.76B 0.75B 0.75B 0.74B 0.73B 0.72B 0.72B
Cash flow
Cash from operations $6.1B $5.6B $7.0B $8.1B $6.3B $9.1B $7.4B $9.6B $9.4B $10.6B
Capital expenditure $1.8B $1.9B $2.7B $2.4B $1.6B $2.0B $1.9B $2.4B $2.8B $3.4B
Free cash flow $4.2B $3.7B $4.2B $5.7B $4.6B $7.1B $5.5B $7.3B $6.7B $7.2B
Depreciation and amortization $1.5B $1.4B $215M $263M $301M $330M $370M $382M $447M $457M
Stock-based compensation $131M $118M $125M $110M $92.4M $139M $167M $175M $172M $165M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $11.2B $4.7B $5.2B $5.0B $908M $846M $3.9B $3.1B $2.8B $2.1B
Dividends paid $3.1B $3.1B $3.3B $3.6B $3.8B $3.9B $4.2B $4.5B $4.9B $5.1B
Dividends and buybacks $14.2B $7.8B $8.5B $8.6B $4.7B $4.8B $8.1B $7.6B $7.7B $7.2B
Balance sheet
Cash and short-term investments $1.2B $2.5B $866M $899M $3.4B $4.7B $2.6B $4.6B $1.1B $774M
Total debt $26.0B $29.5B $31.1B $34.2B $37.4B $35.6B $35.9B $39.7B $39.2B $40.8B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $1.6B $1.8B $2.4B
Current assets $4.8B $5.3B $4.1B $3.6B $6.2B $7.1B $5.4B $8.0B $4.6B $4.2B
Current liabilities $3.5B $2.9B $3.0B $3.6B $6.2B $4.0B $3.8B $6.9B $3.9B $4.4B
Inventory $58.9M $58.8M $51.1M $50.2M $51.1M $55.6M $52.0M $53.0M $56.0M $61.0M
Property and equipment, net $21.3B $22.4B $22.8B $24.2B $25.0B $24.7B $23.8B $24.9B $25.3B $28.2B
Total assets $31.0B $33.8B $32.8B $47.5B $52.6B $53.9B $50.4B $56.1B $55.2B $59.5B
Total liabilities $33.2B $37.1B $39.1B $55.7B $60.5B $58.5B $56.4B $60.9B $59.0B $61.3B
Shareholders' equity −$2.2B −$3.3B −$6.3B −$8.2B −$7.8B −$4.6B −$6.0B −$4.7B −$3.8B −$1.8B
Margins
Operating margin 31.5% 41.9% 41.5% 42.5% 38.1% 44.6% 40.4% 45.7% 45.2% 46.1%
EBITDA margin 37.6% 47.8% 42.5% 43.7% 39.7% 46.0% 42.0% 47.2% 46.9% 47.8%
Net margin 19.0% 22.8% 27.9% 28.2% 24.6% 32.5% 26.6% 33.2% 31.7% 31.9%
FCF margin 17.2% 16.2% 19.9% 26.8% 24.1% 30.6% 23.7% 28.5% 25.7% 26.7%
Returns
Return on capital 23.0% 25.0% 28.0% 27.8% 22.0% 32.6% 27.6% 31.6% 27.4% 25.4%
Return on capital employed 24.8% 32.7% 29.1% 24.6% 16.2% 21.5% 19.4% 24.3% 23.3% 23.3%
Return on equity 191.9% — — — — — — — — —
Return on assets 13.6% 16.0% 17.8% 15.0% 9.5% 14.2% 11.9% 15.9% 14.8% 14.9%
Growth
Revenue growth −3.1% −7.3% −6.9% 0.5% −10.1% 20.9% −0.2% 10.0% 1.7% 3.7%
Net income growth 3.5% 10.8% 14.1% 1.7% −21.5% 59.5% −18.1% 37.1% −2.9% 4.1%
EPS growth 13.3% 17.1% 18.4% 4.5% −19.9% 59.1% −17.0% 38.8% −1.5% 4.9%
FCF growth −10.3% −12.8% 14.3% 35.6% −19.3% 53.6% −22.7% 32.2% −8.0% 7.7%
Share count change −8.8% −5.3% −3.7% −2.6% −1.9% 0.2% −1.4% −1.2% −1.4% −0.8%
Financial health
Net debt / EBITDA 2.7x 2.5x 3.3x 3.6x 4.5x 2.9x 3.4x 3.1x 3.3x 3.3x
Interest coverage 8.8x 10.4x 9.0x 8.1x 6.0x 8.7x 7.8x 8.6x 7.8x 7.8x
Current ratio 1.4x 1.8x 1.4x 1.0x 1.0x 1.8x 1.4x 1.2x 1.2x 1.0x
Quick ratio 1.4x 1.8x 1.4x 1.0x 1.0x 1.8x 1.4x 1.2x 1.2x 0.9x
Capital allocation
Capex / revenue 7.4% 8.1% 12.9% 11.2% 8.5% 8.8% 8.2% 9.3% 10.7% 12.5%
Stock comp / revenue 0.5% 0.5% 0.6% 0.5% 0.5% 0.6% 0.7% 0.7% 0.7% 0.6%
Payouts / FCF 335.7% 210.3% 200.3% 149.4% 100.8% 67.1% 146.9% 104.6% 115.3% 99.8%
Quality scores
Piotroski F-score 4.0 7.0 5.0 7.0 6.0 7.0 4.0 6.0 6.0 6.0
Altman Z'' 6.8 6.9 6.9 4.8 4.2 5.1 5.2 5.1 5.4 5.2
Accruals ratio −4.0% −1.1% −3.1% −5.2% −3.1% −3.0% −2.3% −2.1% −2.2% −3.5%

Source: SEC EDGAR XBRL filings (CIK 0000063908). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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