FirmAtlas
Company handbook · MCD · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
MCD · CIK 63908 · LATEST FILING: 10-Q JUN '26 · FILED AUG 7, 2026
McDONALD’S CORPORATION
$242.97
+0.47 (+0.19%)
Close, Oct 16, 2026 · 52-week $229–342
McDonald's runs and franchises McDonald's restaurants around the world. Most restaurants are owned by franchisees, who pay it rent, royalties based on their sales, and fees.
- SegmentsInternational Operated Markets 51% · United States 40% · International Developmental Licensed Marketsand Corporate 9% (FY25)
- CustomersDiners buy at the restaurants; franchisees pay McDonald's, which owns or leases much of the land and buildings they use
- Cash useFY24–FY25: dividends $10.0B · capex $6.1B · buybacks $4.9B
Reinvested 31% of operating cash flow · returned 107% of free cash flow
Last fiscal year
McDONALD’S CORPORATION reported revenue of $26.9B for the year ended Dec 31, 2025 (FY25), up 3.7% from FY24. Net income was $8.6B, operating cash flow $10.6B and free cash flow $7.2B. Source: 10-K filed Feb 24, 2026.
Recent developments is part of Pro: what changed after each report, with a link to the filing.
Market cap
$174.1B
P/E
19.8
EV/EBITDA
16.7x
P/B
n/m
Div yield
3.06%
ROIC
27.0%
Revenue 1Y
3.7%/yr
EPS 1Y
4.9%/yr
Shares 1Y
−0.8%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOChris Kempczinski
HQChicago, IL
AuditorErnst & Young LLP
Year endsDecember
Revenue by segment · FY25
International Operated Markets51%
United States40%
International Developmental Licensed Marketsand Corporate9%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
7.9%
0.1%
−0.9%
−20.4%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$21.0B deployed
Capex
$6.1B
29.2%
Dividends
$10.0B
47.5%
Buybacks
$4.9B
23.2%
Operating cash flow over the period: $20.0B. Total debt changed by +$1.6B.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
25,920
26,885+3.7%
27,702
YoY
+3.7%
Operating income
11,712
12,393+5.8%
12,804
Operating margin
45.2%
46.1%+0.9 pp
—
EBITDA
12,159
12,850+5.7%
—
EBITDA margin
46.9%
47.8%+0.9 pp
—
Interest expense
1,506
1,582+5.0%
—
Interest coverage
8.07x
8.12x+0.05x
—
Net income
8,223
8,563+4.1%
8,787
YoY
+4.1%
Net margin
31.7%
31.9%+0.1 pp
—
EPS (diluted, $)
11.39
11.95+4.9%
12.30
YoY
+4.9%
Balance sheet
Total assets
55,182
59,515+7.9%
59,920
Cash & short-term investments
1,085
774−28.7%
—
Inventory
56
61+8.9%
—
Net PP&E
25,295
28,241+11.6%
—
Other assets
28,746
30,439+5.9%
—
Total liabilities
58,979
61,306+3.9%
60,943
Accounts payable
1,029
1,149+11.7%
—
Total debt
39,214
40,771+4.0%
39,863
Other liabilities
18,736
19,386+3.5%
—
Shareholders’ equity
(3,797)
(1,791)n/m
(1,023)
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
9,447
10,551+11.7%
11,344
Net income
8,223
8,563+4.1%
—
Depreciation & amortization
447
457+2.2%
—
Stock-based compensation
172
165−4.1%
—
Working capital & other
605
1,366+125.8%
—
Cash from investing
(5,346)
(3,822)n/m
—
Capex
(2,775)
(3,365)n/m
—
PP&E sold
122
130+6.6%
—
Other investing
(2,693)
(587)n/m
—
Cash from financing
(7,495)
(7,125)n/m
—
Debt raised
2,380
4,724+98.5%
—
Debt repaid
(2,777)
(4,802)n/m
—
Dividends
(4,870)
(5,115)n/m
—
Buybacks
(2,824)
(2,056)n/m
—
Shares issued
328
285−13.1%
—
Other financing
268
(161)−160.1%
—
Net change in cash
(3,494)
(311)n/m
—
Free cash flow (OCF − capex)
6,672
7,186+7.7%
7,761
Where the cash went
Operating cash flow
9,447
10,551+11.7%
11,344
Reinvested in the business
2,775
3,365+21.3%
—
% of operating cash flow
29.4%
31.9%
Capex
2,775
3,365+21.3%
3,583
Free cash flow
6,672
7,186+7.7%
7,761
YoY
+7.7%
Returned to shareholders
7,694
7,171−6.8%
—
% of free cash flow
115.3%
99.8%
Dividends
4,870
5,115+5.0%
—
Buybacks
2,824
2,056−27.2%
—
Change in total debt
—
1,557
—
Cash left over
—
1,572
—
FCF conversion (FCF ÷ net income)
81.1%
83.9%+2.8 pp
—
Owner earnings
—
5,770
—
Owner earnings margin
—
21.5%
—
Buyback yield
1.3%
0.9%−0.4 pp
—
Returns & ratios
ROIC (all capital)
27.0%
27.0%+0.0 pp
—
ROIC (operating)
38.0%
38.0%−0.0 pp
—
Net debt / EBITDA
3.14x
3.11x−0.02x
—
ROE
−216.6%
−478.1%−261.5 pp
—
ROA
14.9%
14.4%−0.5 pp
—
ROCE
22.8%
22.5%−0.4 pp
—
NOPAT
9,252
9,790+5.8%
—
Invested capital (operating)
24,322
27,153+11.6%
—
Invested capital (all)
34,332
38,206+11.3%
—
Reinvestment rate
—
28.9%
—
Inventory days
1
1+0 d
—
Days payable
14
16+1 d
—
Net debt is 3.1x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
7,078
7,008
6,517
7,099
vs year-ago quarter
Gross profit
6,412
—
5,841
6,419
Gross margin
90.6%
—
89.6%
90.4%
Operating income
3,357
3,156
2,953
3,338
Net income
2,278
2,164
1,983
2,362
vs year-ago quarter
Net margin
32.2%
30.9%
30.4%
33.3%
EPS (diluted, $)
3.18
3.02
2.78
3.32
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
60,608
59,515
60,037
59,920
Cash & equivalents
2,413
774
1,170
822
Total debt
41,283
40,771
40,105
39,863
Shareholders’ equity
(2,163)
(1,791)
(1,286)
(1,023)
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
3,428
2,697
2,412
2,807
Capex
1,011
1,059
682
831
Free cash flow
2,417
1,638
1,730
1,976
vs year-ago quarter