McDonald's Corporation (MCD) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 9, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MCD SEC filings page.
McDonald's Corporation (MCD) reported $27.7B in revenue over the twelve months to Jun 30, 2026, up 6.3% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Cash conversion supports high margins and distributions, but balance-sheet flexibility is narrowing as debt and capital spending rise.
In FY2025, operating cash flow reached$10.6B against net income of$8.6B , showing that reported earnings were supported by cash rather than mainly accruals. Yet free cash flow was$7.2B after$3.4B of capital expenditures, so reinvestment—not weak cash collection—was the main step between profit and distributable cash.
Negative equity improved from
Operating margin widened from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of McDonald's Corporation's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
McDonald's Corporation has an operating margin of 46.1%, meaning the company retains $46 of operating profit per $100 of revenue. This strong profitability earns a score of 99/100, reflecting efficient cost management and pricing power. This is up from 45.2% the prior year.
McDonald's Corporation's revenue grew a modest 3.7% year-over-year to $26.9B. This slow but positive growth earns a score of 40/100.
McDonald's Corporation's current ratio of 0.95 is below the typical benchmark, resulting in a score of 17/100. This tight liquidity could limit financial flexibility if cash inflows slow.
McDonald's Corporation converts 26.7% of revenue into free cash flow ($7.2B). This strong cash generation earns a score of 92/100.
McDonald's Corporation scores 4.56, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
McDonald's Corporation passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, McDonald's Corporation generates $1.23 in operating cash flow ($10.6B OCF vs $8.6B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
McDonald's Corporation earns $7.83 in operating income for every $1 of interest expense ($12.4B vs $1.6B). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
McDonald's Corporation generated $7.1B in revenue in Q2 2026. This represents an increase of 3.7% from the same quarter a year earlier. Against the prior quarter it is up 8.9%.
McDonald's Corporation's EBITDA was $3.4B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 3.3% from the same quarter a year earlier. Against the prior quarter it is up 12.6%.
McDonald's Corporation reported $2.4B in net income in Q2 2026. This represents an increase of 4.8% from the same quarter a year earlier. Against the prior quarter it is up 19.1%.
McDonald's Corporation earned $3.32 per diluted share (EPS) in Q2 2026. This represents an increase of 5.7% from the same quarter a year earlier. Against the prior quarter it is up 19.4%.
Cash & Balance Sheet
McDonald's Corporation generated $2.0B in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 57.6% from the same quarter a year earlier. Against the prior quarter it is up 14.2%.
McDonald's Corporation held $822.0M in cash against $39.9B in long-term debt as of Q2 2026.
McDonald's Corporation paid $1.86 per share in dividends in Q2 2026. This represents an increase of 5.1% from the same quarter a year earlier. It is unchanged from the prior quarter.
Margins & Returns
McDonald's Corporation's gross margin was 90.4% in Q2 2026, indicating the percentage of revenue retained after direct costs. That is unchanged from the same quarter a year earlier. Against the prior quarter it is up 0.8 percentage points.
McDonald's Corporation's operating margin was 47.0% in Q2 2026, reflecting core business profitability. This is down 0.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.7 percentage points.
McDonald's Corporation's net profit margin was 33.3% in Q2 2026, showing the share of revenue converted to profit. This is up 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.8 percentage points.
Not reported for Q2 2026.
Capital Allocation
McDonald's Corporation spent $856.0M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 69.5% from the same quarter a year earlier. Against the prior quarter it is up 116.2%.
McDonald's Corporation invested $831.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 11.7% from the same quarter a year earlier. Against the prior quarter it is up 21.8%.
Not reported for Q2 2026.
MCD Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.1B+3.7% | $6.5B+9.4% | $7.0B+9.7% | $7.1B+3.0% | $6.8B+5.4% | $6.0B-3.5% | $6.4B-0.3% | $6.9B+2.7% |
| Cost of Revenue | $680.0M+4.0% | $676.0M+9.0% | N/A | $666.0M+3.1% | $654.0M+4.0% | $620.0M-1.1% | N/A | $646.0M+3.4% |
| Gross Profit | $6.4B+3.7% | $5.8B+9.5% | N/A | $6.4B+3.0% | $6.2B+5.6% | $5.3B-3.7% | N/A | $6.2B+2.6% |
| SG&A Expenses | $817.0M+16.7% | $759.0M+11.3% | $872.0M+9.0% | $785.0M+21.3% | $700.0M+1.3% | $682.0M-5.3% | $800.0M | $647.0M |
| Operating Income | $3.3B+3.3% | $3.0B+11.5% | $3.2B+10.0% | $3.4B+5.3% | $3.2B+10.7% | $2.6B-3.2% | $2.9B+2.3% | $3.2B-0.6% |
| EBITDA | $3.4B+3.3% | $3.1B+11.2% | $3.3B+9.2% | $3.5B+5.4% | $3.3B+10.5% | $2.8B-2.8% | $3.0B+3.8% | $3.3B-0.2% |
| Interest Expense | $409.0M+4.9% | $400.0M+6.4% | $410.0M+7.9% | $406.0M+6.6% | $390.0M+4.6% | $376.0M+1.1% | $380.0M+5.6% | $381.0M+11.7% |
| Income Tax | $574.0M-5.6% | $559.0M+21.3% | $594.0M+14.0% | $671.0M+14.1% | $608.0M+14.1% | $461.0M-3.8% | $521.0M+9.5% | $588.0M-3.0% |
| Net Income | $2.4B+4.8% | $2.0B+6.2% | $2.2B+7.3% | $2.3B+1.0% | $2.3B+11.4% | $1.9B-3.2% | $2.0B-1.1% | $2.3B-2.7% |
| EPS (Basic) | $3.33+5.7% | $2.79+6.9% | $3.04+7.8% | $3.20+1.6% | $3.15+12.1% | $2.61-2.2% | $2.82+0.4% | $3.15-1.3% |
| EPS (Diluted) | $3.32+5.7% | $2.78+6.9% | $3.03+8.2% | $3.18+1.6% | $3.14+12.1% | $2.60-2.3% | $2.800.0% | $3.13-1.3% |
| Diluted Shares (Avg) | 711-1.0% | 714-0.6% | N/A | 716-0.6% | 718-0.6% | 718-1.1% | N/A | 720-1.6% |
Not reported in any period shown, so not listed: R&D Expenses.
MCD Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $59.9B+0.6% | $60.0B+6.6% | $59.5B+7.9% | $60.6B+7.9% | $59.6B+10.7% | $56.3B+5.3% | $55.2B-1.7% | $56.2B+7.8% |
| Current Assets | $4.3B-22.4% | $4.7B-0.5% | $4.2B-9.5% | $6.1B+23.8% | $5.6B+33.2% | $4.7B+16.7% | $4.6B-42.4% | $4.9B-28.3% |
| Cash & Equivalents | $822.0M-56.2% | $1.2B-5.5% | $774.0M-28.7% | $2.4B+97.6% | $1.9B+136.9% | $1.2B+47.7% | $1.1B-76.3% | $1.2B-65.1% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $58.0M+5.5% | $61.0M+19.6% | $61.0M+8.9% | $55.0M+1.9% | $55.0M+19.6% | $51.0M+10.9% | $56.0M+5.7% | $54.0M+13.4% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $3.3B+1.2% | $3.3B+5.1% | $3.4B+6.6% | $3.3B+2.7% | $3.3B+8.5% | $3.2B+5.2% | $3.1B+3.5% | $3.2B+8.6% |
| Total Liabilities | $60.9B-2.2% | $61.3B+2.6% | $61.3B+3.9% | $62.8B+2.3% | $62.3B+6.3% | $59.8B+2.5% | $59.0B-3.1% | $61.3B+7.7% |
| Current Liabilities | $4.0B-6.5% | $4.1B+3.4% | $4.4B+13.0% | $6.1B-3.6% | $4.3B+9.9% | $4.0B-18.0% | $3.9B-43.7% | $6.3B+57.6% |
| Non-Current Liabilities | $56.9B-1.9% | $57.2B+2.5% | $56.9B+3.3% | $56.7B+3.0% | $58.0B+6.0% | $55.8B+4.3% | $55.1B+2.1% | $55.0B+4.0% |
| Long-Term Debt | $39.9B-2.3% | $40.1B+3.2% | $40.0B+4.0% | $39.5B+1.3% | $40.8B+5.9% | $38.8B+5.7% | $38.4B+3.4% | $39.0B+4.6% |
| Total Equity | -$1.0B+62.9% | -$1.3B+62.8% | -$1.8B+52.8% | -$2.2B+58.2% | -$2.8B+42.8% | -$3.5B+28.5% | -$3.8B+19.3% | -$5.2B-6.6% |
| Retained Earnings | $72.0B+5.2% | $70.9B+5.2% | $70.3B+5.2% | $69.4B+7.1% | $68.4B+5.2% | $67.4B+5.0% | $66.8B+5.3% | $64.8B+3.5% |
Not reported in any period shown, so not listed: Accounts Receivable.
MCD Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.8B+40.5% | $2.4B-0.7% | $2.7B+2.5% | $3.4B+25.3% | $2.0B+18.3% | $2.4B+1.6% | $2.6B+5.7% | $2.7B-9.7% |
| Depreciation & Amortization | $111.0M+4.7% | $111.0M+3.7% | $124.0M-8.8% | $121.0M+9.0% | $106.0M+5.0% | $107.0M+8.1% | $136.0M+49.5% | $111.0M+14.4% |
| Stock-Based Compensation | $39.0M-11.4% | $60.0M+33.3% | N/A | $39.0M-2.5% | $44.0M+15.8% | $45.0M-10.0% | N/A | $40.0M-7.0% |
| Capital Expenditures | $831.0M+11.7% | $682.0M+23.8% | $1.1B+31.2% | $1.0B+27.3% | $744.0M+18.5% | $551.0M+0.7% | $807.0M+6.6% | $794.0M+39.3% |
| Free Cash Flow | $2.0B+57.6% | $1.7B-7.8% | $1.6B-10.2% | $2.4B+24.5% | $1.3B+18.2% | $1.9B+1.8% | $1.8B+5.3% | $1.9B-21.0% |
| Investing Cash Flow | -$868.0M+0.1% | -$777.0M-0.8% | -$1.1B-44.1% | -$1.1B+12.2% | -$869.0M-2.7% | -$771.0M+69.1% | -$742.0M+11.7% | -$1.3B-35.7% |
| Financing Cash Flow | -$2.4B-330.1% | -$1.2B+20.6% | -$3.2B-72.6% | -$1.8B-64.3% | -$555.0M+36.1% | -$1.5B+57.9% | -$1.9B-220.5% | -$1.1B-693.4% |
| Dividends Paid | $1.3B+4.1% | $1.3B+4.5% | $1.3B+4.3% | $1.3B+5.4% | $1.3B+5.5% | $1.3B+5.0% | $1.3B+5.0% | $1.2B+8.3% |
| Share Buybacks | $856.0M+69.5% | $396.0M-17.0% | $573.0M+13.9% | $501.0M+6.8% | $505.0M-45.9% | $477.0M-48.0% | $503.0M-40.9% | $469.0M-55.5% |
MCD Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 90.4%0.0pp | 89.6%0.0pp | N/A | 90.6%0.0pp | 90.4%+0.1pp | 89.6%-0.2pp | N/A | 90.6%-0.1pp |
| Operating Margin | 47.0%-0.2pp | 45.3%+0.9pp | 45.0%+0.1pp | 47.4%+1.1pp | 47.2%+2.2pp | 44.5%+0.1pp | 44.9%+1.1pp | 46.4%-1.6pp |
| Net Margin | 33.3%+0.4pp | 30.4%-0.9pp | 30.9%-0.7pp | 32.2%-0.6pp | 32.9%+1.8pp | 31.4%+0.1pp | 31.6%-0.3pp | 32.8%-1.8pp |
| Return on Assets | 3.9%+0.2pp | 3.3%0.0pp | 3.6%0.0pp | 3.8%-0.2pp | 3.8%0.0pp | 3.3%-0.3pp | 3.7%0.0pp | 4.0%-0.4pp |
| Current Ratio | 1.08-0.2x | 1.140.0x | 0.95-0.2x | 1.00+0.2x | 1.30+0.2x | 1.18+0.4x | 1.190.0x | 0.78-0.9x |
| Asset Turnover | 0.120.0x | 0.110.0x | 0.120.0x | 0.120.0x | 0.110.0x | 0.110.0x | 0.120.0x | 0.120.0x |
| FCF Margin | 27.8%+9.5pp | 26.6%-5.0pp | 23.4%-5.2pp | 34.2%+5.9pp | 18.3%+2.0pp | 31.5%+1.6pp | 28.5%+1.5pp | 28.3%-8.5pp |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.
Note: Shareholder equity is negative (-$1.8B), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.95), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| McDonald's Corporation MCD | FY2025 | $26.9B | $8.6B | 31.9% | $181.0B | 60/100 |
| Starbucks Corp SBUX | FY2025 | $37.2B | $1.9B | 5.0% | $119.1B | 48/100 |
| Yum Brands YUM | FY2025 | $8.2B | $1.6B | 19.0% | $41.1B | 65/100 |
| Darden Restaurants Inc DRI | FY2026 | $13.2B | $1.2B | 9.1% | $24.6B | 57/100 |
| Restaurant Brand QSR | FY2025 | $9.4B | $1.1B | 11.4% | $28.0B | 59/100 |
| Dominos Pizza Inc DPZ | FY2025 | $4.9B | $601.7M | 12.2% | $11.3B | 58/100 |
Where McDonald's Corporation Ranks
Frequently Asked Questions
What is McDonald's Corporation's annual revenue?
McDonald's Corporation (MCD) reported $26.9B in total revenue for fiscal year 2025. This represents a 3.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is McDonald's Corporation's revenue growing?
McDonald's Corporation (MCD) revenue grew by 3.7% year-over-year, from $25.9B to $26.9B in fiscal year 2025.
Is McDonald's Corporation profitable?
Yes, McDonald's Corporation (MCD) reported a net income of $8.6B in fiscal year 2025, with a net profit margin of 31.9%.
What is McDonald's Corporation's EBITDA?
McDonald's Corporation (MCD) had EBITDA of $12.8B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does McDonald's Corporation have?
As of fiscal year 2025, McDonald's Corporation (MCD) had $774.0M in cash and equivalents against $40.0B in long-term debt.
What is McDonald's Corporation's operating margin?
McDonald's Corporation (MCD) had an operating margin of 46.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is McDonald's Corporation's net profit margin?
McDonald's Corporation (MCD) had a net profit margin of 31.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does McDonald's Corporation pay dividends?
Yes, McDonald's Corporation (MCD) paid $7.17 per share in dividends during fiscal year 2025.
What is McDonald's Corporation's free cash flow?
McDonald's Corporation (MCD) generated $7.2B in free cash flow during fiscal year 2025. This represents a 7.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is McDonald's Corporation's operating cash flow?
McDonald's Corporation (MCD) generated $10.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are McDonald's Corporation's total assets?
McDonald's Corporation (MCD) had $59.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What are McDonald's Corporation's capital expenditures?
McDonald's Corporation (MCD) invested $3.4B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is McDonald's Corporation's current ratio?
McDonald's Corporation (MCD) had a current ratio of 0.95 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is McDonald's Corporation's return on assets (ROA)?
McDonald's Corporation (MCD) had a return on assets of 14.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is McDonald's Corporation's P/E ratio?
McDonald's Corporation (MCD) trades at 20.6x earnings, its market capitalization divided by net income of $8.8B net income, trailing 12 months to June 30, 2026. The market capitalization is $181.0B as of Sep 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is McDonald's Corporation's price-to-sales ratio?
McDonald's Corporation (MCD) trades at 6.5x sales, its market capitalization divided by revenue of $27.7B revenue, trailing 12 months to June 30, 2026. The market capitalization is $181.0B as of Sep 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Why is McDonald's Corporation's debt-to-equity ratio negative or not reported?
McDonald's Corporation (MCD) has negative shareholder equity of -$1.8B as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is McDonald's Corporation's Altman Z-Score?
McDonald's Corporation (MCD) has an Altman Z-Score of 4.56, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is McDonald's Corporation's Piotroski F-Score?
McDonald's Corporation (MCD) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are McDonald's Corporation's earnings high quality?
McDonald's Corporation (MCD) has an earnings quality ratio of 1.23x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can McDonald's Corporation cover its interest payments?
McDonald's Corporation (MCD) has an interest coverage ratio of 7.83x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is McDonald's Corporation?
McDonald's Corporation (MCD) scores 60 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.