McDonald's Corp. (MCD) financial statements: income statement, balance sheet and cash flow

McDonald's Corp.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), McDonald's Corp. reported revenue of $26.9B (+3.7% year on year) and net income of $8.6B (+4.1% year on year).

Income statement

McDonald's Corp. income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Revenues from franchised restaurants	$16.5B	$15.7B	$15.4B	$14.1B
Sales by Company-owned and operated restaurants	$9.7B	$9.8B	$9.7B	$8.7B
Other revenues	$647.0M	$423.0M	$315.6M	$328.4M
Total revenues	$26.9B	$25.9B	$25.5B	$23.2B
Franchised restaurants-occupancy expenses	$2.6B	$2.5B	$2.5B	$2.3B
Food & paper	$3.0B	$3.0B	$3.0B	$2.7B
Payroll & employee benefits	$2.9B	$3.0B	$2.9B	$2.6B
Occupancy & other operating expenses	$2.4B	$2.4B	$2.3B	$2.0B
Other restaurant expenses	$564.0M	$339.0M	$232.5M	$244.8M
Depreciation and amortization	$457.0M	$447.0M	$381.7M	$370.4M
Other	$2.6B	$2.4B	$2.4B	$2.5B
Other operating (income) expense, net	$2.0M	$139.0M	$98.9M	$973.6M
Total operating costs and expenses	$14.5B	$14.2B	$13.8B	$13.8B
Operating income	$12.4B	$11.7B	$11.6B	$9.4B
Interest expense-net of capitalized interest of $29, $22 and $14	$1.6B	$1.5B	$1.4B	$1.2B
Nonoperating (income) expense, net	($87.0M)	($139.0M)	($236.3M)	$338.6M
Income before provision for income taxes	$10.9B	$10.3B	$10.5B	$7.8B
Provision for income taxes	$2.3B	$2.1B	$2.1B	$1.6B
Net income	$8.6B	$8.2B	$8.5B	$6.2B
Earnings per common share–basic	$12.00	$11.45	$11.63	$8.39
Earnings per common share–diluted	$11.95	$11.39	$11.56	$8.33
Dividends declared per common share	$7.17	$6.78	$6.23	$5.66
Weighted-average shares outstanding–basic	713.4	718.3	727.9	736.5M
Weighted-average shares outstanding–diluted	716.4	721.9	732.3	741.3M

McDonald's Corp. income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Revenues from franchised restaurants	$4.4B	$4.0B	$4.4B	$4.2B
Sales by Company-owned and operated restaurants	$2.5B	—	$2.6B	$2.5B
Other Revenues	$182.0M	$193.0M	$151.0M	$172.0M
Total revenues	$7.1B	$6.5B	$7.1B	$6.8B
Company-operated restaurant expenses	$2.1B	$2.0B	$2.2B	$2.1B
Franchised restaurants-occupancy expenses	$680.0M	$676.0M	$666.0M	$654.0M
Other Restaurant Expenses	$163.0M	$166.0M	$135.0M	$149.0M
Depreciation and Amortization	$111.0M	$111.0M	$121.0M	$106.0M
Other Selling, General and Administrative Expense	$706.0M	$648.0M	$664.0M	$595.0M
Other operating (income) expense, net	($37.0M)	($69.0M)	($37.0M)	$29.0M
Total operating costs and expenses	$3.8B	$3.6B	$3.7B	$3.6B
Operating income	$3.3B	$3.0B	$3.4B	$3.2B
Interest expense	$409.0M	$400.0M	$406.0M	$390.0M
Nonoperating (income) expense, net	($6.0M)	$11.0M	$1.0M	($18.0M)
Income before provision for income taxes	$2.9B	$2.5B	$2.9B	$2.9B
Provision for income taxes	$574.0M	$559.0M	$671.0M	$608.0M
Net income	$2.4B	$2.0B	$2.3B	$2.3B
Earnings per common share-basic	$3.33	$2.79	$3.20	$3.15
Earnings per common share-diluted	$3.32	$2.78	$3.18	$3.14
Dividends declared per common share	$1.86	$1.86	$1.77	$1.77
Weighted average shares outstanding-basic	709.1	710.7	712.9	714.5
Weighted average shares outstanding-diluted	711.1	713.5	715.9	717.6

Balance sheet

McDonald's Corp. balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and equivalents	$774.0M	$1.1B	$4.6B	$2.6B
Accounts and notes receivable	$2.5B	$2.4B	$2.5B	$2.1B
Inventories, at cost, not in excess of market	$61.0M	$56.0M	$52.8M	$52.0M
Prepaid expenses and other current assets	$863.0M	$1.1B	$866.3M	$673.4M
Total current assets	$4.2B	$4.6B	$8.0B	$5.4B
Investments in and advances to affiliates	$2.8B	$2.7B	$1.1B	$1.1B
Goodwill	$3.4B	$3.1B	$3.0B	$2.9B
Miscellaneous	$6.3B	$6.1B	$5.6B	$4.7B
Total other assets	$12.5B	$11.9B	$9.7B	$8.7B
Lease right-of use asset, net	$14.6B	$13.3B	$13.5B	$12.6B
Property and equipment, at cost	$49.3B	$44.2B	$43.6B	$41.0B
Accumulated depreciation and amortization	($21.0B)	($18.9B)	($18.7B)	($17.3B)
Net property and equipment	$28.2B	$25.3B	$24.9B	$23.8B
Total assets	$59.5B	$55.2B	$56.1B	$50.4B
Accounts payable	$1.1B	$1.0B	$1.1B	$980.2M
Current lease liability	$694.0M	$636.0M	—	—
Income taxes	$250.0M	$361.0M	$705.1M	$274.9M
Other taxes	$247.0M	$224.0M	$268.0M	$255.1M
Accrued interest	$533.0M	$482.0M	$468.9M	$393.4M
Accrued payroll and other liabilities	$1.5B	$1.1B	$1.4B	$1.2B
Total current liabilities	$4.4B	$3.9B	$6.9B	$3.8B
Long-term debt	$40.0B	$38.4B	$37.2B	$35.9B
Long-term lease liability (noncurrent), net	$14.1B	$12.9B	—	—
Long-term income taxes	$139.0M	$344.0M	$363.2M	$791.9M
Deferred revenues - initial franchise fees	$945.0M	$778.0M	$790.1M	$757.8M
Other long-term liabilities	$704.0M	$771.0M	$949.7M	$1.1B
Deferred income taxes	$1.0B	$1.9B	$1.7B	$2.0B
Preferred stock, no par value; authorized – 165.0 million shares; issued – none	0	0	0	0
Common stock, $.01 par value; authorized – 3.5 billion shares; issued – 1,660.6 million shares	17.0M	17.0M	16.6M	16.6M
Additional paid-in capital	$9.6B	$9.3B	$8.9B	$8.5B
Retained earnings	$70.3B	$66.8B	$63.5B	$59.5B
Accumulated other comprehensive income (loss)	($2.4B)	($2.6B)	($2.5B)	($2.5B)
Common stock in treasury, at cost; 950.0 and 945.4 million shares	-79.3B	-77.4B	-74.6B	-71.6B
Total shareholders' equity (deficit)	($1.8B)	($3.8B)	($4.7B)	($6.0B)
Total liabilities and shareholders' equity (deficit)	$59.5B	$55.2B	$56.1B	$50.4B

McDonald's Corp. balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and equivalents	$822.0M	$1.2B	$2.4B	$1.9B
Accounts and notes receivable	$2.5B	$2.4B	$2.6B	$2.5B
Inventories, at cost, not in excess of market	$58.0M	$61.0M	$55.0M	$55.0M
Prepaid expenses and other current assets	$980.0M	$1.0B	$1.0B	$1.1B
Total current assets	$4.3B	$4.7B	$6.1B	$5.6B
Investments in and advances to affiliates	$2.9B	$2.9B	$2.9B	$2.8B
Goodwill	$3.3B	$3.3B	$3.3B	$3.3B
Miscellaneous	$6.4B	$6.4B	$6.6B	$6.5B
Total other assets	$12.6B	$12.6B	$12.8B	$12.6B
Lease right-of-use asset, net	$14.5B	$14.5B	$14.3B	$14.3B
Property and equipment, at cost	$49.9B	$49.5B	$48.2B	$47.6B
Accumulated depreciation and amortization	($21.5B)	($21.2B)	($20.7B)	($20.6B)
Net property and equipment	$28.5B	$28.2B	$27.5B	$27.0B
Total assets	$59.9B	$60.0B	$60.6B	$59.6B
Accounts payable	$1.1B	$1.1B	$972.0M	$838.0M
Lease liability	$690.0M	$707.0M	$698.0M	$686.0M
Income taxes	$327.0M	$391.0M	$367.0M	$24.0M
Other taxes	$261.0M	$253.0M	$242.0M	$245.0M
Accrued interest	$428.0M	$448.0M	$471.0M	$451.0M
Accrued payroll and other liabilities	$1.2B	$1.3B	$1.5B	$1.5B
Total current liabilities	$4.0B	$4.1B	$6.1B	$4.3B
Long-term debt	$39.9B	$40.1B	$39.5B	$40.8B
Long-term lease liability	$14.0B	$14.1B	$13.8B	$13.8B
Long-term income taxes	$176.0M	$151.0M	$285.0M	$292.0M
Deferred revenues - initial franchise fees	$946.0M	$946.0M	$936.0M	$933.0M
Other long-term liabilities	$677.0M	$686.0M	$694.0M	$790.0M
Deferred income taxes	$1.2B	$1.2B	$1.5B	$1.4B
Preferred stock, no par value; authorized—165.0 million shares; issued—none	0	0	0	0
Common stock, $0.01 par value; authorized—3.5 billion shares; issued—1,660.6 million shares	17.0M	17.0M	17.0M	17.0M
Additional paid-in capital	$9.8B	$9.8B	$9.6B	$9.5B
Retained earnings	$72.0B	$70.9B	$69.4B	$68.4B
Accumulated other comprehensive income (loss)	($2.3B)	($2.4B)	($2.4B)	($2.4B)
Common stock in treasury, at cost; 953.0 and 950.0 million shares	-80.5B	-79.7B	-78.8B	-78.3B
Total shareholders' equity (deficit)	($1.0B)	($1.3B)	($2.2B)	($2.8B)
Total liabilities and shareholders' equity (deficit)	$59.9B	$60.0B	$60.6B	$59.6B

Cash flow statement

McDonald's Corp. cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$8.6B	$8.2B	$8.5B	$6.2B
Depreciation and amortization	$2.2B	$2.1B	$2.0B	$1.9B
Deferred income taxes	($126.0M)	($574.0M)	($686.4M)	($345.7M)
Share-based compensation expense	$165.0M	$172.0M	$175.2M	$166.7M
Net (gain) loss on sale of restaurant and other businesses	($149.0M)	($37.0M)	($103.2M)	$732.7M
Other	($207.0M)	$3.0M	($112.7M)	($570.4M)
Accounts receivable	$231.0M	$10.0M	($161.0M)	($264.1M)
Inventories, prepaid expenses and other current assets	($140.0M)	$71.0M	$16.7M	$5.6M
Accounts payable	$100.0M	($10.0M)	$50.4M	$31.3M
Income taxes	($239.0M)	($292.0M)	($220.3M)	($546.7M)
Other accrued liabilities	$154.0M	($217.0M)	$206.2M	$129.3M
Cash provided by operations	$10.6B	$9.4B	$9.6B	$7.4B
Capital expenditures	($3.4B)	($2.8B)	($2.4B)	($1.9B)
Purchases of restaurant businesses	($354.0M)	($669.0M)	($441.2M)	($807.0M)
Payments to Acquire Equity Method Investments	$0	$1.8B	—	—
Sales of restaurant and other businesses	$346.0M	$311.0M	$195.3M	$445.9M
Sales of property	$130.0M	$122.0M	$94.9M	$38.9M
Other	($579.0M)	($498.0M)	($676.1M)	($456.7M)
Cash used for investing activities	($3.8B)	($5.3B)	($3.2B)	($2.7B)
Net short-term borrowings	$6.0M	$326.0M	$212.8M	$25.5M
Long-term financing issuances	$4.7B	$2.4B	$5.2B	$3.4B
Long-term financing repayments	($4.8B)	($2.8B)	($2.4B)	($2.2B)
Treasury stock purchases	($2.1B)	($2.8B)	($3.1B)	($3.9B)
Common stock dividends	($5.1B)	($4.9B)	($4.5B)	($4.2B)
Proceeds from stock option exercises	$285.0M	$328.0M	$259.8M	$248.2M
Other	($167.0M)	($56.0M)	($39.6M)	$38.2M
Cash used for financing activities	($7.1B)	($7.5B)	($4.4B)	($6.6B)
Effect of exchange rates on cash and equivalents	$86.0M	($101.0M)	($57.8M)	($253.8M)
Cash and equivalents increase (decrease)	($311.0M)	($3.5B)	$2.0B	($2.1B)
Cash and equivalents at beginning of year	$1.1B	$4.6B	$2.6B	$4.7B
Cash and equivalents at end of year	$774.0M	$1.1B	$4.6B	$2.6B
Interest Paid	$1.6B	$1.5B	$1.3B	$1.2B

McDonald's Corp. cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$4.3B	$2.0B	$6.4B	$4.1B
Depreciation and amortization	$1.1B	$566.0M	$1.6B	$1.1B
Deferred income taxes	$5.0M	$63.0M	($49.0M)	($84.0M)
Share-based compensation	$99.0M	$60.0M	$128.0M	$89.0M
Other	($143.0M)	($92.0M)	($197.0M)	($144.0M)
Changes in working capital items	($215.0M)	($168.0M)	($50.0M)	($620.0M)
Cash provided by (used for) operations	$5.2B	$2.4B	$7.9B	$4.4B
Capital expenditures	($1.5B)	($682.0M)	($2.3B)	($1.3B)
Purchases of restaurant businesses	($153.0M)	($79.0M)	($240.0M)	($131.0M)
Sales of restaurant businesses	$209.0M	$72.0M	$185.0M	$83.0M
Sales of property	$56.0M	$34.0M	$38.0M	$16.0M
Other	($244.0M)	($122.0M)	($430.0M)	($314.0M)
Cash used for investing activities	($1.6B)	($777.0M)	($2.8B)	($1.6B)
Net short-term borrowings	($299.0M)	($791.0M)	($794.0M)	($195.0M)
Long-term financing issuances	$1.2B	$1.2B	$4.7B	$2.9B
Long-term financing repayments	($581.0M)	($1.0M)	($2.6B)	($1.4B)
Treasury stock purchases	($1.3B)	($396.0M)	($1.5B)	($982.0M)
Common stock dividends	($2.6B)	($1.3B)	($3.8B)	($2.5B)
Proceeds from stock option exercises	$142.0M	$128.0M	$216.0M	$188.0M
Other	($142.0M)	($2.0M)	($121.0M)	($87.0M)
Cash provided by (used for) financing activities	($3.6B)	($1.2B)	($3.9B)	($2.1B)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$85.0M	($14.0M)	$110.0M	$104.0M
Cash and equivalents increase (decrease)	$48.0M	$396.0M	$1.3B	$791.0M
Cash and equivalents at beginning of period	$774.0M	$774.0M	$1.1B	$1.1B
Cash and equivalents at end of period	$822.0M	$1.2B	$2.4B	$1.9B

McDonald's Corp. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.