Mcdonalds
MCD · NYSERetail-Eating Places · Fiscal year ends Dec 31
Mcdonalds reported revenue of $26.9B in the fiscal year ended Dec 2025, up 3.7% from the year before. Operating income was $12.4B, an operating margin of 46.1%, and net income was $8.6B. Operating cash flow of $10.6B less capital expenditure of $3.4B left free cash flow of $7.2B. Net debt was $39.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $23.2B | $23.2B | $25.5B | $25.9B | $26.9B |
| Selling, general & admin | – | $2.9B | $2.8B | $2.9B | $3B |
| Operating income | $10.4B | $9.4B | $11.6B | $11.7B | $12.4B |
| Interest expense | $1.2B | $1.2B | $1.4B | $1.5B | $1.6B |
| Income tax | $1.6B | $1.6B | $2.1B | $2.1B | $2.3B |
| Net income | $7.5B | $6.2B | $8.5B | $8.2B | $8.6B |
| Diluted EPS | 10.04 | 8.33 | 11.56 | 11.39 | 11.95 |
| Diluted shares | 0M | 0M | 0M | 0M | 0M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $4.7B | $2.6B | $4.6B | $1.1B | $774M |
| Inventory | $56M | $52M | $53M | $56M | $61M |
| Current assets | $7.1B | $5.4B | $8B | $4.6B | $4.2B |
| Net PP&E | $24.7B | $23.8B | $24.9B | $25.3B | $28.2B |
| Goodwill | $2.8B | $2.9B | $3B | $3.1B | $3.4B |
| Total assets | $53.9B | $50.4B | $56.1B | $55.2B | $59.5B |
| Payables | $1B | $980M | $1.1B | $1B | $1.1B |
| Current liabilities | $4B | $3.8B | $6.9B | $3.9B | $4.4B |
| Short-term debt | $0 | $0 | $2.2B | $0 | $725M |
| Long-term debt | $35.6B | $35.9B | $37.2B | $38.4B | $40B |
| Shareholders' equity | −$4.6B | −$6B | −$4.7B | −$3.8B | −$1.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $9.1B | $7.4B | $9.6B | $9.4B | $10.6B |
| Capital expenditure | $2B | $1.9B | $2.4B | $2.8B | $3.4B |
| Free cash flow | $7.1B | $5.5B | $7.3B | $6.7B | $7.2B |
| Depreciation & amortisation | $330M | $370M | $382M | $447M | $457M |
| Stock-based compensation | $139M | $167M | $175M | $172M | $165M |
| Share buybacks | $846M | $3.9B | $3.1B | $2.8B | $2.1B |
| Dividends paid | $3.9B | $4.2B | $4.5B | $4.9B | $5.1B |
| Dividend per share | 5.25 | 5.66 | 6.23 | 6.78 | 7.17 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −0.2% | 10.0% | 1.7% | 3.7% |
| Operating income growth (YoY) | – | −9.5% | 24.3% | 0.6% | 5.8% |
| EPS growth (YoY) | – | −17.0% | 38.8% | −1.5% | 4.9% |
| Operating margin | 44.6% | 40.4% | 45.7% | 45.2% | 46.1% |
| Net margin | 32.5% | 26.6% | 33.2% | 31.7% | 31.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 20.8% | 20.1% | 23.6% | 22.8% | 22.5% |
| Free cash flow margin | 30.6% | 23.7% | 28.5% | 25.7% | 26.7% |
| Cash conversion (CFO ÷ net income) | 1.21x | 1.20x | 1.13x | 1.15x | 1.23x |
| Interest cover | 8.73x | 7.76x | 8.56x | 7.78x | 7.83x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $30.9B | $33.3B | $34.8B | $37.3B | $39.9B |
| Current ratio | 1.78x | 1.43x | 1.16x | 1.19x | 0.95x |
Recent filings
More in Retail-Eating Places
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.