Is McDonald's Corp financially healthy?

On 30 June 2026 McDonald's Corp held 822.00M USD in cash and short-term investments against total debt of 54.59B USD. Its current ratio is 1.08: what falls due within a year against what turns into cash within a year. Over the last twelve months it generated 7.76B USD of free cash flow.

Is McDonald's Corp growing?

McDonald's Corp's revenue grew 7.0% a year over its last five fiscal years, from 19.21B USD in fiscal year 2020 to 26.89B USD in fiscal year 2025. Over the last twelve months it was up 6.3% on the twelve months before.

Where can I find McDonald's Corp's annual report (10-K)?

McDonald's Corp files its annual report (Form 10-K) and its quarterly reports (Form 10-Q) with the US Securities and Exchange Commission, on its EDGAR site; the figures on these pages come from them.

McDonald's Corp
D
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MCD

Arincen ScoreBeta80/100

80/100B

263.09

USD

-2.54

(-0.96%)

Pre Open·268.57USD+5.48(+2.08%)

Last updated: 4 Nov, 08:11 GMT-5 · Delayed 15 min

Fair value320.16Plus-18%231Price 263.09439

Q3 FY2026 · Earnings report · Results coming soon

EPS estimate 3.38Revenue estimate 7.28B

Q3 FY2026 · Earnings report

Wednesday 4 November · Results coming soon

EPS estimate 3.38Revenue estimate 7.28B

Fair value320.16Plus-18%231Price 263.09439

Q3 FY2026 · Earnings report · Results coming soon

EPS estimate 3.38Revenue estimate 7.28B

Q3 FY2026 · Earnings report

Wednesday 4 November · Results coming soon

EPS estimate 3.38Revenue estimate 7.28B

Overview Financials Signals Forecast Earnings Dividends Company

McDonald's Corp financials

Yes. McDonald's Corp earned 8.79B USD of net income over the last twelve months, 31.7% of its revenue. It made a profit in 41 of its 41 fiscal years since 1985.

Revenue (TTM): 27.70B USD
Net income (TTM): 8.79B USD
Free cash flow (TTM): 7.76B USD
Cash and short-term investments: 822.00M USD
Total debt: 54.59B USD
Shareholders' equity: -1.02B USD

Cash, debt and equity as of 30 Jun 2026.

McDonald's Corp earnings

Next earnings · Q3 FY2026

4 Nov 2026

Results coming soon

EPS estimate

3.38 USD

Revenue estimate

7.28B USD

Last quarter · Q2 FY2026

EPS3.38Beat +1.8%Revenue7.10BMissed -0.4%

Revenue

ReportedEstimate

EPS

ReportedEstimate

Period	Report date	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
Q3 FY2026	4 Nov 2026	3.38	—	—	+4.97%	7.28B	—	—	+2.92%
Q2 FY2026	4 Aug 2026	3.32	3.38	+1.81%	+5.96%	7.13B	7.10B	-0.42%	+3.74%
Q1 FY2026	7 May 2026	2.74	2.83	+3.28%	+5.99%	6.47B	6.52B	+0.71%	+9.44%
Q4 FY2025	11 Feb 2026	3.05	3.12	+2.30%	+10.25%	6.84B	7.01B	+2.50%	+9.72%
Q3 FY2025	5 Nov 2025	3.33	3.22	-3.30%	-0.31%	7.08B	7.08B	-0.09%	+2.97%
Q2 FY2025	6 Aug 2025	3.14	3.19	+1.59%	+7.41%	6.70B	6.84B	+2.17%	+5.44%
Q1 FY2025	1 May 2025	2.66	2.67	+0.38%	-1.11%	6.10B	5.96B	-2.40%	-3.47%

Period	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
FY2028	14.46	—	—	+5.23%	28.13B	—	—	-2.63%
FY2027	13.74	—	—	+6.80%	28.89B	—	—	+2.72%
FY2026	12.87	—	—	+5.46%	28.13B	—	—	+4.62%
FY2025	12.14	12.20	+0.50%	+4.01%	26.69B	26.89B	+0.73%	+3.72%
FY2024	11.76	11.73	-0.29%	-1.76%	25.99B	25.92B	-0.26%	+1.68%
FY2023	11.80	11.94	+1.19%	+18.22%	25.53B	25.49B	-0.15%	+9.97%
FY2022	9.97	10.10	+1.27%	+8.84%	22.99B	23.18B	+0.86%	-0.17%

McDonald's Corp growth and profitability

Full income statement

Revenue (TTM): 27.70B USD
Net income (TTM): 8.79B USD
Gross margin: 57.39%
Operating margin: 46.22%
Net margin: 31.72%

Revenue / Net income

Revenue Net income Net margin

Period	Revenue	Growth	Net income	Growth	Gross margin	Operating margin	Net margin	EBITDA	Growth
FY2025	26.89B	+3.72%	8.56B	+4.13%	57.41%	46.10%	31.85%	14.68B	+5.23%
FY2024	25.92B	+1.67%	8.22B	-2.90%	56.75%	45.19%	31.72%	13.95B	+0.63%
FY2023	25.49B	+9.97%	8.47B	+37.09%	57.12%	45.68%	33.22%	13.86B	+27.13%
FY2022	23.18B	-0.17%	6.18B	-18.13%	56.97%	40.42%	26.65%	10.90B	-10.50%
FY2021	23.22B	+20.90%	7.55B	+59.50%	54.17%	44.59%	32.49%	12.18B	+33.72%

Period	Revenue	Net income	Gross margin	Operating margin	Net margin
Q2 FY2026	7.10B	2.36B	58.01%	47.02%	33.27%
Q1 FY2026	6.52B	1.98B	55.90%	45.31%	30.43%
Q4 FY2025	7.01B	2.16B	57.53%	45.03%	30.87%
Q3 FY2025	7.08B	2.28B	58.00%	47.43%	32.18%
Q2 FY2025	6.84B	2.25B	57.90%	47.23%	32.92%

How McDonald's Corp makes its money

High-Growth Markets13.63B 50.7%

UNITED STATES10.83B 40.3%

International Developmental Licensed Markets and Corporate2.43B 9.0%

Revenue26.89B 100.0%

Cost of revenue11.45B 42.6%

Gross profit15.44B 57.4%

Selling and administration3.04B 11.3%

Other operating expenses3.00M 0.0%

Operating income12.39B 46.1%

Tax2.33B 8.7%

Other expense1.50B 5.6%

Net income8.56B 31.9%

FY2025, in USD. Each band is as wide as its money; the percentage is its share of revenue.

McDonald's Corp revenue breakdown

By product

FY2025

50.7%High-Growth Markets40.3%UNITED STATES9.0%International Developmental Licensed Markets and Corporate

Segment	Revenue	Share of revenue	Change on the year
High-Growth Markets	13.63B	50.7%	+8.0%
UNITED STATES	10.83B	40.3%	+1.8%
International Developmental Licensed Markets and Corporate	2.43B	9.0%	-8.8%

By region

FY2025

50.7%International Operated Markets40.3%UNITED STATES9.0%International Developmental Licensed Markets and Corporate

Region	Revenue	Share of revenue	Change on the year
International Operated Markets	13.63B	50.7%	+8.0%
UNITED STATES	10.83B	40.3%	+1.8%
International Developmental Licensed Markets and Corporate	2.43B	9.0%	-8.8%

Operating and free cash flow

Full cash flow statement

Operating cash flow Free cash flow

Fiscal year	Operating cash flow	Free cash flow
FY2025	10.55B	7.19B
FY2024	9.45B	6.67B
FY2023	9.61B	7.25B
FY2022	7.39B	5.49B
FY2021	9.14B	7.10B
FY2020	6.27B	4.62B
FY2019	8.12B	5.73B
FY2018	6.97B	4.23B
FY2017	5.55B	3.70B
FY2016	6.06B	4.24B

McDonald's Corp financial health

Full balance sheet

Cash and short-term investments: 822.00M USD
Total debt: 54.59B USD
Net cash: -53.77B USD
Free cash flow (TTM): 7.76B USD
Current ratio: 1.08
Piotroski score: 8 / 9
Altman Z-score: 4.69

Cash, debt and free cash flow

Cash and short-term investments Total debt Free cash flow

Fiscal year	Cash and short-term investments	Total debt	Free cash flow
FY2025	774.00M	54.81B	7.19B
FY2024	1.09B	51.95B	6.67B
FY2023	4.58B	53.09B	7.25B
FY2022	2.58B	48.70B	5.49B
FY2021	4.71B	49.35B	7.10B

Assets, liabilities and equity

Total assets Total liabilities Shareholders' equity

Fiscal year	Total assets	Total liabilities	Shareholders' equity
FY2025	59.52B	61.31B	-1.79B
FY2024	55.18B	58.98B	-3.80B
FY2023	56.15B	60.85B	-4.71B
FY2022	50.44B	56.44B	-6.00B
FY2021	53.85B	58.46B	-4.60B
FY2020	52.63B	60.45B	-7.82B
FY2019	47.51B	55.72B	-8.21B
FY2018	32.81B	39.07B	-6.26B
FY2017	33.80B	37.07B	-3.27B
FY2016	31.02B	33.23B	-2.20B

McDonald's Corp valuation

Price to earnings ratio (TTM): 21.30
Forward P/E (FY2026): 20.45
Price to sales (TTM): 6.72
EV / EBITDA (TTM): 15.92

Capital structure

Market capitalization

186.17B USD

Total debt

54.59B USD

−

Cash and short-term investments

822.00M USD

Enterprise value

239.94B USD

Valuation over time

P/EForward P/EForward P/E · EstimateEstimate

Fiscal year	P/E	Forward P/E	P/S	P/B	EV/EBITDA
FY2028 (est.)	18.19	—	—	—	—
FY2027 (est.)	19.15	18.19	—	—	—
FY2026 (est.)	20.45	19.15	—	—	—
Now (TTM)	21.30	19.34	6.72	—	15.92
FY2025	25.47	23.76	8.11	-121.74	18.54
FY2024	25.32	23.88	8.03	-54.84	18.58
FY2023	25.50	25.20	8.47	-45.85	19.07
FY2022	31.41	22.34	8.37	-32.33	22.03
FY2021	26.52	26.88	8.61	-43.48	20.09

McDonald's Corp against its own history

Each figure in the latest fiscal year against the same figure from FY2021 to FY2025: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.

Its peers: Starbucks, Yum! Brands, Chipotle Mexican Grill, Restaurant Brands International, and Darden Restaurants, the US Restaurants companies closest to it in size, each in its own latest fiscal year: their median (the line) and its rank among them, first being the best.

P/E (today)Below its median21.3
18.735.5
Gross marginHighest in 5 years57.4%
54.2%57.4%
Against its peers: 2 of 6Peers' median 41.1%
Operating marginHighest in 5 years46.1%
40.4%46.1%
Against its peers: 1 of 6Peers' median 16.9%
Net marginAt its median31.9%
26.6%33.2%
Against its peers: 1 of 6Peers' median 9.1%
Free cash flow marginAt its median26.7%
23.7%30.6%
Against its peers: 1 of 6Peers' median 12.1%
Revenue growthAt its median3.7%
-0.2%20.9%
Against its peers: 5 of 6Peers' median 8.8%
EPS growthAt its median4.9%
-17.0%59.1%
Against its peers: 4 of 6Peers' median 6.5%
Debt to EBITDABelow its median3.73×
3.72×4.47×
Against its peers: 3 of 6Peers' median 3.83×
Current ratioLowest in 5 years0.95
0.951.78
Against its peers: 4 of 6Peers' median 0.98

Figure	FY2025	5-year low – high	Against its history	Against its peers
P/E (today)	21.3	18.735.5	Below its median	—
Gross margin	57.4%	54.2%57.4%	Highest in 5 years	2 of 6
Operating margin	46.1%	40.4%46.1%	Highest in 5 years	1 of 6
Net margin	31.9%	26.6%33.2%	At its median	1 of 6
Free cash flow margin	26.7%	23.7%30.6%	At its median	1 of 6
Revenue growth	3.7%	-0.2%20.9%	At its median	5 of 6
EPS growth	4.9%	-17.0%59.1%	At its median	4 of 6
Debt to EBITDA	3.73×	3.72×4.47×	Below its median	3 of 6
Current ratio	0.95	0.951.78	Lowest in 5 years	4 of 6

Peers: US companies of the same industry (of its sector when the industry has too few) from a tenth to ten times its market value, the six closest in size. Updated weekly.

McDonald's Corp dividends

Annual dividend: 7.72 USD
Dividend yield (indicated): 2.93%
Payout ratio: 75.87%
Years of dividend growth: 50
Frequency: Quarterly
Last payment: 1.93 USD
Last ex-dividend date: 1 Dec 2026
Last payment date: 15 Dec 2026

Dividends per share

Year	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Dividends per share	7.17	6.78	6.23	5.66	5.25	5.04	4.73	4.19	3.83	3.61

McDonald's Corp ownership

Institutions: 75.09%
Institutional holders: 3,588 (-109)
Free float: 99.95%

InstitutionsOthers

As of 30 Jun 2026

Insider trading

Quarter	Sales	Shares acquired	Shares disposed of
Q3 2026	0	1.45K	1.34K
Q2 2026	5	8.23K	19.19K
Q1 2026	11	545.35K	222.26K
Q4 2025	6	49.32K	84.42K

Shares outstanding

Basic shares Diluted shares Change in diluted shares

Fiscal year	Basic shares	Diluted shares	Change in diluted shares
FY2025	713.40M	716.40M	-0.76%
FY2024	718.30M	721.90M	-1.42%
FY2023	727.90M	732.30M	-1.21%
FY2022	736.50M	741.30M	-1.40%
FY2021	746.30M	751.80M	+0.23%

Common questions about McDonald's Corp's financials

Source: Financial Modeling Prep

McDonald's Corp
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MCD

McDonald's Corp financials

McDonald's Corp earnings

Revenue

EPS

McDonald's Corp growth and profitability

Revenue / Net income

How McDonald's Corp makes its money

McDonald's Corp revenue breakdown

By product

By region

Operating and free cash flow

McDonald's Corp financial health

Cash, debt and free cash flow

Assets, liabilities and equity

McDonald's Corp valuation

Capital structure

Valuation over time

McDonald's Corp against its own history

McDonald's Corp dividends

Dividends per share

McDonald's Corp ownership

Insider trading

Shares outstanding

Common questions about McDonald's Corp's financials

Is McDonald's Corp profitable?

Is McDonald's Corp financially healthy?

Is McDonald's Corp growing?

Where can I find McDonald's Corp's annual report (10-K)?

Need help?

McDonald's Corp DQuotes are delayed by 15 minutes

MCD

McDonald's Corp financials

McDonald's Corp earnings

Revenue

EPS

McDonald's Corp growth and profitability

Revenue / Net income

How McDonald's Corp makes its money

McDonald's Corp revenue breakdown

By product

By region

Operating and free cash flow

McDonald's Corp financial health

Cash, debt and free cash flow

Assets, liabilities and equity

McDonald's Corp valuation

Capital structure

Valuation over time

McDonald's Corp against its own history

McDonald's Corp dividends

Dividends per share

McDonald's Corp ownership

Insider trading

Shares outstanding

Common questions about McDonald's Corp's financials

Is McDonald's Corp profitable?

Is McDonald's Corp financially healthy?

Is McDonald's Corp growing?

Where can I find McDonald's Corp's annual report (10-K)?

Need help?

McDonald's Corp
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Quotes are delayed by 15 minutes