{ "ticker": "MCD", "cik": "0000063908", "company": "McDonald's Corporation", "business_type": "restaurant franchisor", "schema_template": "franchisor / restaurant operator", "schema_rationale": "McDonald's is overwhelmingly a franchisor and real-estate owner rather than a restaurant operator: 43,317 of 45,356 restaurants (about 96%) were franchised at December 31, 2025, and franchised margins were roughly 90% of total restaurant margin dollars. A conventional revenue/cost-of-goods/gross-profit layout would misrepresent the business, so the standard income statement, balance sheet and cash flow lines are reported alongside the measures that actually explain the economics: the split between franchised revenue and company-operated sales, franchised and company-operated restaurant margins, systemwide and franchised sales, restaurant counts by ownership type, comparable sales, lease obligations, and the negative book equity created by decades of share repurchases.", "reporting_currency": "USD", "converted_to_usd": false, "units": "actual dollars (not millions); share counts in actual shares; per-share amounts in dollars; percentages in percent", "units_notes_seen": { "FY2025 10-K Consolidated Statement of Income": "In millions, except per share data \u2014 Years ended December 31, 2025 | 2024 | 2023 (the weighted-average share counts on this statement are also in millions)", "FY2025 10-K Consolidated Balance Sheet": "In millions, except per share data \u2014 December 31, 2025 | 2024 (issued and treasury share counts stated in millions in the caption lines)", "FY2025 10-K Consolidated Statement of Cash Flows": "In millions \u2014 Years ended December 31, 2025 | 2024 | 2023", "FY2025 10-K segment information note": "In millions", "FY2025 10-K MD&A franchised sales, restaurant margin and SG&A tables": "Dollars in millions", "FY2025 10-K restaurant count table": "Restaurants at December 31, 2025 | 2024 | 2023 \u2014 unit counts, not scaled", "FY2025 10-K debt obligations note": "In millions", "Q1 FY2026 10-Q Condensed Consolidated Balance Sheet": "In millions, except per share data \u2014 March 31, 2026 | December 31, 2025", "Q1 FY2026 10-Q Condensed Consolidated Statement of Income": "In millions, except per share data \u2014 Quarters Ended March 31, 2026 | 2025 (weighted-average share counts also in millions)", "Q1 FY2026 10-Q Condensed Consolidated Statement of Cash Flows": "In millions \u2014 Quarters Ended March 31, 2026 | 2025", "Q1 FY2026 10-Q MD&A franchised sales and restaurant margin tables": "Dollars in millions", "Q1 FY2026 10-Q restaurant count table": "Restaurants at March 31, 2026 | 2025 \u2014 unit counts, not scaled" }, "adjustments": { "splits_applied": [], "splits_note": "McDonald's has had no stock split in the periods covered, so no per-share history required adjustment. Per-share figures are exactly as reported in the filings.", "adr_ratio": null, "adr_note": "Not an ADR. McDonald's common stock trades directly on the NYSE, so per-share figures are per common share.", "fx": "None applied. McDonald's reports in U.S. dollars, so no currency conversion was needed. The filings do quantify how translating foreign results affected the reported numbers: currency translation added $385 million to fiscal 2025 revenue, $198 million to operating income and $0.16 to diluted EPS, and added $313 million to first-quarter 2026 revenue, $152 million to operating income and $0.13 to diluted EPS." }, "annual": [ { "fiscal_year": 2025, "period_end": "2025-12-31", "source_accession": "0000063908-26-000035", "source_statement": "FY2025 Form 10-K (accession 0000063908-26-000035), Consolidated Statement of Income, Consolidated Balance Sheet and Consolidated Statement of Cash Flows", "income_statement": { "revenues_from_franchised_restaurants": 16548000000, "sales_by_company_operated_restaurants": 9690000000, "other_revenues": 647000000, "total_revenues": 26885000000, "franchised_restaurants_occupancy_expenses": 2618000000, "company_operated_food_and_paper": 3006000000, "company_operated_payroll_and_employee_benefits": 2905000000, "company_operated_occupancy_and_other_operating_expenses": 2358000000, "company_operated_restaurant_expenses_total": 8268000000, "other_restaurant_expenses": 564000000, "selling_general_administrative_depreciation_and_amortization": 457000000, "selling_general_administrative_other": 2583000000, "selling_general_administrative_total": 3039000000, "other_operating_income_expense_net": 2000000, "total_operating_costs_and_expenses": 14492000000, "operating_income": 12393000000, "interest_expense": 1582000000, "nonoperating_income_expense_net": -87000000, "income_before_provision_for_income_taxes": 10897000000, "provision_for_income_taxes": 2334000000, "net_income": 8563000000, "eps_basic": 12.0, "eps_diluted": 11.95, "dividends_declared_per_share": 7.17, "weighted_average_shares_basic": 713400000, "weighted_average_shares_diluted": 716400000, "operating_margin_pct": 46.1, "net_margin_pct": 31.9, "effective_tax_rate_pct": 21.4 }, "balance_sheet": { "cash_and_equivalents": 774000000, "accounts_and_notes_receivable": 2466000000, "inventories": 61000000, "prepaid_expenses_and_other_current_assets": 863000000, "total_current_assets": 4163000000, "investments_in_and_advances_to_affiliates": 2820000000, "goodwill": 3354000000, "miscellaneous_other_assets": 6331000000, "total_other_assets": 12505000000, "lease_right_of_use_asset_net": 14606000000, "property_and_equipment_at_cost": 49290000000, "accumulated_depreciation_and_amortization": -21049000000, "net_property_and_equipment": 28241000000, "total_assets": 59515000000, "accounts_payable": 1149000000, "current_lease_liability": 694000000, "current_income_taxes": 250000000, "current_other_taxes": 247000000, "accrued_interest": 533000000, "accrued_payroll_and_other_liabilities": 1488000000, "total_current_liabilities": 4361000000, "long_term_debt": 39973000000, "total_debt_obligations": 39973000000, "long_term_lease_liability": 14147000000, "total_lease_liabilities": 14841000000, "long_term_income_taxes": 139000000, "deferred_revenues_initial_franchise_fees": 945000000, "other_long_term_liabilities": 704000000, "deferred_income_taxes": 1038000000, "total_liabilities": 61306000000, "common_stock_par": 17000000, "additional_paid_in_capital": 9641000000, "retained_earnings": 70282000000, "accumulated_other_comprehensive_income_loss": -2414000000, "common_stock_in_treasury_at_cost": -79316000000, "total_shareholders_equity_deficit": -1791000000, "shares_issued": 1660600000, "treasury_shares": 950000000, "shares_outstanding_implied": 710600000 }, "cash_flow": { "net_income": 8563000000, "depreciation_and_amortization": 2199000000, "deferred_income_taxes": -126000000, "share_based_compensation": 165000000, "net_gain_loss_on_sale_of_businesses": -149000000, "other_charges_and_credits": -207000000, "change_in_accounts_receivable": 231000000, "change_in_inventories_prepaid_and_other_current_assets": -140000000, "change_in_accounts_payable": 100000000, "change_in_income_taxes": -239000000, 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Franchised sales are not recorded as revenue by the company; they are the basis on which franchised revenues are calculated. Computed as the franchised sales disclosed in the 10-K plus sales by company-owned and operated restaurants.", "franchised_sales": 129675000000, "franchised_sales_conventional_franchised": 93761000000, "franchised_sales_developmental_licensed": 22451000000, "franchised_sales_foreign_affiliated": 13463000000, "franchised_margin_dollars": 13930000000, "franchised_margin_pct_of_franchised_revenue": 84.2, "company_operated_margin_dollars": 1422000000, "company_operated_margin_pct_of_company_operated_sales": 14.7, "total_restaurant_margin_dollars": 15351000000, "restaurants_conventional_franchised": 22570, "restaurants_developmental_licensed": 9675, "restaurants_foreign_affiliated": 11072, "restaurants_franchised_total": 43317, "restaurants_company_operated": 2039, "restaurants_systemwide_total": 45356, "pct_of_restaurants_franchised": 95.5, "comparable_sales_change_pct_total_company": 3.1, "sga_as_pct_of_systemwide_sales": 2.18, "revenue_as_pct_of_systemwide_sales": 19.3 } }, { 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Franchised sales are not recorded as revenue by the company; they are the basis on which franchised revenues are calculated. Computed as the franchised sales disclosed in the 10-K plus sales by company-owned and operated restaurants.", "franchised_sales": 120933000000, "franchised_sales_conventional_franchised": 88934000000, "franchised_sales_developmental_licensed": 19736000000, "franchised_sales_foreign_affiliated": 12263000000, "franchised_margin_dollars": 13178000000, "franchised_margin_pct_of_franchised_revenue": 83.9, "company_operated_margin_dollars": 1447000000, "company_operated_margin_pct_of_company_operated_sales": 14.8, "total_restaurant_margin_dollars": 14625000000, "restaurants_conventional_franchised": 22077, "restaurants_developmental_licensed": 9247, "restaurants_foreign_affiliated": 10108, "restaurants_franchised_total": 41432, "restaurants_company_operated": 2045, "restaurants_systemwide_total": 43477, "pct_of_restaurants_franchised": 95.3, "comparable_sales_change_pct_total_company": -0.1, "sga_as_pct_of_systemwide_sales": 2.19, "revenue_as_pct_of_systemwide_sales": 19.8 } }, { "fiscal_year": 2023, "period_end": "2023-12-31", "source_accession": "0000063908-26-000035", "source_statement": "FY2025 Form 10-K (accession 0000063908-26-000035), Consolidated Statement of Income, Consolidated Balance Sheet and Consolidated Statement of Cash Flows", "income_statement": { "revenues_from_franchised_restaurants": 15437000000, "sales_by_company_operated_restaurants": 9742000000, "other_revenues": 316000000, "total_revenues": 25494000000, "franchised_restaurants_occupancy_expenses": 2475000000, "company_operated_food_and_paper": 3039000000, "company_operated_payroll_and_employee_benefits": 2886000000, "company_operated_occupancy_and_other_operating_expenses": 2299000000, "company_operated_restaurant_expenses_total": 8224000000, "other_restaurant_expenses": 232000000, "selling_general_administrative_depreciation_and_amortization": 382000000, "selling_general_administrative_other": 2435000000, "selling_general_administrative_total": 2817000000, "other_operating_income_expense_net": 99000000, "total_operating_costs_and_expenses": 13847000000, "operating_income": 11647000000, "interest_expense": 1361000000, "nonoperating_income_expense_net": -236000000, "income_before_provision_for_income_taxes": 10522000000, "provision_for_income_taxes": 2053000000, "net_income": 8469000000, "eps_basic": 11.63, "eps_diluted": 11.56, "dividends_declared_per_share": 6.23, "weighted_average_shares_basic": 727900000, "weighted_average_shares_diluted": 732300000, "operating_margin_pct": 45.7, "net_margin_pct": 33.2, "effective_tax_rate_pct": 19.5 }, "balance_sheet": { "cash_and_equivalents": 4579000000, "total_assets": 56147000000, "note": "The FY2025 10-K balance sheet presents only December 31, 2025 and 2024. 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"restaurants_foreign_affiliated": 11300, "restaurants_franchised_total": 43672, "restaurants_company_operated": 2027, "restaurants_systemwide_total": 45699, "pct_of_restaurants_franchised": 95.6, "comparable_sales_change_pct_total_company": 3.8 }, "segment_revenues": { "us": 2583000000, "international_operated_markets": 3325000000, "international_developmental_licensed_markets_and_corporate": 610000000, "total": 6517000000 }, "segment_operating_income": { "us": 1380000000, "international_operated_markets": 1507000000, "international_developmental_licensed_markets_and_corporate": 67000000, "total": 2953000000 }, "notes": [ "Pre-tax charges of $47 million ($0.05 per diluted share) primarily related to restructuring under the company's Accelerating the Organization effort. Excluding them the company reported non-GAAP net income of $2,019 million and diluted EPS of $2.83.", "During the quarter the company paid a dividend of $1.86 per share ($1.3 billion) and repurchased 1.3 million shares for $393 million." ] }, { "period_label": "Q1 FY2025 (prior-year comparative)", "period_start": "2025-01-01", "period_end": "2025-03-31", "period_type": "three months", "source_accession": "0000063908-26-000051", "source_statement": "Prior-year comparative columns of the Form 10-Q for the quarter ended March 31, 2026 (accession 0000063908-26-000051)", "income_statement": { "revenues_from_franchised_restaurants": 3661000000, "sales_by_company_operated_restaurants": 2132000000, "other_revenues": 162000000, "total_revenues": 5956000000, "franchised_restaurants_occupancy_expenses": 620000000, "company_operated_restaurant_expenses": 1859000000, "other_restaurant_expenses": 140000000, "selling_general_administrative_depreciation_and_amortization": 107000000, "selling_general_administrative_other": 575000000, "selling_general_administrative_total": 682000000, "other_operating_income_expense_net": 7000000, "total_operating_costs_and_expenses": 3308000000, "operating_income": 2648000000, "interest_expense": 376000000, "nonoperating_income_expense_net": -57000000, "income_before_provision_for_income_taxes": 2330000000, "provision_for_income_taxes": 461000000, "net_income": 1868000000, "eps_basic": 2.61, "eps_diluted": 2.6, "dividends_declared_per_share": 1.77, "weighted_average_shares_basic": 714900000, "weighted_average_shares_diluted": 718200000, "operating_margin_pct": 44.5, "net_margin_pct": 31.4, "effective_tax_rate_pct": 19.8 }, "balance_sheet": { "cash_and_equivalents": 1238000000, "note": "The 10-Q balance sheet presents only March 31, 2026 and December 31, 2025, so the only March 31, 2025 balance-sheet figure available in this filing is period-end cash from the comparative cash flow statement." }, "cash_flow": { "net_income": 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1085000000, "cash_and_equivalents_end_of_period": 1238000000, "free_cash_flow": 1877000000 }, "franchisor_metrics": { "systemwide_sales": 30936000000, "systemwide_sales_note": "Computed as the franchised sales disclosed in the 10-Q plus sales by company-owned and operated restaurants.", "franchised_sales": 28804000000, "franchised_sales_conventional_franchised": 20632000000, "franchised_sales_developmental_licensed": 4944000000, "franchised_sales_foreign_affiliated": 3227000000, "franchised_margin_dollars": 3041000000, "franchised_margin_pct_of_franchised_revenue": 83.1, "company_operated_margin_dollars": 273000000, "company_operated_margin_pct_of_company_operated_sales": 12.8, "total_restaurant_margin_dollars": 3314000000, "restaurants_conventional_franchised": 22126, "restaurants_developmental_licensed": 9300, "restaurants_foreign_affiliated": 10294, "restaurants_franchised_total": 41720, "restaurants_company_operated": 2036, "restaurants_systemwide_total": 43756, "pct_of_restaurants_franchised": 95.3, "comparable_sales_change_pct_total_company": -1.0 }, "segment_revenues": { "us": 2494000000, "international_operated_markets": 2916000000, "international_developmental_licensed_markets_and_corporate": 546000000, "total": 5956000000 }, "segment_operating_income": { "us": 1302000000, "international_operated_markets": 1289000000, "international_developmental_licensed_markets_and_corporate": 57000000, "total": 2648000000 }, "notes": [ "Pre-tax charges of $66 million ($0.07 per diluted share) primarily related to restructuring under Accelerating the Organization." ] } ], "trailing_twelve_months": { "period_label": "Trailing twelve months ended 2026-03-31", "period_start": "2025-04-01", "period_end": "2026-03-31", "derivation": "Fiscal 2025 full-year figures from the FY2025 10-K (accession 0000063908-26-000035), less the quarter ended March 31, 2025 and plus the quarter ended March 31, 2026, both taken from the Form 10-Q (accession 0000063908-26-000051).", "total_revenues": 27446000000, "operating_income": 12698000000, "net_income": 8678000000, "operating_margin_pct": 46.3, "net_margin_pct": 31.6, "depreciation_and_amortization": 2245000000, "cash_provided_by_operations": 10535000000, "capital_expenditures": -3496000000, "free_cash_flow": 7039000000, "free_cash_flow_conversion_rate_pct": 81.1, "common_stock_dividends_paid": -5172000000, "treasury_stock_purchases": -1975000000, "diluted_eps_sum_of_four_quarters": 12.13, "diluted_eps_note": "Sum of the reported quarterly diluted EPS figures (fiscal 2025 full year less the March 2025 quarter plus the March 2026 quarter); it can differ slightly from trailing net income divided by a trailing share count because the weighted-average share count changes each quarter." }, "segment_data_annual": { "source_accession": "0000063908-26-000035", "units": "actual dollars", "revenues": { "us": { "2025": 10825000000, "2024": 10631000000, "2023": 10568000000 }, "international_operated_markets": { "2025": 13633000000, "2024": 12628000000, "2023": 12382000000 }, "international_developmental_licensed_markets_and_corporate": { "2025": 2427000000, "2024": 2661000000, "2023": 2543000000 }, "total": { "2025": 26885000000, "2024": 25920000000, "2023": 25494000000 } }, "operating_income": { "us": { "2025": 5808000000, "2024": 5733000000, "2023": 5694000000 }, "international_operated_markets": { "2025": 6382000000, "2024": 5946000000, "2023": 5831000000 }, "international_developmental_licensed_markets_and_corporate": { "2025": 203000000, "2024": 33000000, "2023": 121000000 }, "total": { "2025": 12393000000, "2024": 11712000000, "2023": 11647000000 } }, "capital_expenditures": { "us": { "2025": 1277000000, "2024": 1055000000, "2023": 963000000 }, "international_operated_markets": { "2025": 2048000000, "2024": 1661000000, "2023": 1340000000 }, "international_developmental_licensed_markets_and_corporate": { "2025": 40000000, "2024": 58000000, "2023": 54000000 }, "total": { "2025": 3365000000, "2024": 2775000000, "2023": 2357000000 } }, "total_assets": { "us": { "2025": 23008000000, "2024": 22547000000, "2023": 22477000000 }, "international_operated_markets": { "2025": 27487000000, "2024": 23491000000, "2023": 23947000000 }, "international_developmental_licensed_markets_and_corporate": { "2025": 9020000000, "2024": 9143000000, "2023": 9723000000 }, "total": { "2025": 59515000000, "2024": 55182000000, "2023": 56147000000 } } }, "notes": [ "Every figure comes from two filings: the fiscal 2025 Form 10-K (accession 0000063908-26-000035, filed February 24, 2026, for the year ended December 31, 2025) and the Form 10-Q for the quarter ended March 31, 2026 (accession 0000063908-26-000051, filed May 7, 2026). Only those two filings were used; no earlier filings were consulted to extend the history.", "The 10-K's income statement and cash flow statement present three years (2025, 2024 and 2023), so all three annual periods are reported in full. The 10-K's balance sheet presents only December 31, 2025 and 2024, so the 2023 entry carries only the two balance-sheet items the same 10-K discloses elsewhere: year-end cash from the cash flow statement and total assets from the segment note.", "All amounts in this file are stated in actual dollars. The statements themselves are presented in millions, so the reported figures were multiplied by one million. Share counts on the income statements are presented in that same scale and were converted the same way: fiscal 2025 weighted-average diluted shares of 716.4 million are reported here as 716,400,000.", "Total debt: the balance sheet shows a single Long-term debt line of $39,973 million at December 31, 2025 and $40,105 million at March 31, 2026. The 10-K's debt note confirms this equals total debt obligations, because $798 million of short-term borrowings and $725 million of current maturities at December 31, 2025 are classified as long-term debt, being supported by a long-term line of credit expiring in June 2028. There is therefore no separate short-term debt figure to add.", "Lease obligations are reported separately from debt, matching the filings: current lease liability plus long-term lease liability totaled $14,841 million at December 31, 2025 and $14,776 million at March 31, 2026, against a lease right-of-use asset of $14,606 million and $14,513 million respectively.", "Total shareholders' equity is negative (a deficit of $1,791 million at December 31, 2025, improving to a deficit of $1,286 million at March 31, 2026). This is the accumulated effect of share repurchases: treasury stock stood at $79,316 million at December 31, 2025 against retained earnings of $70,282 million. It is not a sign of insolvency, and total liabilities in this file are derived as total assets less total equity, so they exceed total assets by the amount of the deficit.", "Where the filings print an explicit total, that printed total is what appears here, and the individual components are reported alongside it. Two lines are affected by the rounding the 10-K warns about. Total company-operated restaurant expenses are the $8,268 million (2025), $8,334 million (2024) and $8,224 million (2023) totals stated in the 10-K's segment note; the three components listed on the income statement (food & paper, payroll & employee benefits, and occupancy & other operating expenses) sum to $8,269 million, $8,335 million and $8,224 million respectively. Selling, general & administrative expense is the $3,039 million (2025), $2,858 million (2024) and $2,817 million (2023) total stated in the 10-K's MD&A and segment note, while the depreciation and amortization and 'other' components shown on the income statement sum to $3,040 million, $2,859 million and $2,817 million. The 10-K states that rows and columns may not add because percentages and totals are calculated from underlying whole-dollar amounts.", "Restaurant margins are the company's own measures as disclosed in the filings, not derived here: franchised restaurant margin is revenue from franchised restaurants less franchised occupancy expense, and company-operated margin is company-operated sales less food & paper, payroll and occupancy costs for those restaurants. The margin percentages shown were computed from those disclosed dollar amounts.", "Systemwide sales are computed as the franchised sales disclosed in each filing plus sales by company-owned and operated restaurants. For 2025 this gives $139,365 million, consistent with the 10-K's statement that systemwide sales increased 7% to $139.4 billion.", "Free cash flow is calculated as cash provided by operations less capital expenditures, which is the definition the company states in the 10-K.", "The fiscal 2025 and first-quarter 2026 results both include restructuring charges under the company's 'Accelerating the Organization' program: net pre-tax charges of $229 million ($0.25 per diluted share) for fiscal 2025 and $47 million ($0.05 per diluted share) for the March 2026 quarter. All figures reported here are the GAAP amounts as presented on the face of the statements; the company's own non-GAAP alternatives are noted where the filings state them.", "No filing covering a period later than the quarter ended March 31, 2026 was available, so no press-release figures were used; every number here comes from an audited annual report or a reviewed quarterly report." ], "uncertainties": [ "The 10-K describes 2025 free cash flow in two places in ways that do not match: the highlights section calls it '$7.2 billion, an 8% increase from the prior year' while the liquidity section calls it '$7.2 billion in 2025, a decrease of $510 million or 8%'. The underlying statement figures are unambiguous and support an increase: cash from operations less capital expenditures was $7,186 million in 2025 versus $6,672 million in 2024, and the free cash flow conversion rates the 10-K reports (84% for 2025 and 81% for 2024) match those computed amounts. The computed figures are what appear in this file.", "December 31, 2023 balance-sheet data is incomplete by necessity. The fiscal 2025 10-K's balance sheet presents only 2025 and 2024, so only year-end cash and total assets are available for 2023, and no 2023 figures for debt, equity or leases are reported here.", "March 31, 2025 balance-sheet data is likewise incomplete: the 10-Q's balance sheet presents March 31, 2026 and December 31, 2025 only, so period-end cash is the sole March 31, 2025 balance-sheet item shown.", "Trailing-twelve-month diluted EPS is presented as the sum of the reported quarterly EPS figures ($12.13). Because the weighted-average share count declines each quarter with buybacks, this differs marginally from trailing net income divided by any single share count.", "Systemwide sales figures are computed by adding the disclosed franchised sales to company-operated sales rather than being lifted from a single disclosed line, since the filings state systemwide sales in the MD&A narrative in rounded billions rather than as a statement line. The computed 2025 figure of $139,365 million reconciles to the 10-K's stated $139.4 billion.", "Two subtotals differ by $1 million depending on whether the filing's printed total or the sum of its printed components is used: company-operated restaurant expenses (2025 and 2024) and selling, general & administrative expense (2025 and 2024). This file uses the printed total in both cases and discloses the component sums. The differences are immaterial and the 10-K itself states that totals may not add because they are calculated from underlying whole-dollar amounts." ], "company_details": { "Name": "Mcdonalds Corp", "Ticker": "MCD", "CIK": "0000063908", "Exchange": "NYSE", "State": "Illinois", "Incorporation": "Delaware", "SIC": "5812", "Office": "Trade & Services", "Industry": "Retail-Eating Places" }, "next_filing": { "predicted_date": "2026-08-05", "predicted_type": "10-Q" }, "fiscal_period": { "fiscal_year": 2026, "fiscal_period": "Q1", "tag": "FY26Q1", "period_end": "2026-03-31", "form": "10-Q", "accession": "0000063908-26-000051", "fiscal_year_end": "1231", "source": "facts" } }