Q1 FY2026, built from SEC filings. Accession numbers are cited throughout so every figure can be checked against sec.gov. The same data is published as JSON at financials.json for agents that prefer to fetch it directly.
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
no
Units
actual dollars (not millions); share counts in actual shares; per-share amounts in dollars; percentages in percent
Annual
FY2025
FY2024
FY2023
Fiscal year
2025
2024
2023
Period end
2025-12-31
2024-12-31
2023-12-31
Source accession
0000063908-26-000035
0000063908-26-000035
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
FY2025 Form 10-K (accession 0000063908-26-000035), Consolidated Statement of Income, Consolidated Balance Sheet and Consolidated Statement of Cash Flows
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
16,548,000,000
15,715,000,000
15,437,000,000
Sales by company operated restaurants
9,690,000,000
9,782,000,000
9,742,000,000
Other revenues
647,000,000
423,000,000
316,000,000
Total revenues
26,885,000,000
25,920,000,000
25,494,000,000
Franchised restaurants occupancy expenses
2,618,000,000
2,536,000,000
2,475,000,000
Company operated food and paper
3,006,000,000
2,995,000,000
3,039,000,000
Company operated payroll and employee benefits
2,905,000,000
2,959,000,000
2,886,000,000
Company operated occupancy and other operating expenses
2,358,000,000
2,381,000,000
2,299,000,000
Company operated restaurant expenses total
8,268,000,000
8,334,000,000
8,224,000,000
Other restaurant expenses
564,000,000
339,000,000
232,000,000
Selling general administrative depreciation and amortization
457,000,000
447,000,000
382,000,000
Selling general administrative other
2,583,000,000
2,412,000,000
2,435,000,000
Selling general administrative total
3,039,000,000
2,858,000,000
2,817,000,000
Other operating income expense net
2,000,000
139,000,000
99,000,000
Total operating costs and expenses
14,492,000,000
14,208,000,000
13,847,000,000
Operating income
12,393,000,000
11,712,000,000
11,647,000,000
Interest expense
1,582,000,000
1,506,000,000
1,361,000,000
Nonoperating income expense net
-87,000,000
-139,000,000
-236,000,000
Income before provision for income taxes
10,897,000,000
10,345,000,000
10,522,000,000
Provision for income taxes
2,334,000,000
2,121,000,000
2,053,000,000
Net income
8,563,000,000
8,223,000,000
8,469,000,000
EPS basic
12.0
11.45
11.63
EPS diluted
11.95
11.39
11.56
Dividends declared per share
7.17
6.78
6.23
Weighted average shares basic
713,400,000
718,300,000
727,900,000
Weighted average shares diluted
716,400,000
721,900,000
732,300,000
Operating margin %
46.1%
45.2%
45.7%
Net margin %
31.9%
31.7%
33.2%
Effective tax rate %
21.4%
20.5%
19.5%
Balance sheet
Cash and equivalents
774,000,000
1,085,000,000
4,579,000,000
Accounts and notes receivable
2,466,000,000
2,383,000,000
Inventories
61,000,000
56,000,000
Prepaid expenses and other current assets
863,000,000
1,074,000,000
Total current assets
4,163,000,000
4,599,000,000
Investments in and advances to affiliates
2,820,000,000
2,710,000,000
Goodwill
3,354,000,000
3,145,000,000
Miscellaneous other assets
6,331,000,000
6,095,000,000
Total other assets
12,505,000,000
11,950,000,000
Lease right of use asset net
14,606,000,000
13,339,000,000
Property and equipment at cost
49,290,000,000
44,177,000,000
Accumulated depreciation and amortization
-21,049,000,000
-18,882,000,000
Net property and equipment
28,241,000,000
25,295,000,000
Total assets
59,515,000,000
55,182,000,000
56,147,000,000
Accounts payable
1,149,000,000
1,029,000,000
Current lease liability
694,000,000
636,000,000
Current income taxes
250,000,000
361,000,000
Current other taxes
247,000,000
224,000,000
Accrued interest
533,000,000
482,000,000
Accrued payroll and other liabilities
1,488,000,000
1,129,000,000
Total current liabilities
4,361,000,000
3,861,000,000
Long term debt
39,973,000,000
38,424,000,000
Total debt obligations
39,973,000,000
38,424,000,000
Long term lease liability
14,147,000,000
12,888,000,000
Total lease liabilities
14,841,000,000
13,524,000,000
Long term income taxes
139,000,000
344,000,000
Deferred revenues initial franchise fees
945,000,000
778,000,000
Other long term liabilities
704,000,000
771,000,000
Deferred income taxes
1,038,000,000
1,914,000,000
Total liabilities
61,306,000,000
58,979,000,000
Common stock par
17,000,000
17,000,000
Additional paid in capital
9,641,000,000
9,281,000,000
Retained earnings
70,282,000,000
66,834,000,000
Accumulated other comprehensive income loss
-2,414,000,000
-2,553,000,000
Common stock in treasury at cost
-79,316,000,000
-77,375,000,000
Total shareholders equity deficit
-1,791,000,000
-3,797,000,000
Shares issued
1,660,600,000
1,660,600,000
Treasury shares
950,000,000
945,400,000
Shares outstanding implied
710,600,000
715,200,000
Note
The FY2025 10-K balance sheet presents only December 31, 2025 and 2024. The two December 31, 2023 figures shown here are the ones the same 10-K discloses elsewhere: year-end cash from the Consolidated Statement of Cash Flows and total assets from the segment information note.
Cash flow
Net income
8,563,000,000
8,223,000,000
8,469,000,000
Depreciation and amortization
2,199,000,000
2,097,000,000
1,978,000,000
Deferred income taxes
-126,000,000
-574,000,000
-686,000,000
Share based compensation
165,000,000
172,000,000
175,000,000
Net gain loss on sale of businesses
-149,000,000
-37,000,000
-103,000,000
Other charges and credits
-207,000,000
3,000,000
-113,000,000
Change in accounts receivable
231,000,000
10,000,000
-161,000,000
Change in inventories prepaid and other current assets
-140,000,000
71,000,000
17,000,000
Change in accounts payable
100,000,000
-10,000,000
50,000,000
Change in income taxes
-239,000,000
-292,000,000
-220,000,000
Change in other accrued liabilities
154,000,000
-217,000,000
206,000,000
Cash provided by operations
10,551,000,000
9,447,000,000
9,612,000,000
Capital expenditures
-3,365,000,000
-2,775,000,000
-2,357,000,000
Purchases of restaurant businesses
-354,000,000
-669,000,000
-441,000,000
Purchases of equity method investments
0
-1,837,000,000
0
Sales of restaurant and other businesses
346,000,000
311,000,000
195,000,000
Sales of property
130,000,000
122,000,000
95,000,000
Other investing
-579,000,000
-498,000,000
-676,000,000
Cash used for investing activities
-3,822,000,000
-5,346,000,000
-3,185,000,000
Net short term borrowings
6,000,000
326,000,000
213,000,000
Long term financing issuances
4,724,000,000
2,380,000,000
5,221,000,000
Long term financing repayments
-4,802,000,000
-2,777,000,000
-2,441,000,000
Treasury stock purchases
-2,056,000,000
-2,824,000,000
-3,054,000,000
Common stock dividends paid
-5,115,000,000
-4,870,000,000
-4,533,000,000
Proceeds from stock option exercises
285,000,000
328,000,000
260,000,000
Other financing
-167,000,000
-56,000,000
-40,000,000
Cash used for financing activities
-7,125,000,000
-7,495,000,000
-4,374,000,000
Effect of exchange rates on cash
86,000,000
-101,000,000
-58,000,000
Cash and equivalents increase decrease
-311,000,000
-3,494,000,000
1,996,000,000
Cash and equivalents beginning of year
1,085,000,000
4,579,000,000
2,584,000,000
Cash and equivalents end of year
774,000,000
1,085,000,000
4,579,000,000
Interest paid
1,555,000,000
1,523,000,000
1,287,000,000
Free cash flow
7,186,000,000
6,672,000,000
7,255,000,000
Free cash flow definition
Cash provided by operations less capital expenditures, the definition the company uses.
Cash provided by operations less capital expenditures, the definition the company uses.
Cash provided by operations less capital expenditures, the definition the company uses.
Free cash flow conversion rate %
83.9%
81.1%
85.7%
Franchisor metrics
Systemwide sales
139,365,000,000
130,715,000,000
129,492,000,000
Systemwide sales note
Sales at all restaurants, whether operated by the company or by franchisees. 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.
Sales at all restaurants, whether operated by the company or by franchisees. 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.
Sales at all restaurants, whether operated by the company or by franchisees. 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
129,675,000,000
120,933,000,000
119,750,000,000
Franchised sales conventional franchised
93,761,000,000
88,934,000,000
87,809,000,000
Franchised sales developmental licensed
22,451,000,000
19,736,000,000
20,045,000,000
Franchised sales foreign affiliated
13,463,000,000
12,263,000,000
11,896,000,000
Franchised margin dollars
13,930,000,000
13,178,000,000
12,962,000,000
Franchised margin pct of franchised revenue
84.2
83.9
84.0
Company operated margin dollars
1,422,000,000
1,447,000,000
1,517,000,000
Company operated margin pct of company operated sales
14.7
14.8
15.6
Total restaurant margin dollars
15,351,000,000
14,625,000,000
14,479,000,000
Restaurants conventional franchised
22,570
22,077
21,818
Restaurants developmental licensed
9,675
9,247
8,684
Restaurants foreign affiliated
11,072
10,108
9,178
Restaurants franchised total
43,317
41,432
39,680
Restaurants company operated
2,039
2,045
2,142
Restaurants systemwide total
45,356
43,477
41,822
Pct of restaurants franchised
95.5
95.3
94.9
Comparable sales change pct total company
3.1
-0.1
9.0
Sga as pct of systemwide sales
2.18
2.19
2.18
Revenue as pct of systemwide sales
19.3
19.8
19.7
Quarterly
2026-03-31
2025-03-31
Period label
Q1 FY2026
Q1 FY2025 (prior-year comparative)
Period start
2026-01-01
2025-01-01
Period end
2026-03-31
2025-03-31
Period type
three months
three months
Source accession
0000063908-26-000051
0000063908-26-000051
Source statement
Form 10-Q for the quarter ended March 31, 2026 (accession 0000063908-26-000051)
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
4,007,000,000
3,661,000,000
Sales by company operated restaurants
2,317,000,000
2,132,000,000
Other revenues
193,000,000
162,000,000
Total revenues
6,517,000,000
5,956,000,000
Franchised restaurants occupancy expenses
676,000,000
620,000,000
Company operated restaurant expenses
2,032,000,000
1,859,000,000
Other restaurant expenses
166,000,000
140,000,000
Selling general administrative depreciation and amortization
111,000,000
107,000,000
Selling general administrative other
648,000,000
575,000,000
Selling general administrative total
759,000,000
682,000,000
Other operating income expense net
-69,000,000
7,000,000
Total operating costs and expenses
3,564,000,000
3,308,000,000
Operating income
2,953,000,000
2,648,000,000
Interest expense
400,000,000
376,000,000
Nonoperating income expense net
11,000,000
-57,000,000
Income before provision for income taxes
2,542,000,000
2,330,000,000
Provision for income taxes
559,000,000
461,000,000
Net income
1,983,000,000
1,868,000,000
EPS basic
2.79
2.61
EPS diluted
2.78
2.6
Dividends declared per share
1.86
1.77
Weighted average shares basic
710,700,000
714,900,000
Weighted average shares diluted
713,500,000
718,200,000
Operating margin %
45.3%
44.5%
Net margin %
30.4%
31.4%
Effective tax rate %
22.0%
19.8%
Balance sheet
Cash and equivalents
1,170,000,000
1,238,000,000
Accounts and notes receivable
2,432,000,000
Inventories
61,000,000
Prepaid expenses and other current assets
1,046,000,000
Total current assets
4,709,000,000
Investments in and advances to affiliates
2,865,000,000
Goodwill
3,349,000,000
Miscellaneous other assets
6,357,000,000
Total other assets
12,571,000,000
Lease right of use asset net
14,513,000,000
Property and equipment at cost
49,477,000,000
Accumulated depreciation and amortization
-21,232,000,000
Net property and equipment
28,245,000,000
Total assets
60,037,000,000
Accounts payable
1,091,000,000
Current lease liability
707,000,000
Current income taxes
391,000,000
Current other taxes
253,000,000
Accrued interest
448,000,000
Accrued payroll and other liabilities
1,257,000,000
Total current liabilities
4,146,000,000
Long term debt
40,105,000,000
Total debt obligations
40,105,000,000
Long term lease liability
14,069,000,000
Total lease liabilities
14,776,000,000
Long term income taxes
151,000,000
Deferred revenues initial franchise fees
946,000,000
Other long term liabilities
686,000,000
Deferred income taxes
1,220,000,000
Total liabilities
61,323,000,000
Common stock par
17,000,000
Additional paid in capital
9,792,000,000
Retained earnings
70,942,000,000
Accumulated other comprehensive income loss
-2,363,000,000
Common stock in treasury at cost
-79,673,000,000
Total shareholders equity deficit
-1,286,000,000
Shares issued
1,660,600,000
Treasury shares
950,200,000
Shares outstanding cover page
710,505,859
Shares outstanding cover page note
Shares of common stock outstanding as of March 31, 2026, per the cover of the Form 10-Q.
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
1,983,000,000
1,868,000,000
Depreciation and amortization
566,000,000
520,000,000
Deferred income taxes
63,000,000
-44,000,000
Share based compensation
60,000,000
45,000,000
Other charges and credits
-92,000,000
-73,000,000
Changes in working capital items
-168,000,000
111,000,000
Cash provided by operations
2,412,000,000
2,428,000,000
Capital expenditures
-682,000,000
-551,000,000
Purchases of restaurant businesses
-79,000,000
-75,000,000
Sales of restaurant businesses
72,000,000
49,000,000
Sales of property
34,000,000
5,000,000
Other investing
-122,000,000
-200,000,000
Cash used for investing activities
-777,000,000
-771,000,000
Net short term borrowings
-791,000,000
-792,000,000
Long term financing issuances
1,159,000,000
1,498,000,000
Long term financing repayments
-1,000,000
-693,000,000
Treasury stock purchases
-396,000,000
-477,000,000
Common stock dividends paid
-1,323,000,000
-1,266,000,000
Proceeds from stock option exercises
128,000,000
147,000,000
Other financing
-2,000,000
40,000,000
Cash used for financing activities
-1,225,000,000
-1,543,000,000
Effect of exchange rates on cash
-14,000,000
39,000,000
Cash and equivalents increase decrease
396,000,000
153,000,000
Cash and equivalents beginning of period
774,000,000
1,085,000,000
Cash and equivalents end of period
1,170,000,000
1,238,000,000
Free cash flow
1,730,000,000
1,877,000,000
Franchisor metrics
Systemwide sales
34,234,000,000
30,936,000,000
Systemwide sales note
Computed as the franchised sales disclosed in the 10-Q plus sales by company-owned and operated restaurants.
Computed as the franchised sales disclosed in the 10-Q plus sales by company-owned and operated restaurants.
Franchised sales
31,917,000,000
28,804,000,000
Franchised sales conventional franchised
22,737,000,000
20,632,000,000
Franchised sales developmental licensed
5,700,000,000
4,944,000,000
Franchised sales foreign affiliated
3,481,000,000
3,227,000,000
Franchised margin dollars
3,331,000,000
3,041,000,000
Franchised margin pct of franchised revenue
83.1
83.1
Company operated margin dollars
285,000,000
273,000,000
Company operated margin pct of company operated sales
12.3
12.8
Total restaurant margin dollars
3,616,000,000
3,314,000,000
Restaurants conventional franchised
22,616
22,126
Restaurants developmental licensed
9,756
9,300
Restaurants foreign affiliated
11,300
10,294
Restaurants franchised total
43,672
41,720
Restaurants company operated
2,027
2,036
Restaurants systemwide total
45,699
43,756
Pct of restaurants franchised
95.6
95.3
Comparable sales change pct total company
3.8
-1.0
Segment revenues
US
2,583,000,000
2,494,000,000
International operated markets
3,325,000,000
2,916,000,000
International developmental licensed markets and corporate
610,000,000
546,000,000
Total
6,517,000,000
5,956,000,000
Segment operating income
US
1,380,000,000
1,302,000,000
International operated markets
1,507,000,000
1,289,000,000
International developmental licensed markets and corporate
67,000,000
57,000,000
Total
2,953,000,000
2,648,000,000
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.
Pre-tax charges of $66 million ($0.07 per diluted share) primarily related to restructuring under Accelerating the Organization.
Trailing twelve months
2026-03-31
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
27,446,000,000
Operating income
12,698,000,000
Net income
8,678,000,000
Operating margin %
46.3%
Net margin %
31.6%
Depreciation and amortization
2,245,000,000
Cash provided by operations
10,535,000,000
Capital expenditures
-3,496,000,000
Free cash flow
7,039,000,000
Free cash flow conversion rate %
81.1%
Common stock dividends paid
-5,172,000,000
Treasury stock purchases
-1,975,000,000
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.
Units notes seen
Value
FY2025 10-K Consolidated Statement of Income
In millions, except per share data, 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, 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, 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, unit counts, not scaled
In millions, except per share data, March 31, 2026 | December 31, 2025
Q1 FY2026 10-Q Condensed Consolidated Statement of Income
In millions, except per share data, 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, 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, unit counts, not scaled
Adjustments
Value
Splits applied
none
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
n/a
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.
Segment data annual
Value
Source accession
0000063908-26-000035
Units
actual dollars
Revenues
US
2025
10,825,000,000
2024
10,631,000,000
2023
10,568,000,000
International operated markets
2025
13,633,000,000
2024
12,628,000,000
2023
12,382,000,000
International developmental licensed markets and corporate
2025
2,427,000,000
2024
2,661,000,000
2023
2,543,000,000
Total
2025
26,885,000,000
2024
25,920,000,000
2023
25,494,000,000
Operating income
US
2025
5,808,000,000
2024
5,733,000,000
2023
5,694,000,000
International operated markets
2025
6,382,000,000
2024
5,946,000,000
2023
5,831,000,000
International developmental licensed markets and corporate
2025
203,000,000
2024
33,000,000
2023
121,000,000
Total
2025
12,393,000,000
2024
11,712,000,000
2023
11,647,000,000
Capital expenditures
US
2025
1,277,000,000
2024
1,055,000,000
2023
963,000,000
International operated markets
2025
2,048,000,000
2024
1,661,000,000
2023
1,340,000,000
International developmental licensed markets and corporate
2025
40,000,000
2024
58,000,000
2023
54,000,000
Total
2025
3,365,000,000
2024
2,775,000,000
2023
2,357,000,000
Total assets
US
2025
23,008,000,000
2024
22,547,000,000
2023
22,477,000,000
International operated markets
2025
27,487,000,000
2024
23,491,000,000
2023
23,947,000,000
International developmental licensed markets and corporate
2025
9,020,000,000
2024
9,143,000,000
2023
9,723,000,000
Total
2025
59,515,000,000
2024
55,182,000,000
2023
56,147,000,000
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
Value
Name
Mcdonalds Corp
Ticker
MCD
CIK
0000063908
Exchange
NYSE
State
Illinois
Incorporation
Delaware
SIC
5812
Office
Trade & Services
Industry
Retail-Eating Places
Next filing
Value
Predicted date
2026-08-05
Predicted type
10-Q
Fiscal period
FY2026
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
Built from McDonald's Corporation's SEC filings by Ticker Scout. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer. Also for this company: company index, financials.json, index.json.