McDonald's Corporation (MCD) Q1 FY2026 Financial Statements: Revenue $6.52B, Net income $1.98B
This record covers Q1 FY2026. McDonald's has since filed a 10-Q for the period ended 2026-06-30, on 2026-08-07 (SEC accession 0000063908-26-000073), which this page does not yet cover. Next expected filing: 10-Q ~2026-11-04.
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PeriodQ1 FY2026
Published
McDonald's Corporation reported $6.52 billion in revenue for Q1 FY2026, the quarter ended March 31, 2026, up 9.4% from a year earlier, and net income of $1.98 billion, up 6.2%, or $2.78 per diluted share. Global comparable sales rose 3.8% after a decline of 1.0% in the same quarter a year earlier, and systemwide sales, which measure sales across the entire McDonald's system, at franchised and company-operated restaurants alike, reached $34.23 billion, up 10.7%. A weaker U.S. dollar supplied a large share of those reported increases; measured in constant currencies, revenue and earnings grew considerably less.
| Metric | Amount | vs. year ago |
|---|---|---|
| Revenue | $6,517,000,000 | up 9.4% |
| Net income | $1,983,000,000 | up 6.2% |
| Diluted EPS | $2.78 | up 6.9% |
| Systemwide sales | $34,234,000,000 | up 10.7% |
| Global comparable sales growth | 3.8% | up 4.8 points |
About this file
| 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 | no |
| Units | actual dollars (not millions); share counts in actual shares; per-share amounts in dollars; percentages in percent |
MCD annual income statement, balance sheet and cash flow
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Fiscal year | 2025 | 2024 | 2023 |
| Period start | 2025-01-01 | 2024-01-01 | 2023-01-01 |
| 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 |
MCD quarterly income statement, balance sheet and cash flow
| 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. |
MCD trailing twelve month income statement and cash flow
| 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. |
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. |
MCD annual revenue and profit by segment
| 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 |
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 |
FAQ · McDonald's financial statements
How much revenue did McDonald's report in Q1 FY2026?
McDonald's reported $6.52 billion in revenue for Q1 FY2026, the quarter ended March 31, 2026. That is up 9.4% from $5.96 billion in the same quarter a year earlier, an increase helped substantially by favorable foreign currency translation.
What was McDonald's earnings per share in Q1 FY2026?
McDonald's reported diluted earnings per share of $2.78 for Q1 FY2026, up 6.9% from $2.60 a year earlier, and net income of $1.98 billion, up 6.2%. Almost all of that reported growth came from favorable foreign currency translation; in constant currencies, McDonald's earnings per share and net income were close to flat against the year-ago quarter.
How much did McDonald's comparable sales grow in Q1 FY2026?
Global comparable sales at McDonald's rose 3.8% in Q1 FY2026, the quarter ended March 31, 2026, after a decline of 1.0% in the same quarter a year earlier.
What were McDonald's systemwide sales in Q1 FY2026?
Systemwide sales, which cover restaurants run by franchisees and licensees as well as the ones McDonald's operates itself, were $34.23 billion in Q1 FY2026, up 10.7% from $30.94 billion a year earlier, though roughly half of that reported increase came from favorable foreign currency translation and growth in constant currencies was considerably smaller. McDonald's own revenue of $6.52 billion is far smaller because most of its restaurants are franchised and pay rent and royalties rather than remitting their sales.
Where can I get McDonald's Corporation (MCD) financial data in machine-readable form?
Ticker Scout publishes McDonald's Corporation's financial statements as JSON at https://tickerscout.ai/mcd/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/mcd/narrative.md and https://tickerscout.ai/mcd/events.md. McDonald's Corporation's SEC CIK is 0000063908. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.
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How this page was built
This page was built from two of McDonald's Corporation's own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names six such gaps.
A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.
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