Earnings quality
Compare earnings and operating cash flow for earnings quality.
McDonald's Corporation
Ticker MCD · 🇺🇸 United States · Consolidated US GAAP · amounts in dollars
Filed 2026-02-24 · Period end 2025-12-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 46.1%; equity ratio is -3.0%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin46.1%
Equity ratio-3.0%
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
McDONALD’S CORPORATION is a US-listed company with consolidated financial statements filed on SEC EDGAR.
Compare trends
Tel 630 623 3000 · As of filing date 2026-02-24
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | $25.9B | $26.9B |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit | $11.7B | $12.4B |
| Income tax | $2.1B | $2.3B |
| Net income | $8.2B | $8.6B |
| Basic EPS | 11.45 | 12.00 |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash & equivalents | $1.1B | $774.0M |
| Current assets | $4.6B | $4.2B |
| Non-current assets* | $50.6B | $55.4B |
| Total assets | $55.2B | $59.5B |
| Current liabilities | $3.9B | $4.4B |
| Non-current liabilities* | — | — |
| Total liabilities | — | — |
| Stockholders’ equity | -$3.8B | -$1.8B |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Operating cash flow | $9.4B | $10.6B |
| Investing cash flow | -$5.3B | -$3.8B |
| Financing cash flow | -$7.5B | -$7.1B |
| Cash at end of period | $1.1B | $774.0M |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $23.2B | $23.2B | $25.5B | $25.9B | $26.9B | |
| Operating profit | $10.4B | $9.4B | $11.6B | $11.7B | $12.4B | |
| Net income | $7.5B | $6.2B | $8.5B | $8.2B | $8.6B | |
| Total assets | $53.9B | $50.4B | $56.1B | $55.2B | $59.5B | |
| Cash & equivalents | $4.7B | $2.6B | $4.6B | $1.1B | $774.0M | |
| Stockholders’ equity | -$4.6B | -$6.0B | -$4.7B | -$3.8B | -$1.8B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Constructive
Sales and operating profit both moved in a healthier direction.
On the income statement, revenue moved from $25.9B to $26.9B (▲ +3.7%). Operating profit went from $11.7B to $12.4B (▲ +5.8%).
Operating cash flow was $10.6B (prior $9.4B), with cash on the balance sheet at $774.0M versus $1.1B.
Liquidity & leverage
Cash moved from $1.1B to $774.0M; current liabilities $4.4B.
Capital buffer
Stockholders’ equity moved from -$3.8B to -$1.8B.
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Source: SEC EDGAR 0000063908-26-000035
(McDONALD’S CORPORATION), period end 2025-12-31.