McDonald's Corporation (MCD) financials
NYSE · Consumer Cyclical · Restaurants · 150,000 employees · CEO Christopher J. Kempczinski
- Price
- $258.12 +0.29%
- Market cap
- $183B
- Enterprise value
- $236B
- Last report
- Q2 '26 filed 2026-08-07
- Next report
- 2026-11-04 EPS est. $3.38
Revenue (TTM)$27.7B+6.3% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)46.2%+0.4 pp vs a year agoOperating income $12.8B
Net income (TTM)$8.79B+4.7% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$7.76B+12.5% vs a year agoCapex $3.59B
Diluted EPS (TTM)$12.31+5.5% vs a year agoSum of the last 4 quarters
Net cash-$53.8B+0.4% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $183B EV $236B
- Revenue
- $27.7B Trailing 12 months
- Revenue growth
- +5% FY2026 consensus
- Profit margin
- 31.7% Net income / revenue, TTM
- P/E
- 20.9× Forward 20.1× (FY2026)
- P/S
- 6.6× Price / sales, TTM
- EV / EBITDA
- 15.7× TTM
- Free cash flow
- $7.76B Trailing 12 months
- Net income
- $8.79B Trailing 12 months
- Revenue estimate
- $28.1B FY2026 consensus
- Earnings
- 2026-11-04 Revenue est. $7.28B
- Dividend
- $7.44 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-04): revenue in line, EPS beat by 1.8%Revenue $7.1B vs $7.13B expected (-0.4%); EPS $3.38 vs $3.32 (+1.8%).
- Revenue growth slowing: 3.7% year on yearQ2 '26 revenue $7.1B, against an average of 6.9% over the four quarters before.
- Operating margin 46.2% (TTM), +0.4 pp on a year agoOperating income grew 7.3% while revenue grew 6.3%.
- 14.5% of pre-tax profit is eaten by non-operating lossesPre-tax income $11.2B vs operating income $12.8B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 12.9% of revenue (a year ago 11.1%)$3.59B invested in the last 4 quarters (+23.8% on a year earlier). Free cash flow $7.76B = 88.3% of net income.
- Returned $7.55B to shareholders = 97.3% of free cash flowBuybacks $2.33B (a year earlier $1.95B), dividends $5.23B, stock-based pay $175M (TTM).
- Diluted share count down 0.9% in a year711M diluted shares in Q2 '26, 718M a year earlier.
- Net debt $53.8BCash + short-term investments $822M, debt incl. leases $54.6B; a year ago net debt $54B.
- International Developmental Licensed Marketsand Corporate: revenue +11.5%, margin 6.3% (was 11.7%)Fastest-growing reported segment in Q2 '26: operating income $42M on revenue $669M (from the segment note of the filing).
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $7.1B | $6.84B | +3.7% |
| Gross margin | 58.0% | 57.9% | +0.1 pp |
| Operating income | $3.34B | $3.23B | +3.3% |
| Operating margin | 47.0% | 47.2% | -0.2 pp |
| Net income | $2.36B | $2.25B | +4.8% |
| Diluted EPS | $3.32 | $3.14 | +5.7% |
| Operating cash flow | $2.81B | $2B | +40.6% |
| Capex | $834M | $744M | +12.1% |
| Free cash flow | $1.98B | $1.25B | +57.6% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $39M | $44M | -11.4% |
Reported vs consensus
2026-08-04| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $7.1B | $7.13B | -0.4% |
| EPS (as estimated) | $3.38 | $3.32 | +1.8% |
From the report of 2026-08-04 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $2.83B | +1.7% | 39.8% | $11B | +2.9% | |
| High-Growth Markets | $3.6B | +4.1% | 50.8% | $14.2B | +10.2% | |
| International Developmental Licensed Markets and Corporate | $669M | +11.5% | 9.4% | $2.56B | +0.7% |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| International Operated Markets | $3.6B | +4.1% | 50.8% | $14.2B | +10.2% | |
| United States | $2.83B | +1.7% | 39.8% | $11B | +2.9% | |
| International Developmental Licensed Markets and Corporate | $669M | +11.5% | 9.4% | $2.56B | +0.7% |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q2 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| International Operated Markets | $3.6B | +4.1% | $1.72B | +5.4% | 47.8% | 47.2% | $6.69B |
| US Market | $2.83B | +1.7% | $1.57B | +3.0% | 55.6% | 54.9% | $5.93B |
| U.S.Market | – | – | – | – | – | – | – |
| International Developmental Licensed Marketsand Corporate | $669M | +11.5% | $42M | -40.0% | 6.3% | 11.7% | $185M |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $11.3B
- Capex
- -$3.59B
- Buybacks
- -$2.33B
- Dividends
- -$5.23B
- Acquisitions
- $123M
- Net debt issued
- -$1.11B
- Stock-based compensation
- $175M
- Free cash flow
- $7.76B
- Returned to shareholders / FCF
- 97.3%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 20.9× | 26.8× | 25.3× – 31.4× |
| EV / EBITDA | 15.7× | 19.7× | 18.5× – 22.0× |
| EV / Sales | 8.5× | 10.3× | 10.0× – 10.5× |
| Price / FCF | 23.5× | 31.0× | 28.2× – 35.4× |
| Price / Book | -178.9× | – | – |
| FCF yield | 4.2% | 3.2% | 2.8% – 3.5% |
| Return on invested capital | 17.8% | 17.2% | 15.6% – 18.0% |
| Return on equity | -561.2% | -228.3% | -478.1% – -102.9% |
Analysts
Consensus target $283.58 (+9.9%)
range $230.00 – $350.00 · rating Buy
Strong buy0
Buy36
Hold25
Sell2
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $28.1B | +4.6% | $12.87 | +7.7% | 20.1× | 20 |
| FY2027 | $28.9B | +2.7% | $13.74 | +6.8% | 18.8× | 21 |
| FY2028 | $28.1B | -2.6% | $14.46 | +5.2% | 17.8× | 12 |
| FY2029 | $27.7B | -1.4% | $15.13 | +4.6% | 17.1× | 9 |
| FY2030 | $29.2B | +5.4% | $16.62 | +9.8% | 15.5× | 5 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 277 figures McDonald's Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts and Financing Receivable, after Allowance for Credit Loss, Current | $2.49B | $2.55B | -2.5% | $2.47B | $2.38B | +3.5% |
| Accounts Payable, Current | $1.11B | $838M | +32.9% | $1.15B | $1.03B | +11.7% |
| Accrual for Taxes Other than Income Taxes, Current | $261M | $245M | +6.5% | $247M | $224M | +10.3% |
| Accrued Income Taxes, Current | $327M | $24M | +1,262.5% | $250M | $361M | -30.7% |
| Accrued Income Taxes, Noncurrent | $176M | $292M | -39.7% | $139M | $344M | -59.6% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $21.5B | $20.6B | +4.3% | $21B | $18.9B | +11.5% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$2.34B | -$2.43B | +3.7% | -$2.41B | -$2.55B | +5.4% |
| Additional Paid in Capital | $9.84B | $9.5B | +3.6% | $9.64B | $9.28B | +3.9% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3.6M | 1.9M | +89.5% | 1.8M | 1.9M | -5.3% |
| AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | $66M | -$45M | +246.7% | $13M | $119M | -89.1% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $39M | $44M | -11.4% | $165M | $172M | -4.1% |
| Asset Impairment Charges | – | – | – | $72M2023-12-31 | – | – |
| Assets | $59.9B | $59.6B | +0.6% | $59.5B | $55.2B | +7.9% |
| Assets, Current | $4.35B | $5.6B | -22.4% | $4.16B | $4.6B | -9.5% |
| Business Acquisition, Transaction Costs | – | – | – | $70M2024-12-31 | – | – |
| Capitalized Computer Software, Net | $1.06B2025-12-31 | $907M | +17.0% | $1.06B | $907M | +17.0% |
| Cash and Cash Equivalents, at Carrying Value | $822M | $1.88B | -56.2% | $774M | $1.09B | -28.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $822M | $1.88B | -56.2% | $774M | $1.09B | -28.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$348M | $638M | -154.5% | -$311M | -$3.49B | +91.1% |
| Certificates of Deposit, at Carrying Value | $228M2025-12-31 | $451M | -49.4% | $228M | $451M | -49.4% |
| Commercial Paper | $798M2025-12-31 | $790M | +1.0% | $798M | $790M | +1.0% |
| Common Stock, Capital Shares Reserved for Future Issuance | 27.8M2025-12-31 | 29.7M | -6.4% | 27.8M | 29.7M | -6.4% |
| Common Stock, Dividends, Per Share, Declared | $1.86 | $1.77 | +5.1% | $7.17 | $6.78 | +5.8% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 3.5B | 3.5B | 0.0% | 3.5B | 3.5B | 0.0% |
| Common Stock, Shares, Issued | 1.66B | 1.66B | 0.0% | 1.66B | 1.66B | 0.0% |
| Common Stock, Value, Issued | $17M | $17M | 0.0% | $17M | $17M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $2.39B | $2.38B | +0.3% | $8.7B | $8.13B | +7.1% |
| Contractual Obligation | $20.6B2025-12-31 | $19B | +8.8% | $20.6B | $19B | +8.8% |
| Contractual Obligation, to be Paid, after Year Five | $14.4B2025-12-31 | $13.4B | +7.3% | $14.4B | $13.4B | +7.3% |
| Contractual Obligation, to be Paid, Year Five | $1.16B2025-12-31 | $1.04B | +11.7% | $1.16B | $1.04B | +11.7% |
| Contractual Obligation, to be Paid, Year Four | $1.2B2025-12-31 | $1.07B | +12.6% | $1.2B | $1.07B | +12.6% |
| Contractual Obligation, to be Paid, Year One | $1.32B2025-12-31 | $1.18B | +12.1% | $1.32B | $1.18B | +12.1% |
| Contractual Obligation, to be Paid, Year Three | $1.24B2025-12-31 | $1.11B | +11.9% | $1.24B | $1.11B | +11.9% |
| Contractual Obligation, to be Paid, Year Two | $1.29B2025-12-31 | $1.14B | +13.6% | $1.29B | $1.14B | +13.6% |
| Cost of Goods and Services Sold | $680M | $654M | +4.0% | – | – | – |
| Costs and Expenses | $3.76B | $3.61B | +4.1% | $14.5B | $14.2B | +2.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.09B | $1.41B | -23.2% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $1.18B | $1.01B | +16.1% |
| Current Income Tax Expense (Benefit) | – | – | – | $2.46B | $2.7B | -8.7% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $198M | $269M | -26.4% |
| Debt Instrument, Collateral Amount | $56M | $191M | -70.7% | $79M | $21M | +276.2% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$349M | -$76M | -359.2% |
| Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Net | $157M2025-12-31 | $152M | +3.3% | $157M | $152M | +3.3% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $307M | -$478M | +164.2% |
| Deferred Income Tax Expense (Benefit) | -$58M | -$41M | -41.5% | -$126M | -$574M | +78.0% |
| Deferred Income Tax Liabilities, Net | $1.22B | $1.42B | -14.1% | $1.04B | $1.91B | -45.8% |
| Deferred Revenue, Noncurrent | $946M | $933M | +1.4% | $945M | $778M | +21.5% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$84M | -$20M | -320.0% |
| Deferred Tax Assets, Deferred Income | $141M2025-12-31 | $113M | +24.8% | $141M | $113M | +24.8% |
| Deferred Tax Assets, Gross | $8.42B2025-12-31 | $7.95B | +5.8% | $8.42B | $7.95B | +5.8% |
| Deferred Tax Assets, Net | $2.22B2025-12-31 | $1.63B | +36.2% | $2.22B | $1.63B | +36.2% |
| Deferred Tax Assets, Operating Loss Carryforwards | $197M2025-12-31 | $195M | +1.0% | $197M | $195M | +1.0% |
| Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | $764M2025-12-31 | $762M | +0.3% | $764M | $762M | +0.3% |
| Deferred Tax Assets, Other | $3.26B2025-12-31 | $3.54B | -8.1% | $3.26B | $3.54B | -8.1% |
| Deferred Tax Assets, Property, Plant and Equipment | $488M2025-12-31 | $469M | +4.1% | $488M | $469M | +4.1% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $168M2025-12-31 | $168M | 0.0% | $168M | $168M | 0.0% |
| Deferred Tax Assets, Valuation Allowance | $960M2025-12-31 | $917M | +4.7% | $960M | $917M | +4.7% |
| Deferred Tax Liabilities, Gross | $5.24B2025-12-31 | $5.41B | -3.1% | $5.24B | $5.41B | -3.1% |
| Deferred Tax Liabilities, Intangible Assets | $91M2025-12-31 | $187M | -51.3% | $91M | $187M | -51.3% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01