McDonald's Corporation (MCD)财务
NYSE · Consumer Cyclical · Restaurants · 员工150,000人 · CEO Christopher J. Kempczinski
- 股价
- $258.12 +0.29%
- 市值
- $1830亿
- 企业价值
- $2360亿
- 最近财报
- Q2 '26 2026-08-07提交
- 下次财报
- 2026-11-04 EPS预期 $3.38
营收(TTM)$277亿+6.3% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)46.2%+0.4 百分点 对比去年同期营业利润 $128亿
净利润(TTM)$87.9亿+4.7% 对比去年同期税后,含营业外收益
自由现金流(TTM)$77.6亿+12.5% 对比去年同期资本支出 $35.9亿
稀释EPS(TTM)$12.31+5.5% 对比去年同期最近4个季度之和
净现金-$538亿+0.4% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $1830亿 EV $2360亿
- 营收
- $277亿 过去12个月
- 营收增速
- +5% FY2026年一致预期
- 净利润率
- 31.7% 净利润 / 营收,TTM
- P/E
- 20.9× 预期 20.1×(FY2026)
- P/S
- 6.6× 股价 / 营收,TTM
- EV / EBITDA
- 15.7× TTM
- 自由现金流
- $77.6亿 过去12个月
- 净利润
- $87.9亿 过去12个月
- 营收预期
- $281亿 FY2026年一致预期
- 盈利
- 2026-11-04 营收预期 $72.8亿
- 股息
- $7.44 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-08-04):营收符合预期,EPS 超预期1.8%营收$71亿,预期$71.3亿(-0.4%);EPS $3.38,预期$3.32(+1.8%)。
- 营收增长放缓:同比3.7%Q2 '26营收$71亿,此前四个季度的平均值为6.9%。
- 营业利润率46.2%(TTM),较去年同期+0.4 百分点营收增长6.3%,营业利润增长7.3%。
- 税前利润的14.5%被营业外亏损吞噬税前利润$112亿,营业利润$128亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的12.9%(去年为11.1%)最近4个季度投入$35.9亿(同比+23.8%)。自由现金流$77.6亿,相当于净利润的88.3%。
- 股东回报$75.5亿 = 自由现金流的97.3%回购$23.3亿(去年为$19.5亿),股息$52.3亿,股权激励$1.75亿(TTM)。
- 稀释股数一年内减少0.9%Q2 '26稀释股数7.11亿,一年前为7.18亿。
- 净债务 $538亿现金 + 短期投资 $8.22亿,含租赁债务 $546亿;一年前净债务 $540亿。
- International Developmental Licensed Marketsand Corporate:营收+11.5%,利润率6.3%(此前为11.7%)Q2 '26增长最快的披露分部:营收$6.69亿,营业利润$4200万(来自财报的分部附注)。
上一季度:Q2 '26
截至2026-06-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q2 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $71亿 | $68.4亿 | +3.7% |
| 毛利率 | 58.0% | 57.9% | +0.1 百分点 |
| 营业利润 | $33.4亿 | $32.3亿 | +3.3% |
| 营业利润率 | 47.0% | 47.2% | -0.2 百分点 |
| 净利润 | $23.6亿 | $22.5亿 | +4.8% |
| 稀释EPS | $3.32 | $3.14 | +5.7% |
| 经营现金流 | $28.1亿 | $20亿 | +40.6% |
| 资本支出 | $8.34亿 | $7.44亿 | +12.1% |
| 自由现金流 | $19.8亿 | $12.5亿 | +57.6% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $3900万 | $4400万 | -11.4% |
实际 vs 一致预期
2026-08-04| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $71亿 | $71.3亿 | -0.4% |
| EPS(一致预期口径) | $3.38 | $3.32 | +1.8% |
来自2026-08-04发布的Q2 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| United States | $28.3亿 | +1.7% | 39.8% | $110亿 | +2.9% | |
| High-Growth Markets | $36亿 | +4.1% | 50.8% | $142亿 | +10.2% | |
| International Developmental Licensed Markets and Corporate | $6.69亿 | +11.5% | 9.4% | $25.6亿 | +0.7% |
按地区划分的营收
占总额比例| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| International Operated Markets | $36亿 | +4.1% | 50.8% | $142亿 | +10.2% | |
| United States | $28.3亿 | +1.7% | 39.8% | $110亿 | +2.9% | |
| International Developmental Licensed Markets and Corporate | $6.69亿 | +11.5% | 9.4% | $25.6亿 | +0.7% |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q2 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| International Operated Markets | $36亿 | +4.1% | $17.2亿 | +5.4% | 47.8% | 47.2% | $66.9亿 |
| US Market | $28.3亿 | +1.7% | $15.7亿 | +3.0% | 55.6% | 54.9% | $59.3亿 |
| U.S.Market | – | – | – | – | – | – | – |
| International Developmental Licensed Marketsand Corporate | $6.69亿 | +11.5% | $4200万 | -40.0% | 6.3% | 11.7% | $1.85亿 |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $113亿
- 资本支出
- -$35.9亿
- 股票回购
- -$23.3亿
- 股息
- -$52.3亿
- 收购
- $1.23亿
- 债务净发行
- -$11.1亿
- 股权激励费用
- $1.75亿
- 自由现金流
- $77.6亿
- 股东回报 / FCF
- 97.3%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 20.9× | 26.8× | 25.3× – 31.4× |
| EV / EBITDA | 15.7× | 19.7× | 18.5× – 22.0× |
| EV / 营收 | 8.5× | 10.3× | 10.0× – 10.5× |
| 股价 / FCF | 23.5× | 31.0× | 28.2× – 35.4× |
| 股价 / 净资产 | -178.9× | – | – |
| FCF收益率 | 4.2% | 3.2% | 2.8% – 3.5% |
| 投入资本回报率 | 17.8% | 17.2% | 15.6% – 18.0% |
| 净资产收益率 | -561.2% | -228.3% | -478.1% – -102.9% |
分析师
一致目标价 $283.58 (+9.9%)
区间 $230.00 – $350.00 · 评级 Buy
强烈买入0
买入36
持有25
卖出2
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $281亿 | +4.6% | $12.87 | +7.7% | 20.1× | 20 |
| FY2027 | $289亿 | +2.7% | $13.74 | +6.8% | 18.8× | 21 |
| FY2028 | $281亿 | -2.6% | $14.46 | +5.2% | 17.8× | 12 |
| FY2029 | $277亿 | -1.4% | $15.13 | +4.6% | 17.1× | 9 |
| FY2030 | $292亿 | +5.4% | $16.62 | +9.8% | 15.5× | 5 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
McDonald's Corporation在近期10-Q / 10-K文件中标记的全部277项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts and Financing Receivable, after Allowance for Credit Loss, Current | $24.9亿 | $25.5亿 | -2.5% | $24.7亿 | $23.8亿 | +3.5% |
| Accounts Payable, Current | $11.1亿 | $8.38亿 | +32.9% | $11.5亿 | $10.3亿 | +11.7% |
| Accrual for Taxes Other than Income Taxes, Current | $2.61亿 | $2.45亿 | +6.5% | $2.47亿 | $2.24亿 | +10.3% |
| Accrued Income Taxes, Current | $3.27亿 | $2400万 | +1,262.5% | $2.5亿 | $3.61亿 | -30.7% |
| Accrued Income Taxes, Noncurrent | $1.76亿 | $2.92亿 | -39.7% | $1.39亿 | $3.44亿 | -59.6% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $215亿 | $206亿 | +4.3% | $210亿 | $189亿 | +11.5% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$23.4亿 | -$24.3亿 | +3.7% | -$24.1亿 | -$25.5亿 | +5.4% |
| Additional Paid in Capital | $98.4亿 | $95亿 | +3.6% | $96.4亿 | $92.8亿 | +3.9% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 360万 | 190万 | +89.5% | 180万 | 190万 | -5.3% |
| AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | $6600万 | -$4500万 | +246.7% | $1300万 | $1.19亿 | -89.1% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $3900万 | $4400万 | -11.4% | $1.65亿 | $1.72亿 | -4.1% |
| Asset Impairment Charges | – | – | – | $7200万2023-12-31 | – | – |
| Assets | $599亿 | $596亿 | +0.6% | $595亿 | $552亿 | +7.9% |
| Assets, Current | $43.5亿 | $56亿 | -22.4% | $41.6亿 | $46亿 | -9.5% |
| Business Acquisition, Transaction Costs | – | – | – | $7000万2024-12-31 | – | – |
| Capitalized Computer Software, Net | $10.6亿2025-12-31 | $9.07亿 | +17.0% | $10.6亿 | $9.07亿 | +17.0% |
| Cash and Cash Equivalents, at Carrying Value | $8.22亿 | $18.8亿 | -56.2% | $7.74亿 | $10.9亿 | -28.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $8.22亿 | $18.8亿 | -56.2% | $7.74亿 | $10.9亿 | -28.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$3.48亿 | $6.38亿 | -154.5% | -$3.11亿 | -$34.9亿 | +91.1% |
| Certificates of Deposit, at Carrying Value | $2.28亿2025-12-31 | $4.51亿 | -49.4% | $2.28亿 | $4.51亿 | -49.4% |
| Commercial Paper | $7.98亿2025-12-31 | $7.9亿 | +1.0% | $7.98亿 | $7.9亿 | +1.0% |
| Common Stock, Capital Shares Reserved for Future Issuance | 2780万2025-12-31 | 2970万 | -6.4% | 2780万 | 2970万 | -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 | 35亿 | 35亿 | 0.0% | 35亿 | 35亿 | 0.0% |
| Common Stock, Shares, Issued | 16.6亿 | 16.6亿 | 0.0% | 16.6亿 | 16.6亿 | 0.0% |
| Common Stock, Value, Issued | $1700万 | $1700万 | 0.0% | $1700万 | $1700万 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $23.9亿 | $23.8亿 | +0.3% | $87亿 | $81.3亿 | +7.1% |
| Contractual Obligation | $206亿2025-12-31 | $190亿 | +8.8% | $206亿 | $190亿 | +8.8% |
| Contractual Obligation, to be Paid, after Year Five | $144亿2025-12-31 | $134亿 | +7.3% | $144亿 | $134亿 | +7.3% |
| Contractual Obligation, to be Paid, Year Five | $11.6亿2025-12-31 | $10.4亿 | +11.7% | $11.6亿 | $10.4亿 | +11.7% |
| Contractual Obligation, to be Paid, Year Four | $12亿2025-12-31 | $10.7亿 | +12.6% | $12亿 | $10.7亿 | +12.6% |
| Contractual Obligation, to be Paid, Year One | $13.2亿2025-12-31 | $11.8亿 | +12.1% | $13.2亿 | $11.8亿 | +12.1% |
| Contractual Obligation, to be Paid, Year Three | $12.4亿2025-12-31 | $11.1亿 | +11.9% | $12.4亿 | $11.1亿 | +11.9% |
| Contractual Obligation, to be Paid, Year Two | $12.9亿2025-12-31 | $11.4亿 | +13.6% | $12.9亿 | $11.4亿 | +13.6% |
| Cost of Goods and Services Sold | $6.8亿 | $6.54亿 | +4.0% | – | – | – |
| Costs and Expenses | $37.6亿 | $36.1亿 | +4.1% | $145亿 | $142亿 | +2.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | $10.9亿 | $14.1亿 | -23.2% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $11.8亿 | $10.1亿 | +16.1% |
| Current Income Tax Expense (Benefit) | – | – | – | $24.6亿 | $27亿 | -8.7% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $1.98亿 | $2.69亿 | -26.4% |
| Debt Instrument, Collateral Amount | $5600万 | $1.91亿 | -70.7% | $7900万 | $2100万 | +276.2% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$3.49亿 | -$7600万 | -359.2% |
| Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Net | $1.57亿2025-12-31 | $1.52亿 | +3.3% | $1.57亿 | $1.52亿 | +3.3% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $3.07亿 | -$4.78亿 | +164.2% |
| Deferred Income Tax Expense (Benefit) | -$5800万 | -$4100万 | -41.5% | -$1.26亿 | -$5.74亿 | +78.0% |
| Deferred Income Tax Liabilities, Net | $12.2亿 | $14.2亿 | -14.1% | $10.4亿 | $19.1亿 | -45.8% |
| Deferred Revenue, Noncurrent | $9.46亿 | $9.33亿 | +1.4% | $9.45亿 | $7.78亿 | +21.5% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$8400万 | -$2000万 | -320.0% |
| Deferred Tax Assets, Deferred Income | $1.41亿2025-12-31 | $1.13亿 | +24.8% | $1.41亿 | $1.13亿 | +24.8% |
| Deferred Tax Assets, Gross | $84.2亿2025-12-31 | $79.5亿 | +5.8% | $84.2亿 | $79.5亿 | +5.8% |
| Deferred Tax Assets, Net | $22.2亿2025-12-31 | $16.3亿 | +36.2% | $22.2亿 | $16.3亿 | +36.2% |
| Deferred Tax Assets, Operating Loss Carryforwards | $1.97亿2025-12-31 | $1.95亿 | +1.0% | $1.97亿 | $1.95亿 | +1.0% |
| Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | $7.64亿2025-12-31 | $7.62亿 | +0.3% | $7.64亿 | $7.62亿 | +0.3% |
| Deferred Tax Assets, Other | $32.6亿2025-12-31 | $35.4亿 | -8.1% | $32.6亿 | $35.4亿 | -8.1% |
| Deferred Tax Assets, Property, Plant and Equipment | $4.88亿2025-12-31 | $4.69亿 | +4.1% | $4.88亿 | $4.69亿 | +4.1% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $1.68亿2025-12-31 | $1.68亿 | 0.0% | $1.68亿 | $1.68亿 | 0.0% |
| Deferred Tax Assets, Valuation Allowance | $9.6亿2025-12-31 | $9.17亿 | +4.7% | $9.6亿 | $9.17亿 | +4.7% |
| Deferred Tax Liabilities, Gross | $52.4亿2025-12-31 | $54.1亿 | -3.1% | $52.4亿 | $54.1亿 | -3.1% |
| Deferred Tax Liabilities, Intangible Assets | $9100万2025-12-31 | $1.87亿 | -51.3% | $9100万 | $1.87亿 | -51.3% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-01