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McDonald's Corporation

MCD Consumer Cyclical Restaurants

McDonald's Corporation’s revenue for fiscal 2025 (year ended December 2025) was $26.9 billion, up 3.72% from fiscal 2024.

Revenue
+3.74%
EPS
+5.73%
Free cash flow
+57.9%
Total debt
−3.72%

Quarter to June 2026, against a year earlier

258.12 0.74 +0.29%
Market cap
$182.1B
P/E
20.9×
Fwd P/E
20.2×
Dividend yield
2.89%
F-score
7/9
Altman Z
4.92
Beneish M
−2.60
Dividend safety
70/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2025

  • International Operated Markets
  • U.S. Market
  • International Developmental Licensed Markets and Corporate

Every year since 2008 →

Insider Decisions last twelve months

Sold, $m 28.29
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 1 5 3 2 2 1 — — — — —
Insider Ownership 0.25%

Capital & Financial Ratios $m

Size
Market Cap 182,130.00
Revenue ttm 27,702.00
Net income ttm 8,787.00
Free cash flow ttm 7,931.00
Net debt Q 39,041.00
Valuation
P/E 20.95
Forward P/E 20.20
Price / sales 6.60
Forward P/S Powerpack
Price / FCF 23.05
Price / book 0.00
Financial health
Current ratio Q 1.08
Debt / equity Q (38.97) (negative: negative equity)
Interest coverage Q 8.16
Growth
Revenue growth Q +3.74% (above 0%: growing)
Operating income growth Q +3.28% (above 0%: growing)
EPS, this year +5.49%
EPS, next year A +6.86%
Revenue, next year A +4.73%
EPS, past 5 yrs +13.62%
EPS, next 5 yrs A +5.83%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 8.1×, against a ten-year median of 9.1×; over the ten years it ranged from 4.8× in 2016 to 10.7× in 2023.
P/E against its own 10 years 1.87%
10-year low 10-year high
P/S against its own 10 years 30.96%
10-year low 10-year high
EV/Sales against its own 10 years 30.92%
10-year low 10-year high
EV/FCF against its own 10 years 11.42%
10-year low 10-year high

Dividends raised every year since 2016

Yield
2.89%
Annual rate
7.44
Payout ratio
60.4%
Growth, 2016–25
+7.92%/yr
  1. 3.61 ’16
  2. 3.83 ’17 +6%
  3. 4.19 ’18 +9%
  4. 4.73 ’19 +13%
  5. 5.04 ’20 +7%
  6. 5.25 ’21 +4%
  7. 5.66 ’22 +8%
  8. 6.23 ’23 +10%
  9. 6.78 ’24 +9%
  10. 7.17 ’25 +6%
  11. 7.50 ’26e +5%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 4,579 1,085 774 822
Receivables 2,488 2,383 2,466 2,485
Inventory 53 56 61 58
Other — 1,130 924 —
7,986 4,599 4,163 4,345
2023 2024 2025 Q'26
Payables 1,103 1,029 1,149 1,114
ST’ Debt 2,192 — — —
Other — — — —
6,859 3,861 4,361 4,018

Compound Annual Growth %

10y 5y 3y
Sales 0.56% 6.96% 5.06%
Cash Flow 4.90% 10.99% 12.62%
Earnings 6.58% 12.60% 11.50%
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 3.32 Actual 3.38

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 3.35 3.22 Miss by 0.13
Q4 FY25 3.05 3.12 Beat by 0.07
Q1 FY26 2.74 2.83 Beat by 0.09
Q2 FY26 3.32 3.38 Beat by 0.06
Q3 FY26 3.36 — Reports 4 November 2026

EPS $

Mar Jun Sep Dec Year
’26 2.78 3.32 — — —
’25 2.60 3.14 3.18 3.03 11.95
’24 2.66 2.80 3.13 2.80 11.39
’23 2.45 3.15 3.17 2.80 11.56
’22 1.48 1.60 2.68 2.59 8.33
’21 2.05 2.95 2.86 2.18 10.04
’20 1.47 0.65 2.35 1.84 6.31
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 6,517 7,099 — — —
’25 5,956 6,843 7,078 7,008 26,885
’24 6,169 6,490 6,873 6,388 25,920
’23 5,898 6,498 6,692 6,406 25,494
’22 5,666 5,718 5,872 5,927 23,183
’21 5,125 5,888 6,201 6,009 23,223
’20 4,714 3,762 5,418 5,314 19,208
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 2,412 2,810 — — —
’25 2,428 1,998 3,428 2,697 10,551
’24 2,390 1,689 2,737 2,631 9,447
’23 2,420 1,674 3,029 2,489 9,612
’22 2,133 618 2,434 2,202 7,387
’21 2,124 1,733 2,618 2,667 9,142
’20 1,546 (213) 2,940 1,993 6,265
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 1,764 1,998 — — —
’25 1,882 1,265 2,439 1,730 7,316
’24 1,851 1,076 1,953 1,914 6,794
’23 1,935 1,151 2,472 1,792 7,350
’22 1,737 187 1,914 1,690 5,527
’21 1,788 1,274 2,158 1,988 7,208
’20 1,079 (516) 2,550 1,539 4,652
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 24,622 22,820 21,258 21,364 19,208 23,223 23,183 25,494 25,920 26,885 27,702 +1.0% 28,158 28,918 28,148 +1.5%
Gross margin, % 41.45 46.54 50.96 52.33 50.77 54.17 56.97 57.12 56.75 57.41 57.38 +16.0 pt
EBT 6,866 8,574 7,816 8,018 6,141 9,128 7,825 10,522 10,345 10,897 11,184 +5.3%
EBT margin, % 27.89 37.57 36.77 37.53 31.97 39.31 33.75 41.27 39.91 40.53 40.37 +12.6 pt
Net income 4,687 5,192 5,924 6,025 4,731 7,545 6,177 8,469 8,223 8,563 8,787 +6.9%
Per share, $
Per share, $ Revenue 28.82 28.26 27.32 28.18 25.80 31.12 31.48 35.02 36.09 37.69 39.07 +3.0%
Earnings 5.44 6.37 7.54 7.88 6.31 10.04 8.33 11.56 11.39 11.95 12.31 +9.1%
Cash flow 7.09 6.88 8.95 10.71 8.41 12.25 10.03 13.21 13.15 14.79 16.00 +8.5%
Capex (2.03) (2.09) (3.32) (2.96) (2.17) (2.59) (2.53) (3.11) (3.69) (4.53) (4.82) +9.3%
Free cash flow 5.06 4.79 5.64 7.76 6.25 9.66 7.50 10.10 9.46 10.26 11.18 +8.2%
Book value (2.58) (4.05) (8.04) (10.83) (10.51) (6.17) (8.15) (6.47) (5.29) (2.51) (1.44) (0.3%)
Shares, m 854 807 778 758 745 746 737 728 718 713 712 (2.0%)
Valuation, ×
Valuation, × P/E 22.07 27.24 23.55 25.08 34.01 26.70 31.66 25.67 25.45 25.58 20.95 26.7
P/S 4.15 6.13 6.50 7.01 8.32 8.61 8.40 8.48 8.03 8.11 6.60 7.4
P/B 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
EV/Sales 5.16 7.32 7.94 8.57 10.09 9.98 9.86 9.84 9.50 9.63 8.07 8.8
EV/FCF 29.37 43.25 38.47 31.14 41.65 32.14 41.37 34.15 36.23 35.41 28.20 36.3
Cash, $m
Cash, $m Operating cash flow 6,060 5,551 6,967 8,122 6,265 9,142 7,387 9,612 9,447 10,551 11,347 +6.4%
Capex (1,738) (1,687) (2,581) (2,242) (1,613) (1,934) (1,860) (2,262) (2,653) (3,235) (3,416) +7.1%
Free cash flow 4,321 3,864 4,385 5,880 4,652 7,208 5,527 7,350 6,794 7,316 7,931 +6.0%
Balance, $m
Balance, $m Working capital 1,380 2,437 1,080 (63) 62 3,129 1,622 1,127 738 (198) 327 n/m
Net debt 24,732 27,073 30,209 33,279 33,991 31,620 33,981 34,766 37,339 39,199 39,041 +5.3%
Shareholders’ equity (2,204) (3,268) (6,258) (8,210) (7,825) (4,601) (6,003) (4,707) (3,797) (1,791) (1,023) (2.3%)
Returns, %
Returns, % ROA 13.59 16.02 17.79 15.00 9.45 14.17 11.85 15.89 14.77 14.93 14.71 +1.3 pt
ROIC 21.49 25.08 23.02 22.61 17.49 23.96 20.94 24.22 21.82 20.70 21.05 (0.8) pt
ROE 191.93 (189.77) (124.38) (83.29) (59.00) (121.44) (116.50) (158.16) (193.44) (306.59) (464.67) (498.5) pt
People
People Employees 375,000 235,000 210,000 205,000 200,000 200,000 150,000 150,000 150,000 150,000 — (9.7%)
Revenue/emp, $m 0.07 0.10 0.10 0.10 0.10 0.12 0.15 0.17 0.17 0.18 — +11.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

McDonald’s franchises and operates restaurants serving food and drinks in communities across more than 100 countries. Its menu includes burgers, chicken sandwiches, Chicken McNuggets, fries, desserts, coffee and other beverages. Many restaurants also serve breakfast. The menu is broadly consistent, but varies by market to reflect local tastes, and restaurants offer some products for limited periods.

The company was founded on 1940-05-15 and is headquartered in Chicago. Christopher Kempczinski is its chairman, president and chief executive officer.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
International Operated Markets 13,633 50.71%
U.S. Market 10,825 40.26%
International Developmental Licensed Markets and Corporate 2,427 9.03%
Gross margin 57.41%
Operating margin 46.09%
Pre-tax margin 40.53%

Revenue by segment since 2008

McDonald's Corporation vs peers in Restaurants (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MCD McDonald's Corporation $182.1B 20.9× 20.2× +3.74% (above 0%: growing) +5.73% (above 0%: growing) +57.94% (above 0%: growing) 58.01% 47.02%
SBUX Starbucks Corporation $120.3B 59.7× 44.7× −1.41% (below 0%: shrinking) +85.71% (above 0%: growing) +210.96% (above 0%: growing) 69.66% 10.52% Compare
YUM Yum! Brands, Inc. $42.2B 19.4× 16.7× +12.21% (above 0%: growing) +131.34% (above 0%: growing) +8.53% (above 0%: growing) 67.73% 30.20% Compare
CMG Chipotle Mexican Grill, Inc. $39.6B 29.3× 29.8× +9.31% (above 0%: growing) 0.00% +15.63% (above 0%: growing) 25.22% 15.70% Compare
QSR Restaurant Brands International Inc. $33.2B 19.3× 14.7× +4.56% (above 0%: growing) +151.72% (above 0%: growing) +18.89% (above 0%: growing) 49.13% 28.49% Compare
DRI Darden Restaurants, Inc. $25.0B 21.3× 19.6× +5.11% (above 0%: growing) −7.24% (below 0%: shrinking) −41.21% (below 0%: shrinking) 20.50% 9.98% Compare
YUMC Yum China $15.5B 16.7× 15.5× +12.59% (above 0%: growing) +20.69% (above 0%: growing) +3.10% (above 0%: growing) 22.21% 11.09% Compare
TXRH Texas Roadhouse, Inc. $12.0B 29.1× 28.0× +11.11% (above 0%: growing) −0.53% (below 0%: shrinking) +120.59% (above 0%: growing) 16.80% 8.50% Compare
DPZ Domino's Pizza Inc $10.3B 17.3× 16.4× +3.36% (above 0%: growing) +12.90% (above 0%: growing) −3.26% (below 0%: shrinking) 40.18% 20.39% Compare
Median of peers $29.1B 20.4× 18.2× +7.21% +16.80% +12.08% 32.70% 13.40%

All 55 Restaurants stocks →

From the latest earnings call

Updated

  • Chris Kempczinski said U.S. comparable-sales growth of 0.8% reflected inconsistent value-menu execution, operational complexity and marketing programs that fell short of expectations.
  • Ian Borden said McDonald’s expects international comparable-sales growth to accelerate sequentially in Q3 while U.S. actions focus on restoring baseline traffic momentum.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Baird Oct 15, 2026 Target cut — 285.00 → 250.00
BTIG Oct 15, 2026 Target cut — 350.00 → 295.00
Bernstein Oct 12, 2026 Target cut Hold 295.00 → 250.00
Guggenheim Oct 6, 2026 Target cut — —
Wells Fargo Oct 6, 2026 Target cut — —
Evercore ISI Sep 28, 2026 Target cut Outperform 320.00 → 300.00
TD Cowen Sep 28, 2026 Target cut Hold 282.00 → 270.00
Melius Research Sep 28, 2026 Target cut Sell 250.00 → 230.00
Morgan Stanley Sep 28, 2026 Target cut Hold 308.00 → 297.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 74.34%
Held by the ten largest 38.52%
Holder Shares Stake Change
Vanguard 72.77m 10.28% −38.28k
BlackRock 55.44m 7.83% +83.30k
State Street 36.08m 5.10% +646.68k
JPMorgan Chase 31.92m 4.51% −5.73m
Geode Capital Management 18.11m 2.56% +152.64k
Morgan Stanley 15.03m 2.12% −591.14k
UBS 11.66m 1.65% −607.29k
Bank of America 11.00m 1.55% −1.16m
Capital Group 10.67m 1.51% +2.06m
Norges Bank 9.88m 1.40% +9.88m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 7 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 20.57m 17.92m 160.00
2024 18.20m 12.73m 148.00
2023 19.16m 36.85m 148.00
2022 17.77m 29.57m 128.00
2021 20.03m 40.18m 128.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

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MCD metrics, ten years each

stockrow.com/MCD · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com