McDonald’s (MCD) financial statements
McDonald’s reported revenue of $26.9B in fiscal 2025, up 1.0% a year over 9 years.
Net income was $8.6B and the operating margin 46.1%, against 31.5% in 2016.
Free cash flow was $7.2B, and the company returned $5.1B in dividends and $2.1B in net buybacks.
The diluted share count fell 17% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from McDonald’s's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $24.6B | $22.8B | $21.3B | $21.4B | $19.2B | $23.2B | $23.2B | $25.5B | $25.9B | $26.9B |
| Selling, general and admin | $2.4B | $2.2B | $2.2B | $2.2B | — | — | $2.9B | $2.8B | $2.9B | $3.0B |
| Operating income | $7.7B | $9.6B | $8.8B | $9.1B | $7.3B | $10.4B | $9.4B | $11.6B | $11.7B | $12.4B |
| Interest expense | $885M | $921M | $981M | $1.1B | $1.2B | $1.2B | $1.2B | $1.4B | $1.5B | $1.6B |
| Pre-tax income | $2.1B | $2.2B | $2.2B | $2.2B | $1.4B | $2.4B | $1.8B | $3.7B | $3.3B | $3.3B |
| Income tax | $2.2B | $3.4B | $1.9B | $2.0B | $1.4B | $1.6B | $1.6B | $2.1B | $2.1B | $2.3B |
| Net income | $4.7B | $5.2B | $5.9B | $6.0B | $4.7B | $7.5B | $6.2B | $8.5B | $8.2B | $8.6B |
| EPS (diluted) | $5.44 | $6.37 | $7.54 | $7.88 | $6.31 | $10.04 | $8.33 | $11.56 | $11.39 | $11.95 |
| Diluted shares | 861M | 816M | 786M | 765M | 750M | 752M | 741M | 732M | 722M | 716M |
| Operating margin | 31.5% | 41.9% | 41.5% | 42.5% | 38.1% | 44.6% | 40.4% | 45.7% | 45.2% | 46.1% |
| Net margin | 19.0% | 22.8% | 27.9% | 28.2% | 24.6% | 32.5% | 26.6% | 33.2% | 31.7% | 31.9% |
Balance sheet
Fiscal years, from McDonald’s's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.2B | $2.5B | $866M | $898M | $3.4B | $4.7B | $2.6B | $4.6B | $1.1B | $774M |
| Inventory | $59M | $59M | $51M | $50M | $51M | $56M | $52M | $53M | $56M | $61M |
| Total current assets | $4.8B | $5.3B | $4.1B | $3.6B | $6.2B | $7.1B | $5.4B | $8.0B | $4.6B | $4.2B |
| Property, plant and equipment | $21.3B | $22.4B | $22.8B | $24.2B | $25.0B | $24.7B | $23.8B | $24.9B | $25.3B | $28.2B |
| Goodwill | $2.3B | $2.4B | $2.3B | $2.7B | $2.8B | $2.8B | $2.9B | $3.0B | $3.1B | $3.4B |
| Total assets | $31.0B | $33.8B | $32.8B | $47.5B | $52.6B | $53.9B | $50.4B | $56.1B | $55.2B | $59.5B |
| Total current liabilities | $3.5B | $2.9B | $3.0B | $3.6B | $6.2B | $4.0B | $3.8B | $6.9B | $3.9B | $4.4B |
| Long-term debt | $25.9B | $29.5B | $31.1B | $34.1B | $35.2B | $35.6B | $35.9B | $37.2B | $38.4B | $40.0B |
| Total liabilities | $33.2B | $37.1B | $39.1B | $55.7B | $60.5B | $58.5B | $56.4B | $60.9B | $59.0B | $61.3B |
| Shareholders' equity | -$2.2B | -$3.3B | -$6.3B | -$8.2B | -$7.8B | -$4.6B | -$6.0B | -$4.7B | -$3.8B | -$1.8B |
| Net debt | $24.7B | $27.1B | $30.2B | $33.3B | $34.0B | $30.9B | $33.3B | $34.8B | $37.3B | $39.9B |
Cash flow
Fiscal years, from McDonald’s's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $6.1B | $5.6B | $7.0B | $8.1B | $6.3B | $9.1B | $7.4B | $9.6B | $9.4B | $10.6B |
| Capital spending | $1.8B | $1.9B | $2.7B | $2.4B | $1.6B | $2.0B | $1.9B | $2.4B | $2.8B | $3.4B |
| Free cash flow | $4.2B | $3.7B | $4.2B | $5.7B | $4.6B | $7.1B | $5.5B | $7.3B | $6.7B | $7.2B |
| Stock-based compensation | $131M | $118M | $125M | $110M | $92M | $139M | $167M | $175M | $172M | $165M |
| Dividends paid | $3.1B | $3.1B | $3.3B | $3.6B | $3.8B | $3.9B | $4.2B | $4.5B | $4.9B | $5.1B |
| Share buybacks (net) | -$11.2B | -$4.7B | -$5.2B | -$5.0B | -$908M | -$846M | -$3.9B | -$3.1B | -$2.8B | -$2.1B |
| Net borrowing | $2.7B | $2.0B | $2.1B | $3.2B | $2.2B | -$1.1B | $1.2B | $3.0B | -$71M | -$72M |
| Free cash flow margin | 17.2% | 16.2% | 19.9% | 26.8% | 24.1% | 30.6% | 23.7% | 28.5% | 25.7% | 26.7% |
| Dividends per share | $3.55 | $3.79 | $4.14 | $4.68 | $5.00 | $5.21 | $5.62 | $6.19 | $6.75 | $7.14 |
Questions
What was McDonald’s's revenue in 2025?
$26.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does McDonald’s generate?
$7.2B in fiscal 2025 (operating cash flow minus capital spending).
From McDonald’s's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.