MCD
SP100NYSEMcDonald's Corporation
Consumer Cyclical · Restaurants · United States
McDonald's Corporation owns, operates, and franchises restaurants under the McDonald's brand in the United States and internationally. It offers food and beverages, including hamburgers and cheeseburgers, various chicken sandwiches, fries, shakes, frozen desserts, sundaes, soft serve cones, cookies, pies, soft drinks, coffee, and other beverages; and full or limited breakfast, as well as sells various other products during limited-time promotions. The company owns and operates franchised restaurants under various structures, including conventional franchise, developmental license, or affiliate. McDonald's Corporation was founded in 1940 and is based in Chicago, Illinois.
www.mcdonalds.com ↗Shares trade at a moderate 23.2× trailing earnings, easing to 19.7× on forward estimates. Profitability shows a net margin of 31.6%. Leverage is elevated at 3.6× net debt/EBITDA. Revenue grew 9.4% year-on-year. It yields 2.7% in dividends. The mean analyst target of USD329.84 sits 17.5% above the current price (Buy, 31 analysts).
business model
McDonald's operates and franchises quick-service restaurants worldwide, with the large majority of locations run by franchisees. It earns revenue from company-operated restaurant sales and, more profitably, from franchise royalties, rent, and initial fees, making it in part a real estate and brand-licensing business.
revenue segments
Revenue is reported across US, International Operated Markets (markets like the UK, Germany, Canada, France, Australia), and International Developmental Licensed Markets and Corporate (including China, Japan, and other licensed markets). Franchised revenue (rents and royalties) carries higher margins than company-operated sales.
key dependencies
Depends on franchisee health and relationships, consumer discretionary spending, food and labor cost inflation, real estate value, and effective marketing and menu innovation. Digital ordering, delivery partnerships, drive-thru throughput, and its loyalty program are increasingly important.
competitors
Competes with other quick-service and fast-casual chains including Burger King, Wendy's, Yum Brands (KFC, Taco Bell), Restaurant Brands, Chick-fil-A, Starbucks, and Chipotle, as well as local and regional operators and grocery/convenience alternatives.
moat
Benefits from a globally recognized brand, immense scale and purchasing power, prime real estate holdings, a franchise model that generates stable royalty and rent streams, and supply chain efficiency that supports consistent pricing and value positioning.
risks
Vulnerable to consumer spending slowdowns, commodity and wage inflation, shifting health and dietary preferences, franchisee disputes, and intense value competition. Geopolitical exposure, currency swings, and reputational and franchise-relationship issues also pose risks.
Financials & metrics
as of 26 Aug 2026Price is closer to the low end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
Tap any metric for an explanation.● provider● computedN/A not available from source
Valuation history is being recorded
We snapshot P/E and price targets daily. This chart fills in over the coming days.
Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $26.89B | $25.92B | $25.50B | $23.18B | — |
| Cost of revenue | $11.45B | $11.21B | $10.93B | $9.97B | — |
| Gross profit | $15.43B | $14.71B | $14.56B | $13.21B | — |
| Operating expense | $3.04B | $2.86B | $2.82B | $2.86B | — |
| Operating income | $12.39B | $11.85B | $11.75B | $10.35B | — |
| Interest expense | $1.58B | $1.51B | $1.36B | $1.21B | — |
| Pretax income | $10.90B | $10.35B | $10.52B | $7.83B | — |
| Tax provision | $2.33B | $2.12B | $2.05B | $1.65B | — |
| Net income | $8.56B | $8.22B | $8.47B | $6.18B | — |
| EBITDA | $14.68B | $13.95B | $13.86B | $10.90B | — |
| Diluted EPS | $11.95 | $11.39 | $11.56 | $8.33 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $59.52B | $55.18B | $56.15B | $50.44B | — |
| Current assets | $4.16B | $4.60B | $7.99B | $5.42B | — |
| Cash & equivalents | $774.00M | $1.08B | $4.58B | $2.58B | — |
| Inventory | $61.00M | $56.00M | $53.00M | $52.00M | — |
| Total liabilities | $61.31B | $58.98B | $60.85B | $56.44B | — |
| Current liabilities | $4.36B | $3.86B | $6.86B | $3.80B | — |
| Total debt | $54.81B | $51.95B | $53.09B | $48.70B | — |
| Long-term debt | $39.97B | $38.42B | $37.15B | $35.90B | — |
| Shareholders' equity | -$1.79B | -$3.80B | -$4.71B | -$6.00B | — |
| Retained earnings | $70.28B | $66.83B | $63.48B | $59.54B | — |
| Working capital | -$198.00M | $738.00M | $1.13B | $1.62B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $10.55B | $9.45B | $9.61B | $7.39B | — |
| Investing cash flow | -$3.82B | -$5.35B | -$3.19B | -$2.68B | — |
| Financing cash flow | -$7.13B | -$7.50B | -$4.37B | -$6.58B | — |
| Capital expenditure | -$3.37B | -$2.77B | -$2.36B | -$1.90B | — |
| Free cash flow | $7.19B | $6.67B | $7.25B | $5.49B | — |
| Dividends paid | -$5.12B | -$4.87B | -$4.53B | -$4.17B | — |
| Share buybacks | -$2.06B | -$2.82B | -$3.05B | -$3.90B | — |
| End cash position | $774.00M | $1.08B | $4.58B | $2.58B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 26 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
Sector peers
Notes & alerts
Sign in to keep a private research note and set price alerts for MCD.