MCDNYSERetail-Eating PlacesFiscal year ends December 31
MCDONALDS CORP
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$242.67−0.30 (-0.12%)
Close on Oct 19, 2026
- Market cap
- $172.56K
- P/E (TTM)
- 20.3
- Dividend yield
- 2.95%
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
46.1%+8.0 pts over 5 years
Net margin
31.9%+7.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +3.7% | +5.1% | +7.0% | +0.6% | |
| Operating income | +5.8% | +9.8% | +11.1% | +5.7% | |
| Net income | +4.1% | +11.5% | +12.6% | +6.6% | |
| EPS, diluted | +4.9% | +12.8% | +13.6% | +9.6% | |
| Free cash flow | +7.7% | +9.4% | +9.2% | +4.3% | |
| Dividend per share | +5.8% | +8.2% | +7.3% | +7.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 191.9% | -59.0% | -306.5% | |
| Return on assets | 13.6% | 9.4% | 14.9% | |
| Current ratio | 1.40 | 1.01 | 0.95 | |
| Debt to equity | -11.78 | -4.78 | -23.17 | |
| Net debt to EBITDA | 2.67× | 4.46× | 3.17× | |
| Interest coverage | 8.8× | 6.0× | 7.8× | |
| Capex to revenue | 7.4% | 8.5% | 12.5% | |
| Diluted shares | 861M | 750M | 0M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Mcdonalds generated $46.14B from operations and spent $47.72B on capital expenditure, dividends and share buybacks. 26% of that went back into the business.
Generated
$46.14B
Used
$47.72B
Capital expenditure$12.44B26%Dividends$22.60B47%Share buybacks$12.68B27%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin31.9%
×Asset turnover0.47×
×Equity multiplier-20.53×
=Return on equity, FY2025-306.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 31.9% | 0.47× | -20.53× | -306.5% |
| FY2024 | 31.7% | 0.47× | -13.09× | -193.4% |
| FY2023 | 33.2% | 0.48× | -9.95× | -158.2% |
| FY2022 | 26.6% | 0.44× | -9.83× | -116.5% |
| FY2021 | 32.5% | 0.44× | -8.57× | -121.4% |
| FY2020 | 24.6% | 0.38× | -6.24× | -59.0% |
| FY2019 | 28.2% | 0.53× | -5.55× | -83.3% |
| FY2018 | 27.9% | 0.64× | -6.99× | -124.4% |
| FY2017 | 22.8% | 0.70× | -11.85× | -189.8% |
| FY2016 | 19.0% | 0.71× | 14.12× | 191.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$8.56B
- Cash generatingOperating cash flow above zero$10.55B
- Return on assets improvedROA up on the prior year14.6% → 15.5%
- Earnings backed by cashOperating cash flow above net income$10.55B vs $8.56B
- Less leverageLong-term debt to assets fell69.6% → 67.2%
- Better liquidityCurrent ratio rose1.19 → 0.95
- No dilutionShare count did not rise0M → 0M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.46 → 0.49