MCD Financials McDonald's

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Aug 9, 2026, 10:13 UTC Overview →

Growth & profitability

Revenue has grown 7.0% per year over the past 5 years.
Net income has grown faster than revenue (12.6% vs 7.0% per year).
Operating margin has expanded, at 46.1% in the latest year.
Free cash flow has grown 9.2% per year over the past 5 years.

Financial health

Total debt ($40.8B) exceeds cash ($774M); net debt is $40.0B.
Total debt has grown slower than revenue (1.7% vs 7.0% per year).
Operating income covered interest expense 7.8× in the latest year, up from 6.0× 5 years ago.
Total debt is 3.2× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 59.7% of earnings and 71.2% of free cash flow.
The dividend has grown 6.4% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$26.9B	$8.6B	0.0%	46.1%	-478.1%	14.4%	$7.2B	$40.8B	$774M
2024	$25.9B	$8.2B	0.0%	45.2%	-216.6%	14.9%	$6.7B	$39.2B	$1.1B
2023	$25.5B	$8.5B	0.0%	45.7%	-179.9%	15.1%	$7.3B	$39.7B	$4.6B
2022	$23.2B	$6.2B	0.0%	40.4%	-102.9%	12.2%	$5.5B	$35.9B	$2.6B
2021	$23.2B	$7.5B	0.0%	44.6%	-164.0%	14.0%	$7.1B	$35.6B	$4.7B
2020	$19.2B	$4.7B	0.0%	38.1%	-60.5%	9.0%	$4.6B	$37.4B	$3.4B
2019	$21.4B	$6.0B	0.0%	42.5%	-73.4%	12.7%	$5.7B	$34.2B	$899M
2018	$21.3B	$5.9B	0.0%	41.5%	-94.7%	18.1%	$4.2B	$31.1B	$866M
2017	$22.8B	$5.2B	0.0%	41.9%	-158.9%	15.4%	$3.7B	$29.5B	$2.5B
2016	$24.6B	$4.7B	0.0%	31.5%	-212.6%	15.1%	$4.2B	$26.0B	$1.2B
2015	$25.4B	$4.5B	0.0%	28.1%	63.9%	11.9%	$4.7B	$24.1B	$7.7B
2014	$27.4B	$4.8B	0.0%	29.0%	37.0%	13.9%	$4.1B	$14.9B	$2.1B
2013	$28.1B	$5.6B	0.0%	31.2%	34.9%	15.3%	$4.3B	$14.1B	$2.8B
2012	$27.6B	$5.5B	0.0%	31.2%	35.7%	15.4%	$3.9B	$13.6B	$2.3B
2011	$27.0B	$5.5B	0.0%	31.6%	38.2%	16.7%	$4.4B	$12.5B	$2.3B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$7.1B	$2.4B	90.4%	47.0%	-230.9%	3.9%	$2.0B	$39.9B	$822M
Mar '26	$6.5B	$2.0B	89.6%	45.3%	-154.2%	3.3%	$1.7B	$40.1B	$1.2B
Dec '25	$7.0B	$2.2B	0.0%	45.0%	-120.8%	3.6%	$1.6B	$40.8B	$774M
Sep '25	$7.1B	$2.3B	90.6%	47.4%	-105.3%	3.8%	$2.4B	$39.5B	$2.4B
Jun '25	$6.8B	$2.3B	90.4%	47.2%	-81.6%	3.8%	$1.3B	$40.8B	$1.9B
Mar '25	$6.0B	$1.9B	89.6%	44.5%	-54.1%	3.3%	$1.9B	$38.8B	$1.2B
Dec '24	$6.4B	$2.0B	0.0%	44.9%	-53.1%	3.7%	$1.8B	$39.2B	$1.1B
Sep '24	$6.9B	$2.3B	90.6%	46.4%	-43.6%	4.0%	$1.9B	$39.0B	$1.2B
Jun '24	$6.5B	$2.0B	90.3%	45.0%	-41.9%	3.8%	$1.1B	$38.5B	$792M
Mar '24	$6.2B	$1.9B	89.8%	44.4%	-39.9%	3.6%	$1.8B	$36.8B	$838M
Dec '23	$6.4B	$2.0B	0.0%	43.7%	-43.3%	3.6%	$1.7B	$39.7B	$4.6B
Sep '23	$6.7B	$2.3B	90.7%	47.9%	-47.7%	4.4%	$2.5B	$37.3B	$3.5B
Jun '23	$6.5B	$2.3B	90.5%	47.8%	-46.2%	4.6%	$1.1B	$35.7B	$1.6B
Mar '23	$5.9B	$1.8B	89.9%	42.9%	-31.2%	3.5%	$1.9B	$36.6B	$3.7B
Dec '22	$5.9B	$1.9B	0.0%	43.6%	-31.7%	3.8%	$1.7B	$35.9B	$2.6B
Sep '22	$5.9B	$2.0B	90.0%	47.1%	-30.2%	4.1%	$1.9B	$34.9B	$2.8B
Jun '22	$5.7B	$1.2B	89.7%	29.9%	-18.7%	2.4%	$180M	$34.6B	$1.9B
Mar '22	$5.7B	$1.1B	89.7%	40.8%	-18.4%	2.2%	$1.7B	$34.0B	$2.3B
Dec '21	$6.0B	$1.6B	0.0%	39.9%	-35.6%	3.0%	$2.0B	$35.6B	$4.7B
Sep '21	$6.2B	$2.1B	90.4%	48.2%	-37.9%	4.1%	$2.1B	$1.2B	$4.3B

Valuation over time

How the market has priced MCD against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 32.0× (Mar '23) to 21.9× (Nov '26).
The price-to-sales ratio has fallen from 8.5× (Mar '23) to 7.0× (Nov '26).
The dividend yield has risen from 2.1% (Mar '23) to 2.7% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is MCD growing its revenue and profit?

Over the past 5 years, McDonald's's revenue has grown 7.0% per year, and net income grown 12.6% per year. These are computed facts, not advice.

How much debt does MCD have?

As of FY2025, McDonald's reported $40.8B of total debt against $774M of cash; operating income covered interest expense 7.8×.

What is MCD's profit margin?

In FY2025, gross margin was —, operating margin 46.1%, and net margin 31.9%.

What is MCD's P/E ratio?

McDonald's's P/E (TTM) is 21.34 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the MCD stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 21.9× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.