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 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
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
FCF
Total debt
Cash
2025
$26.9B
$8.6B
0.0%
46.1%
$7.2B
$40.8B
$774M
2024
$25.9B
$8.2B
0.0%
45.2%
$6.7B
$39.2B
$1.1B
2023
$25.5B
$8.5B
0.0%
45.7%
$7.3B
$39.7B
$4.6B
2022
$23.2B
$6.2B
0.0%
40.4%
$5.5B
$35.9B
$2.6B
2021
$23.2B
$7.5B
0.0%
44.6%
$7.1B
$35.6B
$4.7B
2020
$19.2B
$4.7B
0.0%
38.1%
$4.6B
$37.4B
$3.4B
2019
$21.4B
$6.0B
0.0%
42.5%
$5.7B
$34.2B
$899M
2018
$21.3B
$5.9B
0.0%
41.5%
$4.2B
$31.1B
$866M
2017
$22.8B
$5.2B
0.0%
41.9%
$3.7B
$29.5B
$2.5B
2016
$24.6B
$4.7B
0.0%
31.5%
$4.2B
$26.0B
$1.2B
2015
$25.4B
$4.5B
0.0%
28.1%
$4.7B
$24.1B
$7.7B
2014
$27.4B
$4.8B
0.0%
29.0%
$4.1B
$14.9B
$2.1B
2013
$28.1B
$5.6B
0.0%
31.2%
$4.3B
$14.1B
$2.8B
2012
$27.6B
$5.5B
0.0%
31.2%
$3.9B
$13.6B
$2.3B
2011
$27.0B
$5.5B
0.0%
31.6%
$4.4B
$12.5B
$2.3B
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
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
FCF
Total debt
Cash
Mar '26
$6.5B
$2.0B
89.6%
45.3%
$1.7B
$40.1B
$1.2B
Dec '25
$7.0B
$2.2B
0.0%
45.0%
$1.6B
$40.8B
$774M
Sep '25
$7.1B
$2.3B
90.6%
47.4%
$2.4B
$39.5B
$2.4B
Jun '25
$6.8B
$2.3B
90.4%
47.2%
$1.3B
$40.8B
$1.9B
Mar '25
$6.0B
$1.9B
89.6%
44.5%
$1.9B
$38.8B
$1.2B
Dec '24
$6.4B
$2.0B
0.0%
44.9%
$1.8B
$39.2B
$1.1B
Sep '24
$6.9B
$2.3B
90.6%
46.4%
$1.9B
$39.0B
$1.2B
Jun '24
$6.5B
$2.0B
90.3%
45.0%
$1.1B
$38.5B
$792M
Mar '24
$6.2B
$1.9B
89.8%
44.4%
$1.8B
$36.8B
$838M
Dec '23
$6.4B
$2.0B
0.0%
43.7%
$1.7B
$39.7B
$4.6B
Sep '23
$6.7B
$2.3B
90.7%
47.9%
$2.5B
$37.3B
$3.5B
Jun '23
$6.5B
$2.3B
90.5%
47.8%
$1.1B
$35.7B
$1.6B
Mar '23
$5.9B
$1.8B
89.9%
42.9%
$1.9B
$36.6B
$3.7B
Dec '22
$5.9B
$1.9B
0.0%
43.6%
$1.7B
$35.9B
$2.6B
Sep '22
$5.9B
$2.0B
90.0%
47.1%
$1.9B
$34.9B
$2.8B
Jun '22
$5.7B
$1.2B
89.7%
29.9%
$180M
$34.6B
$1.9B
Mar '22
$5.7B
$1.1B
89.7%
40.8%
$1.7B
$34.0B
$2.3B
Dec '21
$6.0B
$1.6B
0.0%
39.9%
$2.0B
$35.6B
$4.7B
Sep '21
$6.2B
$2.1B
90.4%
48.2%
$2.1B
$1.2B
$4.3B
Jun '21
$5.9B
$2.2B
90.2%
45.7%
$1.3B
$35.4B
$3.0B
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 32.2× (Mar '23) to 22.0× (Jun '26).
The price-to-sales ratio has fallen from 8.6× (Mar '23) to 7.0× (Jun '26).
The dividend yield has risen from 2.1% (Mar '23) to 2.7% (Jun '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?
As of Jun '26, McDonald's traded at a price-to-earnings ratio of about 22.0× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.