McDonald's Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	8,563	8,223	8,469	6,177	7,545
Depreciation & Amortization	2,157	2,097	1,978	1,871	1,868
Loss (Gain) From Sale of Assets	-	-37	-103	733	-97.8
Stock-Based Compensation	-	172	175	167	139.2
Other Operating Activities	-275	-570	-799	-916	-767.4
Change in Accounts Receivable	-	10	-161	-264	309.9
Change in Inventory	-	71	17	6	-62.2
Change in Accounts Payable	-	-10	50	31	225
Change in Income Taxes	-	-292	-220	-547	-302.5
Change in Other Net Operating Assets	106	-217	206	129	284
Operating Cash Flow	10,551	9,447	9,612	7,387	9,142
Operating Cash Flow Growth	11.69%	-1.72%	30.12%	-19.19%	45.91%
Capital Expenditures	-3,365	-2,775	-2,357	-1,899	-2,040
Sale of Property, Plant & Equipment	-	122	95	39	106.2
Cash Acquisitions	-	-669	-441	-807	-374.2
Divestitures	122	311	195	446	196.2
Investment in Securities	-	-1,837	-	-	-
Other Investing Activities	-579	-498	-677	-457	-53.9
Investing Cash Flow	-3,822	-5,346	-3,185	-2,678	-2,166
Short-Term Debt Issued	-	326	213	26	15.1
Long-Term Debt Issued	-	2,380	5,221	3,374	1,154
Total Debt Issued	-	2,706	5,434	3,400	1,170
Long-Term Debt Repaid	-73	-2,777	-2,441	-2,202	-2,240
Total Debt Repaid	-73	-2,777	-2,441	-2,202	-2,240
Net Debt Issued (Repaid)	-73	-71	2,993	1,198	-1,071
Issuance of Common Stock	118	328	260	248	285.7
Repurchase of Common Stock	-2,056	-2,824	-3,054	-3,896	-845.5
Common Dividends Paid	-5,115	-4,870	-4,533	-4,168	-3,919
Other Financing Activities	1	-58	-40	38	-46.7
Financing Cash Flow	-7,125	-7,495	-4,374	-6,580	-5,596
Foreign Exchange Rate Adjustments	86	-101	-58	-254	-120.1
Miscellaneous Cash Flow Adjustments	-1	1	-	-	-
Net Cash Flow	-311	-3,494	1,995	-2,125	1,260
Free Cash Flow	7,186	6,672	7,255	5,488	7,102
Free Cash Flow Growth	7.70%	-8.04%	32.20%	-22.72%	53.57%
Free Cash Flow Margin	26.73%	25.74%	28.46%	23.67%	30.58%
Free Cash Flow Per Share	10.03	9.24	9.91	7.40	9.45
Cash Interest Paid	-	1,523	1,287	1,184	1,197
Cash Income Tax Paid	-	2,974	2,993	3,024	2,404
Levered Free Cash Flow	6,784	5,127	6,558	5,288	6,008
Unlevered Free Cash Flow	7,773	6,069	7,409	6,042	6,750
Change in Working Capital	106	-438	-108	-645	454.2

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.