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	2,199	2,097	1,978	1,871	1,868
Stock-Based Compensation	165	172	175	167	139.2
Other Adjustments	-482	-608	-902	-183	-865.2
Change in Receivables	231	10	-161	-264	309.9
Changes in Accounts Payable	100	-10	50	31	225
Changes in Accrued Expenses	154	-217	206	129	284
Changes in Income Taxes Payable	-239	-292	-220	-547	-302.5
Changes in Other Operating Activities	-140	71	17	6	-62.2
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	130	122	95	39	106.2
Purchases of Investments	-	-1,837	-	-	-
Payments for Business Acquisitions	-354	-669	-441	-807	-374.2
Proceeds from Business Divestments	346	311	195	446	196.2
Other Investing Activities	-579	-498	-676	-457	-53.9
Investing Cash Flow	-3,822	-5,346	-3,185	-2,678	-2,166
Short-Term Debt Issued	6	326	213	26	15.1
Net Short-Term Debt Issued (Repaid)	6	326	213	26	15.1
Long-Term Debt Issued	4,724	2,380	5,221	3,374	1,154
Long-Term Debt Repaid	-4,802	-2,777	-2,441	-2,202	-2,240
Net Long-Term Debt Issued (Repaid)	-78	-397	2,780	1,172	-1,086
Issuance of Common Stock	285	328	260	248	285.7
Repurchase of Common Stock	-2,056	-2,824	-3,054	-3,896	-845.5
Net Common Stock Issued (Repurchased)	-1,771	-2,496	-2,794	-3,648	-559.8
Common Dividends Paid	-5,115	-4,870	-4,533	-4,168	-3,919
Other Financing Activities	-161	270	173	64	-31.6
Financing Cash Flow	-7,125	-7,495	-4,374	-6,580	-5,596
Effect of Exchange Rate Changes on Cash and Cash Equivalents	86	-101	-58	-254	-120.1
Net Cash Flow	-311	-3,494	1,996	-2,126	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%
FCF 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
Levered Free Cash Flow	7,200	7,026	11,136	6,966	6,447
Unlevered Free Cash Flow	8,448	8,185	9,048	6,988	8,533

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.