McDonald's Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Quarter	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021
Period Ending	Dec '25 Dec 31, 2025	Sep '25 Sep 30, 2025	Jun '25 Jun 30, 2025	Mar '25 Mar 31, 2025	Dec '24 Dec 31, 2024	Sep '24 Sep 30, 2024	Jun '24 Jun 30, 2024	Mar '24 Mar 31, 2024	Dec '23 Dec 31, 2023	Sep '23 Sep 30, 2023	Jun '23 Jun 30, 2023	Mar '23 Mar 31, 2023	Dec '22 Dec 31, 2022	Sep '22 Sep 30, 2022	Jun '22 Jun 30, 2022	Mar '22 Mar 31, 2022	Dec '21 Dec 31, 2021	Sep '21 Sep 30, 2021	Jun '21 Jun 30, 2021	Mar '21 Mar 31, 2021
Operating Revenue	26,238	25,661	25,482	25,212	25,497	25,572	25,426	25,445	25,179	24,688	23,881	23,101	22,854	22,931	23,244	23,399	22,873	22,161	21,384	19,270
Other Revenue	647	603	578	495	423	367	332	320	315	325.1	312.2	314	329	334	350.6	364.8	350.1	366.6	360.8	347.6
Revenue	26,885	26,264	26,060	25,707	25,920	25,939	25,758	25,765	25,494	25,014	24,194	23,415	23,183	23,265	23,594	23,764	23,223	22,528	21,744	19,618
Revenue Growth (YoY)	3.72%	1.25%	1.17%	-0.22%	1.67%	3.70%	6.47%	10.04%	9.97%	7.51%	2.54%	-1.47%	-0.17%	3.27%	8.51%	21.13%	20.90%	16.59%	12.05%	-6.82%
Cost of Revenue	11,450	11,182	11,208	11,099	11,210	11,253	11,083	11,077	10,931	10,697	10,294	9,944	9,975	10,206	10,550	10,802	10,643	10,428	10,172	9,540
Gross Profit	15,435	15,082	14,852	14,608	14,710	14,686	14,675	14,688	14,563	14,317	13,900	13,471	13,208	13,059	13,045	12,962	12,580	12,099	11,573	10,079
Selling, General & Admin	2,583	2,498	2,370	2,365	2,412	2,479	2,526	2,504	2,435	2,424	2,418	2,461	2,492	2,527	2,511	2,472	2,378	2,320	2,216	2,219
Other Operating Expenses	2	-1	-	-1	-1	-	-2	-1	-	-0.2	0.8	0.8	-19	-0.4	-0.4	-0.4	-285.4	-6.8	-129.8	-6.7
Operating Expenses	3,042	2,966	2,831	2,819	2,858	2,881	2,911	2,885	2,817	2,807	2,797	2,838	2,843	2,892	2,866	2,818	2,422	2,637	2,401	2,516
Operating Income	12,393	12,116	12,021	11,789	11,852	11,805	11,764	11,803	11,746	11,510	11,103	10,633	10,365	10,167	10,178	10,144	10,158	9,462	9,172	7,563
Interest Expense	-1,582	-1,552	-1,526	-1,510	-1,506	-1,486	-1,447	-1,403	-1,361	-1,324	-1,289	-1,250	-1,207	-1,180	-1,167	-1,173	-1,186	-1,199	-1,216	-1,238
Interest & Investment Income	-	81	73	73	103	150	179	196	187	148	111.8	79.4	44	20.5	12	9.8	9	10.7	11.8	14.4
Earnings From Equity Investments	-	194	183	174	157	174	171	159	153	146.7	135	120.9	113	138.3	150	172.9	176.7	176.4	176.1	137.8
Currency Exchange Gain (Loss)	-	-15	8	17	-6	-16	-6	1	19	64.3	114.7	135.7	134	94	40.7	-5.4	-37	-57.1	-54.8	-35.1
Other Non Operating Income (Expenses)	86	56	79	60	41	29	10	20	30	29.8	38.1	-5.6	-518	-525.9	-544	-502.2	-14.3	-6.2	-7.4	-4.4
EBT Excluding Unusual Items	10,897	10,880	10,838	10,603	10,641	10,656	10,671	10,776	10,774	10,575	10,213	9,713	8,931	8,714	8,670	8,646	9,107	8,387	8,082	6,438
Merger & Restructuring Charges	-	-85	-229	-243	-221	-354	-193	-154	-290	-224	-198	-180	-	-	-	-	-	-	-	-
Gain (Loss) on Sale of Investments	-	-	-	-	-	-	-	-	-	-	-	-	-	339	339	203.8	-	135	274	409.2
Gain (Loss) on Sale of Assets	-	-52	-58	-16	-6	91	85	104	110	-5.2	-56.2	-1,109	-1,106	-1,120	-1,259	-6.6	21.2	-11.6	19.8	-186.4
Asset Writedown	-	3	89	-9	-	-71	-161	-63	-72	-0.2	-	-	-	-339.2	-	-	-	339.7	-	-11.9
Other Unusual Items	-	-70	-70	-70	-70	-	-	-	-	-	-	127.1	-	-	-	-127.1	-	-	-	-
Pretax Income	10,897	10,676	10,570	10,265	10,344	10,322	10,402	10,663	10,522	10,346	9,959	8,551	7,825	7,594	7,750	8,716	9,128	8,850	8,376	6,649
Income Tax Expense	2,334	2,261	2,177	2,103	2,121	2,076	2,095	2,067	2,053	2,013	1,961	1,676	1,648	1,682	1,668	1,604	1,583	1,567	1,480	1,488
Net Income	8,563	8,415	8,393	8,162	8,223	8,246	8,307	8,596	8,469	8,333	7,998	6,875	6,177	5,913	6,081	7,112	7,545	7,284	6,896	5,161
Net Income to Common	8,563	8,415	8,393	8,162	8,223	8,246	8,307	8,596	8,469	8,333	7,998	6,875	6,177	5,913	6,081	7,112	7,545	7,284	6,896	5,161
Net Income Growth	4.13%	2.05%	1.03%	-5.05%	-2.90%	-1.05%	3.86%	25.03%	37.10%	40.94%	31.52%	-3.34%	-18.13%	-18.82%	-11.82%	37.82%	59.50%	47.88%	44.55%	-11.08%
Shares Outstanding (Basic)	716	715	716	717	718	720	723	726	728	730	732	734	737	740	743	746	746	746	746	745
Shares Outstanding (Diluted)	716	718	719	720	722	724	727	730	732	734	736	738	741	745	748	751	752	752	751	750
Shares Change (YoY)	-0.76%	-0.86%	-1.10%	-1.36%	-1.42%	-1.42%	-1.29%	-1.13%	-1.21%	-1.44%	-1.61%	-1.69%	-1.40%	-0.87%	-0.36%	0.10%	0.23%	0.07%	-0.46%	-1.25%
EPS (Basic)	11.95	11.78	11.73	11.39	11.45	11.45	11.49	11.85	11.63	11.42	10.93	9.37	8.39	7.99	8.18	9.54	10.11	9.76	9.25	6.93
EPS (Diluted)	11.95	11.72	11.67	11.33	11.39	11.39	11.42	11.77	11.56	11.34	10.86	9.31	8.33	7.93	8.13	9.47	10.04	9.70	9.19	6.89
EPS Growth	4.92%	2.90%	2.17%	-3.76%	-1.47%	0.40%	5.19%	26.52%	38.78%	43.01%	33.58%	-1.78%	-17.03%	-18.23%	-11.53%	37.50%	59.11%	47.98%	45.23%	-9.81%
Free Cash Flow	7,186	7,372	6,898	6,706	6,672	6,580	7,096	7,181	7,255	7,196	6,639	5,672	5,488	5,794	6,008	7,078	7,102	6,652	7,085	5,316
Free Cash Flow Per Share	10.03	10.27	9.60	9.31	9.24	9.09	9.76	9.84	9.91	9.80	9.02	7.68	7.40	7.78	8.03	9.43	9.45	8.85	9.43	7.09
Dividend Per Share	-	7.080	6.980	6.880	6.780	6.680	6.530	6.380	6.230	6.080	5.940	5.800	5.660	5.520	5.430	5.340	5.250	5.160	5.120	5.080
Dividend Growth	-	5.99%	6.89%	7.84%	8.83%	9.87%	9.93%	10.00%	10.07%	10.14%	9.39%	8.61%	7.81%	6.98%	6.05%	5.12%	4.17%	3.20%	4.28%	5.39%
Gross Margin	57.41%	57.43%	56.99%	56.83%	56.75%	56.62%	56.97%	57.01%	57.12%	57.24%	57.45%	57.53%	56.97%	56.13%	55.29%	54.55%	54.17%	53.71%	53.22%	51.37%
Operating Margin	46.10%	46.13%	46.13%	45.86%	45.73%	45.51%	45.67%	45.81%	46.07%	46.02%	45.89%	45.41%	44.71%	43.70%	43.14%	42.69%	43.74%	42.00%	42.18%	38.55%
Profit Margin	31.85%	32.04%	32.21%	31.75%	31.72%	31.79%	32.25%	33.36%	33.22%	33.32%	33.06%	29.36%	26.65%	25.41%	25.77%	29.93%	32.49%	32.33%	31.71%	26.31%
Free Cash Flow Margin	26.73%	28.07%	26.47%	26.09%	25.74%	25.37%	27.55%	27.87%	28.46%	28.77%	27.44%	24.22%	23.67%	24.91%	25.46%	29.79%	30.58%	29.53%	32.58%	27.10%
EBITDA	14,557	14,292	14,170	13,896	13,949	13,846	13,771	13,801	13,724	13,455	13,015	12,514	12,236	12,056	12,071	12,038	12,026	11,313	10,994	9,347
EBITDA Margin	54.14%	54.42%	54.37%	54.05%	53.82%	53.38%	53.46%	53.56%	53.83%	53.79%	53.79%	53.44%	52.78%	51.82%	51.16%	50.66%	51.79%	50.22%	50.56%	47.64%
D&A For EBITDA	2,164	2,176	2,149	2,107	2,097	2,041	2,007	1,998	1,978	1,944	1,912	1,881	1,871	1,889	1,893	1,894	1,868	1,851	1,822	1,784
EBIT	12,393	12,116	12,021	11,789	11,852	11,805	11,764	11,803	11,746	11,510	11,103	10,633	10,365	10,167	10,178	10,144	10,158	9,462	9,172	7,563
EBIT Margin	46.10%	46.13%	46.13%	45.86%	45.73%	45.51%	45.67%	45.81%	46.07%	46.02%	45.89%	45.41%	44.71%	43.70%	43.14%	42.69%	43.74%	42.00%	42.18%	38.55%
Effective Tax Rate	21.42%	21.18%	20.60%	20.49%	20.51%	20.11%	20.14%	19.38%	19.51%	19.45%	19.69%	19.60%	21.06%	22.14%	21.53%	18.40%	17.34%	17.70%	17.66%	22.38%
Revenue as Reported	26,885	26,264	26,060	25,707	25,920	25,938	25,758	25,765	25,494	25,015	24,194	23,415	23,183	23,265	23,594	23,764	23,223	22,528	21,744	19,618
Advertising Expenses	-	-	-	-	355	-	-	-	347	-	-	-	335	-	-	-	377.6	-	-	-

Updated Feb 11, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q