McDonald's Corporation (MCD)

McDonald's Cash Flow Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	8,415	8,223	8,469	6,177	7,545	4,731
Depreciation & Amortization	2,176	2,097	1,978	1,871	1,868	1,751
Loss (Gain) From Sale of Assets	-37	-37	-103	733	-97.8	-28.2
Stock-Based Compensation	172	172	175	167	139.2	92.4
Other Operating Activities	-267	-570	-799	-916	-767.4	-68.8
Change in Accounts Receivable	10	10	-161	-264	309.9	-6.8
Change in Inventory	71	71	17	6	-62.2	-68.6
Change in Accounts Payable	-10	-10	50	31	225	-137.5
Change in Income Taxes	-292	-292	-220	-547	-302.5	-43.6
Change in Other Net Operating Assets	247	-217	206	129	284	44.4
Operating Cash Flow	10,485	9,447	9,612	7,387	9,142	6,265
Operating Cash Flow Growth	12.68%	-1.72%	30.12%	-19.19%	45.91%	-22.86%
Capital Expenditures	-3,113	-2,775	-2,357	-1,899	-2,040	-1,641
Sale of Property, Plant & Equipment	128	122	95	39	106.2	27.4
Cash Acquisitions	-314	-669	-441	-807	-374.2	-66.1
Divestitures	340	311	195	446	196.2	76.3
Investment in Securities	-	-1,837	-	-	-	-
Other Investing Activities	-536	-498	-677	-457	-53.9	57.4
Investing Cash Flow	-3,495	-5,346	-3,185	-2,678	-2,166	-1,546
Short-Term Debt Issued	-	326	213	26	15.1	-
Long-Term Debt Issued	-	2,380	5,221	3,374	1,154	5,543
Total Debt Issued	5,576	2,706	5,434	3,400	1,170	5,543
Short-Term Debt Repaid	-	-	-	-	-	-893.1
Long-Term Debt Repaid	-	-2,777	-2,441	-2,202	-2,240	-2,412
Total Debt Repaid	-4,430	-2,777	-2,441	-2,202	-2,240	-3,305
Net Debt Issued (Repaid)	1,146	-71	2,993	1,198	-1,071	2,238
Issuance of Common Stock	291	328	260	248	285.7	295.5
Repurchase of Common Stock	-1,986	-2,824	-3,054	-3,896	-845.5	-907.8
Common Dividends Paid	-5,060	-4,870	-4,533	-4,168	-3,919	-3,753
Other Financing Activities	-153	-58	-40	38	-46.7	-122
Financing Cash Flow	-5,762	-7,495	-4,374	-6,580	-5,596	-2,249
Foreign Exchange Rate Adjustments	-38	-101	-58	-254	-120.1	80.2
Miscellaneous Cash Flow Adjustments	2	1	-	-	-	-
Net Cash Flow	1,192	-3,494	1,995	-2,125	1,260	2,551
Free Cash Flow	7,372	6,672	7,255	5,488	7,102	4,624
Free Cash Flow Growth	12.04%	-8.04%	32.20%	-22.72%	53.57%	-19.27%
Free Cash Flow Margin	28.07%	25.74%	28.46%	23.67%	30.58%	24.08%
Free Cash Flow Per Share	10.27	9.24	9.91	7.40	9.45	6.17
Cash Interest Paid	1,523	1,523	1,287	1,184	1,197	1,136
Cash Income Tax Paid	2,974	2,974	2,993	3,024	2,404	1,442
Levered Free Cash Flow	4,395	5,127	6,558	5,288	6,008	4,273
Unlevered Free Cash Flow	5,365	6,069	7,409	6,042	6,750	5,035
Change in Working Capital	26	-438	-108	-645	454.2	-212.1

Updated Nov 5, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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