MCD

MKT CAP:$214B

McDonald's Corporation

Market Cap

$214B

Consumer Cyclical·Restaurants·🇺🇸 United States·NYSE

Consumer Cyc.·Restaurants·🇺🇸·NYSE

Stock Price

$300.58-$2.68 (-0.88%)

Apr 24, 2026

Company Details

McDonald's Corporation operates and franchises McDonald's restaurants in the United States and internationally. Its restaurants offer hamburgers and cheeseburgers, chicken sandwiches and nuggets, wraps, fries, salads, oatmeal, shakes, desse...

CEO

Christopher J. Kempczinski

IPO Date

Apr 21, 1965

Website

www.mcdonalds.com

Key Metrics TTM

Revenue

$26.9B

+3.7% YoY

Net Income

$8.6B

EPS (Diluted)

$11.95

Free Cash Flow

$7.2B

Revenue / Share

$37.64

Gross Margin

57.4%

Operating Margin

46.1%

Net Margin

31.9%

FCF Margin

26.7%

P/S

7.9x

P/E

25.0x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 24, 2026

$26.9B+3.7%EPS $11.95

Q4 2025

Feb 24, 2026

$7.0B+9.7%EPS $3.03

Q3 2025

Nov 5, 2025

$7.1B+3.0%EPS $3.18

Q2 2025

Aug 6, 2025

$6.8B+5.4%EPS $3.14

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$5.7B	$3.1B	$2.3B
Q2 22	$5.7B	$3.3B	$1.7B
Q3 22	$5.9B	$3.4B	$2.8B
Q4 22	$5.9B	$3.4B	$2.6B
Q1 23	$5.9B	$3.3B	$2.5B
Q2 23	$6.5B	$3.7B	$3.1B
Q3 23	$6.7B	$3.9B	$3.2B
Q4 23	$6.4B	$3.7B	$2.8B
Q1 24	$6.2B	$3.4B	$2.7B
Q2 24	$6.5B	$3.7B	$2.9B
Q3 24	$6.9B	$3.9B	$3.2B
Q4 24	$6.4B	$3.7B	$2.9B
Q1 25	$6.0B	$3.3B	$2.6B
Q2 25	$6.8B	$4.0B	$3.2B
Q3 25	$7.1B	$4.1B	$3.4B
Q4 25	$7.0B	$4.0B	$3.2B

Valuation

Quarter	P/S	P/E
Q1 22	7.6x	25.4x
Q2 22	7.7x	30.0x
Q3 22	7.4x	29.2x
Q4 22	8.4x	31.6x
Q1 23	8.8x	29.9x
Q2 23	8.9x	26.8x
Q3 23	7.5x	22.4x
Q4 23	8.3x	24.9x
Q1 24	7.8x	23.4x
Q2 24	7.0x	21.6x
Q3 24	8.4x	26.4x
Q4 24	8.0x	25.2x
Q1 25	8.7x	27.3x
Q2 25	8.0x	24.8x
Q3 25	8.2x	25.7x
Q4 25	8.2x	25.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$2.1B	$1.7B
Q2 22	$618M	$180M
Q3 22	$2.4B	$1.9B
Q4 22	$2.2B	$1.7B
Q1 23	$2.4B	$1.9B
Q2 23	$1.7B	$1.1B
Q3 23	$3.0B	$2.5B
Q4 23	$2.5B	$1.7B
Q1 24	$2.4B	$1.8B
Q2 24	$1.7B	$1.1B
Q3 24	$2.7B	$1.9B
Q4 24	$2.6B	$1.8B
Q1 25	$2.4B	$1.9B
Q2 25	$2.0B	$1.3B
Q3 25	$3.4B	$2.4B
Q4 25	$2.7B	$1.6B

Capital Expenditures

Quarter	CapEx
Q1 22	$401M
Q2 22	$438M
Q3 22	$531M
Q4 22	$529M
Q1 23	$503M
Q2 23	$527M
Q3 23	$570M
Q4 23	$757M
Q1 24	$547M
Q2 24	$628M
Q3 24	$794M
Q4 24	$807M
Q1 25	$551M
Q2 25	$744M
Q3 25	$1.0B
Q4 25	$1.1B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+10.6%	+17.9%
Q2 22	-2.9%	+25.3%
Q3 22	-5.3%	-3.3%
Q4 22	-1.4%	-7.4%
Q1 23	+4.1%	+0.4%
Q2 23	+13.6%	-15.3%
Q3 23	+14.0%	+12.1%
Q4 23	+8.1%	+7.8%
Q1 24	+4.6%	+2.0%
Q2 24	-0.1%	+5.2%
Q3 24	+2.7%	+5.8%
Q4 24	-0.3%	-2.3%
Q1 25	-3.5%	-3.7%
Q2 25	+5.4%	+1.1%
Q3 25	+3.0%	+0.9%
Q4 25	+9.7%	+9.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$54M	1.0%
Q2 22	$38M	0.7%
Q3 22	$38M	0.7%
Q4 22	$36M	0.6%
Q1 23	$50M	0.8%
Q2 23	$45M	0.7%
Q3 23	$43M	0.6%
Q4 23	$37M	0.6%
Q1 24	$50M	0.8%
Q2 24	$38M	0.6%
Q3 24	$40M	0.6%
Q4 24	$44M	0.7%
Q1 25	$45M	0.8%
Q2 25	$44M	0.6%
Q3 25	$39M	0.6%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q1 22	$584M	—
Q2 22	—	$611M
Q3 22	—	$576M
Q4 22	—	$720M
Q1 23	$553M	—
Q2 23	—	$567M
Q3 23	—	$584M
Q4 23	—	$731M
Q1 24	—	$622M
Q2 24	—	$590M
Q3 24	—	$536M
Q4 24	—	$664M
Q1 25	—	$575M
Q2 25	—	$595M
Q3 25	—	$664M
Q4 25	—	$749M

Revenue Segments

Quarter	High-Growth Markets	International Developmental Licensed Markets and Corporate	United States
Q1 22	$2.9B	$568M	$2.2B
Q2 22	$2.7B	$561M	$2.4B
Q3 22	$2.8B	$598M	$2.5B
Q1 23	$2.8B	$615M	$2.5B
Q2 23	$3.2B	$641M	$2.7B
Q3 23	$3.3B	$688M	$2.7B
Q1 24	$3.0B	$621M	$2.6B
Q2 24	$3.1B	$645M	$2.7B
Q3 24	$3.3B	$825M	$2.7B
Q4 24	$3.2B	$570M	$2.6B
Q1 25	$2.9B	$546M	$2.5B
Q2 25	$3.5B	$600M	$2.8B
Q3 25	$3.7B	$648M	$2.8B
Q4 25	$3.6B	$633M	$2.8B

Revenue by Geography

Quarter	International Developmental Licensed Markets and Corporate	International Operated Markets	United States
Q1 22	$568M	$2.9B	$2.2B
Q2 22	$561M	$2.7B	$2.4B
Q3 22	$598M	$2.8B	$2.5B
Q4 22	$571M	$2.8B	$2.5B
Q1 23	$615M	$2.8B	$2.5B
Q2 23	$641M	$3.2B	$2.7B
Q3 23	$688M	$3.3B	$2.7B
Q4 23	$600M	$3.1B	$2.7B
Q1 24	$621M	$3.0B	$2.6B
Q2 24	$645M	$3.1B	$2.7B
Q3 24	$825M	$3.3B	$2.7B
Q4 24	$570M	$3.2B	$2.6B
Q1 25	$546M	$2.9B	$2.5B
Q2 25	$600M	$3.5B	$2.8B
Q3 25	$648M	$3.7B	$2.8B
Q4 25	$633M	$3.6B	$2.8B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2.3B	$0	$2.3B
Q2 22	$1.9B	$0	$1.9B
Q3 22	$2.8B	$0	$2.8B
Q4 22	$2.6B	$0	$2.6B
Q1 23	$3.7B	$0	$3.7B
Q2 23	$1.6B	$0	$1.6B
Q3 23	$3.5B	$0	$3.5B
Q4 23	$4.6B	$0	$4.6B
Q1 24	$838M	$0	$838M
Q2 24	$792M	$0	$792M
Q3 24	$1.2B	$0	$1.2B
Q4 24	$1.1B	$0	$1.1B
Q1 25	$1.2B	$0	$1.2B
Q2 25	$1.9B	$0	$1.9B
Q3 25	$2.4B	$0	$2.4B
Q4 25	$774M	$0	$774M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	748M	-0.5%	-0.5%
Q2 22	742M	-0.7%	-1.3%
Q3 22	740M	-0.3%	-1.7%
Q4 22	736M	-0.5%	-2.1%
Q1 23	736M	-0.1%	-1.6%
Q2 23	734M	-0.2%	-1.0%
Q3 23	732M	-0.4%	-1.1%
Q4 23	728M	-0.5%	-1.1%
Q1 24	726M	-0.3%	-1.3%
Q2 24	722M	-0.5%	-1.7%
Q3 24	720M	-0.3%	-1.6%
Q4 24	720M	-0.0%	-1.1%
Q1 25	718M	-0.2%	-1.1%
Q2 25	718M	-0.1%	-0.6%
Q3 25	716M	-0.2%	-0.6%
Q4 25	714M	-0.2%	-0.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$28.3K	200K
Q2 22	$28.6K	200K
Q3 22	$29.4K	200K
Q4 22	$39.5K	150K
Q1 23	$39.3K	150K
Q2 23	$43.3K	150K
Q3 23	$44.6K	150K
Q4 23	$42.7K	150K
Q1 24	$41.1K	150K
Q2 24	$43.3K	150K
Q3 24	$45.8K	150K
Q4 24	$42.6K	150K
Q1 25	$39.7K	150K
Q2 25	$45.6K	150K
Q3 25	$47.2K	150K
Q4 25	$46.7K	150K

Revenue / Employee