MCD (McDonald's Corporation) Stock Financials & Earnings

Company Info & Key Metrics

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, wrap...

CEOChristopher J. Kempczinski

Country🇺🇸 United States

ExchangeNYSE

IPOApr 21, 1965

corporate.mcdonalds.com

Revenue$7.0B

YoY Growth+9.7%

QoQ Growth-1.0%

Net Income$2.2B

EPS$3.03

Free Cash Flow$1.6B

Gross Margin57.5%

Op. Margin45.0%

Net Margin30.9%

FCF Margin23.4%

Rev Multiple (TTM)8.8x

P/E Ratio (TTM)27.6x

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
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

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	10.1x	34.3x
Q2 23	9.8x	29.5x
Q3 23	9.4x	28.3x
Q4 23	9.3x	27.9x
Q1 24	9.2x	27.5x
Q2 24	9.2x	28.4x
Q3 24	9.1x	28.6x
Q4 24	9.1x	28.7x
Q1 25	9.2x	28.9x
Q2 25	9.1x	28.1x
Q3 25	9.0x	28.1x
Q4 25	8.8x	27.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
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

CapEx

Quarter	CapEx
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

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
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 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 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 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 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 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
Q1 23	736M	-0.1%
Q2 23	734M	-0.2%
Q3 23	732M	-0.4%
Q4 23	728M	-0.5%
Q1 24	726M	-0.3%
Q2 24	722M	-0.5%
Q3 24	720M	-0.3%
Q4 24	720M	-0.0%
Q1 25	718M	-0.2%
Q2 25	718M	-0.1%
Q3 25	716M	-0.2%
Q4 25	714M	-0.2%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$65K	420K
FY 15	$61K	420K
FY 16	$66K	375K
FY 17	$97K	235K
FY 18	$101K	210K
FY 19	$104K	205K
FY 20	$96K	200K
FY 21	$116K	200K
FY 22	$155K	150K
FY 23	$170K	150K
FY 24	$173K	150K
FY 25	$179K	150K