Skip to content
AnalystLens

MCDONALDS CORPMCD

Sector
Consumer
Industry
Retail-Eating Places
Exchange
NYSE

Stock Price $MCD

Latest filings

You are here#4 of 30 in Consumer Discretionary by market cap

Filing record · 2016–202610-K1110-Q328-K136

MCD filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 136 current reports (8-K) between 2016 and 2026.

  1. FY2019 annual report10-K · Feb ’20Feb ’20
  2. Leadership change8-K · Mar ’23Mar ’23
  3. Leadership change8-K · Mar ’25Mar ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $26.89B
YoY changeLargest recent move+20.9%in FY21Latest +3.7%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All MCD Financial Metrics55 metrics

Income Statement13

Balance Sheet23

Cash Flow14

Per Share5

02—Overview

MCDONALDS CORP Financial Overview 2021–2025

Updated Jul 10, 2026

McDonald's generated a staggering $139.4 billiona in systemwide sales in FY2025 on just $26.9 billion of corporate revenue, underscoring the immense financial leverage of a model where approximately 95% of global restaurants are franchised. By aggressively expanding its digital loyalty platforms and enforcing strategic menu price increases, the fast-food giant has successfully insulated its profitability against persistent global macroeconomic pressures.

This pricing power and operational efficiency drove consolidated revenues from $23.2 billion in FY2021 to $26.9 billionb by FY2025. Over the same time frame, McDonald's proved its ability to extract more value per store, expanding its operating margin to a formidable 46.1% in FY2025. The company is now leaning heavily into physical expansion, targeting 50,000 global locations by 2027. This massive scale continues to fund substantial capital returns, with management distributing $7.1 billion to shareholders through dividends and buybacks in FY2025 alone. Fundamental momentum carried forward into Q1 2026, which saw total revenues jump 9% alongside a 3.8% increase in global comparable sales.

Investors have consistently paid a premium for this highly profitable and predictable cash flow stream. At the close of FY2025, shares traded at $305.63c, valuing the company at 25.6x its final annual earnings of $11.95 per share.

Recent Developments (Q4 2025 and Q1 2026)

In Q1 2026, McDonald's generated $6.5 billiond in total revenues and drove diluted earnings per share up 7% to $2.78. To support physical expansion, the company earmarked between $3.7 billion and $3.9 billion in capital expenditures to open 2,600 new restaurants during 2026. Operational efficiency improved as restructuring charges fell to $47 million, down from $66 million a year earlier. Governance also shifted in February 2026 when James D. Farley, Jr. was appointed, expanding the Board of Directors to 12 members.

Bulls argue the growth strategy is paying off, pointing to an 11%e surge in Q1 2026 systemwide sales. Bears caution that heavy capital requirements for new units could pressure near-term free cash flow. The stock traded at 23.7x earnings as of May 7, 2026, presenting a slight valuation discount compared to its end-of-year multiple.

What to watch: execution of the 4.5% net unit growth target; international constant-currency sales momentum

03—Filings

Recent SEC Filings

  1. 8-KMCDONALDS CORP 8-K Report, Regulation FD Disclosure (Sep 23, 2026)McDonald's filed an 8-K under Regulation FD on September 23, 2026, furnishing an investor release that unveils the next phase of its strategy, McDonald's > NEXT, along with new multi-year financial and operating targets through 2030. The strategy is built around four pillars (Menu, Consumer, Restaurant, and People > NEXT) aimed at driving guest-count growth, market share gains in chicken and beverages, and restaurant-level efficiency. The company is also launching Make It Golden, a multi-year Systemwide customer experience initiative beginning October 5, 2026. The release was issued alongside an Investor Day held the same day at corporate headquarters. The headline financial targets point to margin expansion: operating margin is expected to reach the low-to-mid 50% range by 2030, free cash flow conversion is targeted at the mid-to-high 80% range, and G&A is expected to fall to about 1.9% of Systemwide sales. Unit expansion is projected to contribute nearly 2.5% to Systemwide sales growth in 2027, moderating to about 2% by 2030. Capital spending is framed as roughly $3 billion annually in baseline capex plus $1.5 billion to $2 billion of cumulative capital partnering support from 2027 through 2030, based on current FX rates. For investors, the key trade-off is that the margin and efficiency targets depend on franchisee investment, which McDonald's will partly fund. The company plans about $8.5 billion in total NEXT partnering support through 2036 (about $5 billion through 2030) via rent relief and capital support. Management estimates roughly 250 basis points of gross restaurant-level efficiency gains, worth about $100,000 in annual cash flow for the average U.S. restaurant with an approximately four-year franchisee payback after partnering. Execution risk, the timing of efficiency benefits, and the pace of share gains are the main variables to monitor, and the release notes that forward-looking statements are subject to risks detailed in the Company's SEC filings.
  2. 8-KMCDONALDS CORP 8-K Report, Executive Changes (Aug 4, 2026)McDonald's Corporation filed an 8-K on August 4, 2026 disclosing a leadership transition in its U.S. business. Joseph M. Erlinger, Executive Vice President and President of McDonald's USA, gave notice on August 3, 2026 that he is leaving his role effective August 4, 2026. He will serve in an advisory capacity until early 2027 to support an orderly handover, and the filing states there is no change to his compensation. The Board appointed Skye Anderson as Executive Vice President and President of McDonald's USA, effective immediately. Anderson has more than 26 years of McDonald's experience and most recently served as Chief Operating Officer of McDonald's USA, a role she took on earlier in 2026 as part of a planned succession process. She will oversee nearly 14,000 U.S. restaurants, the Company's largest market, and is tasked with advancing the McDonald's > NEXT strategy. Her prior work includes four years leading the U.S. West Zone, where she reported comparable sales growth of more than 30 percent across a base of over 5,700 restaurants. For investors, this is a planned, internally sourced succession rather than an unexpected shake-up, which generally reduces execution risk. The filing contains no financial results, guidance, or changes to compensation arrangements. Its significance lies in leadership continuity for the largest market, so investors will likely watch U.S. comparable sales, restaurant unit economics, and any strategic shifts under Anderson's leadership in coming quarters.
  3. 8-KMCDONALDS CORP 8-K Report, Financial Results (Aug 4, 2026)McDonald's (MCD) reported second-quarter 2026 results on August 4, 2026, with growth that was solid at the top line and in profit but soft on the core U.S. traffic metric. Global Systemwide sales rose 5% (4% in constant currencies) to $37 billion, and consolidated revenues increased 4% to $7.10 billion. Global comparable sales grew 1.3%, down sharply from 3.8% a year earlier, with U.S. comps up only 0.8% (versus 2.5% in Q2 2025) on negative guest counts that were offset by positive check growth. Diluted EPS was $3.32, up 6%, or $3.38 excluding $0.06 of restructuring charges tied to Accelerating the Organization. Profitability was healthy: operating income rose 3% to $3.34 billion, and the operating margin for the first half was 46.2%, up from 45.9%. Growth was driven by sales-driven franchised margins and higher other operating income, partly offset by SG&A that rose 17% in the quarter, largely on incentive compensation and convention costs. Management maintained its 2026 outlook, including a mid-to-high 40% operating margin, SG&A at about 2.2% of Systemwide sales, capex of $3.7 to $3.9 billion, and approximately 2,100 net restaurant additions. The company also announced the appointment of Skye Anderson as President of McDonald's USA, a leadership change that signals management's intent to address U.S. performance. For investors, the key tension is between the strong global unit growth and profit resilience, and the weakening U.S. traffic trend that management acknowledged needs to be addressed. Capital returns remained significant, with $2.6 billion in dividends and $1.3 billion in buybacks in the first half. Interest expense is expected to rise 4% to 6% for the year on higher average rates.
  4. 8-KMCDONALDS CORP 8-K Report, Shareholder Vote Results (May 22, 2026)McDonald's Corporation (MCD) filed an 8-K on May 22, 2026, detailing the voting results from its 2026 Annual Shareholders' Meeting held on May 20, 2026. The primary focus of the filing is the outcome of shareholder votes on key corporate governance matters, including the election of directors, executive compensation, auditor ratification, and two shareholder proposals. Investors will be interested to note that all 12 director nominees were overwhelmingly re-elected, with significant "For" votes across the board. Similarly, the advisory proposal to approve executive compensation received strong support, indicating shareholder confidence in the company's compensation strategies. The appointment of Ernst & Young LLP as the independent auditor for 2026 was also overwhelmingly ratified. However, two shareholder proposals, one advocating for an Independent Chair policy and another concerning shareholders' right to act by written consent, did not receive majority support, with a substantial number of "Against" votes.
  5. 8-KMCDONALDS CORP 8-K Report, Financial Results (May 7, 2026)McDonald's reported first quarter 2026 results that were strong on the top line and operating line, with global comparable sales up 3.8% and Systemwide sales up 11% (6% in constant currencies) to over $34 billion. U.S. comparable sales rose 3.9%, driven primarily by positive check growth, reversing a 3.6% decline a year earlier. International Operated Markets (+3.9%) and International Developmental Licensed Markets (+3.4%) also posted solid comps, with broad-based growth across geographies. Consolidated revenues rose 9% to $6.52 billion (4% in constant currencies), and operating income grew 12% to $2.95 billion (6% in constant currencies). Excluding restructuring-related charges of $47 million (versus $66 million a year earlier) tied to the Accelerating the Organization initiative, operating income rose 11%. Diluted EPS was $2.78, up 7% (2% in constant currencies); excluding charges, EPS was $2.83, up 6%. The gap between reported and constant-currency growth was largely a favorable currency translation tailwind, notably from the euro, and the effective tax rate rose to 22.0% from 19.8%, partly offsetting operating gains. The company reaffirmed or set 2026 guidance, including net restaurant unit expansion contributing about 2.5% to Systemwide sales growth in constant currencies, an operating margin in the mid-to-high 40% range, a 21%–23% effective tax rate, capex of $3.7–$3.9 billion, roughly 2,100 net restaurant additions, and a free cash flow conversion rate in the low-to-mid 80% range. Interest expense is expected to rise 4%–6%. Investors should note that the quarter's gains were partly supported by a weaker dollar and higher gains on restaurant sales and property, and that restructuring charges will continue through 2027.
View all 8-K filings →
View all filings (10-K, 10-Q, 8-K, proxy & more) →

04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.