Company file · MCD
McDonald's
McDonald's revenue and net income both grew modestly in 2025
Revenue rose 3.7% to $26.9B, and net income rose 4.1% to $8.6B.
Key facts
McDonald's (NYSE: MCD) closed fiscal 2025 on Dec 31, 2025 with total revenues of $26.9B, up 3.7% from a year before; net income came to $8.6B, up 4.1%. Its newest quarterly report covers the three months to Jun 30, 2026: revenue of $7.1B, up 3.7% on the same stretch of the prior year, and net income of $2.4B. Broken down by segment, International Operated Markets led with 51% of fiscal 2025 total revenues. Sources: 10-K for fiscal 2025 (filed Feb 24, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 7, 2026).
Source: 10-K FY2025, filed Feb 24, 2026
Source: 10-Q filed May 7, 2026 · 10-Q filed Aug 7, 2026
How it makes money
By segment, FY2025
- LineAmountSharevs FY2024
- US$10.8B40%+1.8%
- International Operated Markets$13.6B51%+8.0%
- International Developmental Licensed Markets and Corporate$2.4B9%−8.8%
Source: 10-K FY2025, XBRL breakdown
International Operated Markets were 51% of 2025 revenue, the US 40% and International Developmental Licensed Markets and Corporate 9%.
Source: 10-K FY2025
What changed last quarter
Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q2 2026Q2 2025
Company
Source: McDonald's 10-Q for the quarter ended Jun 30, 2026, filed Aug 7, 2026
By segment
Source: McDonald's 10-Q for the quarter ended Jun 30, 2026, filed Aug 7, 2026
The bull case and the bear case
The bull case
- Revenue rose 3.7% in 2025 to $26.9B, and International Operated Markets grew 8.0%. 10-K, FY2025
- Net income rose 4.1% in 2025 to $8.6B, and operating cash flow rose 11.7% to $10.6B. 10-K, FY2025
- Revenue in the quarter ended Jun 30, 2026 was $7.1B, up 3.7%, and net income rose 4.8%. 10-Q, quarter ended Jun 30, 2026
The bear case
- US revenue grew only 1.8% in 2025. 10-K, FY2025
- International Developmental Licensed Markets and Corporate revenue fell 8.8% in 2025. 10-K, FY2025
- Long-term debt was $40.0B at the end of 2025, up 4.0%, against $774M of cash. 10-K, FY2025
- The 10-K lists competition, consumer spending, franchisee relationships and food safety among its risks. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
McDonald's is the world's largest restaurant company by sales. Most of its restaurants are run by franchisees, who pay it rent, royalties and fees.
The great majority of its restaurants are franchised. Its revenue is mostly rent and royalties from franchisees, plus sales at restaurants it runs itself.
It reports three segments: the US; International Operated Markets such as the UK, Germany, France and Australia; and International Developmental Licensed Markets, which are run mostly by licensees. Its fiscal year is the calendar year.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in McDonald's's latest 10-K. Read the original for the full list.
- CompetitionIt competes with other restaurants and food retailers on price, value and convenience.
- Consumer spendingLower-income customers cutting back can hurt traffic.
- FranchiseesIts results depend on franchisees running restaurants well and staying profitable.
- Food safetyFood safety problems can damage the brand.
- CostsFood, labor and other costs affect restaurant margins.
- InternationalCurrencies and conditions abroad affect its international segments.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total revenues | $25.5B | $25.9B | $26.9B |
| Net income | $8.5B | $8.2B | $8.6B |
| Operating cash flow | $9.6B | $9.4B | $10.6B |
| Cash & equivalents (year end) | $4.6B | $1.1B | $774M |
| Total debt (year end) | $37.2B | $38.4B | $40.0B |
- Total revenues: Sales at restaurants it runs itself, plus rent, royalties and fees from franchisees.
- Net income: Profit after all costs and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Long-term debt, at carrying value.
About these numbers
- Segment figures are revenue as reported for each segment, which add up to total revenue.
What we left out
- Diluted shares: McDonald's tags its share counts in millions rather than in shares in its 10-K data, so the share row is left out.
Recent filings
Latest filings
- Oct 23:12 PM ET
Form 4
McDonald's director Lloyd H. Dean reports an award of about 157 phantom Stocks
The filing reports about 157 phantom Stocks in a grant or award (code A).
- Oct 23:12 PM ET
Form 4
McDonald's director Jennifer L. Taubert reports an award of about 130 phantom Stocks
The filing reports about 130 phantom Stocks in a grant or award (code A).
- Oct 23:11 PM ET
Form 4
McDonald's director Michael D. Hsu reports an award of about 130 phantom Stocks
The filing reports about 130 phantom Stocks in a grant or award (code A).
Common questions about McDonald's
How does McDonald's make money?
Fiscal 2025 total revenues: $26.9B. International Operated Markets were 51% of 2025 revenue, the US 40% and International Developmental Licensed Markets and Corporate 9%. Source: 10-K for fiscal 2025, filed Feb 24, 2026.
What was McDonald's's revenue in fiscal 2025?
$26.9B, up 3.7% from fiscal 2024 ($25.9B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $25.5B. Source: 10-K for fiscal 2025, filed Feb 24, 2026.
Is McDonald's profitable?
Net income was $8.6B in fiscal 2025 (up 4.1%; fiscal 2024 was $8.2B). That counts as a GAAP profit. The latest quarter, ended Jun 30, 2026: net income was $2.4B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 24, 2026.
What did McDonald's report in its latest quarterly filing?
For the three months to Jun 30, 2026: revenue $7.1B (up 3.7% from $6.8B) and net income $2.4B (up 4.8% from $2.3B). Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 7, 2026.
How much cash and debt does McDonald's have?
As of Jun 30, 2026: $822M of cash and cash equivalents, $39.9B of total debt. Total debt here is long-term debt, at carrying value. Source: 10-Q filed Aug 7, 2026.
What are the main risks McDonald's lists?
The risk factors are in Item 1A of the 10-K filed Feb 24, 2026. This page sorts them into 6 groups (Competition; consumer spending; franchisees; food safety; costs; international). The first group in plain English: It competes with other restaurants and food retailers on price, value and convenience. Source: 10-K, Item 1A Risk Factors.
Where do these McDonald's numbers come from?
The 10-K filed Feb 24, 2026 (fiscal 2025) and the 10-Q filed Aug 7, 2026 (quarter ended Jun 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in MCD
- The editor holds no position in McDonald's (MCD). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell MCD from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold MCD, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| McDonald'sMCD | FY2025 | $26.9B | +3.7% | $8.6B |
| StarbucksSBUX | FY2025 | $37.2B | +2.8% | $1.9B |
| PepsiCoPEP | FY2025 | $93.9B | +2.3% | $8.2B |
| Coca-ColaKO | FY2025 | $47.9B | +1.9% | $13.1B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.