— Know what they know.
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Not Investment Advice

MCD

NYSE · USD
McDonald's Corporation
Consumer Cyclical · Restaurants
CEO Christopher J. Kempczinski Employees 150,000 R&D / revenue 0.0%
Last price
$242.97+0.19%last session
Market cap
$171.9B
P/E (TTM)
19.7x
From 52w high
−28.9%
From 52w low
+6.0%
1-year return
−20.0%
RSI 14 · vs SMA200
52.0 · −14.9%
IS score
67.8/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

MCD   SPY   XLY (sector ETF) · weekly closes
8090100110120Jan 26Apr 26Jul 26Oct 26SPY 116XLY 97MCD 80

Score DNA

Each bar is a 0-100 score within the scored universe
72
Profitability
58
Growth
48
Value
77
Momentum
100
Risk (safety)
77
Quality
34
Balance sheet
82
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ Congress buying
Warnings
None of the computed warning flags fires for MCD (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Efficient ScalePiotroski 8 / 9Altman Z 4.7Beta 0.413 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
4 open-market sales, $2.5M
Form 144 notices (12m): 15, $33.9M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
6
Last disclosed purchase 2026-09-25
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−118
177 new holders, 251 closed
3,485 filers hold 75.3% · 1,351 added, 1,506 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+275
1,521 funds adding shares
1,246 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
22.0%
20-day avg 36.6%, 50-day avg 40.8%
Latest 14.6 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$26.9B
Revenue growth YoY+3.7%
Gross margin57.4%
Operating income$12.4B
Operating margin46.1%
Net income$8.6B
Net margin31.9%
EPS (diluted)$11.95
Cash flow
Operating cash flow$10.6B
Capital expenditure$3.4B
Free cash flow$7.2B
FCF conversion (FCF / OCF)68.1%
Stock-based compensation$0
FCF less SBC$7.2B
Buybacks$2.1B
Dividends$5.1B
Balance sheet & returns
Cash & short-term investments$774.0M
Total debt$40.0B
Net debt$39.2B
Shareholders' equity−$1.8B
Goodwill & intangibles$4.4B
Debt / equity-53.36
ROE (TTM)-561.2%
ROIC (TTM)17.8%
Operating margin by fiscal year
44.6%FY202140.4%FY202245.7%FY202345.2%FY202446.1%FY2025
Revenue $23.2B (FY2021) to $26.9B (FY2025), a 3.7% CAGR.

Valuation

P/E (TTM)19.7x
EV / EBITDA15.0x
Price / sales6.21x
Price / FCF22.2x
FCF yield4.51%
Buyback yield1.20%
SBC / revenue0.6%
Price / bookn/m
Forward P/E FY202618.9x
Forward P/E FY202717.6x
Forward P/E FY202816.8x
Forward multiples divide today's price by Street EPS estimates. Street mean target $292.59 across 29 analysts last quarter is theirs, not ours.

MCD vs industry median

128 companies in Restaurants
Gross margin 57.4% 28.0% Operating margin 46.2% 5.9% Net margin 31.7% 3.1% ROIC 17.8% 7.7%
MCD (TTM)Industry median Asset turnover 0.46 vs industry 1.05 · financial leverage -58.57

Earnings delivery

Next report 2026-11-04 · consensus EPS $3.38
67%
beat rate, 8 of 12 quarters
+1.3%
median EPS surprise
3
longest beat streak
+6+5-1-3+1-1+0+2-3+2+3+2
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-30 to 2026-08-04. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
MCD McDonald's Corporation $171.9B19.7x-561.2%31.7%+3.7% −20.0%
SBUX Starbucks Corporation $111.2B56.0x-25.8%11.2%+4.5% +18.6%
YUM Yum! Brands, Inc. $41.1B18.8x-30.0%39.3%+10.3% +5.5%
CMG Chipotle Mexican Grill, Inc. $37.8B27.4x49.6%12.1%+7.3% −28.4%
QSR Restaurant Brands Internatio $26.1B18.2x35.5%20.1%+6.5% +10.9%
DRI Darden Restaurants, Inc. $24.5B21.0x55.1%7.3%+8.1% —
TJX The TJX Companies, Inc. $162.0B27.2x62.2%10.0%+7.7% —
BKNG Booking Holdings Inc. $122.8B18.0x-82.7%26.5%+12.9% —
12-month window: SPY +15.9%, sector ETF XLY −3.2%. Past returns describe history only.

Recent 8-K filings

2026-09-23Regulation FD; Exhibits
2026-08-04Earnings Release; Exhibits
2026-08-04Officer/Director Change; Regulation FD; Exhibits
2026-05-22Shareholder Vote
2026-05-07Earnings Release; Exhibits
2026-04-02Officer/Director Change

Context

Shares outstanding707,642,000
Free float100.0%
Institutional ownership75.3%
Beta0.41
Dividend yield3.06%
Last dividend$1.93 on 2026-12-01
50 / 200-day average$253.13 / $286.28
Large-cap Consumer Cyclical median P/E24.3x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where MCD sits among 32 scored companies in Restaurants (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureMCDIndustry medianIndustry percentileSector median
P/E (TTM) 19.6x 25.5x
30th		 17.7x
PEG (P/E ÷ 3-yr EPS CAGR) 4.55 1.12
94th		 0.96
Price / sales 6.2x 1.7x
100th		 1.0x
Price / book —
Price / tangible book —
Price / free cash flow 22.2x 24.1x
42nd		 15.2x
Price / operating cash flow 15.2x 13.6x
62nd		 10.2x
Enterprise value $225.7B $3.2B
100th		 $5.6B
EV / sales 8.1x 2.0x
100th		 1.4x
EV / EBITDA 15.0x 15.4x
47th		 11.4x
EV / EBIT 17.6x 23.1x
37th		 16.0x
EV / free cash flow 29.1x 31.4x
38th		 21.0x
Earnings yield 5.1% 3.5%
74th		 4.8%
FCF yield 4.5% 3.6%
65th		 5.9%
Operating cash flow yield 6.6% 7.3%
42nd		 9.3%
Graham number (per share) —

Profitability (TTM)

MeasureMCDIndustry medianIndustry percentileSector median
Gross margin 57.4% 27.3%
97th		 34.2%
EBITDA margin 54.3% 13.1%
100th		 11.7%
Operating margin 46.0% 9.5%
100th		 8.7%
EBIT margin 46.2% 7.6%
100th		 8.2%
Net margin 31.7% 4.9%
100th		 4.9%
NOPAT margin 36.1% 7.6%
100th		 6.8%
FCF margin 28.0% 5.9%
100th		 6.5%
Operating cash flow margin 41.0% 12.9%
100th		 10.4%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 10.4% 10.1%
55th		 17.2%
Stock comp / revenue 0.5% 0.6%
32nd		 0.6%
Effective tax rate 21.4% 21.0%
53rd		 22.4%

Returns on capital

MeasureMCDIndustry medianIndustry percentileSector median
ROE (on average equity) —
ROA 14.7% 4.5%
81st		 4.4%
ROIC 19.0% 8.7%
81st		 9.3%
ROCE 22.9% 6.9%
77th		 9.9%
Return on tangible assets 21.4% 6.4%
84th		 7.4%
Cash ROIC (OCF / invested capital) 21.5% 14.7%
63rd		 14.4%
Gross profitability (GP / assets) 26.5% 25.2%
55th		 31.6%
ROIC, 3-yr average 15.5% 6.1%
79th		 7.4%
ROIC, 5-yr average —
ROE, 5-yr average —
Incremental ROIC 738.5% -0.6%
97th		 11.2%

Growth

MeasureMCDIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 6.3% 7.5%
35th		 6.0%
Revenue growth (QoQ) 8.9% 6.4%
74th		 6.6%
Revenue CAGR, 3 yr 4.6% 6.3%
43rd		 3.0%
Revenue CAGR, 5 yr 5.0% 7.0%
40th		 5.9%
Gross profit CAGR, 3 yr 4.6% 6.1%
40th		 3.3%
Operating income CAGR, 3 yr 5.1% 9.0%
36th		 2.1%
Net income growth (TTM YoY) 4.7% 5.4%
48th		 4.7%
Net income CAGR, 3 yr 3.2% 7.7%
29th		 1.4%
EPS growth (TTM YoY) 5.7% 8.5%
44th		 7.6%
EPS CAGR, 3 yr 4.3% 8.6%
33rd		 3.4%
EPS CAGR, 5 yr 6.1% 7.3%
41st		 2.9%
FCF growth (TTM YoY) 12.5% 9.1%
56th		 26.3%
FCF CAGR, 3 yr 5.3% 7.4%
38th		 6.5%
Operating cash flow CAGR, 3 yr 9.1% 9.1%
50th		 6.7%
Book value CAGR, 3 yr —
Dividend CAGR, 3 yr 2.6% 2.2%
59th		 3.2%
Sustainable growth rate —

Margin history & stability

MeasureMCDIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 57.1% 29.1%
100th		 34.9%
Operating margin, 3-yr average 45.7% 8.8%
100th		 8.0%
Net margin, 3-yr average 32.1% 5.8%
100th		 4.8%
FCF margin, 3-yr average 27.3% 6.4%
100th		 5.7%
Revenue stability (0-1) 0.98 0.92
73rd		 0.80
Earnings stability (0-1) 0.74 0.71
57th		 0.43
Margin stability (0-1) 0.97 0.84
90th		 0.92

Liquidity (latest quarter)

MeasureMCDIndustry medianIndustry percentileSector median
Cash & short-term investments $822.0M $168.9M
90th		 $278.1M
Net cash (− = net debt) −$53.8B −$969.1M
0th		 −$1.2B
Working capital $327.0M −$49.4M
100th		 $298.0M
Current ratio 1.08 0.87
61st		 1.49
Quick ratio 1.07 0.79
61st		 0.92
Cash ratio (cash + ST investments / current liabilities) 0.20 0.34
32nd		 0.31
Defensive interval (days) 382 days 269 days
74th		 290 days

Leverage & solvency (latest quarter)

MeasureMCDIndustry medianIndustry percentileSector median
Total debt $54.6B $1.1B
100th		 $1.8B
Debt / equity —
Net debt / equity —
Debt / assets 91.1% 53.9%
87th		 39.7%
Debt / capital —
Debt / EBITDA 3.63 3.93
43rd		 3.26
Net debt / EBITDA 3.58 3.34
53rd		 2.42
Interest coverage (EBIT / interest) 7.9x 5.2x
63rd		 5.1x
Cash interest coverage 7.0x 6.9x
52nd		 6.0x
Debt payback (years of OCF) 4.8 yrs 4.7 yrs
52nd		 3.8 yrs
Liabilities / assets 101.7% 75.8%
77th		 68.1%
IS credit model rating A- — —
Implied credit spread (bps) 175 400
16th		 275

Efficiency

MeasureMCDIndustry medianIndustry percentileSector median
Asset turnover 0.46 1.04
16th		 1.00
Fixed asset turnover 0.97 2.05
3rd		 3.73
Inventory turnover 208.9 63.7
89th		 5.3
Receivables turnover 11.0 38.8
6th		 19.9
Days sales outstanding 33 days 9 days
94th		 18 days
Days inventory outstanding 2 days 6 days
11th		 68 days
Days payables outstanding 30 days 19 days
77th		 42 days
Cash conversion cycle (days) 5 days −3 days
74th		 44 days
Capex / revenue 12.9% 5.3%
90th		 3.1%
Capex / depreciation 1.61 1.23
68th		 0.89
Operating expense ratio 11.0% 17.1%
23rd		 24.8%

Cash flow & earnings quality

MeasureMCDIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.29 2.05
15th		 1.76
FCF / net income 0.88 1.04
33rd		 1.18
FCF / operating cash flow 68.4% 58.7%
72nd		 70.1%
Capex / operating cash flow 31.6% 41.3%
28th		 29.9%
Accruals ratio -4.3% -7.8%
77th		 -5.7%
Sloan accruals ratio -5.4% -5.5%
52nd		 -3.6%
Earnings quality score (0-1) 1.00 0.75
78th		 0.75

Dividends & buybacks

MeasureMCDIndustry medianIndustry percentileSector median
Dividend yield 3.1% 1.0%
81st		 0.8%
Dividend per share (TTM) $7.44 $0.38
97th		 $0.40
Payout ratio (dividends / net income) 59.5% 31.0%
73rd		 17.8%
Dividends / FCF 67.3% 26.4%
84th		 11.6%
Dividend growth (YoY) 5.5% 5.5%
50th		 4.8%
Buyback yield 1.4% 0.1%
65th		 1.6%
Shareholder yield (dividends + buybacks) 4.4% 3.1%
68th		 3.7%
Share count change (YoY) -0.9% 0.0%
35th		 -0.9%
Buybacks, last 5 years $10.3B $8.9M
100th		 $198.3M

Scores & forensic checks

MeasureMCDIndustry medianIndustry percentileSector median
IS score 68 52
100th		 50
IS profitability 72 40
97th		 38
IS growth 58 56
55th		 53
IS value 48 44
68th		 50
IS momentum 77 75
55th		 72
IS risk (safety) 100 65
81st		 65
IS quality 77 61
100th		 63
IS balance sheet 34 42
42nd		 48
IS earnings quality 82 80
65th		 77
IS cash flow 69 54
97th		 56
Piotroski F-score (0-9) 8 6
87th		 6
Altman Z-score 4.7 2.6
81st		 2.8
Beneish M-score −2.30 −2.68
74th		 −2.69
Ohlson O-score −7.65 −6.27
13th		 −6.83
IS credit score 68 48
77th		 58

Per share

MeasureMCDIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $12.36 $1.13
97th		 $2.05
Book value per share −$1.44 $6.92
23rd		 $14.46
Tangible book per share −$6.16 $2.45
29th		 $3.70
Revenue per share $38.96 $34.63
58th		 $46.29
FCF per share $10.91 $1.92
87th		 $2.72
Operating cash flow per share $15.96 $4.18
87th		 $4.86
Cash per share $1.16 $2.36
23rd		 $3.59

Size (TTM)

MeasureMCDIndustry medianIndustry percentileSector median
Market cap $171.9B $1.6B
100th		 $3.6B
Revenue $27.7B $1.9B
97th		 $3.9B
EBITDA $15.0B $230.5M
100th		 $442.3M
Net income $8.8B $53.6M
100th		 $178.6M
Free cash flow $7.8B $94.2M
100th		 $206.3M
Total assets $59.9B $1.9B
100th		 $4.4B
Shareholders' equity −$1.0B $472.9M
10th		 $957.6M
Employees 150,000 16,450
94th		 12,300

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-30Dean Lloyd H
Director
 Award / grant 157——16,309
2026-09-30Taubert Jennifer L
Director
 Award / grant 130——4,109
2026-09-30Hsu Michael D.
Director
 Award / grant 130——2,149
2026-08-14Anderson Skye
President, McDonald's USA
 — 2,844——0
2026-08-07Elting Lauren B
VP - CAO and Corp Controller
 Option exercise 990——1,707
2026-08-07Elting Lauren B
VP - CAO and Corp Controller
 Option exercise 48——1,755
2026-08-07Elting Lauren B
VP - CAO and Corp Controller
 Tax withholding 304$274.48$83,4421,451
2026-08-07Elting Lauren B
VP - CAO and Corp Controller
 Option exercise 990——0
2026-08-07Elting Lauren B
VP - CAO and Corp Controller
 Option exercise 48——0
2026-08-04Anderson Skye
President, McDonald's USA
 — 10,205$216.15$2.2M0
2026-08-04Anderson Skye
President, McDonald's USA
 — 14,802$215.03$3.2M0
2026-08-04Anderson Skye
President, McDonald's USA
 — 10,981$253.39$2.8M0

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired6773—
Open-market saleDisposed48,681$2.5M
Option exerciseDisposed36,290$828,713
Option exerciseAcquired36,290$828,713
Tax withholdingDisposed1304$83,442
—Disposed1078,736$20.2M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 15 notices · 107,645 shares · $33.9M
FiledFilerShares proposedEst. proceeds
2026-06-10Joseph Erlinger5,252$1.5M
2026-05-26Joseph Erlinger333$93,996
2026-04-23Joseph Erlinger333$99,923
2026-04-10Joseph Erlinger2,626$812,878
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 32 trades (14 purchases) · Senate 5 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-09-25Josh GottheimerHouseSale$1,001 - $15,0002026-10-08
2026-09-11Ro KhannaHousePurchase$15,001 - $50,0002026-10-09
2026-09-04Ro KhannaHouseSale$15,001 - $50,0002026-10-09
2026-08-11Cory BookerSenateSale$15,001 - $50,0002026-09-09
2026-08-11Cory BookerSenateSale (Full)$15,001 - $50,0002026-09-09
2026-08-11Cory BookerSenateSale (Full)$15,001 - $50,0002026-09-08
2026-01-09Sheldon WhitehouseSenateSale$15,001 - $50,0002026-02-04
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.55,436,039$15.0B7.83%
VANGUARD CAPITAL MANAGEMENT LLC46,396,692$12.5B6.56%
STATE STREET CORP36,080,505$9.8B5.10%
JPMORGAN CHASE & CO28,115,136$7.5B3.97%
VANGUARD PORTFOLIO MANAGEMENT LLC18,781,589$5.1B2.65%
GEODE CAPITAL MANAGEMENT, LLC18,114,553$4.9B2.56%
BANK OF AMERICA CORP /DE/10,997,796$3.0B1.55%
NORGES BANK9,878,380$2.7B1.40%
PRICE T ROWE ASSOCIATES INC /MD/9,024,883$2.4B1.28%
Capital Research Global Investors8,961,454$2.4B1.27%
WELLS FARGO & COMPANY/MN8,050,084$2.2B1.14%
ROYAL BANK OF CANADA6,385,662$1.7B0.90%
Sixth Street Partners Management Company, L.P.6,131,763$1.7B0.87%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC6,131,763$1.7B0.87%
NORTHERN TRUST CORP5,566,513$1.5B0.79%

Institutional ownership by quarter

2023-092026-0675.3%
% of shares held by 13F filers
2023-092026-063,485
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-303,48575.3%1771,3511,506251
2026-03-313,60374.5%2101,4661,440133
2025-12-313,59174.4%3841,3771,395133
2025-09-303,42572.2%1861,4451,296127
2025-06-303,42775.4%1831,3771,384130
2025-03-313,42675.0%2351,3891,351143
2024-12-313,39573.4%4141,2951,255130
2024-09-303,17372.7%2491,2031,300121
2024-06-303,08871.5%1591,2011,333201
2024-03-313,17972.0%1801,2621,307158
2023-12-313,20071.9%3891,2711,150130
2023-09-303,00470.5%1601,2301,157132

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-07SCHEDULE 13GSTATE STREET CORPORATION5.1%36,120,258
2026-07-22SCHEDULE 13G/AJPMORGAN CHASE & CO.4.3%30,960,253
2026-05-13SCHEDULE 13GJPMORGAN CHASE & CO5.1%36,914,418
2026-05-12SCHEDULE 13GSTATE STREET CORPORATION5.0%35,458,503
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.22%$5.2B
VSMPX0.22%$5.2B
VTSAX0.22%$5.2B
VTI0.22%$5.2B
VOO0.25%$4.3B
VFFSX0.25%$4.3B

Share structure

Shares outstanding707,642,000
Float707,312,946
Free float100.0%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$23.2B$23.2B$25.5B$25.9B$26.9B
Cost of revenue$10.6B$10.0B$10.9B$11.2B$11.4B
Gross profit$12.6B$13.2B$14.6B$14.7B$15.4B
R&D$0$0$0$0$0
SG&A$2.4B$2.5B$2.4B$2.4B$2.6B
Operating income$10.4B$9.4B$11.6B$11.7B$12.4B
EBITDA$12.2B$10.9B$13.9B$13.9B$14.6B
Pretax income$9.1B$7.8B$10.5B$10.3B$10.9B
Income tax$1.6B$1.6B$2.1B$2.1B$2.3B
Net income$7.5B$6.2B$8.5B$8.2B$8.6B
EPS, diluted$10.04$8.33$11.56$11.39$11.95
Diluted shares751.8M741.3M732.3M721.9M716.4M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$4.7B$2.6B$4.6B$1.1B$774.0M
Receivables$1.9B$2.1B$2.5B$2.4B$2.5B
Inventory$55.6M$52.0M$53.0M$56.0M$61.0M
Total current assets$7.1B$5.4B$8.0B$4.6B$4.2B
PP&E, net$38.3B$36.3B$38.4B$38.6B$42.8B
Goodwill & intangibles$2.8B$2.9B$3.0B$3.1B$4.4B
Total assets$53.9B$50.4B$56.1B$55.2B$59.5B
Accounts payable$1.0B$980.2M$1.1B$1.0B$1.1B
Total current liabilities$4.0B$3.8B$6.9B$3.9B$4.4B
Long-term debt$35.6B$35.9B$37.2B$38.4B$40.0B
Total liabilities$58.5B$56.4B$60.9B$59.0B$61.3B
Shareholders' equity−$4.6B−$6.0B−$4.7B−$3.8B−$1.8B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$7.5B$6.2B$8.5B$8.2B$8.6B
Depreciation & amortization$1.9B$1.9B$2.0B$2.1B$2.2B
Stock-based compensation$139.2M$167.0M$175.2M$172.0M$0
Change in working capital$454.2M−$644.6M−$108.0M−$438.0M$106.0M
Operating cash flow$9.1B$7.4B$9.6B$9.4B$10.6B
Capital expenditure−$2.0B−$1.9B−$2.4B−$2.8B−$3.4B
Free cash flow$7.1B$5.5B$7.3B$6.7B$7.2B
Investing cash flow−$2.2B−$2.7B−$3.2B−$5.3B−$3.8B
Net debt issued / repaid−$1.1B$1.2B$3.0B−$71.0M−$72.0M
Buybacks−$845.5M−$3.9B−$3.1B−$2.8B−$2.1B
Dividends paid−$3.9B−$4.2B−$4.5B−$4.9B−$5.1B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin54.2%57.0%57.1%56.8%57.4%
Operating margin44.6%40.4%45.7%45.2%46.1%
Net margin32.5%26.6%33.2%31.7%31.9%
FCF margin30.6%23.7%28.5%25.7%26.7%
ROE-121.4%-116.5%-158.1%-193.4%-306.6%
ROIC21.4%18.4%21.4%19.8%18.6%
ROA14.2%11.8%15.9%14.8%14.9%
Debt / equity-10.73-8.11-11.28-13.68-30.62
Interest coverage8.7x7.5x8.7x7.9x7.9x
Current ratio1.781.431.161.190.95
Revenue growth+20.9%−0.2%+10.0%+1.7%+3.7%
EPS growth+59.4%−16.4%+38.6%−1.8%+4.9%
P/E at year end24.4x29.3x24.3x24.8x25.5x
EV / EBITDA at year end18.8x20.8x18.4x18.3x18.6x
FCF yield at year end3.86%3.03%3.52%3.27%3.29%
Dividend payout51.9%67.5%53.5%59.2%59.7%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
High-Growth Markets$12.2B$11.3B$12.4B$12.6B$13.6B
UNITED STATES$8.9B$9.6B$10.6B$10.6B$10.8B
International Developmental Licensed Markets and Corporate$2.1B$2.3B$2.5B$2.7B$2.4B

Revenue by region · FY2025

International Operated Markets$13.6B · 51%
UNITED STATES$10.8B · 40%
International Developmental Licensed Markets and Corporate$2.4B · 9%

Street estimates by fiscal year

Next report 2026-11-04 · consensus EPS $3.38 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$28.2B$28.0B – $28.4B$12.88$12.69 – $13.032018.9x
2027$29.0B$27.7B – $30.4B$13.78$12.95 – $14.262117.6x
2028$28.4B$24.1B – $32.0B$14.48$12.45 – $15.281216.8x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-04$3.32$3.38+1.8%$7.1B$7.1B−0.4%
2026-05-07$2.74$2.83+3.3%$6.5B$6.5B+0.7%
2026-02-11$3.05$3.12+2.3%$6.8B$7.0B+2.5%
2025-11-05$3.33$3.22−3.3%$7.1B$7.1B−0.1%
2025-08-06$3.14$3.19+1.6%$6.7B$6.8B+2.2%
2025-05-01$2.66$2.67+0.4%$6.1B$6.0B−2.4%
2025-02-10$2.85$2.83−0.7%$6.4B$6.4B−1.0%
2024-10-29$3.20$3.23+0.9%$6.8B$6.9B+0.8%
2024-07-29$3.07$2.97−3.3%$6.6B$6.5B−2.0%
2024-04-30$2.72$2.70−0.7%$6.2B$6.2B+0.2%
2024-02-05$2.82$2.95+4.6%$6.5B$6.4B−0.7%
2023-10-30$3.00$3.19+6.3%$6.2B$6.7B+8.1%
2023-07-27$2.79$3.17+13.6%$6.3B$6.5B+3.6%
2023-04-25$2.33$2.63+12.9%$5.6B$5.9B+5.6%
2023-01-31$2.45$2.59+5.7%$5.7B$5.9B+3.6%
2022-10-27$2.58$2.68+3.9%$5.7B$5.9B+3.0%
2022-07-26$2.45$2.55+4.1%$5.8B$5.7B−1.4%
2022-04-28$2.18$2.28+4.6%$5.6B$5.7B+1.7%
2022-01-27$2.34$2.23−4.7%$6.0B$6.0B−0.2%
2021-10-27$2.46$2.76+12.2%$6.0B$6.2B+2.6%
2021-07-28$2.11$2.37+12.3%$6.0B$5.9B−2.4%
2021-04-29$1.81$1.92+6.1%$5.0B$5.1B+2.1%
2021-01-28$1.78$1.70−4.5%$5.6B$5.3B−4.3%
2020-11-09$1.90$2.22+16.8%$4.5B$5.4B+20.3%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.906-151.706-221.406-291.707-061.307-131.207-201.407-271.908-031.208-101.208-171.108-241.208-31
Week ofNotionalSharesTrades
2026-08-31$1.2B4,510,586133,114
2026-08-24$1.1B4,307,502138,454
2026-08-17$1.2B4,615,905132,531
2026-08-10$1.2B4,379,273132,515
2026-08-03$1.9B6,862,832178,368
2026-07-27$1.4B5,311,332149,010

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1522.0%
DateShort shareShort volumeTotal volume
2026-10-1522.0%637,5372,897,581
2026-10-1423.5%513,4552,181,873
2026-10-1337.9%796,4732,099,903
2026-10-1233.5%607,3011,811,571
2026-10-0926.2%589,7332,252,352
2026-10-0827.3%1,189,1324,354,563
2026-10-0731.7%722,7802,283,327
2026-10-0639.1%1,041,5372,662,054
2026-10-0534.2%927,0612,710,659
2026-10-0242.4%1,156,2492,724,174
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.2Jan+0.0Feb+1.3Mar+3.4Apr-0.2May-0.4Jun+1.1Jul+2.0Aug+0.9Sep+2.1Oct+3.4Nov+1.3Dec
MonthAvg returnUp yearsYears
Jan−0.2%45%20
Feb+0.0%55%20
Mar+1.3%71%21
Apr+3.4%70%20
May−0.2%45%20
Jun−0.4%30%20
Jul+1.1%70%20
Aug+2.0%70%20
Sep+0.9%55%20
Oct+2.1%60%20
Nov+3.4%95%20
Dec+1.3%55%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1452.0
MFI62.8
ADX41.8
Stochastic %K / %D88.0 / 75.0
Williams %R-17.7
CCI100
TSI / signal-23.5 / -36.2
Chaikin money flow-0.16
ATR$4.41
Bollinger width8.9%
Volume vs 20-day avg0.95x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$236.80 (+2.6%)
SMA 50$252.09 (−3.6%)
SMA 200$285.61 (−14.9%)
EMA 21$239.90 (+1.3%)
EMA 50$249.06 (−2.4%)
EMA 200$275.35 (−11.8%)
Bollinger upper$247.33 (−1.8%)
Bollinger lower$226.26 (+7.4%)
Parabolic SAR$231.72 (+4.9%)
Open the live chart, 110+ indicators

About McDonald's Corporation

McDonald's Corporation operates and licenses its renowned fast-food chain worldwide, with a significant presence in both the United States and international markets. Their comprehensive menu offers classic items like hamburgers and cheeseburgers, a variety of chicken options including sandwiches and nuggets, alongside lighter choices such as wraps, french fries, and salads. For breakfast, patrons can select from offerings like biscuit and bagel sandwiches, breakfast burritos, and hotcakes. Additionally, the company provides oatmeal, an assortment of desserts including milkshakes, sundaes, and soft-serve ice cream, plus a selection of baked goods. A wide array of soft drinks, coffee, and other beverages completes their offering. By December 31, 2021, the corporation's global network encompassed 40,031 establishments. McDonald's Corporation, founded in 1940, has its main corporate office located in Chicago, Illinois.

https://www.mcdonalds.com

Key executives

NameTitlePayBorn
Christopher J. KempczinskiChairman President, & Chief Executive Officer$4.6M1969
Ian Frederick BordenExecutive Vice President & Global Chief Financial Officer$3.1M1969
Gillian McDonaldExecutive Vice President & Global Chief Restaurant Experience Officer$2.3M1966
Manuel SteijaertExecutive VP & President of International Operated Markets$2.2M1971
Joseph ErlingerAdvisor$1.7M1974
Desiree Ralls-MorrisonExecutive Vice President & Global Chief Legal Officer$1.2M1967
Brian S. RiceExecutive Vice President & Global Chief Information Officer$834,2941963
E. Morgan FlatleyExecutive Vice President and Global Chief Marketing Officer & New Business Ventures—1974

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Christopher Kempczinski Chairman, President and CEO2025$1.6M$8.0M$2.4M$20.6M
Ian Borden Executive Vice President and Global CFO2025$970,833$2.8M$967,863$8.6M
Gillian McDonald Executive Vice President, Global Chief Restaurant Experience Officer2025$929,541$1.9M$887,994$6.1M
Joseph Erlinger President, McDonald’s USA2025$895,833$2.0M$711,774$5.7M
Manuel JM Steijaert President, International Operated Markets2025$854,456$1.4M$854,131$5.0M

Employees

210k2018205k2019200k2020200k2021150k2022150k2023150k2024150k2025

Dividends

Ex-dateAmountPaid
2026-12-01$1.932026-12-15
2026-09-01$1.862026-09-16
2026-06-02$1.862026-06-16
2026-03-03$1.862026-03-17
2025-12-01$1.862025-12-15
2025-09-02$1.772025-09-16
2025-06-02$1.772025-06-16
2025-03-03$1.772025-03-17

Moat model

Narrow · Efficient Scale · 2026-06-30
Cost advantage60
Intangibles70
Switching costs53
Network effect50
Efficient scale80
Our component scores (0-100) and overall 62.3; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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