McDonald's Corporation
MCDNYSE
$251.35
Last price · USD
- Market cap
- $180.1B
- P/E
- 21.0x
- EV / EBITDA
- 15.9x
- P/S
- 6.7x
- FCF yield
- 4.0%
- Div. yield
- 2.84%
Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.
McDonald's Corporation cash flow statement
Annual · USD millions except per-share data · 35 lines
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | CAGR | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | 8,563 | 8,223 | 8,469 | 6,177 | 7,545 | +3.2% | |
| Depreciation & amortization | 2,199 | 2,097 | 1,978 | 1,871 | 1,868 | +4.2% | |
| Deferred income tax | (126) | (574) | (686) | (346) | (428) | — | |
| Stock-based compensation | 165 | 172 | 175 | 167 | 139 | +4.3% | |
| Change in working capital | 106 | (438) | (108) | (645) | 454 | -30.5% | |
| Accounts receivables | 231 | 10 | (161) | (264) | 310 | -7.1% | |
| Inventory | (140) | 71 | 17 | 6 | (62) | — | |
| Accounts payables | 100 | (10) | 50 | 31 | 225 | -18.4% | |
| Other working capital | (85) | (509) | (14) | (417) | (18) | — | |
| Other non-cash items | (356) | (33) | (216) | 162 | (437) | — | |
| Net cash from operating activities | 10,551 | 9,447 | 9,612 | 7,387 | 9,142 | +3.6% | |
| Operating cash flow | 10,551 | 9,447 | 9,612 | 7,387 | 9,142 | +3.6% | |
| Investing activities | |||||||
| Investments in PP&E | (3,365) | (2,775) | (2,357) | (1,899) | (2,040) | — | |
| Capital expenditure | (3,365) | (2,775) | (2,357) | (1,899) | (2,040) | — | |
| Acquisitions, net | 244 | (2,195) | (246) | (322) | (178) | — | |
| Other investing activities | (701) | (376) | (581) | (457) | 52 | — | |
| Net cash from investing activities | (3,822) | (5,346) | (3,184) | (2,678) | (2,166) | — | |
| Financing activities | |||||||
| Net debt issuance | (72) | (71) | 2,993 | 1,198 | (1,070) | — | |
| Short-term net debt issuance | 6 | 326 | 213 | 26 | 15 | -20.6% | |
| Long-term net debt issuance | (78) | (397) | 2,780 | 1,172 | (1,086) | — | |
| Net stock issuance | (1,771) | (2,824) | (3,054) | (3,896) | (845) | — | |
| Common stock issuance | 285 | 0 | 0 | 0 | 0 | — | |
| Common stock repurchased | (2,056) | (2,824) | (3,054) | (3,896) | (845) | — | |
| Net common stock issuance | (1,771) | (2,824) | (3,054) | (3,896) | (845) | — | |
| Common dividends paid | (5,115) | (4,870) | (4,533) | (4,168) | (3,919) | — | |
| Net dividends paid | (5,115) | (4,870) | (4,533) | (4,168) | (3,919) | — | |
| Other financing activities | (167) | 270 | 220 | 286 | 239 | — | |
| Net cash from financing activities | (7,125) | (7,495) | (4,374) | (6,580) | (5,596) | — | |
| Cash summary | |||||||
| Effect of forex changes on cash | 85 | (101) | (58) | (254) | (120) | — | |
| Net change in cash | (311) | (3,494) | 1,996 | (2,125) | 1,260 | — | |
| Cash at beginning of period | 1,085 | 4,579 | 2,584 | 4,709 | 3,449 | -25.1% | |
| Cash at end of period | 774 | 1,085 | 4,579 | 2,584 | 4,709 | -36.3% | |
| Free cash flow | 7,186 | 6,672 | 7,255 | 5,488 | 7,102 | +0.3% | |
| Income taxes paid | 0 | 2,974 | 2,993 | 3,024 | 2,404 | — | |
| Interest paid | 0 | 1,523 | 1,287 | 1,184 | 1,197 | — | |