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MCD

Latest: FY2025 · Thesis page →
Revenue$26.9B+3.7% YoY
Net income$8.6B+4.1% YoY
Free cash flow$7.2B+7.7% YoY
Gross margin—

Revenue vs Net income

Reported dollars from 10-Q / 10-K filings. Q4 bars are derived (annual less nine months) where the 10-K does not tag Q4 separately.

■ Revenue   ■ Net income
$0$9.7B$19.4B$29.0BFY21FY22FY23FY24FY25

Margin trend

Gross, operating and net margin. Margins are derived from reported dollars.

● Gross margin   ● Operating margin   ● Net margin
24%32%41%49%FY21FY22FY23FY24FY25

Revenue YoY growth

Year-over-year change vs the same quarter (or fiscal year) a year earlier. Shown where the prior-year period is in the 8-quarter snapshot (latest four quarters).

-0%+10%+2%+4%FY21FY22FY23FY24FY25

Income statement

From 10-Q / 10-K XBRL. Values in reported dollars; EPS in $/share; share counts in shares.

FY21FY22FY23FY24FY25
Revenue$23.2B$23.2B$25.5B$25.9B$26.9B
YoY—-0.2%+10.0%+1.7%+3.7%
Cost of goods sold—————
YoY—————
Gross profit—————
YoY—————
Research & development—————
YoY—————
Selling, general & administrative—$2.9B$2.8B$2.9B$3.0B
YoY——-1.6%+1.5%+6.3%
Operating income$10.4B$9.4B$11.6B$11.7B$12.4B
YoY—-9.5%+24.3%+0.6%+5.8%
Pretax income—————
YoY—————
Income tax$1.6B$1.6B$2.1B$2.1B$2.3B
YoY—+4.1%+24.6%+3.3%+10.0%
Net income$7.5B$6.2B$8.5B$8.2B$8.6B
YoY—-18.1%+37.1%-2.9%+4.1%
EPS — basic$10.11$8.39$11.63$11.45$12.00
YoY—-17.0%+38.6%-1.5%+4.8%
EPS — diluted$10.04$8.33$11.56$11.39$11.95
YoY—-17.0%+38.8%-1.5%+4.9%
Weighted shares — basic00000
Weighted shares — diluted00000

Balance sheet

Point-in-time values at each quarter (or fiscal year) end.

FY21FY22FY23FY24FY25
Cash & equivalents$4.7B$2.6B$4.6B$1.1B$774.0M
YoY—-45.1%+77.2%-76.3%-28.7%
Marketable securities (current)—————
YoY—————
Accounts receivable—————
YoY—————
Inventory$55.6M$52.0M$53.0M$56.0M$61.0M
YoY—-6.5%+1.9%+5.7%+8.9%
Total current assets$7.1B$5.4B$8.0B$4.6B$4.2B
YoY—-24.1%+47.2%-42.4%-9.5%
Total assets$53.9B$50.4B$56.1B$55.2B$59.5B
YoY—-6.3%+11.3%-1.7%+7.9%
Total current liabilities$4.0B$3.8B$6.9B$3.9B$4.4B
YoY—-5.4%+80.4%-43.7%+13.0%
Total liabilities—————
YoY—————
Total equity$-4.6B$-6.0B$-4.7B$-3.8B$-1.8B
YoY—-30.5%+21.6%+19.3%+52.8%
Shares outstanding—————
YoY—————

Cash flow

Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.

FY21FY22FY23FY24FY25
Operating cash flow$9.1B$7.4B$9.6B$9.4B$10.6B
YoY—-19.2%+30.1%-1.7%+11.7%
Capital expenditures$2.0B$1.9B$2.4B$2.8B$3.4B
YoY—-6.9%+24.1%+17.7%+21.3%
Free cash flow$7.1B$5.5B$7.3B$6.7B$7.2B
YoY—-22.7%+32.2%-8.0%+7.7%
Dividends paid—————
YoY—————
Share repurchases$845.5M$3.9B$3.1B$2.8B$2.1B
YoY—+360.8%-21.6%-7.5%-27.2%

Margins & ratios

Derived from the reported dollars above — no separate source.

FY21FY22FY23FY24FY25
Gross margin—————
Operating margin44.6%40.4%45.7%45.2%46.1%
Net margin32.5%26.6%33.2%31.7%31.9%
Free cash flow margin30.6%23.7%28.5%25.7%26.7%
Effective tax rate—————
Current ratio1.78x1.43x1.16x1.19x0.95x
Total liabilities / equity—————

Peer comparison — latest full year

Same sector (Consumer Discretionary), sorted by revenue. All figures from the same EDGAR XBRL snapshot.

TickerRevenueRevenue YoYGross marginOperating marginNet marginFCF margin
MCD FY25 · this stock$26.9B+3.7%—46.1%31.9%26.7%
AMZN FY25$716.9B+12.4%—11.2%10.8%—
GM FY25$185.0B-1.3%—1.6%1.5%9.5%
F FY24$185.0B+5.0%—2.8%——
HD FY26$164.7B+3.2%33.3%12.7%8.6%—
TSLA FY25$94.8B-2.9%18.0%4.6%4.0%6.6%
LOW FY26$86.3B+3.1%33.5%11.8%7.7%8.9%
NKE FY26$46.4B+0.2%42.9%—6.7%4.7%
SBUX FY25$37.2B+2.8%—7.9%5.0%6.6%
MAR FY25$26.2B+4.3%—15.8%9.9%—
ROST FY26$22.8B+7.7%——9.4%9.7%

Source: SEC EDGAR XBRL company facts (10-Q / 10-K), snapshot generated 2026-11-03 for 218 tickers. Q4 values are derived as the 10-K annual less the first nine months, since Q4 is not separately tagged in company facts; cash-flow quarterly values are derived from year-to-date filings the same way. Free cash flow = operating cash flow − capital expenditures. Blank cells mean the filing does not report that line item under a standard US-GAAP tag — nothing is estimated or filled in. Descriptive research, not investment advice. How EarnIQ builds fundamentals.