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McDonald's (MCD) stock

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NYSE: MCD NYSE Restaurants Next results ~November 4, 2026

B Fundamentals grade

McDonald's is a US-listed company in the restaurants industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$180

Cash-flow model

Base case. Range ~$120–$260 across our lower- and higher-growth cases (0.5%–10.5% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 31% below it.

Price used: $265.64, November 2, 2026

McDonald's valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter McDonald's files

Where McDonald's stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $27.7bn, up 6.3% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 28.0% from 26.5% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 3 of our 4 financial-health checks. Our cash-flow model value is $156 a share, against a share price of $246. At that price, our model says the market is pricing in about 11.8% a year of cash-flow growth for five years, faster than the 3.6% a year revenue growth it has delivered.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

McDonald's's trailing-twelve-month revenue grew 6.3% year on year, with a free-cash-flow margin of 28.0%. Where it stands out: operating margin of 46.2% ranks 1 of 42 restaurants companies we cover. Where it lags: long-term debt as % of assets of 66.5% ranks 29 of 36 restaurants companies we cover.

Our discounted-cash-flow model values the business at ~$180 per share in the base case (~$120–$260 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free-cash-flow margin near historical high: TTM FCF margin of 28.0% is in the 90th percentile of its own history.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 46.2% of revenue is left as operating profit, against a median of 5.2% for restaurants companies we cover.
  • Strong cash generation. 28.0% of revenue turned into free cash flow, against a median of 3.6% for restaurants companies we cover.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Priced above our value. The share price of $265.64 is 31% above our value per share of $180.
  • Insiders selling. 8 insiders sold $41M of stock over the past 365 days and none bought (92% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 66.5% ranks 29 of 36 restaurants companies we cover (median 29.0%).

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$3.38 against an average estimate of $3.32: beat by 1.8%
Revenue
$7.10bn, up 3.7% on a year earlier
Share reaction
+3.3% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
net restaurant unit expansion contribution to Systemwide sales growth 2.5% (2026); selling, general and administrative expenses 2.2% (full year 2026)
Next report
November 4, 2026; average EPS estimate $3.38

McDonald's' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.9%
  • 1 week+5.9%
  • 1 month+14.6%
  • This year-11.4%
  • 1 year-8.7%
  • 5 years+19.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$27.7B
Operating margin
46.2%
Net margin
31.7%
EPS (TTM, diluted)
$12.31

Growth

Revenue growth
+6.3%
Change in growth rate
−0.5 pts
Share count change
−0.7%

Cash

Free cash flow (TTM)
$7.8B
FCF margin
28.0%
Stock pay % of revenue
0.6%

Earnings

Last results
August 4, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Leadership
  3. Results
  4. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

McDonald's valuation models and calculator

What the price is pricing in

The share price implies about 9.9% a year of cash-flow growth for five years.That is faster than the 3.6% a year revenue growth McDonald's has delivered.

  • Priced in9.9%
  • Last 12 months6.3%
  • 3 years a year4.6%
  • 5 years a year3.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($262.47, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$180
Price used
$262.47close November 3, 2026
Implied change
▼ 30%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of McDonald's's free cash flow after stock-based pay with after-tax interest added back ($8.7B, FY2026 Q2 TTM), growing 3.7% and 4.5% in the next two years (forecasts, guidance and its record), then back to 5.5% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$120–~$260 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of McDonald's's free cash flow after stock-based pay ( $8.7B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value McDonald's as an operating company, with every model that fits that kind of business. Cost of equity 7.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.62 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$180 ~$120–$260 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$230 ~$200–$430 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$200 ~$180–$230 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare McDonald's with Restaurants in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −31%
  • Revenue growth 5 points higher ▲ +41%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▲ +6%
  • Discount rate 1 point higher ▼ −19%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $121$184$267$377$520$705
8.5% $80$125$185$264$366$497
10% $55$90$136$196$274$374

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$90.83$96.47$139.92$148.01$168.69$187.75$239.92$241.14$277.46$277.84$299.75$265.64
Market value$85.8bn$83.1bn$114.1bn$116.3bn$129.0bn$140.8bn$180.4bn$178.8bn$203.2bn$200.6bn$214.7bn$189.6bn
+ Net debt (− = net cash)$16.4bn$24.8bn$27.1bn$30.2bn$33.3bn$34.0bn$31.1bn$33.6bn$37.0bn$38.1bn$40.7bn$39.1bn
Enterprise value$102.2bn$107.9bn$141.2bn$146.5bn$162.3bn$174.8bn$211.4bn$212.3bn$240.1bn$238.7bn$255.5bn$228.6bn
Multiples
Price / sales 3.4x3.4x5.0x5.5x6.0x7.3x7.8x7.7x8.0x7.7x8.0x6.8x
Price / earnings 18.9x17.7x22.0x19.6x21.4x29.8x23.9x28.9x24.0x24.4x25.1x21.6x
Price / free cash flow 18.2x19.6x30.9x27.5x22.5x30.5x25.4x32.6x28.0x30.1x29.9x24.4x
EV / EBITDA 11.7x11.6x12.9x16.2x17.4x22.9x19.8x21.8x20.0x19.6x19.9x17.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

99 /100

Strong moat

How hard McDonald's's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 14.4% of total assets over 10 years.

  • Durability 20 / 20

    Operating margin has been a median 44.5%; its worst year was 34.9%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 26.0% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 7.8% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, before the open. Analysts expect revenue of $7.3bn and EPS of $3.38 (range $3.23 to $3.50) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $12.88 +6% $28.1bn +5%
Next $13.74 +7% $28.9bn +3%

Next year's EPS estimate has moved −2.7% in 90 days, across 32 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.2% on 90 days ago. In the last 30 days, 4 analysts raised McDonald's's forecast and 17 cut it.

Consensus EPS forecast McDonald's, last 90 days
$12.50 $13.00 $13.50 $14.00 $14.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $12.92 Current fiscal year, 60 days ago: $12.93 Current fiscal year, 30 days ago: $12.90 Current fiscal year, 7 days ago: $12.90 Current fiscal year, Now: $12.88 $12.88 Next fiscal year, 90 days ago: $14.12 Next fiscal year, 60 days ago: $13.98 Next fiscal year, 30 days ago: $13.87 Next fiscal year, 7 days ago: $13.76 Next fiscal year, Now: $13.74 $13.74

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $12.92$14.12
60 days ago $12.93$13.98
30 days ago $12.90$13.87
7 days ago $12.90$13.76
Now $12.88$13.74

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $3.32 $3.38 +1.8%
Mar 2026 $2.74 $2.83 +3.1%
Dec 2025 $3.05 $3.12 +2.2%
Sept 2025 $3.33 $3.22 −3.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • Net restaurant unit expansion contribution to Systemwide sales growth 2026 about 2.5%
    “The Company expects net restaurant unit expansion will contribute approximately 2.5% to 2026 Systemwide sales growth, in constant currencies.” source
  • Selling, general and administrative expenses full year 2026 about 2.2%
    “The Company expects full year 2026 Selling, general and administrative expenses of about 2.2% of Systemwide sales.” source
  • Interest expense increase full year 2026 4% growth to 6% growth
    “Based on current interest and foreign currency exchange rates, the Company expects interest expense for the full year 2026 to increase between 4% and 6% driven primarily by higher average interest rates.” source
  • Effective income tax rate full year 2026 21% to 23%
    “The Company expects the effective income tax rate for the full year 2026 to be between 21% and 23%.” source
  • Capital expenditures 2026 $3.7bn to $3.9bn
    “The Company expects 2026 capital expenditures to be between $3.7 and $3.9 billion, with the majority directed towards new restaurant unit expansion across the U.S. and International Operated Markets.” source
  • Global restaurant openings 2026 about 2,600
    “Globally, the Company expects to open approximately 2,600 restaurants in 2026, with about 750 restaurants opening in the U.S. and International Operated Markets, and developmental licensees and affiliates contributing capital towards more than 1,800 restaurant openings in their respective markets.” source
Show 4 more items
  • Restaurant openings · U.S. and International Operated Markets 2026 about 750
    “Globally, the Company expects to open approximately 2,600 restaurants in 2026, with about 750 restaurants opening in the U.S. and International Operated Markets, and developmental licensees and affiliates contributing capital towards more than 1,800 restaurant openings in their respective markets.” source
  • Restaurant openings funded by developmental licensees and affiliates · International Developmental Licensed Markets 2026 about 1,800
    “Globally, the Company expects to open approximately 2,600 restaurants in 2026, with about 750 restaurants opening in the U.S. and International Operated Markets, and developmental licensees and affiliates contributing capital towards more than 1,800 restaurant openings in their respective markets.” source
  • Net restaurant additions 2026 about 2,100
    “The Company expects approximately 2,100 net restaurant additions in 2026, targeting 50,000 global units in 2028.” source
  • Global unit target 2028 about 50,000
    “The Company expects approximately 2,100 net restaurant additions in 2026, targeting 50,000 global units in 2028.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows McDonald's's revenue by +3.7% next year and +4.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+2.9%, weight 70%) and the company's own record (+5.5%, weight 30%) . How the weights are set.

Analyst recommendations

34 analysts, Oct 2026
Buy1956%
Hold1441%
Sell13%

Monthly trend

  1. Oct 20264151434
  2. Sep 20264151434
  3. Aug 20264151434
  4. Jul 20264141534

Counts of recommendations published by analysts covering McDonald's, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.1%
of tradable shares
Days to cover
2.05
at average volume
Short interest, 1 month
+10%
to October 15, 2026
Held by institutions
76%
of shares
Held by insiders
0.3%
of shares
Employees
150,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −8.7%

$290.95 on October 31, 2025 to $265.64

ThenNowEffect
Revenue (last 12 months) $26.1bn $27.7bn +6.3%
Net margin 32.2% 31.7% −1.5%
P/E multiple 24.9x 21.6x −13.4%
Share count 719m 714m +0.7%

Biggest factor: p/e multiple.

Last 3 years +6.6%

$249.16 on November 3, 2023 to $265.64

ThenNowEffect
Revenue (last 12 months) $24.2bn $27.7bn +14.5%
Net margin 33.1% 31.7% −4.0%
P/E multiple 23.0x 21.6x −6.2%
Share count 738m 714m +3.4%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MCD+28%+1%+15%+0%+8%−11%
Industry peers (median)+15%−17%+16%−1%−10%+6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MCD58%50%50%42%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MCD−5%−17%−17%−17%−11%−31%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 37% from September 6, 2019 to March 23, 2020. Getting back needed a 59% gain, reached on September 2, 2020, 163 days after the low.

Price behaviour

52-week range
$230.88 – $334.50
From 52-week high
−20.6%
vs 50-day average
+7.1%
vs 200-day average
−5.2%
Volatility (1 year)
20%
Beta vs S&P 500
-0.02

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±2.8%
After a week
8 up, 4 down
typical move ±2.8%
After a month
6 up, 6 down
typical move ±4.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +3.3% +1.6% +3.4% −0.9%
May 7, 2026 −2.9% +0.5% −3.2% −1.6%
February 11, 2026 +1.9% −1.6% +0.3% +0.7%
November 5, 2025 −0.3% −0.7% +2.6% +4.6%
August 6, 2025 +3.1% +0.7% +2.1% +5.8%
May 1, 2025 −2.4% +2.2% −1.9% −1.6%
February 10, 2025 +5.4% +0.8% +3.6% +2.3%
October 29, 2024 −1.8% −0.1% +0.2% −0.6%
July 29, 2024 +5.7% −0.4% +6.5% +14.9%
April 30, 2024 +0.3% −1.9% −2.2% −7.9%
February 5, 2024 −4.2% −0.1% −2.6% −0.8%
October 30, 2023 +2.5% +1.8% +5.1% +9.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How McDonald's’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.25× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

MCD McDonald's Grade B $264.16

Own 100 shares, sell the $265 call expiring December 4, 2026 (32 days) for $7.75 a share — $775 per contract.

Previous session · Bid $7.75, ask $8.50, quoted Mon 2 Nov, 17:29 New York time with MCD at $264.16. Option prices move with the shares: check the live chain at your broker before trading.

  • If MCD ends below $265: you keep your shares and the $775 — 2.9% extra on the position, 33.5% a year at that pace.
  • If it ends above $265: your shares are sold at $265, a total return of 3.3% including the premium — at or above our value of ~$180.
$859 $0 −$5.1k Break-even $256.41 Price $264.16 ← Our value ~$180
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$775
Annualised
33.5%
Break-even
$256.41
Max gain
$859
Chance of selling
~52%

Results are expected around November 4, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $250 put and sell the $265 call, both expiring December 4, 2026 (32 days).

  • Net credit of $4.89 a share ($489 per contract of 100 shares).
  • Worst case at expiry: -3.5%, if the shares fall below $250 (-5.4% from today).
  • Best case at expiry: +2.2%, if the shares rise above $265 (+0.3%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $180: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

McDonald's in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) McDonald's
$25B $26B $27B $28B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $25B Revenue (TTM), FY23 Q4: $25.5B Revenue (TTM), FY24 Q1: $25.8B Revenue (TTM), FY24 Q2: $25.8B Revenue (TTM), FY24 Q3: $25.9B Revenue (TTM), FY24 Q4: $25.9B Revenue (TTM), FY25 Q1: $25.7B Revenue (TTM), FY25 Q2: $26.1B Revenue (TTM), FY25 Q3: $26.3B Revenue (TTM), FY25 Q4: $26.9B Revenue (TTM), FY26 Q1: $27.4B Revenue (TTM), FY26 Q2: $27.7B $27.7B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $25B
FY23 Q4 $25.5B
FY24 Q1 $25.8B
FY24 Q2 $25.8B
FY24 Q3 $25.9B
FY24 Q4 $25.9B
FY25 Q1 $25.7B
FY25 Q2 $26.1B
FY25 Q3 $26.3B
FY25 Q4 $26.9B
FY26 Q1 $27.4B
FY26 Q2 $27.7B
Revenue growth, TTM YoY McDonald's
-5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 7.5% Revenue growth, TTM YoY, FY23 Q4: 10.0% Revenue growth, TTM YoY, FY24 Q1: 10.0% Revenue growth, TTM YoY, FY24 Q2: 6.5% Revenue growth, TTM YoY, FY24 Q3: 3.7% Revenue growth, TTM YoY, FY24 Q4: 1.7% Revenue growth, TTM YoY, FY25 Q1: -0.2% Revenue growth, TTM YoY, FY25 Q2: 1.2% Revenue growth, TTM YoY, FY25 Q3: 1.3% Revenue growth, TTM YoY, FY25 Q4: 3.7% Revenue growth, TTM YoY, FY26 Q1: 6.8% Revenue growth, TTM YoY, FY26 Q2: 6.3% 6.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 7.5%
FY23 Q4 10.0%
FY24 Q1 10.0%
FY24 Q2 6.5%
FY24 Q3 3.7%
FY24 Q4 1.7%
FY25 Q1 -0.2%
FY25 Q2 1.2%
FY25 Q3 1.3%
FY25 Q4 3.7%
FY26 Q1 6.8%
FY26 Q2 6.3%
Operating margin (TTM) McDonald's
44.5% 45% 45.5% 46% 46.5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 45.7% Operating margin (TTM), FY23 Q4: 45.7% Operating margin (TTM), FY24 Q1: 46.0% Operating margin (TTM), FY24 Q2: 45.3% Operating margin (TTM), FY24 Q3: 44.9% Operating margin (TTM), FY24 Q4: 45.2% Operating margin (TTM), FY25 Q1: 45.2% Operating margin (TTM), FY25 Q2: 45.8% Operating margin (TTM), FY25 Q3: 46.1% Operating margin (TTM), FY25 Q4: 46.1% Operating margin (TTM), FY26 Q1: 46.3% Operating margin (TTM), FY26 Q2: 46.2% 46.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 45.7%
FY23 Q4 45.7%
FY24 Q1 46.0%
FY24 Q2 45.3%
FY24 Q3 44.9%
FY24 Q4 45.2%
FY25 Q1 45.2%
FY25 Q2 45.8%
FY25 Q3 46.1%
FY25 Q4 46.1%
FY26 Q1 46.3%
FY26 Q2 46.2%
FCF margin (TTM) McDonald's
25% 26% 27% 28% 29% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 28.8% FCF margin (TTM), FY23 Q4: 28.5% FCF margin (TTM), FY24 Q1: 27.9% FCF margin (TTM), FY24 Q2: 27.5% FCF margin (TTM), FY24 Q3: 25.4% FCF margin (TTM), FY24 Q4: 25.7% FCF margin (TTM), FY25 Q1: 26.1% FCF margin (TTM), FY25 Q2: 26.5% FCF margin (TTM), FY25 Q3: 28.1% FCF margin (TTM), FY25 Q4: 26.7% FCF margin (TTM), FY26 Q1: 25.6% FCF margin (TTM), FY26 Q2: 28.0% 28.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 28.8%
FY23 Q4 28.5%
FY24 Q1 27.9%
FY24 Q2 27.5%
FY24 Q3 25.4%
FY24 Q4 25.7%
FY25 Q1 26.1%
FY25 Q2 26.5%
FY25 Q3 28.1%
FY25 Q4 26.7%
FY26 Q1 25.6%
FY26 Q2 28.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar McDonald's took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $26.9B
  2. Selling, general and admin $3B · 11.3%
  3. Other operating costs $11.5B · 42.6%
  4. Operating income $12.4B · 46.1%
  5. Income tax $2.3B · 8.7%
  6. Interest and other $1.5B · 5.6%
  7. Net income $8.6B · 31.9%

Shares of revenue. Source: McDonald's's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 22.7 24.1 27.0 27.6 28.1 27.4 25.4 24.6 22.8 21.3 21.4 19.2 23.2 23.2 25.5 25.9 26.9 27.7
EBITDA 8.1 8.7 9.9 10.1 10.3 9.6 8.7 9.3 10.9 9.0 9.3 7.6 10.7 9.7 12.0 12.2 12.9 13.3
Operating income 6.8 7.5 8.5 8.6 8.8 7.9 7.1 7.7 9.6 8.8 9.1 7.3 10.4 9.4 11.6 11.7 12.4 12.8
Net income 4.6 4.9 5.5 5.5 5.6 4.8 4.5 4.7 5.2 5.9 6.0 4.7 7.5 6.2 8.5 8.2 8.6 8.8
Diluted EPS $4.11 $4.58 $5.27 $5.36 $5.55 $4.82 $4.80 $5.44 $6.37 $7.54 $7.88 $6.31 $10.04 $8.33 $11.56 $11.39 $11.95 $12.31
Growth (year on year)
Revenue −3.3% +5.8% +12.2% +2.1% +2.0% −2.4% −7.4% −3.1% −7.3% −6.8% +0.5% −10.1% +20.9% −0.2% +10.0% +1.7% +3.7% +6.3%
EBITDA +5.3% +8.6% +13.7% +1.5% +2.5% −7.3% −9.3% +6.4% +17.9% −17.2% +3.3% −18.3% +40.1% −8.8% +23.5% +1.1% +5.7% +7.1%
Operating income +6.2% +9.2% +14.1% +0.9% +1.9% −9.3% −10.1% +8.4% +23.3% −7.6% +2.8% −19.2% +41.4% −9.5% +24.3% +0.6% +5.8% +7.3%
Net income +5.5% +8.7% +11.3% −0.7% +2.2% −14.8% −4.8% +3.5% +10.8% +14.1% +1.7% −21.5% +59.5% −18.1% +37.1% −2.9% +4.1% +4.7%
Diluted EPS +9.3% +11.4% +15.1% +1.7% +3.5% −13.2% −0.4% +13.3% +17.1% +18.4% +4.5% −19.9% +59.1% −17.0% +38.8% −1.5% +4.9% +5.5%
Margins
EBITDA margin 35.4% 36.3% 36.8% 36.6% 36.8% 35.0% 34.2% 37.6% 47.8% 42.5% 43.7% 39.7% 46.0% 42.0% 47.2% 46.9% 47.8% 47.9%
Operating margin 30.1% 31.0% 31.6% 31.2% 31.2% 29.0% 28.1% 31.5% 41.9% 41.5% 42.5% 38.1% 44.6% 40.4% 45.7% 45.2% 46.1% 46.2%
Net margin 20.0% 20.5% 20.4% 19.8% 19.9% 17.3% 17.8% 19.0% 22.8% 27.9% 28.2% 24.6% 32.5% 26.6% 33.2% 31.7% 31.9% 31.7%
Free-cash-flow margin 16.7% 17.5% 16.4% 14.2% 15.3% 15.1% 18.6% 17.2% 16.2% 19.9% 26.8% 24.1% 30.6% 23.7% 28.5% 25.7% 26.7% 28.0%
Cash flow
Cash from operations 5.8 6.3 7.2 7.0 7.1 6.7 6.5 6.1 5.6 7.0 8.1 6.3 9.1 7.4 9.6 9.4 10.6 11.3
Capital spending 2.0 2.1 2.7 3.0 2.8 2.6 1.8 1.8 1.9 2.7 2.4 1.6 2.0 1.9 2.4 2.8 3.4 3.6
Free cash flow 3.8 4.2 4.4 3.9 4.3 4.1 4.7 4.2 3.7 4.2 5.7 4.6 7.1 5.5 7.3 6.7 7.2 7.8
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2
Free cash flow after stock pay 3.7 4.1 4.3 3.8 4.2 4.0 4.6 4.1 3.6 4.1 5.6 4.5 7.0 5.3 7.1 6.5 7.0 7.6
Balance sheet
Cash 1.8 2.4 2.3 2.3 2.8 2.1 7.7 1.2 2.5 0.9 0.9 3.4 4.7 2.6 4.6 1.1 0.8 0.8
Total debt 10.6 11.5 12.5 13.6 14.1 15.0 24.1 26.0 29.5 31.1 34.2 37.4 35.8 36.1 41.5 39.2 41.5 39.9
Net debt (negative = net cash) 8.8 9.1 10.2 11.3 11.3 12.9 16.4 24.8 27.1 30.2 33.3 34.0 31.1 33.6 37.0 38.1 40.7 39.1
Diluted shares 1,107m 1,080m 1,045m 1,020m 1,006m 986m 945m 861m 816m 786m 765m 750m 752m 741m 732m 722m 716m 714m
Returned to shareholders
Dividends 2.2 2.4 2.6 2.9 3.1 3.2 3.2 3.1 3.1 3.3 3.6 3.8 3.9 4.2 4.5 4.9 5.1 5.2
Buybacks 2.8 2.7 3.4 2.6 1.8 3.2 6.1 11.2 4.7 5.2 5.0 0.9 0.8 3.9 3.1 2.8 2.1 2.3
Total returned 5.0 5.1 6.0 5.5 4.9 6.4 9.3 14.2 7.8 8.5 8.6 4.7 4.8 8.1 7.6 7.7 7.2 7.6

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 4 checks passed · June 30, 2026
What it owns · $59.9bn
Short-term assets $4.3bnLonger-term assets $55.6bn
What it owes, and who funded it · $4.0bn
Short-term liabilities $4.0bnShareholders' equity $-1.0bn
  • Short-term assets cover short-term liabilities $4.3bn of assets due within a year against $4.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $822m of cash against $39.9bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $11.3bn of operating cash flow against $39.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $12.8bn against $1.6bn of interest.

From McDonald's's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$2.3B
Dividends (TTM)
$5.2B
Returned to shareholders
97%
of free cash flow
Buybacks, last 3 fiscal years
$7.9B
Diluted share count
−0.7%
year over year
Total shareholder yield
4.0%
dividends 2.8% + buybacks 1.2% of market value
Dividend payout ratio
60%
of net income paid out
Sales & admin spending
11.7%
of revenue

Competitors: side by side with peers

Closest by revenue in restaurants
Last 12 months unless stated MCD SBUX ARMK DRI CMG YUMC Median
Revenue, last 12 months $27.7bn $38.3bn $19.8bn $13.4bn $12.7bn $12.4bn $1.4bn
Revenue growth, last 12 months 6.3% 4.5% 11.0% 8.1% 7.9% 8.8% 4.6%
Revenue growth, 3-year average 4.6% 3.1% 13.3% 7.5% 10.1% 6.3% 5.1%
Revenue growth, latest quarter 3.7% −1.4% 9.3% 5.1% 9.6% 12.6% 4.5%
Gross margin — 72.3% 4.7% 20.3% — — 68.6%
Operating margin 46.2% 7.8% 4.4% 11.7% 14.1% 11.1% 4.9%
Operating margin, 3-year average 45.8% 11.5% 4.3% 11.6% 15.8% 10.5% 6.9%
Net margin 31.7% 5.2% 1.9% 8.8% 10.8% 7.8% 2.5%
Cash from operations / revenue 40.9% 13.0% 4.6% 13.4% 18.5% 12.7% 11.9%
Free-cash-flow margin 28.0% 9.5% 2.2% 7.9% 11.9% 7.6% 3.4%
Free-cash-flow margin, 3-year average 27.3% 8.7% 1.9% 8.6% 12.2% 6.9% 2.8%
Stock pay / revenue 0.6% 1.0% 0.3% 0.6% 0.9% 0.3% 0.8%
Change in share count −0.7% 0.3% −0.1% −2.1% −4.6% −5.5% 0.2%

Median of all 44 companies we cover in restaurants. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

44 restaurants companies
Measure Company Peer median Rank
Revenue growth Growth 6.3% 4.7% 19 of 44
Change in growth rate Growth -0.5pp +0.3pp 29 of 44
Operating margin Profitability 46.2% 5.2% 1 of 42
Net margin Profitability 31.7% 2.6% 1 of 44
Free-cash-flow margin Cash generation 28.0% 3.6% 1 of 44
Stock pay as % of revenue Cash generation 0.6% 0.8% 14 of 40
Long-term debt as % of assets Balance sheet 66.5% 29.0% 29 of 36
Change in share count Balance sheet -0.7% 0.3% 16 of 42

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
International Operated Markets $13.6B 50.7% ▲ 8.0%
US Market $10.8B 40.3% ▲ 1.8%
International Developmental Licensed Markets and Corporate $2.4B 9.0% ▼ 8.8%

From McDonald's's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$143B
Institutions reporting
3,451
Shares held vs prior quarter
▲ 0.5%
Positions opened / closed
118 / 244

Top buyers and sellers, Q2 2026: 1,455 institutions bought and 1,736 sold ; the biggest buyer was Capital Research Global Investors (+2.1M shares) and the biggest seller Jpmorgan Chase & Co (−5.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $15B 55.4M 10.5% ▲ 0.2%
Vanguard Capital Management LLC $12.5B 46.4M 8.8% ▲ 0.4%
State Street Corp $9.8B 36.1M 6.8% ▲ 1.8%
Jpmorgan Chase & Co $8.5B 31.9M 6.0% ▼ 15.2%
Vanguard Portfolio Management LLC $5.1B 18.8M 3.6% ▼ 1.7%
Geode Capital Management, LLC $4.9B 18.1M 3.4% ▲ 0.8%
Morgan Stanley $4.1B 15.0M 2.8% ▼ 3.8%
Bank Of America Corp $3B 11.0M 2.1% ▼ 9.5%
Norges Bank $2.7B 9.9M 1.9% —
Price T Rowe Associates Inc $2.4B 9.0M 1.7% ▼ 7.3%
Capital Research Global Investors $2.4B 9.0M 1.7% ▲ 30.0%
Wells Fargo & Company $2.2B 8.1M 1.5% ▲ 1.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not McDonald's's complete shareholder register. Values are as reported by the filers ; 13 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $40.5M 22 trades by 8 insiders · 93% under pre-set plans
Net ▼ $40.5M net selling
Insider Date Trade Shares Price Value
Erlinger Joseph M. President, McDonald's USA June 10, 2026 Sell pre-set plan 5,252 $284.32 $1.5M
Ralls-Morrison Desiree EVP, Chief Legal Officer May 28, 2026 Sell pre-set plan 2,763 $278.36 $769,109
Erlinger Joseph M. President, McDonald's USA May 26, 2026 Sell pre-set plan 333 $280.11 $93,277
Erlinger Joseph M. President, McDonald's USA April 23, 2026 Sell pre-set plan 333 $302.72 $100,806
Erlinger Joseph M. President, McDonald's USA April 10, 2026 Sell pre-set plan 2,626 $307.00 $806,182
Erlinger Joseph M. President, McDonald's USA March 23, 2026 Sell pre-set plan 333 $313.47 $104,386
Baroni Dario President, IDL March 18, 2026 Sell pre-set plan 600 $323.77 $194,262
Erlinger Joseph M. President, McDonald's USA March 10, 2026 Sell pre-set plan 2,626 $328.34 $862,221
Banner Jonathan EVP - Chief Impact Officer February 23, 2026 Sell 4,600 $333.24 $1.5M
Banner Jonathan EVP - Chief Impact Officer February 23, 2026 Sell 1,601 $333.42 $533,692
Erlinger Joseph M. President, McDonald's USA February 23, 2026 Sell pre-set plan 333 $330.43 $110,033
Kempczinski Christopher J Chairman and CEO February 13, 2026 Sell pre-set plan 26,276 $333.54 $8.8M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 124 trades and filings

In the last 12 months, 6 members of Congress disclosed 3 purchases and 6 sales of McDonald's shares.

  • Pete Sessions(R-TX 17):Sale (full), $1,001 - $15,000, traded October 27, 2026, filed October 27, 2026
  • Pete Sessions(R-TX 17):Sale (full), $15,001 - $50,000, traded October 2, 2026, filed October 27, 2026
  • Josh Gottheimer(D-NJ 5):Sale (partial), $1,001 - $15,000, traded September 25, 2026, filed October 7, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • May 7, 2026
  • February 11, 2026
  • November 5, 2025
  • August 6, 2025
  • May 1, 2025

Recent SEC filings

Data status

When each part of this page on McDonald's was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

McDonald's in brief

What does McDonald's do?
McDonald's is a US-listed company in the restaurants industry. Its financial year ends in December.
What is McDonald's's stock ticker?
McDonald's trades under the ticker MCD on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is McDonald's's revenue, and how fast is it growing?
Over its most recent trailing twelve months, McDonald's reported revenue of $27.7B, 6.3% higher than a year earlier, according to its SEC filings.
What is McDonald's's free cash flow?
McDonald's's free-cash-flow margin is 28.0% of revenue over the trailing twelve months, ranking 1 of the 44 restaurants companies we cover.
What is McDonald's's fair value (intrinsic value) per share?
Our discounted-cash-flow model of McDonald's's free cash flow after stock-based pay gives ~$180 per share in the base case, and ~$120–$260 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are McDonald's's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is McDonald's buying back stock, and does it pay a dividend?
McDonald's spent $2.3B on share repurchases over the trailing twelve months, and its diluted share count fell 0.7% over the year.
What is McDonald's's market cap?
On November 2, 2026, McDonald's's market capitalisation was about $190B, with a price-to-earnings ratio of 21.6 and net debt of $39.1B. Market figures come from third-party market data and may be delayed.
Does McDonald's pay a dividend?
Yes: McDonald's paid $5.2B in dividends over the trailing twelve months, a dividend yield of 2.77% and a payout ratio of 59.5%.
Who are McDonald's's competitors?
In our Restaurants peer group, the companies closest to McDonald's are Starbucks, Aramark, Darden Restaurants, Chipotle Mexican Grill and Yum China Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against McDonald's's.
Are insiders buying or selling McDonald's stock?
Over the last 12 months, McDonald's's directors and officers reported 0 open-market purchases and 22 sales on Form 4. The insider trading page charts every trade.
When is McDonald's's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — McDonald's announces its own schedule.