McDonald's key statistics and ratios

In fiscal 2025, McDonald's had an operating margin of 46.1% and a current ratio of 0.95. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

McDonald's: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
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%
Return on equity	32.4%	34.5%	37.9%	36.8%	35.7%	33.0%	45.4%	191.9%	—	—	—	—	—	—	—	—	—	—
Return on assets	15.1%	15.9%	16.9%	16.0%	15.5%	13.4%	12.6%	13.6%	16.0%	17.8%	15.0%	9.4%	14.2%	11.8%	15.9%	14.8%	14.9%	14.7%
Asset turnover	0.75	0.77	0.83	0.81	0.78	0.77	0.70	0.71	0.70	0.64	0.53	0.38	0.44	0.44	0.48	0.47	0.47	0.46
Current ratio	1.14	1.49	1.25	1.45	1.59	1.52	3.27	1.40	1.84	1.36	0.98	1.01	1.78	1.43	1.16	1.19	0.95	1.08
Debt to equity	75.4%	78.6%	86.9%	89.1%	88.3%	116.7%	340.3%	—	—	—	—	—	—	—	—	—	—	—
Interest cover (operating income ÷ interest)	14.5x	16.6x	17.3x	16.7x	16.6x	13.8x	11.2x	8.8x	10.4x	9.0x	8.1x	6.0x	8.7x	7.8x	8.6x	7.8x	7.8x	7.9x
SG&A as % of revenue	9.8%	9.7%	8.9%	8.9%	8.5%	9.1%	9.6%	9.7%	9.8%	10.3%	10.4%	—	—	12.3%	11.0%	11.0%	11.3%	11.7%
Capital spending as % of revenue	8.6%	8.9%	10.1%	11.1%	10.1%	9.4%	7.1%	7.4%	8.1%	12.9%	11.2%	8.5%	8.8%	8.2%	9.2%	10.7%	12.5%	12.9%
Free cash flow ÷ net income	83.5%	85.0%	80.3%	71.7%	76.9%	87.2%	104.3%	90.4%	71.2%	71.3%	95.1%	97.8%	94.1%	88.8%	85.7%	81.1%	83.9%	88.3%
Dividends ÷ net income	49.1%	48.7%	47.4%	53.0%	55.8%	67.6%	71.3%	65.3%	59.5%	55.0%	59.4%	79.3%	51.9%	67.5%	53.5%	59.2%	59.7%	59.5%
Dividends and buybacks ÷ free cash flow	132.5%	121.4%	135.1%	140.7%	113.9%	154.7%	197.4%	335.7%	210.3%	200.3%	149.4%	100.8%	67.1%	146.9%	104.6%	115.3%	99.8%	97.3%

US$ thousands unless shown otherwise. Fiscal quarters.

McDonald's: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	90.6%	—	89.6%	90.4%	90.6%	—	89.6%	90.4%
Operating margin	46.4%	44.9%	44.5%	47.2%	47.4%	45.0%	45.3%	47.0%
Net margin	32.8%	31.6%	31.4%	32.9%	32.2%	30.9%	30.4%	33.3%
Free-cash-flow margin	28.3%	28.6%	31.5%	18.3%	34.1%	23.4%	26.5%	27.8%
Current ratio	0.78	1.19	1.18	1.30	1.00	0.95	1.14	1.08
SG&A as % of revenue	9.4%	12.5%	11.5%	10.2%	11.1%	12.4%	11.6%	11.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: MCD vs SBUX ARMK vs MCD DRI vs MCD

More: Restaurants stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from McDonald's's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to McDonald's.