MCD McDonald's FILING REVIEW ONLY
FORM 10-K · FY2025 ENDED 2025-12-31 · FILED 2026-02-24 · 0M DILUTED WTD-AVG SHARES
?
Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

The provided excerpt does not contain sufficient information to describe the company's business, segments, products, customers, or operations.

S&P 500 · Dow Industrials · CONSUMER DISCRETIONARY · CIK 63908

S&P 500Dow Industrials

REVENUE$26.9B+3.7% YoY
NET INCOME$8.6B+4.1% YoY
OPERATING CASH FLOW$10.6B+11.7% YoY
FREE CASH FLOW
?
Free cash flow = operating cash flow − capital expenditure, both as filed.
$7.2B+7.7% YoY
72
FILING SCORE / 100
?
How the score is computed: 7 management claims are checked against the filed statements and 8 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 8/14 on claims and 14/16 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
STRONG15 CHECKS · 0 red · 2 watchNEXT 10-Q ~NOV 2026 (EST.)
?
Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
?
Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202520242023
Total revenues26,88525,92025,4943
· International Operated Markets13,63312,62812,382
· U.S.10,82510,63110,568
· International Developmental Licensed Markets & Corporate2,4272,6612,543
Selling, general and administrative3,0392,8582,817
Depreciation, depletion and amortization457447382
Impairments——72
Total operating expenses14,49214,20813,847
Operating income12,39311,71211,6472
Interest expense1,5821,5061,3611
Other income (expense), net87139236
Income tax provision2,3342,1212,0531
— of which current2,4602,6952,7401
Net income attributable to common8,5638,2238,4692
Diluted earnings per share$11.95$11.39$11.562
Weighted-average diluted shares000
Cash flow · $ millions202520242023
Net income incl. noncontrolling interests8,5638,2238,469
Depreciation, depletion and amortization457447382
Share-based compensation165172175
Deferred income taxes(126)(574)(686)
Change in receivables(231)(10)161
Change in payables100(10)50
Net cash provided by operating activities10,5519,4479,6125
Capital expenditure3,3652,7752,3572
Net cash used in investing activities(3,822)(5,346)(3,185)
Dividends paid5,1154,8704,5332
Repurchases of common stock2,0562,8243,0542
Debt issued4,7242,3805,221
Debt repaid4,8022,7772,441
Net cash used in financing activities(7,125)(7,495)(4,374)
Cash and equivalents at end of period7741,0854,579
Balance sheet · $ millions20252024
Cash and cash equivalents7741,085
Receivables, net2,4662,3831
Inventories61561
Total current assets4,1634,599
Property, plant and equipment, net28,24125,295
Goodwill3,3543,1451
Total assets59,51555,1821
Accounts payable1,1491,029
Current debt—0
Total current liabilities4,3613,861
Long-term debt39,97338,424
Stockholders' equity(1,791)(3,797)
Total equity(1,791)(3,797)
Segments · as filed in the segment note · $ millionsInternational Operated MarketsU.S.International Developmental Licensed Markets & CorporateCorporate / otherConsolidated
Net sales13,63310,8252,427—26,885
Selling, general & administrative7056531,682(1)3,039
Operating income6,3825,808203—12,393
· operating margin46.8%53.7%8.4%—46.1%
Capital expenditure2,0481,27740—3,365
Assets27,48723,0089,020—59,515
Revenue by product or service

No product revenue tagged.

Revenue by geography

Geographic revenue is tagged under the filer's own concept, not a standard one; not read.

Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.

Largest FY/FY moves · $ millions, ranked by |Δ|FY2025FY2024Δ $Δ %Reading
Total assets · BS59,51555,182+4,333+7.9%—
Property, plant and equipment, net · BS28,24125,295+2,946+11.6%—
Debt issued · CF4,7242,380+2,344+98.5%◐ outsized
Debt repaid · CF4,8022,777+2,025+72.9%◐ outsized
Stockholders' equity · BS(1,791)(3,797)+2,006+52.8%◐ outsized
Total equity · BS(1,791)(3,797)+2,006+52.8%◐ outsized
Long-term debt · BS39,97338,424+1,549+4.0%—
Net cash used in investing activities · CF(3,822)(5,346)+1,524+28.5%—
Net cash provided by operating activities · CF10,5519,447+1,104+11.7%—
· International Operated Markets · IS13,63312,628+1,005+8.0%—
Total revenues · IS26,88525,920+965+3.7%—
Repurchases of common stock · CF2,0562,824−768-27.2%—
Operating income · IS12,39311,712+681+5.8%—
Capital expenditure · CF3,3652,775+590+21.3%—
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
Return on equity
net income ÷ average of start- and end-of-year equity
-306.5%
sector median 19.8%
weak
Share count, year-end
(year-end shares − prior year-end) ÷ prior year-end
+0.0%
sector median -2.5%
flat
Debt to equity
(current debt + long-term debt) ÷ year-end equity
-22.72
sector median 0.26
low
FCF consistency, 5yr
operating cash flow − capital expenditure, per year
positive 5 of 5consistent
Margin stability
pre-tax income ÷ revenue, swing across up to five years
pre-tax margin 46.1%
sector median 11.7%
cyclical
Quarterly · as filed in 10-Q/10-K · $ millionsMAR 25JUN 25SEP 25MAR 26JUN 26
Total revenues5,9566,8437,0786,5177,099
Cost of revenue620654666676680
Selling, general and administrative682700785759817
Depreciation, depletion and amortization107106121111111
Total operating expenses3,3083,6113,7213,5643,760
Operating income2,6483,2323,3572,9533,338
Interest expense376390406400409
Other income (expense), net(57)(18)1(11)(6)
Income tax provision461608671559574
Net income attributable to common1,8682,2532,2781,9832,362
Diluted earnings per share$2.60$3.14$3.18$2.78$3.32
Weighted-average diluted shares00000
Net cash provided by operating activities2,4281,9983,4282,4122,807
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Total revenues6,5177,099+582+8.9%
Net cash provided by operating activities2,4122,807+395+16.4%
Operating income2,9533,338+385+13.0%
Net income attributable to common1,9832,362+379+19.1%
Total operating expenses3,5643,760+196+5.5%
Selling, general and administrative759817+58+7.6%
Income tax provision559574+15+2.7%
Interest expense400409+9+2.2%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$208,464M10-K cover · as of 2025-06-30
Insider Form 4s, 90d7 filings · 0 buys / 3 sellsnet selling · −$2,355,634
· Erlinger Joseph M.SELL $1,493,249Form 4 filed 2026-06-10 · open market
· Ralls-Morrison DesireeSELL $769,109Form 4 filed 2026-06-01 · open market
· Erlinger Joseph M.SELL $93,277Form 4 filed 2026-05-27 · open market
Insider ownership %—needs the proxy statement — not read yet, never estimated
· The Vanguard Group, 100 Vanguard Boulevard, Malvern, PA 1935510.03%5%+ holder · DEF 14A filed 2026-04-07
· BlackRock, Inc., 50 Hudson Yards, New York, NY 100017.3%5%+ holder · DEF 14A filed 2026-04-07
· State Street Corporation, 1 Congress St., Ste 1, Boston, MA 021145.1%5%+ holder · DEF 14A filed 2026-04-07
Institutional %3 holders of 5%+ namedfull 13F total pending — never estimated
· 10b5-1 adoptedDario Baroni, President, International Developmental Licensed MarketsNovember 17, 2025 · 600 shares · 10-K insider trading arrangements
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Revenue →Net income →Operating cash flow →Free cash flow →Capital expenditure →Cash & equivalents →Total assets →Shareholders' equity →Total debt →Return on equity →Days sales outstanding →
Terms and acronyms used on this page
Income statement & cash flow
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
Balance sheet & market
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
Keep readingWHERE AN ANALYST GOES NEXT
Peers in Consumer Discretionary →Strongest reviewed · HD 100 →Weakest reviewed · APA 29 →

Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from McDonald's's Form 10-K for FY2025 (accession 0000063908-26-000035), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. MCD is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.