McDonald's Corporation (MCD) Income Statement
MCD 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMCD revenue and net income
Where MCD's revenue goes
2025Each bar shows an amount and its share of revenue. MCD kept 31.9% of revenue as net income.
MCD profit margins
MCD growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +3.7% | +5.1% | +7.0% | +0.6% |
| Gross profit | +4.9% | +5.3% | +9.6% | +4.7% |
| Operating income | +5.8% | +9.8% | +11.1% | +5.7% |
| Net income | +4.1% | +11.5% | +12.6% | +6.6% |
| EPS (diluted) | +4.0% | +6.5% | +15.1% | +9.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MCD quarterly EPS vs estimates
McDonald's beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 4, 2026 (estimate $3.37).
MCD income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.89B | $25.92B | $25.49B | $23.18B | $23.22B | $19.21B | $21.36B | $21.26B | $22.82B | $24.62B |
| Cost of revenue | $11.45B | $11.21B | $10.93B | $9.98B | $10.64B | $9.46B | $10.19B | $10.43B | $12.20B | $14.42B |
| Gross profit | $15.44B | $14.71B | $14.56B | $13.21B | $12.58B | $9.75B | $11.18B | $10.83B | $10.62B | $10.20B |
| Research & development | — | — | — | — | — | — | — | — | — | $0 |
| Sales, general & admin | $2.58B | $2.41B | $2.42B | $2.49B | $2.38B | $2.25B | $2.23B | $2.20B | $2.23B | $2.38B |
| Total operating expenses | $3.04B | $3.00B | $2.92B | $3.84B | $2.22B | $2.43B | $2.11B | $2.01B | $1.07B | $2.46B |
| Operating income | $12.39B | $11.71B | $11.65B | $9.37B | $10.36B | $7.32B | $9.07B | $8.82B | $9.55B | $7.74B |
| Interest income | $1.54B | $103.0M | $148.1M | $1.21B | $1.19B | $1.22B | $37.0M | $4.0M | $7.0M | $4.0M |
| Interest expense | $1.58B | $1.51B | $1.36B | $1.21B | $1.19B | $1.22B | $1.12B | $981.2M | $921.3M | $884.8M |
| Income before taxes | $10.90B | $10.35B | $10.52B | $7.83B | $9.13B | $6.14B | $8.02B | $7.82B | $8.57B | $6.87B |
| Income taxes | $2.33B | $2.12B | $2.05B | $1.65B | $1.58B | $1.41B | $1.99B | $1.89B | $3.38B | $2.18B |
| Net income | $8.56B | $8.22B | $8.47B | $6.18B | $7.55B | $4.73B | $6.03B | $5.92B | $5.19B | $4.69B |
| EBITDA | $14.68B | $13.95B | $13.86B | $10.90B | $12.18B | $9.11B | $10.76B | $10.28B | $10.86B | $9.27B |
| EPS (diluted) | $12.20 | $11.73 | $11.94 | $10.10 | $9.28 | $6.05 | $7.85 | $7.85 | $6.67 | $5.73 |
| Gross margin | 57.4% | 56.8% | 57.1% | 57.0% | 54.2% | 50.8% | 52.3% | 51.0% | 46.5% | 41.4% |
| Operating margin | 46.1% | 45.2% | 45.7% | 40.4% | 44.6% | 38.1% | 42.5% | 41.5% | 41.9% | 31.5% |
| Net margin | 31.9% | 31.7% | 33.2% | 26.6% | 32.5% | 24.6% | 28.2% | 27.9% | 22.8% | 19.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.10B | $6.52B | $7.01B | $7.08B | $6.84B | $5.96B | $6.39B | $6.87B | $6.49B | $6.17B | $6.41B | $6.69B |
| Cost of revenue | $2.98B | $2.87B | $2.98B | $2.97B | $2.88B | $2.62B | $2.71B | $3.00B | $2.77B | $2.73B | $2.75B | $2.83B |
| Gross profit | $4.12B | $3.64B | $4.03B | $4.11B | $3.96B | $3.34B | $3.68B | $3.88B | $3.72B | $3.44B | $3.65B | $3.86B |
| Sales, general & admin | $706.0M | $648.0M | $749.0M | $664.0M | $595.0M | $575.0M | $664.0M | $536.0M | $590.0M | $622.0M | $730.9M | $583.5M |
| Total operating expenses | $780.0M | $690.0M | $876.0M | $748.0M | $730.0M | $688.0M | $811.0M | $688.0M | $798.0M | $703.0M | $852.3M | $656.0M |
| Operating income | $3.34B | $2.95B | $3.16B | $3.36B | $3.23B | $2.65B | $2.87B | $3.19B | $2.92B | $2.74B | $2.80B | $3.21B |
| Interest income | $11.0M | $7.0M | $406.0M | $26.0M | $20.0M | $17.0M | $18.0M | $18.0M | $20.0M | $47.0M | $63.9M | $340.7M |
| Interest expense | $409.0M | $400.0M | $410.0M | $406.0M | $390.0M | $376.0M | $380.0M | $381.0M | $373.0M | $372.0M | $360.2M | $341.0M |
| Income before taxes | $2.94B | $2.54B | $2.76B | $2.95B | $2.86B | $2.33B | $2.54B | $2.84B | $2.56B | $2.41B | $2.52B | $2.92B |
| Income taxes | $574.0M | $559.0M | $593.0M | $671.0M | $608.0M | $461.0M | $521.0M | $588.0M | $533.0M | $479.0M | $476.0M | $606.0M |
| Net income | $2.36B | $1.98B | $2.16B | $2.28B | $2.25B | $1.87B | $2.02B | $2.25B | $2.02B | $1.93B | $2.04B | $2.32B |
| EBITDA | $3.91B | $3.51B | $3.74B | $3.91B | $3.79B | $3.23B | $3.47B | $3.76B | $3.43B | $3.29B | $3.37B | $3.76B |
| EPS (diluted) | $3.38 | $2.83 | $3.12 | $3.22 | $3.19 | $2.67 | $2.83 | $3.23 | $2.97 | $2.70 | $2.95 | $3.19 |
| Gross margin | 58.0% | 55.9% | 57.5% | 58.0% | 57.9% | 56.0% | 57.6% | 56.4% | 57.3% | 55.7% | 57.0% | 57.7% |
| Operating margin | 47.0% | 45.3% | 45.0% | 47.4% | 47.2% | 44.5% | 44.9% | 46.4% | 45.0% | 44.4% | 43.7% | 47.9% |
| Net margin | 33.3% | 30.4% | 30.9% | 32.2% | 32.9% | 31.4% | 31.6% | 32.8% | 31.2% | 31.3% | 31.8% | 34.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MCD's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MCD financial results
In fiscal year 2025 (ended December 31, 2025), McDonald's reported revenue of $26.9 billion, up 3.7% from the year before. It had net income of $8.6 billion (up 4.1%), a net profit margin of 31.9%. Diluted earnings per share came to $12.20. Over five years revenue grew at an average rate of 7.0% a year.
See the MCD stock overview for the latest quote and news, or the MCD chart for price history and technical indicators.
MCD income statement FAQ
What is McDonald's's annual revenue?
McDonald's reported total revenue of $26.9 billion for fiscal year 2025, which ended on December 31, 2025. That was up 3.7% from $25.9 billion the previous year.
Is McDonald's profitable?
Yes. McDonald's reported net income of $8.6 billion in fiscal 2025, a net profit margin of 31.9%; its operating margin was 46.1%.
What is McDonald's's gross margin?
McDonald's's gross margin was 57.4% in fiscal 2025: for every $100 of revenue, McDonald's kept $57 after the direct cost of its products and services.
How fast is McDonald's growing?
Revenue grew 7.0% a year on average over the last five fiscal years, from $19.2 billion to $26.9 billion.
What are McDonald's's earnings per share?
McDonald's earned $12.20 per diluted share in fiscal 2025, compared with $11.73 a year earlier.
When will McDonald's report its next earnings?
McDonald's is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 before the market opens.
When does McDonald's's fiscal year end?
McDonald's's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.