Stock Analysis on Net
Stock Analysis on Net

McDonald’s Corp. (NYSE:MCD)

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Common-Size Balance Sheet: Assets
Quarterly Data

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McDonald’s Corp., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Cash and equivalents
Accounts and notes receivable
Inventories, at cost, not in excess of market
Prepaid expenses and other current assets
Current assets
Investments in affiliates
Goodwill
Miscellaneous
Other assets
Lease right-of-use asset, net
Property and equipment, at cost
Accumulated depreciation and amortization
Net property and equipment
Long-term assets
Total assets

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

The financial data reveals several notable trends in the composition of assets over the examined periods.

Cash and equivalents
This category fluctuates significantly, with a marked decline from 10.64% of total assets in March 2020 to a lower range near 2.0% in the more recent quarters of 2024 and 2025. There is a notable trough around mid-2024 with values as low as 1.47%, indicating reduced liquidity levels relative to total assets during this period.
Accounts and notes receivable
The proportion remains relatively stable, generally oscillating around 4% of total assets, with modest increases and decreases but no dramatic shifts. This consistency suggests steady credit sales or payment terms.
Inventories
Inventory levels as a percentage of total assets are minimal and steady, consistently around 0.09% to 0.10%. This negligible change suggests limited impact of inventory on the overall asset structure.
Prepaid expenses and other current assets
There is some variability in this segment, with a low of around 0.88% in early 2020 and peaks up to 2.37% in mid-2022. The percentage generally hovers near or just below 2% in recent periods, indicating an increase in such assets compared to the initial quarters.
Current assets
Current assets as a whole have demonstrated an initial decline from mid 2020 levels (around 14%) to lows near 7.5%-8.5% in recent quarters of 2024 and 2025. This downward trend primarily reflects the decreases in cash and equivalents and somewhat variable prepaid expenses.
Investments in affiliates
These investments decline from about 2.5% in 2020 to below 2% by late 2022 and early 2023. However, a significant rise occurs starting mid-2024, peaking above 5% as of mid-2024 and remaining elevated subsequently, indicating a possible strategic increase or revaluation of such investments.
Goodwill
Goodwill consistently accounts for about 5.2% to 5.7% of total assets, with minor fluctuations but no clear upward or downward trend, reflecting a stable value in intangible assets from acquisitions.
Miscellaneous and other assets
The miscellaneous category and other assets components both exhibit a steady increase over the observed timeframe. Miscellaneous assets rise from under 5% in early 2020 to over 11% in early 2025. Similarly, other assets increase from approximately 12.6% to over 21.6% by 2025, indicating an expansion in asset types outside the main categories tracked.
Lease right-of-use asset, net
This asset class remains relatively stable, occupying around 24% to 26% of total assets throughout, with slight variances but no enduring shifts, indicating consistent accounting for leased properties.
Property and equipment at cost and accumulated depreciation
The gross property and equipment values, expressed as a percentage of total assets, generally increase over time, rising from about 75.8% in early 2020 to approximately 80% in recent periods, peaking above 83% around mid-2023. Accumulated depreciation shows a corresponding increase in magnitude (negative values growing larger), signifying ongoing depreciation of assets. Net property and equipment thus remains relatively stable around 45%-48% but shows a slight downward drift in the latter quarters of 2023 and early 2024 before stabilizing again.
Long-term assets
The percentage of long-term assets gradually increases from roughly 85% in early 2020 to just above 91% in 2025. This trend aligns with the increasing portions seen in property and equipment as well as other long-term asset categories, suggesting a strategic emphasis on longer-term investments and fixed assets relative to total assets.

Overall, the data indicates a shift away from liquid current assets toward a greater concentration in long-term and miscellaneous assets. The spike in investments in affiliates during mid-2024 may represent strategic business initiatives or adjustments in valuation. The maintained levels of goodwill and right-of-use assets imply steady operational footing in intangible holdings and leasing commitments. The gradual increase in property and equipment net of depreciation confirms continuing asset base investments supporting long-term operations.