Common-Size Balance Sheet: Assets
Quarterly Data
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McDonald’s Corp. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
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McDonald’s Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 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).
- Cash and equivalents
- Cash and equivalents as a percentage of total assets exhibit notable fluctuations over the observed periods. Starting at 10.64% in the first quarter of 2020, this ratio declines sharply through 2021 and remains relatively low thereafter, reaching a minimum near 1.47% in mid-2024 before experiencing a moderate increase towards 3.15% by mid-2025. This indicates a general reduction in liquid asset holdings relative to total assets over time.
- Accounts and notes receivable
- This item shows moderate variability but remains within a narrow range around 3% to 5.7% of total assets. It shows a slight upward trend from early 2023 through 2024, stabilizing just above 4% toward the end of the series, suggesting a consistent level of credit extended relative to total assets.
- Inventories, at cost, not in excess of market
- Inventories maintain a very stable and minimal proportion of total assets, around 0.08% to 0.10%, indicating minimal inventory holdings as part of the asset base throughout the periods.
- Prepaid expenses and other current assets
- This category exhibits moderate volatility with a general upward trend from approximately 0.88% in early 2020 to peaks above 2% in several quarters during 2022 and 2023. Following these peaks, the percentage fluctuates around 1.75% to 2.1%, indicating increasing prepaid or other current asset balances relative to total assets in recent years.
- Current assets
- Current assets as a percentage of total assets trend downwards from near 15% in early 2020 to a low around 7.5%-8.4% through 2024 and 2025. The data reveal intermittent rebounds in certain quarters, but the overall pattern points to a decreasing share of current assets, consistent with the decline in cash equivalents noted previously.
- Investments in affiliates
- Investments in affiliates decline gradually from about 2.5% in early periods to just below 2% in late 2022, followed by a sharp increase to a higher plateau near 5% from early 2024 onwards. This suggests a strategic shift or revaluation affecting affiliated investments starting in 2024.
- Goodwill
- Goodwill remains relatively steady, fluctuating between 5.2% and 5.9% of total assets. There is no significant long-term trend, implying stable acquisition or impairment activity relative to total asset levels.
- Miscellaneous
- This component increases steadily from about 4.9% in early 2020 to over 11% by mid-2025. This sustained rise suggests growth in other asset categories not separately classified, contributing increasingly to the overall asset composition.
- Other assets
- Other assets exhibit an upward trend, rising from approximately 12.6% to over 21% of total assets over the five-year period. This consistent increase highlights a growing allocation to miscellaneous long-term or intangible assets.
- Lease right-of-use asset, net
- The lease right-of-use asset remains a substantial and relatively stable portion of total assets, fluctuating narrowly between roughly 23.5% and 26.7%, indicating consistent recognition of lease assets under accounting standards over time.
- Property and equipment, at cost
- This item holds a dominant share, generally near or above 80% of total assets across the timeline, peaking at 83.5% in mid-2023 before settling near 80% toward the end of the series. The data show a slight increase in gross property and equipment concentration in the total asset base.
- Accumulated depreciation and amortization
- Accumulated depreciation and amortization reflects a stable negative percentage roughly between -29% and -35%, indicating a consistent amortization relative to the asset base. There is an observable increase in the extent of depreciation during 2023 and 2024, which slightly reduces net property and equipment values.
- Net property and equipment
- Net property and equipment remains substantial, ranging between 44% and 48% of total assets, with some fluctuations. The trend suggests slight declines in net book value relative to total assets in recent quarters, consistent with rising accumulated depreciation.
- Long-term assets
- Long-term assets consistently constitute a large majority of total assets, increasing modestly from approximately 85% in early 2020 to above 92% in 2024, before declining slightly near 90-91% subsequently. This underlines a stable corporate asset structure dominated by long-lived or noncurrent assets.
- Total assets
- Total assets are normalized as 100% throughout and serve as the basis for all proportional analyses.