Stock Analysis on Net
Stock Analysis on Net

McDonald’s Corp. (NYSE:MCD)

Common-Size Balance Sheet: Assets
Quarterly Data

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

Microsoft Excel
Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 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
Cash and equivalents 1.37 1.95 1.30 3.98 3.15 2.20 1.97 2.17 1.47 1.57 8.16 6.71 3.22 7.13 5.12 5.83 3.80 4.59 8.74 8.17 5.88 5.91
Accounts and notes receivable 4.15 4.05 4.14 4.26 4.28 4.24 4.32 4.38 4.47 4.18 4.43 4.31 4.35 3.99 4.19 3.90 3.73 3.29 3.48 3.47 3.48 3.39
Inventories, at cost, not in excess of market 0.10 0.10 0.10 0.09 0.09 0.09 0.10 0.10 0.09 0.09 0.09 0.09 0.10 0.10 0.10 0.09 0.09 0.10 0.10 0.10 0.09 0.09
Prepaid expenses and other current assets 1.64 1.74 1.45 1.70 1.88 1.88 1.95 2.10 1.79 1.75 1.54 2.03 2.13 1.85 1.34 2.02 2.37 1.17 0.95 1.16 1.53 1.31
Current assets 7.25% 7.84% 6.99% 10.03% 9.40% 8.41% 8.33% 8.74% 7.82% 7.58% 14.22% 13.15% 9.80% 13.07% 10.75% 11.84% 9.99% 9.15% 13.27% 12.89% 10.99% 10.70%
Investments in affiliates 4.83 4.77 4.74 4.73 4.75 4.88 4.91 5.27 5.35 5.39 1.92 1.99 2.06 2.09 2.11 1.99 2.18 2.31 2.23 2.22 2.31 2.37
Goodwill 5.59 5.58 5.64 5.45 5.55 5.66 5.70 5.73 5.67 5.66 5.42 5.69 5.89 5.63 5.75 5.47 5.53 5.53 5.17 5.20 5.35 5.37
Miscellaneous 10.67 10.59 10.64 10.87 10.90 11.12 11.04 10.10 10.46 10.44 10.01 9.72 9.65 9.22 9.33 8.77 8.94 8.68 8.26 7.70 7.50 6.85
Other assets 21.09% 20.94% 21.01% 21.05% 21.21% 21.66% 21.65% 21.10% 21.47% 21.48% 17.34% 17.40% 17.60% 16.94% 17.19% 16.23% 16.65% 16.53% 15.66% 15.12% 15.16% 14.59%
Lease right-of-use asset, net 24.13 24.17 24.54 23.57 23.99 24.22 24.17 24.27 24.60 24.81 24.07 23.52 24.82 24.12 24.91 25.14 25.98 26.30 25.16 25.66 26.41 26.67
Property and equipment, at cost 83.35 82.41 82.82 79.55 79.94 80.35 80.06 80.43 81.50 81.16 77.60 80.57 83.52 79.76 81.37 80.61 81.45 82.10 77.83 78.56 80.04 80.39
Accumulated depreciation and amortization -35.82 -35.36 -35.37 -34.20 -34.54 -34.63 -34.22 -34.54 -35.38 -35.04 -33.24 -34.64 -35.74 -33.89 -34.23 -33.81 -34.07 -34.08 -31.93 -32.23 -32.60 -32.35
Net property and equipment 47.53% 47.05% 47.45% 45.35% 45.40% 45.71% 45.84% 45.89% 46.12% 46.12% 44.36% 45.93% 47.78% 45.87% 47.14% 46.80% 47.38% 48.03% 45.90% 46.33% 47.44% 48.04%
Long-term assets 92.75% 92.16% 93.01% 89.97% 90.60% 91.59% 91.67% 91.26% 92.18% 92.42% 85.78% 86.85% 90.20% 86.93% 89.25% 88.16% 90.01% 90.85% 86.73% 87.11% 89.01% 89.30%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).

The asset structure is characterized by a heavy concentration in long-term assets, which consistently comprise between 85% and 93% of the total balance sheet. A notable structural shift is observable starting in the first quarter of 2024, marked by a contraction in the relative proportion of current assets and a corresponding increase in long-term asset allocations.

Liquidity and Current Asset Trends
Current assets exhibit significant volatility, peaking at 14.22% in late 2023 before declining to a range of 6.99% to 10.03% between 2024 and 2026. This decline is primarily driven by a substantial reduction in cash and equivalents, which fell from highs of 8.74% in 2021 to lows of 1.30% by late 2025. Conversely, accounts and notes receivable have remained relatively stable, fluctuating narrowly between 3.39% and 4.47%. Inventory levels are negligible and constant, consistently representing approximately 0.10% of total assets.
Fixed Assets and Leasehold Interests
Net property and equipment constitute the largest single component of the balance sheet, generally fluctuating between 44% and 48%. While gross property and equipment at cost remained high (often exceeding 80%), the net value is tempered by accumulated depreciation and amortization, which typically offsets the total by approximately 32% to 35%. Lease right-of-use assets remain a critical structural element, maintaining a steady presence between 23% and 26% of total assets throughout the analyzed period.
Non-Core Long-Term Allocations
A distinct increase in strategic long-term holdings is evident starting in March 2024. Investments in affiliates jumped from a historical average of approximately 2% to a higher plateau between 4.7% and 5.4%. Similarly, other assets and miscellaneous items showed a steady upward trend; other assets rose from approximately 14.6% in early 2021 to over 21% by 2024, while miscellaneous assets grew from 6.85% to over 10.6% in the same timeframe.
Overall Asset Composition Shift
The data reveals a transition toward a more illiquid asset base. Long-term assets rose from a low of 85.78% in late 2023 to a peak of 93.01% by late 2025. This shift suggests a strategic reallocation of capital away from liquid cash reserves and toward long-term investments, affiliates, and other non-current asset categories.

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