Common-Size Balance Sheet: Assets
Quarterly Data
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McDonald’s Corp. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
- Aggregate Accruals
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McDonald’s Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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 composition of the organization demonstrates a strategic shift toward long-term asset concentration and a notable reduction in liquidity ratios over the analyzed period. While the balance sheet remains dominated by fixed assets, specific volatility is observed in cash reserves and investment allocations.
- Liquidity and Current Asset Trends
- Current assets exhibit a general downward trajectory, declining from peaks of approximately 14.22% in late 2023 to lows of 6.99% by late 2025. This contraction is primarily driven by a significant reduction in cash and equivalents, which fell from a high of 8.74% in December 2021 to a low of 1.30% in September 2025. In contrast, accounts and notes receivable have remained relatively stable, fluctuating within a narrow band between 3.05% and 4.47%, while inventories consistently represent a negligible fraction of total assets, typically holding at 0.10%.
- Fixed Asset and Operational Infrastructure
- Net property and equipment continue to be the primary driver of the asset base, consistently representing between 44% and 48% of total assets. When combined with lease right-of-use assets, which fluctuate between 23.5% and 26.7%, the total commitment to operational infrastructure typically exceeds 70% of the total asset portfolio. This indicates a capital-intensive operational model with a heavy reliance on physical and leased locations.
- Long-Term Investment and Other Asset Shifts
- A distinct shift in the allocation of long-term assets occurred in early 2024, marked by a sudden increase in investments in affiliates from approximately 2% to over 5% of total assets. Simultaneously, "Other assets" and "Miscellaneous" categories have shown a steady upward trend, with other assets growing from 14.59% in March 2021 to approximately 21% by 2026. This suggests a diversification of long-term holdings or an increase in non-core asset valuations.
- Overall Asset Structure Evolution
- The structural balance of the company has moved toward an increased weighting of long-term assets, which rose from an average of roughly 88% in 2021 to over 92% by early 2026. This trend, coupled with the diminishing proportion of current assets, reflects a transition toward a more illiquid asset profile, prioritizing long-term strategic investments and infrastructure over immediate cash availability.