Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Statement of Comprehensive Income
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Analysis of Revenues
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McDonald’s Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
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 capital structure is characterized by a high reliance on long-term leverage, with total liabilities consistently exceeding 100% of the total liabilities and shareholders' deficit. A gradual improvement in the solvency profile is observable, as the total liabilities ratio declined from 114.16% in March 2021 to 101.71% by June 2026.
- Long-Term Debt and Lease Obligations
- Long-term debt, excluding current maturities, represents the most significant component of the balance sheet, typically fluctuating between 65% and 72%. A peak was observed in September 2022 at 71.89%, followed by a gradual stabilization toward 66.53% by June 2026. Long-term lease liabilities remained relatively stable, generally maintaining a range between 22% and 25% of the total structure, showing a slight downward trend over the analyzed period.
- Shareholders' Equity and Deficit Trends
- A persistent shareholders' deficit is present, although it exhibits a strong upward trend toward zero. The deficit narrowed from -14.16% in March 2021 to -1.71% by June 2026. This trend is heavily influenced by the substantial value of common stock in treasury, which consistently remains between -125% and -146%, indicating an aggressive share repurchase strategy. Retained earnings provide a significant positive offset, peaking at 121.80% in June 2023 before settling at 120.14% by June 2026.
- Current Liabilities and Short-Term Obligations
- Current liabilities exhibit periodic volatility, ranging from a low of 6.71% in June 2026 to a high of 12.22% in December 2023. Accounts payable and accrued payroll remain relatively stable as a percentage of the total. A notable fluctuation is observed in income taxes, which show seasonal spikes, particularly in March of each year, though the overall weight of current liabilities has trended lower toward the end of the period.
- Other Long-Term Liabilities
- A marked reduction is observed in long-term income taxes, which dropped from 3.84% in March 2021 to 0.29% by June 2026. Similarly, deferred income taxes showed a general decline from 4.11% to 2.04% over the same period. Other long-term liabilities also trended downward, decreasing from 2.07% to 1.13%, contributing to the overall reduction in total liabilities relative to the balance sheet total.