Stock Analysis on Net
Stock Analysis on Net

McDonald’s Corp. (NYSE:MCD)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

McDonald’s Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (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
Short-term borrowings and current maturities of long-term debt 0.00 0.00 0.00 2.97 1.01 0.14 0.00 1.06 0.00 1.13 3.90 0.00 0.00 1.01 0.00 0.00 0.00 0.00 0.00 0.95 0.96 1.76
Accounts payable 1.86 1.82 1.93 1.60 1.41 1.57 1.86 1.68 1.76 1.75 1.96 1.66 1.60 1.56 1.94 1.64 1.50 1.41 1.87 1.47 1.41 1.31
Dividends payable 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.95 0.00 0.00
Current lease liability 1.15 1.18 1.17 1.15 1.15 1.18 1.15 1.19 1.22 1.28 1.23 1.28 1.36 1.29 1.31 1.35 1.40 1.36 1.31 1.33 1.39 1.41
Income taxes 0.55 0.65 0.42 0.61 0.04 0.99 0.65 1.40 0.86 1.63 1.26 1.03 0.76 1.53 0.55 0.80 1.02 1.17 0.67 0.49 0.54 1.41
Other taxes 0.44 0.42 0.42 0.40 0.41 0.42 0.41 0.47 0.52 0.52 0.48 0.46 0.49 0.52 0.51 0.42 0.44 0.53 0.44 0.48 0.46 0.38
Accrued interest 0.71 0.75 0.90 0.78 0.76 0.71 0.87 0.77 0.78 0.70 0.84 0.67 0.68 0.70 0.78 0.66 0.64 0.63 0.67 0.59 0.62 0.65
Accrued payroll and other liabilities 2.00 2.09 2.50 2.52 2.44 2.11 2.05 2.41 2.12 2.12 2.55 2.59 2.39 2.28 2.45 2.33 2.07 3.22 2.50 2.41 2.19 2.05
Current liabilities 6.71% 6.91% 7.33% 10.03% 7.22% 7.12% 7.00% 11.23% 7.27% 9.13% 12.22% 7.68% 7.28% 8.89% 7.54% 7.19% 7.07% 8.32% 7.46% 9.66% 7.58% 8.96%
Long-term debt, excluding current maturities 66.53 66.80 67.16 65.14 68.51 68.96 69.63 69.41 71.60 68.70 66.17 71.56 70.79 70.37 71.19 71.89 70.21 66.80 66.15 65.67 67.30 68.14
Long-term lease liability 23.43 23.43 23.77 22.83 23.13 23.39 23.36 23.42 23.83 23.97 23.26 22.67 23.94 23.31 24.06 24.26 25.02 25.30 24.18 24.63 25.28 25.66
Long-term income taxes 0.29 0.25 0.23 0.47 0.49 0.65 0.62 0.13 0.16 0.67 0.65 0.94 1.10 1.42 1.57 2.24 2.51 3.71 3.52 3.56 3.59 3.84
Deferred revenues, initial franchise fees 1.58 1.58 1.59 1.54 1.57 1.62 1.41 1.42 1.47 1.47 1.41 1.47 1.52 1.46 1.50 1.50 1.49 1.46 1.37 1.37 1.38 1.37
Other long-term liabilities 1.13 1.14 1.18 1.15 1.33 1.34 1.40 1.52 1.64 1.73 1.69 1.89 2.07 2.04 2.09 2.04 2.08 2.15 2.01 1.98 2.08 2.07
Deferred income taxes 2.04 2.03 1.74 2.40 2.39 3.06 3.47 2.08 2.99 3.36 2.99 3.10 3.21 3.62 3.96 4.42 4.57 4.03 3.85 3.88 3.98 4.11
Long-term liabilities 95.00% 95.24% 95.68% 93.54% 97.42% 99.02% 99.88% 97.99% 101.70% 99.90% 96.17% 101.64% 102.63% 102.21% 104.36% 106.35% 105.87% 103.45% 101.08% 101.10% 103.61% 105.20%
Total liabilities 101.71% 102.14% 103.01% 103.57% 104.63% 106.13% 106.88% 109.22% 108.97% 109.03% 108.38% 109.32% 109.91% 111.10% 111.90% 113.54% 112.93% 111.77% 108.54% 110.76% 111.19% 114.16%
Preferred stock, no par value; issued: none 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $.01 par value 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
Additional paid-in capital 16.42 16.31 16.20 15.77 15.95 16.73 16.82 16.37 16.83 16.82 15.84 16.94 17.32 16.60 16.95 17.44 17.01 16.33 15.28 15.41 15.50 15.57
Retained earnings 120.14 118.16 118.09 114.57 114.89 119.72 121.11 115.39 120.86 119.98 113.06 120.27 121.80 115.80 118.06 121.13 117.34 113.24 106.83 106.01 107.41 106.61
Accumulated other comprehensive loss -3.91 -3.94 -4.06 -3.98 -4.08 -4.54 -4.63 -4.16 -4.58 -4.73 -4.37 -4.89 -4.87 -4.79 -4.93 -5.28 -4.56 -5.19 -4.78 -5.05 -4.95 -5.16
Common stock in treasury, at cost -134.39 -132.71 -133.27 -129.96 -131.43 -138.07 -140.22 -136.85 -142.11 -141.13 -132.94 -141.68 -144.19 -138.76 -142.01 -146.87 -142.76 -136.18 -125.91 -127.17 -129.19 -131.22
Shareholders’ deficit -1.71% -2.14% -3.01% -3.57% -4.63% -6.13% -6.88% -9.22% -8.97% -9.03% -8.38% -9.32% -9.91% -11.10% -11.90% -13.54% -12.93% -11.77% -8.54% -10.76% -11.19% -14.16%
Total liabilities and shareholders’ deficit 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 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.

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