Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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McDonald’s Corp. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
- Aggregate Accruals
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McDonald’s Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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).
The analysis of the quarterly financial data indicates several notable trends regarding the liability and equity structure.
- Short-term borrowings and current maturities of long-term debt
- This category exhibited fluctuations with significant increases observed in mid-2020, peaking at 8.18%, then generally declining with intermittent minor spikes, ultimately declining to a very low level of 0.14% by early 2025, indicating reduced reliance on short-term debt maturities over time.
- Accounts payable
- Accounts payable as a proportion of total liabilities and shareholders’ equity have remained relatively stable but showed a slight increasing trend from around 1.3% in early 2020 to a maximum of 1.96% in late 2021, before fluctuating around the 1.5% to 1.8% range subsequently.
- Dividends payable
- Dividends payable was mostly absent throughout early periods but emerged moderately at 1.95% in late 2021 and again showed an increase to 2.25% in early 2024, suggesting periodic accumulation of dividend liabilities.
- Current lease liability
- The current lease liability remained stable throughout the periods, ranging narrowly between approximately 1.15% and 1.42%, indicating consistent lease-related current liabilities relative to total obligations.
- Income taxes
- Income taxes as a percentage fluctuated notably, peaking at 1.53% in early 2023 and showing a volatile pattern over the quarters, indicative of variable tax liabilities with no clear long-term upward or downward trend.
- Other taxes
- Other taxes percentages remained relatively stable, oscillating narrowly around 0.4-0.5%, reflecting steady non-income tax obligations.
- Accrued interest
- Accrued interest showed minor fluctuations with a general range between 0.59% and 0.87%, suggesting steady interest expense accruals relative to total liabilities and equity.
- Accrued payroll and other liabilities
- This category displayed moderate variability, rising from about 1.5% in early 2020 to a peak of 3.22% in early 2022, then settling mostly between 2.0% and 2.6%, indicating fluctuating short-term payroll and other accrued liabilities, possibly affected by operational changes.
- Current liabilities (aggregate)
- Current liabilities as a whole showed significant volatility, surging to 14.51% in mid-2020, then declining to a range of 7%-9%, with some spikes notably in late 2023 and early 2025, reflecting varying working capital requirements and short-term obligations.
- Long-term debt, excluding current maturities
- Long-term debt remained the dominant component of the capital structure, consistently around 65%-75%, with slight dips and recoveries but no sustained directional change, illustrating stable long-term debt levels relative to total financing sources.
- Long-term lease liability
- Long-term lease liabilities were steady within a narrow band between 22.67% and 25.66% across the period, indicating consistent long-term lease obligations.
- Long-term income taxes
- Long-term income tax liabilities demonstrated a clear declining trend from above 4% in early 2020 to below 1% in several later quarters, suggesting efficient management or reduction of deferred income tax liabilities over time.
- Deferred revenues and initial franchise fees
- This item showed slight increasing tendencies, mostly fluctuating near 1.3% to 1.6%, suggesting steady deferred revenue streams.
- Other long-term liabilities
- Other long-term liabilities remained relatively stable around 1.3%-2.1%, with a slight decreasing trend in the later quarters.
- Deferred income taxes
- Deferred income taxes displayed modest fluctuations, with a tendency to decline over time but showing some rebounds, generally oscillating between 2% and 4.5%, reflecting timing differences in tax expense recognition.
- Long-term liabilities (aggregate)
- Long-term liabilities combined remained relatively stable near the 100% mark with minor decreases after peaking early in the data period, suggesting relatively steady long-term obligations relative to total liabilities and equity.
- Total liabilities
- Total liabilities as a percentage of total liabilities and shareholders’ equity decreased marginally from approximately 118% in early 2020 to around 106% by early 2025, indicating a slight reduction in overall liabilities relative to total capitalization.
- Shareholders’ equity (deficit)
- Shareholders’ equity remained negative throughout the periods, though the deficit narrowed gradually from about -18.38% in early 2020 to approximately -6.13% in early 2025, reflecting an improving equity position despite remaining in deficit, which may be partly due to the effects of treasury stock and accumulated losses.
- Common stock in treasury at cost
- The treasury stock component showed a consistent negative contribution fluctuating around -130% to -145%, evidencing significant repurchases or holdings of treasury stock that contribute substantially to the negative equity balance.
- Retained earnings
- Retained earnings demonstrated a steady upward trend from roughly 105% to over 120% across the period, indicating ongoing accumulation of earnings despite the overall negative equity, contributing positively to the company’s net worth.
- Additional paid-in capital
- Additional paid-in capital gradually increased from around 15.25% to near 17%, signaling incremental capital inflows or equity contributions over time.
- Accumulated other comprehensive loss
- Accumulated other comprehensive loss improved modestly, decreasing in absolute value from about -5.93% to approximately -4.54%, suggesting slightly reduced unrealized losses or other comprehensive loss items.
In summary, the company’s liabilities remain substantial relative to shareholders’ equity, with long-term debt and lease liabilities comprising the bulk of financial obligations. Over the analyzed periods, the equity deficit has been steadily diminishing, partially due to increasing retained earnings and paid-in capital. The trends in current liabilities and accrued items reflect some variability, potentially influenced by operational and financial management decisions. Overall, the company shows signs of gradually strengthening equity amid a consistently leveraged capital structure.