Stock Analysis on Net
Stock Analysis on Net

McDonald’s Corp. (NYSE:MCD)

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

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McDonald’s Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

Microsoft Excel
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
Accounts payable
Dividends payable
Current lease liability
Income taxes
Other taxes
Accrued interest
Accrued payroll and other liabilities
Current liabilities
Long-term debt, excluding current maturities
Long-term lease liability
Long-term income taxes
Deferred revenues, initial franchise fees
Other long-term liabilities
Deferred income taxes
Long-term liabilities
Total liabilities
Preferred stock, no par value; issued: none
Common stock, $.01 par value
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Common stock in treasury, at cost
Shareholders’ equity (deficit)
Total liabilities and shareholders’ equity (deficit)

Based on: 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 composition of liabilities and shareholders’ equity exhibited several notable trends between March 2021 and December 2025. Overall, total liabilities generally comprised a significant portion of the total, consistently exceeding shareholders’ equity. Fluctuations were observed in both components over the analyzed period.

Short-Term Borrowings and Current Maturities of Long-Term Debt
This component remained relatively low for most of the period, generally below 2% of total liabilities and shareholders’ equity. A notable increase to 3.90% was observed in December 2022, followed by a decrease to 0.14% in March 2025, indicating potential shifts in short-term financing strategies. A slight increase to 2.97% was seen in September 2025.
Accounts Payable
Accounts payable demonstrated a consistent upward trend from 1.31% in March 2021 to 1.93% in December 2023, before stabilizing around 1.41% - 1.93% through December 2025. This suggests a potential increase in supplier credit utilization followed by a period of relative stability.
Current Liabilities
Current liabilities fluctuated, peaking at 12.22% in December 2022. Prior to this peak, the percentage hovered around 7-9%. Following the peak, it decreased to 7.33% in December 2025, suggesting a potential management of short-term obligations. The increase in 2022 likely corresponds with increases in accrued payroll and other liabilities.
Long-Term Debt (Excluding Current Maturities)
Long-term debt consistently represented the largest portion of liabilities, generally ranging between 65% and 72% of the total. A slight downward trend was observed from 68.14% in March 2021 to 67.16% in December 2025, indicating a gradual reduction in reliance on long-term debt financing.
Long-Term Lease Liability
Long-term lease liability remained substantial, consistently around 22-26% of the total. A gradual decline was observed throughout the period, decreasing from 25.66% in March 2021 to 23.77% in December 2025, potentially reflecting the amortization of lease obligations.
Shareholders’ Equity
Shareholders’ equity was significantly impacted by the large amount of common stock in treasury. The negative balance of common stock in treasury consistently offset positive contributions from retained earnings and additional paid-in capital. The overall shareholders’ equity percentage remained negative for the entire period, ranging from -14.16% to -3.01%. The negative equity position improved over time, moving from -14.16% in March 2021 to -3.01% in December 2025, primarily driven by a reduction in treasury stock. Retained earnings generally increased over the period, but were not sufficient to fully offset the impact of treasury stock.
Income Taxes
Both current and long-term income tax liabilities showed variability. Current income taxes fluctuated, with a peak in March 2023 (1.53%) and a low in June 2025 (0.04%). Long-term income taxes generally decreased from 3.84% in March 2021 to 0.23% in December 2025, potentially due to utilization of deferred tax assets or changes in tax regulations.
Accrued Liabilities
Accrued payroll and other liabilities showed an increasing trend, peaking at 2.59% in September 2023, before decreasing slightly to 2.50% in December 2025. Accrued interest also showed a general upward trend, increasing from 0.65% to 0.90% in September 2023, before decreasing to 0.90% in December 2025.

In summary, the company’s capital structure demonstrated a reliance on long-term debt and lease liabilities. The negative shareholders’ equity position, driven by treasury stock, improved over time, but remained a significant characteristic of the balance sheet. Fluctuations in current liabilities and tax liabilities suggest active management of short-term obligations and tax planning strategies.