Name: McDonald’s Corp. (NYSE:MCD) | Balance Sheet: Assets (Quarterly)
Creator: Stock Analysis on Net

Balance Sheet: Assets
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

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McDonald’s Corp., consolidated balance sheet: assets (quarterly data)

US$ in millions

	Sep 30, 2026	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
Cash and equivalents	1,193)	822)	1,170)	774)	2,413)	1,876)	1,238)	1,085)	1,221)	792)	838)	4,579)	3,496)	1,626)	3,708)	2,584)	2,828)	1,873)	2,336)	4,709)	4,306)	3,049)	3,020)
Accounts and notes receivable	2,483)	2,485)	2,432)	2,466)	2,579)	2,550)	2,387)	2,383)	2,460)	2,404)	2,238)	2,488)	2,247)	2,194)	2,076)	2,115)	1,890)	1,837)	1,674)	1,872)	1,829)	1,808)	1,734)
Inventories, at cost, not in excess of market	59)	58)	61)	61)	55)	55)	51)	56)	54)	46)	46)	53)	48)	52)	52)	52)	43)	43)	50)	56)	50)	48)	45)
Prepaid expenses and other current assets	988)	980)	1,046)	862)	1,032)	1,120)	1,059)	1,075)	1,177)	963)	935)	866)	1,059)	1,074)	964)	673)	979)	1,167)	597)	511)	612)	796)	669)
Current assets	4,723)	4,345)	4,709)	4,163)	6,079)	5,601)	4,735)	4,599)	4,912)	4,205)	4,057)	7,986)	6,850)	4,945)	6,799)	5,424)	5,741)	4,919)	4,656)	7,149)	6,796)	5,701)	5,468)
Investments in affiliates	2,985)	2,896)	2,865)	2,820)	2,864)	2,827)	2,751)	2,710)	2,960)	2,876)	2,883)	1,080)	1,038)	1,039)	1,088)	1,065)	964)	1,074)	1,177)	1,201)	1,171)	1,197)	1,211)
Goodwill	3,348)	3,347)	3,349)	3,354)	3,306)	3,308)	3,186)	3,145)	3,220)	3,048)	3,028)	3,040)	2,965)	2,969)	2,931)	2,900)	2,651)	2,722)	2,814)	2,783)	2,744)	2,778)	2,746)
Miscellaneous	6,356)	6,394)	6,356)	6,331)	6,588)	6,494)	6,266)	6,094)	5,673)	5,627)	5,586)	5,618)	5,063)	4,869)	4,795)	4,707)	4,255)	4,403)	4,417)	4,450)	4,058)	3,890)	3,499)
Other assets	12,689)	12,637)	12,570)	12,505)	12,758)	12,629)	12,203)	11,949)	11,853)	11,551)	11,497)	9,738)	9,066)	8,876)	8,813)	8,672)	7,870)	8,200)	8,408)	8,433)	7,974)	7,864)	7,456)
Lease right-of-use asset, net	14,442)	14,459)	14,513)	14,606)	14,285)	14,286)	13,642)	13,339)	13,632)	13,234)	13,277)	13,514)	12,250)	12,519)	12,544)	12,566)	12,193)	12,794)	13,379)	13,552)	13,529)	13,707)	13,629)
Property and equipment, at cost	50,457)	49,943)	49,477)	49,290)	48,215)	47,609)	45,258)	44,177)	45,178)	43,846)	43,432)	43,570)	41,967)	42,131)	41,487)	41,038)	39,097)	40,114)	41,773)	41,917)	41,424)	41,536)	41,082)
Accumulated depreciation and amortization	(21,654)	(21,464)	(21,232)	(21,049)	(20,729)	(20,570)	(19,509)	(18,882)	(19,403)	(19,035)	(18,750)	(18,662)	(18,043)	(18,030)	(17,629)	(17,264)	(16,399)	(16,780)	(17,338)	(17,196)	(16,995)	(16,915)	(16,532)
Net property and equipment	28,803)	28,479)	28,245)	28,241)	27,486)	27,039)	25,749)	25,295)	25,775)	24,811)	24,682)	24,908)	23,924)	24,102)	23,859)	23,774)	22,698)	23,335)	24,435)	24,721)	24,429)	24,620)	24,550)
Long-term assets	55,934)	55,575)	55,328)	55,352)	54,529)	53,954)	51,594)	50,583)	51,260)	49,596)	49,456)	48,160)	45,239)	45,497)	45,216)	45,011)	42,761)	44,329)	46,221)	46,706)	45,931)	46,192)	45,635)
Total assets	60,657)	59,920)	60,037)	59,515)	60,608)	59,555)	56,329)	55,182)	56,172)	53,801)	53,513)	56,147)	52,089)	50,442)	52,014)	50,436)	48,502)	49,248)	50,878)	53,854)	52,727)	51,893)	51,103)

Total assets exhibit a general upward trajectory over the analyzed period, growing from 51,103 million USD in March 2021 to 60,657 million USD by September 2026. This expansion is primarily driven by steady increases in long-term assets and a strategic shift in investment allocations, despite significant volatility in short-term liquidity positions.

Liquidity and Current Assets: Cash and equivalents demonstrate high volatility, characterized by cyclical peaks and troughs. A notable peak occurred in December 2021 at 4,709 million USD, followed by a significant contraction starting in March 2024, where balances dropped to 838 million USD. While cash levels recovered partially by September 2025, they remained lower than the 2021-2023 averages. Conversely, accounts and notes receivable show a consistent growth pattern, rising from 1,734 million USD in March 2021 to 2,483 million USD by September 2026, indicating an increase in credit extended or revenue timing shifts.
Fixed Assets and Infrastructure: Property and equipment at cost show a sustained increase, growing from 41,082 million USD in March 2021 to 50,457 million USD in September 2026. This indicates ongoing capital expenditure in physical infrastructure. Simultaneously, accumulated depreciation and amortization expanded from -16,532 million USD to -21,654 million USD, resulting in a net property and equipment value that grew from 24,550 million USD to 28,803 million USD. Lease right-of-use assets remained relatively stable but showed a gradual climb from 13,629 million USD in early 2021 to 14,442 million USD by late 2026.
Strategic Investments and Intangibles: A significant structural change is observed in investments in affiliates, which remained stable around 1.1 billion USD until March 2024, at which point they jumped to 2,883 million USD and remained elevated through September 2026. This suggests a major strategic acquisition or reorganization. Goodwill also trended upward, moving from 2,746 million USD to 3,348 million USD, supporting the observation of inorganic growth. Miscellaneous and other assets exhibited the most aggressive growth of any asset category, with other assets increasing from 7,456 million USD to 12,689 million USD over the period.
Asset Composition Trends: The balance sheet has shifted toward a heavier weighting of long-term assets, which grew from 45,635 million USD to 55,934 million USD. Current assets, while fluctuating, experienced a sharp decline in the first quarter of 2024 before stabilizing. Inventories remained remarkably constant, fluctuating narrowly between 43 million and 61 million USD, suggesting highly efficient inventory management and a lean supply chain model.

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McDonald’s Corp. (NYSE:MCD)

Balance Sheet: AssetsQuarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data