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. pages available for free this week:
- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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McDonald’s Corp., consolidated balance sheet: assets (quarterly data)
US$ in millions
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 demonstrates several notable trends across the various asset categories over the observed periods.
- Cash and Equivalents
- Cash and equivalents exhibit a high degree of volatility, with sharp decreases and subsequent recoveries. Starting from a peak of 5,380 million US$ in March 2020, the figure dropped considerably mid-2022, reaching a low near 792 million US$ in June 2024, before recovering slightly to approximately 1,238 million US$ in March 2025. This irregular pattern indicates fluctuations in liquidity management or operational cash flows over these quarters.
- Accounts and Notes Receivable
- Receivables fluctuate moderately, generally maintaining values between roughly 1,670 million and 2,490 million US$. There is a slight upward trend from mid-2022 onward, suggesting an increase in credit sales or extended payment terms over time.
- Inventories
- Inventories remain relatively stable, hovering mostly in the 40 to 56 million US$ range across all quarters, reflecting consistent inventory levels without significant accumulation or depletion.
- Prepaid Expenses and Other Current Assets
- This category experiences considerable variation, with a notable spike around mid-2022 reaching over 1,167 million US$, possibly indicating increased prepayment activity or recognition of deferred expenses. Fluctuations continue afterward but with a trend toward stabilization in the 1,050 million US$ range by 2025.
- Current Assets
- Current assets show a downward trend from early 2020 through 2022, dropping from approximately 7,557 million US$ to under 5,000 million US$, followed by a recovery in 2023 to near 7,986 million US$. However, this was succeeded by another decline in 2024. The pattern reflects the combined fluctuations observed in cash, receivables, inventories, and prepaid expenses.
- Investments in Affiliates
- Investments in affiliates display a declining trend from 2020 through early 2023, decreasing from approximately 1,277 million US$ to below 1,040 million US$. From 2023 onwards, there is a significant increase, peaking at 2,883 million US$ in early 2024, followed by slight fluctuations but remaining elevated relative to previous years, which could indicate acquisitions or increased stakes in affiliates.
- Goodwill
- Goodwill shows a steady, moderate increase over the period, rising from around 2,627 million US$ in early 2020 to above 3,000 million US$ by 2025. This gradual upward movement suggests ongoing acquisitions or business combinations.
- Miscellaneous and Other Assets
- Miscellaneous assets rise consistently through the years, moving from approximately 2,480 million US$ in early 2020 to over 6,200 million US$ by 2025, indicating accumulation or reclassification of assets. Other assets similarly increase steadily from about 6,386 million US$ to over 12,200 million US$, demonstrating continued asset growth in non-current categories.
- Lease Right-of-Use Asset, Net
- Lease right-of-use assets remain relatively stable with minor fluctuations around the 13,000 million US$ mark, suggesting constant leasing commitments without substantial increases or decreases.
- Property and Equipment
- Property and equipment at cost show a general upward trend from near 38,350 million US$ in early 2020 to over 45,200 million US$ by 2025. Accumulated depreciation increases as expected, reflecting wear and usage of assets over time. Consequently, net property and equipment values rise moderately but consistently, indicating ongoing capital expenditures surpassing depreciation.
- Long-term Assets
- Long-term assets fluctuate around the mid-40,000 to low-50,000 million US$ range, exhibiting moderate growth with some declines. The observed increase toward the latter periods reflects asset additions or revaluations.
- Total Assets
- Total assets trend upward overall, moving from roughly 50,568 million US$ in early 2020 to exceed 56,300 million US$ by 2025. Despite some intermediate decreases, the long-term outlook shows asset base expansion, influenced by growth in property, investments, and other long-term categories.