Balance Sheet: Assets
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
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The analysis of the annual financial data reveals several notable trends and shifts across the reported periods.
- Liquidity and Current Assets
- Cash and equivalents exhibit significant variability, peaking in 2021 and again in 2023, but with sharp declines noted in 2022 and markedly in 2024, indicating fluctuating liquidity levels. Accounts and notes receivable demonstrated a decline in 2021, followed by a recovery and growth through 2023, with a slight decrease in 2024, suggesting some variability in receivables management or sales timing. Inventories remained relatively stable, showing minor increases and decreases, with no substantial inventory buildup. Prepaid expenses and other current assets steadily increased throughout the periods, indicating possibly higher prepayments or other short-term assets accumulation. Overall, total current assets fluctuated, showing a rise in 2021 and 2023 with declines in 2022 and 2024, reflecting mixed short-term asset dynamics.
- Investments and Long-Term Assets
- Investments in and advances to affiliates decreased gradually from 2020 to 2022 but then sharply increased in 2024, more than doubling compared to previous years, signaling a significant strategic investment or related-party advancement in the latest period. Goodwill steadily grew every year, implying ongoing acquisitions or revaluations enhancing intangible assets. Miscellaneous assets have consistently increased, suggesting the accumulation or reclassification of various asset types over time. Other assets show a strong upward trend, with significant annual increases, contributing to expanded asset base diversification.
- Property and Equipment
- Net property and equipment experienced a slight decline up to 2022, reflecting possible disposals or depreciation outpacing acquisitions, followed by a recovery and growth through 2024. The introduction of finance lease right-of-use assets starting in 2022, increasing through 2024, indicates additional capitalized lease assets impacting the total property and equipment base. When combined with finance lease assets, net property and equipment steadily increased, supporting investment or lease capitalization strategies.
- Lease-Related Assets
- Operating lease right-of-use assets showed a gradual decline from 2020 through 2022, with a modest recovery in 2023, and a slight decrease again in 2024, indicating changes in leased asset utilization or lease terminations/modifications.
- Total Assets
- Total assets demonstrated mild growth from 2020 to 2021, followed by a notable decline in 2022. This was offset by substantial asset growth in 2023, and a slight decrease in 2024. The fluctuations are driven primarily by changes in current assets, investments in affiliates, and other long-term assets.