Stock Analysis on Net
Stock Analysis on Net

McDonald’s Corp. (NYSE:MCD)

$24.99

Balance Sheet: Liabilities and Stockholders’ Equity
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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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

US$ in millions

Microsoft Excel
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
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-Q (reporting date: 2026-03-31), 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).

An analysis of the balance sheet indicates a sustained increase in total liabilities alongside a gradual reduction in the shareholders' equity deficit over the observed period. Total liabilities rose from 58.3 billion US dollars in March 2021 to 61.3 billion US dollars by March 2026, reflecting a strategic expansion of long-term obligations.

Long-Term Debt and Lease Obligations
Long-term debt, excluding current maturities, demonstrates a consistent upward trend, increasing from 34.8 billion US dollars in early 2021 to 40.1 billion US dollars by March 2026. Long-term lease liabilities remained relatively stable for several years before experiencing a moderate increase, reaching 14.1 billion US dollars by the end of 2025. These trends suggest a reliance on long-term leverage to fund operations or strategic initiatives.
Current Liabilities and Short-Term Volatility
Current liabilities exhibit significant quarterly volatility. Notable spikes occurred in December 2023 and September 2024, largely driven by fluctuations in short-term borrowings and accounts payable. Short-term borrowings showed erratic patterns, peaking at 2.2 billion US dollars in December 2023 before dropping sharply to 80 million US dollars in March 2024. Accounts payable maintained a general upward trajectory, growing from 670 million US dollars in March 2021 to 1.1 billion US dollars by March 2026.
Equity Deficit and Capital Structure
The company maintains a negative shareholders' equity position, though the deficit has narrowed significantly from 7.2 billion US dollars in March 2021 to 1.3 billion US dollars in March 2026. This improvement is primarily driven by a steady increase in retained earnings, which grew from 54.5 billion US dollars to 70.9 billion US dollars over the period. However, this growth is heavily offset by an aggressive share repurchase program, as evidenced by the increase in common stock held in treasury, which rose from a cost of 67.1 billion US dollars to 79.7 billion US dollars.
Tax and Other Liabilities
Long-term income taxes showed a marked decline, dropping from 1.96 billion US dollars in March 2021 to 151 million US dollars in March 2026. Conversely, accrued interest has trended upward, rising from 333 million US dollars to 448 million US dollars, correlating with the increase in overall long-term debt levels.

The overall financial trajectory is characterized by a strategic balance between increasing long-term debt and robust retained earnings growth, while continuing to return significant capital to shareholders through treasury stock acquisitions.