Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

McDonald’s Corp., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	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
Net income	2,362)	1,983)	2,164)	2,278)	2,253)	1,868)	2,016)	2,256)	2,022)	1,929)	2,039)	2,317)	2,310)	1,802)	1,903)	1,982)	1,188)	1,104)	1,639)	2,150)	2,219)	1,537)
Depreciation and amortization	565)	566)	576)	559)	544)	520)	553)	532)	502)	510)	498)	498)	492)	491)	463)	466)	462)	480)	482)	469)	463)	454)
Deferred income taxes	(58)	63)	(77)	35)	(40)	(44)	(73)	(137)	(226)	(138)	(272)	(176)	(153)	(86)	37)	(196)	(136)	(51)	(12)	(46)	(369)	(2)
Share-based compensation	39)	60)	37)	39)	44)	45)	44)	40)	38)	50)	37)	43)	45)	50)	36)	38)	38)	54)	41)	34)	37)	27)
Other	(51)	(92)	(159)	(53)	(72)	(72)	15)	(33)	16)	(31)	(33)	(106)	(46)	(31)	(98)	(46)	234)	72)	(72)	(164)	(71)	(130)
Charges and credits	495)	597)	377)	580)	476)	449)	539)	402)	330)	391)	230)	259)	338)	423)	438)	262)	598)	556)	439)	294)	60)	350)
Changes in working capital items	(47)	(168)	156)	570)	(731)	111)	76)	79)	(663)	70)	219)	453)	(976)	195)	(140)	190)	(1,168)	473)	589)	174)	(546)	237)
Adjustments to reconcile to cash provided by operations	448)	429)	533)	1,150)	(255)	560)	615)	481)	(333)	461)	450)	712)	(637)	618)	298)	452)	(570)	1,029)	1,028)	468)	(486)	587)
Cash provided by operations	2,810)	2,412)	2,697)	3,428)	1,998)	2,428)	2,631)	2,737)	1,689)	2,390)	2,489)	3,029)	1,673)	2,421)	2,201)	2,434)	618)	2,133)	2,667)	2,618)	1,733)	2,124)
Capital expenditures	(834)	(682)	(1,059)	(1,011)	(744)	(551)	(807)	(794)	(627)	(547)	(757)	(570)	(527)	(503)	(529)	(531)	(438)	(401)	(687)	(502)	(483)	(369)
Purchases of restaurant businesses	(74)	(79)	(114)	(109)	(56)	(75)	(74)	(433)	(110)	(52)	(138)	(92)	(114)	(98)	(458)	(152)	(110)	(87)	(258)	(29)	(49)	(39)
Purchases of equity method investments	—)	—)	—)	—)	—)	—)	—)	—)	(17)	(1,820)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Sales of restaurant businesses	137)	72)	161)	102)	34)	49)	155)	54)	60)	42)	100)	16)	59)	21)	45)	33)	352)	17)	54)	60)	52)	30)
Sales of property	22)	34)	92)	22)	11)	5)	90)	10)	14)	8)	60)	14)	4)	18)	17)	11)	6)	5)	8)	41)	24)	33)
Other	(122)	(122)	(149)	(116)	(115)	(199)	(106)	(103)	(165)	(124)	(104)	(301)	(93)	(179)	(146)	(94)	(129)	(88)	(241)	44)	43)	100)
Cash used for investing activities	(871)	(777)	(1,069)	(1,112)	(870)	(771)	(742)	(1,266)	(845)	(2,493)	(839)	(933)	(671)	(741)	(1,071)	(733)	(319)	(555)	(1,123)	(385)	(414)	(245)
Net short-term borrowings (repayments)	492)	(791)	800)	(599)	597)	(792)	193)	474)	(2)	(339)	350)	7)	(157)	13)	15)	(305)	310)	6)	8)	—)	1)	7)
Long-term financing issuances	—)	1,159)	(10)	1,833)	1,403)	1,498)	649)	—)	1,731)	—)	2,171)	1,996)	—)	1,054)	—)	1,500)	1,875)	—)	1,154)	—)	—)	—)
Long-term financing repayments	(580)	(1)	(2,158)	(1,251)	(700)	(693)	(992)	—)	(500)	(1,285)	(1,064)	(1)	(1,377)	—)	(1)	—)	(851)	(1,351)	(501)	—)	(401)	(1,338)
Treasury stock purchases	(855)	(396)	(573)	(501)	(505)	(477)	(503)	(469)	(934)	(918)	(852)	(1,054)	(570)	(578)	(489)	(869)	(1,031)	(1,507)	(803)	(18)	(3)	(22)
Common stock dividends	(1,317)	(1,323)	(1,323)	(1,262)	(1,264)	(1,266)	(1,268)	(1,197)	(1,199)	(1,206)	(1,208)	(1,105)	(1,109)	(1,111)	(1,112)	(1,015)	(1,017)	(1,025)	(1,029)	(964)	(963)	(962)
Proceeds from stock option exercises	14)	128)	69)	28)	41)	147)	75)	132)	22)	99)	49)	62)	75)	74)	80)	62)	47)	59)	87)	67)	73)	59)
Other	(141)	(1)	(46)	(34)	(127)	40)	(32)	(27)	13)	(12)	(32)	(42)	44)	(10)	(11)	81)	(20)	(13)	(14)	(12)	(13)	(8)
Cash used for financing activities	(2,387)	(1,225)	(3,241)	(1,786)	(555)	(1,543)	(1,878)	(1,087)	(869)	(3,661)	(586)	(136)	(3,094)	(558)	(1,517)	(546)	(687)	(3,830)	(1,098)	(927)	(1,306)	(2,264)
Effect of exchange rates on cash and cash equivalents	100)	(14)	(26)	7)	65)	39)	(147)	45)	(20)	22)	19)	(89)	9)	3)	142)	(199)	(75)	(122)	(42)	(49)	16)	(45)
Cash and equivalents increase (decrease)	(348)	396)	(1,639)	537)	638)	153)	(136)	429)	(45)	(3,742)	1,083)	1,871)	(2,083)	1,124)	(245)	956)	(463)	(2,374)	403)	1,256)	30)	(429)

The cash flow profile exhibits a consistent ability to generate significant liquidity from operations, which is systematically deployed toward capital reinvestment and shareholder returns. Operational cash flow remains robust, generally trending upward with notable peaks, while investing and financing activities reflect a strategy of aggressive asset modernization and capital return.

Operational Cash Flow Dynamics: Net income demonstrates steady performance, ranging from a low of $1.10 billion in March 2022 to a peak of $2.36 billion in June 2026. Cash provided by operations consistently exceeds net income, bolstered by non-cash charges such as depreciation and amortization, which have grown from approximately $450 million per quarter in 2021 to over $560 million by 2026. Working capital adjustments introduce quarterly volatility, with significant outflows observed in June 2022 and June 2023, offset by strong inflows in other periods.
Investment and Capital Expenditure Trends: There is a clear upward trajectory in capital expenditures, which escalated from a range of $360 million to $680 million in 2021 to frequently exceeding $800 million, and peaking above $1 billion in late 2025. This indicates an intensified investment in physical assets or infrastructure. Investment activities are further characterized by consistent purchases of restaurant businesses and a singular, substantial outlay of $1.82 billion for equity method investments in March 2024, which significantly increased the cash used for investing activities in that period.
Financing and Shareholder Returns: Cash used for financing activities is primarily driven by a commitment to shareholder distributions. Common stock dividends have shown a disciplined increase, rising from approximately $960 million per quarter in early 2021 to consistently exceeding $1.3 billion per quarter by 2026. Treasury stock purchases remain a significant and variable expense, with expenditures reaching as high as $1.51 billion in March 2022. To balance these outflows, the entity utilizes a cyclical approach to debt, alternating between long-term financing issuances—such as the $2.17 billion issuance in December 2023—and strategic repayments.
Overall Liquidity Position: The net change in cash and equivalents fluctuates significantly due to the timing of large financing repayments and strategic investments. However, the underlying trend shows that operational cash flow is sufficient to cover both the increasing capital expenditure requirements and the growing dividend obligations, with debt markets serving as a secondary tool to manage short-term liquidity gaps and fund share repurchases.

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McDonald’s Corp. (NYSE:MCD)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data