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.
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- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
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McDonald’s Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 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 financial information reveals fluctuating cash flows over the observed period, spanning from March 2020 to June 2025. Net income demonstrates considerable variability, peaking in September 2020 and again in June 2023, while experiencing lows in June 2020 and March 2022. Depreciation and amortization consistently contributes a positive cash flow, with a gradual upward trend throughout the period. Deferred income taxes exhibit significant swings, often negative, indicating timing differences between reported income and taxable income. Share-based compensation provides a consistent, though relatively small, positive cash flow contribution.
- Cash Flow from Operations
- Cash provided by operations shows substantial volatility. A significant increase is observed in the latter half of 2020 and again in 2021. However, a marked decrease occurred in the first half of 2022, followed by recovery in subsequent periods. The largest cash flow from operations occurred in September 2025. Changes in working capital items appear to be a major driver of these fluctuations, with large negative impacts in certain quarters, particularly June 2020 and March 2023, offset by positive impacts in other periods like September 2020.
- Investing Activities
- Cash used for investing activities is consistently negative, primarily due to capital expenditures and purchases of restaurant businesses. Capital expenditures remain relatively stable, while purchases of restaurant businesses fluctuate considerably, with a particularly large outflow in December 2021. A substantial outflow related to purchases of equity method investments is noted in March 2024. Sales of restaurant businesses and property provide some offsetting inflows, but are generally smaller in magnitude than the outflows.
- Financing Activities
- Cash flow from financing activities is highly variable. Significant inflows are observed in March 2020, largely driven by long-term financing issuances. However, substantial outflows are consistently present due to treasury stock purchases and common stock dividends. Net short-term borrowings demonstrate fluctuations, indicating active management of short-term debt. Long-term financing repayments also contribute to outflows. The period from March 2024 to June 2025 shows a significant outflow in financing activities.
The effect of exchange rates on cash and cash equivalents introduces additional variability, though the impact is generally smaller than other components. Overall, the company demonstrates a complex pattern of cash flows, influenced by operational performance, investment decisions, and financing strategies. The period between 2020 and 2025 shows a cyclical pattern, with periods of strong cash generation from operations interspersed with significant cash outflows for investing and financing activities.