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:	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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Net income	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)	1,377)	1,763)	484)	1,107)
Depreciation and amortization	559)	544)	520)	553)	532)	502)	510)	498)	498)	492)	491)	463)	466)	462)	480)	482)	469)	463)	454)	464)	440)	426)	421)
Deferred income taxes	35)	(40)	(44)	(73)	(137)	(226)	(138)	(272)	(176)	(153)	(86)	37)	(196)	(136)	(51)	(12)	(46)	(369)	(2)	(190)	(38)	(42)	276)
Share-based compensation	39)	44)	45)	44)	40)	38)	50)	37)	43)	45)	50)	36)	38)	38)	54)	41)	34)	37)	27)	28)	7)	31)	26)
Other	(53)	(72)	(72)	15)	(33)	16)	(31)	(33)	(106)	(46)	(31)	(98)	(46)	234)	72)	(72)	(164)	(71)	(130)	(78)	(57)	119)	(88)
Charges and credits	580)	476)	449)	539)	402)	330)	391)	231)	259)	339)	423)	438)	262)	598)	556)	439)	294)	60)	350)	225)	353)	534)	636)
Changes in working capital items	570)	(731)	111)	76)	79)	(663)	70)	219)	453)	(976)	195)	(140)	190)	(1,168)	473)	589)	174)	(546)	237)	391)	824)	(1,231)	(197)
Adjustments to reconcile to cash provided by operations	1,150)	(255)	560)	615)	481)	(333)	461)	450)	712)	(637)	618)	298)	452)	(570)	1,029)	1,028)	468)	(486)	587)	616)	1,177)	(697)	439)
Cash provided by operations	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)	1,993)	2,940)	(213)	1,546)
Capital expenditures	(1,011)	(744)	(551)	(807)	(794)	(627)	(547)	(757)	(570)	(527)	(503)	(529)	(531)	(438)	(401)	(687)	(502)	(483)	(369)	(463)	(390)	(305)	(483)
Purchases of restaurant businesses	(109)	(56)	(75)	(74)	(433)	(110)	(52)	(138)	(92)	(114)	(98)	(458)	(152)	(111)	(87)	(258)	(29)	(49)	(39)	(16)	(7)	(24)	(20)
Purchases of equity method investments	—)	—)	—)	—)	—)	(17)	(1,820)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Sales of restaurant businesses	102)	34)	49)	155)	54)	60)	42)	100)	16)	59)	21)	45)	33)	352)	17)	54)	60)	52)	30)	41)	8)	2)	26)
Sales of property	22)	11)	5)	90)	10)	14)	8)	60)	14)	4)	18)	17)	11)	6)	5)	8)	41)	24)	33)	10)	—)	2)	16)
Other	(116)	(115)	(199)	(106)	(103)	(165)	(124)	(104)	(301)	(93)	(179)	(146)	(94)	(129)	(88)	(241)	44)	43)	100)	66)	121)	(72)	(58)
Cash used for investing activities	(1,112)	(870)	(771)	(742)	(1,266)	(845)	(2,493)	(839)	(933)	(671)	(741)	(1,071)	(733)	(319)	(555)	(1,123)	(385)	(414)	(245)	(363)	(268)	(397)	(518)
Net short-term borrowings (repayments)	(599)	597)	(792)	193)	474)	(2)	(339)	350)	7)	(157)	13)	15)	(305)	310)	6)	8)	—)	1)	7)	(7)	(993)	(4)	112)
Long-term financing issuances	1,833)	1,403)	1,498)	649)	—)	1,731)	—)	2,171)	1,996)	—)	1,054)	—)	1,500)	1,875)	—)	1,154)	—)	—)	—)	—)	3)	1)	5,539)
Long-term financing repayments	(1,251)	(700)	(693)	(992)	—)	(500)	(1,285)	(1,064)	(1)	(1,377)	—)	(1)	—)	(851)	(1,351)	(501)	—)	(401)	(1,338)	(998)	(452)	(700)	(263)
Treasury stock purchases	(501)	(505)	(477)	(503)	(469)	(934)	(918)	(852)	(1,054)	(570)	(578)	(489)	(869)	(1,031)	(1,507)	(803)	(18)	(3)	(22)	(2)	(1)	(2)	(903)
Common stock dividends	(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)	(962)	(931)	(930)	(931)
Proceeds from stock option exercises	28)	41)	147)	75)	132)	22)	99)	49)	62)	75)	74)	80)	62)	47)	59)	87)	67)	73)	59)	33)	105)	58)	99)
Other	(34)	(127)	40)	(32)	(27)	13)	(12)	(32)	(42)	44)	(10)	(11)	81)	(20)	(13)	(14)	(12)	(13)	(8)	—)	—)	—)	(122)
Cash provided by (used for) financing activities	(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)	(1,936)	(2,269)	(1,578)	3,533)
Effect of exchange rates on cash and cash equivalents	7)	65)	39)	(147)	45)	(20)	22)	19)	(89)	9)	3)	142)	(199)	(75)	(122)	(42)	(49)	16)	(45)	71)	25)	64)	(79)
Cash and equivalents increase (decrease)	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)	(235)	428)	(2,124)	4,481)

Net Income: Net income exhibits notable volatility across the periods, with peaks around the third quarters of 2020 and 2023, reaching values above $2.3 billion. There is a general pattern of recovery after declines, and several quarters show strong profitability though some quarters see reductions. Overall, despite fluctuations, earnings remain robust.
Depreciation and Amortization: Depreciation and amortization expense reflects a steady upward trend, gradually increasing from approximately $421 million in early 2020 to around $559 million by late 2025. This suggests ongoing investment in fixed assets and intangible assets over the period.
Deferred Income Taxes: The deferred income taxes line shows irregular fluctuations, with both positive and negative values. Negative figures predominate in several periods, indicating deferred tax assets or timing differences affecting tax reporting. The variation lacks a clear long-term trend.
Share-Based Compensation: Share-based compensation remains relatively stable over time, mostly fluctuating between $30 million and $50 million, which indicates consistent usage of equity incentives as part of compensation strategy.
Other (Operating Adjustments): The category "Other" under operations is highly variable with both positive and negative values, revealing irregular one-time items or adjustments that impact operational cash flow across quarters.
Charges and Credits: Charges and credits show substantial variation, with notable peaks above $500 million in some quarters. The pattern suggests episodic recognition of non-routine expenses or gains, impacting earnings and cash flows intermittently but significantly.
Working Capital Changes: Changes in working capital items show high volatility, including large negative values such as -$1.2 billion and large positive swings. These fluctuations underscore a dynamic management of short-term assets and liabilities influencing operating cash flow substantially from quarter to quarter.
Adjustments to Reconcile to Cash Provided by Operations: Adjustments supporting reconciliation of net income to cash generated from operations also exhibit marked volatility, ranging from large positive to significant negative values. This highlights frequent, significant non-cash adjustments or timing differences affecting reported operating cash flow.
Cash Provided by Operations: Operational cash flow demonstrates considerable quarter-to-quarter variation, with periods of strong generation exceeding $3 billion as well as times of more modest or negative cash flow. The irregular pattern points to the combined effects of income volatility and changes in working capital.
Capital Expenditures: Capital expenditures consistently represent a substantial cash outflow, generally rising over the timeframe, peaking near $1 billion in some quarters. This trend indicates ongoing, significant investments in properties, equipment, or technology expected to support future growth or maintenance.
Purchases and Sales of Restaurant Businesses: Purchases of restaurant businesses display sporadic activity, including some significant acquisitions, while sales of restaurant businesses fluctuate but show occasional large dispositions. These patterns reflect active portfolio management with acquisitions offset by divestitures at various points.
Purchases of Equity Method Investments: Equity method investments include a large singular investment near late 2023, totaling approximately $1.8 billion, indicating strategic acquisitions or joint ventures made during this period, affecting investing cash flows notably.
Sales of Property: Sales of property vary but generally contribute modest positive cash inflows, with occasional spikes such as a $90 million inflow in early 2025, supporting capital expenditure outflows partially.
Cash Used for Investing Activities: Investing activities typically consume cash, with frequent outflows between $300 million and over $2 billion in certain quarters. The higher outflows correspond with periods of elevated capital expenditures and business acquisitions, consistent with investment in future operations.
Net Short-Term Borrowings (Repayments): Short-term borrowing activity is irregular, with periods of both repayments and borrowings, but lacking a clear directional trend. Fluctuations suggest short-term cash management flexibility in response to operational needs.
Long-Term Financing Issuances and Repayments: Long-term financing activity is marked by substantial issuances in some quarters, contrasted with notable repayments in others. This alternating pattern reflects ongoing refinancing efforts and capital structure management to optimize financial flexibility and cost of capital.
Treasury Stock Purchases: Significant treasury stock repurchases occur intermittently, with large buybacks especially visible in early 2021 and consistently sizable purchases thereafter. This indicates an active share repurchase program aimed at capital return to shareholders or share count management.
Common Stock Dividends: Dividends on common stock remain consistently high and stable over time, generally near $1.1 billion per quarter, demonstrating a strong and steady commitment to shareholder returns through dividend payouts.
Proceeds from Stock Option Exercises: Proceeds from stock option exercises fluctuate moderately but do not show a definitive increasing or decreasing trend, reflecting ongoing employee equity participation without significant shifts.
Cash Provided by (Used for) Financing Activities: Financing activities largely show negative cash flow, especially in quarters with heavy share repurchases and debt repayments. Some quarters display positive inflows from debt issuances or short-term borrowings; however, overall financing cash flow tends toward outflows, indicating net capital return and deleveraging activities.
Effect of Exchange Rates on Cash and Cash Equivalents: Foreign exchange effects impact cash balances in varying ways, sometimes positive and sometimes negative, with values typically below $150 million in absolute terms. These variations reflect currency volatility impacting cash balances held in multiple regions.
Cash and Equivalents Increase (Decrease): The net change in cash and equivalents fluctuates substantially, including large increases correlating with periods of strong operational cash flows and financing inflows, as well as sharp decreases aligned with increased investing or financing outflows, illustrating overall liquidity management challenges amid variable cash activities.

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McDonald’s Corp. (NYSE:MCD)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data