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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McDonald’s Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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).
The financial information reveals fluctuating cash flows over the analyzed period, spanning from March 2021 to December 2025. Net income demonstrates variability, peaking in June 2021 and again in June 2023, with a general trend towards stabilization in the later periods. Cash provided by operations exhibits significant swings, mirroring the net income fluctuations, but also influenced by substantial changes in working capital items.
- Net Income & Operational Cash Flow
- Net income generally ranged between US$1.5 billion and US$2.3 billion, with notable dips in December 2021 and March 2022. Cash provided by operations followed a similar pattern, reaching highs of US$2.6 billion in September 2021 and US$3.0 billion in September 2023, but experiencing lows of US$618 million in June 2022. The correlation between net income and cash from operations suggests a strong link between profitability and core business activities.
- Non-Cash Adjustments
- Depreciation and amortization consistently contributed a significant positive adjustment to cash flow from operations, averaging around US$480-576 million per quarter. Share-based compensation also provided a consistent, though smaller, positive adjustment. Deferred income taxes, however, presented a volatile impact, shifting from negative to positive values, indicating changes in tax liabilities and deferred tax assets. Other adjustments were also variable, with significant negative impacts in some quarters.
- Working Capital Dynamics
- Changes in working capital items had a substantial and often offsetting effect on cash flow from operations. Large positive adjustments were observed in March 2021 and September 2021, while significant negative adjustments occurred in June 2021, June 2022, and March 2023. These fluctuations suggest considerable variability in the management of accounts receivable, inventory, and accounts payable.
- Investing Activities
- Cash used for investing activities was consistently negative, primarily driven by capital expenditures and purchases of restaurant businesses. Capital expenditures remained relatively stable, ranging from US$369 million to US$807 million per quarter. Purchases of restaurant businesses were particularly high in December 2021 and September 2024. Sales of restaurant businesses and property provided some offsetting cash inflows, but were generally smaller in magnitude.
- Financing Activities
- Cash used for financing activities was consistently negative, dominated by treasury stock purchases and common stock dividends. Treasury stock purchases were substantial, particularly in March 2022 and March 2024. Common stock dividends remained relatively consistent, averaging around US$1.1 billion to US$1.3 billion per quarter. Long-term debt activity varied significantly, with issuances and repayments occurring in different periods. Net short-term borrowings also fluctuated, indicating changes in short-term financing needs.
- Overall Trends
- The period from 2023 to 2025 shows a trend towards more stable, though still fluctuating, cash flows. While operational cash flow remains variable, the significant swings observed in earlier periods appear to be moderating. Investing and financing activities continue to represent substantial cash outflows, reflecting ongoing investments in the business and returns to shareholders. Exchange rate effects, while present, generally had a smaller impact on overall cash position.