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.
Paying user area
Try for free
McDonald’s Corp. pages available for free this week:
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to McDonald’s Corp. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
McDonald’s Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-06-30), 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).
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.