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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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
- Aggregate Accruals
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McDonald’s Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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).
- Net income
- Net income shows significant volatility over the quarters, with sharp declines in early 2020 followed by recovery and general growth through 2021 and 2022. Despite fluctuations, the company experienced a peak in net income in 2023 with values above $2 billion, though the amounts slightly declined towards early 2025.
- Depreciation and amortization
- This expense category demonstrates a steady and gradual increase across the periods, indicating consistent investment in fixed assets and the associated spreading of their costs over time.
- Deferred income taxes
- Deferred income taxes fluctuate considerably, alternating between positive and negative values. This variability suggests changing tax positions or timing differences in the recognition of income and expenses for tax purposes.
- Share-based compensation
- Share-based compensation gradually trends upward, reflecting potentially increased employee incentives or adjustments in compensation policy over the analyzed period.
- Other adjustments
- The "Other" category reveals a pattern of irregular values, indicating miscellaneous movements with no clear directional trend consistently maintained across quarters.
- Charges and credits
- Charges and credits exhibit fluctuations, with some quarters showing elevated amounts. These variations could reflect non-recurring charges or credits affecting overall profitability in certain periods.
- Changes in working capital items
- Working capital changes are notably volatile, including significant negative movements in some quarters (e.g., mid-2020 and 2022), which affect operating cash flow, but the overall trend suggests efforts to manage current assets and liabilities dynamically in response to broader business conditions.
- Adjustments to reconcile cash provided by operations
- Adjustments fluctuate widely but generally complement other operating activities, modifying the calculated cash flows and reflecting non-cash charges or inadequate timings.
- Cash provided by operations
- Operating cash flow is strong overall but shows significant quarterly fluctuations. After a downturn in mid-2020, the cash generated from operations recovered and remained robust, peaking in certain quarters such as late 2021 and 2023. Some dips align with challenging periods, possibly related to external market factors.
- Capital expenditures
- Capital expenditure trends upward over the timeline with sharp increases towards late 2023 and continuing into 2024, denoting intensified investments in property, plant, and equipment or expansions.
- Purchases and sales of restaurant businesses
- Purchases of restaurant businesses exhibit irregular spikes, particularly the substantial acquisition near mid-2024, while sales of restaurants generally remain steady, showing regular divestitures and portfolio adjustments.
- Purchases of equity method investments
- Equity method investments include an unusually large purchase in mid-2024, signaling strategic investment shifts or partnerships at that point in time.
- Sales of property
- Property sales are characterized by small yet variable values, with some quarters showing elevated activity indicating asset disposals.
- Cash used for investing activities
- Investing cash flows indicate a predominantly negative trend, reflecting consistent capital and business acquisitions offset by periodic property sales. A significant increase in cash outflows is noted in mid-2024, likely connected to the noted acquisitions.
- Net short-term borrowings (repayments)
- These figures show irregular activity, with periods of both negative and positive values, suggesting an opportunistic approach to managing short-term liquidity.
- Long-term financing issuances and repayments
- Long-term financing issuances are sporadic but include considerable inflows particularly in 2021 and 2023, while repayments also show substantial outflows across the periods. The company appears to manage debt actively, balancing new borrowings with repayments.
- Treasury stock purchases
- Treasury stock repurchases demonstrate a consistent and significant level of activity throughout the timeline, with particularly large transactions in late 2021 and continuing sizeable repurchases through 2023 and 2024, implying a strategy of returning capital to shareholders through buybacks.
- Common stock dividends
- Common stock dividends show steady payments with gradual increases, indicating a stable and potentially growing dividend policy aimed at shareholder returns.
- Proceeds from stock option exercises
- Proceeds from stock option exercises fluctuate but generally maintain moderate levels, suggesting regular employee stock option activities without dramatic variances.
- Cash provided by (used for) financing activities
- Financing activities reveal a pattern of significant cash outflows in most quarters, driven by stock repurchases, dividend payments, and debt repayments. Occasional inflows correspond to debt issuances and stock option exercises.
- Effect of exchange rates on cash and cash equivalents
- This impact varies with alternating positive and negative effects, reflecting currency fluctuations’ influence on cash balances.
- Cash and equivalents increase (decrease)
- Overall cash and cash equivalents changes vary considerably, with quarters of notable increases and decreases. Sharp declines in early 2022 and mid-2024 highlight periods of intensified cash usage, while substantial increases occur in other intervals, consistent with operating and financing cash flow patterns.