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:	Mar 31, 2026	Dec 31, 2025	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
Net income	1,983)	2,164)	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)
Depreciation and amortization	566)	576)	559)	544)	520)	553)	532)	502)	510)	498)	498)	492)	491)	463)	466)	462)	480)	482)	469)	463)	454)
Deferred income taxes	63)	(77)	35)	(40)	(44)	(73)	(137)	(226)	(138)	(272)	(176)	(153)	(86)	37)	(196)	(136)	(51)	(12)	(46)	(369)	(2)
Share-based compensation	60)	37)	39)	44)	45)	44)	40)	38)	50)	37)	43)	45)	50)	36)	38)	38)	54)	41)	34)	37)	27)
Other	(92)	(159)	(53)	(72)	(72)	15)	(33)	16)	(31)	(33)	(106)	(46)	(31)	(98)	(46)	234)	72)	(72)	(164)	(71)	(130)
Charges and credits	597)	377)	580)	476)	449)	539)	402)	330)	391)	230)	259)	338)	423)	438)	262)	598)	556)	439)	294)	60)	350)
Changes in working capital items	(168)	156)	570)	(731)	111)	76)	79)	(663)	70)	219)	453)	(976)	195)	(140)	190)	(1,168)	473)	589)	174)	(546)	237)
Adjustments to reconcile to cash provided by operations	429)	533)	1,150)	(255)	560)	615)	481)	(333)	461)	450)	712)	(637)	618)	298)	452)	(570)	1,029)	1,028)	468)	(486)	587)
Cash provided by operations	2,412)	2,697)	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)
Capital expenditures	(682)	(1,059)	(1,011)	(744)	(551)	(807)	(794)	(627)	(547)	(757)	(570)	(527)	(503)	(529)	(531)	(438)	(401)	(687)	(502)	(483)	(369)
Purchases of restaurant businesses	(79)	(114)	(109)	(56)	(75)	(74)	(433)	(110)	(52)	(138)	(92)	(114)	(98)	(458)	(152)	(110)	(87)	(258)	(29)	(49)	(39)
Purchases of equity method investments	—)	—)	—)	—)	—)	—)	—)	(17)	(1,820)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Sales of restaurant businesses	72)	161)	102)	34)	49)	155)	54)	60)	42)	100)	16)	59)	21)	45)	33)	352)	17)	54)	60)	52)	30)
Sales of property	34)	92)	22)	11)	5)	90)	10)	14)	8)	60)	14)	4)	18)	17)	11)	6)	5)	8)	41)	24)	33)
Other	(122)	(149)	(116)	(115)	(199)	(106)	(103)	(165)	(124)	(104)	(301)	(93)	(179)	(146)	(94)	(129)	(88)	(241)	44)	43)	100)
Cash used for investing activities	(777)	(1,069)	(1,112)	(870)	(771)	(742)	(1,266)	(845)	(2,493)	(839)	(933)	(671)	(741)	(1,071)	(733)	(319)	(555)	(1,123)	(385)	(414)	(245)
Net short-term borrowings (repayments)	(791)	800)	(599)	597)	(792)	193)	474)	(2)	(339)	350)	7)	(157)	13)	15)	(305)	310)	6)	8)	—)	1)	7)
Long-term financing issuances	1,159)	(10)	1,833)	1,403)	1,498)	649)	—)	1,731)	—)	2,171)	1,996)	—)	1,054)	—)	1,500)	1,875)	—)	1,154)	—)	—)	—)
Long-term financing repayments	(1)	(2,158)	(1,251)	(700)	(693)	(992)	—)	(500)	(1,285)	(1,064)	(1)	(1,377)	—)	(1)	—)	(851)	(1,351)	(501)	—)	(401)	(1,338)
Treasury stock purchases	(396)	(573)	(501)	(505)	(477)	(503)	(469)	(934)	(918)	(852)	(1,054)	(570)	(578)	(489)	(869)	(1,031)	(1,507)	(803)	(18)	(3)	(22)
Common stock dividends	(1,323)	(1,323)	(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)
Proceeds from stock option exercises	128)	69)	28)	41)	147)	75)	132)	22)	99)	49)	62)	75)	74)	80)	62)	47)	59)	87)	67)	73)	59)
Other	(1)	(46)	(34)	(127)	40)	(32)	(27)	13)	(12)	(32)	(42)	44)	(10)	(11)	81)	(20)	(13)	(14)	(12)	(13)	(8)
Cash used for financing activities	(1,225)	(3,241)	(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)
Effect of exchange rates on cash and cash equivalents	(14)	(26)	7)	65)	39)	(147)	45)	(20)	22)	19)	(89)	9)	3)	142)	(199)	(75)	(122)	(42)	(49)	16)	(45)
Cash and equivalents increase (decrease)	396)	(1,639)	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)

The company demonstrates a consistent ability to generate substantial cash from operations, with quarterly net income generally fluctuating between $1.1 billion and $2.3 billion. Cash provided by operations typically exceeds net income, supported by steady non-cash charges, specifically depreciation and amortization, which trended upward from approximately $450 million per quarter in 2021 to over $560 million by late 2025.

Operational Cash Flow Volatility: A significant pattern of volatility is observed in working capital items, characterized by periodic large outflows, most notably in June quarters. These fluctuations impact the total cash provided by operations, which reached a peak of $3.4 billion in September 2025 despite these cyclical swings.
Investment Trends and Capital Expenditure: There is a pronounced upward trend in capital expenditures. Outflows for these investments grew from a range of $370 million to $690 million per quarter in 2021 to consistently exceeding $700 million in 2024 and 2025, with peaks above $1 billion. Strategic investing activity was further highlighted by a substantial $1.82 billion expenditure for equity method investments in March 2024.
Financing Strategy and Shareholder Distributions: Financing activities are dominated by a commitment to shareholder returns. Common stock dividends exhibit a steady increase, rising from approximately $960 million per quarter in early 2021 to $1.32 billion by 2026. Treasury stock purchases also represent a consistent use of cash, although the volume varies per quarter. To balance these outflows and manage debt, the company utilizes periodic long-term financing issuances, frequently exceeding $1.5 billion in several quarters across the analyzed period.
Liquidity and Net Cash Position: The net change in cash and equivalents is highly variable, driven by the timing of large-scale debt repayments, financing issuances, and strategic investments. While individual quarters show significant decreases—such as the $3.74 billion drop in March 2024—the overall operational cash generation remains robust enough to fund both escalating capital expenditures and increased dividend payments.

Overall, the financial profile is one of a mature entity using strong operational cash flows to fund an increasing investment in infrastructure and a growing return to shareholders, while actively managing its capital structure through the alternating issuance and repayment of long-term debt.

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McDonald’s Corp. (NYSE:MCD)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data