McDonald’s Corp. (MCD)


Long-term Debt and Solvency Analysis
Quarterly Data

Difficulty: Beginner


Ratios (Summary)

McDonald’s Corp., debt and solvency ratios (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
Debt Ratios
Debt to equity 40.64 6.05 3.40 2.16 1.70 1.25 1.17 1.11 0.96 0.86
Debt to equity (including operating lease liability) 40.64 6.05 3.40 2.16 1.70 1.25 1.17 1.11 0.96 0.86
Debt to capital 1.26 1.25 1.25 1.27 1.23 1.18 1.12 1.14 1.08 1.08 1.09 1.07 0.98 0.86 0.77 0.68 0.63 0.56 0.54 0.53 0.49 0.46
Debt to capital (including operating lease liability) 1.18 1.17 1.25 1.27 1.23 1.18 1.12 1.14 1.08 1.08 1.09 1.07 0.98 0.86 0.77 0.68 0.63 0.56 0.54 0.53 0.49 0.46
Debt to assets 0.71 0.71 0.95 0.94 0.95 0.92 0.87 0.88 0.87 0.85 0.84 0.80 0.78 0.69 0.64 0.55 0.51 0.44 0.44 0.42 0.41 0.38
Debt to assets (including operating lease liability) 0.98 0.97 0.95 0.94 0.95 0.92 0.87 0.88 0.87 0.85 0.84 0.80 0.78 0.69 0.64 0.55 0.51 0.44 0.44 0.42 0.41 0.38
Financial leverage 51.79 8.75 5.35 3.97 3.31 2.82 2.67 2.64 2.34 2.25
Coverage Ratios
Interest coverage 8.29 8.62 8.97 9.26 10.08 10.21 10.31 10.28 9.42 9.02 8.76 9.10 9.69 10.70 11.27 11.64 11.92 12.75 13.92

Based on: 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-08), 10-K (filing date: 2019-02-22), 10-Q (filing date: 2018-11-01), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-08), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-03-01), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-06), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-11-04), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-05-07), 10-K (filing date: 2015-02-24), 10-Q (filing date: 2014-11-03), 10-Q (filing date: 2014-08-04), 10-Q (filing date: 2014-05-06).

Ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity.
Debt to equity (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. McDonald’s Corp.’s debt to capital ratio improved from Q4 2018 to Q1 2019 but then deteriorated significantly from Q1 2019 to Q2 2019.
Debt to capital (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. McDonald’s Corp.’s debt to capital (including operating lease liability) ratio improved from Q4 2018 to Q1 2019 but then slightly deteriorated from Q1 2019 to Q2 2019.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. McDonald’s Corp.’s debt to assets ratio improved from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. McDonald’s Corp.’s debt to assets (including operating lease liability) ratio deteriorated from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity.

Ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. McDonald’s Corp.’s interest coverage ratio deteriorated from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Debt to Equity

McDonald’s Corp., debt to equity calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
Selected Financial Data (USD $ in thousands)
Current maturities of long-term debt —  —  —  —  292,200  —  —  215,800  209,900  222,900  77,200  —  —  —  —  —  —  —  —  613,300  539,200  101,400 
Long-term debt, excluding current maturities 32,654,300  32,892,000  31,075,300  31,895,200  30,687,700  30,869,500  29,536,400  28,402,600  28,150,900  26,984,200  25,878,500  26,007,000  26,010,000  23,352,600  24,122,100  17,990,500  17,901,600  14,291,800  14,989,700  14,516,900  14,891,400  13,825,400 
Total debt 32,654,300  32,892,000  31,075,300  31,895,200  30,979,900  30,869,500  29,536,400  28,618,400  28,360,800  27,207,100  25,955,700  26,007,000  26,010,000  23,352,600  24,122,100  17,990,500  17,901,600  14,291,800  14,989,700  15,130,200  15,430,600  13,926,800 
 
Shareholders’ equity (deficit) (6,808,800) (6,550,900) (6,258,400) (6,792,600) (5,851,000) (4,718,800) (3,268,000) (3,477,600) (2,000,600) (2,030,800) (2,204,300) (1,624,100) 640,000  3,863,000  7,087,900  8,309,800  10,560,900  11,403,300  12,853,400  13,625,900  16,154,900  16,147,700 
Ratio
Debt to equity1 40.64 6.05 3.40 2.16 1.70 1.25 1.17 1.11 0.96 0.86
Benchmarks
Debt to Equity, Competitors2
Booking Holdings Inc. 1.63 1.24 0.98 0.87 0.83 0.84 0.85 0.75 0.73 0.76 0.73 0.75 0.78 0.70 0.70 0.64 0.63 0.61 0.45 0.45 0.23 0.26
Delta Air Lines Inc. 0.72 0.83 0.71 0.68 0.77 0.69 0.64 0.63 0.67 0.71 0.60 0.60 0.66 0.75 0.77 0.85 0.97 1.06 1.11 0.82 0.85 0.95
Marriott International Inc. 8.40 6.40 4.20 4.01 3.16 2.48 2.21 1.92 1.70 1.64 1.59 1.51
Starbucks Corp. 8.07 1.70 1.39 0.85 0.72 0.67 0.71 0.55 0.61 0.63 0.59 0.39 0.40 0.49 0.34 0.35 0.39 0.40 0.41 0.42

Based on: 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-08), 10-K (filing date: 2019-02-22), 10-Q (filing date: 2018-11-01), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-08), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-03-01), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-06), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-11-04), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-05-07), 10-K (filing date: 2015-02-24), 10-Q (filing date: 2014-11-03), 10-Q (filing date: 2014-08-04), 10-Q (filing date: 2014-05-06).

1 Q2 2019 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity (deficit)
= 32,654,300 ÷ -6,808,800 =

2 Click competitor name to see calculations.

Ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity.

Debt to Equity (including Operating Lease Liability)

McDonald’s Corp., debt to equity (including operating lease liability) calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
Selected Financial Data (USD $ in thousands)
Current maturities of long-term debt —  —  —  —  292,200  —  —  215,800  209,900  222,900  77,200  —  —  —  —  —  —  —  —  613,300  539,200  101,400 
Long-term debt, excluding current maturities 32,654,300  32,892,000  31,075,300  31,895,200  30,687,700  30,869,500  29,536,400  28,402,600  28,150,900  26,984,200  25,878,500  26,007,000  26,010,000  23,352,600  24,122,100  17,990,500  17,901,600  14,291,800  14,989,700  14,516,900  14,891,400  13,825,400 
Total debt 32,654,300  32,892,000  31,075,300  31,895,200  30,979,900  30,869,500  29,536,400  28,618,400  28,360,800  27,207,100  25,955,700  26,007,000  26,010,000  23,352,600  24,122,100  17,990,500  17,901,600  14,291,800  14,989,700  15,130,200  15,430,600  13,926,800 
Current lease liability 743,400  767,900  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Long-term lease liability 11,895,400  11,629,500  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Total debt (including operating lease liability) 45,293,100  45,289,400  31,075,300  31,895,200  30,979,900  30,869,500  29,536,400  28,618,400  28,360,800  27,207,100  25,955,700  26,007,000  26,010,000  23,352,600  24,122,100  17,990,500  17,901,600  14,291,800  14,989,700  15,130,200  15,430,600  13,926,800 
 
Shareholders’ equity (deficit) (6,808,800) (6,550,900) (6,258,400) (6,792,600) (5,851,000) (4,718,800) (3,268,000) (3,477,600) (2,000,600) (2,030,800) (2,204,300) (1,624,100) 640,000  3,863,000  7,087,900  8,309,800  10,560,900  11,403,300  12,853,400  13,625,900  16,154,900  16,147,700 
Ratio
Debt to equity (including operating lease liability)1 40.64 6.05 3.40 2.16 1.70 1.25 1.17 1.11 0.96 0.86
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Booking Holdings Inc. 1.73 1.31 0.98 0.87 0.83 0.84 0.85 0.75 0.73 0.76 0.73 0.75 0.78 0.70 0.70 0.64 0.63 0.61 0.45 0.45 0.23 0.26
Delta Air Lines Inc. 1.17 1.36 1.21 0.68 0.77 0.69 0.64 0.63 0.67 0.71 0.60 0.60 0.66 0.75 0.77 0.85 0.97 1.06 1.11 0.82 0.85 0.95
Marriott International Inc. 9.12 6.95 4.20 4.01 3.16 2.48 2.21 1.92 1.70 1.64 1.59 1.51

Based on: 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-08), 10-K (filing date: 2019-02-22), 10-Q (filing date: 2018-11-01), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-08), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-03-01), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-06), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-11-04), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-05-07), 10-K (filing date: 2015-02-24), 10-Q (filing date: 2014-11-03), 10-Q (filing date: 2014-08-04), 10-Q (filing date: 2014-05-06).

1 Q2 2019 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity (deficit)
= 45,293,100 ÷ -6,808,800 =

2 Click competitor name to see calculations.

Ratio Description The company
Debt to equity (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity.

Debt to Capital

McDonald’s Corp., debt to capital calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
Selected Financial Data (USD $ in thousands)
Current maturities of long-term debt —  —  —  —  292,200  —  —  215,800  209,900  222,900  77,200  —  —  —  —  —  —  —  —  613,300  539,200  101,400 
Long-term debt, excluding current maturities 32,654,300  32,892,000  31,075,300  31,895,200  30,687,700  30,869,500  29,536,400  28,402,600  28,150,900  26,984,200  25,878,500  26,007,000  26,010,000  23,352,600  24,122,100  17,990,500  17,901,600  14,291,800  14,989,700  14,516,900  14,891,400  13,825,400 
Total debt 32,654,300  32,892,000  31,075,300  31,895,200  30,979,900  30,869,500  29,536,400  28,618,400  28,360,800  27,207,100  25,955,700  26,007,000  26,010,000  23,352,600  24,122,100  17,990,500  17,901,600  14,291,800  14,989,700  15,130,200  15,430,600  13,926,800 
Shareholders’ equity (deficit) (6,808,800) (6,550,900) (6,258,400) (6,792,600) (5,851,000) (4,718,800) (3,268,000) (3,477,600) (2,000,600) (2,030,800) (2,204,300) (1,624,100) 640,000  3,863,000  7,087,900  8,309,800  10,560,900  11,403,300  12,853,400  13,625,900  16,154,900  16,147,700 
Total capital 25,845,500  26,341,100  24,816,900  25,102,600  25,128,900  26,150,700  26,268,400  25,140,800  26,360,200  25,176,300  23,751,400  24,382,900  26,650,000  27,215,600  31,210,000  26,300,300  28,462,500  25,695,100  27,843,100  28,756,100  31,585,500  30,074,500 
Ratio
Debt to capital1 1.26 1.25 1.25 1.27 1.23 1.18 1.12 1.14 1.08 1.08 1.09 1.07 0.98 0.86 0.77 0.68 0.63 0.56 0.54 0.53 0.49 0.46
Benchmarks
Debt to Capital, Competitors2
Booking Holdings Inc. 0.62 0.55 0.50 0.47 0.45 0.46 0.46 0.43 0.42 0.43 0.42 0.43 0.44 0.41 0.41 0.39 0.39 0.38 0.31 0.31 0.19 0.20
Delta Air Lines Inc. 0.42 0.45 0.42 0.40 0.44 0.41 0.39 0.39 0.40 0.42 0.37 0.38 0.40 0.43 0.43 0.46 0.49 0.51 0.53 0.45 0.46 0.49
Marriott International Inc. 0.89 0.86 0.81 0.80 0.76 0.71 0.69 0.66 0.63 0.62 0.61 0.60 4.86 8.45 7.94 6.02 4.43 2.70 2.39 2.09 2.02 1.97
Starbucks Corp. 2.21 1.46 0.89 0.63 0.58 0.46 0.42 0.40 0.41 0.35 0.38 0.39 0.37 0.28 0.29 0.33 0.25 0.26 0.28 0.29 0.29 0.30

Based on: 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-08), 10-K (filing date: 2019-02-22), 10-Q (filing date: 2018-11-01), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-08), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-03-01), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-06), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-11-04), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-05-07), 10-K (filing date: 2015-02-24), 10-Q (filing date: 2014-11-03), 10-Q (filing date: 2014-08-04), 10-Q (filing date: 2014-05-06).

1 Q2 2019 Calculation
Debt to capital = Total debt ÷ Total capital
= 32,654,300 ÷ 25,845,500 = 1.26

2 Click competitor name to see calculations.

Ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. McDonald’s Corp.’s debt to capital ratio improved from Q4 2018 to Q1 2019 but then deteriorated significantly from Q1 2019 to Q2 2019.

Debt to Capital (including Operating Lease Liability)

McDonald’s Corp., debt to capital (including operating lease liability) calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
Selected Financial Data (USD $ in thousands)
Current maturities of long-term debt —  —  —  —  292,200  —  —  215,800  209,900  222,900  77,200  —  —  —  —  —  —  —  —  613,300  539,200  101,400 
Long-term debt, excluding current maturities 32,654,300  32,892,000  31,075,300  31,895,200  30,687,700  30,869,500  29,536,400  28,402,600  28,150,900  26,984,200  25,878,500  26,007,000  26,010,000  23,352,600  24,122,100  17,990,500  17,901,600  14,291,800  14,989,700  14,516,900  14,891,400  13,825,400 
Total debt 32,654,300  32,892,000  31,075,300  31,895,200  30,979,900  30,869,500  29,536,400  28,618,400  28,360,800  27,207,100  25,955,700  26,007,000  26,010,000  23,352,600  24,122,100  17,990,500  17,901,600  14,291,800  14,989,700  15,130,200  15,430,600  13,926,800 
Current lease liability 743,400  767,900  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Long-term lease liability 11,895,400  11,629,500  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Total debt (including operating lease liability) 45,293,100  45,289,400  31,075,300  31,895,200  30,979,900  30,869,500  29,536,400  28,618,400  28,360,800  27,207,100  25,955,700  26,007,000  26,010,000  23,352,600  24,122,100  17,990,500  17,901,600  14,291,800  14,989,700  15,130,200  15,430,600  13,926,800 
Shareholders’ equity (deficit) (6,808,800) (6,550,900) (6,258,400) (6,792,600) (5,851,000) (4,718,800) (3,268,000) (3,477,600) (2,000,600) (2,030,800) (2,204,300) (1,624,100) 640,000  3,863,000  7,087,900  8,309,800  10,560,900  11,403,300  12,853,400  13,625,900  16,154,900  16,147,700 
Total capital (including operating lease liability) 38,484,300  38,738,500  24,816,900  25,102,600  25,128,900  26,150,700  26,268,400  25,140,800  26,360,200  25,176,300  23,751,400  24,382,900  26,650,000  27,215,600  31,210,000  26,300,300  28,462,500  25,695,100  27,843,100  28,756,100  31,585,500  30,074,500 
Ratio
Debt to capital (including operating lease liability)1 1.18 1.17 1.25 1.27 1.23 1.18 1.12 1.14 1.08 1.08 1.09 1.07 0.98 0.86 0.77 0.68 0.63 0.56 0.54 0.53 0.49 0.46
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Booking Holdings Inc. 0.63 0.57 0.50 0.47 0.45 0.46 0.46 0.43 0.42 0.43 0.42 0.43 0.44 0.41 0.41 0.39 0.39 0.38 0.31 0.31 0.19 0.20
Delta Air Lines Inc. 0.54 0.58 0.55 0.40 0.44 0.41 0.39 0.39 0.40 0.42 0.37 0.38 0.40 0.43 0.43 0.46 0.49 0.51 0.53 0.45 0.46 0.49
Marriott International Inc. 0.90 0.87 0.81 0.80 0.76 0.71 0.69 0.66 0.63 0.62 0.61 0.60 4.86 8.45 7.94 6.02 4.43 2.70 2.39 2.09 2.02 1.97

Based on: 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-08), 10-K (filing date: 2019-02-22), 10-Q (filing date: 2018-11-01), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-08), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-03-01), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-06), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-11-04), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-05-07), 10-K (filing date: 2015-02-24), 10-Q (filing date: 2014-11-03), 10-Q (filing date: 2014-08-04), 10-Q (filing date: 2014-05-06).

1 Q2 2019 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 45,293,100 ÷ 38,484,300 = 1.18

2 Click competitor name to see calculations.

Ratio Description The company
Debt to capital (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. McDonald’s Corp.’s debt to capital (including operating lease liability) ratio improved from Q4 2018 to Q1 2019 but then slightly deteriorated from Q1 2019 to Q2 2019.

Debt to Assets

McDonald’s Corp., debt to assets calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
Selected Financial Data (USD $ in thousands)
Current maturities of long-term debt —  —  —  —  292,200  —  —  215,800  209,900  222,900  77,200  —  —  —  —  —  —  —  —  613,300  539,200  101,400 
Long-term debt, excluding current maturities 32,654,300  32,892,000  31,075,300  31,895,200  30,687,700  30,869,500  29,536,400  28,402,600  28,150,900  26,984,200  25,878,500  26,007,000  26,010,000  23,352,600  24,122,100  17,990,500  17,901,600  14,291,800  14,989,700  14,516,900  14,891,400  13,825,400 
Total debt 32,654,300  32,892,000  31,075,300  31,895,200  30,979,900  30,869,500  29,536,400  28,618,400  28,360,800  27,207,100  25,955,700  26,007,000  26,010,000  23,352,600  24,122,100  17,990,500  17,901,600  14,291,800  14,989,700  15,130,200  15,430,600  13,926,800 
 
Total assets 46,199,800  46,466,600  32,811,200  34,053,700  32,708,400  33,722,900  33,803,700  32,559,600  32,785,200  32,120,300  31,023,900  32,486,900  33,146,500  33,795,400  37,938,700  32,959,500  34,947,900  32,155,600  34,281,400  36,020,800  37,780,600  36,369,100 
Ratio
Debt to assets1 0.71 0.71 0.95 0.94 0.95 0.92 0.87 0.88 0.87 0.85 0.84 0.80 0.78 0.69 0.64 0.55 0.51 0.44 0.44 0.42 0.41 0.38
Benchmarks
Debt to Assets, Competitors2
Booking Holdings Inc. 0.40 0.38 0.38 0.36 0.34 0.36 0.37 0.37 0.36 0.38 0.36 0.36 0.37 0.34 0.35 0.33 0.32 0.31 0.26 0.26 0.16 0.17
Delta Air Lines Inc. 0.16 0.17 0.16 0.17 0.18 0.16 0.17 0.17 0.17 0.18 0.14 0.15 0.15 0.16 0.16 0.16 0.18 0.18 0.18 0.20 0.20 0.21
Marriott International Inc. 0.42 0.41 0.39 0.39 0.38 0.36 0.34 0.36 0.35 0.35 0.35 0.35 0.66 0.68 0.68 0.70 0.62 0.59 0.55 0.52 0.50 0.50
Starbucks Corp. 0.52 0.46 0.39 0.40 0.37 0.27 0.27 0.27 0.28 0.23 0.25 0.26 0.24 0.18 0.19 0.23 0.17 0.17 0.19 0.20 0.20 0.20

Based on: 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-08), 10-K (filing date: 2019-02-22), 10-Q (filing date: 2018-11-01), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-08), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-03-01), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-06), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-11-04), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-05-07), 10-K (filing date: 2015-02-24), 10-Q (filing date: 2014-11-03), 10-Q (filing date: 2014-08-04), 10-Q (filing date: 2014-05-06).

1 Q2 2019 Calculation
Debt to assets = Total debt ÷ Total assets
= 32,654,300 ÷ 46,199,800 = 0.71

2 Click competitor name to see calculations.

Ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. McDonald’s Corp.’s debt to assets ratio improved from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Debt to Assets (including Operating Lease Liability)

McDonald’s Corp., debt to assets (including operating lease liability) calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
Selected Financial Data (USD $ in thousands)
Current maturities of long-term debt —  —  —  —  292,200  —  —  215,800  209,900  222,900  77,200  —  —  —  —  —  —  —  —  613,300  539,200  101,400 
Long-term debt, excluding current maturities 32,654,300  32,892,000  31,075,300  31,895,200  30,687,700  30,869,500  29,536,400  28,402,600  28,150,900  26,984,200  25,878,500  26,007,000  26,010,000  23,352,600  24,122,100  17,990,500  17,901,600  14,291,800  14,989,700  14,516,900  14,891,400  13,825,400 
Total debt 32,654,300  32,892,000  31,075,300  31,895,200  30,979,900  30,869,500  29,536,400  28,618,400  28,360,800  27,207,100  25,955,700  26,007,000  26,010,000  23,352,600  24,122,100  17,990,500  17,901,600  14,291,800  14,989,700  15,130,200  15,430,600  13,926,800 
Current lease liability 743,400  767,900  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Long-term lease liability 11,895,400  11,629,500  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Total debt (including operating lease liability) 45,293,100  45,289,400  31,075,300  31,895,200  30,979,900  30,869,500  29,536,400  28,618,400  28,360,800  27,207,100  25,955,700  26,007,000  26,010,000  23,352,600  24,122,100  17,990,500  17,901,600  14,291,800  14,989,700  15,130,200  15,430,600  13,926,800 
 
Total assets 46,199,800  46,466,600  32,811,200  34,053,700  32,708,400  33,722,900  33,803,700  32,559,600  32,785,200  32,120,300  31,023,900  32,486,900  33,146,500  33,795,400  37,938,700  32,959,500  34,947,900  32,155,600  34,281,400  36,020,800  37,780,600  36,369,100 
Ratio
Debt to assets (including operating lease liability)1 0.98 0.97 0.95 0.94 0.95 0.92 0.87 0.88 0.87 0.85 0.84 0.80 0.78 0.69 0.64 0.55 0.51 0.44 0.44 0.42 0.41 0.38
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Booking Holdings Inc. 0.43 0.41 0.38 0.36 0.34 0.36 0.37 0.37 0.36 0.38 0.36 0.36 0.37 0.34 0.35 0.33 0.32 0.31 0.26 0.26 0.16 0.17
Delta Air Lines Inc. 0.26 0.28 0.27 0.17 0.18 0.16 0.17 0.17 0.17 0.18 0.14 0.15 0.15 0.16 0.16 0.16 0.18 0.18 0.18 0.20 0.20 0.21
Marriott International Inc. 0.45 0.45 0.39 0.39 0.38 0.36 0.34 0.36 0.35 0.35 0.35 0.35 0.66 0.68 0.68 0.70 0.62 0.59 0.55 0.52 0.50 0.50

Based on: 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-08), 10-K (filing date: 2019-02-22), 10-Q (filing date: 2018-11-01), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-08), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-03-01), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-06), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-11-04), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-05-07), 10-K (filing date: 2015-02-24), 10-Q (filing date: 2014-11-03), 10-Q (filing date: 2014-08-04), 10-Q (filing date: 2014-05-06).

1 Q2 2019 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 45,293,100 ÷ 46,199,800 = 0.98

2 Click competitor name to see calculations.

Ratio Description The company
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. McDonald’s Corp.’s debt to assets (including operating lease liability) ratio deteriorated from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Financial Leverage

McDonald’s Corp., financial leverage calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
Selected Financial Data (USD $ in thousands)
Total assets 46,199,800  46,466,600  32,811,200  34,053,700  32,708,400  33,722,900  33,803,700  32,559,600  32,785,200  32,120,300  31,023,900  32,486,900  33,146,500  33,795,400  37,938,700  32,959,500  34,947,900  32,155,600  34,281,400  36,020,800  37,780,600  36,369,100 
Shareholders’ equity (deficit) (6,808,800) (6,550,900) (6,258,400) (6,792,600) (5,851,000) (4,718,800) (3,268,000) (3,477,600) (2,000,600) (2,030,800) (2,204,300) (1,624,100) 640,000  3,863,000  7,087,900  8,309,800  10,560,900  11,403,300  12,853,400  13,625,900  16,154,900  16,147,700 
Ratio
Financial leverage1 51.79 8.75 5.35 3.97 3.31 2.82 2.67 2.64 2.34 2.25
Benchmarks
Financial Leverage, Competitors2
Booking Holdings Inc. 4.05 3.23 2.58 2.45 2.42 2.35 2.26 2.00 2.02 2.03 2.02 2.04 2.12 2.03 1.98 1.95 1.99 1.95 1.74 1.74 1.48 1.50
Delta Air Lines Inc. 4.48 4.79 4.40 4.01 4.34 4.31 3.83 3.71 3.84 3.98 4.17 4.07 4.37 4.74 4.90 5.19 5.52 5.94 6.14 4.22 4.28 4.48
Marriott International Inc. 20.08 15.44 10.65 10.26 8.39 6.87 6.42 5.37 4.87 4.63 4.51 4.28
Starbucks Corp. 20.66 4.31 3.73 3.22 2.64 2.49 2.54 2.42 2.44 2.42 2.46 2.16 2.14 2.20 2.03 2.14 2.04 2.05 2.04 2.10

Based on: 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-08), 10-K (filing date: 2019-02-22), 10-Q (filing date: 2018-11-01), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-08), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-03-01), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-06), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-11-04), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-05-07), 10-K (filing date: 2015-02-24), 10-Q (filing date: 2014-11-03), 10-Q (filing date: 2014-08-04), 10-Q (filing date: 2014-05-06).

1 Q2 2019 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity (deficit)
= 46,199,800 ÷ -6,808,800 =

2 Click competitor name to see calculations.

Ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity.

Interest Coverage

McDonald’s Corp., interest coverage calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
Selected Financial Data (USD $ in thousands)
Net income 1,516,900  1,328,400  1,415,300  1,637,300  1,496,300  1,375,400  698,700  1,883,700  1,395,100  1,214,800  1,193,400  1,275,400  1,092,900  1,124,800  1,206,200  1,309,200  1,202,400  811,500  1,097,500  1,068,400  1,387,100  1,204,800 
Add: Income tax expense 490,900  502,900  336,100  521,400  521,800  512,500  1,186,400  935,800  666,300  592,700  541,500  629,100  557,300  451,600  504,600  569,200  510,000  442,600  498,600  852,700  684,400  578,500 
Add: Interest expense 284,200  274,100  254,100  250,100  240,200  236,800  235,100  236,700  230,900  218,600  221,200  221,400  223,900  218,300  180,900  160,900  149,200  147,300  147,800  149,300  137,900  135,500 
Earnings before interest and tax (EBIT) 2,292,000  2,105,400  2,005,500  2,408,800  2,258,300  2,124,700  2,120,200  3,056,200  2,292,300  2,026,100  1,956,100  2,125,900  1,874,100  1,794,700  1,891,700  2,039,300  1,861,600  1,401,400  1,743,900  2,070,400  2,209,400  1,918,800 
Ratio
Interest coverage1 8.29 8.62 8.97 9.26 10.08 10.21 10.31 10.28 9.42 9.02 8.76 9.10 9.69 10.70 11.27 11.64 11.92 12.75 13.92
Benchmarks
Interest Coverage, Competitors2
Booking Holdings Inc. 19.84 20.07 18.97 19.76 19.25 18.22 18.32 18.71 13.98 13.83 14.05 14.07 18.69 19.32 20.52 21.84 23.67 29.64 34.84
Delta Air Lines Inc. 20.75 18.76 17.56 14.79 14.55 15.01 15.40 15.26 15.70 17.31 18.10 19.18 18.47 17.20 15.88 9.69 6.45 4.23 2.65
Marriott International Inc. 5.45 7.20 7.90 10.92 11.38 10.84 10.85 8.01 6.83 6.23 6.06 6.29 7.54 8.16 8.51 9.52 10.28 10.62 10.46 9.79 9.56 8.78
Starbucks Corp. 15.50 18.04 34.94 47.62 57.42 66.44 47.68 47.16 48.23 49.33 52.64 52.87 53.03 52.67 56.36 58.13 57.84 56.24 50.29 4.23 1.52 0.11

Based on: 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-08), 10-K (filing date: 2019-02-22), 10-Q (filing date: 2018-11-01), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-08), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-03-01), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-06), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-11-04), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-05-07), 10-K (filing date: 2015-02-24), 10-Q (filing date: 2014-11-03), 10-Q (filing date: 2014-08-04), 10-Q (filing date: 2014-05-06).

1 Q2 2019 Calculation
Interest coverage = (EBITQ2 2019 + EBITQ1 2019 + EBITQ4 2018 + EBITQ3 2018) ÷ (Interest expenseQ2 2019 + Interest expenseQ1 2019 + Interest expenseQ4 2018 + Interest expenseQ3 2018)
= (2,292,000 + 2,105,400 + 2,005,500 + 2,408,800) ÷ (284,200 + 274,100 + 254,100 + 250,100) = 8.29

2 Click competitor name to see calculations.

Ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. McDonald’s Corp.’s interest coverage ratio deteriorated from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.