Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
McDonald’s Corp., long-term (investment) activity ratios (quarterly data)
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).
The analysis of investment activity ratios reveals a period of relative stability in asset utilization, characterized by minor fluctuations and a lack of significant long-term volatility. The efficiency with which assets are employed to generate revenue remained consistent across the observed quarters, with slight variations in efficiency levels appearing in the latter half of the period.
- Net Fixed Asset Turnover
- This ratio demonstrates a stable trend, generally fluctuating around the 1.00 mark. A peak efficiency level of 1.05 was reached in September 2023, followed by a gradual decline that bottomed at 0.95 in December 2025. The ratio subsequently stabilized at 0.97 through June 2026. The narrow range of movement suggests a consistent relationship between net fixed asset investments and the resulting revenue generation.
- Total Asset Turnover
- The total asset turnover exhibits high consistency, remaining within a tight band between 0.43 and 0.48 throughout the analyzed timeframe. A marginal downward trend was observed during the first half of 2025, with the ratio hitting a low of 0.43 in June 2025. However, a recovery followed, returning the ratio to 0.46 by June 2026. This pattern indicates a steady and predictable utilization of the total asset base.
- Equity Turnover
- No data is available for the equity turnover ratio during the specified period, precluding an analysis of revenue generation relative to shareholder equity.
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Net Fixed Asset Turnover
McDonald’s Corp., net fixed asset turnover calculation (quarterly data)
| Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Revenues | 7,099) | 6,517) | 7,008) | 7,078) | 6,843) | 5,956) | 6,388) | 6,873) | 6,490) | 6,169) | 6,406) | 6,692) | 6,498) | 5,898) | 5,927) | 5,872) | 5,718) | 5,666) | ||||||
| Net property and equipment | 28,479) | 28,245) | 28,241) | 27,486) | 27,039) | 25,749) | 25,295) | 25,775) | 24,811) | 24,682) | 24,908) | 23,924) | 24,102) | 23,859) | 23,774) | 22,698) | 23,335) | 24,435) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover1 | 0.97 | 0.97 | 0.95 | 0.96 | 0.96 | 1.00 | 1.02 | 1.01 | 1.04 | 1.04 | 1.02 | 1.05 | 1.00 | 0.98 | 0.98 | 1.02 | 1.01 | 0.97 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Airbnb Inc. | — | — | 114.40 | 97.89 | 87.73 | 81.39 | 75.52 | 65.30 | 61.79 | 59.89 | 61.98 | 65.31 | 68.85 | 71.38 | 69.41 | 67.78 | 62.54 | 46.34 | ||||||
| Booking Holdings Inc. | 36.82 | 35.32 | 33.35 | 31.87 | 29.51 | 28.11 | 28.53 | 26.14 | 25.60 | 27.33 | 27.25 | 28.14 | 26.42 | 26.00 | 25.55 | 18.23 | 17.07 | 14.82 | ||||||
| Chipotle Mexican Grill Inc. | 4.33 | 4.39 | 4.45 | 4.54 | 4.62 | 4.71 | 4.73 | 4.73 | 4.71 | 4.63 | 4.55 | 4.56 | 4.59 | 4.53 | 4.43 | 4.50 | 4.49 | 4.40 | ||||||
| DoorDash, Inc. | 12.75 | 12.89 | 12.86 | 12.95 | 13.13 | 13.29 | 13.78 | 13.85 | 13.71 | 12.93 | 12.13 | 11.81 | 11.35 | 10.92 | 10.33 | 10.31 | 10.66 | 11.58 | ||||||
| Starbucks Corp. | 5.35 | 5.10 | 4.38 | 4.13 | 4.12 | 4.16 | 4.17 | 4.51 | 4.67 | 4.82 | 4.87 | 4.96 | 4.99 | 4.91 | 4.92 | 4.99 | 4.85 | 4.75 | ||||||
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).
1 Q2 2026 Calculation
Net fixed asset turnover
= (RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025)
÷ Net property and equipment
= (7,099 + 6,517 + 7,008 + 7,078)
÷ 28,479 = 0.97
2 Click competitor name to see calculations.
The net fixed asset turnover ratio remained relatively stable between March 2022 and June 2026, fluctuating within a tight corridor between 0.95 and 1.05. The period is characterized by an initial phase of efficiency gains peaking in late 2023, followed by a gradual softening of the ratio as the investment in fixed assets accelerated toward 2026.
- Revenue Trajectory
- A consistent upward trend in revenues is observed, growing from 5,666 million USD in March 2022 to 7,099 million USD by June 2026. While periodic quarterly fluctuations are evident, the overall growth reflects a sustained increase in top-line performance over the analyzed timeframe.
- Fixed Asset Expansion
- Net property and equipment exhibited a general increase, rising from 24,435 million USD to 28,479 million USD. A notable acceleration in capital investment occurred from March 2025 onward, where assets grew steadily in each subsequent quarter, indicating a period of significant infrastructure or property expansion.
- Asset Utilization Efficiency
- The net fixed asset turnover reached its peak of 1.05 in September 2023, marking the point of highest efficiency in generating revenue per unit of net fixed assets. However, from March 2025 through June 2026, the ratio declined and stabilized between 0.95 and 0.97. This downward shift suggests that the growth in the fixed asset base began to outpace revenue growth, resulting in a slight decrease in the immediate productivity of those long-term investments.
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Total Asset Turnover
McDonald’s Corp., total asset turnover calculation (quarterly data)
| Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Revenues | 7,099) | 6,517) | 7,008) | 7,078) | 6,843) | 5,956) | 6,388) | 6,873) | 6,490) | 6,169) | 6,406) | 6,692) | 6,498) | 5,898) | 5,927) | 5,872) | 5,718) | 5,666) | ||||||
| Total assets | 59,920) | 60,037) | 59,515) | 60,608) | 59,555) | 56,329) | 55,182) | 56,172) | 53,801) | 53,513) | 56,147) | 52,089) | 50,442) | 52,014) | 50,436) | 48,502) | 49,248) | 50,878) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Total asset turnover1 | 0.46 | 0.46 | 0.45 | 0.43 | 0.44 | 0.46 | 0.47 | 0.46 | 0.48 | 0.48 | 0.45 | 0.48 | 0.48 | 0.45 | 0.46 | 0.48 | 0.48 | 0.47 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Airbnb Inc. | 0.46 | 0.47 | 0.55 | 0.52 | 0.43 | 0.45 | 0.53 | 0.49 | 0.40 | 0.42 | 0.48 | 0.45 | 0.43 | 0.44 | 0.52 | 0.50 | 0.39 | 0.39 | ||||||
| Booking Holdings Inc. | 0.95 | 1.00 | 0.92 | 0.91 | 0.82 | 0.89 | 0.86 | 0.82 | 0.78 | 0.79 | 0.88 | 0.80 | 0.73 | 0.72 | 0.67 | 0.73 | 0.60 | 0.56 | ||||||
| Chipotle Mexican Grill Inc. | 1.40 | 1.38 | 1.33 | 1.27 | 1.25 | 1.27 | 1.23 | 1.22 | 1.20 | 1.21 | 1.23 | 1.21 | 1.23 | 1.27 | 1.25 | 1.23 | 1.24 | 1.21 | ||||||
| DoorDash, Inc. | 0.81 | 0.75 | 0.70 | 0.70 | 0.70 | 0.83 | 0.83 | 0.83 | 0.81 | 0.80 | 0.80 | 0.81 | 0.80 | 0.74 | 0.67 | 0.63 | 0.57 | 0.77 | ||||||
| Starbucks Corp. | 1.26 | 1.17 | 1.16 | 1.09 | 1.15 | 1.13 | 1.15 | 1.21 | 1.24 | 1.26 | 1.22 | 1.22 | 1.19 | 1.16 | 1.15 | 1.14 | 1.08 | 1.05 | ||||||
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).
1 Q2 2026 Calculation
Total asset turnover
= (RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025)
÷ Total assets
= (7,099 + 6,517 + 7,008 + 7,078)
÷ 59,920 = 0.46
2 Click competitor name to see calculations.
The total asset turnover ratio exhibits a state of relative stability with a slight long-term contraction, reflecting a period where asset growth has largely offset revenue gains. While revenues have trended upward over the observed period, the simultaneous expansion of the total asset base has prevented the turnover ratio from improving, leading to a marginal decline in efficiency in generating sales per dollar of assets.
- Revenue Growth and Seasonality
- Revenues demonstrate a consistent long-term upward trajectory, increasing from 5,666 million USD in March 2022 to 7,099 million USD by June 2026. A recurring quarterly pattern is evident, with revenue peaks typically occurring in the second and third quarters of each year, followed by relative contractions in the first and fourth quarters.
- Asset Base Expansion
- Total assets grew from 50,878 million USD in March 2022 to 59,920 million USD in June 2026. A significant escalation in the asset base is observed starting in December 2023, where assets surpassed 56 billion USD and continued to climb, eventually peaking near 60.6 billion USD in June 2025.
- Asset Turnover Efficiency
- The total asset turnover ratio fluctuated within a narrow band between 0.43 and 0.48. A period of peak efficiency was maintained between June 2022 and June 2024, where the ratio frequently touched 0.48. However, a downward trend emerged in 2025, reaching a low of 0.43 in September 2025, before stabilizing at 0.46 through the first half of 2026.
- Correlation Analysis
- The decline in the turnover ratio during 2025 corresponds directly with the most aggressive phase of asset accumulation. Despite revenues reaching record levels of over 7 billion USD in 2025 and 2026, the growth rate of the asset base exceeded the growth rate of revenues, resulting in a slight dilution of asset productivity.
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Equity Turnover
McDonald’s Corp., equity turnover calculation (quarterly data)
| Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Revenues | 7,099) | 6,517) | 7,008) | 7,078) | 6,843) | 5,956) | 6,388) | 6,873) | 6,490) | 6,169) | 6,406) | 6,692) | 6,498) | 5,898) | 5,927) | 5,872) | 5,718) | 5,666) | ||||||
| Shareholders’ deficit | (1,023) | (1,286) | (1,791) | (2,163) | (2,760) | (3,454) | (3,797) | (5,177) | (4,824) | (4,833) | (4,707) | (4,855) | (4,999) | (5,776) | (6,003) | (6,566) | (6,370) | (5,991) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Equity turnover1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||
| Airbnb Inc. | 1.69 | 1.66 | 1.49 | 1.39 | 1.49 | 1.42 | 1.32 | 1.28 | 1.31 | 1.30 | 1.21 | 1.05 | 1.80 | 1.65 | 1.51 | 1.45 | 1.41 | 1.40 | ||||||
| Booking Holdings Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | 16.92 | 6.14 | 4.37 | 3.66 | 2.86 | ||||||
| Chipotle Mexican Grill Inc. | 5.65 | 5.04 | 4.21 | 3.66 | 3.28 | 3.29 | 3.09 | 3.04 | 2.87 | 3.04 | 3.22 | 3.30 | 3.36 | 3.62 | 3.65 | 3.62 | 3.78 | 3.67 | ||||||
| DoorDash, Inc. | 1.60 | 1.44 | 1.37 | 1.33 | 1.33 | 1.34 | 1.37 | 1.34 | 1.34 | 1.30 | 1.27 | 1.24 | 1.20 | 1.10 | 0.97 | 0.89 | 0.76 | 1.13 | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
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).
1 Q2 2026 Calculation
Equity turnover
= (RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025)
÷ Shareholders’ deficit
= (7,099 + 6,517 + 7,008 + 7,078)
÷ -1,023 = —
2 Click competitor name to see calculations.
Revenue demonstrates a sustained upward trajectory over the analyzed period, increasing from 5,666 million USD in March 2022 to 7,099 million USD by June 2026. While quarterly volatility is present, the overall trend reflects a consistent expansion of top-line performance.
- Shareholders' Deficit Trend
- A significant and consistent reduction in the shareholders' deficit is observed. The deficit peaked at 6,566 million USD in September 2022 and narrowed steadily over the subsequent quarters, reaching 1,023 million USD by June 2026. This trend indicates a substantial recovery of the equity position over the analyzed timeframe.
- Equity Turnover Analysis
- The persistence of a negative equity balance throughout the period renders the standard equity turnover ratio mathematically negative. In this context, the ratio does not function as a conventional measure of operational efficiency. However, the combination of rising revenues and a shrinking deficit suggests a structural improvement in the balance sheet, as the company generates increasing volumes of revenue while simultaneously reducing its negative equity standing.
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