Financials McDonald's Corporation

Equities

MCD

US5801351017

Restaurants & Bars

Real-time Estimate Cboe BZX Other stock markets 01:20:34 2025-12-05 pm EST			5-day change	1st Jan Change
310.68 ^USD	+0.69%		-0.27%	+7.28%

Dec. 01	Prison guard says Luigi Mangione, alleged CEO killer, spoke of 3D-printed gun	RE
Nov. 27	German Doner Kebab set to enter India next year, eyes $1.3 billion in global sales	RE

Projected Income Statement: McDonald's Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	19,208	23,223	23,183	25,494	25,920	26,668	28,174	29,643
Change	-	20.9%	-0.17%	9.97%	1.67%	2.89%	5.65%	5.21%
EBITDA ¹	8,807	11,939	10,751	13,991	14,100	14,624	15,627	16,648
Change	-	35.56%	-9.95%	30.13%	0.78%	3.72%	6.86%	6.53%
EBIT ¹	7,056	10,071	10,381	12,009	12,003	12,455	13,353	14,194
Change	-	42.73%	3.08%	15.68%	-0.05%	3.76%	7.21%	6.3%
Interest Paid ¹	-1,218	-1,186	-1,207	-1,361	-1,506	-1,572	-1,614	-1,640
Earnings before Tax (EBT) ¹	6,141	9,128	7,825	10,522	10,345	10,886	11,814	12,591
Change	-	48.65%	-14.27%	34.46%	-1.68%	5.23%	8.52%	6.58%
Net income ¹	4,730	7,545	6,177	8,469	8,223	8,550	9,313	9,922
Change	-	59.5%	-18.13%	37.09%	-2.9%	3.98%	8.92%	6.54%
Announcement Date	1/28/21	1/27/22	1/31/23	2/5/24	2/10/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	5,314	5,125	5,888	6,201	6,009	5,666	5,718	5,872	5,926	5,898	6,498	6,692	6,406	6,169	6,490	6,873	6,388	5,956	6,843	7,078	6,815	6,396	7,188	7,422	7,180	6,711	7,527	7,762
Change	-	-3.56%	14.89%	5.32%	-3.1%	-5.72%	0.93%	2.69%	0.93%	-0.48%	10.17%	3%	-4.27%	-3.7%	5.2%	5.9%	-7.06%	-6.76%	14.89%	3.43%	-3.72%	-6.15%	12.4%	3.25%	-3.25%	-6.53%	12.16%	3.12%
EBITDA ¹	2,465	2,600	2,692	3,350	2,933	2,405	3,103	3,230	2,674	2,632	3,217	3,331	3,437	3,281	3,575	3,818	3,425	3,234	3,819	3,955	3,685	3,489	4,046	4,182	3,922	3,695	4,253	4,353
Change	-	5.48%	3.55%	24.41%	-12.45%	-17.98%	29.01%	4.08%	-17.2%	-1.59%	22.25%	3.53%	3.19%	-4.55%	8.96%	6.8%	-10.29%	-5.58%	18.09%	3.56%	-6.83%	-5.32%	15.98%	3.36%	-6.23%	-5.77%	15.1%	2.34%
EBIT ¹	2,001	2,146	2,229	2,880	2,451	2,313	2,641	2,764	2,583	2,532	3,122	3,234	2,940	2,771	3,073	3,286	2,872	2,714	3,275	3,396	3,131	2,932	3,490	3,614	3,339	3,110	3,684	3,796
Change	-	7.27%	3.86%	29.22%	-14.91%	-5.65%	14.19%	4.66%	-6.56%	-1.95%	23.29%	3.59%	-9.1%	-5.75%	10.9%	6.93%	-12.6%	-5.5%	20.67%	3.69%	-7.81%	-6.36%	19.06%	3.54%	-7.6%	-6.87%	18.47%	3.03%
Charge d'intérêts ¹	-308.9	-300	-296.5	-293.7	-295.6	-287.3	-290.6	-306.2	-322.9	-329.7	-330.2	-340.7	-360.2	-372	-373	-381	-380	-376	-390	-406	-399.6	-398.6	-402.1	-404.4	-403.3	-404.5	-409.7	-418.5
Earnings before Tax (EBT) ¹	1,830	1,953	2,376	2,691	2,108	1,541	1,409	2,536	2,339	2,267	2,817	2,924	2,515	2,409	2,555	2,843	2,537	2,330	2,861	2,949	2,739	2,521	3,082	3,209	2,952	2,654	3,240	3,334
Change	-	6.7%	21.68%	13.27%	-21.68%	-26.88%	-8.57%	79.99%	-7.78%	-3.07%	24.25%	3.79%	-13.97%	-4.21%	6.06%	11.27%	-10.76%	-8.16%	22.79%	3.08%	-7.13%	-7.94%	22.23%	4.13%	-8%	-10.1%	22.06%	2.92%
Net income ¹	1,377	1,537	2,219	2,150	1,639	1,104	1,188	1,982	1,903	1,802	2,310	2,317	2,039	1,929	2,022	2,255	2,017	1,868	2,253	2,278	2,154	2,001	2,442	2,535	2,332	2,096	2,559	2,634
Change	-	11.62%	44.37%	-3.13%	-23.77%	-32.61%	7.57%	66.8%	-3.95%	-5.31%	28.19%	0.29%	-12%	-5.39%	4.82%	11.52%	-10.55%	-7.39%	20.61%	1.11%	-5.43%	-7.1%	22.04%	3.81%	-8.02%	-10.1%	22.06%	2.91%
Announcement Date	1/28/21	4/29/21	7/28/21	10/27/21	1/27/22	4/28/22	7/26/22	10/27/22	1/31/23	4/25/23	7/27/23	10/30/23	2/5/24	4/30/24	7/29/24	10/29/24	2/10/25	5/1/25	8/6/25	11/5/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: McDonald's Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	31,748	30,914	33,320	32,574	37,339	39,479	39,717	39,893
Change	-	-2.63%	7.78%	-2.24%	14.63%	5.73%	0.6%	0.44%
Announcement Date	1/28/21	1/27/22	1/31/23	2/5/24	2/10/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: McDonald's Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1,641	2,040	1,899	2,357	2,775	3,120	3,376	3,706
Change	-	24.33%	-6.9%	24.13%	17.71%	12.43%	8.2%	9.78%
Free Cash Flow (FCF) ¹	4,624	7,102	5,488	7,254	6,672	7,420	8,616	9,858
Change	-	53.57%	-22.73%	32.2%	-8.03%	11.21%	16.11%	14.42%
Announcement Date	1/28/21	1/27/22	1/31/23	2/5/24	2/10/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: McDonald's Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	45.85%	51.41%	46.38%	54.88%	54.4%	54.84%	55.47%	56.16%
EBIT Margin (%)	36.74%	43.37%	44.78%	47.1%	46.31%	46.7%	47.39%	47.88%
EBT Margin (%)	31.97%	39.31%	33.76%	41.27%	39.91%	40.82%	41.93%	42.48%
Net margin (%)	24.63%	32.49%	26.65%	33.22%	31.72%	32.06%	33.05%	33.47%
FCF margin (%)	24.08%	30.58%	23.67%	28.46%	25.74%	27.82%	30.58%	33.26%
FCF / Net Income (%)	97.76%	94.12%	88.83%	85.66%	81.14%	86.78%	92.51%	99.35%
Profitability
ROA	9.45%	14.2%	11.85%	15.89%	14.77%	14.92%	15.31%	16.37%
ROE	-	-	-	-	-	-	-	1,786.56%
Financial Health
Leverage (Debt/EBITDA)	3.6x	2.59x	3.1x	2.33x	2.65x	2.7x	2.54x	2.4x
Debt / Free cash flow	6.87x	4.35x	6.07x	4.49x	5.6x	5.32x	4.61x	4.05x
Capital Intensity
CAPEX / Current Assets (%)	8.54%	8.78%	8.19%	9.25%	10.71%	11.7%	11.98%	12.5%
CAPEX / EBITDA (%)	18.63%	17.09%	17.66%	16.85%	19.68%	21.34%	21.6%	22.26%
CAPEX / FCF (%)	35.48%	28.73%	34.61%	32.5%	41.59%	42.05%	39.19%	37.6%
Items per share
Cash flow per share ¹	8.352	12.16	9.964	13.13	13.09	14.67	16.65	18.22
Change	-	45.58%	-18.05%	31.72%	-0.3%	12.1%	13.5%	9.44%
Dividend per Share ¹	5.04	5.25	5.66	6.23	6.78	7.154	7.551	8.101
Change	-	4.17%	7.81%	10.07%	8.83%	5.52%	5.55%	7.28%
Book Value Per Share ¹	-10.5	-6.178	-8.098	-6.427	-5.26	-2.667	-0.9876	2.694
Change	-	41.19%	-31.1%	20.64%	18.17%	49.29%	62.97%	372.76%
EPS ¹	6.31	10.04	8.33	11.56	11.39	11.94	13.14	14.27
Change	-	59.11%	-17.03%	38.78%	-1.47%	4.8%	10.1%	8.59%
Nbr of stocks (in thousands)	745,111	747,245	732,424	725,342	716,620	712,154	712,154	712,154
Announcement Date	1/28/21	1/27/22	1/31/23	2/5/24	2/10/25	-	-	-