Short answer
McDonald's (MCD) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $26.9B (+3.7% year over year) and net income of $8.6B.
- Top risk flagged: EU AI Act and U.S. state-level AI regulations creating compliance obligations around transparency, bias mitigation, and explainability for McDonald's expanding AI deployments
FY2025 key financial metrics · XBRL
- Revenue
- $26.9B
- +3.7% YoY
- Net income
- $8.6B
- +4.1% YoY
- Operating margin
- 46.1%
- +0.9 pp YoY
- EPS (diluted)
- $11.95
- +4.9% YoY
- ROE
- -478.1%
- −261.5 pp YoY
- Operating cash flow
- $10.6B
- +11.7% YoY
Source: XBRL data from the McDonald's (MCD) FY2025 10-K on SEC EDGAR. USD.
McDonald's FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Section 'business' was empty or not found.
Management Discussion & Analysis
- Revenue $26.9B, up 4% YoY (2% constant currency); franchised revenues $16.5B up 5%, Company-owned sales $9.7B down 1%
- Operating margin 46.1% vs 45.2% in 2024; non-GAAP operating margin 46.9% vs 46.3%
- Best segment: International Operated Markets, comp sales +3.2% and franchised margins up 8%; worst: U.S. Company-owned sales down 3% with U.S. Company-owned margins down 14%
- Cash from operations $10.6B (+12%); capex $3.4B (+21%); $7.1B returned to shareholders ($2.0B buybacks, $5.1B dividends)
- 2026 guidance: operating margin mid-to-high 40% range, capex $3.7–$3.9B, ~2,600 new restaurant openings; key risks: discerning consumer spending, FX headwinds, AI/cybersecurity exposure
Risk Factors
- EU AI Act and U.S. state-level AI regulations creating compliance obligations around transparency, bias mitigation, and explainability for McDonald's expanding AI deployments
- Governmental trade tariffs, sanctions, and foreign exchange controls across 100+ countries exposing System to supply disruption and anti-American sentiment-driven demand loss
- Certain supply chain items sourced from limited suppliers, raising concentration risk for ingredients, equipment, and materials critical to restaurant operations
- Intense competition from fast casual and non-traditional players (convenience stores, grocery stores, online retailers) threatening market share in the IEO segment
- Heavily franchised structure creates revenue dependency on franchisee sales performance, with franchisee financing access tied to credit market conditions
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.