McDonald's (MCD) FY2025 10-K Annual Report
McDonald's (MCD) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 24, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
McDonald's FY2025 10-K Analysis
Business Overview
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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
McDonald's FY2025 Key Financial MetricsXBRL
Revenue
$26.9B
▲ +3.7% YoY
Net Income
$8.6B
▲ +4.1% YoY
Operating Margin
46.1%
▲ +91bp YoY
Net Margin
31.9%
▲ +13bp YoY
ROE
-478.1%
▼ -26155bp YoY
Total Assets
$59.5B
▲ +7.9% YoY
EPS (Diluted)
$11.95
▲ +4.9% YoY
Operating Cash Flow
$10.6B
▲ +11.7% YoY
Source: XBRL data from McDonald's FY2025 10-K filing on SEC EDGAR. All figures in USD.
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