Companies / McDonalds COMPANY FILINGS
McDonalds MCD In 2025, McDonald's franchised and operated restaurants serving food and beverages in more than 100 countries. At year-end, approximately 95% of its 45,356 restaurants were franchised.
Business description: FY2025 CIK 0000063908 Source: SEC EDGAR
Overview 10-K summary Balance sheet Original filings
Annual reports 5
Report coverage 2021–2025
Financial statement focus Balance sheet READ THE FILING
Annual report insights AI summary AI-generated summaries of the cited 10-K filings. For informational purposes only; not personalized investment advice.
Choose a fiscal year FY2025 In 2025, McDonald's comparable-sales measure, which tracks company-operated and franchised restaurants in operation at least 13 months, increased 3.1% from 2024. Company revenue—sales at its own restaurants plus fees from franchisees—rose 4% to US$26.9 billion. Revenue growth was 2% using the prior year's average exchange rates. The comparable-sales measure excludes currency translation and sales in markets the company classifies as hyperinflationary.
Source: 2025 Across its restaurant system, McDonald's opened 2,276 restaurants and closed 396 in 2025.
Source: 2025 View full 10-K summary 2025 Hide full 10-K summary 2025 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Cost pressures For 2025, management reported continued inflationary cost pressure at restaurants owned and run by McDonald's in the U.S. and its International Operated Markets segment, which includes countries such as the U.K. and Australia. It also reported that sales at its company-operated U.S. restaurants declined during the year.
Source: 2025 Restructuring McDonald's recorded US$229 million of net expenses before income tax in 2025, mainly related to Accelerating the Organization, its internal restructuring effort to modernize ways of working. This is a broader net total than the program-specific US$226 million reported in the five-year comparison.
Source: 2025 Business context Franchise risk McDonald's warns that future growth and operating results could suffer if franchisees are unwilling or unable to invest in major initiatives, or cannot obtain financing at commercially reasonable rates. This is a conditional risk, not a reported outcome of the 2025 expansion.
Source: 2025 Business in fiscal 2025 In 2025, McDonald's franchised and operated restaurants serving food and beverages in more than 100 countries. At year-end, approximately 95% of its 45,356 restaurants were franchised.
Source: 2025
5-year changes FY2021–FY2025 These changes use selected original filing passages and nearby context from the stated five fiscal years. They are not an exhaustive review of all five reports and exclude later-year filings.
Restaurant openings Annual openings across McDonald's restaurant system rose from 1,494 in 2021 to 1,576 in 2022, 2,067 in 2023, 2,116 in 2024 and 2,276 in 2025. These are openings before closures, not net additions. The company reported 1,332 closures in 2022 and attributed the increase in closures primarily to 855 restaurants associated with the sale of its Russia business; it reported 396 closures in 2025.
Source: 2021 , 2022 , 2023 , 2024 , 2025 Operating cash McDonald's cash provided by operations—the cash generated by operating activities—was $9.1 billion in 2021, $7.4 billion in 2022, $9.6 billion in 2023, $9.4 billion in 2024 and $10.6 billion in 2025. The path was uneven rather than a continuous increase. Management attributed the 2022 decline primarily to the French tax-audit settlement, changes in working capital (short-term operating assets and liabilities) and adverse foreign-currency effects on operating results.
Source: 2021 , 2022 , 2023 , 2024 , 2025 Modernization McDonald's reported $249.7 million of costs for Accelerating the Organization, its effort to modernize ways of working, in 2023. It reported US$221 million of restructuring expenses for the program in 2024 and US$226 million in 2025. The 2025 program amount is narrower than the US$229 million net expense total before income tax in the annual summary. The 2024 filing's expectation of approximately $300 million of charges in 2025 was a forecast, distinct from the subsequently reported 2025 amount.
Source: 2023 , 2024 , 2025 Request a correction FINANCIAL STATEMENTS
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Annual reports & SEC 10-K filings SEC EDGAR 5 reports in this collection
Report yearAll years 2025 2024 2023 2022 2021 Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
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