McDonald's (MCD) Balance Sheet: Assets & Liabilities

McDonald's (MCD) Balance Sheet

As of Dec 31, 2025 (end of fiscal 2025), McDonald's reported total assets of $59.52B and total liabilities of $61.31B. Shareholders' equity was negative at −$1.79B, meaning liabilities exceed assets. Total debt stood at $40.67B against $774.00M in cash and short-term investments, a net debt position of $39.89B.

McDonald's Balance Sheet Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for McDonald's Corporation (MCD) - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Current Assets
Cash and Cash Equivalents	0.77	1.09	4.58	2.58	4.71	3.45	0.90	0.87	2.46
Cash & Short-Term Investments	0.77	1.09	4.58	2.58	4.71	3.45	0.90	0.87	2.46
Accounts Receivable	2.47	2.38	2.49	2.12	1.87	2.11	2.22	2.44	1.98
Inventory	0.06	0.06	0.05	0.05	0.06	0.05	0.05	0.05	0.06
Other Current Assets	0.86	1.08	0.87	0.67	0.51	0.63	0.39	0.69	0.83
Total Current Assets	4.16	4.60	7.99	5.42	7.15	6.24	3.56	4.05	5.33
Non-Current Assets
Property, Plant & Equipment (Net)	42.85	38.63	38.42	36.34	38.27	38.79	37.42	22.84	22.45
Long-Term Investments	2.82	2.71	1.08	1.06	1.20	1.30	1.27	1.20	1.09
Goodwill	3.35	3.15	3.04	2.90	2.78	2.77	2.68	2.33	2.38
Intangible Assets	1.06	0.00	0.84	0.00	0.00	0.00	0.00	0.00	0.00
Other Non-Current Assets	6.33	6.10	5.62	4.71	4.45	3.53	2.58	2.38	2.56
Total Non-Current Assets	55.35	50.58	48.16	45.01	46.71	46.38	43.95	28.76	28.48
Total Assets	59.52	55.18	56.15	50.44	53.85	52.63	47.51	32.81	33.80
Current Liabilities
Accounts Payable	1.15	1.03	1.10	0.98	1.01	0.74	0.99	1.21	0.92
Short-Term Debt	0.69	0.64	2.19	0.66	0.71	2.95	0.68	0.00	0.00
Current Portion of Long-Term Debt	-	0.01	2.20	-	-	-	-	-	-
Accrued Liabilities	2.02	1.61	1.90	1.63	1.71	-	-	-	-
Other Current Liabilities	2.52	1.61	0.97	1.63	1.71	1.53	1.37	1.28	1.42
Total Current Liabilities	4.36	3.86	6.86	3.80	4.02	6.18	3.62	2.97	2.89
Non-Current Liabilities
Long-Term Debt	39.97	38.42	37.15	48.04	48.64	48.52	46.88	31.08	29.54
Deferred Tax Liabilities	1.04	1.91	1.68	2.00	2.08	2.03	1.32	1.22	1.12
Other Non-Current Liabilities	0.70	0.77	3.78	1.84	2.98	3.02	3.25	3.18	3.53
Total Non-Current Liabilities	56.95	55.12	54.00	52.64	54.44	54.27	52.10	36.10	34.18
Total Liabilities	61.31	58.98	60.85	56.44	58.46	60.45	55.72	39.07	37.07
Stockholders' Equity
Common Stock	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Retained Earnings	70.28	66.83	63.48	59.54	57.53	53.91	52.93	50.49	48.33
Accumulated Other Comprehensive Income	-2.41	-2.55	-2.46	-2.49	-2.57	-2.59	-2.48	-2.61	-2.18
Treasury Stock	79.32	77.38	74.64	71.62	67.81	-	-	-	-
Additional Paid-in Capital	9.64	9.28	-65.75	-63.08	-59.58	-59.16	-58.67	-54.15	-49.43
Shares Outstanding	0.71	0.72	0.72	0.73	0.74	-	-	-	-
Total Stockholders' Equity	-1.79	-3.80	-4.71	-6.00	-4.60	-7.82	-8.21	-6.26	-3.27
Total Liabilities & Equity	59.52	55.18	56.15	50.44	53.85	52.63	47.51	32.81	33.80

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About McDonald's Balance Sheet

How much debt does McDonald's have?

McDonald's had total debt of $40.67B as of Dec 31, 2025, against $774.00M in cash and short-term investments. Total debt was $39.06B a year earlier.

What are McDonald's's total assets?

McDonald's reported total assets of $59.52B as of Dec 31, 2025, up 7.9% from $55.18B a year earlier. Total liabilities were $61.31B.

What is McDonald's's shareholders' equity?

McDonald's's shareholders' equity was negative at −$1.79B as of Dec 31, 2025, so its liabilities exceeded its assets.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition