McDonald's

At a glance

Buybacks

72.5%^!Buybacks as a share of free cash flowSEC EDGAR · CIK 00000639080001193125-10-042025 · FY2009 · period ended 2009-12-31 · filed 2010-02-26NetCashProvidedByUsedInOperatingActivities0001193125-10-042025 · FY2009 · period ended 2009-12-31 · filed 2010-02-26PaymentsForRepurchaseOfCommonStock0001193125-10-042025 · FY2009 · period ended 2009-12-31 · filed 2010-02-26PaymentsToAcquirePropertyPlantAndEquipment0001193125-11-046701 · FY2010 · period ended 2010-12-31 · filed 2011-02-25NetCashProvidedByUsedInOperatingActivities0001193125-11-046701 · FY2010 · period ended 2010-12-31 · filed 2011-02-25PaymentsForRepurchaseOfCommonStock0001193125-11-046701 · FY2010 · period ended 2010-12-31 · filed 2011-02-25PaymentsToAcquirePropertyPlantAndEquipment0001193125-12-077317 · FY2011 · period ended 2011-12-31 · filed 2012-02-24NetCashProvidedByUsedInOperatingActivities0001193125-12-077317 · FY2011 · period ended 2011-12-31 · filed 2012-02-24PaymentsForRepurchaseOfCommonStock0001193125-12-077317 · FY2011 · period ended 2011-12-31 · filed 2012-02-24PaymentsToAcquirePropertyPlantAndEquipment0000063908-13-000010 · FY2012 · period ended 2012-12-31 · filed 2013-02-25NetCashProvidedByUsedInOperatingActivities0000063908-13-000010 · FY2012 · period ended 2012-12-31 · filed 2013-02-25PaymentsForRepurchaseOfCommonStock0000063908-13-000010 · FY2012 · period ended 2012-12-31 · filed 2013-02-25PaymentsToAcquirePropertyPlantAndEquipment0000063908-14-000019 · FY2013 · period ended 2013-12-31 · filed 2014-02-24NetCashProvidedByUsedInOperatingActivities0000063908-14-000019 · FY2013 · period ended 2013-12-31 · filed 2014-02-24PaymentsForRepurchaseOfCommonStock0000063908-14-000019 · FY2013 · period ended 2013-12-31 · filed 2014-02-24PaymentsToAcquirePropertyPlantAndEquipment0000063908-15-000016 · FY2014 · period ended 2014-12-31 · filed 2015-02-24NetCashProvidedByUsedInOperatingActivities0000063908-15-000016 · FY2014 · period ended 2014-12-31 · filed 2015-02-24PaymentsForRepurchaseOfCommonStock0000063908-15-000016 · FY2014 · period ended 2014-12-31 · filed 2015-02-24PaymentsToAcquirePropertyPlantAndEquipment0000063908-16-000103 · FY2015 · period ended 2015-12-31 · filed 2016-02-25NetCashProvidedByUsedInOperatingActivities0000063908-16-000103 · FY2015 · period ended 2015-12-31 · filed 2016-02-25PaymentsForRepurchaseOfCommonStock0000063908-16-000103 · FY2015 · period ended 2015-12-31 · filed 2016-02-25PaymentsToAcquirePropertyPlantAndEquipment0000063908-17-000017 · FY2016 · period ended 2016-12-31 · filed 2017-03-01NetCashProvidedByUsedInOperatingActivities0000063908-17-000017 · FY2016 · period ended 2016-12-31 · filed 2017-03-01PaymentsForRepurchaseOfCommonStock0000063908-17-000017 · FY2016 · period ended 2016-12-31 · filed 2017-03-01PaymentsToAcquirePropertyPlantAndEquipment0000063908-18-000010 · FY2017 · period ended 2017-12-31 · filed 2018-02-23NetCashProvidedByUsedInOperatingActivities0000063908-18-000010 · FY2017 · period ended 2017-12-31 · filed 2018-02-23PaymentsForRepurchaseOfCommonStock0000063908-18-000010 · FY2017 · period ended 2017-12-31 · filed 2018-02-23PaymentsToAcquirePropertyPlantAndEquipment0000063908-19-000010 · FY2018 · period ended 2018-12-31 · filed 2019-02-22NetCashProvidedByUsedInOperatingActivities0000063908-19-000010 · FY2018 · period ended 2018-12-31 · filed 2019-02-22PaymentsForRepurchaseOfCommonStock0000063908-19-000010 · FY2018 · period ended 2018-12-31 · filed 2019-02-22PaymentsToAcquirePropertyPlantAndEquipment0000063908-20-000022 · FY2019 · period ended 2019-12-31 · filed 2020-02-26NetCashProvidedByUsedInOperatingActivities0000063908-20-000022 · FY2019 · period ended 2019-12-31 · filed 2020-02-26PaymentsForRepurchaseOfCommonStock0000063908-20-000022 · FY2019 · period ended 2019-12-31 · filed 2020-02-26PaymentsToAcquirePropertyPlantAndEquipment0000063908-21-000013 · FY2020 · period ended 2020-12-31 · filed 2021-02-23NetCashProvidedByUsedInOperatingActivities0000063908-21-000013 · FY2020 · period ended 2020-12-31 · filed 2021-02-23PaymentsForRepurchaseOfCommonStock0000063908-21-000013 · FY2020 · period ended 2020-12-31 · filed 2021-02-23PaymentsToAcquirePropertyPlantAndEquipment0000063908-22-000011 · FY2021 · period ended 2021-12-31 · filed 2022-02-24NetCashProvidedByUsedInOperatingActivities0000063908-22-000011 · FY2021 · period ended 2021-12-31 · filed 2022-02-24PaymentsForRepurchaseOfCommonStock0000063908-22-000011 · FY2021 · period ended 2021-12-31 · filed 2022-02-24PaymentsToAcquirePropertyPlantAndEquipment0000063908-23-000012 · FY2022 · period ended 2022-12-31 · filed 2023-02-24NetCashProvidedByUsedInOperatingActivities0000063908-23-000012 · FY2022 · period ended 2022-12-31 · filed 2023-02-24PaymentsForRepurchaseOfCommonStock0000063908-23-000012 · FY2022 · period ended 2022-12-31 · filed 2023-02-24PaymentsToAcquirePropertyPlantAndEquipment0000063908-24-000072 · FY2023 · period ended 2023-12-31 · filed 2024-02-22NetCashProvidedByUsedInOperatingActivities0000063908-24-000072 · FY2023 · period ended 2023-12-31 · filed 2024-02-22PaymentsForRepurchaseOfCommonStock0000063908-24-000072 · FY2023 · period ended 2023-12-31 · filed 2024-02-22PaymentsToAcquirePropertyPlantAndEquipment0000063908-25-000012 · FY2024 · period ended 2024-12-31 · filed 2025-02-25NetCashProvidedByUsedInOperatingActivities0000063908-25-000012 · FY2024 · period ended 2024-12-31 · filed 2025-02-25PaymentsForRepurchaseOfCommonStock0000063908-25-000012 · FY2024 · period ended 2024-12-31 · filed 2025-02-25PaymentsToAcquirePropertyPlantAndEquipment0000063908-26-000035 · FY2025 · period ended 2025-12-31 · filed 2026-02-24NetCashProvidedByUsedInOperatingActivities0000063908-26-000035 · FY2025 · period ended 2025-12-31 · filed 2026-02-24PaymentsForRepurchaseOfCommonStock0000063908-26-000035 · FY2025 · period ended 2025-12-31 · filed 2026-02-24PaymentsToAcquirePropertyPlantAndEquipment!: tags disagree and the disagreement is unresolved (PaymentsToAcquirePropertyPlantAndEquipment FY2009; PaymentsToAcquirePropertyPlantAndEquipment FY2010; PaymentsToAcquirePropertyPlantAndEquipment FY2011; PaymentsToAcquirePropertyPlantAndEquipment FY2012; PaymentsToAcquirePropertyPlantAndEquipment FY2013; PaymentsToAcquirePropertyPlantAndEquipment FY2014; PaymentsToAcquirePropertyPlantAndEquipment FY2015; PaymentsToAcquirePropertyPlantAndEquipment FY2016; PaymentsToAcquirePropertyPlantAndEquipment FY2017; PaymentsToAcquirePropertyPlantAndEquipment FY2018; PaymentsToAcquirePropertyPlantAndEquipment FY2019).

Share of free cash flow, fiscal 2009–2025

Details and every year

Dividends

68.9%^!Dividends as a share of free cash flowSEC EDGAR · CIK 00000639080001193125-10-042025 · FY2009 · period ended 2009-12-31 · filed 2010-02-26NetCashProvidedByUsedInOperatingActivities0001193125-10-042025 · FY2009 · period ended 2009-12-31 · filed 2010-02-26PaymentsOfDividendsCommonStock0001193125-10-042025 · FY2009 · period ended 2009-12-31 · filed 2010-02-26PaymentsToAcquirePropertyPlantAndEquipment0001193125-11-046701 · FY2010 · period ended 2010-12-31 · filed 2011-02-25NetCashProvidedByUsedInOperatingActivities0001193125-11-046701 · FY2010 · period ended 2010-12-31 · filed 2011-02-25PaymentsOfDividendsCommonStock0001193125-11-046701 · FY2010 · period ended 2010-12-31 · filed 2011-02-25PaymentsToAcquirePropertyPlantAndEquipment0001193125-12-077317 · FY2011 · period ended 2011-12-31 · filed 2012-02-24NetCashProvidedByUsedInOperatingActivities0001193125-12-077317 · FY2011 · period ended 2011-12-31 · filed 2012-02-24PaymentsOfDividendsCommonStock0001193125-12-077317 · FY2011 · period ended 2011-12-31 · filed 2012-02-24PaymentsToAcquirePropertyPlantAndEquipment0000063908-13-000010 · FY2012 · period ended 2012-12-31 · filed 2013-02-25NetCashProvidedByUsedInOperatingActivities0000063908-13-000010 · FY2012 · period ended 2012-12-31 · filed 2013-02-25PaymentsOfDividendsCommonStock0000063908-13-000010 · FY2012 · period ended 2012-12-31 · filed 2013-02-25PaymentsToAcquirePropertyPlantAndEquipment0000063908-14-000019 · FY2013 · period ended 2013-12-31 · filed 2014-02-24NetCashProvidedByUsedInOperatingActivities0000063908-14-000019 · FY2013 · period ended 2013-12-31 · filed 2014-02-24PaymentsOfDividendsCommonStock0000063908-14-000019 · FY2013 · period ended 2013-12-31 · filed 2014-02-24PaymentsToAcquirePropertyPlantAndEquipment0000063908-15-000016 · FY2014 · period ended 2014-12-31 · filed 2015-02-24NetCashProvidedByUsedInOperatingActivities0000063908-15-000016 · FY2014 · period ended 2014-12-31 · filed 2015-02-24PaymentsOfDividendsCommonStock0000063908-15-000016 · FY2014 · period ended 2014-12-31 · filed 2015-02-24PaymentsToAcquirePropertyPlantAndEquipment0000063908-16-000103 · FY2015 · period ended 2015-12-31 · filed 2016-02-25NetCashProvidedByUsedInOperatingActivities0000063908-16-000103 · FY2015 · period ended 2015-12-31 · filed 2016-02-25PaymentsOfDividendsCommonStock0000063908-16-000103 · FY2015 · period ended 2015-12-31 · filed 2016-02-25PaymentsToAcquirePropertyPlantAndEquipment0000063908-17-000017 · FY2016 · period ended 2016-12-31 · filed 2017-03-01NetCashProvidedByUsedInOperatingActivities0000063908-17-000017 · FY2016 · period ended 2016-12-31 · filed 2017-03-01PaymentsOfDividendsCommonStock0000063908-17-000017 · FY2016 · period ended 2016-12-31 · filed 2017-03-01PaymentsToAcquirePropertyPlantAndEquipment0000063908-18-000010 · FY2017 · period ended 2017-12-31 · filed 2018-02-23NetCashProvidedByUsedInOperatingActivities0000063908-18-000010 · FY2017 · period ended 2017-12-31 · filed 2018-02-23PaymentsOfDividendsCommonStock0000063908-18-000010 · FY2017 · period ended 2017-12-31 · filed 2018-02-23PaymentsToAcquirePropertyPlantAndEquipment0000063908-19-000010 · FY2018 · period ended 2018-12-31 · filed 2019-02-22NetCashProvidedByUsedInOperatingActivities0000063908-19-000010 · FY2018 · period ended 2018-12-31 · filed 2019-02-22PaymentsOfDividendsCommonStock0000063908-19-000010 · FY2018 · period ended 2018-12-31 · filed 2019-02-22PaymentsToAcquirePropertyPlantAndEquipment0000063908-20-000022 · FY2019 · period ended 2019-12-31 · filed 2020-02-26NetCashProvidedByUsedInOperatingActivities0000063908-20-000022 · FY2019 · period ended 2019-12-31 · filed 2020-02-26PaymentsOfDividendsCommonStock0000063908-20-000022 · FY2019 · period ended 2019-12-31 · filed 2020-02-26PaymentsToAcquirePropertyPlantAndEquipment0000063908-21-000013 · FY2020 · period ended 2020-12-31 · filed 2021-02-23NetCashProvidedByUsedInOperatingActivities0000063908-21-000013 · FY2020 · period ended 2020-12-31 · filed 2021-02-23PaymentsOfDividendsCommonStock0000063908-21-000013 · FY2020 · period ended 2020-12-31 · filed 2021-02-23PaymentsToAcquirePropertyPlantAndEquipment0000063908-22-000011 · FY2021 · period ended 2021-12-31 · filed 2022-02-24NetCashProvidedByUsedInOperatingActivities0000063908-22-000011 · FY2021 · period ended 2021-12-31 · filed 2022-02-24PaymentsOfDividendsCommonStock0000063908-22-000011 · FY2021 · period ended 2021-12-31 · filed 2022-02-24PaymentsToAcquirePropertyPlantAndEquipment0000063908-23-000012 · FY2022 · period ended 2022-12-31 · filed 2023-02-24NetCashProvidedByUsedInOperatingActivities0000063908-23-000012 · FY2022 · period ended 2022-12-31 · filed 2023-02-24PaymentsOfDividendsCommonStock0000063908-23-000012 · FY2022 · period ended 2022-12-31 · filed 2023-02-24PaymentsToAcquirePropertyPlantAndEquipment0000063908-24-000072 · FY2023 · period ended 2023-12-31 · filed 2024-02-22NetCashProvidedByUsedInOperatingActivities0000063908-24-000072 · FY2023 · period ended 2023-12-31 · filed 2024-02-22PaymentsOfDividendsCommonStock0000063908-24-000072 · FY2023 · period ended 2023-12-31 · filed 2024-02-22PaymentsToAcquirePropertyPlantAndEquipment0000063908-25-000012 · FY2024 · period ended 2024-12-31 · filed 2025-02-25NetCashProvidedByUsedInOperatingActivities0000063908-25-000012 · FY2024 · period ended 2024-12-31 · filed 2025-02-25PaymentsOfDividendsCommonStock0000063908-25-000012 · FY2024 · period ended 2024-12-31 · filed 2025-02-25PaymentsToAcquirePropertyPlantAndEquipment0000063908-26-000035 · FY2025 · period ended 2025-12-31 · filed 2026-02-24NetCashProvidedByUsedInOperatingActivities0000063908-26-000035 · FY2025 · period ended 2025-12-31 · filed 2026-02-24PaymentsOfDividendsCommonStock0000063908-26-000035 · FY2025 · period ended 2025-12-31 · filed 2026-02-24PaymentsToAcquirePropertyPlantAndEquipment!: tags disagree and the disagreement is unresolved (PaymentsToAcquirePropertyPlantAndEquipment FY2009; PaymentsToAcquirePropertyPlantAndEquipment FY2010; PaymentsToAcquirePropertyPlantAndEquipment FY2011; PaymentsToAcquirePropertyPlantAndEquipment FY2012; PaymentsToAcquirePropertyPlantAndEquipment FY2013; PaymentsToAcquirePropertyPlantAndEquipment FY2014; PaymentsToAcquirePropertyPlantAndEquipment FY2015; PaymentsToAcquirePropertyPlantAndEquipment FY2016; PaymentsToAcquirePropertyPlantAndEquipment FY2017; PaymentsToAcquirePropertyPlantAndEquipment FY2018; PaymentsToAcquirePropertyPlantAndEquipment FY2019).

Share of free cash flow, fiscal 2009–2025

Details and every year

Acquisitions

5.5%^!Acquisitions as a share of free cash flowSEC EDGAR · CIK 00000639080001193125-10-042025 · FY2009 · period ended 2009-12-31 · filed 2010-02-26NetCashProvidedByUsedInOperatingActivities0001193125-10-042025 · FY2009 · period ended 2009-12-31 · filed 2010-02-26PaymentsToAcquireProductiveAssets0001193125-10-042025 · FY2009 · period ended 2009-12-31 · filed 2010-02-26PaymentsToAcquirePropertyPlantAndEquipment0001193125-11-046701 · FY2010 · period ended 2010-12-31 · filed 2011-02-25NetCashProvidedByUsedInOperatingActivities0001193125-11-046701 · FY2010 · period ended 2010-12-31 · filed 2011-02-25PaymentsToAcquireProductiveAssets0001193125-11-046701 · FY2010 · period ended 2010-12-31 · filed 2011-02-25PaymentsToAcquirePropertyPlantAndEquipment0001193125-12-077317 · FY2011 · period ended 2011-12-31 · filed 2012-02-24NetCashProvidedByUsedInOperatingActivities0001193125-12-077317 · FY2011 · period ended 2011-12-31 · filed 2012-02-24PaymentsToAcquireProductiveAssets0001193125-12-077317 · FY2011 · period ended 2011-12-31 · filed 2012-02-24PaymentsToAcquirePropertyPlantAndEquipment0000063908-13-000010 · FY2012 · period ended 2012-12-31 · filed 2013-02-25NetCashProvidedByUsedInOperatingActivities0000063908-13-000010 · FY2012 · period ended 2012-12-31 · filed 2013-02-25PaymentsToAcquireProductiveAssets0000063908-13-000010 · FY2012 · period ended 2012-12-31 · filed 2013-02-25PaymentsToAcquirePropertyPlantAndEquipment0000063908-14-000019 · FY2013 · period ended 2013-12-31 · filed 2014-02-24NetCashProvidedByUsedInOperatingActivities0000063908-14-000019 · FY2013 · period ended 2013-12-31 · filed 2014-02-24PaymentsToAcquireProductiveAssets0000063908-14-000019 · FY2013 · period ended 2013-12-31 · filed 2014-02-24PaymentsToAcquirePropertyPlantAndEquipment0000063908-15-000016 · FY2014 · period ended 2014-12-31 · filed 2015-02-24NetCashProvidedByUsedInOperatingActivities0000063908-15-000016 · FY2014 · period ended 2014-12-31 · filed 2015-02-24PaymentsToAcquireProductiveAssets0000063908-15-000016 · FY2014 · period ended 2014-12-31 · filed 2015-02-24PaymentsToAcquirePropertyPlantAndEquipment0000063908-16-000103 · FY2015 · period ended 2015-12-31 · filed 2016-02-25NetCashProvidedByUsedInOperatingActivities0000063908-16-000103 · FY2015 · period ended 2015-12-31 · filed 2016-02-25PaymentsToAcquireProductiveAssets0000063908-16-000103 · FY2015 · period ended 2015-12-31 · filed 2016-02-25PaymentsToAcquirePropertyPlantAndEquipment0000063908-17-000017 · FY2016 · period ended 2016-12-31 · filed 2017-03-01NetCashProvidedByUsedInOperatingActivities0000063908-17-000017 · FY2016 · period ended 2016-12-31 · filed 2017-03-01PaymentsToAcquireProductiveAssets0000063908-17-000017 · FY2016 · period ended 2016-12-31 · filed 2017-03-01PaymentsToAcquirePropertyPlantAndEquipment0000063908-18-000010 · FY2017 · period ended 2017-12-31 · filed 2018-02-23NetCashProvidedByUsedInOperatingActivities0000063908-18-000010 · FY2017 · period ended 2017-12-31 · filed 2018-02-23PaymentsToAcquireProductiveAssets0000063908-18-000010 · FY2017 · period ended 2017-12-31 · filed 2018-02-23PaymentsToAcquirePropertyPlantAndEquipment0000063908-19-000010 · FY2018 · period ended 2018-12-31 · filed 2019-02-22NetCashProvidedByUsedInOperatingActivities0000063908-19-000010 · FY2018 · period ended 2018-12-31 · filed 2019-02-22PaymentsToAcquireProductiveAssets0000063908-19-000010 · FY2018 · period ended 2018-12-31 · filed 2019-02-22PaymentsToAcquirePropertyPlantAndEquipment0000063908-23-000012 · FY2022 · period ended 2022-12-31 · filed 2023-02-24NetCashProvidedByUsedInOperatingActivities0000063908-23-000012 · FY2022 · period ended 2022-12-31 · filed 2023-02-24PaymentsToAcquireOtherProductiveAssets0000063908-23-000012 · FY2022 · period ended 2022-12-31 · filed 2023-02-24PaymentsToAcquirePropertyPlantAndEquipment0000063908-24-000072 · FY2023 · period ended 2023-12-31 · filed 2024-02-22NetCashProvidedByUsedInOperatingActivities0000063908-24-000072 · FY2023 · period ended 2023-12-31 · filed 2024-02-22PaymentsToAcquireOtherProductiveAssets0000063908-24-000072 · FY2023 · period ended 2023-12-31 · filed 2024-02-22PaymentsToAcquirePropertyPlantAndEquipment0000063908-25-000012 · FY2024 · period ended 2024-12-31 · filed 2025-02-25NetCashProvidedByUsedInOperatingActivities0000063908-25-000012 · FY2024 · period ended 2024-12-31 · filed 2025-02-25PaymentsToAcquireOtherProductiveAssets0000063908-25-000012 · FY2024 · period ended 2024-12-31 · filed 2025-02-25PaymentsToAcquirePropertyPlantAndEquipment0000063908-26-000035 · FY2025 · period ended 2025-12-31 · filed 2026-02-24NetCashProvidedByUsedInOperatingActivities0000063908-26-000035 · FY2025 · period ended 2025-12-31 · filed 2026-02-24PaymentsToAcquireOtherProductiveAssets0000063908-26-000035 · FY2025 · period ended 2025-12-31 · filed 2026-02-24PaymentsToAcquirePropertyPlantAndEquipment!: tags disagree and the disagreement is unresolved (PaymentsToAcquirePropertyPlantAndEquipment FY2009; PaymentsToAcquirePropertyPlantAndEquipment FY2010; PaymentsToAcquirePropertyPlantAndEquipment FY2011; PaymentsToAcquirePropertyPlantAndEquipment FY2012; PaymentsToAcquirePropertyPlantAndEquipment FY2013; PaymentsToAcquirePropertyPlantAndEquipment FY2014; PaymentsToAcquirePropertyPlantAndEquipment FY2015; PaymentsToAcquirePropertyPlantAndEquipment FY2016; PaymentsToAcquirePropertyPlantAndEquipment FY2017; PaymentsToAcquirePropertyPlantAndEquipment FY2018).Purchases of restaurant businesses, mainly McDonald's restaurants bought from franchisees.

Share of free cash flow, fiscal 2009–2018, 2022–2025

Details and every year

Median ROIC

MissingMedian return on invested capitalROIC: no fiscal year has all the inputs; there is no figure for pre-tax income under IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest or IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments in any fiscal year

Return on invested capital

Details and every year

Sections, fiscal 2009–2025

• Where the cash wentFree cash flow and what it was spent on — buybacks, dividends, acquisitions and debt — year by year.
• Return on capitalReturn on invested capital and on incremental capital, and up to three estimates of owner earnings.
• Management recordPrices paid for buybacks, debt against operating income, margins, share issuance and stock-based pay.