McDonald's Revenue & Financials

McDonald's reported $26.885 billion in FY2025 consolidated revenue, compared with $139.4 billion in systemwide restaurant sales. The latter includes franchisee sales, which are not booked as corporate revenue. The FY2025 Form 10-K separates $16.548 billion of franchised revenues, $9.690 billion of company-operated restaurant sales, and $647 million of other revenues. This distinction matters when comparing McDonald's with restaurant operators that own most of their stores. The company reported $12.393 billion of operating income (a 46.1% operating margin), $8.563 billion of net income, $10.551 billion of operating cash flow, and $3.365 billion of capital expenditures in FY2025. It returned $7.131 billion through dividends and share repurchases. Those are corporate results, not franchisee profits or an estimate of systemwide restaurant earnings. In Q2 2026, McDonald's reported 4% consolidated revenue growth, 1.3% global comparable-sales growth, $3.32 diluted EPS ($3.38 excluding specified charges), and $37 billion of quarterly systemwide sales. These quarterly figures should not be added to the FY2025 annual table. The operating question is whether restaurant sales and franchisee economics can keep growing while the company funds new locations and shareholder returns.