MCD changes
Pick any two versions below to diff them.
- Price
- $232.45 → $235.23(+1.2%)
- Balance sheet
- added: Cash: $822M Debt: $39.9B Net debt: $39.1B EBITDA, last 12 months: $15.1B Net debt / EBITDA: 2.6× (medium) Interest cover: 7.8× Undrawn credit line: $4.0B, to June 2028 Ratings: S&P BBB+, Moody's Baa1 McDonald's shows negative shareholders' equity: a deficit of $1.0 billion at June 30, 2026. removed: Over many years, it has used cash flow and debt to buy back $80.5 billion of its own stock (treasury stock at cost). This is not a sign of removed: distress. The added: distress, because the company owns much of the land and buildings that franchisees rent, removed: and it carries this property at old removed: cost. Rent added: cost, and removed: royalties give added: gets a steady cash removed: flow. Debt was $39.9 added: flow from rent and royalties. Over many years, it has used cash flow and debt to buy back $80.5 billion added: of its own stock (treasury stock at removed: June 30, 2026, added: cost). Debt is mostly unsecured notes of the removed: parent, plus added: parent. It does not include $14.0 billion of long-term lease liabilities. At December 31, 2025, 97% of the debt had a fixed rate, the average rate was 4.0%, and 39% was in foreign currencies. removed: Net debt of about $39.1 billion was about 2.6 times EBITDA removed: of about $15.1 billion over added: is for the 12 months to June removed: 2026. In added: 2026, and interest cover is for the first half of removed: 2026, operating income of $6.29 billion covered interest expense of $809 million about 7.8 times. added: 2026. Liquidity added: also comes from removed: cash of $822 million, a $5.0 billion commercial paper removed: program and an unused $4.0 billion committed credit line to June 2028. added: program. About $3.2 billion of debt matures in 2027 and $5.2 billion in 2028. removed: S&P rates added: The ratings are from the removed: long-term debt BBB+ and Moody's rates it Baa1 (10-K, added: 10-K of February removed: 2026). added: 2026. In 2025, dividends of $5.1 billion and buybacks of $2.1 billion used almost all of the $7.2 billion of free cash flow. In September 2026, McDonald's set a plan to give franchisees about $8.5 billion of rent relief and capital support through 2036. This leaves less cash for buybacks, unless debt rises. As of Jun 30, 2026.