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AI核心结论
McDonald's delivered solid FY2025 results with revenue rising 3.7% to $26.9B, operating income up 5.8% to $12.4B, and operating cash flow surging 11.7% to $10.6B, demonstrating the resilience of its heavily franchised business model despite carrying $40.0B in long-term debt.
营业收入
$26.89B
同比 ++3.72%
每股收益（基本）
$12.00
同比 ++4.80%
营业利润
$12.39B
同比 ++5.81%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Mcdonalds (MCD) FY2025 营收 $26.89B，同比增长 3.7%。 净利润 $8.56B，同比增长 4.1%，稀释每股收益 $11.95。
Total revenue grew 3.7% year-over-year to $26.9B in FY2025, up from $25.9B in FY2024, reflecting continued strength in the company's asset-light franchise system which generates high-margin royalty and rent income.
来源: Source: 10-K Income Statement
Operating margin improved approximately 91 basis points to 46.1% in FY2025 from 45.2% in FY2024, with operating income reaching $12.4B, indicating disciplined cost management even as SG&A expenses rose 6.3% to $3.0B.
来源: Source: 10-K Income Statement & Key Ratios
Operating cash flow surged 11.7% to $10.6B in FY2025 from $9.4B in FY2024, underscoring the cash-generative nature of McDonald's franchise-heavy business model and supporting ongoing shareholder returns.
来源: Source: 10-K Cash Flow Statement
McDonald's returned capital to shareholders through $2.1B in share buybacks (down 27.2% from $2.8B in FY2024) and total financing outflows of $7.1B, reflecting a continued but modestly reduced buyback program.
来源: Source: 10-K Cash Flow Statement
Stockholders' equity improved significantly from -$3.8B to -$1.8B (a 52.8% improvement), though it remains negative due to the company's long-standing leveraged capital structure and cumulative share repurchases exceeding retained earnings.
来源: Source: 10-K Balance Sheet
McDonald's carries $40.0B in long-term debt as of FY2025, up 4.0% from $38.4B in FY2024. This substantial leverage exposes the company to refinancing risk and rising interest costs, which could pressure net income if rates remain elevated.
来源: Source: 10-K Balance Sheet
McDonald's stockholders' equity stands at -$1.8B, reflecting years of aggressive share buybacks funded by debt. While improved from -$3.8B in FY2024, this structural negative equity limits financial flexibility and may concern lenders or counterparties.
来源: Source: 10-K Balance Sheet
The current ratio of 0.95 indicates current liabilities of $4.4B exceed current assets of $4.2B, and cash & equivalents declined 28.7% to $774M. This tight liquidity position could be strained in an adverse economic environment.
来源: Source: 10-K Balance Sheet & Key Ratios
SG&A expenses grew 6.3% to $3.0B in FY2025, outpacing revenue growth of 3.7%. Sustained cost inflation in corporate overhead, technology investments, and marketing could compress margins if not offset by revenue growth.
来源: Source: 10-K Income Statement
With the vast majority of McDonald's revenue derived from franchise royalties and rents, any sustained decline in franchisee comparable sales — driven by consumer spending slowdowns or competitive pressures — would directly reduce McDonald's top-line revenue and profitability.
来源: Source: 10-K Income Statement
FY2025 实际 EPS $3.12，分析师一致预期 $3.08，超预期 +1.4%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $26.89B | $25.92B | +3.72% |
营业利润 | $12.39B | $11.71B | +5.81% |
净利润 | $8.56B | $8.22B | +4.13% |
每股收益（基本） | $12.00 | $11.45 | +4.80% |
每股收益（稀释） | $11.95 | $11.39 | +4.92% |
销售及管理费用 | $3.04B | $2.86B | +6.33% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $59.52B | $55.18B | +7.85% |
流动资产 | $4.16B | $4.6B | -9.48% |
流动负债 | $4.36B | $3.86B | +12.95% |
股东权益 | $-1.79B | $-3.8B | +52.83% |
现金及等价物 | $774M | $1.08B | -28.66% |
长期债务 | $39.97B | $38.42B | +4.03% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $10.55B | $9.45B | +11.69% |
投资活动现金流 | $-3.82B | $-5.35B | +28.51% |
筹资活动现金流 | $-7.13B | $-7.5B | +4.94% |
股票回购 | $2.06B | $2.82B | -27.20% |
折旧及摊销 | $457M | $447M | +2.24% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 46.1% | 45.2% | +0.91% |
净利率 | 31.9% | — | — |
净资产收益率 | -478.1% | — | — |
总资产收益率 | 14.4% | — | — |
流动比率 | $0.955 | — | — |
Restaurants 行业其他公司
McDonald's total revenue grew 3.7% year-over-year to $26.9B in FY2025, up from $25.9B in FY2024. This growth was driven by the company's franchise model, which generates royalty and rent income that scales with system-wide sales.
McDonald's FY2025 results showed broad-based improvement: operating income rose 5.8% to $12.4B, net income grew 4.1% to $8.6B, and diluted EPS increased to $11.95 from $11.39. Operating cash flow was a standout, surging 11.7% to $10.6B, highlighting the strength of the franchise business model.
Key risks include McDonald's $40.0B long-term debt load (up 4.0% YoY), a current ratio below 1.0 (0.95) indicating tight near-term liquidity, and SG&A expenses growing 6.3% — faster than revenue growth of 3.7%. The company's negative stockholders' equity of -$1.8B, while improved from -$3.8B, also reflects a highly leveraged balance sheet.
McDonald's operating performance is very strong, with a 46.1% operating margin and $10.6B in operating cash flow, but its balance sheet carries significant leverage with $40.0B in long-term debt and negative stockholders' equity of -$1.8B. Cash on hand declined 28.7% to $774M, so the company relies heavily on its consistent cash generation to service obligations.
McDonald's reported basic EPS of $12.00 and diluted EPS of $11.95 in FY2025, up from $11.45 and $11.39 respectively in FY2024, representing approximately 4.8%-4.9% year-over-year growth. The improvement reflects both higher net income of $8.6B and a reduced share count from $2.1B in share buybacks during the year.