# 10-Q report from Mcdonald's Corporation (MCD) — 2026 Q2 results — MCD

> Company: Mcdonald's Corporation (MCD)
> Form: 10-Q · Period: 2026 Q2 results — MCD
> Publication date: 2026-10-17
> Official source: [SEC EDGAR Filing](https://www.sec.gov/Archives/edgar/data/63908/000006390826000073/mcd-20260630.htm)
> Download PDF: https://cifraresearch.com/api/reports/3698a54e-bbf1-48aa-946a-a8e5725cb00d.pdf
> Canonical URL: https://cifraresearch.com/en/informe/MCD/2026-Q2

## LAST 3 MONTHS

### Sales and Income Statement
- **BPA / EPS:** 3.34 $
- **Shares outstanding:** 707.6M

| Concept | Current | Previous | Change |
|---|---|---|---|
| Sales | 7099M | 6843M | +3.74 % |
| Gross Profit | 4118M | 3962M | +3.94 % |
| Operating Income | 3338M | 3232M | +3.28 % |
| EBT | 2936M | 2861M | +2.62 % |
| Net Income | 2362M | 2253M | +4.84 % |

> *1: Gross profit is calculated as total sales less direct business costs (franchised restaurant occupancy expenses, company-operated restaurant expenses, and other restaurant expenses), following McDonald's criteria. Operating profit is derived from gross profit less reported operating expenses (SG&A and other): 4118M − 780M = 3338M, which matches GAAP operating income. There were no impairments or amortization of intangibles to adjust in the period, so the Adjusted column matches the Normal one. Results include net pre-tax charges of 52M$ (0.06$/share) mainly related to Accelerating the Organization restructurings.

### Cash Flow

| Concept | Normal | Normalized |
|---|---|---|
| Cash Flow | 2810 | 2845.8 |
| CAPEX | 834 | 834 |
| FCF | 1976 | 2011.8 |
| FCF/Share | 2.79 $ | 2.84 $ |
| Dividend | 1317 | 1317 |
| Free | 659 | 694.8 |

**Scenarios:** Normal (WC=-50) · Normalized*1 (WC=-14)

> *1: WC = average of the last 10 fiscal years: -0.6%. As it is quarterly, the annual amount is divided by 4 = -14.2M. Deviation of reported working capital (-50M) versus theoretical WC (-14.2M): __-35.8M__. Cash Flow after the working capital adjustment is: 2810M - (__-35.8M__) = 2845.8M.

### Capital Allocation

| Concept | Amount |
|---|---|
| Free | 659 |
| Divestitures*1 | 158 |
| Acquisitions*1 | -153 |
| Buybacks | -855 |
| Cash*2 | 348 |
| Debt*2 | -242 |
| Total | -85 |

**Verification:** It roughly adds up. Still, I may have missed some detail.

> *1: Acquisitions: 153M was allocated to the purchase of restaurant businesses from franchisees (purchases of restaurant businesses), not material individually or in the aggregate (use of funds). Divestitures: 158M was received from the sale of restaurant businesses to franchisees (sales of restaurant businesses), not material individually or in the aggregate (source of funds).
> *2: Balance sheet debt: 40105M -> 39863M (-242M). Net debt: 38935M -> 39041M (+106M). Balance sheet cash: 1170M (Q1) -> 822M (Q2) (-348M); cash decreased: source of liquidity (+); Cash row = +348M.

## FULL YEAR TO DATE (6 MONTHS)

### Sales and Income Statement
- **BPA / EPS:** 6.14 $
- **Shares outstanding:** 707.6M

| Concept | Current | Previous | Change |
|---|---|---|---|
| Sales | 13616M | 12799M | +6.38 % |
| Gross Profit | 7761M | 7299M | +6.33 % |
| Operating Income | 6292M | 5880M | +7.01 % |
| EBT | 5478M | 5190M | +5.55 % |
| Net Income | 4345M | 4121M | +5.44 % |

> *1: Gross profit is calculated as total sales less direct business costs (franchised restaurant occupancy expenses, company-operated restaurant expenses, and other restaurant expenses), following McDonald's criteria. Operating profit is derived from gross profit less reported operating expenses (SG&A and other): 7761M − 1469M = 6292M, which matches GAAP operating income. There were no impairments or amortization of intangibles to adjust in the period, so the Adjusted column matches the Normal one. Results include net pre-tax charges of 99M$ (0.11$/share) mainly related to Accelerating the Organization restructurings.

### Cash Flow

| Concept | Normal | Normalized |
|---|---|---|
| Cash Flow | 5222 | 5276.7 |
| CAPEX | 1516 | 1516 |
| FCF | 3706 | 3760.7 |
| FCF/Share | 5.24 $ | 5.31 $ |
| Dividend | 2640 | 2640 |
| Free | 1066 | 1120.7 |

**Scenarios:** Normal (WC=-215) · Normalized*1 (WC=-28)

> *1: WC = average of the last 10 fiscal years: -0.6%. As it is a 6-month horizon, the annual amount is prorated by months elapsed (n/12) = -28.4M. Deviation of reported working capital (-215M) versus theoretical WC (-28.4M): __-186.6M__. Cash Flow after the working capital adjustment is: 5222M - (__-186.6M__) = 5408.6M, an intermediate subtotal after the working capital adjustment.
> *2: Taxes: The company should have paid 1259.9M in taxes (23% on adjusted EBT of 5478M) and only an estimated payment of 1128M is recorded, calculated from the tax expense reconciliation less deferred taxes (the cash flow statement does not break out cash paid). Adjustment of __-131.9M__ to Normalized Cash Flow due to the tax discrepancy. The final figure combines the adjustments to Cash Flow: **5408.6M (subtotal after working capital) __-131.9M__ (taxes) = 5276.7M.**

### Capital Allocation

| Concept | Amount |
|---|---|
| Free | 1066 |
| Divestitures*1 | 265 |
| Acquisitions*1 | -153 |
| Buybacks | -1251 |
| Cash*2 | -48 |
| Debt*2 | -110 |
| Total | -231 |

**Verification:** It roughly adds up. Still, I may have missed some detail.

> *1: Acquisitions: 153M was allocated to the purchase of restaurant businesses from franchisees (purchases of restaurant businesses), not material individually or in the aggregate (use of funds). Divestitures: 265M was received from the sale of restaurant businesses to franchisees (sales of restaurant businesses), not material individually or in the aggregate (source of funds).
> *2: Balance sheet debt: 39973M -> 39863M (-110M). Net debt: 39199M -> 39041M (-158M). Balance sheet cash: 774M (2025) -> 822M (2026) (+48M); cash increased: use of capital (-); Cash row = -48M.

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*Análisis generado con IA por Cifra (https://cifraresearch.com) a partir de la fuente primaria en SEC EDGAR. Fines informativos, no constituye recomendación de inversión.*