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McDonald's (MCD) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · McDonald's (MCD) Q3 2026 earnings results →

Q3 2026 Revenue up 1% year over year to $7.2B · 35¢ of every $1 of revenue kept as net profit · operating margin 50.2%

McDonald's made $7.2B in Q3 2026 (+1% Y/Y): International Operated Markets $3.7B, U.S. Market $2.8B, International Developmental Licensed Markets and Corporate $709M. Operating margin 50.2%, net earnings $2.5B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.

Revenue$7.2B

Year over year+1%

Operating margin50.2%

Net earnings$2.5B

Operating cash flow$3.0B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $7.2B in Q3 2026, up 1% year over year and up 1% from the previous quarter. International Operated Markets was the largest line at 51% of revenue. International Developmental Licensed Markets and Corporate added $0.06B year over year (up 9%), 77% of the total change.

Operating profit was $3.6B, a 50.2% margin (up 2.8 points year over year). Of the extra revenue versus Q3 2025, 301% reached operating profit, above the 47% margin then. Total costs fell 4% while revenue rose 1%. Net earnings were $2.5B, up 9% year over year. The effective tax rate was 22.0%.

Operating cash flow was $3.0B (down 12% year over year), 122% of net earnings. Non-cash charges added back $0.12B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items added $0.38B. Capital expenditures of $0.88B left free cash flow of $2.1B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Nov 6, 2026	$7.2B	+1%	50.2%	$2.5B	$3.0B
Q2 2026	10-Q	Aug 7, 2026	$7.1B	+4%	47.0%	$2.4B	$2.8B
Q1 2026	10-Q	May 7, 2026	$6.5B	+9%	45.3%	$2.0B	$2.4B
Q4 2025	10-K	Feb 24, 2026	$7.0B	+10%	45.0%	$2.2B	$2.7B
Q3 2025	10-Q	Nov 5, 2025	$7.1B	+3%	47.4%	$2.3B	$3.4B
Q2 2025	10-Q	Aug 6, 2025	$6.8B	+5%	47.2%	$2.3B	$2.0B
Q1 2025	10-Q	May 12, 2025	$6.0B	-4%	44.5%	$1.9B	$2.4B

Charts

Latest (Q3 2026): Y/Y +1%, Q/Q +1%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income $2.5B, Operating cash flow $3.0B.

-100.0% since FY2020: buybacks shrank the count.

Cash $774M, short-term investments —, long-term debt $40.0B at 2025-12-31.

Retail-Eating Places; dot size is quarterly revenue; dashed lines are the industry's medians.