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McDonald's cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$2.1B in Q3 2026 · $7.5B over twelve months

Operating cash flow$3.0B
Capital spending−$884M
Free cash flow+$2.1B
Cash / net income1.2×

Analysis

In Q3 2026, McDonald's generated $3.0B of operating cash flow and spent $884M on capital projects, leaving free cash flow of $2.1B. That is $270M less than in Q3 2025 ($2.4B).

Over the twelve months to Sep 30, 2026, operating cash flow was $11.0B; the largest uses were dividends ($5.3B), capital spending ($3.5B), buybacks ($2.3B); besides operations, cash came from shares issued ($224M), asset & business sales ($197M); the cash balance fell by $1.2B.

Operating cash flow was $3.0B against net income of $2.5B — 1.2× profit, cash ran ahead of reported earnings. The largest differences: other non-cash −$261M, deferred taxes +$120M, depreciation & amortization +$118M.

Free cash flow

McDonald's: free cash flow by quarterMcDonald's: free cash flow by quarter$1.8BQ4 2024$1.9BQ1 2025$1.3BQ2 2025$2.4BQ3 2025$1.6BQ4 2025$1.7BQ1 2026$2.0BQ2 2026$2.1BQ3 2026
Operating cash flow less capital spending.
McDonald's: operating cash flow against capital spendingMcDonald's: operating cash flow against capital spendingOperating cash flowCapital spending$2.6B$807MQ4 2024$2.4B$551MQ1 2025$2.0B$744MQ2 2025$3.4B$1.0BQ3 2025$2.7B$1.1BQ4 2025$2.4B$682MQ1 2026$2.8B$831MQ2 2026$3.0B$884MQ3 2026
Latest (Q3 2026): Operating cash flow $3.0B, Capital spending $884M.

Capital allocation, year by year

McDonald's: where the cash came from (up) and went (down), by fiscal yearMcDonald's: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $9.1BFY2021: Net borrowing −$1.1BFY2021: Shares issued $286MFY2021: Asset sales $106MFY2021: Capital spending −$2.0BFY2021: Buybacks −$846MFY2021: Dividends −$3.9B$9.5BFY2021FY2022: Operating cash flow $7.4BFY2022: Net borrowing $1.2BFY2022: Shares issued $248MFY2022: Asset sales $39.0MFY2022: Capital spending −$1.9BFY2022: Buybacks −$3.9BFY2022: Dividends −$4.2B$8.9BFY2022FY2023: Operating cash flow $9.6BFY2023: Net borrowing $3.0BFY2023: Shares issued $260MFY2023: Asset sales $95.0MFY2023: Capital spending −$2.4BFY2023: Buybacks −$3.1BFY2023: Dividends −$4.5B$13.0BFY2023FY2024: Operating cash flow $9.4BFY2024: Net borrowing −$71.0MFY2024: Shares issued $328MFY2024: Asset sales $122MFY2024: Capital spending −$2.8BFY2024: Buybacks −$2.8BFY2024: Dividends −$4.9B$9.9BFY2024FY2025: Operating cash flow $10.6BFY2025: Net borrowing −$72.0MFY2025: Shares issued $285MFY2025: Asset sales $130MFY2025: Capital spending −$3.4BFY2025: Buybacks −$2.1BFY2025: Dividends −$5.1B$11.0BFY2025
Over these 5 years operating cash flow totalled $46.1B; the largest uses were dividends ($22.6B) and buybacks ($12.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.2B
Debt$40.8B
Net debt$39.6B
Due within a year$1.5B

McDonald's funds itself: free cash flow was $7.5B over the last twelve months, and $1.2B of cash and investments stands against $40.8B of debt ($1.5B due within a year, 0.8× covered by cash).

McDonald's: debt maturities by year (FY2025)McDonald's: debt maturities by year (FY2025)$3.2BYear 2$5.2BYear 3$3.6BYear 4$3.0BYear 5$25.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.2B of cash and investments now.

Where the cash came from and went

McDonald's: sources (+) and uses (−) of cash, Q3 2026McDonald's: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$3.0BDividends−$1.3BCapital spending−$884MBuybacks−$519MCash drawn (+) / kept (−)−$371MNet borrowing (+) / repaid (−)$55.0MAsset & business sales$49.0MOther financing−$32.0MExchange rates−$28.0MShares issued$13.0M
McDonald's: sources (+) and uses (−) of cash, TTM to Q3 2026McDonald's: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$11.0BDividends−$5.3BCapital spending−$3.5BBuybacks−$2.3BCash drawn (+) / kept (−)$1.2BNet borrowing (+) / repaid (−)−$1.0BOther investing−$290MShares issued$224MOther financing−$220MAsset & business sales$197MExchange rates$34.0MNot reconciled−$2.0M

From profit to cash

McDonald's: net income to operating cash flow, Q3 2026McDonald's: net income to operating cash flow, Q3 2026Net income$2.5BDepreciation & amortization$118MStock-based pay$46.0MDeferred taxes$120MOther non-cash−$261MOperating cash flow$3.0B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$3.0B−$884M−$519M−$1.3B$55.0M$13.0M−$371M$2.1B
Q2 2026$2.8B−$831M−$856M−$1.3B−$88.0M$14.0M$348M$2.0B
Q1 2026$2.4B−$682M−$396M−$1.3B$367M$128M−$396M$1.7B
Q4 2025$2.7B−$1.1B−$573M−$1.3B−$1.4B$69.0M$1.6B$1.6B
Q3 2025$3.4B−$1.0B−$501M−$1.3B−$17.0M$29.0M−$537M$2.4B
Q2 2025$2.0B−$744M−$505M−$1.3B$1.3B$41.0M−$638M$1.3B
Q1 2025$2.4B−$551M−$477M−$1.3B$13.0M$147M−$153M$1.9B
Q4 2024$2.6B−$807M−$503M−$1.3B−$150M$75.0M$136M$1.8B

McDonald's: income statement and cash flow

McDonald's, Q3 2026: revenue $7.2B (+1% year over year), operating margin 50.2%. The chart follows the revenue to costs, profit and cash.

McDonald's: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.