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McDonald's (MCD) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 12, 2025
McDonald's (MCD) reported revenue of $6.0B for the first quarter 2025 (Q1 2025), -3% from a year earlier and -7% from the quarter before. Operating margin was 44.5%, net earnings $1.9B (31.4% of revenue).
McDonald's, Q1 2025: revenue $6.0B (-4% year over year), operating margin 44.5%, net earnings $1.9B, operating cash flow $2.4B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.0B | -7% | -3% |
| Operating profit | $2.6B | -8% | -3% |
| Net earnings | $1.9B | -7% | -3% |
| Operating cash flow | $2.4B | -8% | +2% |
| Free cash flow | $1.9B | +3% | +2% |
What changed
Revenue was $6.0B in Q1 2025, down 3% year over year and down 7% from the previous quarter. International Operated Markets was the largest line at 49% of revenue. International Developmental Licensed Markets and Corporate lost $0.07B year over year (down 12%), 35% of the total change.
Operating profit was $2.6B, a 44.5% margin (up 0.1 points year over year). Total costs fell 4% while revenue fell 3%. Net earnings were $1.9B, down 3% year over year. The effective tax rate was 19.8%.
Operating cash flow was $2.4B (up 2% year over year), 130% of net earnings. Non-cash charges added back $0.11B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items added $0.41B. Capital expenditures of $0.55B left free cash flow of $1.9B.
Questions
What was McDonald's revenue in the first quarter 2025?
McDonald's (MCD) reported revenue of $6.0B for the first quarter 2025 (Q1 2025), -3% from a year earlier and -7% from the quarter before.
Was McDonald's profitable in the first quarter 2025?
Operating profit was $2.6B (44.5% of revenue) and net earnings $1.9B.
Source: McDonald's 10-Q on SEC EDGAR.