Filing Flows › McDonald's (MCD) › Q2 2025
McDonald's (MCD) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
McDonald's (MCD) reported revenue of $6.8B for the second quarter 2025 (Q2 2025), +5% from a year earlier and +15% from the quarter before. Operating margin was 47.2%, net earnings $2.3B (32.9% of revenue).
McDonald's, Q2 2025: revenue $6.8B (+5% year over year), operating margin 47.2%, net earnings $2.3B, operating cash flow $2.0B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.8B | +15% | +5% |
| Operating profit | $3.2B | +22% | +11% |
| Net earnings | $2.3B | +21% | +11% |
| Operating cash flow | $2.0B | -18% | +18% |
| Free cash flow | $1.3B | -33% | +18% |
What changed
Revenue was $6.8B in Q2 2025, up 5% year over year and up 15% from the previous quarter. International Operated Markets was the largest line at 51% of revenue. International Operated Markets added $0.32B year over year (up 10%), 89% of the total change. International Developmental Licensed Markets and Corporate declined 7%.
Operating profit was $3.2B, a 47.2% margin (up 2.2 points year over year). Of the extra revenue versus a year earlier, 88% reached operating profit, above the 45% margin then. Total costs grew 1% against revenue growth of 5%. Net earnings were $2.3B, up 11% year over year. The effective tax rate was 21.3%.
Operating cash flow was $2.0B (up 18% year over year), 89% 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 used $0.41B. Capital expenditures of $0.74B left free cash flow of $1.3B.
Questions
What was McDonald's revenue in the second quarter 2025?
McDonald's (MCD) reported revenue of $6.8B for the second quarter 2025 (Q2 2025), +5% from a year earlier and +15% from the quarter before.
Was McDonald's profitable in the second quarter 2025?
Operating profit was $3.2B (47.2% of revenue) and net earnings $2.3B.
Source: McDonald's 10-Q on SEC EDGAR.