Filing Flows › McDonald's (MCD) › Q3 2025
McDonald's (MCD) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
McDonald's (MCD) reported revenue of $7.1B for the third quarter 2025 (Q3 2025), +3% from a year earlier and +3% from the quarter before. Operating margin was 47.4%, net earnings $2.3B (32.2% of revenue).
McDonald's, Q3 2025: revenue $7.1B (+3% year over year), operating margin 47.4%, net earnings $2.3B, operating cash flow $3.4B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.1B | +3% | +3% |
| Operating profit | $3.4B | +4% | +5% |
| Net earnings | $2.3B | +1% | +1% |
| Operating cash flow | $3.4B | +72% | +25% |
| Free cash flow | $2.4B | +93% | +24% |
What changed
Revenue was $7.1B in Q3 2025, up 3% year over year and up 3% from the previous quarter. International Operated Markets was the largest line at 52% of revenue. International Operated Markets added $0.35B year over year (up 11%), 170% of the total change. International Developmental Licensed Markets and Corporate declined 21%.
Operating profit was $3.4B, a 47.4% margin (up 1.0 points year over year). Of the extra revenue versus a year earlier, 82% reached operating profit, above the 46% margin then. Total costs grew 1% against revenue growth of 3%. The fastest-growing cost line was SG&A (+21%). Net earnings were $2.3B, up 1% year over year. The effective tax rate was 22.8%.
Operating cash flow was $3.4B (up 25% year over year), 150% of net earnings. Non-cash charges added back $0.12B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items added $1.0B. Capital expenditures of $1.0B left free cash flow of $2.4B.
Questions
What was McDonald's revenue in the third quarter 2025?
McDonald's (MCD) reported revenue of $7.1B for the third quarter 2025 (Q3 2025), +3% from a year earlier and +3% from the quarter before.
Was McDonald's profitable in the third quarter 2025?
Operating profit was $3.4B (47.4% of revenue) and net earnings $2.3B.
Source: McDonald's 10-Q on SEC EDGAR.