Filing Flows › McDonald's (MCD) › Q4 2025
McDonald's (MCD) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
McDonald's (MCD) reported revenue of $7.0B for the fourth quarter 2025 (Q4 2025), +10% from a year earlier and -1% from the quarter before. Operating margin was 45.0%, net earnings $2.2B (30.9% of revenue).
McDonald's, Q4 2025: revenue $7.0B (+10% year over year), operating margin 45.0%, net earnings $2.2B, operating cash flow $2.7B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.0B | -1% | +10% |
| Operating profit | $3.2B | -6% | +10% |
| Net earnings | $2.2B | -5% | +7% |
| Operating cash flow | $2.7B | -21% | +3% |
| Free cash flow | $1.6B | -32% | -10% |
What changed
Revenue was $7.0B in Q4 2025, up 10% year over year and down 1% from the previous quarter. International Operated Markets was the largest line at 51% of revenue.
Operating profit was $3.2B, a 45.0% margin (up 0.1 points year over year). Of the extra revenue versus a year earlier, 46% reached operating profit, above the 45% margin then. Total costs grew 9% against revenue growth of 10%. Net earnings were $2.2B, up 7% year over year. The effective tax rate was 21.5%.
Operating cash flow was $2.7B (up 3% year over year), 125% 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 $0.37B. Capital expenditures of $1.1B left free cash flow of $1.6B.
Questions
What was McDonald's revenue in the fourth quarter 2025?
McDonald's (MCD) reported revenue of $7.0B for the fourth quarter 2025 (Q4 2025), +10% from a year earlier and -1% from the quarter before.
Was McDonald's profitable in the fourth quarter 2025?
Operating profit was $3.2B (45.0% of revenue) and net earnings $2.2B.
Source: McDonald's 10-K on SEC EDGAR.