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Cover and table of contents

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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedMarch 31, 2025

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission File Number 1-5231

McDONALD’S CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Delaware36-2361282
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
110 North Carpenter Street60607
Chicago,Illinois
(Address of Principal Executive Offices)(Zip Code)

(630) 623-3000

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueMCDNew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer☒Accelerated Filer☐
Non-accelerated Filer☐Smaller Reporting Company☐
Emerging Growth Company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

715,032,727

(Number of shares of common stock

outstanding as of March 31, 2025)

McDONALD’S CORPORATION


INDEX


Page Reference
Part I. Financial Information
Item 1 – Financial Statements
Condensed Consolidated Balance Sheet, March 31, 2025 (unaudited) and December 31, 20243
Condensed Consolidated Statement of Income (unaudited), quarters ended March 31, 2025 and 20244
Condensed Consolidated Statement of Comprehensive Income (unaudited), quarters ended March 31, 2025 and 20245
Condensed Consolidated Statement of Cash Flows (unaudited), quarters ended March 31, 2025 and 20246
Condensed Consolidated Statement of Shareholders' Equity (unaudited), quarters ended March 31, 2025 and 20247
Notes to Condensed Consolidated Financial Statements (unaudited)8
Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations15
Item 3 – Quantitative and Qualitative Disclosures About Market Risk35
Item 4 – Controls and Procedures35
Part II. Other Information
Item 1 – Legal Proceedings36
Item 1A – Risk Factors36
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds36
Item 5 – Other Information37
Item 6 – Exhibits38
Signature39

All trademarks used herein are the property of their respective owners and are used with permission.

PART I – FINANCIAL INFORMATION

Next: Item 1. Financial Statements